Resolução da Assembleia da República n.º 4/89 — Aprova, para ratificação, uma emenda aos estatutos do Banco Internacional para a Reconstrução e Desenvolvimento

To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries;

To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and, in the immediate postwar years, to assist in bringing about a smooth transition from a wartime to a peacetime economy.

The original members of the Bank shall be those members of the International Monetary Fund which accept membership in the Bank before the date specified in article XI, section 2, e).

Membership shall be open to other members of the Fund, at such times and in accordance with such terms as may be prescribed by the Bank.

The authorized capital stock of the Bank shall be $10,000,000,000, in terms of United States dollars of the weight and fineness in effect on July 1, 1944. The capital stock shall be divided into 100,000 shares having a par value of $100,000 each, which shall be available for subscription only by members (ver nota *).

The capital stock may be increased when the Bank deems it advisable by a three-fourths majority of the total voting power.

Each member shall subscribe shares of the capital stock of the Bank. The minimum number of shares to be subscribed by the original members shall be those set forth in schedule A. The minimum number of shares to be subscribed by other members shall be determined by the Bank, which shall reserve a sufficient portion of its capital stock for subscription by such members.

The Bank shall prescribe rules laying down the conditions under which members may subscribe shares of the authorized capital stock of the Bank in addition to their minimum subscriptions.

If the authorized capital stock of the Bank is increased, each member shall have a reasonable opportunity to subscribe, under such conditions as the Bank shall decide, a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Bank, but no member shall be obligated to subscribe any part of the increased capital.

Twenty percent shall be paid or subject to call under section 7, i), of this article as needed by the Bank for ist operations;

Under section 5, i), of this article, two percent of the price of each share shall be payable in gold or United States dollars, and, when calls are made, the remaining eigtheen percent shall be paid in the currency of the member;

The two percent payable on each share in gold or United States dollars under section 7, i), of this article, shall be paid within sixty days of the date on which the Bank begins operations, provide that:

Any original member of the Bank whose metropolitan territory has suffered from enemy occupation or hostilities during the present war shall be granted the right to postpone payment of one-half percent until five years after that date;

The remainder of the price of each share payable under section 7, i), of this article shall be paid as and when called by the Bank, provided that:

The Bank shall, within one year of its beginning operations, call not less than eight percent of the price of the share in addition to the payment of two percent referred to in a) above;

Whenever (i) the par value of a member's currency is reduced, or (ii) the foreign exchange value of a member's currency has, in the opinion of the Bank, depreciated to a significant extent within that member's territories, the member shall pay to the Bank within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of initial subscription, of the amount of the currency of such member which is held by the Bank and derived from currency originally paid in to the Bank by the member under article II, section 7, i), from currency referred to in article IV, section 2, b), or from any additional currency furnished under the provisions of the present paragraph, and which has not been repurchased by the member for gold or for the currency of any member which is acceptable to the Bank.

Whenever the par value of a member's currency is increased, the Bank shall return to such member within a reasonable time an amount of that member's currency equal to the increase in the value of the amount of such currency described in a) above.

The provisions of the preceding paragraphs may be waived by the Bank when a uniform proportionate change in the par values of the currencies of all its members is made by the International Monetary Fund.

The resources and the facilities of the Bank shall be used exclusively for the benefit of members with equitable consideration to projects for development and projects for reconstruction alike.

For the purpose of facilitating the restoration and reconstruction of the economy of members whose metropolitan territories have suffered great devastation from enemy occupation or hostilities, the Bank, in determining the conditions and terms of loans made to such members, shall pay special regard to lightening the financial burden and expediting the completion of such restoration and reconstruction.

When the member in whose territories the project is located is not itself the borrower, the member or the central bank or some comparable agency of the member which is acceptable to the Bank, fully guarantees the repayment of the principal and the payment of interest and other charges on the loan;

In making or guaranteeing a loan, the Bank shall pay due regard to the prospects that the borrower, and, if the borrower is not a member, that the guarantor will be in position to meet its obligation under the loan, and the Bank shall act prudently in the interests both of the particular member in whose territories the project is located and of the members as a whole;

The Bank shall impose no conditions that the proceeds of a loan shall be spent in the territories of any particular member or members.

