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Uimhir 18 de 1957.
AN tACHT UM CHOMHAONTUITHE BRETTON WOODS, 1957.
[An tiontó oifigiúil.]
Léiriú.
1.—San Acht seo—
ciallaíonn “an Comhaontú Ciste” an comhaontú, chun comhlucht idirnáisiúnta dá ngairmfear an Ciste Airgeadaíochta Idirnáisiúnta a bhunú agus d'oibriú, a hullmhaíodh ag Comhdháil Airgeadaíochta agus Airgeadais na Náisiún Aontaithe a tionóladh i mBretton Woods i New Hampshire i Stáit Aontaithe Mheiriceá i mí Iúil, 1944, agus a bhfuil téacs a chuid Airteagal leagtha amach i gCuid I den Sceideal a ghabhas leis an Acht seo;
ciallaíonn “an Comhaontú Bainc” an comhaontú, chun comhlucht idirnáisiúnta dá ngairmfear an Banc Idirnáisiúnta le haghaidh Athinmhithe agus Forbairte a bhunú agus d'oibriú, a hullmhaíodh ag Comhdháil Airgeadaíochta agus Airgeadais na Náisiún Aontaithe a tionóladh i mBretton Woods i New Hampshire i Stáit Aontaithe Mheiriceá i mí Iúil, 1944, agus a bhfuil téacs a chuid Airteagal leagtha amach i gCuid II den Sceideal a ghabhas leis an Acht seo;
ciallaíonn “an Ciste” an Ciste Airgeadaíochta Idirnáisiúnta a bunaíodh faoin gComhaontú Ciste;
ciallaíonn “an Banc” an Banc Idirnáisiúnta le haghaidh Aithinmhithe agus Forbairte a bunaíodh faoin gComhaontú Bainc.
Glacadh a cheadú.
2.—Ceadaítear leis seo an Comhaontú Ciste agus an Comhaontú Bainc a ghlacadh ag an Rialtas.
Forála airgeadais agus forála eile.
3.—(1) Tiocfaidh na fo-ailt ina dhiaidh seo den alt seo i ngníomh an lá a síneofar an Comhaontú Ciste agus an Comhaontú Bainc thar ceann an Rialtais.
(2) Déanfar na híocaíochtaí seo a leanas, amhail mar is iomchuí agus nuair is iomchuí iad d'íoc thar ceann an Rialtais, d'íoc as an bPríomh-Chiste nó a thoradh fáis:
(a) íocaíochtaí i leith suibscríobh chun an Chiste,
(b) íocaíochtaí faoi mhír (a) d'Alt 4 d'Airteagal III den Chomhaontú Ciste,
(c) íocaíochtaí faoi mhír (b) nó mír (d) d'Alt 8 d'Airteagal IV den Chomhaontú Ciste,
(d) íocaíochtaí faoi Alt 3, Alt 7 nó Alt 8 d'Airteagal V den Chomhaontú Ciste,
(e) íocaíochtaí faoi Alt 3 d'Airteagal XIII den Chomhaontú Ciste,
(f) íocaíochtaí faoi Sceideal D den Chomhaontú Ciste,
(g) íocaíochtaí faoi Sceideal E den Chomhaontú Ciste,
(h) íocaíochtaí i leith suibscríobh chun an Bhainc,
(i) íocaíochtaí faoi Alt 9 d'Airteagal II den Chomhaontú Bainc,
(j) íocaíochtaí faoi fho-mhír (iv) de mhír (c) d'Alt 4 d'Airteagal VI den Chomhaontú Bainc.
(3) Féadfaidh an tAire Airgeadais aon nótaí neamh-úsmhara, do-thráchta nó aon oblagáidí neamh-úsmhara, do-thráchta eile, dá bhforáltar le hAlt 5 d'Airteagal III den Chomhaontú Ciste agus le hAlt 12 d'Airteagal V den Chomhaontú Bainc, a chruthnú agus d'eisiúint chun an Chiste nó chun an Bhainc i pé foirm is oiriúnach leis, agus déanfar aon íocaíochtaí i leith aon nótaí nó oblagáidí den tsórt sin a cruthnófar agus a heiseofar amhlaidh d'íoc as an bPríomh-Chiste nó a thoradh fáis.
