IV. Administration and Management

The Bank shall be administered by a Managing Board, under the chairmanship of a Président, ail of whom shall be of German nationality.

Y. The Président of the Bank.

a) For the purpose of this mémorandum only, the Cbairman of the Managing Board and of the General Board is hereinafter called „The Président" ; he shall be the managing director of the Bank. Subject to the limitations imposed by Jaw, he shall perform such duties as are assigned to him by the Bank's statutes.

b) The Président may be elected from among the members of the General Board, or chosen from outside the Board. The élection by the Board of a non member, as Président, shall operate to vacate automatically the seat of that German member of the General Board having a term of two (2) years or more yet to run, whose élection was obtained by the smallest share vote, unless some other member of the General Board, having a two (2) years' term or more yet to run, shall resign at the time, and his résignation be accepted by the Board. A Président, elected from outside the General Board shall, by the fact of his élection, become a member of the Board.

c) The first Président shall be the Président of the Reichsbank; his term of office shall be six months. Subsequently, the Président, who must be of German nationality, shall be appointed by a majority vote of not less than nine (9) members of the General Board, of which majority at least six (6) votes shall be the votes of German members; this appointment shall be countersigned by the Président of the Reich.

d) The Président shall direct the Managing Board and shall take the chair at its meetings. In case of a tie vote, he shall hâve the casting vote. He shall appoint the officiais of the Bank on the recommendation of the Managing Board. He shall organise the distribution of their work and duties in the Bank, and shall exercise disciplinary powers over the

786 Cotnmission des Réparations.

officiais and employées, thèse powcrs beiog provided for in a spécial clause of the statu tes to be approved by the General Board.