GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 1
1 Subject to 4 below, each member that, as of September 19, 1997, is a participant in the Special Drawing Rights Department shall, on the 30th day following the effective date of the fourth amendment of this Agreement, receive an allocation of special drawing rights in an amount that will result in its net cumulative allocation of special drawing rights being equal to 29.315788813 percent of its quota as of September 19, 1997, provided that, for participants whose quotas have not been adjusted as proposed in Resolution No. 45-2 of the Board of Governors, calculations shall be made on the basis of the quotas proposed in that resolution.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Subject to 4 below, each country that becomes a participant in the Special Drawing Rights Department after September 19, 1997 but within three months of the date of its membership in the Fund shall receive an allocation of special drawing rights in an amount calculated in accordance with (b) and (c) below on the 30th day following the later of: (i) the date on which the new member becomes a participant in the Special Drawing Rights Department, or (ii) the effective date of the fourth amendment of this Agreement.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the date on which the new member becomes a participant in the Special Drawing Rights Department, or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the effective date of the fourth amendment of this Agreement.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) For the purposes of (a) above, each participant shall receive an amount of special drawing rights that will result in such participant’s net cumulative allocation being equal to 29.315788813 percent of its quota as of the date on which the member becomes a participant in the Special Drawing Rights Department, as adjusted: (i) first, by multiplying 29.315788813 percent by the ratio of the total of quotas, as calculated under 1 above, of the participants described in (c) below to the total of quotas of such participants as of the date on which the member became a participant in the Special Drawing Rights Department, and (ii) second, by multiplying the product of (i) above by the ratio of the total of the sum of the net cumulative allocations of special drawing rights received under Article XVIII of the participants described in (c) below as of the date on which the member became a participant in the Special Drawing Rights Department and the allocations received by such participants under 1 above to the total of the sum of the net cumulative allocations of special drawing rights received under Article XVIII of such participants as of September 19, 1997 and the allocations received by such participants under 1 above.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) first, by multiplying 29.315788813 percent by the ratio of the total of quotas, as calculated under 1 above, of the participants described in (c) below to the total of quotas of such participants as of the date on which the member became a participant in the Special Drawing Rights Department, and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) second, by multiplying the product of (i) above by the ratio of the total of the sum of the net cumulative allocations of special drawing rights received under Article XVIII of the participants described in (c) below as of the date on which the member became a participant in the Special Drawing Rights Department and the allocations received by such participants under 1 above to the total of the sum of the net cumulative allocations of special drawing rights received under Article XVIII of such participants as of September 19, 1997 and the allocations received by such participants under 1 above.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) For the purposes of the adjustments to be made under (b) above, the participants in the Special Drawing Rights Department shall be members that are participants as of September 19, 1997 and (i) continue to be participants in the Special Drawing Rights Department as of the date on which the member became a participant in the Special Drawing Rights Department, and (ii) have received all allocations made by the Fund after September 19, 1997.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) continue to be participants in the Special Drawing Rights Department as of the date on which the member became a participant in the Special Drawing Rights Department, and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) have received all allocations made by the Fund after September 19, 1997.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Subject to 4 below, if the Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds to the membership in the Fund and the participation in the Special Drawing Rights Department of the former Socialist Federal Republic of Yugoslavia in accordance with the terms and conditions of Executive Board Decision No. 10237-(92/150), adopted December 14, 1992, it shall receive an allocation of special drawing rights in an amount calculated in accordance with (b) below on the 30th day following the later of: (i) the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds to membership in the Fund and participation in the Special Drawing Rights Department in accordance with the terms and conditions of Executive Board Decision No. 10237-(92/150), or (ii) the effective date of the fourth amendment of this Agreement.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds to membership in the Fund and participation in the Special Drawing Rights Department in accordance with the terms and conditions of Executive Board Decision No. 10237-(92/150), or
Bretton Woods and Related Agreements Act — B-7 (b)
(b) For the purposes o (a) above, the Federal Republic of Yugoslavia (Serbia/Montenegro) shall receive an amount of special drawing rights that will result in its net cumulative allocation being equal to 29.315788813 percent of the quota proposed to it under paragraph 3(c) of Executive Board Decision No. 10237-(92/150), as adjusted in accordance with 2(b)(ii) and (c) above as of the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) qualifies for an allocation under (a) above.
