quorum. Decisions of the Ministerial Council shall enter into force upon their adoption, unless otherwise specified therein.
5.04 The Governing Board shall be composed of one representative and one alternate for each Member of the Fund who shall be designated and may be replaced, by a notice to the President issued by the Minister of Finance or the other authorized repre- sentative of the Member concerned. 5.05 Subject to the directives issued by the Ministerial Council, the Governing Board shall be responsible for the conduct of the general operations of the Fund. It shall in particular lay down the policies for the utilization of the Fund’s resources and shall issue directives and regulations according to which the resources of the Fund shall be administered and disbursed. In issuing such directives and regulations, the Governing Board shall give due regard to the equitable distribution of the Fund’s operations among eligible beneficiaries. 5.06 The Governing Board shall adopt its rules of procedure and shall elect a Chairman from among its Members who shall serve for one year. A two-thirds majority of the Members representing seventy percent of the contributions to the Fund’s resources shall constitute the quorum for the meetings of the Board. Unless otherwise provided in this Agreement, decisions of the Governing Board shall be taken by the same majority required for constituting a valid quorum.
5.07 Members of the Ministerial Council and the Governing Board shall serve as such without remuneration from the Fund.
5.08 The Ministerial Council shall appoint the President for a period of five years. The President shall be responsible for conducting the business of the Fund under the direction of the Governing Board and in accordance with the Agreement Establishing the Fund and the directives and regulations issued thereun- der. Without prejudice to the provisions of Article 6.02, the President shall be the legal representative of the Fund and
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