The Bank shall make arrangements to ensure that the proceeds of any loan are used only for the purposes for which the loan was granted, with due attention to considerations of economy and efficiency and without regard to political or other non-economic influences or considerations.

In the case of loans made by the Bank, it shall open an account in the name of the borrower and the amount of the loan shall be credited to this account in the currency or currencies in which the loan is made. The borrower shall be permitted by the Bank to draw on this account only to meet expenses in connection with the project as they are actually incurred.

The Bank may make, participate in, or guarantee loans to the International Finance Corporation, an affiliate of the Bank, for use in its lending operations. The total amount outstanding of such loans, participations and guarantees shall not be increased if, at the time or as a result thereof, the aggregate amount of debt (including the guarantee of any debt) incurred by the said Corporation from any source and then outstanding shall exceed an amount equal to four times its unimpaired subscribed capital and surplus.

The provisions of article III, sections 4 and 5, c), and of article IV, section 3, shall not apply to loans, participations and guarantees authorized by this section.

The Bank may make or facilitate loans which satisfy the general conditions of article III in any of the following ways:

By making or participating in direct loans out of its own funds corresponding to its unimpaired paid-up capital and surplus and, subject to section 6 of this article, to its reserves;

The Bank may borrow funds under a), ii), above or guarantee loans under a), iii), above only with the approval of the member in whose markets the funds are raised and the member in whose currency the loan is denominated, and only if those members agree that the proceeds may be exchanged for the currency of any other member without restriction.

Currencies paid into the Bank under article II, section 7, i), shall be loaned only with the approval in each case of the member whose currency is involved; provide, however, that if necessary, after the Bank's subscribed capital has been entirely called, such currencies shall, without restriction by the members whose currencies are offered, be used or exchanged for the currencies required to meet contractual payments of interest, other charges or amortization on the Bank's own borrowings, or to meet the Bank's liabilities with respect to such contractual payments on loans guaranteed by the Bank.

Currencies received by the Bank from borrowers or guarantors in payment on account of principal of direct loans made with currencies referred to in a) above shall be exchanged for the currencies of other members or reloaned only with the approval in each case of the members whose currencies are involved; provide, however, that if necessary, after the Bank's subscribed capital has been entirely called, such currencies shall, without restriction by the members whose currencies are offered, be used or exchanged for the currencies required to meet contractual payments of interest, other charges or amortization on the Bank's own borrowings, or to meet the Bank's liabilities with respect to such contractual payments on loans guaranteed by the Bank.

Currencies received by the Bank from borrowers ou guarantors in payment on account of principal of direct loans made by the Bank under section 1, a), ii), of this article, shall be held and used, without restriction by the members, to make amortization payments, or to anticipate payment of or repurchase part or all of the Bank's own obligations.

All other currencies available to the Bank, including those raised in the market or otherwise borrowed under section 1, a), ii), of this article, those obtained by the sale of gold, those received as payments of interest and other charges for direct loans made under section 1, a), i) and ii), and those received as payments of commisions and other charges under section 1, a), iii), shall be used or exchanged for other currencies or gold required in the operations of the Bank without restriction by the members whose currencies are offered.

Currencies raised in the markets of members by borrowers on loans guaranteed by the Bank under section 1, a), iii), of this article, shall also be used or exchanged for other currencies without restriction by such members.

