Document ID: chunk:federal_register_of_legislation:C2024C00328:section:7:p2
Version: federal_register_of_legislation:C2024C00328
Segment Type: section
Provision Reference: s 7 (pt 2/4)
Character Range: 7190–9835

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, and in all events shall comprise paid‑in and callable shares in such proportions that 10 per cent of the shares subscribed shall (as near as may be) be whole paid‑in shares and the balance shall be callable shares.

(2) Each member wishing to subscribe pursuant to this Resolution shall deposit with the Bank the following documents in a form acceptable to the Bank:
     (a) an instrument of subscription whereby the member subscribes to the number of paid‑in and callable shares specified in such instrument;
     (b) a representation that the member has duly taken all legislative and other internal action necessary to enable it to make such subscription; and
     (c) an undertaking that the member will furnish such information as the Bank may request concerning such action.

Such documents shall be deposited not later than 31 March 1978; provided that at the request of a member the Board of Directors may allow up to a further month for the deposit of documents by that member.

(3) Each instrument of subscription shall become effective and the subscription thereunder shall be deemed to have been made on the Effective Date, or on the date on which the Bank notifies the subscribing member that the documents deposited by such member pursuant to paragraph (2) of this Section II are satisfactory to the Bank, whichever is the later.

(4) Payment in respect of paid‑in shares subscribed pursuant to this Resolution shall be made in four equal instalments, of which the first shall be paid on or before 31 March 1978, and the second, third and fourth on or before 31 March of each succeeding year; provided that at the request of a member the Board of Directors may allow up to a further three months after 31 March in the relevant year for payment of any instalment by that member. Of each instalment,
     (a) 40 per cent shall be paid in a convertible currency which, where such currency is not that of the subscribing member, shall be selected by the member in consultation with the Bank; and
     (b) 60 per cent shall be paid in the currency of the subscribing member.

SECTION III.  PROCEDURAL PROVISIONS

(1) For purposes of this Resolution, the Effective Date shall be the date, on or before 30 September 1977 or such subsequent date not later than 31 December 1977 as the Board of Directors may determine, on which documents satisfactory to the Bank have been deposited pursuant to paragraph (2)