Page:United States Statutes at Large Volume 60 Part 2.djvu/361

 60 STAT.] MULTILATERAL-INTERNATIONAL BANK-DEC. 27, 1945 (c) Whenever necessary 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 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, Sec- tions 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: (i) To redeem prior to maturity, or otherwise discharge its lia- bility on, all or part of the outstanding principal of any loan guaranteed by it in respect of which the debtor is in default. (ii) To repurchase, or otherwise discharge its liability on, all or part of its own outstanding borrowings. Section 8. Miscellaneous operations In addition to the operations specified elsewhere in this Agreement, the Bank shall have the power: (i) To buy and sell securities it has issued and to buy and sell securities which it has guaranteed or in which it has invested, provided that the Bank shall obtain the approval of the mem- ber in whose territories the securities are to be bought or sold. (ii) To guarantee securities in which it has invested for the pur- pose of facilitating their sale. (iii) To borrow the currency of any member with the approval of that member. (iv) To buy and sell such other securities as the Directors by a three-fourths majority of the total voting power may deem proper for the investment of all or part of the special reserve under Section 6 of this Article. In exercising the powers conferred by this Section, the Bank may deal with any person, partnership, association, corporation or other legal entity in the territories of any member. Section 9. Warning to be placed on seourities 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. Politicalactivity 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 eco- nomic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in Article I. 1449 Call of unpaid sub- scriptions of members. Ante, p. 1442. Additional powers of bank. Ante, p 1440.

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