17 DE FEVEREIRO DE 1989

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which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository.

Section 13

Publication of reports and provision of Information

a) The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations.

b) The Bank may publish such other reports as it deems desirable to carry out its purposes.

c) Copies of all reports, statements and publications made under this section shall be distributed to members.

Section 14 Allocation of net income

a) The board of governors shall determine annually what part of the Bank's net income, after making provision for reserves, shall be allocated to surplus and what part, if any, shall be distributed.

b) If any part is distributed, up to two percent non-cumulative shall be paid, as a first charge against the distribution for any year, to each member on the basis of the average amount of the loans outstanding during the year made under article iv, section 1, a), i), out of currency corresponding to its subscription. If two percent is paid as a first charge, any balance remaining to be distributed shall be paid to all members in proportion to their shares. Payments to each member shall be made in its own currency, or if that currency is not available in other currency acceptable to the member. If such payments are made in currencies other than the member's own currency, the transfer of the currency and its use by the receiving member after payment shall be without restriction by the members.

ARTICLE VI

Withdrawal and suspension of membership: suspension of operations

Section 1 Right of members to withdraw

Any member may withdraw from the Bank at any time by transmiting a notice in writing to the Bank at its principal office. Withdrawal shall become effective on the date such notice is received.

Section 2 Suspension of membership

If a member fails to fulfill any of its obligations to the Bank, the Bank may suspend its membership by decision of a majority of the governors, exercising a majority of the total voting power. The member so sus-

pended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by the same majority to restore the member to good standing.

While under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the rigth of withdrawal, but shall remain subject to all obligations.

Section 3

Cessation of membership in International Monetary Fund

Any member which ceases to be a member of the International Monetary Fund shall automatically cease after three months to be a member of the Bank unless the Bank by three-fourths of the total voting power has agreed to allow it to remain a member.

Section 4

Settlement of accounts with governments ceasing to be members

a) When a government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans or guarantees contracted before it ceased to be a member are outstanding; but is shall cease to incur liabilities with respect to loans and guarantees entered into thereafter by the Bank and to share either in the income or the expenses of the Bank.

b) At the time a government ceases to be a member, the Bank shall arrange for the repurchase of its shares as a part of the settlement of accounts with such government in accordance with the provisions of c) and d) below. For this purpose the repurchase price of the shares shall be the value shown by the books of the Bank on the day the government ceases to be a member.

c) The payment for shares repurchased by the Bank under this section shall be governed by the following conditions:

i) Any amount due to the government for its shares shall be withheld so long as the government, its central bank or any of its agencies remains liable, as borrower or guarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the liability of the government resulting from its subscription for shares under article II, section 5, if). In any event, no amount due to a member for its shares shall be paid until six months after the date upon which the government ceases to be a member;

if) Payments for shares may be made from time to time, upon their surrender by the government, to the extent by which the amount due as the repurchase price in b) above exceeds the aggregate of liabilities on loans and guarantees in c), f), above until the former member has received the full repurchase price;

iii) Payments shall be made in the currency of the country receiving payment or at the option of the Bank in gold;