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However, the rights of voting and representation at the Bank’s General Meeting were to be exercised exclusively by the central banks of the countries in which the shares had been initially subscribed.
The BIS was constituted as having corporate existence in Switzerland on the basis of an agreement with Switzerland acting as headquarters state for the bank.
It also enjoyed certain immunities in the contracting states (Brussels Protocol 1936).
The BIS’s original task of facilitating World War I reparation payments quickly became obsolete.
fostering the cooperation between its member central banks.