The Bank shall furnish the borrower with such currencies of members, other than the member in whose territories the project is located, as are needed by the borrower for expenditures to be made in the territories of such other members to carry out the purposes of the loan;

The Bank may, in exceptional circumstances when local currency required for the purposes of the loan cannot be raised by the borrower on reasonable terms, provide the borrower as part of the loan with an appropriate amount of that currency;

The Bank, if the project gives rise indirectly to an increased need for foreign exchange by the member in whose territories the project is located, may in exceptional circumstances provide the borrower as part of the loan with an appropriate amount of gold or foreign exchange not in excess of the borrower's local expenditure in connection with the purposes of the loan;

The Bank may, in exceptional circumstances, at the request of a member in whose territories a portion of the loan is spent, repurchase with gold or foreign exchange a part of that member's currency thus spent, but in no case shall the part so repurchased exceed the amount by which the expenditure of the loan in those territories gives rise to an increased need for foreign exchange.

The terms and conditions of interest and amortization payments, maturity and dates of payment of each loan shall be determined by the Bank. The Bank shall also determine the rate and any other terms and conditions of commission to be charged in connection with such loan;

All loan contracts shall stipulate the currency or currencies in which payments under the contract shall be made to the Bank. At the option of the borrower, however, such payments may be made in gold, or subject to the agreement of the Bank, in the currency of a member other than that prescribed in the contract:

In the case of loans made under section 1, a), i), of this article, the loan contracts shall provide that payments to the Bank of interest, other charges an amortization shall be made in the currency loaned; unless the member whose currency is loaned agrees that such payments shall be made in some other specified currency or currencies. These payments, subject to the provisions of article II, section 9, c), shall be equivalent to the value of such contractual payments at the time the loans were made, in terms of a currency specified for the purpose by the Bank by a three-fourths majority of the total voting power;

If a member suffers from an acute exchange stringency, so that the service of any loan contracted by that member or guaranteed by it or by one of its agencies cannot be provided in the stipulated manner, the member concerned may apply to the Bank for a relaxation of the conditions of payment. If the Bank is satisfied that some relaxation is in the interest of the particular member and of the operations of the Bank and of its members as a whole, it may take action under either, or both, of the following paragraphs with respect to the whole, or part, of the annual service:

The Bank may, in its discretion, make arrangements with the member concerned to accept service payments on the loan in the member's currency for periods not to exceed three years upon appropriate terms regarding the use of such currency and the maintenance of its foreign exchange value; and for the repurchase of such currency on appropriate terms;

In guaranteeing a loan placed through the usual investment channels, the Bank shall charge a guarantee commission payable periodically on the amount of the loan outstanding at a rate determined by the Bank. During the first ten years of the Bank's operations, this rate shall be not less than one percent per annum and not greater than one and one-half percent per annum. At the end of this period of ten years, the rate of commission may be reduced by the Bank with respect both to the outstanding portions of loans already guaranteed and to future loans if the reserves accumulated by the Bank under section 6 of this article and out of other earnings are considered by it sufficient to justify a reduction. In the case of future loans the Bank shall also have discretion to increase the rate of commission beyond the above limit, if experience indicates that an increase in advisable.

Guarantee commissions shall be paid directly to the Bank by the borrower.

Guarantees by the Bank shall provide that the Bank may terminate its liability with respect to interest if, upon default by the borrower and by the guarantor, if any, the Bank offers to purchase, at par and interest accrued to a date designated in the offer, the bonds or other obligations guaranteed.

The Bank shall have power to determine any other terms and conditions of the guarantee.

The Bank shall make such arrangements as may be feasible to adjust the obligations under the loans, including arrangements under or analogous to those provided in section 4, c), of this article;

The payments in discharge of the Bank's liabilities on borrowings or guarantees under section 1, a), ii) and iii), of this article shall be charged:

First, against the special reserve provided in section 6 of this article;

Whenever necessary to meet contratual payments of interest, other charges or amortization on the Bank's own borrowings, or to meet the Bank's liabilities with respect to similar payments on loans guaranteed by it, the Bank may call an appropriate amount of the unpaid subscriptions of members in accordance with article II, sections 5 and 7. Moreover, if it believes that a default may be of long duration, the Bank may call an additional amount of such unpaid subscriptions not to exceed in any one year one percent of the total subscriptions of the members for the following purposes:

To redeem prior to maturity, or otherwise discharge its liability on, all or part of the outstanding principal of any loan guaranteed by it in respect of which the debtor is in default;

To buy and sell securities it has issued and to buy and sell securities which it has guaranteed or in which it has invested, provide that the Bank shall obtain the approval of the member in whose territories the securities are to be bought or sold;

All the powers of the Bank shall be vested in the board of governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The board shall select one of the governors as chairman.

