HEREBY AGREE as follows: ARTICLE 1 DEFINITIONS 1. 2. In this Annex, terms and expressions defined in Article 1 of the Protocol shall bear the same meaning unless the context otherwise requires. In this Annex, unless the context otherwise requires: "Board" means Board of Directors of the Central Bank; "Legal Committee" means a committee established in terms of Article 6; "Model Central Bank Statute" means a Model Act to serve as a guideline for State Parties when formulating Central Bank legislation. ARTICLE 2 SCOPE Through the provisions of this Annex, the State Parties shall promote the mutual co-operation, co-ordination and harmonisation of the legal and operational frameworks of Central Banks which shall culminate in the creation of a Model Central Bank Statute for the Region as contemplated by the RISDP. ARTICLE 3 OBJECTIVES The objectives of this Annex are to: (a) establish principles that shall facilitate the creation of a coherent and convergent status in the legal and operational frameworks of Central Banks; (b) promote the adoption of principles that shall facilitate the operational independence of Central Banks; (c) create best practices in the legal and operational frameworks of Central Banks; and (d) provide the framework for the creation of a Model Central Bank Statute which shall be considered and approved by the Ministers responsible for national financial matters. 57