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II SÉRIE — NÚMERO 29

to the terms and conditions of the Agreement Establishing the African Development Fund, may also be admitted to the Bank, at such times and under such general rules as the Board of Governors shall have established. Such general rules may be amended only by decision of the Board of Governors by a two-thirds majority of the total number of governors, including two-thirds of the governors of nonregional members, representing not less than three-fourths of the total voting power of the member countries.

■ Article 4 Structure

The Bank shall have a Board of Governors, a Board of Ditecors, a President, at least one Vice-President and such other officers and staff to perform such duties as the Bank may determine.

CHAPTER II Capital

Article 5 Authorized capital

I:

a) The authorized capital stock of the Bank shall

be 250,000,000 units of account. It shall be divided into 25,000 shares of a par value of 10,000 units of account each share, which shall be available for subscription by members;

b) The value of the unit of account shall be

0.88867088 g of fine gold.

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 lotal 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 subscrip-

tion 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:

a) Payment of the amount initially subscribed to

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 Go-

vernment 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 1 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.