The board of governors may delegate to the executive directors authority to exercise any powers of the board, except the power to:

Admit new members and determine the conditions of their admission;

Make arrangements to cooperate with other international organizations (other than informal arrangements at a temporary and administrative character);

The board of governors shall hold an annual meeting and such other meetings as may be provided for by the board or called by the executive directors. Meetings of the board shall be called by the directors whenever requested by five members or by members having one-quarter of the total voting power.

A quorum for any meeting of the board of governors shall be a majority of the governors, exercising not less than two-thirds of the total voting power.

The board of governors may by regulation establish a procedure whereby the executive directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the governors on a specific question without calling a meeting of the board.

The board of governors and the executive directors, to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Bank.

Governors and alternates shall serve as such without compensation from the Bank, but the Bank shall pay them reasonable expenses incurred in attending meetings.

The board of governors shall determine the remuneration to be paid to the executive directors and the salary and terms of the contract of service of the president.

Each member shall have two hundred fifty votes plus one additional vote for each share of stock held.

Except as otherwise specifically provided, all matters before the Bank shall be decided by a majority of the votes cast.

The executive directors shall be responsible for the conduct of the general operations of the Bank and, for this purpose, shall exercise all the powers delegated to them by the board of governors.

There shall be twelve executive directors, who need not be governors, and of whom:

Five shall be appointed, one by each of the five members having the largest number of shares;

Each executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, alternates may participate in meetings, but shall not vote.

Directors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his terms, another director shall be elected for the remainder of the term by the governors who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate.

The executive directors shall function in continuous session at the principal office of the Bank and shall meet as often as the business of the Bank may require.

A quorum for any meeting of the executive directors shall be a majority of the directors, exercising not less than one-half of the total voting power.

Each appointed director shall be entitled to cast the number of votes allotted under section 3 of this article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as a unit.

The board of governors shall adopt regulations under which a member not entitled to appoint a director under b) above may send a representative to attend any meeting of the executive directors when a request made by, or a matter particularly affecting, that member is under consideration.

The executive directors may appoint such committees as they deem advisable. Membership of such committes need not be limited to governors or directors or their alternates.

The executive directors shall select a president who shall not be a governor or an executive director or an alternate for either. The president shall be chairman of the executive directors, but shall have no vote except a deciding vote in case of an equal division. He may participate in meetings of the board of governors, but shall not vote at such meetings. The president shall cease to hold office when the executive directors so decide.

The president shall be chief of the operating staff of the Bank and shall conduct, under the direction of the executive directors, the ordinary business of the Bank. Subject to the general control of the executive directors, he shall be responsible for the organization, appointment and dismissal of the officers and staff.

The president, officers and staff of the Bank, in the discharge of their offices, owe their duty entirely to the Bank and to no other authority. Each member of the Bank shall respect the international character of this duty ans shall refrain from all attempts to influence any of them in the discharge of their duties.

In appointing the officers and staff the president shall, suject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.

There shall be an advisory council of not less than seven persons selected by the board of governors including representatives of banking, commercial, industrial, labor, and agricultural interests, and whith as wide a national representation as possible. In those fields where specialized international organizations exist, the members of the council representative of those fields shall be selected in agreement with such organizations. The council shall advise the Bank on matters of general policy. The council shall meet annually and on such other occasions as the Bank may request.

Councillors shall serve for two years and may be reappointed. They shall be paid their reasonable expenses incurred on behalf of the Bank.

The Bank within the terms of this Agreement, shall cooperate with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under article VIII.

In making decisions on applications for loans or guarantees relating to matters directly within the competence of any international organization of the types specified in the preceding paragraph and participated in primarily by members of the Bank, the Bank shall give consideration to the views and recommendations of such organization.

