Document ID: chunk:federal_register_of_legislation:C2010A00133:schedule:4
Version: federal_register_of_legislation:C2010A00133
Segment Type: schedule
Provision Reference: sch 4
Character Range: 7560–10101

Schedule 4—Resolution recommended by the Board of Directors on 20 July 2010
Note: See the definition of the Agreement in section 3.

Amendment to the Articles of Agreement and 2010 Selective Capital Increase

WHEREAS at its April 2010 meeting, the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries endorsed proposals for the second phase of reforms to enhance the voice and participation of developing countries and countries in transition in the World Bank Group.

WHEREAS in their Report approved on July 20, 2010, the Board of Directors recommends that the Board of Governors approves:
      (a) an increase in Basic Votes which requires an amendment of the Articles of Agreement of the Corporation as set forth in Part (A) of this Resolution;
      (b) an increase in the authorized capital stock of the Corporation as set forth in Part (B) of this Resolution;
      (c) an allocation of shares to members as set forth in Part (C) of this Resolution; and
      (d) a periodic review of the Corporation's shareholding as set forth in Part (D) of this Resolution.

NOW THEREFORE, the Board of Governors, noting the recommendations and the said Report of the Board of Directors, hereby resolves as set forth below.

(A) Increase in Basic Votes and Amendment of the Articles of Agreement of the Corporation

The Board of Governors hereby resolves that:

1. Article IV, Section 3(a) of the Articles of Agreement of the Corporation shall be amended to read as follows:

    Section 3. Voting
         "(a) The voting power of each member shall be equal to the sum of its basic votes and share votes.
              (i) The basic votes of each member shall be the number of votes that results from the equal distribution among all members of 5.55 percent of the aggregate sum of the voting power of all the members, provided that there shall be no fractional basic votes.
              (ii) The share votes of each member shall be the number of votes that results from the allocation of one vote for each share of stock held."

2. The amendment above shall enter into force for all members as of the date three months after the Corporation certifies, by formal communication addressed to all members, that three‑fifths of the Governors exercising eighty‑five percent of the total voting power, have accepted the amendment.

Part 2—Convention establishing the Multilateral Investment Guarantee Agency

Multilateral Investment Guarantee Agency Act 1997