Section 1 Amendments

1. Any proposal to introduce modifications in this Agreement, whether emanating from a member, a Governor, or the Executive Board, shall be communicated to the Chairman of the Board of Governors who shall bring the proposal before the Board of Governors. If the proposed amendment is approved by the Board of Governors, the Agency shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When a majority of the members, exercising eighty-five percent of the total voting power have accepted the proposed amendment, the Agency shall certify the fact by a formal communication addressed to all members.
   
   

2. Notwithstanding (a) above, no Amendments shall be made during the term of the first Managing Director or before November 3rd, 2030, whichever shall be later, and acceptance by all members is required in the case of any amendment modifying the:

1. the right to withdraw from the Agency provided in Article V, Section 1;

2. the provision that no change may be made in Article IV, Section 17 and 18;

3. limitation on liability provided in Article II, Section 4 ;

4. the procedure to elect Managing Directors provided in Article IV, Section 5, 6 and Schedule B;

5. the procedure to select productive projects provided in Schedule C; and

6. the use of resources provided in Schedule D;

c. Amendments shall enter into force for all members three (3) months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.