Adb Article Of Agreement

In the event of a dispute between the bank and a former member or between the bank and a member after the cessation of the bank`s activities, such dispute shall be submitted to an arbitral tribunal by an arbitral tribunal composed of three arbitrators. Each party shall appoint an arbitrator and the two arbitrators so appointed shall appoint the third arbitrator, who shall be the chairman. If one of the parties has not appointed an arbitrator within thirty days of the request for inclusion or if the third arbitrator has not been appointed within fifteen days of the appointment of two arbitrators, either party may apply to the President of the International Court of Justice or to any other authority, as prescribed by the regulations adopted by the Board of Governors; to appoint an arbitrator. The procedure is defined by the arbitrators. However, the third arbitrator has full authority to settle all procedural matters in the event of disagreement on the matter. The majority of arbitrators are content to make a final decision that is binding on the parties. to approve the conclusion of general cooperation agreements with the authorities of African countries that have not yet obtained independent status or the conclusion of general cooperation agreements with African governments that are not yet members of the Bank, as well as such agreements with other governments and with other international organizations; immunities, facilities, immunities, privileges or rights provided for and claimed in respect of them by an international agreement to which the State or Government is or wishes to become a party: expressly indicates the currency in which all payments to the Bank are to be made under the contract in question. . . .