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(a) entirely in dollars or other convertible currency in up to ten (10) installments, with each such installment
equal to ten (10) percent of the total amount, the first and second installments due as provided in paragraph 1,
and the third through tenth installments due on the second and subsequent anniversary dates of the entry into
force of this Agreement; or
(b) with a portion in dollars or other convertible currency and a portion of up to fifty (50) per cent of each
installment in the currency of the member, following the schedule of installments provided in paragraph 1 of this
Article. The following provisions shall apply to payments under this sub-paragraph (b):
(i) The member shall advise the Bank at the time of subscription under paragraph 1 of this Article of the
proportion of payments to be made in its own currency.
(ii) Each payment of a member in its own currency under this paragraph 5 shall be in such amount as the
Bank determines to be equivalent to the full value in terms of dollars of the portion of the subscription being paid.
The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject
to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the
Bank shall determine to be necessary to constitute the full dollar equivalent of such payment.
(iii) Whenever in the opinion of the Bank, the foreign exchange value of a member's currency has depreciated
to a significant extent, that member shall pay to the Bank within a reasonable time an additional amount of its
currency required to maintain the value of all such currency held by the Bank on account of its subscription.
(iv) Whenever in the opinion of the Bank, the foreign exchange value of a member's currency has appreciated
to a significant extent, the Bank shall pay to that member within a reasonable time an amount of that currency
required to adjust the value of all such currency held by the Bank on account of its subscription.
(v) The Bank may waive its rights to payment under sub-paragraph (iii) and the member may waive its rights
to payment under sub-paragraph (iv).
6. The Bank shall accept from any member paying its subscription under sub-paragraph 5 (b) of this Article
promissory notes or other obligations issued by the Government of the member, or by the depository designated
by such member, in lieu of the amount to be paid in the currency of the member, provided such amount is not
required by the Bank for the conduct of its operations. Such notes or obligations shall be non-negotiable, non-
interest-bearing, and payable to the Bank at par value upon demand.
Article 7 Terms of Shares
1. Shares of stock initially subscribed by members shall be issued at par. Other shares shall be issued at par
unless the Board of Governors by a Special Majority vote as provided in Article 28 decides in special
circumstances to issue them on other terms.
2. Shares of stock shall not be pledged or encumbered in any manner whatsoever, and they shall be
transferable only to the Bank.
3. The liability of the members on shares shall be limited to the unpaid portion of their issue price.
4. No member shall be liable, by reason of its membership, for obligations of the Bank.
Article 8 Ordinary Resources
As used in this Agreement, the term "ordinary resources" of the Bank shall include the following:
(i) authorized capital stock of the Bank, including both paid-in and callable shares, subscribed pursuant to
(ii) funds raised by the Bank by virtue of powers conferred by paragraph 1 of Article 16, to which the
commitment to calls provided for in paragraph 3 of Article 6 is applicable;
(iii) funds received in repayment of loans or guarantees made with the resources indicated in sub-paragraphs
(i) and (ii) of this Article or as returns on equity investments and other types of financing approved under sub-
paragraph 2 (vi) of Article 11 made with such resources;
(iv) income derived from loans made from the aforementioned funds or from guarantees to which the
commitment to calls set forth in paragraph 3 of Article 6 is applicable; and
(v) any other funds or income received by the Bank which do not form part of its Special Funds resources
referred to in Article 17 of this Agreement.