International Financial Organizations Act, 1969
- Citation
- Act 27 of 1969
- Date
- 1 December 1998
- Language
- English
- Type
- Act
eSwatini
International Financial Organizations Act, 1969
Act 27 of 1969
- Assented to on 28 July 1969
- Commenced on 1 August 1969
- [This is the version of this document at 1 December 1998.]
1. Short title
This Act may be cited as the International Financial Organizations Act, 1969.2. Interpretation (Schedule)
In this Act, unless inconsistent with the context—“Association” means the International Development Association;“Association Agreement” means the Articles of Agreement for the establishment and operation of the Association set out in the Fourth Schedule;“Bank” means the International Bank for Reconstruction and Development;“Bank Agreement” means the Articles of Agreement for the establishment of the Bank, as amended, set out in the Second Schedule;“Corporation” means the International Finance Corporation;“Corporation Agreement” means the Articles of Agreement for the establishment and operation of the Corporation, as amended, set out in the Third Schedule;“Fund” means the International Monetary Fund;“Fund Agreement” means the Articles of Agreement for the establishment and operation of the Fund as set out in the First Schedule;“Membership Resolutions” means resolutions adopted by the Board of Governors of the Fund, the Bank, the Corporation and the Association respectively, specifying the terms and conditions upon which Swaziland shall be admitted to membership of these organizations;“Minister” means the Minister for Finance.3. Signing and acceptance of Agreements
The Minister is hereby empowered on behalf of the Government—4. Effect of signature of Agreements
On the signature by the Minister or by a person duly named by him in terms of Section 3 of any such Agreement the provisions of Sections 6 and 7 of this Act shall come into force.5. Financial provisions
6. Transactions with Fund and Bank
The Minister is authorized to carry on all transactions with the Fund under Article V Section 1 of the Fund Agreement and with the Bank under Article III Section 2 of the Bank Agreement.7. Certain provisions of Agreements given force of law
The provisions of—8. Regulations
The Minister may make regulations to carry out the obligations of the Government under any or all the Agreements and Membership Resolutions or as a participant in the Special Drawing Account created by the Fund Agreement.[Amended A.28/1969]First Schedule (Section 2)
Articles of Agreement of the International Monetary Fund
Date of commencement:[Replaced in its entirety by K.O-I-C. 13/1977]The Governments on whose behalf the present Agreement is signed agree as follows:Introductory Article
Article I – Purposes
The purposes of the International Monetary Fund are:Article II – Membership
Section 1. Original members
The original members of the Fund shall be those of the countries represented at the United Nations Monetary and Financial Conference whose Governments accept membership before December 31, 1945.Section 2. Other members
Membership shall be open to other countries at such times and in accordance with such terms as may be prescribed by the Board of Governors. These terms, including the terms for subscriptions, shall be based on principles consistent with those applied to other countries that are already members.Article III – Quotas and subscriptions
Section 1. Quotas and payment of subscriptions
Each member shall be assigned a quota expressed in special drawing rights. The quotas of the members represented at the United Nations Monetary and Financial Conference which accept membership before December 31, 1945 shall be those set forth in Schedule A. The quotas of other members shall be determined by the Board of Governors. The subscription of each member shall be equal to its quota and shall be paid in full to the Fund at the appropriate depository.Section 2. Adjustment of quotas
Section 3. Payments when quotas are changed
Section 4. Substitution of securities for currency
The Fund shall accept from any member, in place of any part of the member’s currency in the General Resources Account which in the judgment of the Fund is not needed for its operations and transactions, notes or similar obligations issued by the member or the depository designated by the member under Article XIII, Section 2, which shall be non-negotiable, non-interest-bearing and payable at their face value on demand by crediting the account of the Fund in the designated depository. This Section shall apply not only to currency subscribed by members but also to any currency otherwise due to, or acquired by, the Fund and to be placed in the General Resources Account.Article IV – Obligations regarding exchange arrangements
Section 1. General obligations of members
Recognizing that the essential purpose of the international monetary system is to provide a framework that facilitates the exchange of goods, services, and capital among countries, and that sustains sound economic growth, and that a principal objective is the continuing development of the orderly underlying conditions that are necessary for financial and economic stability, each member undertakes to collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates. In particular, each member shall:Section 2. General exchange arrangements
Section 3. Surveillance over exchange arrangements
Section 4. Par values
The Fund may determine, by an eighty-five percent majority of the total voting power, that international economic conditions permit the introduction of a widespread system of exchange arrangements based on stable but adjustable par values. The Fund shall make the determination on the basis of the underlying stability of the world economy, and for this purpose shall take into account price movements and rates of expansion in the economies of members. The determination shall be made in light of the evolution of the international monetary system, with particular reference to sources of liquidity, and, in order to ensure the effective operation of a system of par values, to arrangements under which both members in surplus and members in deficit in their balances of payments take prompt, effective, and symmetrical action to achieve adjustment, as well as to arrangements for intervention and the treatment of imbalances. Upon making such determination, the Fund shall notify members that the provisions of Schedule C apply.Section 5. Separate currencies within a member’s territories
Article V – Operations and transactions of the Fund
Section 1. Agencies dealing with the Fund
Each member shall deal with the Fund only through its Treasury, central bank, stabilization fund, or other similar fiscal agency, and the Fund shall deal only with or through the same agencies.Section 2. Limitation on the Fund’s operations and transactions
Section 3. Conditions governing use of the Fund’s general resources
Section 4. Waiver of conditions
The Fund may in its discretion, and on terms which safeguard its interests, waive any of the conditions prescribed in Section 3(b)(iii) and (iv) of this Article, especially in the case of members with a record of avoiding large or continuous use of the Fund’s general resources. In making a waiver it shall take into consideration periodic or exceptional requirements of the member requesting the waiver. The Fund shall also take into consideration a member’s willingness to pledge as collateral security acceptable assets having a value sufficient in the opinion of the Fund to protect its interest and may require as a condition of waiver the pledge of such collateral security.Section 5. Ineligibility to use the Fund’s general resources
