16 DE JULHO DE 1983

669

4 — If the Bank terminates its operations pursuant to article 47 of this Agreement within six months of the termination date, all rights of the State concerned shall be determined in accordance with the provisions of its articles 47 to 49.

Article 46 Temporary suspension of operations

In an emergency, the Board of Directors may suspend temporarily operations in respect of new loans and guarantees pending an opportunity for further consideration and action by the Board of Governors.

Article 47 Termination of operations

1 —The Bank may terminate its operations in respect to new loans and guarantees by a decision of the Board of Governors exercising a majority of the total voting power of the members, including a majority of the total voting power of the regional members.

2 — After such termination, the Bank shall forthwith cease all activities, except those incident to the orderly realization, conservation and preservation of its assets and settlement of its obligations.

Article 48 Liability of members and payment of claims

1 — In the event of termination of the operations of the Bank, the liability of all members for uncalled subscriptions to the capital stock of the Bank and in respect of the depreciation of their currencies shall continue until all claims of creditors, including all contingent claims, shall have been discharged.

2 — All creditors holding direct claims shall be paid out the assets of the Bank and then out of payments to the Bank on calls on unpaid subscriptions. Before making any payments to creditors holding direct claims, the Board of Directors shall make such arrangements as are necessary, in its judgment, to ensure a pro rata distribution among holders of direct and contingent claims.

Article 49 Distribution of assets

1 — In the event of termination of operations of the Bank, no distribution shall be made to members on account of their subscriptions to the capital stock of the Bank until:

i) All liabilities to creditors have been discharged

or provided for; and

ii) The Board of Governors has taken a decision

to make a distribution. This decision shall

be taken by the Board exercising a majority of the total voting power of the members, including a majority of the total voting power of the regional members.

2 — After a decision to make a distribution has been taken in accordance with the preceding paragraph, the Board of Directors may by a two-thirds majority vote make successive distributions of the assets of the Bank to members until all assets have been distributed. This distribution shall be subject to the prior settlement of all outstanding claims of the Bank against each member.

3 — Before any distribution of assets is made, the Board of Directors shall fix the proportionate share of each member according to the ratio of its shareholding to the total outstanding shares of the Bank.

4 — The Board of Directors shall value the assets to be distributed at the date of distribution and the proceed to distribute in the following manner:

a) There shall be paid to each member, in its

own obligations or those of its official agencies or legal entities within its territories, to the extent that they are available for distribution, an amount equivalent in value to its proportionate share of the total amount to be distributed;

b) Any balance due to a member after payment

has been made in accordance with the preceding sub-paragraph shall be paid in its currency, to the extent that it is held by the Bank, up to an amount equivalent in value to such balance;

c) Any balance due to a member after payment

has been made in accordance with subparagraph o) and b) of this paragraph shall be paid in gold or currency acceptable to that member, to the extent that they are held by the Bank, up to an amount equivalent in value to such balance;

d) Any remaining assets held by the Bank after

payments have been made to members in accordance with sub-paragraphs fl) to c) of this paragraph shall be distributed pro rata among the members.

5 — Any member receiving assets distributed by the Bank in accordance with the preceding paragraph shall enjoy the same rights with respect to such assets as the Bank enjoyed before their distribution.

CHAPTER VII Status, Immunities, exemptions and privileges

Article 50 Status

To enable it to fulfill its purpose and the functions with which it is entrusted, the Bank shall possess full