658

II SÉRIE — NÚMERO 23

2— The authorized capital stock shall be divided into paid-up shares and callable shares. The equivalent of 125,000,000 units of account shall be paid up, and the equivalent of 125,000,000 units of account shall be callable for the purpose defined in paragraph 4, a), of article 7 of this Agreement.

3 — Subject to the provisions of paragraph 4 of this article, the authorized capital stock may be increased as and when the Board of Governors deems it advisable. Unless that stock is increased solely to provide for the initial subscription of a member, the decision of the Board shall be adopted by a two-thirds majority of the total number of governors, representing not less than three-quarters of the total voting power of the members.

4 — The authorized capital stock and any increases thereof shall be allocated for subscription to regional and non-regional members in such proportions that the respective groups shall have available for subscription that number of shares which, if fully subscribed, would result in regional members holding two-thirds of the total voting power and non-regional members one-third of the total voting power.

Article 6 Subscription of shares -

1 — Each member shall initially subscribe shares of the capital stock of the Bank. The initial subscription of each member shall consist of an equal number of paid-up and callable shares. The initial number of shares to be subscribed by a State which acquires membership in accordance with paragraph 1 of article 64 of this Agreement shall be that set forth in its respect in annex A to this Agreement, which shall form an integral part thereof. The initial number of shares to be subscribed by other members shall be determined by the Board of Governors.

2 — In the event of an increase of the capital stock for a purpose other than solely to provide for an initial subscription of a member, each member shall have the right to subscribe, on such uniform terms and conditions as the Board of Governors shall determine, 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. No member, however, shall be obligated to subscribe to any part of such increased stock.

3 — A member may request the Bank to increase its subscription on such terms and conditions as the Board of Governors may determine.

4 — Shares of stock initialy subscribed by States which acquire membership in accordance with paragraph 1 of article 64 of this Agreement shall be issued at par. Other shares shall be Issued at par unless the Board of Governors by a majority of the total voting power of the members decides in special circumstances to issue them on other terms.

5 — Liability on shares shall be limited to the unpaid portion of their Issue price.

6 — Shares shall not be pledged nor encumbered in any manner. The shall be transferable only to the Bank.

Article 7 Payment of subscription

1:

o) Payment of the amount initially subscribed io the paid-up capital stock of the Bank by a member which acquires membership in accordance with paragraph 1 of article 64 shall be made in six instalments the first of which shall be five per cent, the second thirty-five per cent and the remaining four instalments each fifteen per cent of that amount;

b) The first instalment shall be paid by the Government concerned on or before the date of deposit, on its behalf, of the instrument of ratification or acceptance of this Agreement in accordance with paragraph I of article 64. The second instalment shall become due on the last day of a period of six months from the entry into force of this Agreement or on the day of the said deposit, whichever is the later day. The third instalment shall become due on the last day of a period of eighteen months from the entry into force of this Agreement. The remaining three instalments shall become due successively each on the last day of a period of one year immediately following the day on which the preceding instalment becomes due.

2 — Payments of the amounts initially subscribed by the members of the Bank to the paid-up capital stock shall be made in gold or convertible currency. The Board of Governors shall determine the mode of payment of other amounts subscribed by the members to the paid-up capital stock.

3 — The Board of Governors shall determine the dates for the payment of amounts subscribed by the members of the Bank to the paid-up capital stock to which the provisions of paragraph 1 of this article do not apply.

4:

a) Payment of the amounts subscribed to the cal-

lable capital stock of the Bank shall be subject to call only as and when required by the Bank to meet its obligations incurred, pursuant to paragraph 1, b) and d), of article 14, on borrowing of funds for inclusion in its ordinary capital resources or guarantees chargeable to such resources,

b) In the event of such calls, payment may be

made at the option of the member concerned in gold, convertible currency or in the currency required to discharge the obligation of the Bank for the purpose of which the call is made;

c) Calls on unpaid subcriptions shall be uni-

form in percentage on all callable shares.

5 — The Bank shall determine the place for any payment under this article provided that, until the first meeting of its Board of Governors provided in article 66 of this Agreement, the payment of the first instalment referred. to in paragraph 1 of this