Whenever the Fund is of the opinion that any member is using the general resources of the Fund in a manner contrary to the purposes of the Fund, it shall present to the member a report setting forth, the views of the Fund and prescribing a suitable time for reply. After presenting such a report to a member, the Fund may limit the use of its general resources by the member. If no reply to the report is received from the member within the prescribed time, or if the reply received is unsatisfactory, the Fund may continue to limit the member’s use of the general resources of the Fund or may, after giving reasonable notice to the member, declare it ineligible to use the general resources of the Fund.Section 6. Other purchases and sales of special drawing rights by the Fund
Section 7. Repurchase by a member of its currency held by the Fund
Section 8. Charges
Section 9. Remuneration
Section 10. Computations
Section 11. Maintenance of value
Section 12. Other operations and transactions
Article VI – Capital transfers
Section 1. Use of the Fund’s general resources for capital transfers
Section 2. Special provisions for capital transfers
A member shall be entitled to make reserve tranche purchases to meet capital transfers.Section 3. Control of capital transfers
Members may exercise such controls as are necessary to regulate international capital movements, but no member may exercise these controls in a manner which will restrict payments for current transactions or which will unduly delay transfers of funds in settlement of commitments, except as provided in Article VII, Section 3(b) and in Article XIV, Section 2.Article VII – Replenishment and scarce currencies
Section 1. Measures to replenish the Fund’s holdings of currencies
The Fund may, if it deems such action appropriate to replenish its holdings of any member’s currency in the General Resources Account needed in connection with its transactions, take either or both of the following steps:Section 2. General scarcity of currency
If the Fund finds that a general scarcity of a particular currency is developing, the Fund may so inform members and may issue a report setting forth the causes of the scarcity and containing recommendations designed to bring it to an end. A representative of the member whose currency is involved shall participate in the presubsection of the report.Section 3. Scarcity of the Fund’s holdings
Section 4. Administration of restrictions
Any member imposing restrictions in respect of the currency of any other member pursuant to the provisions of Section 3(b) of this Article shall give sympathetic consideration to any representations by the other member regarding the administration of such restrictions.Section 5. Effect of other international agreements on restrictions
Members agree not to invoke the obligations of any engagements entered into with other members prior to this Agreement in such a manner as will prevent the operation of the provisions of this Article.Article VIII – General obligations of members
Section 1. Introduction
In addition to the obligations assumed under other Articles of this Agreement, each member undertakes the obligations set out in this Article.Section 2. Avoidance of restrictions of current payments
Section 3. Avoidance of discriminatory currency practices
No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply.Section 4. Convertibility of foreign-held balances
Section 5. Furnishing of information
Section 6. Consultation between members regarding existing international agreements
Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements shall consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.Section 7. Obligation to collaborate regarding policies on reserve assets
Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.Article IX – Status, immunities and privileges
Section 1. Purposes of Article
To enable the Fund to fulfil the functions with which it is entrusted, the status, immunities, and privileges set forth in this Article shall be accorded to the Fund in the territories of each member.Section 2. Status of the Fund
The Fund shall possess full juridical personality, and in particular, the capacity:Section 3. Immunity from judicial process
The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that is expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.Section 4. Immunity from other action
Property and assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation, or any other form of seizure by executive or legislative action.Section 5. Immunity of archives
The archives of the Fund shall be inviolable.Section 6. Freedom of assets from restrictions
To the extent necessary to carry out the activities provided for in this Agreement, all property and assets of the Fund shall be free from restrictions, regulations, controls, and moratoria of any nature.Section 7. Privilege of communications
The official communications of the Fund shall be accorded by members the same treatment as the official communications of other members.Section 8. Immunities and privileges of officers and employees
All Governors, Executive Directors, Alternates, members of committees, representatives appointed under Article XII, Section 3(j), advisors of any of the foregoing persons, officers, and employees of the Fund:Section 9. Immunities from taxation
Section 10. Application of Article
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Fund of the detailed action which it has taken.Article X – Relations with other international organisations
The Fund shall co-operate within the terms of this Agreement with any general international organisation and with public international organisations having specialised responsibilities in related fields. Any arrangements for such co-operation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII.Article XI – Relations with non-member countries
Section 1. Undertakings regarding relations with non-member countries
Each member undertakes:Section 2. Restrictions on transactions with non-member countries
Nothing in this Agreement shall affect the right of any member to impose restrictions on exchange transactions with non-members or with persons in their territories unless the Fund finds that such restrictions prejudice the interests of members and are contrary to the purposes of the Fund.Article XII – Organisation and management
Section 1. Structure of the Fund
The Fund shall have a Board of Governors, an Executive Board, a Managing Director, and a staff, and a Council if the Board of Governors decides, by an eighty-five percent majority of the total voting power, that the provisions of Schedule D shall be applied.Section 2. Board of Governors
Section 3. Executive Board
Section 4. Managing Directing and staff
Section 5. Voting
Section 6. Reserves, distribution of net income, and investment
Section 7. Publication of reports
Section 8. Communication of views to members
The Fund shall at all times have the right to communicate its views informally to any member on any matter arising under this Agreement. The Fund may, by a seventy percent majority of the voting power, decide to publish a report made to a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibrium in the international balance of payments of members. If the member is not entitled to appoint an Executive Director, it shall be entitled to representation in accordance with Section 3(j) of this Article. The Fund shall not publish a report involving changes in the fundamental structure of the economic organisation of members.Article XIII – Offices and depositores