(4) Féadfaidh an tAire Airgeadais aon tsuim nó suimeanna is gá faoi chomhair íocaíochtaí faoin alt seo a thógaint ar iasacht ó dhuine ar bith agus féadfaidh Banc na hÉireann an céanna d'airleacan chuige agus, chun an céanna a thógaint ar iasacht, féadfaidh an tAire Airgeadais urrúis ar bith a chruthnú agus d'eisiúint, agus iad faoi pé ráta úis agus faoi réir pé coinníoll i dtaobh aisíoca, fuascailte nó eile, is oiriúnach leis.
(5) Déanfar príomhshuim agus ús aon urrús a heiseofar faoi fho-alt (4) den alt seo, agus na costais faoina raghfar i leith a n-eisiúna, a mhuirearú ar an bPríomh-Chiste nó a thoradh fáis.
(6) Déanfar aon airgead a gheobhas an Rialtas ón gCiste nó ón mBanc nó a cruinneofar trí urrúis faoi fho-alt (4) den alt seo a chur chun creidiúna cuntais an Stát-Chiste agus beidh sé ina chuid den Phríomh-Chiste agus beidh sé ar fáil in aon tslí ina mbeidh an Príomh-Chiste ar fáil.
(7) Gníomhóidh Banc Ceannais na hÉireann mar thaisclann le haghaidh sealúchas d'airgeadra an Stáit agus sócmhainní eile an Chiste agus an Bhainc agus féadfaidh sé aon tsuim nó suimeanna is gá faoi chomhair íocaíochtaí faoin alt seo d'airleacan chun an Aire Airgeadais.
(8) Beidh feidhm dlí sa Stát—
(a) ag forála Alt 2, 3, 4, 5, 6, 7, 8 agus 9 d'Airteagal IX den Chomhaontú Ciste,
(b) ag forála Alt 2, 3, 4, 5, 6, 7, 8 agus 9 d'Airteagal VII den Chomhaontú Bainc, agus
(c) ag an gcéad abairt de mhír (b) d'Alt 2 d'Airteagal VIII den Chomhaontú Ciste,
ar choinníoll nach ndéanfar aon ní in Alt 9 d'Airteagal IX den Chomhaontú Ciste nó in Alt 9 d'Airteagal VII den Chomhaontú Bainc d'fhorléiriú mar ní—
(i) a bheir teideal don Chiste nó don Bhanc chun earraí d'allmhuiriú saor ó dhleacht chustam gan aon tsrian lena ndíol ina dhiaidh sin sa tír chun ar hallmhuiríodh iad,
(ii) a bheir aon díolúine don Chiste nó don Bhanc ó dhleachta nó cánacha is cuid de phraghas na n-earraí a díolfar, nó
(iii) a bheir aon díolúine don Chiste nó don Bhanc ó chánacha nó dleachta nach bhfuil iontu iarbhír ach táillí i leith seirbhísí a rinneadh.
Gearrtheideal.
4.—Féadfar an tAcht um Chomhaontuithe Bretton Woods, 1957, a ghairm den Acht seo.
AN SCEIDEAL.
Na Comhaontuithe.
CUID I.
AIRTEAGAIL CHOMHAONTUITHE AN CHISTE
AIRGEADAIOCHTA IDIRNAISIUNTA
Na Rialtais a bhfuil an Comhaontú seo sínithe thar a gceann comhaontaíd mar leanas:
Airteagal Réamhráiteach
Tá an Ciste Airgeadaíochta Idirnáisiúnta arna bhunú agus oibreoidh sé do réir na bhforál seo a leanas:
Airteagal I. Cuspóirí
Is iad cuspóirí an Chiste Airgeadaíochta Idirnáisiúnta:
(i) Comhar idirnáisiúnta airgeadaíochta a chur ar aghaidh trí bhuan-fhoras a sholáthrós an gléasra le haghaidh comhchomhairle agus comhoibrithe i leith fadhbanna idirnáisiúnta airgeadaíochta.
