Document ID: chunk:federal_register_of_legislation:C2020C00320:schedule:1:p4
Version: federal_register_of_legislation:C2020C00320
Segment Type: schedule
Provision Reference: sch 1 (pt 4/31)
Character Range: 12140–14822

opposite its name in Schedule A hereto. Each other member shall subscribe to such number of shares of capital stock on such terms and conditions as may be determined by the Council, but in no event at an issue price of less than par. No member shall subscribe to less that fifty shares. The Council may prescribe rules by which members may subscribe to additional shares of the authorized capital stock.

Article 7.   Division and Calls of Subscribed Capital

 The initial subscription of each member shall be paid as follows:
 (i) Within ninety days from the date on which this Convention enters into force with respect to such member, ten percent of the price of each share shall be paid in cash as stipulated in Section (a) of Article 8 and an additional ten percent in the form of non‑negotiable, non‑interest‑bearing promissory notes or similar obligations to be encashed pursuant to a decision of the Board in order to meet the Agency's obligations.
 (ii) The remainder shall be subject to call by the Agency when required to meet its obligations.

Article 8.   Payment of Subscription of Shares

 (a)  Payments of subscriptions shall be made in freely usable currencies except that payments by developing member countries may be made in their own currencies up to twenty‑five percent of the paid‑in cash portion of their subscriptions payable under Article 7 (i).

 (b)  Calls on any portion of unpaid subscriptions shall be uniform on all shares.

 (c)  If the amount received by the Agency on a call shall be insufficient to meet the obligations which have necessitated the call, the Agency may make further successive calls on unpaid subscriptions until the aggregate amount received by it shall be sufficient to meet such obligations.

 (d)  Liability on shares shall be limited to the unpaid portion of the issue price.

Article 9.   Valuation of Currencies

 Whenever it shall be necessary for the purposes of this Convention to determine the value of one currency in terms of another, such value shall be as reasonably determined by the Agency, after consultation with the International Monetary Fund.

Article 10.   Refunds

 (a)  The Agency shall, as soon as practicable, return to members amounts paid on calls on subscribed capital if and to the extent that:
 (i) the call shall have been made to pay a claim resulting from a guarantee or reinsurance contract and thereafter the Agency shall have recovered its payment, in whole or in part, in a freely usable currency; or
 (ii) the call shall have been made because of a default in payment by a member and thereafter such member shall have made good such default in whole or in part; or
 (iii) the Council, by