Page:United States Statutes at Large Volume 60 Part 2.djvu/354

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. Section 5. Division and calls of subscribedcapital The subscription of each member shall be divided into two parts as follows: (i) twenty percent shall be paid or subject to call under Section 7 (i) of this Article as needed by the Bank for its operations; (ii) the remaining eighty percent shall be subject to call by the Bank only when required to meet obligations of the Bank Post, p. 1445. created under Article IV, Sections 1 (a) (ii) and (iii). Calls on unpaid subscriptions shall be uniform on all shares. 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 subscriptionsfor shares Payment of subscriptions for shares shall be made in gold or United States dollars and in the currencies of the members as follows: (i) 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 eighteen percent shall be paid in the currency of the member; (ii) when a call is made under Section 5 (ii) of this Article, pay- ment may be made at the option of the member either in gold, in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose for which the call is made; (iii) when a member makes payments in any currency under (i) and (ii) above, such payments shall be made in amounts equal in value to the member's liability under the call. This liability shall be a proportionate part of the subscribed capital stock of the Bank as authorized and defined in Section 2 of this Article. Section 8. Time of payment of subscriptions (a) 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, provided that (i) any original member of the Bank whose metropolitan ter- ritory 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; (ii) an original member who cannot make such a payment because it has not recovered possession of its gold reserves which are still seized or immobilized as a result of the war may postpone all payment until such date as the Bank shall decide. (b) 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 (i) the Bank shall, within one year of its beginning operations, call not less than eight percent of the price of the share in ad- dition to the payment of two percent referred to in (a) above; 1442

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