The principal office of the Bank shall be located in the territory of the member holding the greatest number of shares.

The Bank may establish agencies of branch offices in the territories of any member of the Bank.

The Bank may establish regional offices and determine the location of, and the areas to be covered by, each regional office.

Each regional office shall be advised by a regional council representative of the entire area and selected in such manner as the Bank may decide.

Each member shall designate its central bank as a depository for all the Bank's holdings of its currency or, if it has no central bank, it shall designate such other institution as may be acceptable to the Bank.

The Bank may hold other assets, including gold, in depositories designated by the five members having the largest number of shares and in such other designated depositories as the Bank may select. Initially, at least one-half of the gold holdings of the Bank shall be held in the depository designated by the member in whose territory the Bank has its principal office, and at least forty percent shall be held in the depositories designated by the remaining four members referred to above, each of such depositories to hold, initially, not less than the amount of gold paid on the shares of the member designating it. However, all transfers of gold by the Bank shall be made with due regard to the costs of transport and anticipated requirements of the Bank. In an emergency the executive directors may transfer all or any part of the Bank's gold holdings to any place where they can be adequately protected.

The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations.

The Bank may publish such other reports as it deems desirable to carry out its purposes.

Copies of all reports, statements and publications made under this section shall be distributed to members.

The board of governors shall determine annually what part of the Bank's net income, after making provision for reserves, shall be allocated to surplus and what part, if any, shall be distributed.

If any part is distributed, up to two percent noncumulative shall be paid, as a first charge against the distribution for any year, to each member on the basis of the average amount of the loans outstanding during the year made under article IV, section 1, a), i), out of currency corresponding to its subscription. If two percent is paid as a first charge, any balance remaining to be distributed shall be paid to all members in proportion to their shares. Payments to each member shall be made in its own currency, or if that currency is not available in other currency acceptable to the member. If such payments are made in currencies other than the member's own currency, the transfer of the currency and its use by the receiving member after payment shall be without restriction by the members.

When a government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans or guarantees contracted before it ceased to be a member are outstanding; but is shall cease to incur liabilities with respect to loans and guarantees entered into thereafter by the Bank and to share either in the income or the expenses of the Bank.

At the time a government ceases to be a member, the Bank shall arrange for the repurchase of its shares as a part of the settlement of accounts with such government in accordance with the provisions of c) and d) below. For this purpose the repurchase price of the shares shall be the value shown by the books of the Bank on the day the government ceases to be a member.

The payment for shares repurchased by the Bank under this section shall be governed by the following conditions:

Any amount due to the government for its shares shall be withheld so long as the government, its central bank or any of its agencies remains liable, as borrower or guarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the liability of the government resulting from its subscription for shares under article II, section 5, ii). In any event, no amount due to a member for its shares shall be paid until six months after the date upon which the government ceases to be a member;

If the Bank suspends permanently its operations under section 5, b), of this article, within six months of the date upon which any government ceases to be a member, all rights of such government shall be determined by the provisions of section 5 of this article.

In an emergency the executive directors may suspend temporarily operations in respect of new loans and guarantees pending an opportunity for further consideration and action by the board of governors.

The Bank may suspend permanently its operations in respect of new loans and guarantees by vote of a majority of the governors, exercising a majority of the total voting power. After such suspension of operations 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.

The liability of all members for uncalled subscriptions to the capital stock of the Bank and in respect of the depreciation of their own currencies shall continue until all claims of creditors, including all contingent claims, shall have been discharged.

All creditors holding direct claims shall be paid out of the assets of the Bank, and then out of payments to the Bank on calls on unpaid subscriptions. Before making any payments to creditors holding direct claims, the executive directors shall make such arrangements as are necessary, in their judgment, to insure a distribution to holders of contingent claims ratably with creditors holding direct claims.