(ii) Fás agus forbairt chothrom na trádála idirnáisiúnta d'éascú agus cabhrú, tríd sin, le ardleibhéil fostaíochta agus dearbh-ioncaim a bhaint amach agus a chothabháil agus le acmhainn táirgthe gach comhalta d'fhorbairt mar chuspóirí bunaidh beartais gheilleagraigh.
(iii) Cobhsaíocht iomlaoide a chothú, comhshocraíochtaí ordúla iomlaoide a chothabháil idir na comhaltaí agus díluachadh iomlaoide de bharr iomaíochta a sheachaint.
(iv) Cabhrú le córas iltaobhach íocaíocht a bhunú i leith idirbhearta reatha idir comhaltaí agus le deireadh a chur le srianta iomlaoide coigríche a bhacas trádáil ar fud an domhain ó fhás.
(v) Misneach a thabhairt do na comhaltaí trí acmhainn an Chiste a chur ar fáil dóibh faoi réir leor-chaomhainte, agus caoi a thabhairt dóibh ar an gcuma sin chun míréireachtaí ina gcomhardaíocht íocaíochtaí a cheartú gan bearta a dhéanamh dá dtiocfadh díobháil don rathúnas náisiúnta nó don rathúnas idirnáisiúnta.
(vi) Dá réir sin thuas, giorrú agus maolú a dhéanamh ar éagothroime i gcomhardaíochtaí íocaíochtaí idirnáisiúnta comhaltaí.
Is faoi réim na gcuspóirí atá leagtha amach san Airteagal seo a dhéanfas an Ciste gach cinneadh.
Airteagal II. Comhaltas
Alt 1.
Comhaltaí bunaidh.
Is iad comhaltaí bunaidh an Chiste na tíortha a raibh ionadaíocht acu ag Comhdháil Airgeadaíochta agus Airgeadais na Náisiún Aontaithe agus a nglacfaidh a Rialtais comhaltas roimh an dáta a sonraítear in Airteagal XX, Alt 2 (e).
Alt 2.
Comhaltaí eile.
Beidh comhaltas ar fáil ag Rialtais tíortha eile pé trátha agus do réir pé téarmaí a ordós an Ciste.
Airteagal III. Cuótaí agus Suibscríobh
Alt I.
Cuótaí.
Sannfar cuóta do gach comhalta. Na comhaltaí a raibh ionadaithe acu ag Comhdháil Airgeadaíochta agus Airgeadais na Náisiún Aontaithe agus a ghlacfas comhaltas roimh an dáta a sonraítear in Airteagal XX, Alt 2 (e), is iad a gcuótaí na cuótaí atá leagtha amach i Sceideal A. Cinnfidh an Ciste cuótaí comhaltaí eile.
Alt 2.
Coigeartú cuótaí.
I gceann gach cúig bliana aithbhreithneoidh an Ciste, agus má mheasann sé gur cuí é molfaidh go gcoigeartófar, cuótaí na gcomhaltaí. Féadfaidh sé, freisin, más oiriúnach leis, coigeartú aon chuóta áirithe a bhreithniú aon tráth eile ar an gcomhalta lena mbainfidh dá iarraidh sin. Ní mór tromlach ceithre chúigiú na cumhachta iomláine vótála le haon athrú a dhéanamh ar chuótaí, agus ní hathrófar aon chuóta gan toiliú an chomhalta lena mbainfid.
Alt 3.
Suibscríobh: tráth, áit agus modh an íoca.
