VI. Managing Board

u) The administration of the Bank shall be entrusted to a Managing Board which shall be the administrative and executive body. This Board shall be under the chairmanship of the Président. It shall adopt its décisions by majority vote and in conformity with the régulations laid down in the statu tes and by law. In particular it shall direct the currency, discount, and crédit policy of the Bank. It shall fix the rates of interest and shall draft ail régulations concerning the policy of the Bank.

b) The members of the Managing Board shall be appointed by the Président for a period to be fixed by the Organisation Co ru mitée, subject to the approval of the General Board, wbose décision in this connection shail be adopted by a majority of nine (9) votes, at least six (6) of which shall be given by the German members; thèse appointments shall be countersigned by the Président of the Reich.

c) The members of the Managing Board shall occupy no other remunerated post, neither shall they accept any honorary post without the previous consent of the General Board.

d) The salaries and pensions of the members of the Managing Board and of the Président shall be fixed by the General Board, the salaries and pensions of the senior staff of the Bank shall be fixed by the Managing Board with the approval of the Président, and in case of the junior staff, by the Managing Board alone.

e) The Managing Board may, if they think fit, obtain the assistance of a consultative body composed of German members chosen from agriculture, commerce and industry.

VIL General Board.

a) There shall be created a General Board, consisting of fourteen (14) members hereinafter called „the Members of the General Board". One half (Va) of thèse members shall be of foreign and the other half (1/s) of German nationality.

b) Each member of the General Board shall be chosen for a period o f three (3) years, except in the case of the first élection or appointaient. In the case of the first term of office, three (3) German members and three (3) foreign members shall serve for a term of one (1) year; two (2) German members and two (2) foreign members shall serve for a term of two (2) years, and two (2) German members and two (2) foreign members shall serve for a term of three (3) years. At the first meeting of the General Board chosen, the members shall décide, by lot, the term for which each shall serve, namely, one, two, or three years.

(c) Subject to the provisions of paragraph (b) of this section, and to the provisions of this plan that apply to ail members of the General Board, members of German nationality shall be chosen in such a manner

Plan des Experts (Rapport Dawes). 737

and under such conditions as the stockholders of German nationality shall décide, in accordance with German law. The manner and conditions so decided upon shall be incorporated in tbe statutes. The manner of selecting the first group of German members shall be determined by the Organisation Commitee as provided for in Section III of this plan. No plan shall be adopted for the first sélection of German members that does not meet with the approval of the Président of the Reichsbank.

d) The foreign members of the first General Board shall be appointed by the Organisation Committee. They shall be chosen with due regard to their professional qualifications and financial expérience. In making the appointments, the Organisation Committee may consult the principal foreign banks of issue and /or any otber authorities in financial matters*whose advice it may désire.

e) In case of vacancy in a position of a foreign member of the General Board, arising from death, résignation or other cause, there shall be a new élection of another person of the same nationality to fill the vacant place. This élection shall be by the foreign members of the Board who are in active membership at the time this élection is held. Unanimity less one vote shall be necessary for an élection. The new member shall always be chosen from among the nationals of the country of the member wbose vacancy he is to fill. Before electing any foreign members of the Board, the Board shall consult, with référence to said élection, the Central Bank of Issue of the country whose national is to be chosen and /or any other financial authorities of that country whom it may désire to consult.

f) The foreign members shall be chosen, one from each of the following nationalises, British, French, Italian, Belgian, American, Dutch, and Swiss.

g) On the unanimous vote of the General Board, the number of German members may be increased.

h) Xo Government officiai, or other person receiving compensation from the German Government, or from any foreign Government shall become a member of the General Board.

i) Except as otherwise provided for by the Bânk's statutes, décisions of the Board shall be by a majority vote of the ten (10) members, or by a simple majority vote if the Président and the Commissioner are included in the majority. Should a member not be able to attend a meeting of the Board, it will always be open to him to empower one of his colleagues, by registered letter or by telegram, to vote for him and on his behalf.

j) At each of its meetings, and at least once every month, the General Board shall examine the reports submitted to it by the Président and the Commissioner. It shall adopt décisions on ail the proposais made to it by the Président and the Commissioner, provided that thèse décisions do not encroach upon the rights reserved to the Président and thè Managing Board as specified in Sections V and VI above.

k) The métal reserve of the Bank and the oifice for the printing of the notes shall be in Germany, but the General Board may, by a threequarters' f8/*) majority vote, décide that eitb*r or both be transferred. abroad to a neutral country.

Xouv. Recueil Gén. 3e S. XIII. 51

788 Commission des Réparations.