17 DE OUTUBRO DE 1992

8-(3)

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

f) For the purposes of this Agreement the Association shall regard as «freely convertible currency»:

0 Currency of a member which the Association determines, after consultation with the International Monetary Fund, is adequately convertible into the currencies of other members for the purposes of the Association's operations; or

ii) Currency of a member which such member agrees, on terms satisfactory to the Association, to exchange for the currencies of other members for the purposes of the Association's operations.

g) Except as the Association may otherwise agree, each member listed in part i of schedule A shall maintain, in respect of its currency paid in by it as freely convertible currency pursuant to subsection ct) of Uiis section, the siune convertibility as existed at the time of payment.

Ii) The conditions on which the initial subscriptions of members other than original members may be made, and the amounts and the terms of payment thereof, shall be determined by the Association pursuant to section 1, /;), of diis article.

Section 3

Limitation on liability

No member shall be liable, by reason of its membership, for obligations of the Association.

ARTICLE III Additions to resources

Section 1

Additional subscriptions

a) The Association shall at such time as it deeias appropriate in the light of the schedule for completion of payments on initial subscriptions of original members, and at intervals of approximately live years thereafter, review the adequacy of its resources and, if it deems desirable, shall authorize a general increase in subscriptions. Notwithstanding the foregoing, general or individual increases in subscriptions may be authorized at any time, provided dial an individual increase shall be considered only at the request of the member involved. Subscriptions pursuant to this section are herein referred to as additional subscriptions.

b) Subject to the provisions of paragraph c) below, when additional subscriptions are authorized, (he amounts authorized for subscription and the terms and conditions relating thereto shall be as determined by die Association.

c) V/hen any additional subscription is authorized, each member shall be given an opportunity to subscribe, under such conditions as shall be reasonably determined by die Association, an amount which will enable it to maintain its relative voting power, but no member shall be obligated to subscribe.

d) All decisions under this section shall be made by a two-thirds majority of the total voting power.

Section 2

Supplementary resources provided by a member in the currency of another member

a) The Association may enter into arrangements, on such terms and conditions consistent with die provisions of diis Agreement as may be agreed upon, to receive from any member, in addidon to the amounts payable by such member on account of its initial or any additional subscription, supplementary resources in the currency of another member, provided that the Ass

b) The Association shall deliver to the contributing member a special development certificate setting forth die amount and currency of the resources so contributed and the terms and conditions of the arrangement relating to such resources. A special development certificate shall not carry any voting rights and shall be transferable only to the Association.

c) Nothing in this .section shall preclude die Association from accepting resources from a member in its own currency on such terms as may be agreed upon.

ARTICLE IV Currencies

Section 1

Use of currencies

a) Currency of any member listed in part n of schedule A, whether or not freely convertible, received by the Asstx:iation pursuant to article n, section 2, d), in payment of the 90 % portion payable thereunder in die currency of such member, and currency of such member derived diere-from as principal, interest or other charges, may be used by die Association for administrative expenses incurred by the Association in the territories of such member and, insofar as consistent wiUi sound monetary policies, in payment for gtxxls and services produced in the territories of such member ;uid required for projects financed by the Association and ltxated in such territories; and in addition when and to die extent justified by the economic and financial situation of the member concerned as determined by agreement between the member and die Association, such currency shall be freely convertible or odierwise usable for projects financed by die Association and lixmted outside die territories of die member.

/;) The usability of currencies received by the Association in payment of subscriptions odier than initial subscriptions of original members, and currencies derived (herefrom as principal, interest or other charges, shall be governed by die terms and conditions on which such subscriptions are authorized.

c) The usability of currencies received by the Association as .supplementary resources other than subscriptions, and