(a) Beidh suibscríobh gach comhalta comhionann lena chuóta agus íocfar go hiomlán leis an gCiste é sa taisclann iomchuí ar nó roimh an dáta a thiocfas an comhalta chun bheith cáilithe faoi Airteagal XX, Alt 4 (c) nó (d) chun airgeadraí a cheannach ón gCiste.
(b) Íocfaidh gach comhalta in ór, ar a laghad, pé suim acu seo a leanas is lú, is é sin—
(i) 25 faoin gcéad dá chuóta; nó
(ii) 10 faoin gcéad dá ghlan-sealúchais oifigiúil óir agus dollaeirí Stát Aontaithe amhail ar an dáta a bhéarfas an Ciste fógra do na comhaltaí faoi Airteagal XX, Alt 4 (a) gur gearr go mbeidh ar a chumas tosnú ar idirbhearta iomlaoide.
Bhéarfaidh gach comhalta an t-eolas go léir don Chiste is gá chun a ghlan-sealúchais oifigiúla óir agus dollaeirí Stát Aontaithe a chinneadh.
(c) Íocfaidh gach comhalta iarmhéid a chuóta ina airgeadra féin.
(d) Má tharlaíonn nach féidir glan-sealúchais oifigiúla óir agus dollaeirí Stát Aontaithe aon chomhalta áirithe a dhéanamh amach amhail ar an dáta dá dtagartar i (b) (ii) thuas mar gheall ar a chríocha a bheith i seilbh namhad, socróidh an Ciste dáta oiriúnach eile chun na sealúchais sin a chinneadh. Más déanaí an dáta sin ná an dáta a tháinig an tír chun bheith cáilithe, faoi Airteagal XX, Alt 4 (c) nó (d) chun airgeadraí a cheannach ón gCiste, aontóidh an Ciste agus an comhalta ar íocaíocht oirchilleach óir a déanfar faoi (b) thuas, agus íocfar iarmhéid suibscríobh an chomhalta in airgeadra an chomhalta sin, faoi réir coigeartuithe chuí idir an comhalta agus an Ciste nuair a bheas na glan-sealúchais oifigiúla déanta amach.
Alt 4.
Iocaíochtaí nuair a hathrófar cuótaí.
(a) Gach comhalta a thoileos go méadófar a chuóta, déanfaidh sé, laistigh de thríocha lá tar éis an dáta a thoiligh sé, 25 faoin gcéad den mhéadú sin d'íoc ina ór, agus an iarmhéid d'íoc ina airgeadra féin, leis an gCiste. Má tharlaíonn, áfach, an dáta a thoileos an comhalta le méadú, gur lú a chúltacaí airgeadaíochta ná a chuóta nua, féadfaidh an Ciste an cion den mhéadú a bheas le híoc ina ór a laghdú.
(b) Má thoilíonn comhalta go laghdófar a chuóta, déanfaidh an Ciste suim is comhionann leis an laghdú d'íoc leis an gcomhalta laistigh de thríocha lá tar éis an dáta a thoiligh sé. Déanfar an íocaíocht in airgeadra an chomhalta agus i pé méid óir is gá chun nach laghdóidh sealúchais an Chiste den airgeadra sin faoi bhun 75 faoin gcéad den chuóta nua.
Alt 5.
Urrúis in ionad airgeadra.
Glacfaidh an Ciste ó aon chomhalta, in ionad aon chuid d'airgeadra an chomhalta a measann an Ciste nach bhfuil ag teastáil le haghaidh a oibríochtaí, nótaí nó oblagáidí dá samhail d'eisigh an comhalta nó an taisclann d'ainmnigh an comhalta faoi Airteagal XIII, Alt 2, agus beidh sin do-thráchta, neamh úsmhar agus iníoctha do réir a bpar-luach, ar éileamh, trína gcreidiúnú do chuntas an Chiste sa taisclann ainmnithe. Bainfidh an tAlt seo ní amháin le hairgeadra arna shuibscríobh ag comhaltaí ach freisin le haon airgeadra eile a bheas dlite don Chiste nó a gheobhas an Ciste.
