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II SÉRIE — NÚMERO 72

b) This Convention shall enter into force on the day when not less than five instruments of ratification, acceptance or approval shall have been deposited on behalf of signatory States in category one, and not less than fifteen such instruments shall have been deposited on behalf of signatory States in category two; provided that total subscriptions of these States amount to not less than one-third of the authorized capital of the Agency as prescribed in article 5.

c) For each State which deposits its instrument of ratification, acceptance or approval after this Convention shall have entered into force, this Convention shall enter into force on the date of such deposit

d) If this Convention shall not have entered into force within two years after its opening for signature, the president of the Bank shall convene a conference of interested countries to determine the future course of action.

Article 62

Inaugural meeting

Upon entry into force of this Convention, the president of the Bank shall call the inaugural meeting of the Council. This meeting shall be held at the principal office of the Agency within sixty days from the dale on which this Convention has entered into force or as soon as practicable thereafter.

Article 63 Depository

Instruments of ratification, acceptance or approval of this Convention and amendments thereto shall be deposited with the Bank which shall act as the depository of this Convention. The depository shall transmit certified copies of this Convention to Slates members of the Bank and to Switzerland.

Article 64 Registration

The depository shall register this Convention with the Secretariat of ihc United Nations in accordance with article 102 of the Charter of the United Nations and the regulations thereunder adopted by the General Assembly.

Article 65

Notification

The depository shall notify all signatory States and, upon the entry into force of this Convention, the Agency of the following:

a) Signatures of this Convention;

b) Deposits of instruments of ratification, acceptance and approval in accordance with article 63;

c) The date on which this Convention enters into force in accordance with article 61 ;

d) Exclusions from territorial application pursuant to article 66; and

e) Withdrawal of a member from the Agency pursuant to article 51.

Article 66 Territorial application

This Convention shall apply to all territories under the jurisdiction of a member including the territories for whose international relations a member is responsible, except those which are excluded by such member by written notice to the depository of this Convention either at the time of ratification, acceptance or approval or subsequently.

Article 67

Periodic reviews

a) The Council shall periodically undertake comprehensive reviews of the activities of the Agency as well as the results achieved with a view to introducing any changes required to enhance the Agency's ability to serve its objectives;

b) The first such review shall take place five years after the entry into force of this Convention. The dates of subsequent reviews shall be determined by the Council.

Done at Seoul, in a single copy which shall remain deposited in the archives of the International Bank for Reconstruction and Development, which has indicated by its signature below its agreement to fulfill the functions with which it is charged under this Convention.

annex i

Guarantees of sponsored in vestments under article 24 Article 1

Sponsorship

d) Any member may sponsor for guarantee an investment to be made by an investor of any nationality or by investors of any or several nationalities.

b) Subject to the provisions of sections b) and c)of article 3 of this annex, each sponsoring member shall share with the other sponsoring members in losses under guarantees of sponsored investments, when and to the extent that such losses cannot be covered out of the Sponsorship Trust Fund referred to in article 2 of this annex, in the proportion which the amount of maximum contingent liability under the guarantees of investments sponsored by it bears to the total amount of maximum contingent liability under the guarantees of investments sponsored by all members.

c) In its decisions on the issuance of guarantees under this annex, the Agency shall pay due regard to the prospects that the sponsoring member will be in a position to meet its obligations under this annex and shall give priority to investments which arc co-sponsored by Ihc host countries concerned.

d) The Agency shall periodically consult with sponsoring members with respect to its operations under this annex.

Article 2

Sponsorship Trust Fund

d) Premiums and other revenues attributable to guarantees of sponsored investments, including returns on die investment of such premiums and revenues, shall be held in a separate account which shall be called the Sponsorship Trust Fund.

b) All administrative expenses and payments on claims attributable to guarantees issued under this annex shall be paid out of the Sponsorship Trust Fund.

c) The assets of the Sponsorship Trust Fund shall be held and administered for the joint account of sponsoring members and shall be kept separate and apart from the assets of the Agency.

Article 3 Calls on sponsoring members

a) To the extent that any amount is payable by the Agency on account of a loss under a sponsored guarantee and such amount cannot be paid out of assets of die Sponsorship Trust Fund, the Agency shall call on each sponsoring member to pay into such Fund its share of such amount as shall be determined in accordance with section b) of article I of this annex.

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