Bretton Woods and Related Agreements Act — B-7 4
4 The Fund shall not allocate special drawing rights under this Schedule to those participants that have notified the Fund in writing prior to the date of the allocation of their desire not to receive the allocation.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) If, at the time an allocation is made to a participant under 1, 2, or 3 above, the participant has overdue obligations to the Fund, the special drawing rights so allocated shall be deposited and held in an escrow account within the Special Drawing Rights Department and shall be released to the participant upon discharge of all its overdue obligations to the Fund.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Special drawing rights being held in an escrow account shall not be available for any use and shall not be included in any calculations of allocations or holdings of special drawing rights for the purposes of the Articles, except for calculations under this Schedule. If special drawing rights allocated to a participant are held in an escrow account when the participant terminates its participation in the Special Drawing Rights Department or when it is decided to liquidate the Special Drawing Rights Department, such special drawing rights shall be canceled.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) For purposes of this paragraph, overdue obligations to the Fund consist of overdue repurchases and charges in the General Resources Account, overdue principal and interest on loans in the Special Disbursement Account, overdue charges and assessments in the Special Drawing Rights Department, and overdue liabilities to the Fund as trustee.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) Except for the provisions of this paragraph, the principle of separation between the General Department and the Special Drawing Rights Department and the unconditional character of special drawing rights as reserve assets shall be maintained.
Bretton Woods and Related Agreements Act — B-7
Articles of Agreement of the International Bank for Reconstruction and Development
Bretton Woods and Related Agreements Act — B-7
The International Bank for Reconstruction and Development is established and shall operate in accordance with the following provisions:
Bretton Woods and Related Agreements Act — B-7 (i)
The purposes of the Bank are: (i) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries. (ii) To promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to supplement private investment by providing, on suitable conditions, finance for productive purposes out of its own capital, funds raised by it and its other resources. (iii) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment for the development of the productive resources of members, thereby assisting in raising productivity, the standard of living and conditions of labor in their territories. (iv) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first. (v) To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and, in the immediate post-war years, to assist in bringing about a smooth transition from a wartime to a peacetime economy.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries.
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) To promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to supplement private investment by providing, on suitable conditions, finance for productive purposes out of its own capital, funds raised by it and its other resources.
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment for the development of the productive resources of members, thereby assisting in raising productivity, the standard of living and conditions of labor in their territories.
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first.
Bretton Woods and Related Agreements Act — B-7 (v)
(v) To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and, in the immediate post-war years, to assist in bringing about a smooth transition from a wartime to a peacetime economy.
Bretton Woods and Related Agreements Act — B-7
The Bank shall be guided in all its decisions by the purposes set forth above.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The original members of the Bank shall be those members of the International Monetary Fund which accept membership in the Bank before the date specified in Article XI, Section 2(e).
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Membership shall be open to other members of the Fund, at such times and in accordance with such terms as may be prescribed by the Bank.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The authorized capital stock of the Bank shall be $10,000,000,000, in terms of United States dollars of the weight and fineness in effect on July 1, 1944. The capital stock shall be divided into 100,000 shares having a par value of $100,000 each, which shall be available for subscription only by members.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The capital stock may be increased when the Bank deems it advisable by a three-fourths majority of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each member shall subscribe shares of the capital stock of the Bank. The minimum number of shares to be subscribed by the original members shall be those set forth in Schedule A. The minimum number of shares to be subscribed by other members shall be determined by the Bank, which shall reserve a sufficient portion of its capital stock for subscription by such members.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Bank shall prescribe rules laying down the conditions under which members may subscribe shares of the authorized capital stock of the Bank in addition to their minimum subscriptions.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) If the authorized capital stock of the Bank is increased, each member shall have a reasonable opportunity to subscribe, under such conditions as the Bank shall decide, a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Bank, but no member shall be obligated to subscribe any part of the increased capital.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Issue price of shares Shares included in the minimum subscriptions of original members shall be issued at par. Other shares shall be issued at par unless the Bank by a majority of the total voting power decides in special circumstances to issue them on other terms.
Bretton Woods and Related Agreements Act — B-7 (i)
The subscription of each member shall be divided into two parts as follows: (i) twenty percent shall be paid or subject to call under Section 7(i) of this Article as needed by the Bank for its operations; (ii) the remaining eighty percent shall be subject to call by the Bank only when required to meet obligations of the Bank created under Article IV, Sections 1(a)(ii) and (iii).
