Section 1. Conditions for Nonregional Membership
Nonregional countries which are members of the International Monetary Fund, and Switzerland,
may become members of the Bank provided that, on such date in the calendar year 1976
as the Board of Executive Directors shall determine, the following conditions shall
have been fulfilled:
-
(a) The amendments to the Agreement Establishing the Bank provided for in the resolution
entitled “Amendments to the Agreement Establishing the Bank with respect to the Creation
of the inter-regional Capital Stock of the Bank and to Related Matters” shall have
entered into force;
-
(b) The increase in the authorized ordinary capital stock provided for in the resolution
entitled “Increase in the Authorized Callable Ordinary Capital Stock and Subscriptions
Thereto in Connection with the Admission of Nonregional Member Countries” shall have
come into effect;
-
(c) At least eight nonregional countries, including not less than four countries with
contributions to the Fund for Special Operations of not less than US$60,000,000 each,
through the deposit of appropriate instruments with the Bank, shall have agreed:
-
(i) to subscribe at least 31,100 shares of inter-regional capital stock in accordance
with Section 2 hereof;
-
(ii) to contribute at least the equivalent of US$375,000,000to the resources of the Fund for Special Operations in accordance with Section 3 hereof.
If it deems it appropriate after March 1, 1976, the Board of Executive Directors may
reduce the total share subscriptions and the total contributions to the Fund for Special
Operations specified in subparagraphs (i) and (ii) above.
Subscriptions to the inter-regional capital stock and contributions to the Fund for
Special Operations by the nonregional countries shall be at least in the following
amounts:
|
Paid-in Inter-regional capital subscriptions
|
Callable Inter-regional capital subscriptions
|
Total Inter-regional capital subscriptions
|
Contributions to the Fund for Special Operations
|
|
Shares
|
Amounts
Expressed in 1959 U.S. Dollars1)
|
Amounts
Expressed in current U.S. Dollars2)
|
Shares
|
Amounts
Expressed in 1959 U.S. Dollars1)
|
Amounts
Expressed in current U.S. Dollars2)
|
Shares
|
Amounts
Expressed in 1959 U.S. Dollars1)
|
Amounts
Expressed in current U.S. Dollars2)
|
Amounts
Expressed in current U.S. Dollars2)
|
Austria
|
69
|
690,000
|
832,377
|
350
|
3,500,000
|
4,222,201
|
419
|
4,190,000
|
5,054,578
|
5,054,578
|
Belgium
|
171
|
1,710,000
|
2,062,847
|
865
|
8,650,000
|
10,434,869
|
1,036
|
10,360,000
|
12,497,716
|
12,497,716
|
Denmark
|
74
|
740,000
|
892,694
|
373
|
3,730,000
|
4,499,660
|
447
|
4,470,000
|
5,392,354
|
5,392,354
|
Germany
|
863
|
8,630,000
|
10,410,742
|
4,367
|
43,670,000
|
52,681,009
|
5,230
|
52,300,000
|
63,091,751
|
63,091,751
|
Israel
|
68
|
680,000
|
820,313
|
346
|
3,460,000
|
4,173,948
|
414
|
4,140,000
|
4,994,261
|
4,994,261
|
Italy
|
842
|
8,420,000
|
10,157,410
|
4,264
|
42,640,000
|
51,438,476
|
5,106
|
51,060,000
|
61,595,886
|
61,595,886
|
Japan
|
940
|
9,400,000
|
11,339,627
|
4,757
|
47,570,000
|
57,385,748
|
5,697
|
56,970,000
|
68,725,375
|
68,725,375
|
Netherlands
|
128
|
1,280,000
|
1,544,120
|
648
|
6,480,000
|
7,817,104
|
776
|
7,760,000
|
9,361,224
|
9,361,224
|
Portugal
|
68
|
680,000
|
820,313
|
346
|
3,460,000
|
4,173,948
|
414
|
4,140,000
|
4,994,261
|
4,994,261
|
Spain
|
842
|
8,420,000
|
10,157,410
|
4,264
|
42,640,000
|
51,438,476
|
5,106
|
51,060,000
|
61,595,886
|
61,595,886
|
Switzerland
|
188
|
1,880,000
|
2,267,925
|
952
|
9,520,000
|
11,484,388
|
1,140
|
11,400,000
|
13,752,313
|
13,752,313
|
United Kingdom
|
842
|
8,420,000
|
10,157,410
|
4,264
|
42,640,000
|
51,438,476
|
5,106
|
51,060,000
|
61,595,886
|
61,595,886
|
Yugoslavia
|
69
|
690,000
|
832,377
|
350
|
3,500,000
|
4,222,201
|
419
|
4,190,000
|
5,054,578
|
5,054,578
|
Sub-Total
|
5,164
|
51,640,000
|
62,295,565
|
26,146
|
261,460,000
|
315,410,504
|
31,310
|
313,100,000
|
377,706,069
|
377,706,069
|
Unassigned
|
1,836
|
18,360,000
|
22,148,462
|
8,854
|
88,540,000
|
106,809,630
|
10,690
|
106,900,000
|
128,958,092
|
128,958,092
|
Total
|
7,000
|
70,000,000
|
84,444,027
|
35,000
|
350,000,000
|
422,220,134
|
42,000
|
420,000,000
|
506,664,161
|
506,664,161
|
1) U.S. dollars of the weight and fineness in effect on January 1, 1959.
