THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (Jeddah, 3 November 1999)

THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR
(Jeddah, 3 November 1999)

См. текст на рус. языке

ARTICLES OF AGREEMENT

AGREEMENT ESTABLISHING THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR

Table of Contents

Article

Preamble

Chapter I

Establishment, Juridical Personality, Purpose, Functions, Powers,

Policies And Membership

1. Establishment

2. Juridical Personality

3. Purpose

4. Functions

5. Powers

6. Policies

7. Members

Chapter II

Financial Resources

8. Capital

9. Subscription

10. Payment of Subscriptions

11. Restriction on Transfers and Pledges of Shares

12. Limitation on Liability

13. Other Resources

Chapter III

Operations

14. Operating Principles

15. Limitations

16. Protection of lnterests

17. Political Activity Prohibited

Chapter IV

Organization and Management

18. Structure

19. General Assembly

20. General Assembly: Powers

21. General Assembly: Procedures

22. Voting

23. Board of Directors: Composition

24. Board of Directors: Powers

25. Board of Directors: Procedures

26. Executive Committee

27. Executive Committee: Functions

28. Executive Committee: Procedures

29. The Shari'ah Committee

30. The Advisory Board

31. Chairman, General Manager and Officers

32. Publications of Annual Reports and Circulation of Reports

33. Dividends

34. Relations with the Bank

Chapter V

Withdrawal and Suspension of Members

35. Right of Withdrawal

36. Suspension of Membership

37. Rights and Duties on Cessation of Membership

38. Suspension of Operations

39. Termination of Operations

40. Liability of Members and Payment of Claims

41. Distribution of Assets

Chapter VI

Immunities and Privileges

42. Purpose of the Chapter

43. Position of the Corporation with Regards to Judicial Process

44. Immunity of Assets from Seizure

45. Immunity of Archives

46. Secrecy of Deposits

47. Freedom of Assets from Restrictions

48. Privileges for Communications

49. Immunities and Privileges of Officers and Employees

50. Immunities from Taxation

51. Application of Chapter

52. Waiver

Chapter VII

Amendments, Interpretation and Arbitration

53. Amendments

54. Languages, Interpretation and Application

55. Arbitration

56. Approval Deemed Given

Chapter VIII

General Provisions

57. Headquarters of the Corporation

58. Financial Year

59. Channels of Communication, Deposition

Chapter IX

Final Provisions

60. Signature and Acceptance

61. Entry into Force

62. Commencement of Operations

Annex A

AGREEMENT ESTABLISHING THE ISLAMIC CORPORATION FOR THE DEVELOPMENT

OF THE PRIVATE SECTOR

THE GOVERNMENTS AND INSTITUTIONS ON WHOSE BEHALF THIS AGREEMENT IS SIGNED

RECOGNIZING that the purpose of the Islamic Development Bank is to foster economic development and social progress by encouraging the growth of both the public and private productive enterprises in the member countries of the Islamic Development Bank in accordance with the principles of Shari'ah;