No distribution shall be made to members on account of their subscriptions to the capital stock of the Bank until:

All liabilities to creditors have been discharged or provided for; and

After a decision to make a distribution has been taken under e) above, the executive directors may by a two-thirds majority vote make successive distributions of the assets of the Bank to members until all of the assets have been distributed. This distribution shall be subject to the prior settlement of all outstanding claims of the Bank against each member.

Before any distribution of assets is made, the executive directors shall fix the proportionate share of each member according to the ratio of its shareholding to the total outstanting shares of the Bank.

The executive directors shall value the assets to be distributed as at the date of distribution and then proceed to distribute in the following manner:

There shall be paid to each member in its own obligations or those of its official agencies or legal entities within its territories, insofar as they are available for distribution, an amount equivalent in value to its proportionate share of the total amount to be distributed;

Any member receiving assets distributed by the Bank in accordance with h) above shall enjoy the same rights with respect to such assets as the Bank enjoyed prior to their distribution.

To contract;

Shall be immune from legal process with respect to acts performed by them in their official capacity, except when the Bank waives this immunity;

The Bank, its assets, property, income and its operations and transactions authorized by this Agreement, shall be immune from all taxation and from all customs duties. The Bank shall also be immune from liability for the collection or payment of any tax or duty.

No tax stall be levied on or in respect of salaries and emoluments paid by the Bank to executive directors, alternates, officials or employees of the Bank who are not local citizens, local subjects, or other local nationals.

No taxation of any kind shall be levied on any obligation or security issued by the Bank (including any dividend or interest thereon) by whomsoever held:

Which discriminates against such obligation or security solely because it is issued by the Bank; or

No taxation of any kind shall be levied on any obligation or security guaranteed by the Bank (including any dividend or interest thereon) by whomsoever held:

Which discriminates against such obligation or security solely because it is guaranteed by the Bank; or

Any proposal to introduce modifications in this Agreement, whether emanating form a member, a governor or the executive directors, shall be communicated to the chairman of the board of governors who shall bring the proposal before the board. If the proposed amendment is approved by the board, the Bank shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having eighty five percent of the total voting power, have accepted the proposed amendments, the Bank shall certify the fact by formal communication addressed to all members.

Notwithstanding a) above, acceptance by all members is required in the case of any amendment modifying:

The right to withdraw from the Bank provided in article VI, section 1;

Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.

Any question of interpretation of the provisions of this Agreement arising between any member and the Bank or between any members of the Bank shall be submitted to the executive directors for their decision. If the question particularly affects any member not entitled to appoint an executive director, is shall be entitled to representation in accordance with article V, section 4, h).

In any case where the executive directors have given a decision under a) above, any member may require that the question be referred to the board of governors, whose decision shall be final. Pending the result of the reference to the board, the Bank may, so far as it deems necessary, act on the basis of the decision of the executive directors.

Whenever a disagreement arises between the Bank and a country which has ceased to be a member, or between the Bank and any member during the permanent suspension of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Bank, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the president of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted by the Bank. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

Each government on whose behalf this Agreement is signed shall deposit whith the Government of the United States of America an instrument setting forth that is has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.

Each government shall become a member of the Bank as from the date of the deposit on its behalf of the instrument referred to in a) above, except that no government shall become a member before this Agreement enters into force under section 1 of this article.

The Government of the United States of America shall inform the governments of all countries whose names are set forth in schedule A, and all governments whose membership is approved in accordance with article II, section 1, b), of all signatures of this Agreement and of the deposit of all instruments referred to in a) above.

At the time this Agreement is signed on its behalf, each government shall transmit to the Government of the United States of America one one-hundredth of one percent of the price of each share in gold or United States dollars for the purpose of meeting administrative expenses of the Bank. This payment shall be credited on account of the payment to be made in accordance with article II, section 8, a). The Government of the United States of America shall hold such funds in a special deposit account and shall transmit them to the board of governors of the Bank when the initial meeting has been called under section 3 of this article. If this Agreement has not come into force by December 31, 1945, the Government of the United States of America shall return such funds to the governments that transmitted them.