2) U.S. dollars of the weight and fineness in effect upon the October 18, 1973 change
in the par value of the U.S. dollar.
Section 2. Subscriptions to Inter-regional Capital Stock
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(a) Nonregional countries listed in Section 1 hereof may subscribe to shares of inter-regional
capital stock.
-
(b) Each subscription shall include at least the full amount of both paid-in inter-regional
capital shares and callable inter-regional capital shares assigned to the respective
country in Section 1 hereof, and each subscribing country shall represent to the Bank
that it has taken all necessary action to authorize its subscription and shall furnish
to the Bank such information thereon as the latter may request.
-
(c) The subscription of each country to the paid-in inter-regional capital stock shall
be on the following terms and conditions:
-
(i) The subscription price per share shall be US$10,000 in terms of United States dollars
of the weight and fineness in effect on January 1, 1959.
-
(ii) Payment of the amount of paid-in inter-regional capital stock subscribed by each country
shall be made in three equal installments, except that the Board of Executive Directors,
taking into account special circumstances with respect to particular countries, may
agree (i) that the amount of the first installment to be paid by the respective country
may be decreased to not less than 20% of the amount of the paid-in capital assigned
to such country, with the two subsequent installments to be adjusted accordingly;
or (ii) that payment by the respective country may be made in five equal annual installments.
The first installment shall be paid by each country within thirty days after the entry
into force of these General Rules or on or before the date of deposit of the instrument
of acceptance or ratification in accordance with Section 4 (c) (ii) hereof, whichever
shall be later. If a country chooses to pay the first installment in cash, it may
make the payment not later than the end of the calendar year in which these General
Rules enter into force or the calendar year in which the member deposits its instrument
of ratification, if this is later. Each of the remaining annual installments shall
become due at intervals of one year after the date on which the first installment
becomes due.
-
(iii) Each installment shall be paid entirely in the currency of the contributing country
which shall make arrangements satisfactory to the Bank to assure that such currency
shall be freely convertible into the currencies of other countries for the purposes
of the Bank's operations.
-
(iv) 50% of each installment shall be subject to the provisions of Article V, Section 1
(b) (i), of the Agreement Establishing the Bank and shall be paid in cash. With respect
to the remaining 50% of each installment, unless a country elects to make payment
thereof also in cash, the Board of Executive Directors shall establish a schedule
pursuant to which any non-negotiable, non-interest-bearing promissory notes or similar
securities accepted pursuant to Article V, Section 4, shall be paid to the Bank.
-
(d) The subscription of each country to the callable inter-regional capital stock shall
be on the following terms and conditions:
-
(i) The subscription price per share shall be US$10,000 in terms of United States dollars
of the weight and fineness in effect on January 1, 1959.
-
(ii) The subscription of each country to the callable inter-regional capital stock shall
be in three equal installments, which shall be subscribed, respectively, on or before
the corresponding dates for payment of each of the first three installments of the
country's subscription to the paid-in inter-regional capital stock pursuant to Section
2 (c) (ii) hereof.
-
(e) The inter-regional capital resources shall be utilized in making loans in such a manner
as to ensure a reasonable distribution of such loans and subsequent obligations between
ordinary and inter-regional capital resources.
-
(f) At such time as the Bank shall have discharged its liabilities on all its ordinary
capital borrowings which were outstanding at December 31, 1974, measures shall be
taken to merge the inter-regional capital stock and the ordinary capital stock.
