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9 DE MARCO DE 1991

898-(135)

member, all rights of such former member shall be determined in accordance with the provisions of articles 41 to 43 of this Agreement.

Article 40 Temporary suspension of operations

In an emergency, the board of directors may suspend temporarily operations in respect of new loans, guarantees, underwriting, technical assistance and equity investments pending an opportunity for further consideration and action by the board of governors.

Article 41

Termination of operations

The Bank may terminate its operations by the affirmative vote of not less than two-thirds of the governors, representing not less than three-fourths of the total voting power of the members. Upon such termination of operations the Bank shall forthwith cease all activities, except those incident to the orderly realization, conservation and preservation of its assets and settlement of its obligations.

Article 42 Liability of members and payment of claims

1 — In the event of termination of the operations of the Bank, the liability of all members for uncalled subscriptions to the capital stock of the Bank shall continue until all claims of creditors, including all contingent claims, shall have been discharged.

2 — Creditors on ordinary operations holding direct claims shall be paid first out of the assets of the Bank, secondly out of the payments to be made to the Bank in respect of unpaid paid-in shares, and then out of payments to be made to the Bank in respect of callable capital stock. Before making any payments to creditors holding direct claims, the board of directors shall make such arrangements as are necessary, in its judgment, to ensure a pro rata distribution among holders of direct and holders of contingent claims.

Article 43 Distribution of assets

1 — No distribution under this chapter shall be made to members on account of their subscriptions to the capital stock of the Bank until:

0 All liabilities to creditors have been discharged or provided for; and

ii) The board of governors has decided by a vote of not less than two-thirds of the governors, representing not less than three-fourths of the total voting power of the members, to make a distribution.

2 — Any distribution of the assets of the Bank to the members shall be in proportion to the capital stock

held by each member and shall be effected at such times and under such conditions as the Bank shall deem fair and equitable. The shares of assets distributed need not be uniform as to type of assets. No member shall be entitled to receive its share in such a distribution of assets until it has settled all of its obligations to the Bank.

3 — Any member receiving assets distributed pursuant to this article shall enjoy the same rights with respect to such assets as the Bank enjoyed prior to their distribution.

CHAPTER VIII Status, immunities, privileges and exemptions

Article 44

Purposes of chapter

To enable the Bank to fulfil its purpose and the functions with which it is entrusted, the status, immunities, privileges and exemptions set forth in this chapter shall be accorded to the Bank in the territory of each member country.

Article 45 Status of the Bank

The Bank shall possess full legal personality and, in particular, the full legal capacity:

0 To contract;

ii) To acquire, and dispose of, immovable and

movable property; and Hi) To institute legal proceedings.

Article 46

Position of the Bank with regard to judicial process

Actions may be brought against the Bank only in a court of competent jurisdiction in the territory of a country in which the Bank has an office, has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. No actions shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Bank shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank.

Article 47

Immunity of assets from seizure

Property and assets of the Bank, whresoever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by executive or legislative action.