Airteagal IV. Par-Luacha Airgeadraí
Alt 1.
Par-luach a shainrá.
(a) Déanfar par-luach airgeadra gach comhalta a shainrá i dtéarmaí óir mar chomhainmneoir nó i dtéarmaí dollaerí na Stát Aontaithe den mheáchan agus den ghlaine a bhí i bhfeidhm an 1 Iúil, 1944.
(b) Is do réir a bpar-luach a déanfar gach ríomh i leith airgeadraí comhaltaí chun forála an Chomhaontuithe seo a chur i bhfeidhm.
Alt 2.
Ceannach óir do réir par-luach.
Ordóidh an Ciste marghan os cionn agus faoi bhun par-luacha le haghaidh idirbhearta in ór ag na comhaltaí, agus ní cheannóidh aon chomhalta ór ar phraghas os cionn an phar-luacha móide an marghan ordaithe ná ní dhíolfaidh ór ar phraghas faoi bhun an phar-luacha lúide an marghan ordaithe.
Alt 3.
Bearta iomlaoide coigríche do réir parachta.
An t-uas-ráta agus an t-íos-ráta le haghaidh idirbhearta iomlaoide idir airgeadraí comhaltaí a déanfar ina gcríocha, ní mó an difríocht a bheas idir iad agus paradas—
(i) i gcás spot-idirbhearta iomlaoide, ná aon faoin gcéad; agus
(ii) i gcás idirbhearta iomlaoide eile, ná marghan is mó ná an marghan do spot-idirbhearta iomlaoide de mhéid is mó ná mar mheasas an Ciste a bheith réasúnach.
Alt 4.
Oblagáidí i leith cobhsaíochta iomlaoide.
(a) Gabhann gach comhalta air féin comhoibriú leis an gCiste chun cobhsaíocht iomlaoide a chur ar aghaidh, comhshocraíochtaí iomlaoide a chothabháil leis na comhaltaí eile agus athruithe iomlaoide de bharr iomaíochta a sheachaint.
(b) Gabhann gach comhalta air féin, trí bhearta cuí ar comhréir leis an gComhaontú seo, gan idirbhearta iomlaoide idir a airgeadra féin agus airgeadra comhaltaí eile a cheadú ina chríocha ach amháin laistigh de na tórainneacha a hordaítear faoi Alt 3 den Airteagal seo. Aon chomhalta a mbeidh a údaráis airgeadaíochta, d'fhonn idirbhearta idirnáisiúnta a shocrú, ag ceannach agus ag díol óir go saorálach, laistigh de na tórainneacha a bheas ordaithe ag an gCiste faoi Alt 2 den Airteagal seo, measfar é a bheith ag comhlíonadh an ghealltanais seo.
Alt 5.
Athruithe ar phar-luacha.
(a) Ní mholfaidh aon chomhalta go ndéanfar athrú ar pharluach a chuid airgeadra ach amháin chun éagothroime bhunúsach a cheartú.
(b) Ní déanfar athrú ar phar-luach airgeadra aon chomhalta ach amháin ar mholadh an chomhalta sin agus tar éis dul i gcomhairle leis an gCiste.
(c) Nuair a molfar athrú, cuirfidh an Ciste san áireamh, ar dtús, na hathruithe a rinneadh cheana, má rinneadh, ar phar-luach tosaigh airgeadra an chomhalta arna chinneadh faoi Airteagal XX, Alt 4. Más rud é, maidir leis an athrú a molfar, agus na hathruithe go léir roimhe sin ina theannta pé acu méaduithe nó laghduithe iad,
(i) nach mó é ná 10 faoin gcéad den phar-luach tosaigh, ní chuirfidh an Ciste ina choinne;
(ii) nach mó é ná 10 faoin gcéad eile den phar-luach tosaigh, féadfaidh an Ciste aontú leis nó cur ina choinne, ach cuirfidh an Ciste a dhearcadh in iúl laistigh de sheachtó agus dhá uair a chloig má iarrann an comhalta sin;
(iii) nach mbeidh sé do réir (i) nó (ii) thuas, féadfaidh an Ciste aontú leis nó cur ina choinne, ach beidh teideal ag an gCiste chun tréimhse is sia ná sin chun a dhearcadh a chur in iúl.