Section 1. Location of offices
The principal office of the Fund shall be located in the territory of the member having the largest quota, and agencies or branch offices may be established in the territories of other members.Section 2. Depositories
Section 3. Guarantee of the Fund’s assets
Each member guarantees all assets of the Fund against loss resulting from failure or default on the part of the depository designated by it.Article XIV – Transitional arrangements
Section 1. Notification to the Fund
Each member shall notify the Fund whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Section 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept these obligations.Section 2. Exchange restrictions
A member that has notified the Fund that it intends to avail itself of transitional arrangements under this provision may, notwithstanding the provisions of any other Articles of this Arrangement, maintain and adapt to changing circumstances the restrictions on payments and transfers for current international transaction that were in effect on the date on which it became a member. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the promotion of a stable system of exchange rates. In particular, members shall withdraw restrictions maintained under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in manner which will not unduly encumber their access to the general resources of the Fund.Section 3. Action of the Fund relating to restrictions
The Fund shall make annual reports on the restrictions in force under Section 2 of this Article. Any member retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4 shall consult the Fund annually as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representations to any member that conditions are favourable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other Articles of this Agreement. The member shall be given a suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XXVI, Section 2(a).Article XV – Special drawing rights
Section 1. Authority to allocate special drawing rights
To meet the need, as and when it arises, for a supplement to existing reserve assets, the Fund is authorised to allocate special drawing rights to members that are participants in the Special Drawing Rights Department.Section 2. Valuation of the special drawing right
The method of valuation of the special drawing right shall be determined by the Fund by a seventy percent majority of the total voting power, provided, however, that an eighty-five percent majority of the total voting power shall be required for a change in the principle of valuation or a fundamental change in the application of the principle in effect.Article XVI – General Department and Special Drawing Rights Department
Section 1. Separation of operations and transactions
All operations and transactions involving special drawing rights shall be conducted through the Special Drawing Rights Department. All other operations and transactions on the account of the Fund authorised by or under this Agreement shall be conducted through the General Department. Operations and transactions pursuant to Article XVII, Section 2 shall be conducted through the General Department as well as the Special Drawing Rights Department.Section 2. Separation of assets and property
All assets and property of the Fund, except resources administered under Article V, Section 2(b), shall be held in the General Department, provided that assets and property acquired under Article XX, Section 2 and Articles XXIV and XXV and Schedules H and I shall be held in the Special Drawing Rights Department. Any assets or property held in one Department shall not be available to discharge or meet the liabilities, obligations, or losses of the Fund incurred in the conduct of the operations and transactions of the other Department, except that the expenses of conducting the business of the Special Drawing Rights Department shall be paid by the Fund from the General Department which shall be reimbursed in special drawing rights from time to time by assessments under Article XX, Section 4 made on the basis of a reasonable estimate of such expenses.Section 3. Recording and information
All changes in holdings of special rights shall take effect only when recorded by the Fund in the Special Drawing Rights Department. Participants shall notify the Fund of the provisions of this Agreement under which special drawing rights are used. The Fund may require participants to furnish it with such other information as it deems necessary for its functions.Article XVII – Participants and other holders of special drawing rights
Section 1. Participants
Each member of the Fund that deposits with the Fund an instrument setting forth that it undertakes all the obligations of a participant in the Special Drawing Rights Department in accordance with its law and that it has taken all steps necessary to enable it to carry out all of these obligations shall become a participant in the Special Drawing Rights Department as of the date the instrument is deposited, except that no member shall become a participant before the provisions of this Agreement pertaining exclusively to the Special Drawing Rights Department have entered into force and instruments have been deposited under this Section by members that have at least seventy-five percent of the total of quotas.Section 2. Fund as a holder
The Fund may hold special drawing rights in the General Resources Account and may accept and use them in operations and transactions conducted through the General Resources Account with participants in accordance with the provisions of this Agreement or with prescribed holders in accordance with the terms and conditions prescribed under Section 3 of this Article.Section 3. Other holders
The Fund may prescribe—Article XVIII – Allocation and cancellation of special drawing rights
Section 1. Principles and considerations governing allocation and cancellation
Section 2. Allocation and cancellation
Section 3. Unexpected major developments
The Fund may change the rates or intervals of allocation or cancellation during the rest of a basic period or change the length of a basic period or start a new basic period, if at any time the Fund finds it desirable to do so because of unexpected major developments.Section 4. Decisions on allocations and cancellations
Article XIX – Operations and transactions in special drawing rights
Section 1. Use of special drawing rights
Special drawing rights may be used in the operations and transactions authorised by or under this Agreement.Section 2. Operations and transactions between participants
Section 3. Requirement of need
Section 4. Obligation to provide currency
Section 5. Designation of participants to provide currency
Section 6. Reconstitution
Section 7. Exchange rates
Article XX – Special Drawing Rights Department interest and charges
Section 1. Interest
Interest at the same rate for all holders shall be paid by the Fund to each holder on the amount of its holdings of special drawing rights. The Fund shall pay the amount due to each holder whether or not sufficient charges are received to meet the payment of interest.Section 2. Charges
Charges at the same rate for all participants shall be paid to the Fund by each participant on the amount of its net cumulative allocation of special drawing rights plus any negative balance of the participant or unpaid charges.Section 3. Rate of interest and charges
The Fund shall determine the rate of interest by a seventy percent majority of the total voting power. The rate of charges shall be equal to the rate of interest.Section 4. Assessments
