Article 54 InterpretatIon

1. Any question of interpretation or application of the provisions of this Agreement arising between any member and the Bank, or between two or mote members of the Bank, shall be submitted to the Board of Directors for decision. If there is no Director of its nationality en that Board, a member particularly affected by the question under consideration shall be entitled to direct representation in the Board of Directors during such consideration; die representative of such member shall, however, have no vote. Such right of representation shall be regulated by the Board of Governors.

2. In any case where the Board of Directors has given a decision under paragraph 1 of this Article, any member may requite that the question be referred to the Board of Governors, whose decision shall be final. Pending the decision of the Board of Governors, the Bank may, so far as it deems necessary, act on the basis of the decision of the Board of Directors.