Debates Parlamentares - Diário 098S1, p. 15 (2016-06-16)

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16 DE JUNHO DE 2016 15

4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which

any country ceases to be a member, all rights of the country concerned shall be determined in accordance with

the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such

Articles but shall have no voting rights.

CHAPTER VIII

SUSPENSION AND TERMINATION OF OPERATIONS OF THE BANK

Article 40 Temporary Suspension of Operations

In an emergency, the Board of Directors may temporarily suspend operations in respect of new loans,

guarantees, equity investment and other forms of financing under sub-paragraph 2 (vi) of Article 11, pending an

opportunity for further consideration and action by the Board of Governors.

Article 41 Termination of Operations

1. The Bank may terminate its operations by a resolution of the Board of Governors approved by a Super

Majority vote as provided in Article 28.

2. After such termination, 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 Payments of Claims

1. In the event of termination of the operation of the Bank, the liability of all members for uncalled

subscriptions to the capital stock of the Bank and in respect of the depreciation of their currencies shall continue

until all claims of creditors, including all contingent claims, shall have been discharged.

2. All creditors holding direct claims shall first be paid out of the assets of the Bank and then out of payments

to the Bank or unpaid or callable subscriptions. 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 contingent claims.

Article 43 Distribution of Assets

1. No distribution of assets shall be made to members on account of their subscriptions to the capital stock

of the Bank until:

(i) all liabilities to creditors have been discharged or provided for; and

(ii) the Board of Governors has decided, by a Super Majority vote as provided in Article 28, to make such

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 asset. 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 IX

STATUS, IMMUNITIES, PRIVILEGES AND EXEMPTIONS

Article 44 Purposes of Chapter

1. To enable the Bank to fulfill its purpose and carry out the functions entrusted to it, the status, immunities,

privileges and exemptions set forth in this Chapter shall be accorded to the Bank in the territory of each member.

2. Each member shall promptly take such action as is necessary to make effective in its own territory the

provisions set forth in this Chapter and shall inform the Bank of the action which it has taken.

16 DE JUNHO DE 2016 15 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights. CHAPTER VIII SUSPENSION AND TERMINATION OF OPERATIONS OF THE BANK Article 40 Temporary Suspension of Operations In an emergency, the Board of Directors may temporarily suspend operations in respect of new loans, guarantees, equity investment and other forms of financing under sub-paragraph 2 (vi) of Article 11, pending an opportunity for further consideration and action by the Board of Governors. Article 41 Termination of Operations 1. The Bank may terminate its operations by a resolution of the Board of Governors approved by a Super Majority vote as provided in Article 28. 2. After such termination, 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 Payments of Claims 1. In the event of termination of the operation of the Bank, the liability of all members for uncalled subscriptions to the capital stock of the Bank and in respect of the depreciation of their currencies shall continue until all claims of creditors, including all contingent claims, shall have been discharged. 2. All creditors holding direct claims shall first be paid out of the assets of the Bank and then out of payments to the Bank or unpaid or callable subscriptions. 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 contingent claims. Article 43 Distribution of Assets 1. No distribution of assets shall be made to members on account of their subscriptions to the capital stock of the Bank until: (i) all liabilities to creditors have been discharged or provided for; and (ii) the Board of Governors has decided, by a Super Majority vote as provided in Article 28, to make such 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 asset. 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 IX STATUS, IMMUNITIES, PRIVILEGES AND EXEMPTIONS Article 44 Purposes of Chapter 1. To enable the Bank to fulfill its purpose and carry out the functions entrusted to it, the status, immunities, privileges and exemptions set forth in this Chapter shall be accorded to the Bank in the territory of each member. 2. Each member shall promptly take such action as is necessary to make effective in its own territory the provisions set forth in this Chapter and shall inform the Bank of the action which it has taken.

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