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1. The voting rights in the Governing Board shall be distributed as follows:

(a) one third for the Commission;

(b) one third for the private members collectively; and (c) one third for the participating states collectively.

2. For the first two financial years following the establishment of the Chips Joint Undertaking ◄ , the voting rights of the participating states shall be distributed as follows:

(a) 1 % for each participating state;

(b) the remaining percentage distributed annually among the participating states in proportion to their actual financial contributions to the Chips Joint Undertaking ◄ or to its preceding initiative over the past two years.

3. For the subsequent financial years, the distribution of the voting rights of the participating states shall be established annually and in proportion to the funds they have committed to indirect actions over the past two financial years.

3a. By way of derogation from paragraph 1, the Governing Board shall solely include the Commission and Member States when voting on the subsection on capacity-building activities of the specific part of the work programme dedicated to the implementation of the Chips for Europe Initiative. The Commission shall hold 50 % of the voting rights. For the subsection on research and innovation activities of the specific part of the work programme dedicated to the implementation of the Chips for Europe Initiative, the Commission and the Member States shall hold 45 % of the voting rights each and the private members 10 %. Paragraphs 2 and 3 shall apply mutatis mutandis to the voting rights of the Member States. All representatives of the Governing Board shall participate in the preparation of that specific part of the work programme.

4. The voting rights of the private members shall be distributed equally amongst the industrial associations unless decided otherwise by the Private Members Board.

5. Voting rights for any new member of the Chips Joint Undertaking ◄ that is not a Member State or an associated country shall be determined by the Governing Board before that member joins the Chips Joint Undertaking ◄ .