Section 3. Increase in the Fund for Special Operations and Contributions Thereto
-
(a) Subject to the provisions of these General Rules, the resources of the Fund for Special
Operations shall be increased by the equivalent of US$506,664,161, through contributions
by nonregional countries, it being understood from their approval of these General
Rules that the regional member countries do not wish to avail themselves of their
right to contribute to a proportional share of such increase pursuant to Article IV,
Section 3 (g), of the Agreement Establishing the Bank.
-
(b) Such increase shall become effective and such contributions shall become payable only
upon these General Rules entering into force pursuant to Section 10 hereof.
-
(c) Nonregional countries shall make contributions to the Fund for Special Operations
equivalent to their subscriptions to nonregional capital stock pursuant to Section
1 (c) hereof.
-
(d) Each country shall make its contribution entirely in its own currency and shall make
arrangements satisfactory to the Bank to assure that such currency shall be freely
convertible into the currencies of other countries for the purposes of the Bank's
operations.
-
(e) The entire amount of each contribution shall constitute national currency to which
the provisions of Article V, Section 1 (c), of the Agreement Establishing the Bank,
shall be applicable. Should a country elect not to make payment of its entire contribution
or any part thereof in cash, the Bank, pursuant to Article V, Section 4, of the Agreement
Establishing the Bank, shall accept non-negotiable, non-interest-bearing promissory
notes or similar securities for which the Board of Executive Directors shall establish
a schedule of encashment.
-
(f) The contributions shall be made in three equal installments, except that the Board
of Executive Directors, taking into account special circumstances with respect to
particular countries, may agree (i) that the amount of the first installment to be
paid by the respective country may be decreased to not less than 20 % of the amount
of the total contribution assigned to such country, with the two subsequent installments
to be adjusted accordingly; or (ii) that payment by the respective country may be
made in five equal annual installments. The installments shall be paid on the same
dates as the payments by the country of its installments of paid-in inter-regional
capital stock pursuant to Section 2 hereof.
-
(g) Each payment of a country shall be in such an amount as, in the opinion of the Bank,
is equivalent to the full value, in terms of United States dollars of the weight and
fineness in effect upon the October 18, 1973 change in the par value of the United
States dollar.
-
(h) Currencies of all the members held by the Bank which are derived from these contributions
shall be subject to the maintenance of value provisions of Article V, Section 3, of
the Agreement Establishing the Bank, but the standard of value set for this purpose
shall be the United States dollar of the weight and fineness in effect upon the October
18, 1973 change in the par value of the United States dollar, provided, however, that
the Bank may waive this readjustment in the event of a currency realignment involving
a significant number of members of the Bank.
-
(i) Notwithstanding the provisions of Article IV, Section 3 (g), of the Agreement Establishing
the Bank, and in keeping with the traditional method for augmenting the resources
of the Fund for Special Operations, any future increases in the resources of the Fund
for Special Operations shall be in such proportions and on such terms and conditions
as shall be negotiated at that time.
Section 4. Requirements for Nonregional Membership
A nonregional country shall become a member of the Bank when:
-
(a) The Board of Executive Directors shall have determined that all the conditions of
Section 1 hereof have been fulfilled;
-
(b) These General Rules have entered into force pursuant to Section 10 hereof; and
-
(c) The President shall have declared that the country has fulfilled all the following
requirements:
-
(i) Its duly authorized representative has signed the original of the Agreement, as amended,
deposited with the General Secretariat of the Organization of American States;
-
(ii) It has deposited with the General Secretariat of the Organization of American States
an instrument setting forth that it has accepted or ratified, in accordance with its
law, the Agreement and all the terms and conditions prescribed in these General Rules
and that it has taken the steps necessary to fulfill all of its obligations under
the Agreement and under these General Rules; and
-
(iii) It has represented to the Bank that it has taken all action necessary to sign the
Agreement and deposit the instrument of acceptance or ratification as contemplated
by paragraphs (i) and (ii) above and it shall have furnished to the Bank such information
in respect of such action as the Bank may have requested.
Section 5. Additional Nonregional Countries
Additional nonregional countries not listed in Section 1 hereof may become members
of the Bank in accordance with such terms as the Board of Governors shall establish.