When it is decided under Article XVI, Section 2 that reimbursement shall be made, the Fund shall levy assessments for this purpose at the same rate for all participants on their net cumulative allocations.Section 5. Payment of interest, charges, and assessments
Interest, charges, and assessments shall be paid in special drawing rights. A participant that needs special drawing rights to pay any charge or assessment shall be obligated and entitled to obtain them, for currency acceptable to the Fund, in a transaction with the Fund conducted through the General Resources Account. If sufficient special drawing rights cannot be obtained in this way, the participant shall be obligated and entitled to obtain them with a freely usable currency from a participant which the Fund shall specify. Special drawing rights acquired by a participant after the date for payment shall be applied against its unpaid charges and cancelled.Article XXI – Administration of the General Department and the Special Drawing Rights Department
Article XXII – General obligation of participants
In addition to the obligations assumed with respect to special drawing rights under other Articles of this Agreement, each participant undertakes to collaborate with the Fund and with other participants in order to facilitate the effective functioning of the Special Drawing Rights Department and the proper use of special drawing rights in accordance with this Agreement and with the objective of making the special drawing right the principal reserve asset in the international monetary system.Article XXIII – Suspension of operations and transactions in special drawing rights
Section 1. Emergency provisions
In the event of an emergency or the development of unforeseen circumstances threatening the activities of the Fund with respect to the Special Drawing Rights Department, the Executive Board, by an eighty-five percent majority of the total voting power, may suspend for a period of not more than one year the operation of any of the provisions relating to operations and transactions in special drawing rights, and the provisions of Article XXVII, Section 1(b), (c), and (d) shall then apply.Section 2. Failure to fulfil obligations
Article XXIV – Termination of participation
Section 1. Right to terminate participation
Section 2. Settlement on termination
Section 3. Interest and charges
After the date of termination the Fund shall pay interest on any outstanding balance of special drawing rights held by a terminating participant, and the terminating participant shall pay charges on any outstanding obligation owed to the Fund at the times and rates prescribed under Article XX. Payment shall be made in special drawing rights. A terminating participant shall be entitled to obtain special drawing rights with a freely usable currency to pay charges or assessments in a transaction with a participant specified by the Fund or by agreement from any other holder, or to dispose of special drawing rights received as interest in a transaction with any participant designated under Article XIX, Section 5 or by agreement with any other holder.Section 4. Settlement of obligation to the Fund
Currency received by the Fund from a terminating participant shall be used by the Fund to redeem special drawing rights held by participants in proportion to the amount by which each participant’s holdings of special drawing rights exceed its net cumulative allocation at the time the currency is received by the Fund. Special drawing rights so redeemed and special drawing rights obtained by a terminating participant under the provisions of this Agreement to meet any instalment due under an agreement on settlement or under Schedule H and set off against that instalment shall be cancelled.Section 5. Settlement of obligation to a terminating participant
Whenever the Fund is required to redeem special drawing rights held by a terminating participant, redemption shall be made with currency provided by participants specified by the Fund. These participants shall be specified in accordance with the principles in Article XIX, Section 5. Each specified participant shall provide at its option the currency of the terminating participant or a freely usable currency to the Fund and shall receive any equivalent amount of special drawing rights. However, a terminating participant may use its special drawing rights to obtain its own currency, a freely usable currency, or any other asset from any holder, if the Fund so permits.Section 6. General Resources Account transactions
In order to facilitate settlement with a terminating participant, the Fund may decide that a terminating participant shall—Article XXV – Liquidation of the the Special Drawing Rights Department
Article XXVI – Withdrawal from membership
Section 1. Right of members to withdraw
Any member may withdraw from the Fund at any time by transmitting a notice in writing to the Fund at its principal office. Withdrawal shall become effective on the date such notice is received.Section 2. Compulsory withdrawal
Section 3. Settlement of accounts with members withdrawing
When a member withdraws from the Fund, normal operations and transactions of the Fund in its currency shall cease and settlement of all accounts between it and the Fund shall be made with reasonable despatch by agreement between it and the Fund. If agreement it not reached promptly, the provisions of Schedule J shall apply to the settlement of accounts.Article XXVII – Emergency provisions
Section 1. Temporary suspension
Section 2. Liquidation of the Fund
Article XXVII – Amendments
Article XXIX – Interpretation
Article XXX – Explanation of terms
In interpreting the provisions of this Agreement the Fund and its members shall be guided by the following provisions:Article XXXI – Final provisions
Section 1. Entry into force
This Agreement shall enter into force when it has been signed on behalf of Governments having sixty-five percent of the total of the quotas set forth in Schedule A and when the instruments referred to in Section 2(a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.Section 2. Signature
Schedule A
Quotas
(In millions of United States dollars) | |
---|---|
Australia | 200 |
Belgium | 225 |
Bolivia | 10 |
Brazil | 150 |
Canada | 300 |
Chile | 50 |
China | 550 |
Colombia | 50 |
Costa Rica | 5 |
Cuba | 50 |
Czechoslovakia | 125 |
Denmark1* | * |
Dominican Republic | 5 |
Ecuador | 5 |
Egypt | 45 |
El Salvador | 2.5 |
Ethiopia | 6 |
France | 450 |
Greece | 40 |
Guatemala | 5 |
Haiti | 5 |
Honduras | 2.5 |
Iceland | 1 |
India | 400 |
Iran | 25 |
Iraq | 8 |
Liberia | 0.5 |
Luxembourg | 10 |
Mexico | 90 |
Netherlands | 275 |
New Zealand | 50 |
Nicaragua | 2 |
Norway | 50 |
Panama | 0.5 |
Paraguay | 2 |
Peru | 25 |
Philippine Commonwealth | 15 |
Poland | 125 |
Union of South Africa | 100 |
Union of Soviet Socialist Republics | 1200 |
United Kingdom | 1300 |
United States | 2750 |
Uruguay | 15 |
Venezuela | 15 |
Yugoslavia | 60 |
Schedule B
Transitional provisions, with respect to repurchase, payment of additional subscriptions, gold and certain operational matters
Schedule C
Par values
Schedule D
Council
Schedule E
Election of Executive Directors
Schedule F
Designation
During the first basic period the rules for designation shall be as follows:Schedule G
Reconstitution
Schedule H
Termination of participation
Schedule I
Administration of liquidation of the Special Drawing Rights Department
Schedule J
Settlement of accounts with members withdrawing
Schedule K
Administration of liquidation
Second Schedule
