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(2) The Bank shall monitor the operations of offshore financial institutions in accordance with the laws or regulations under which such financial institutions have been licensed to operate and shall take account of such guidelines as the Council may, from time to time, issue for this purpose. (3) Returns, statements, accounts or information required to be submitted to the Participating Governments under the provision of any such law or regulation shall be simultaneously submitted to the Bank.

PART X - MISCELLANEOUS

42.

(Am ’93) (1)

The Bank may, with the approval of the Council, administer or participate in

corporation or schemes established for the purpose of - (a) insuring bank deposits;

(b) providing export credit insurance and guarantee; (c) providing guarantees for credit extended by financial institutions; (d) promoting the development of money, capital or securities market in the territories of Participating Governments; (e) financing economic development of the territories of Participating Governments; or (f) exercising its emergency powers under this Agreement. (2) Subject to paragraph (3), the Bank may, with the approval of the Council, subscribe to, hold and sell shares of a corporation organised with the approval or under the authority of the Participating Government for any of the purposes specified in paragraph (1). (3) The total value of the Bank’s shareholding in corporations to which paragraph (2) refers shall not exceed 50 per cent of the General Reserve of the Bank. (4) Subject to paragraph (5) the Bank may, with the approval of the Council, establish special funds in order to facilitate the administration of the schemes or corporations specified in paragraph (1) and may make annual contributions thereto out of its profits. (4) The Bank may, with the approval of the Council advance to any such special funds such sums as may be required during a financial year: Provided that such advances do not exceed its annual contribution to the fund for that year. (6) If the Bank ceases to administer any of the schemes or corporations specified in subparagraph (2) (sic), the special fund relating to the particular scheme or corporations which the Bank has ceased to administer, may be liquidated in such manner as the Bank, with the approval of the Council, determines. (Am ’93) (Am ’93)

43.

The Bank shall not -

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