(d) Ní déanfar aon chomhathruithe ar phar-luacha faoi Alt 7 den Airteagal seo a chur san áireamh le linn a bheith ag cinneadh cé acu faoi réim (i), (ii) nó (iii) de (c) thuas a thig athrú a beifear a mholadh.
(e) Féadfaidh comhalta par-luach a chuid airgeadra d'athrú gan aontú an Chiste más athrú é nach gcuirfidh isteach ar idirbhearta idirnáisiúnta chomhaltaí an Chiste.
(f) Aontóidh an Ciste le haon athrú a molfar agus a bheas faoi réim théarmaí (c) (ii) nó (c) (iii) thuas más deimhin leis gur athrú é is gá chun éagothroime bhunúsach a cheartú. Go háirithe, más deimhin leis sin, ní chuirfidh an Ciste i gcoinne athruithe a molfar mar gheall ar bheartais shóisialacha nó pholaitíochta intíre an chomhalta a mholfas an t-athrú.
Alt 6.
Toradh athruithe neamh-údaraithe.
Má athraíonn aon chomhalta par-luach a chuid airgeadra d'ainneoin an Ciste do chur ina choinne, i gcásanna ina bhfuil teideal ag an gCiste agóid a dhéanamh, ní bheidh an comhalta cáilithe chun acmhainní an Chiste d'úsáid mura gcinne an Ciste a mhalairt; agus, má bhíonn an comhalta agus an Ciste fós ar neamhréir le chéile tar éis tréimhse réasúnach a bheith caite, beidh an cúrsa faoi réir forál Airteagail XV, Alt 2 (b).
Alt 7.
Comhathruithe ar phar-luacha.
d'ainneoin forál Ailt 5 (b) den Airteagal seo, féadfaidh an Ciste, trí thromlach na cumhachta iomláine vótála, comh athruithe cionúireacha a dhéanamh ar phar-luacha airgeadraí na gcomhaltaí uile, ar choinníoll go gceadóidh gach comhalta ag a bhfuil 10 faoin gcéad nó níos mó d'iomlán na gcuótaí gach athrú den tsórt sin. Ach ní hathrófar par-luach airgeadra chomhalta faoin bhforáil seo má chuireann an comhalta in iúl don Chiste, laistigh de sheachtó a dó uaire a chloig tar éis gníomh an Chiste, nach mian leis go n-athrófaí par-luach a chuid airgeadra trí ghníomh den tsórt sin.
Alt 8.
Ór-luach shócmhainní an Chiste a chothabháil.
(a) Cothabhálfar ór-luach shócmhainní an Chiste d'ainneoin aon athruithe ar phar-luach nó ar luach iomlaoide coigcríche airgeadra aon chomhalta.
(b) Aon uair (i) a laghdófar par-luach airgeadra aon chomhalta, nó (ii) go mbeidh luach iomlaoide coigcríche airgeadra chomhalta tar éis titim go suaitheantasach, i dtuairim an Chiste, i gcríocha an chomhalta sin, íocfaidh an comhalta leis an gCiste, laistigh de thréimhse réasúnach, suim dá airgeadra féin is comhionann leis an laghdú a tháinig ar ór-luach an airgeadra dá chuid atá ag an gCiste.
(c) Aon uair a méadófar par-luach airgeadra aon chomhalta, bhéarfaidh an Ciste ar ais don chomhalta sin, laistigh de thréimhse réasúnach, suim d'airgeadra an chomhalta is comhionann leis an méadú a tháinig ar ór-luach an airgeadra dá chuid atá ag an gCiste.
