586

II SÉRIE-A — NÚMERO 20

ARTICLE II Membership In and capital of the Bank

Section 1 Membership

a) The original members of the Bank shall be those members of the International Monetary Fund which accept membership in the Bank before the date specified in article XI, section 2, e).

b) Membership shall be open to other members of the Fund, at such times and in accordance with such terms as may be prescribed by the Bank.

Section 2

Authorized capital

a) The authorized capital stock of the Bank shall be $10,000,000,000, in terms of United States dollars of the weight and fineness in effect on July 1, 1944. The capital stock shall be divided into 100,000 shares having a par value of $100,000 each, which shall be available for subscription only by members (♦).

b) The capital stock may be increased when the Bank deems it advisable by a three-fourths majority of the total voting power.

Section 3

Subscription of shares

a) Each member shall subscribe shares of the capital stock of the Bank. The minimum number of shares to be subscribed by the original members shall be those set forth in schedule A. The minimum number of shares to be subscribed by other members shall be determined by the Bank, which shall reserve a sufficient portion of its capital stock for subscription by such members.

b) The Bank shall prescribe rules laying down the conditions under which members may subscribe shares of the authorized capital stock of the Bank in addition to their minimum subscriptions.

c) If the authorized capital stock of the Bank is increased, each member shall have a reasonable opportunity to subscribe, under such conditions as the Bank shall decide, a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Bank, but no member shall be obligated to subscribe any part of the increased capital.

Section 4 Issue price of shares

Shares included in the minimum subscriptions of original members shall be issued at par. Other shares shall be issued at par unless the Bank by a majority of the total voting power decides in special circumstances to issue them on other terms.

Section 5

Division and calls of subscribed capital

The subscription of each member shall be divided into two parts as follows:

0 Twenty percent shall be paid or subject to call under section 7, /), of this article as needed by the Bank for ist operations;

(*) As of August 30, 1984, the authorized capital stock of the Bank had been increased to 786, SOO Shares.

ii) The remaining eighty percent shall be subject to call by, the Bank only when required to meet obligations of the Bank created under article iv, section 1, a), ») and Hi).

Calls on unpaid subscriptions shall be uniform on all shares.

Section 6

Limitation on liability

Liability on shares shall be limited to the unpaid portion of the issue price of the shares.

Section 7

Method of payment of subscriptions for shares

Payment of subscriptions for shares shall be made in gold or United States dollars and in the currencies of the members as follows:

i) Under section 5, i), of this article, two percent of the price of each share shall be payable in gold or United States dollars, and, when calls are made, the remaining eigtheen percent shall be paid in the currency of the member;

ii) When a call is made under section 5, ii), of this article, payment may be made at the option of the member either in gold, in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose for which the call is made;

Hi) When a member makes payments in any currency under i) and ii) above, such payments shall be made in amounts equal in value to the member's liability under the call. This liability shall be a proportionate part of the subscribed capital stock of the Bank as authorized and defined in section 2 of this article.

Section 8 Time of payment of subscriptions

a) The two percent payable on each share in gold or United States dollars under section 7, i), of this article, shall be paid within sixty days of the date on which the Bank begins operations, provide that:

I) Any original member of the Bank whose metropolitan territory has suffered from enemy occupation or hostilities during the present war shall be granted the right to postpone payment of one-half percent until five years after that date;

ii) An original member who cannot make such a payment because it has not recovered possession of its gold reserves which are still seized or immobilized as a result of the war may postpone all payment until such date as the Bank shall decide.

b) The remainder of the price of each share payable under section 7, 0» of this article shall be paid as and when called by the Bank, provided that:

0 The Bank shall, within one year of its beginning operations, call not less than eight percent of the price of the share in addition to the payment of two percent referred to in a) above;

ii) Not more than five percent of the price of the share shall be called in any period of three months.