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Article 1 Overeenkomst tot instelling van het Gemeenschappelijk Fonds voor Grondstoffen

DEFINITIONS

For the purpose of this Agreement:

1. “Capital” means capital of the Fund as specified in article 8, paragraph 1.

2. “Financial Intervention” means any grant, loan or other credit instrument, investment in equity, debt or investment funds, or any other form of financial intervention or contribution, except loan guarantees, that the Governing Council shall approve on a general basis or that the Executive Board shall approve for any individual case, for financing by the Fund under its Operations Account activities.

3. “Fund” means the Common Fund for Commodities established by this Agreement.

4. “International Commodity Body” (hereinafter referred to as ICB) means a body designated by the Executive Board in accordance with the criteria set out in schedule C, for the purpose of the Fund’s Operations Account activities.

5. “Shares” means the shares of Capital specified in article 8, paragraph 1.

6. “Highly Qualified Majority” means at least three fourths of all votes cast.

7. “Qualified Majority” means at least two thirds of all votes cast.

8. “Simple Majority” means more than half of all votes cast.

9. “Total voting power” means the sum of the votes held by all the Members of the Fund.

10. “Trust Fund” means any amount of cash and/or number of other financial instruments of another party or parties, which is administered and/or managed by the Fund.

11. “Unit of Account” means the unit of account of the Fund as defined in accordance with article 7, paragraph 1.

12. “Usable Currencies” means (a) the Japanese yen, the pound sterling, the Euro, the United States dollar and any other currency which has been designated from time to time by a competent international monetary organization as being in fact widely used to make payments for international transactions and widely traded in the principal exchange markets, and (b) any other freely available and effectively usable currency which the Executive Board may designate by a Qualified Majority after the approval of the country whose currency the Fund proposes to designate as such. Currencies may be removed from the list of Usable Currencies by the Executive Board by a Qualified Majority.

13. “Votes cast” means affirmative and negative votes.

Regeling
Overeenkomst tot instelling van het Gemeenschappelijk Fonds voor Grondstoffen
Soort
Verdrag
Geldend vanaf
10-01-2016
BWB-id
BWBV0003602
Versie
2016-01-10_0

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