(d) Bainfidh forála an Ailt seo le comhathrú cionúireach ar phar-luacha airgeadraí na gcomhaltaí uile, mura gcinne an Ciste a mhalairt an tráth a molfar an t-athrú sin.
Alt 9.
Airgeadraí ar leith laistigh de chríocha chomhalta.
Nuair a mholfas comhalta go ndéanfar athrú ar phar-luach a chuid airgeadra, measfar, mura bhfógraí an comhalta a mhalairt, go bhfuil sé á mholadh athrú dá réir a dhéanamh ar phar-luach airgeadraí ar leith gach críche ar ghlac an comhalta ina leith leis an gComhaontú seo faoi Airteagal XX, Alt 2 (g). Féadfaidh an comhalta, áfach, a fhógairt gur leis an airgeadra metrapolaiteach amháin a bhaineas a mholadh, nó gur le hairgeadra sonraithe ar leith amháin nó níos mó a bhaineas sé, nó gur leis an airgeadra metrapolaiteach agus le hairgeadra sonraithe ar leith amháin nó níos mó a bhaineas sé.
Airteagal V. Idirbhearta leis an gCiste
Alt I.
Na Gníomhaireachtaí a dhéileálfas leis an gCiste.
Is trína Chisteán, trína bhanc ceannais, trína chiste cobhsaíochta, nó trí ghníomhaireacht fioscach eile dá samhail leis agus ar an gcuma sin amháin, a dhéanfas comhalta déileáil leis an gCiste agus is leis na gníomhaireachtaí céanna sin amháin nó tríothu a dhéileálfas an Ciste.
Alt 2.
Tórann le hoibríochtaí an Chiste.
Ach amháin mar a bhforáltar a mhalairt sa Chomhaontú seo ní raghaidh na hoibríochtaí ar chuntas an Chiste thar idirbhearta chun airgeadra chomhalta amháin a sholáthar do chomhalta eile ar thionscnamh an chomhalta eile sin, mar mhalairt ar ór nó ar airgeadra an chomhalta ar mian leis an ceannach a dhéanamh.
Alt 3.
Coinníollacha a rialaíos úsáid acmhainní an Chiste.
(a) Beidh de theideal ag aon chomhalta airgeadra chomhalta eile a cheannach ón gCiste mar mhalairt ar a airgeadra féin faoi réir na gcoinníollacha seo a leanas:
(i) Go gcuirfidh an comhalta ar mian leis an t-airgeadra a cheannach in iúl go bhfuil sé ag teastáil faoi láthair chun íocaíochtaí ar comhréir le forála an Chomhaontuithe seo a dhéanamh san airgeadra sin;
(ii) Nár thug an Ciste fógra faoi Airteagal VII, Alt 3, nach bhfuil aige ach gannchuid den airgeadra a beifear a iarraidh;
(iii) Nach dtiocfadh den cheannach beartaithe go méadóidh a méid an bheas ag an gCiste d'airgeadra an chomhalta cheannaigh thar 25 faoin gcéad dá chuóta i rith an dá mhí dhéag dar críoch dáta an cheannaigh ná thar 200 faoin gcéad dá chuóta, ach ní bheidh feidhm leis an tórainn 25 faoin gcéad sin ach amháin a mhéid a bheas sealúchais an Chiste d'airgeadra an chomhalta tugtha suas thar 75 faoin gcéad dá chuóta má bhíodar faoina bhun sin;
(iv) Nár dhearbhaigh an Ciste roimhe sin faoi Alt 5 den Airteagal seo, Airteagal IV, Alt 6, Airteagal VI, Alt 1, nó Airteagal XV, Alt 2 (a) nach bhfuil an comhalta ar mian leis ceannach cáilithe chun acmhainní an Chiste d'úsáid.
