Fund to carry out its functions within the framework of an organization chart to be approved by the Governing Board.
5.02 Each Member shall be represented in the Ministerial Council by its Minister of Finance or any other authorized senior repre- sentative. The Council shall hold one annual meeting and such special meetings as its work may require. The Council shall have the supreme authority over the Fund and shall, in particular, be endowed with the power to: i) issue policy guidelines to be followed by the Governing Board ii) approve the replenishment of the resources of the Fund iii) authorize the administration of special funds as provided for in Article 8 iv) appoint the Fund’s auditors, approve the Fund’s audited financial statements and consider the annual report on the Fund’s activities v) authorize the Fund’s agency functions provided for under Article 2.03 vi) adopt amendments to this Agreement vii) settle disputes that could not be resolved by the Governing Board viii) suspend a Member ix) suspend and terminate the operations of the Fund and dis- tribute its assets x) appoint the President and determine his remuneration. 5.03 The Ministerial Council shall adopt its rules of procedure. It shall elect a Chairman from among its Members who shall serve for one year. A quorum for any meeting of the Council shall be con- stituted by two-thirds of its Members provided they contribute seventy percent of the contributions to the Fund. Unless other- wise provided in this Agreement, decisions of the Council shall be taken by the same majority required for constituting a valid
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