The ICSID Convention was founded on a multilateral agreement and entered into force on 14 October 1966. There shall be an Advisory Board composed of at least seven persons selected by the Governing Council, including representatives of the interests of banking, commerce, industry, labour and agriculture, and with the widest possible national representation. In areas where specialized international organizations exist, the members of the Council representing those fields shall be chosen in agreement with those organizations. The Board advises the Bank on policy issues. The Board meets annually and on such other occasions as the Bank may have identified. All loan agreements determine the currency(s) in which payments under the contract are made to the Bank. However, at the option of the borrower, such payments may be made in gold or with the agreement of the bank in the currency of a member other than that prescribed by the contract. Each World Bank Group organization works according to procedures set out in its By-Law or equivalent relevant document. These documents describe the conditions of membership and the general principles of organization, management and operation. In the event of a disagreement between the bank and a country that is no longer a member, or between the bank and a member during the permanent suspension of the bank, such disagreement shall be submitted to an arbitral tribunal by a court of three arbitrators, one of whom shall be appointed by the bank, the other by the country concerned and an arbitrator; if the parties do not agree otherwise, he shall be appointed by the President of the Permanent International Court of Justice or by any other authority required by a regulation adopted by the Bank.
The arbitrator is fully empowered to resolve all procedural issues in all cases where the parties disagree. Section 8 – Immunities and Privileges of Managers and Employees The International Bank for Reconstruction and Development is established and works according to the following provisions: If seven persons have not been elected after the second round, further votes shall be held according to the same principles until seven persons are elected, provided that after the election of six persons, the seventh may be elected by a simple majority of the other votes and be considered to have been elected by these votes have been elected. Before allocating assets, the executive directors determine each member`s share in proportion to the ratio of its holding to the total stock of the bank`s shares. When deciding on applications for loans or guarantees relating to matters directly within the competence of an international organization of the kind referred to in the preceding paragraph and in which members of the Bank participate in the first place, the Bank shall take into account the positions and recommendations of that organization. as territorial collectivities, the same exemptions from immigration restrictions, alien registration obligations and national service obligations, as well as the same facilities with regard to exchange restrictions granted by members to representatives, officials and collaborators of comparable rank of other members; Directors remain in office until their successors are appointed or elected. If the office of elected director is vacant more than ninety days before the end of his term, another director shall be elected for the term of office by the governors who elected the former director. The election requires a majority of the votes cast. If the Office remains vacant, the alternate of the former Director shall exercise his powers, with the exception of the appointment of an alternate. Payment of shares repurchased by the Bank under this Section shall be subject to the following conditions: By signing this Agreement, all Governments shall accept it, in their own name as well as in respect of all their colonies, overseas territories, all areas under their protection, sovereignty or authority and all territories for which they exercise a mandate. . .