Text of Articles of Agreement of the International Bank for Reconstruction and Development
The Governments on whose behalf the present Agreement is signed agree as follows:Introductory Article
The International Bank for Reconstruction and Development is established and shall operate in accordance with the following provisions:Article I – Purposes
The purposes of the Bank are:Article II – Membership in and capital of the Bank
Section 1. Membership
Section 2. Authorized capital
Section 3. Subscription of shares
Section 4. Issue price of shares
Shares included in the minimum subscriptions of original members shall be issued at par. Other shares shall be issued at par unless the Bank by a majority of the total voting power decides in special circumstances to issue them on other terms.Section 5. Division and calls of subscribed capital
The subscription of each member shall be divided into two parts as follows:Section 6. Limitation on liability
Liability on shares shall be limited to the unpaid portion of the issue price of the shares.Section 7. Method of payment of subscriptions for shares
Payment of subscriptions for shares shall be made in gold or United States dollars and in the currencies of the members as follows:Section 8. Time of payment of subscriptions
Section 9. Maintenance of value of certain currency holdings of the Bank
Section 10. Restriction on disposal of shares
Shares shall not be pledged or encumbered in any manner whatever and they shall be transferable only to the Bank.Article III – General provisions relating to loans and guarantees
Section 1. Use of resources
Section 2. Dealings between members and the Bank
Each member shall deal with the Bank only through its Treasury, central bank, stabilization fund or other similar fiscal agency, and the Bank shall deal with members only by or through the same agencies.Section 3. Limitations on guarantees and borrowings of the Bank
The total amount outstanding of guarantees, participations in loans and direct loans made by the Bank shall not be increased at any time, if by such increase the total would exceed one hundred percent of the unimpaired subscribed capital, reserves and surplus of the Bank.Section 4. Conditions on which the Bank may guarantee or make loans
The Bank may guarantee, participate in, or make loans to any member or any political sub-division thereof and any business, industrial, and agricultural enterprise in the territories of a member, subject to the following conditions:Section 5. Use of loans guaranteed, participated in or made by the Bank
Section 6. Loans to the International Finance Corporation
Article IV – Operations
Section 1. Methods of making or facilitating loans
Section 2. Availability and transferability of currencies
Section 3. Provision of currencies for direct loans
The following provisions shall apply to direct loans under Sections 1(a)(i) and (ii) of this Article:Section 4. Payment provisions for direct loans
Loan contracts under Section 1(a)(i) or (ii) of this Article shall be made in accordance with the following payment provisions:Section 5. Guarantees
Section 6. Special reserve
The amount of commissions received by the Bank under Sections 4 and 5 of this Article shall be set aside as a special reserve, which shall be kept available for meeting liabilities of the Bank in accordance with Section 7 of this Article. The special reserve shall be held in such liquid form, permitted under this Agreement, as the Executive Director may decide.Section 7. Methods of meeting liabilities of the Bank in case of defaults
In cases of default on loans made, participated in, or guaranteed by the Bank:Section 8. Miscellaneous operations
In addition to the operations specified elsewhere in this Agreement, the Bank shall have the power:Section 9. Warning to be placed on securities
Every security guaranteed or issued by the Bank shall bear on its face a conspicuous statement to the effect that it is not an obligation of any Government unless expressly stated on the security.Section 10. Political activity prohibited
The Bank and its officers shall not interfere in the political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only economic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in Article I.Article V – Organization and management
Section 1. Structure of the Bank
The Bank shall have a Board of Governors, Executive Directors, a President and such other officers and staff to perform such duties as the Bank may determine.Section 2. Board of Governors
Section 3. Voting
Section 4. Executive Directors
Section 5. President and staff
Section 6. Advisory Council
Section 7. Loan committees
The committees required to report on loans under Article III, Section 4, shall be appointed by the Bank. Each such committee shall include an expert selected by the Governor representing the member in whose territories the project is located and one or more members of the technical staff of the Bank.Section 8. Relationship to other international organizations
Section 9. Location of office
Section 10. Regional office and councils
Section 11. Depositories
Section 12. Form of holdings of currency
The Bank shall accept from any member, in place of any part of the member’s currency, paid in to the Bank under Article II, Section 7(i), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository.Section 13. Publication of reports and provision of information
Section 14. Allocation of net income
Article VI – Withdrawal and suspension of membership: Suspension of operations
Section 1. Right of members to withdraw
Any member may withdraw from the Bank at any time by transmitting a notice in writing to the Bank at its principal office. Withdrawal shall become effective on the date such notice is received.Section 2. Suspension of membership
If a member fails to fulfil any of its obligations to the Bank, the Bank may suspend its membership by decision of a majority of the Governors, exercising a majority of the total voting power. The member so suspended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by the same majority to restore the member to good standing.While under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the right of withdrawal, but shall remain subject to all obligations.Section 3. Cessation of membership in International Monetary Fund
Any member which ceases to be a member of the International Monetary Fund shall automatically cease after three months to be a member of the Bank unless the Bank by three-fourths of the total voting power has agreed to allow it to remain a member.Section 4. Settlement of accounts with Governments ceasing to be members
Section 5. Suspension of operations and settlement of obligations
Article VII – Status, immunities and privileges
Section 1. Purposes of Article
To enable the Bank to fulfil the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Bank in the territories of each member.Section 2. Status of the Bank
The Bank shall possess full juridical personality, and, in particular, the capacity:Section 3. 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 territories of a member 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.Section 4. Immunity of assets from seizure
Property and assets of the Bank, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.Section 5. Immunity of archives
The archives of the Bank shall be inviolable.Section 6. Freedom of assets from restrictions
To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.Section 7. Privilege for communications