This Agreement shall remain open for signature at Washington on behalf of the governments of the countries whose names are set forth in schedule A until December 31, 1945.

After December 31, 1945, this Agreement shall be open for signature on behalf of the government of any country whose membership has been approved in accordance with article II, section 1, b).

By their signature of this Agreement, all governments accept it both on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate.

In the case of governments whose metropolitan territories have been under enemy occupation, the deposit of the instrument referred to in a) above may be delayed until one hundred and eighty days after the date on which these territories have been liberated. If, however, it is not deposited by any such government before the expiration of this period, the signature affixed on behalf of that government shall become void and the portion of its subscription paid under d) above shall be returned to it.

Paragraphs d) and h) shall come into force with regard to each signatory government as from the date of its signature.

As soon as this Agreement enters into force under section 1 of this article, each member shall appoint a governor and the member to whom the largest number of shares is allocated in schedule A shall call the first meeting of the board of governors.

At the first meeting of the board of governors, arrangements shall be made for the selection of provisional executive directors. The governments of the five countries, to which the largest number of shares are allocated in schedule A, shall appoint provisional executive directors. If one or more of such governments have not become members, the executive directorships which they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, whichever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of schedule B and shall remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946.

The board of governors may delegate to the provisional executive directors any powers except those which may not be delegated to the executive directors.

The Bank shall notify members when it is ready to commence operations.

Auxiliar a reconstrução e o desenvolvimento dos territórios dos membros, facilitando o investimento de capitais para fins produtivos, inclusivamente para restaurar as economias destruídas ou desorganizadas pela guerra, readaptar os meios de produção às necessidades do tempo de paz e encorajar o desenvolvimento dos meios de produção e dos recursos nos países menos desenvolvidos;

Conduzir as suas operações tendo em devida conta os efeitos dos investimentos internacionais sobre a situação económica dos territórios dos membros e, durante os primeiros anos do pós-guerra, auxiliar a transição progressiva da economia de guerra para a economia de paz.

Os membros originários do Banco serão os membros do Fundo Monetário Internacional que aceitaram ser membros do Banco antes da data indicada no artigo XI, secção 2, e).

Será facultada a admissão a outros membros do Fundo nas datas e de harmonia com os termos que o Banco estabelecer.

O capital autorizado do Banco será de 10000000000 de dólares dos Estados Unidos, com o peso e toque em vigor em 1 de Julho de 1944. O capital social será dividido em 100000 acções com o valor nominal de 100000 dólares cada uma, que só poderão ser subscritas pelos membros.

O capital social poderá ser aumentado quando o Banco julgar aconselhável, mediante aprovação por maioria de três quartos do total dos votos computáveis.

Todos os membros subscreverão acções do capital social do Banco. O número mínimo de acções a subscrever pelos membros originários será o indicado no anexo A. O número mínimo de acções a subscrever pelos outros membros será determinado pelo Banco, que reservará para subscrição por esses membros uma fracção suficiente do seu capital social.

O Banco estabelecerá regras fixando as condições em que os membros poderão subscrever acções do capital social autorizado do Banco, para além das suas subscrições mínimas.

Se o capital social autorizado do Banco for aumentado, os membros terão oportunidade razoável para subscrever, nas condições que o Banco fixar, uma proporção do aumento de capital equivalente à relação entre as subscrições anteriores e o capital social total do Banco; porém, os membros não serão obrigados a subscrever qualquer fracção do aumento do capital.

