Page:United States Statutes at Large Volume 60 Part 2.djvu/369

 1457 60 STAT.] MULTILATERAL-INTERNATIONAL BANK-DEC. 27, 1945 be subject to the prior settlement of all outstanding claims of the Bank against each member. (g) Before any distribution of assets is made, the Executive Direc- tors shall fix the proportionate share of each member according to the ratio of its shareholding to the total outstanding shares of the Bank. (h) 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: (i) There shall be paid to each member in its own obligations or those of its official agencies or legal entities within its terri- tories, insofar as they are available for distribution, an amount equivalent in value to its proportionate share of the total amount to be distributed. (ii) Any balance due to a member after payment has been made under (i) above shall be paid, in its own currency, insofar as it is held by the Bank, up to an amount equivalent in value to such balance. (iii) Any balance due to a member after payment has been made under (i) and (ii) above shall be paid in gold or currency acceptable to the member, insofar as they are held by the Bank, up to an amount equivalent in value to such balance. (iv) Any remaining assets held by the Bank after payments have been made to members under (i), (ii), and (iii) above shall be distributed pro rataamong the members. (i) Any member receiving assets distributed by the Bank in accord- ance with (h) above, shall enjoy the same rights with respect to such assets as the Bank enjoyed prior to their distribution. ARTILE VII STATUS, IMMUNITIES AND PRIVILEGES Section 1. Purposesof Article To enable the Bank to fulfill the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Bank in the territories of each member. Section 2. Status of the Bank The Bank shall possess full juridical personality, and, in particular, the capacity: (i) to contract; (ii) to acquire and dispose of immovable and movable property; (iii) to institute legal proceedings. Section 3. Positionof the Bank with regardto judicial process Actions may be brought against the Bank only in a court of compe- tent jurisdiction in the territories of a member in which the Bank has an office, has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. No actions

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