The official communications of the Bank shall be accorded by each member the same treatment that it accords to the official communications of other members.Section 8. Immunities and privileges of officers and employees
All Governors, Executive Directors, Alternates, officers and employees of the Bank:Section 9. Immunities from taxation
Section 10. Application of Article
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Bank of the detailed action which it has taken.Article VIII – Amendments
Article IX – Interpretation
Article X – Approval deemed given
Whenever the approval of any member is required before any act may be done by the Bank, except in Article VIII, approval shall be deemed to have been given unless the member presents an objection within such reasonable period as the Bank may fix in notifying the member of the proposed act.Article XI – Final provisions
Section 1. Entry into force
This Agreement shall enter into force when it has been signed on behalf of Governments whose minimum subscriptions comprise not less than sixty-five percent of the total subscriptions set forth in Schedule A and when the instruments referred to in Section 2(a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.Section 2. Signature
Section 3. Inauguration of the Bank
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 |
Czecchoslovakia | 125 |
Denmark* | |
Dominican Republic | 2 |
Ecuador | 3,2 |
Egypt | 40 |
El Salvador | 1 |
Ethiopia | 3 |
France | 450 |
Greece | 25 |
Guatemala | 2 |
Haiti | 2 |
Honduras | 1 |
Iceland | 1 |
India | 400 |
Iran | 24 |
Iraq | 6 |
Liberia | 0,5 |
Luxembourg | 10 |
Mexico | 65 |
Netherlands | 275 |
New Zealand | 50 |
Nicaragua | 0,8 |
Norway | 50 |
Panama | 0,2 |
Paraguay | 0,8 |
Peru | 17,5 |
Philippine Commonwealth | 15 |
Poland | 125 |
Union of South Africa | 100 |
Union of Soviet Socialist Republic | 1200 |
United Kingdom | 1300 |
United States | 3175 |
Uruguay | 10,5 |
Venezuela | 10,5 |
Yugoslavia | 40 |
Total | 9100 |
Schedule B
Election of Executive Directors
Third Schedule
Articles of Agreement of the International Finance Corporation
The Governments on whose behalf this Agreement is signed agree as follows:Introductory Article
The International Finance Corporation (hereinafter called the Corporation) is established and shall operate in accordance with the following provisions:Article I – Purpose
The purpose of the Corporation is to further economic development by encouraging the growth of productive private enterprise in member countries, particularly in the less developed areas, thus supplementing the activities of the International Bank for Reconstruction and Development (hereinafter called the Bank). In carrying out this purpose, the Corporation shall:Article II – Membership and capital
Section 1. Membership
Section 2. Capital stock
Section 2. Subscriptions
Section 4. Limitation on liability
No member shall be liable, by reason of its membership, for obligations of the Corporation.Section 5. Restriction on transfers and pledges of shares
Shares of stock shall not be pledged or encumbered in any manner whatever, and shall be transferable only to the Corporation.Article III – Operations
Section 1. Financing operations
The Corporation may make investments of its funds in productive private enterprises in the territories of its members. The existence of a Government or other public interest in such an enterprise shall not necessarily preclude the Corporation from making an investment therein.Section 2. Forms of financing*
*Last clause added by amendment effective September 1, 1965.The Corporation may make investments of its funds in such form or forms as it may deem appropriate in the circumstances.Section 3. Operational principles
The operations of the Corporation shall be conducted in accordance with the following principles:Section 4. Protection of interests
Nothing in this Agreement shall prevent the Corporation, in the event of actual or threatened default on any of its investments, actual or threatened insolvency of the enterprise in which such investment shall have been made, or other situations which, in the opinion of the Corporation, threaten to jeopardize such investment, from taking such action and exercising such rights as it may deem necessary for the protection of its interests.Section 5. Applicability of certain foreign exchange restrictions
Funds received by or payable to the Corporation in respect of an investment of the Corporation made in any member’s territories pursuant to Section 1 of this Article shall not be free, solely by reason of any provision of this Agreement, from generally applicable foreign exchange restrictions, regulations and controls in force in the territories of that member.Section 6. Miscellaneous operations
In addition to the operations specified elsewhere in this Agreement, the Corporation shall have the power to:Section 7. Valuation of currencies
Whenever it shall become necessary under this Agreement to value any currency in terms of the value of another currency, such valuation shall be as reasonably determined by the Corporation after consultation with the International Monetary Fund.Section 8. Warning to be placed on securities
Every security issued or guaranteed by the Corporation shall bear on its face a conspicuous statement to the effect that it is not an obligation of the Bank or, unless expressly stated on the security, of any Government.Section 9. Political activity prohibited
The Corporation and its officers shall not interfere in political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only economic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in this Agreement.Article IV – Organization and management
Section 1. Structure of the Corporation
The Corporation shall have a Board of Governors, a Board of Directors, a Chairman of the Board of Directors, a President and such other officers and staff to perform such duties as the Corporation may determine.Section 2. Board of Governors
Section 3. Voting
Section 4. Board of Directors
Section 5. Chairman, President and Staff
Section 6. Relationship to the Bank
Section 7. Relations with other international organizations
The Corporation, acting through the Bank, shall enter into formal arrangements with the United Nations and may enter into such arrangements with other public international organizations having specialized responsibilities in related fields.Section 8. Location of offices
The principal office of the Corporation shall be in the same locality as the principal office of the Bank. The Corporation may establish other offices in the territories of any member.Section 9. Depositories
Each member shall designate its central bank as a depository in which the Corporation may keep holdings of such member’s currency or other assets of the Corporation or, if it has no central bank, it shall designate for such purpose such other institution as may be acceptable to the Corporation.Section 10. Channel of communication
Each member shall designate an appropriate authority with which the Corporation may communicate in connection with any matter arising under this Agreement.Section 11. Publication of reports and provision of information
Section 12. Dividends
Article V – Withdrawal; Suspension of membership; Suspension of operations
Section 1. Withdrawal by members
Any member may withdraw from membership in the Corporation at any time by transmitting a notice in writing to the Corporation at its principal office. Withdrawal shall become effective upon the date such notice is received.Section 2. Suspension of membership
Section 3. Suspension or cessation of membership in the Bank