20% serão pagos ou ficarão sujeitos a pedido de realização nos termos da secção 7, i), do presente artigo, na medida em que o Banco necessite para as suas operações;

Nos termos da secção 5, i), do presente artigo, 2% do preço de cada acção serão pagáveis em ouro ou dólares dos Estados Unidos e, quando for pedida a sua realização, os restantes 18% serão pagos na moeda do membro;

Os 2% do valor de cada acção pagáveis em ouro ou dólares dos Estados Unidos, nos termos da secção 7, i), do presente artigo, serão pagos no prazo de 60 dias a contar da data em que o Banco iniciar as suas operações, entendendo-se que:

Os membros originários do Banco cujos territórios metropolitanos tenham suportado, durante a guerra actual, a ocupação inimiga ou hostilidades serão autorizados a diferir o pagamento de 1/2% até cinco anos depois da referida data;

O remanescente do preço de cada acção a realizar nos termos da secção 7, i), do presente artigo será pago como e quando o Banco fixar, entendendo-se que:

O Banco deverá, no prazo de um ano a contar do início das suas operações, solicitar a realização de, pelo menos, 8% do preço das acções, além do pagamento de 2% referido no parágrafo a) acima;

Sempre que (i) a paridade da moeda de um membro for reduzida ou que (ii) o valor externo da moeda de um membro tenha, no parecer do Banco, sofrido uma desvalorização sensível nos territórios desse membro, este pagará ao Banco, dentro de um prazo razoável, uma importância adicional, na sua própria moeda, suficiente para manter ao nível da data da subscrição inicial o valor das disponibilidades do Banco na moeda desse membro, provenientes dos pagamentos efectuados originariamente pelo referido membro nos termos do artigo II, secção 7, i), da moeda referida no artigo IV, secção 2, b), ou de qualquer outra moeda entregue adicionalmente ao Banco, de acordo com as disposições do presente parágrafo, que não tenha sido readquirida pelo membro, contra ouro ou contra a moeda de qualquer membro que o Banco tenha considerado aceitável.

Sempre que a paridade da moeda de um membro for aumentada, o Banco restituirá a esse membro, dentro de um prazo razoável, um importância na moeda desse membro igual ao acréscimo de valor da quantidade dessa moeda definida no parágrafo a) acima.

O Banco poderá dispensar a aplicação das disposições dos parágrafos precedentes quando o Fundo Monetário Internacional realizar uma alteração uniforme e proporcional das paridades das moedas de todos os seus membros.

Os recursos e os serviços do Banco serão utilizados em benefício exclusivo dos membros, tendo em consideração, de forma equitativa, tanto os projectos de desenvolvimento como os de reconstrução.

Com o fim de facilitar a restauração e reconstrução das economias dos membros cujos territórios metropolitanos tenham sofrido devastações importantes devido à ocupação inimiga ou às hostilidades, o Banco deverá especialmente, ao fixar as condições e as cláusulas dos empréstimos concedidos a esses membros, procurar atenuar o encargo financeiro resultante da restauração e da reconstrução e apressar a realização desses objectivos.

Quando o empréstimo não for solicitado pelo membro em cujos territórios o projecto for realizado, esse membro, o seu banco central ou um departamento deverá garantir integralmente o reembolso do capital e o pagamento dos juros e de outras despesas relativas ao empréstimo;

Ao conceder ou garantir um empréstimo, o Banco deverá considerar devidamente a medida em que é possível esperar que o beneficiário ou, se este não for um membro, o garante esteja em condições de fazer face às obrigações impostas pelo empréstimo, e o Banco deverá agir com prudência, com o fim de proteger tanto os interesses do membro particular em cujos territórios o projecto for realizado como os do conjunto dos membros;

O Banco não imporá condições para que o produto dos seus empréstimos seja despendido nos territórios de um membro ou de membros determinados.

O Banco tomará providências para assegurar que o produto de qualquer empréstimo seja utilizado exclusivamente nos fins para que o mesmo tiver sido concedido, tendo em devida atenção as considerações de economia e eficiência e sem tomar em conta influências ou considerações políticas ou quaisquer outras de ordem não económica.

No caso de empréstimos concedidos pelo Banco, este abrirá uma conta em nome do beneficiário e a importância do empréstimo será levada a crédito dessa conta na moeda em que o empréstimo for efectuado. O beneficiário só será autorizado pelo Banco a sacar sobre essa conta para fazer face às despesas relacionadas com o projecto à medida que elas efectivamente se verifiquem.