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II SÉRIE — NÚMERO 23

lending member or in a currency acceptable to the latter.

6 — All resources obtained by the Bank by virtue of the provisions of this article shall constitue a Special Fund.

Article 25

Warning to be placed on securities

Every security issued or guaranteed by the Bank shall bear on its face a conspicuous statement to the effect that it is not an obligation of any government, unless it is in fact the obligation of a particular government in which case it shall so state.

Article 26

Valuation of currencies and determination of convertibility

Whenever it shall become necessary under this Agreement:

0 To value any currency in terms of another currency, in terms of gold or of the unit of account defined in paragraph 1, b), of article 5 of this Agreement; or

ii) To determine whether any currency is convertible,

such valuation or determination, as the case may be, shall be reasonably made by the Bank after consultation with the International Monetary Fund.

Article 27

Use of currencies

1 — Members may not maintain or impose any restrictions on the holding or use by the Bank, or by any recipients from the Bank, for payments anywhere, of the following:

a) Gold or convertible currencies received by

the Bank in payment of subscriptions to the capital stock of the Bank from its members;

b) Currencies of members purchased with the

gold or convertible currencies referred to in the preceding sub-paragraph;

c) Currencies obtained by the Bank by borrowing,

pursuant to paragraph a) of article 23 of this Agreement, for inclusion in its ordinary capital resources;

d) Gold or currencies received by the Bank in

payment on account of principal, interest, dividends or other charges in respect of loans or investments made out of any of the funds referred to in sub-paragraph a) to c) or in payment of commissions or fees in respect of guarantees issued by the Bank; and

e) Currencies, other than its own, received by

a member from the Bank in distribution of the net income of the Bank in accordance with article 42 of this Agreement.

2 — Members may not maintain or impose any restrictions on the holding or use by the Bank or by any recipient from the Bank, for payments anywhere, of currency of a member received by the Bank which does not come within the provisions of the preceding paragraph, unless:

a) That member declares that it desires the use

of such currency to be restricted to payments for goods or services produced in its territory, or

b) Such currency forms part of the special

resources of the Bank and its use is subject to special rules and regulations.

3 — Members may not maintain or impose any restrictions on the holding or use by the Bank, for making amortization or anticipatory payments or for repurchasing — in whole or in part —, its obligations, of currencies received by the Bank in repayment of direct loans made out of its ordinary capital resources.

4 — The Bank shall not use gold currencies which it holds for the purchase of other currencies of its members except:

a) in order to meet its existing obligations; or

b) Pursuant to a decision of the Board of Direc-

tors adopted by a two-thirds majority of the total voting power of the members.

Article 28

Maintenance of value of the currency holdings of the bank

1 — Whenever the par value of the currency of a member is reduced in terms of the unit of account defined in paragraph 1, b), of article 5 of this Agreement, or its foreign exchange value has, in the opinion of the Bank, depreciated to a significant extent, that member shall pay to the Bank within a reasonable time an amount of its currency required to maintain the value of all such currency held by the Bank on account of its subscription.

2—Whenever the par value of the currency of a member is increased in terms of the said unit of account, or its foreign exchange value has, in the opinion of the Bank, 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.

3 — The Bank may waive the provisions of this article where a uniform proportionate change in the par value of the currencies of all its members takes place.

CHAPTER V Organization and management

Article 29

Board of Governors: powers

1 — All the powers of the Bank shall be vested in the Board of Governors. In particular, the Board shall