Document ID: chunk:federal_register_of_legislation:C2024C00328:section:7:p1
Version: federal_register_of_legislation:C2024C00328
Segment Type: section
Provision Reference: s 7 (pt 1/4)
Character Range: 4708–7418

7  Appropriation
  There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia:
 (a) in pursuance of an agreement made under this Act; or
 (b) under a promissory note issued under this Act.

Schedule—Resolution No. 104 of the Board of Governors adopted on 29 October 1976
Section 5

INCREASE IN AUTHORIZED CAPITAL
STOCK AND SUBSCRIPTIONS THERETO
WHEREAS:

The Board of Directors of the Bank, having undertaken a study of the resource position of the Bank in accordance with Resolution No. 84 adopted by the Board of Governors, has submitted a Report thereon to the Board of Governors;

The Board of Governors, having considered such Report and being in agreement with the findings of the Board of Directors incorporated in that Report, has concluded that action to increase the authorized capital stock of the Bank is necessary;

NOW THEREFORE the Board of Governors hereby
RESOLVES:

SECTION I. INCREASE IN AUTHORIZED CAPITAL STOCK

(1) The authorized capital stock of the Bank shall, on the Effective Date as hereinafter defined, be increased by $4,148,000,000 in terms of United States dollars of the weight and fineness in effect on 31 January 1966, divided into 414,800 shares each having a par value of $10,000. Of such shares, 41,480 shall be paid‑in shares and 373,320 shall be callable shares.

(2) Of the paid‑in and callable shares authorized by this Resolution, that portion shall be made available for subscription by members in accordance with Section II of this Resolution which, in total, is sufficient to enable each member to subscribe a number of whole shares equivalent to, but not in excess of, 1.35 times the shares subscribed by such member immediately prior to the Effective Date, with 10 per cent of such number (as near as may be) being whole paid‑in shares and the balance being callable shares.

(3) The paid‑in and callable shares authorized by this Resolution which are not made available for subscription in accordance with paragraph (2) of this Section I shall be reserved to provide for initial subscriptions by new members and for special increases in the subscriptions of individual members, as may be determined by the Board of Governors pursuant to paragraphs 1 and 3 of Article 5 of the Articles of Agreement of the Bank.

SECTION II. SUBSCRIPTIONS

(1) Each member shall be entitled to subscribe, at par, a number of whole shares up to but not in excess of 1.35 times the number of shares subscribed by such member immediately prior to the Effective Date. Each such subscription shall be on the terms and conditions set forth in this Resolution,