Bretton Woods and Related Agreements Act — B-7 (i)
(i) twenty percent shall be paid or subject to call under Section 7(i) of this Article as needed by the Bank for its operations;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the remaining eighty percent shall be subject to call by the Bank only when required to meet obligations of the Bank created under Article IV, Sections 1(a)(ii) and (iii).
Bretton Woods and Related Agreements Act — B-7
Calls on unpaid subscriptions shall be uniform on all shares.
Bretton Woods and Related Agreements Act — B-7 Section 6
Section 6 Limitation on liability Liability on shares shall be limited to the unpaid portion of the issue price of the shares.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Method of payment of subscriptions for shares Payment of subscriptions for shares shall be made in gold or United States dollars and in the currencies of the members as follows: (i) under Section 5(i) of this Article, two percent of the price of each share shall be payable in gold or United States dollars, and, when calls are made, the remaining eighteen percent shall be paid in the currency of the member; (ii) when a call is made under Section 5(ii) of this Article, payment may be made at the option of the member either in gold, in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose for which the call is made; (iii) when a member makes payments in any currency under (i) and (ii) above, such payments shall be made in amounts equal in value to the member’s liability under the call. This liability shall be a proportionate part of the subscribed capital stock of the Bank as authorized and defined in Section 2 of this Article.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) under Section 5(i) of this Article, two percent of the price of each share shall be payable in gold or United States dollars, and, when calls are made, the remaining eighteen percent shall be paid in the currency of the member;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) when a call is made under Section 5(ii) of this Article, payment may be made at the option of the member either in gold, in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose for which the call is made;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) when a member makes payments in any currency under (i) and (ii) above, such payments shall be made in amounts equal in value to the member’s liability under the call. This liability shall be a proportionate part of the subscribed capital stock of the Bank as authorized and defined in Section 2 of this Article.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The two percent payable on each share in gold or United States dollars under Section 7(i) of this Article, shall be paid within sixty days of the date on which the Bank begins operations, provided that (i) any original member of the Bank whose metropolitan territory has suffered from enemy occupation or hostilities during the present war shall be granted the right to postpone payment of one-half percent until five years after that date; (ii) an original member who cannot make such a payment because it has not recovered possession of its gold reserves which are still seized or immobilized as a result of the war may postpone all payment until such date as the Bank shall decide.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) any original member of the Bank whose metropolitan territory has suffered from enemy occupation or hostilities during the present war shall be granted the right to postpone payment of one-half percent until five years after that date;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) an original member who cannot make such a payment because it has not recovered possession of its gold reserves which are still seized or immobilized as a result of the war may postpone all payment until such date as the Bank shall decide.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The remainder of the price of each share payable under Section 7(i) of this Article shall be paid as and when called by the Bank, provided that (i) the Bank shall, within one year of its beginning operations, call not less than eight percent of the price of the share in addition to the payment of two percent referred to in (a) above; (ii) not more than five percent of the price of the share shall be called in any period of three months.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the Bank shall, within one year of its beginning operations, call not less than eight percent of the price of the share in addition to the payment of two percent referred to in (a) above;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) not more than five percent of the price of the share shall be called in any period of three months.
Bretton Woods and Related Agreements Act — B-7 (a)
(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 reasonable 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 repurchased by the member for gold or for the currency of any member which is acceptable to the Bank.
Bretton Woods and Related Agreements Act — B-7 (b)
(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.
Bretton Woods and Related Agreements Act — B-7 (c)
(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 Monetary Fund.
Bretton Woods and Related Agreements Act — B-7 Section 10
Section 10 Restriction on disposal of shares Shares shall not be pledged or encumbered in any manner whatever and they shall be transferable only to the Bank.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The resources and the facilities of the Bank shall be used exclusively for the benefit of members with equitable consideration to projects for development and projects for reconstruction alike.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) For the purpose of facilitating the restoration and reconstruction 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.
Bretton Woods and Related Agreements Act — B-7 Section 2
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.
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Limitations on guarantees and 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, if by such increase the total would exceed one hundred percent of the unimpaired subscribed capital, reserves and surplus of the Bank.