Article 47

Constitution and Election

1 - The fiscal council shall be made up of the president and two other members.

2 - All the members of the fiscal council shall be elected by the general assembly.

Article 48

Operation

1 - The fiscal council shall meet in the location chosen by its president, who shall also preside over the meeting.

2 - The meetings of the fiscal council shall be held whenever convened by its president and at least twice a year.

3 - The fiscal council¿s resolutions shall be valid only when all its members are present.

4 - All decisions shall be on the basis of simple majority, the president having the decisive vote in the case of a tie.

Article 49

Competence

It is within the competence of the fiscal council to:

a) analyse the board of directors¿ financial management;

b) give their view about the annual report and accounts and about the budgetary plan put forward by the board of directors;

c) write reports as requested by the secretary-general;

d) discuss the resignation or the temporary suspension from office of any of its members;

e) deliberate on the substitution of its members.

Article 50

Members of the Fiscal Council

1 - The members of the fiscal council are entitled to vote and shall express their view on those issues as requested by the secretary-general.

2 - Their resignation, as well as their request for temporary suspension from office, must be presented to the fiscal council.