Page:United States Statutes at Large Volume 60 Part 2.djvu/355

 60 STAT.] MULTILATERAL-INTERNATIONAL BANK-DEC. 27, 1945 (ii) not more than five percent of the price of the share shall be called in any period of three months. Section 9. Maintenance of value of certain currency holdings of the Bank (a) 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 rea- sonable 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 repur- chased by the member for gold or for the currency of any member which is acceptable to the Bank. (b) 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. (c) 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 Mon- etary Fund. Section 10. Restrictionon disposal of shares Shares shall not be pledged or encumbered in any manner whatever and they shall be transferable only to the Bank. ARTInLE III GENERAL PROVISIONS RELATING TO LOANS AND GUARANTEES Section 1. Use of resources (a) The resources and the facilities of the Bank shall be used ex- clusively for the benefit of members with equitable consideration to projects for development and projects for reconstruction alike. (b) For the purpose of facilitating the restoration and reconstruc- tion 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. 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 guaranteesand 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, 1443 Reduction In par value. Post, p. 1445. Increase in par value.

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