GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) If losses are sustained by the Bank on any guarantees, participations in loans, or loans which were outstanding on the date when the government ceased to be a member, and the amount of such losses exceeds the amount of the reserve provided against losses on the date when the government ceased to be a member, such government shall be obligated to repay upon demand the amount by which the repurchase price of its shares would have been reduced, if the losses had been taken into account when the repurchase price was determined. In addition, the former member government shall remain liable on any call for unpaid subscriptions under Article II, Section 5(ii), to the extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) If the Bank suspends permanently its operations under Section 5(b) of this Article, within six months of the date upon which any government ceases to be a member, all rights of such government shall be determined by the provisions of Section 5 of this Article.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) In an emergency the Executive Directors may suspend temporarily operations in respect of new loans and guarantees pending an opportunity for further consideration and action by the Board of Governors.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Bank may suspend permanently its operations in respect of new loans and guarantees by vote of a majority of the Governors, exercising a majority of the total voting power. After such suspension of operations the Bank shall forthwith cease all activities, except those incident to the orderly realization, conservation, and preservation of its assets and settlement of its obligations.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The liability of all members for uncalled subscriptions to the capital stock of the Bank and in respect of the depreciation of their own currencies shall continue until all claims of creditors, including all contingent claims, shall have been discharged.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) All creditors holding direct claims shall be paid out of the assets of the Bank, and then out of payments to the Bank on calls on unpaid subscriptions. Before making any payments to creditors holding direct claims, the Executive Directors shall make such arrangements as are necessary, in their judgment, to insure a distribution to holders of contingent claims ratably with creditors holding direct claims.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) No distribution shall be made to members on account of their subscriptions to the capital stock of the Bank until (i) all liabilities to creditors have been discharged or provided for, and (ii) a majority of the Governors, exercising a majority of the total voting power, have decided to make a distribution.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) all liabilities to creditors have been discharged or provided for, and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) a majority of the Governors, exercising a majority of the total voting power, have decided to make a distribution.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) After a decision to make a distribution has been taken under (e) above, the Executive Directors may by a two-thirds majority vote make successive distributions of the assets of the Bank to members until all of the assets have been distributed. This distribution shall be subject to the prior settlement of all outstanding claims of the Bank against each member.
Bretton Woods and Related Agreements Act — B-7 (g)
(g) Before any distribution of assets is made, the Executive Directors shall fix the proportionate share of each member according to the ratio of its shareholding to the total outstanding shares of the Bank.
Bretton Woods and Related Agreements Act — B-7 (h)
(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 territories, 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 rata among the members.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) There shall be paid to each member in its own obligations or those of its official agencies or legal entities within its territories, insofar as they are available for distribution, an amount equivalent in value to its proportionate share of the total amount to be distributed.
Bretton Woods and Related Agreements Act — B-7 (ii)
(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.
Bretton Woods and Related Agreements Act — B-7 (iii)
(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.
Bretton Woods and Related Agreements Act — B-7 (iv)
(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 rata among the members.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) Any member receiving assets distributed by the Bank in accordance with (h) above, shall enjoy the same rights with respect to such assets as the Bank enjoyed prior to their distribution.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Purposes of 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.
Bretton Woods and Related Agreements Act — B-7 Section 2
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.
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) to acquire and dispose of immovable and movable property;
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Position of the Bank with regard to judicial process Actions may be brought against the Bank only in a court of competent 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 shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Bank shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Immunity of assets from seizure Property and assets of the Bank, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Immunity of archives The archives of the Bank shall be inviolable.
Bretton Woods and Related Agreements Act — B-7
To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Privilege for communications The official communications of the Bank shall be accorded by each member the same treatment that it accords to the official communications of other members.
Bretton Woods and Related Agreements Act — B-7 Section 8
Section 8 Immunities and privileges of officers and employees All governors, executive directors, alternates, officers and employees of the Bank (i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Bank waives this immunity; (ii) not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members; (iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Bank waives this immunity;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Bank, its assets, property, income and its operations and transactions authorized by this Agreement, shall be immune from all taxation and from all customs duties. The Bank shall also be immune from liability for the collection or payment of any tax or duty.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to executive directors, alternates, officials or employees of the Bank who are not local citizens, local subjects, or other local nationals.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) No taxation of any kind shall be levied on any obligation or security issued by the Bank (including any dividend or interest thereon) by whomsoever held — (i) which discriminates against such obligation or security solely because it is issued by the Bank; or (ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) which discriminates against such obligation or security solely because it is issued by the Bank; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) No taxation of any kind shall be levied on any obligation or security guaranteed by the Bank (including any dividend or interest thereon) by whomsoever held — (i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or (ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Bretton Woods and Related Agreements Act — B-7 Section 10
Section 10 Application of Article Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Bank of the detailed action which it has taken.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a governor or the Executive Directors, shall be communicated to the Chairman of the Board of Governors who shall bring the proposal before the Board. If the proposed amendment is approved by the Board the Bank shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having eighty-five per cent of the total voting power, have accepted the proposed amendment, the Bank shall certify the fact by a formal communication addressed to all members.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Notwithstanding (a) above, acceptance by all members is required in the case of any amendment modifying (i) the right to withdraw from the Bank provided in Article VI, Section 1; (ii) the right secured by Article II, Section 3(c); (iii) the limitation on liability provided in Article II, Section 6.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the right to withdraw from the Bank provided in Article VI, Section 1;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the right secured by Article II, Section 3(c);
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) the limitation on liability provided in Article II, Section 6.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any question of interpretation of the provisions of this Agreement arising between any member and the Bank or between any members of the Bank shall be submitted to the Executive Directors for their decision. If the question particularly affects any member not entitled to appoint an executive director, it shall be entitled to representation in accordance with Article V, Section 4(h).