The subscriptions of such additional nonregional countries and their respective contributions
to the Fund for Special Operations shall be such number of shares of paid-in and callable
inter-regional capital stock and such contributions to the Fund for Special Operations
as shall be determined by the Board of Governors with due regard to the conditions
of the subscriptions and contributions of the nonregional countries listed in Section
1 hereof.
Section 6. Unsubscribed Stock and Contribution Quotas
Inter-regional capital stock and contribution quotas to the Fund for Special Operations
provided for by Section 1 (c) of these General Rules which have not been subscribed
by the nonregional countries listed in Section 1 hereof or by additional nonregional
countries as provided in Section 5 hereof within two years from the date on which
these General Rules shall have entered into force may then be subscribed by the nonregional
member countries which are members at that time. Each such member shall have the right
to subscribe to a proportion of the available stock equivalent to the proportion which
its stock already subscribed bears to the total subscribed inter-regional capital
stock. Likewise, each such member shall have the right to subscribe to a proportion
of the unsubscribed quotas to the Fund for Special Operations equivalent to the proportion
which its contribution quota bears to the total subscribed quota contributions. In
each subscription there shall be maintained the ratio of paid-in to callable capital
as well as the ratio of contributions to the Fund for Special Operations to subscriptions
to capital stock established in these General Rules. Payment for the paid-in capital
and the contribution quotas to the Fund for Special Operations, as well as the subscriptions
to the callable capital so subscribed, shall be accomplished within three years from
the date on which these General Rules enter into force.
Section 7. Special Quorum and Voting Power
-
(a) The agreement of a two-thirds majority of the total number of governors of nonregional
members representing not less than three fourths of the total voting power of the
nonregional member countries shall be required for the approval of:
-
(i) any amendment of the Agreement Establishing the Bank modifying: (1) the number of
governors who shall be appointed by the nonregional member countries; (2) the number
of executive directors who shall be elected by the governors of the nonregional member
countries as provided in Article VIII, Section 3 (b) (ii), of the Agreement; (3) Article
VII, Section 3 (d), (e) and (f), of the Agreement; or (4) the provisions relating
to the distribution of the net profits and surplus of the inter-regional capital resources
as provided in Article VII, Section 4, of the Agreement; and
-
(ii) any increase in the authorized inter-regional capital stock as provided in Article
IIA, Section 1 (c), of the Agreement.
-
(b) No increase in the subscription of any member to either the ordinary capital stock
or the inter-regional capital stock shall become effective, and any right to subscribe
thereto is hereby waived, which would have the effect of reducing the voting power
(i) of the regional developing members below 53.5 per cent of the total voting power
of the member countries; (ii) of the member having the largest number of shares below
34.5 per cent of such total voting power; or (iii) of Canada below 4 per cent of such
total voting power, provided that, notwithstanding the foregoing provisions and the
provisions of Article VIII, Section 4 (b), of the Agreement Establishing the Bank,
any resolution of the Board of Governors for an increase in the ordinary capital stock
or the inter-regional capital stock of the Bank shall specify that (1) in order to
prevent the voting power of the regional developing members as a group from falling
below the set percentage, any member of the group may subscribe to shares allocated
to another member of the group if the latter member does not wish to subscribe to
such shares; (2) the provision relating to percentages of voting power may be waived
by the regional developing members as a group with respect to (i), and by the United
States and Canada with respect to (ii) and (iii), respectively; and (3) any member
of the group of nonregional members may subscribe to shares allocated to another member
of the group if the latter member does not wish to subscribe to such shares.
Section 8. Amendment of the Regulations for Election of Executive Directors
Since nonregional countries shall have the right to elect two executive directors
with their own votes as provided in Article VIII, Section 3 (b) (ii), of the Agreement
Establishing the Bank, as amended by the resolution referred to in Section 1 (a) hereof,
the Regulations for Election of Executive Directors, provided for in said Article
of the Agreement, are amended to read as set forth in Annex I hereto. These amendments
shall become effective on the same date as these General Rules enter into force.
Section 9. Number of Executive Directors
The agreement of a two-thirds majority of the total number of governors of nonregional
members shall be required for the approval of an increase in the number of executive
directors of the Bank beyond a total number of thirteen executive directors.
Section 10. Entry into Force
These General Rules shall enter into force only after the Board of Executive Directors
shall have determined that all the conditions of Section 1 hereof have been fulfilled
and after the President shall have declared that at least eight nonregional countries
have satisfied all of the requirements of Section 4 (c) hereof.