17 DE FEVERERO DE 1989

597

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

Section 3 InauguraUon of the Bank

d) 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 sigle copy which shall rea-main 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 II, section 1, b).

SCHEDULE A Subscriptions

Millions of dollars

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

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

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

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

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

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

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

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

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

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

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

Denmark (*).............................

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

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

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

EI Salvador............................. 1

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

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

(*) The quota of Denmark shall be determined by the Bank after Denmark accepts membership in accordance with these articles of Agreement.

Millions of dollars

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

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

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

Honduras............................... 1

Iceland ................................. 1

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

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

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

Liberia.................................. .5

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

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

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

New Zeland............................. 50

Nicaragua............................... .8

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

Panama................................. .2

Paraguay................................ .8

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

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

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

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

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

United Kingdom......................... 1 300

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

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

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

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

Total............... 9 100

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 fourteen percent 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 which 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 fifteen percent 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 fifteen percent of the eligible votes, the fifteen percent 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 fifteen percent is reached.

5 — Any governor, part of whose votes must be counted in order to raise the total of any person above fourteen percent shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed fifteen percent.