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In any case where the Executive Directors have given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board, the Bank may, so far as it deems necessary, act on the basis of the decision of the Executive Directors.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Whenever a disagreement arises between the Bank and a country which has ceased to be a member, or between the Bank and any member during the permanent suspension of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Bank, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted by the Bank. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.
Bretton Woods and Related Agreements Act — B-7
Whenever the approval of any member is required before any act may be done by the Bank, except in Article VIII, approval shall be deemed to have been given unless the member presents an objection within such reasonable period as the Bank may fix in notifying the member of the proposed act.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Entry into force This Agreement shall enter into force when it has been signed on behalf of governments whose minimum subscriptions comprise not less than sixty-five percent of the total subscriptions set forth in Schedule A and when the instruments referred to in Section 2(a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Each government shall become a member of the Bank as from the date of the deposit on its behalf of the instrument referred to in (a) above, except that no government shall become a member before this Agreement enters into force under Section 1 of this Article.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Government of the United States of America shall inform the governments of all countries whose names are set forth in Schedule A, and all governments whose membership is approved in accordance with Article II, Section 1(b), of all signatures of this Agreement and of the deposit of all instruments referred to in (a) above.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) At the time this Agreement is signed on its behalf, each government shall transmit to the Government of the United States of America one one-hundredth of one percent of the price of each share in gold or United States dollars for the purpose of meeting administrative expenses of the Bank. This payment shall be credited on account of the payment to be made in accordance with Article II, Section 8(a). The Government of the United States of America shall hold such funds in a special deposit account and shall transmit them to the Board of Governors of the Bank when the initial meeting has been called under Section 3 of this Article. If this Agreement has not come into force by December 31, 1945, the Government of the United States of America shall return such funds to the governments that transmitted them.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) After December 31, 1945, this Agreement shall be open for signature on behalf of the government of any country whose membership has been approved in accordance with Article II, Section 1(b).
Bretton Woods and Related Agreements Act — B-7 (g)
(g) By their signature of this Agreement, all governments accept it both on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate.
Bretton Woods and Related Agreements Act — B-7 (h)
(h) In the case of governments whose metropolitan territories have been under enemy occupation, the deposit of the instrument referred to in (a) above may be delayed until one hundred and eighty days after the date on which these territories have been liberated. If, however, it is not deposited by any such government before the expiration of this period, the signature affixed on behalf of that government shall become void and the portion of its subscription paid under (d) above shall be returned to it.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) Paragraphs (d) and (h) shall come into force with regard to each signatory government as from the date of its signature.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) As soon as this Agreement enters into force under Section 1 of this Article, each member shall appoint a governor and the member to whom the largest number of shares is allocated in Schedule A shall call the first meeting of the Board of Governors.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) At the first meeting of the Board of Governors, arrangements shall be made for the selection of provisional executive directors. The governments of the five countries, to which the largest number of shares are allocated in Schedule A, shall appoint provisional executive directors. If one or more of such governments have not become members, the executive directorships which they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, whichever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of Schedule B and shall remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Board of Governors may delegate to the provisional executive directors any powers except those which may not be delegated to the Executive Directors.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The Bank shall notify members when it is ready to commence operations.
Bretton Woods and Related Agreements Act — B-7
Done at Washington, in a single copy which shall remain deposited in the archives of the Government of the United States of America, which shall transmit certified copies to all governments whose names are set forth in Schedule A and to all governments whose membership is approved in accordance with Article II, Section 1(b).
Bretton Woods and Related Agreements Act — B-7
[Note: Denmark’s quota after accepting membership in the Bank was $68 million.]
Bretton Woods and Related Agreements Act — B-7 1
1 The election of the elective executive directors shall be by ballot of the Governors eligible to vote under Article V, Section 4(b).
Bretton Woods and Related Agreements Act — B-7 2
2 In balloting for the elective executive directors, each governor eligible to vote shall cast for one person all of the votes to which the member appointing him is entitled under Section 3 of Article V. The seven persons receiving the greatest number of votes shall be executive directors, except that no person who receives less than fourteen percent of the total of the votes which can be cast (eligible votes) shall be considered elected.
Bretton Woods and Related Agreements Act — B-7 3
3 When seven persons are not elected on the first ballot, a second ballot shall be held in which the person who received the lowest number of votes shall be ineligible for election and in which there shall vote only (a) those governors who voted in the first ballot for a person not elected and (b) those governors whose votes for a person elected are deemed under 4 below to have raised the votes cast for that person above fifteen percent of the eligible votes.
Bretton Woods and Related Agreements Act — B-7 4
4 In determining whether the votes cast by a governor are to be deemed to have raised the total of any person above fifteen percent of the eligible votes, the fifteen percent shall be deemed to include, first, the votes of the governor casting the largest number of votes for such person, then the votes of the governor casting the next largest number, and so on until fifteen percent is reached.
Bretton Woods and Related Agreements Act — B-7 5
5 Any governor, part of whose votes must be counted in order to raise the total of any person above fourteen percent, shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed fifteen percent.
Bretton Woods and Related Agreements Act — B-7 6
6 If, after the second ballot, seven persons have not been elected, further ballots shall be held on the same principles until seven persons have been elected, provided that after six persons are elected, the seventh may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes.
Bretton Woods and Related Agreements Act — B-7
Articles of Agreement of the International Development Association
Bretton Woods and Related Agreements Act — B-7
The Governments on whose behalf this Agreement is signed,