Document ID: chunk:federal_register_of_legislation:C2004C00518:section:6:p1
Version: federal_register_of_legislation:C2004C00518
Segment Type: section
Provision Reference: s 6 (pt 1/20)
Character Range: 1865–4905

6  Issue of securities

 (1) To the extent to which the Association is prepared to accept from Australia, in place of any payment that Australia has made or is required to make to the Association, notes or similar obligations issued by Australia, the Governor‑General may authorize the issue of securities.

 (2) Securities issued under the last preceding subsection:
 (a) shall be payable to the Association;
 (b) shall be non‑negotiable and non‑interest‑bearing; and
 (c) shall be payable at their par value on demand.

The Schedule

Section 3
ARTICLES OF AGREEMENT
OF THE
INTERNATIONAL DEVELOPMENT ASSOCIATION

The Governments on whose behalf this Agreement is signed,
Considering:
That mutual cooperation for constructive economic purposes, healthy development of the world economy and balanced growth of international trade foster international relationships conducive to the maintenance of peace and world prosperity;

That an acceleration of economic development which will promote higher standards of living and economic and social progress in the less‑developed countries is desirable not only in the interests of those countries but also in the interests of the international community as a whole;

That achievement of these objectives would be facilitated by an increase in the international flow of capital, public and private, to assist in the development of the resources of the less‑developed countries,
do hereby agree as follows:

INTRODUCTORY ARTICLE

The INTERNATIONAL DEVELOPMENT ASSOCIATION (hereinafter called "the Association") is established and shall operate in accordance with the following provisions:

ARTICLE I

Purposes

The purposes of the Association are to promote economic development, increase productivity and thus raise standards of living in the less‑developed areas of the world included within the Association's membership, in particular by providing finance to meet their important developmental requirements on terms which are more flexible and bear less heavily on the balance of payments than those of conventional loans, thereby furthering the developmental objectives of the International Bank for Reconstruction and Development (hereinafter called "the Bank ") and supplementing its activities.

The Association shall be guided in all its decisions by the provisions of this Article.

ARTICLE II

Membership; Initial Subscriptions

Section 1. Membership

(a) The original members of the Association shall be those members of the Bank listed in Schedule A hereto which, on or before the date specified in Article XI, Section 2 (c), accept membership in the Association.

(b) Membership shall be open to other members of the Bank at such times and in accordance with such terms as the Association may determine.

Section 2. Initial Subscriptions

(a) Upon accepting membership, each member shall subscribe funds in the amount assigned to it. Such subscriptions are herein referred to as initial subscriptions.

(b) The initial subscription assigned to each original member shall be in the amount