Any member which is suspended from membership in, or ceases to be a member of the Bank shall automatically be suspended from membership in, or cease to be a member of, the Corporation, as the case may be.Section 4. Rights and duties of Governments ceasing to be members
Section 5. Suspension of operations and settlement of obligations
Article VI – Status, immunities and privileges
Section 1. Purposes of Article
To enable the Corporation to fulfil the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Corporation in the territories of each member.Section 2. Status of the Corporation
The Corporation shall possess full juridical personality and in particular, the capacity:Section 3. Position of the Corporation with regard to judicial process
Actions may be brought against the Corporation only in a court of competent jurisdiction in the territories of a member in which the Corporation 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 Corporation 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 Corporation.Section 4. Immunity of assets from seizure
Property and assets of the Corporation, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.Section 5. Immunity of archives
The archives of the Corporation shall be inviolable.Section 6. Freedom of assets from restrictions
To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of Article III, Section 5, and the other provisions of this Agreement, all property and assets of the Corporation shall be free from restrictions, regulations, controls and moratoria of any nature.Section 7. Privilege for communications
The official communications of the Corporation shall be accorded by each member the same treatment that it accords to the official communications of other members.Section 8. Immunities and privileges of officers and employees
All Governors, Directors, Alternates, officers and employees of the Corporation:Section 9. Immunities from taxation
Section 10. Application of Article
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Corporation of the detailed action which it has taken.Section 11. Waiver
The Corporation in its discretion may waive any of the privileges and immunities conferred under this Article to such extent and upon such conditions as it may determine.Article VII – Amendments
Article VIII – Interpretation and arbitration
Article IX – Final provisions
Section 1. Entry into force
This Agreement shall enter into force when it has been signed on behalf of not less than 30 Governments whose subscriptions comprise not less than 75 percent of the total subscriptions set forth in Schedule A and when the instruments referred to in Section 2(a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before October 1, 1955.Section 2. Signature
Section 3. Inauguration of Corporation
Schedule A
Subscriptions to capital stock of the International Finance Corporation
Country | Number of shares | Amount (in United States dollars) |
---|---|---|
Australia | 2,215 | 2,215,000 |
Austria | 554 | 554,000 |
Belgium | 2,492 | 2,492,000 |
Bolivia | 78 | 78,000 |
Brazil | 1,163 | 1,163,000 |
Burma | 166 | 166,000 |
Canada | 3,600 | 3,600,000 |
Ceylon | 166 | 166,000 |
Chile | 388 | 388,000 |
China | 6,646 | 6,646,000 |
Colombia | 388 | 388,000 |
Costa Rica | 22 | 22,000 |
Cuba | 388 | 388,000 |
Denmark | 753 | 753,000 |
Dominican Republic | 22 | 22,000 |
Ecuador | 35 | 35,000 |
Egypt | 590 | 590,000 |
El Salvador | 11 | 11,000 |
Ethiopia | 33 | 33,000 |
Finland | 421 | 421,000 |
France | 5,815 | 5,815,000 |
Germany | 3,655 | 3,655,000 |
Greece | 277 | 277,000 |
Guatemala | 22 | 22,000 |
Haiti | 22 | 22,000 |
Honduras | 11 | 11,000 |
Iceland | 11 | 11,000 |
India | 4,431 | 4,431,000 |
Indonesia | 1,218 | 1,218,000 |
Iran | 372 | 372,000 |
Iraq | 67 | 67,000 |
Israel | 50 | 50,000 |
Italy | 1,994 | 1,994,000 |
Japan | 2,769 | 2,769,000 |
Jordan | 33 | 33,000 |
Lebanon | 50 | 50,000 |
Luxembourg | 111 | 111,000 |
Mexico | 720 | 720,000 |
Netherlands | 3,046 | 3,046,000 |
Nicaragua | 9 | 9,000 |
Norway | 554 | 554,000 |
Pakistan | 1,108 | 1,108,000 |
Panama | 2 | 2,000 |
Paraguay | 16 | 16,000 |
Peru | 194 | 194,000 |
Philippines | 166 | 166,000 |
Sweden | 1,108 | 1,108,000 |
Syria | 72 | 72,000 |
Thailand | 139 | 139,000 |
Turkey | 476 | 476,000 |
Union of South Africa | 1,108 | 1,108,000 |
United Kingdom | 14,400 | 14,400,000 |
United States | 35,168 | 35,168,000 |
Uruguay | 116 | 116,000 |
Venezuela | 116 | 116,000 |
Yugoslavia | 443 | 443,000 |
Total: | 100,000 | $100,000,000 |
Fourth Schedule
Articles of Agreement of the International Development Association
The Governments on whose behalf this Agreement is signed.Considering:That mutual co-operation for constructive economic purposes, healthy development of the world economy and balanced growth of international trade foster international relationships conducive to the maintenance of peace and world prosperity;That an acceleration of economic development which will promote higher standards of living and economic and social progress in the less developed countries is desirable not only in the interests of those countries but also in the interests of the international community as a whole;That achievement of these objectives would be facilitated by an increase in the international flow of capital, public and private, to assist in the development of the resources do hereby agree as follows:Introductory Article
The International Development Association (hereinafter called “the Association”) is established and shall operate in accordance with the following provisions:Article I – Purposes
The purposes of the Association are to promote economic development, increase productivity and thus raise standards of living in the less-developed areas of the world included within the Association’s membership, in particular by providing finance to meet their important developmental requirements on terms which are more flexible and bear less heavily on the balance of payments than those of conventional loans, thereby furthering the development objectives of the International Bank for Reconstruction and Development (hereinafter called “the Bank”) and supplementing its activities.The Association shall be guided in all its decisions by the provisions of this Article.Article II – Membership: Initial subscriptions
Section 1. Membership
Section 2. Initial subscriptions
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
Section 2. Supplementary resources provided by a member in the currency of another member
Article IV – Currencies
Section 1. Use of currencies
Section 2. Maintenance of value of currency holdings
Article V – Operations
Section 1. Use of resources and conditions of financing
Section 2. Form and terms of financing
Section 3. Modifications of terms of financing
The Association may, when and to the extent it deems appropriate in the light of all relevant circumstances, including the financial and economic situations and prospects of the member concerned, and on such conditions as it may determine, agree to a relaxation or other modification of the terms on which any of its financing shall have been provided.Section 4. Co-operation with other international organizations and members providing development assistance
The Association shall co-operate with those public international organizations and members which provide financial and technical assistance to the less-developed areas of the world.Section 5. Miscellaneous operations
In addition to the operations specified elsewhere in this Agreement, the Association may:Section 6. Political activity prohibited
The Association and its officers shall not interfere in the political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only economic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in this Agreement.Article VI – Organization and management
