1900

II SÉRIE — NÚMERO 98

h) In the case of governments whose metropolitan territories have been under enemy occupation, the deposit of the instrument referred to in a) above may be delayed until one hundred and eighty days after the date on which these territories have been liberated. If, however, it is not deposited by any such government before the expiration of this period, the signature affixed on behalf of that government shall become void and the portion of its subscription paid under d) above shall be returned to it.

0 Paragraphs d) and h) shall come into force with regard to each signatory government as from the date of its signature.

Section 3 Inauguration of the Bank

a) As soon as this Agreement enters into force under section 1 of this article, each member shall appoint a governor and the member to whom the largest number of shares is allocated in Schedule A shall call the first meeting of the board of governors.

b) At the first meeting of the board of governors, arrangements shall be made for the selection of provisional executive directors. The governments of the five countries, to which the largest number of shares are allocated in Schedule A, shall appoint provisional executive directors, if one or more of such governments have not become members, the executive directorships which they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, whichever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of Schedule B and shall remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946.

c) The board of governors may delegate to the provisional executive directors any powers except those which may not be delegated to the executive directors.

d) The Bank shall notify members when it is ready to commence operations.

Done at Washington, in a single copy which shall remain deposited in the archives of the Government of the United States of America, which shall transmit certified copies to all governments whose names are set forth in Schedule A and to all governments whose membership is approved in accordance with article 11, section 1,6).

SCHEDULE A Subscriptions

Millions

or

dollars

Australia............................................ 200

Belgium............................................. 225

Bolivia.............................................. 7

Brazil............................................... 105

Canada............................................. 325

Chile............................................... 35

China............................................... 600

Colombia........................................... 35

Costa Rica.......................................... 2

Cuba............................................... 35

Czechoslovakia ...................................... 125

Millions

of dollars

Denmark............................................ (')

Dominican Republic.................................. 2

Ecuador............................................. 3.2

Egypt............................................... 40

El Salvador......................................... 1

Ethiopia ............................................ 3

France.............................................. 450

Greece.............................................. 25

Guatemala .......................................... 2

Haiti ............................................... 2

Honduras........................................... I

Iceland.............................................. I

India ............................................... 400

Iran................................................ 24

Iraq................................................ 6

Liberia.............,................................ 0.5

Luxembourg......................................... 10

Mexico.............................................. 65

Netherlands ......................................... 275

New Zealand........................................ 50

Nicaragua........................................... 0.8

Norway............................................. 50

Panama............................................. 0.2

Paraguay............................................ 0.8

Peru................................................ 17.5

Philippine Commonwealth............................ 15

Poland.............................................. 125

Union of South Africa............................... 100

Union of Soviet Socialist Republics.................... 1 200

United Kingdom..................................... I 300

United States........................................ 3 175

Uruguay ............................................ 10.5

Venezuela........................................... 10.5

Yugoslavia .......................................... 40

Total..................... 9 100

(•) The quola of Denmark shall be determined by the Bank after Denmark accepts membership in accordance »iih these article* of Agrecmem.

SCHEDULE B Election of executive directors

1 — The election of the elective executive directors shall be by ballot of the governors eligible to vote under article v, section 4, b).

2 — In balloting for the elective executive directors, each governor eligible to vote shall cast for one person all of the votes to which the member appointing him is entitled under section 3 of article v. The seven persons receiving the greatest number of votes shall be executive directors, except that no person who receives less than 14% of the total of the votes which can be cast (eligible votes) shall be considered elected.

3 — When seven persons are not elected on the first ballot, a second ballot shall be held in when the person who received the lowest number of votes shall be ineligible for election and in which there shall vote only: a) those governors who voted in the first ballot for a person not elected; and b) those governors whose votes for a person elected are deemed under 4 below to have raised the votes cast for that person above 15% of the eligible votes.

4 — In determining whether the votes cast by a governor are to be deemed to have raised the total of any person above 15% of the eligible votes, the 15% shall be deemed to include, first, the votes of the governor casting the largest number of votes for such person, then the votes of the governor casting the next largest number, and so on until 15% is reached.