Establishment of the Administration and Finance Committee
1. An Administration and Finance Committee is hereby established. The Committee shall:
(a)
Supervise, on the basis of a budget proposal presented by the Executive Director, the preparation of the draft administrative budget to be submitted to the Council;
(b)
Carry out any other administrative and financial tasks which the Council assigns to it, including the monitoring of income and expenditure and matters related to the administration of the Organization.
2. The Administration and Finance Committee shall submit recommendations on the above matters to the Council.
3. The Council shall establish rules and regulations of the Administration and Finance Committee.
Composition of the Administration and Finance Committee
1. The Administration and Finance Committee shall consist of six exporting Members on a rotational basis and six importing Members.
2. Each Member of the Administration and Finance Committee shall appoint one representative and if it so desires, one or more alternates. Members in each category shall be elected by the Council, on the basis of the votes held in accordance with Article 10. Membership shall be for a 2-year period, and shall be renewable.
3. The Chairman and Vice-Chairman shall be elected from among the representatives of the Administration and Finance Committee, for a period of 2 years. The posts of Chairman and Vice-Chairman shall alternate between exporting and importing Members.
Meetings of the Administration and Finance Committee
1. The meetings of the Administration and Finance Committee shall be open to all other Members of the Organization as observers.
2. The Administration and Finance Committee shall normally meet at the headquarters of the Organization, unless it decides otherwise. If, on the invitation of any Member, the Administration and Finance Committee meets elsewhere than at the headquarters of the Organization, that Member shall pay the additional costs involved, as defined in the administrative rules of the Organization.
3. The Administration and Finance Committee shall normally meet twice a year and report on its proceedings to the Council.
