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(1)
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The Council
shall consist of twenty-two representatives of Signatories as follows:
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(a)
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Eighteen
representatives of those Signatories, or groups of Signatories not otherwise
represented, which have agreed to be represented as a group, which have the
largest investment shares in the Organization. If a group of Signatories and
a single Signatory have equal investment shares, the latter shall have the
prior right. If by reason of two or more Signatories having equal investment
shares the number of representatives on the Council would exceed twenty-two,
all shall nevertheless, exceptionally, be represented.
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(b)
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Four representatives
of Signatories not otherwise represented on the Council, elected by the
Assembly, irrespective of their investment shares, in order to ensure that
the principle of just geographical representation is taken into account, with
due regard to the interests of the developing countries. Any Signatory
elected to represent a geographical area shall represent each Signatory in
that geographical area which has agreed to be so represented and which is not
otherwise represented on the Council. An election shall be effective as from
the first meeting of the Council following that election, and shall remain
effective until the next ordinary meeting of the Assembly.
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