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13 DE NOVEMBRO DE 1992

59

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 the 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

«) 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 d) of this section, the same convertibility as existed at the time of payment

h) 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 de-tennined by the Association pursuant to section 1, b), of this article.

Section 3

Limitation on liability

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

ARTICLE ffl Additions to resources

Section 1

Additional subscriptions

a) The Association shall at such time as it deems appropriate in the light of the schedule for completion of payments on initial subscriptions of original members, and at intervals of approximately five 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 that 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, the amounts authorized for subscription and the terms and conditions relating thereto shall be as determined by the Association.

c) When any additional subscription is authorized, each member shall be given an opportunity to subscribe, under such conditions as shall be reasonably determined by the 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 the provisions of this Agreement as may be agreed upon, to receive from any member, in addition 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 Association shall not enter into any such arrangement unless the Association is satisfied that the member whose currency is involved agrees to the use of such currency as supplementary resources and to the terms and conditions governing such use. The arrangements under which any such resources are received may include provisions regarding the disposition of earnings on the resources and regarding the disposition of the resources in the event that the member providing (hem ceases to be a member or the Association permanently suspends its operations.

b) The Association shall deliver to the contributing member a special development certificate setting forth the 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 the Association from accepting resources from a member in its own currency on such terms as may be agreed upon.

ARTICLE TV 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 Association pursuant to article n, section 2, d), in payment of the 90 % portion payable thereunder in the currency of such member, and currency of such member derived therefrom as principal, interest or other charges, may be used by the Association for administrative expenses incurred by the Association in the territories of such member and, insofar as consistent with sound monetary policies, in payment for goods and services produced in the territories of such member and required for projects financed by the Association and located in such territories; and in addition when and to the extent justified by the economic and financial situation of the member concerned as determined by agreement between the member and the Association, such currency shall be freely convertible or otherwise usable for projects financed by the Association and located outside the territories of the member.

b) The usability of currencies received by the Association in payment of subscriptions other than initial subscriptions of original members, and currencies derived therefrom as principal, interest or other charges, shall be governed by the 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

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