Page:United States Statutes at Large Volume 60 Part 2.djvu/366

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obliga- tions issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-inter- est-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository. Section 13. Publicationof reports and provision of information Annual report. (a) 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. Other reports. (b) The Bank may publish such other reports as it deems desirable to carry out its purposes. (c) Copies of all reports, statements and publications made under this section shall be distributed to members. Section 14. Allocation of net income (a) 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. (b) If any part is distributed, up to two percent non-cumulative 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 out- Ante, p. 1445. standing during the year made under Article IV, Section l(a)(i), out of currency corresponding to its subscriptions. 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 cur- rency, the transfer of the currency and its use by the receiving member after payment shall be without restriction by the members. ARTICLE VI WITHDRAWAL AND SUSPENSION OF MEMBERSHIP: SUSPENSION OF OPERATIONS Section 1. Right of members to withdraw Any member may withdraw from the Bank at any time by trans- mitting a notice in writing to the Bank at its principal office. With- drawal shall become effective on the date such notice is received. Section 2. Suspension of membership If a member fails to fulfill any of its obligations to the Bank, the Bank may suspend its membership by decision of a majority of the Governors, exercising a majority of the total voting power. The mem- ber so suspended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by the same majority to restore the member to good standing. 1454

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