Section 1. Structure of the Association
The Association shall have a Board of Governors, Executive Directors, a President and such other officers and staff to perform such duties as the Association may determine.Section 2. Board of Governors
Section 3. Voting
Section 4. Executive Directors
Section 5. President and staff
Section 6. Relationship to the Bank
Section 7. Relations with other international organizations
The Association shall enter into formal arrangements with the United Nations and may enter into such arrangements with other public international organizations having specialized responsibilities in related fields.Section 8. Location of offices
The principal office of the Association shall be the principal office of the Bank. The Association may establish other offices in the territories of any member.Section 9. Depositories
Each member shall designate its central bank as a depository in which the Association may keep holdings of such member’s currency or other assets of the Association, or, if it has no central bank, it shall designate for such purpose such other institution as may be acceptable to the Association. In the absence of any different designation, the depository designated for the Bank shall be the depository for the Association.Section 10. Channel of communication
Each member shall designate an appropriate authority with which the Association may communicate in connection with any matter arising under this Agreement. In the absence of any different designation, the channel of communication designated for the Bank shall be the channel for the Association.Section 11. Publication of reports and provision of information
Section 12. Disposition of net income
The Board of Governors shall determine from time to time the disposition of the Association’s net income, having due regard to provision for reserves and contingencies.Article VII – Withdrawal; Suspension of membership; Suspension of operations
Section 1. Withdrawal by members
Any member may withdraw from membership in the Association at any time by transmitting a notice in writing to the Association at its principal office. Withdrawal shall become effective upon the date such notice is received.Section 2. Suspension of membership
Section 3. Suspension or cessation of membership in the Bank
Any member which is suspended from membership in, or ceases to be a member of, the Bank shall automatically be suspended from membership in, or cease to be a member of, the Association, as the case may be.Section 4. Rights and duties of Governments ceasing to be members
Section 5. Suspension of operations and settlement of obligations
Article VIII – Status, immunities and privileges
Section 1. Purposes of Article
To enable the Association to fulfil the functions with which it is entrusted, the status immunities and privileges provided in this Article shall be accorded to the Association in the territories of each member.Section 2. Status of the Association
The Association shall possess full juridical personality and, in particular, the capacity:Section 3. Position of the Association with regard to judicial process
Actions may be brought against the Association only in a court of competent jurisdiction in the territories of a member in which the Association 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 Association 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 Association.Section 4. Immunity of assets from seizure
Property and assets of the Association, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.Section 5. Immunity of archives
The archives of the Association shall be inviolable.Section 6. Freedom of assets from restriction
To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of this Agreement, all property and assets of the Association shall be free from restrictions, regulations, controls and moratoria of any nature.Section 7. Privilege for communications
The official communications of the Association shall be accorded by each member the same treatment that it accords to the official communications of other members.Section 8. Immunities and Privileges of officers and employees
All Governors, Executive Directors, Alternates, officers and employees of the Association:Section 9. Immunities from taxation
Section 10. Application of Article
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Association of the detailed action which it has taken.Article IX – Amendments
Article X – Interpretation and arbitration
Article XI – Final provisions
Section 1. Entry into force
This Agreement shall enter into force when it has been signed on behalf of Governments whose subscriptions comprise not less than sixty-five percent of the total subscriptions set forth in Schedule A when the instruments referred to in Section 2(a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before September 15, 1960.Section 2. Signature
Section 3. Territorial application
By its signature of this Agreement, each Government accepts it both on its own behalf and in respect of all territories for whose international relations such Government is responsible except those which are excluded by such Government by written notice to the Association.Section 4. Inauguration of the Association
Section 5. Registration
The Bank is authorized to register this Agreement with the Secretariat of the United Nations in accordance with Article 102 of the Charter of the United Nations and the Regulations thereunder adopted by the General assembly.Done at Washington, in a single copy which shall remain deposited in the archives of the International Bank for Reconstruction and Development, which has indicated by its signature below its agreement to act as depository of this Agreement, to register this Agreement with the Secretariat of the United Nations and to notify all Governments whose names are set forth in Schedule A of the date when this Agreement shall have entered into force under Article XI, Section 1 hereof.Schedule A
Initial subscriptions
Part I
(US $ Millions)5* | |
---|---|
Australia | 20.18 |
Austria | 5.04 |
Belgium | 22.70 |
Canada | 37.83 |
Denmark | 8.74 |
Finland | 3.83 |
France | 52.96 |
Germany | 52.96 |
Italy | 18.16 |
Japan | 33.59 |
Luxembourg | 1.01 |
Netherlands | 27.74 |
Norway | 6.72 |
Sweden | 10.09 |
Union of South Africa | 10.09 |
United Kingdom | 131.14 |
United States | 320.29 |
763.07 |
Part II
Israel | 1.68 |
Afghanistan | 1.01 |
Argentina | 18.83 |
Bolivia | 1.06 |
Brazil | 18.83 |
Burma | 2.02 |
Ceylon | 3.03 |
Chile | 3.53 |
China | 30.26 |
Colombia | 3.53 |
Costa Rica | 0.20 |
Cuba | 4.71 |
Dominican Republic | 0.40 |
Ecuador | 0.65 |
El Salvador | 0.30 |
Ethiopia | 0.50 |
Ghana | 2.36 |
Greece | 2.52 |
Guatemala | 0.40 |
Haiti | 0.76 |
Honduras | 0.30 |
Iceland | 0.10 |
India | 40.35 |
Indonesia | 11.10 |
Iran | 4.54 |
Iraq | 0.76 |
Ireland | 3.03 |
Jordan | 0.30 |
Korea | 1.26 |
Lebanon | 0.45 |
Libya | 1.01 |
Malaya | 2.52 |
Mexico | 8.74 |
Morocco | 3.53 |
Nicaragua | 0.30 |
Pakistan | 10.09 |
Panama | 0.02 |
Paraguay | 0.30 |
Peru | 1.77 |
Philippines | 5.04 |
Saudi Arabia | 3.70 |
Spain | 10.09 |
Sudan | 1.01 |
Thailand | 3.03 |
Tunisia | 1.51 |
Turkey | 5.80 |
United Arab Republic | 6.03 |
Uruguay | 1.06 |
Venezuela | 7.06 |
Viet-Nam | 1.51 |
Yugoslavia | 4.04 |
Total | 236.93 |
1000.00 |
History of this document
01 December 1998 this version
Consolidation
01 August 1969
Commenced
28 July 1969
Assented to
Cited documents 1
Documents citing this one 0
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