(b) Ní bheidh teideal ag aon chomhalta, gan cead ón gCiste, acmhainní an Chiste d'úsáid chun airgeadra d'fháil le coinneáil faoi chomhair idirbhearta iomlaoide san am le teacht.
Alt 4.
Tarscaoileadh coinníollacha.
Féadfaidh an Ciste, as a chomhairle féin, agus ar théarmaí a chaomhnós a leasa, aon cheann de na coinníollacha a hordaítear in Alt 3 (a) den Airteagal seo a tharscaoileadh, go háirithe i gcás comhaltaí a sheachnaíos úsáid mhór nó leanúnach a bhaint as acmhainní an Chiste. Le linn tarscaoileadh a dhéanamh cuirfidh sé san áireamh riachtanais thréimhsiúla nó neamhghnáthacha an chomhalta a bheas ag iarraidh an tarscaoilte. Cuirfidh an Ciste san áireamh freisin a thoilteanaí atá an comhalta taobh-urraíocht a thabhairt i bhfoirm óir, airgid, urrúis nó sócmhainní inghlactha eile ar leor a luach, i dtuairim an Chiste, chun a leasa a chaomhnadh agus féadfaidh an Ciste a chur de choinníoll go gcaithfear an taobh-urraíocht sin a thabhairt sara ndéana sé an tarscaoileadh.
Alt 5.
Comhalta a bheith neamhcháilithe chun acmhainní an Chiste d'úsáid.
Más é tuairim an Chiste go bhfuil aon chomhalta áirithe ag úsáid acmhainní an Chiste ar neamhréir le cuspóirí an Chiste, bhéarfaidh an Ciste tuarascáil don chomhalta a inseos tuairimí an Chiste agus a luafas tréimhse oiriúnach le haghaidh freagra. Tar éis an tuarascáil sin a thabhairt don chomhalta, féadfaidh an Ciste tórainn a chur le húsáid a acmhainní ag an gcomhalta. Mura bhfaightear aon fhreagra ón gcomhalta ar an tuarascáil laistigh den tréimhse ordaithe, nó más freagra míshásúil a gheobhfar, féadfaidh an Ciste leanúint de thórainn a chur le húsáid acmhainní an Chiste ag an gcomhalta nó féadfaidh sé, tar éis fógra réasúnach a thabhairt don chomhalta, a dhearbhú nach bhfuil an comhalta cáilithe chun acmhainnaí an Chiste d'úsáid.
Alt 6.
Airgeadraí a cheannach ón gCiste ar ór.
(a) Aon chomhalta ar mian leis airgeadra chomhalta eile d'fháil, go díreach nó go hindíreach, ar ór, gheobhaidh sé é trí ór a dhíol leis an gCiste más féidir leis sin a dhéanamh go comhbhuntáisteach.
(b) Ní measfar aon ní san Alt seo mar ní a choisceas ar aon chomhalta ór nua-tháirgthe as mianaigh ina chríocha a dhíol ar aon mhargadh.
Alt 7.
Comhalta d'athcheannach aon choda dá airgeadra féin atá ag an gCiste.
(a) Féadfaidh comhalta aon chuid dá airgeadra a bheas i seilbh an Chiste de bhreis ar a chuóta d'athcheannach ón gCiste agus díolfaidh an Ciste ar ór é.
(b) I ndeireadh gach bliana airgeadais de bhlianta airgeadais an Chiste, athcheannóidh an comhalta ón gCiste, ar ór nó ar airgeadraí comhshóiteacha, arna chinneadh do réir Sceidil B, cuid de shealúchais an Chiste dá airgeadra, faoi na coinníollacha seo a leanas:
(i) Úsáidfidh gach comhalta, agus é ag athcheannach a airgeadra féin ón gCiste, an oiread sin dá chúltacaí airgeadaíochta ar comhionann a luach agus leath aon mhéaduithe a tháinig in imeacht na bliana ar shealúchais an Chiste dá airgeadra móide leath aon mhéaduithe, nó lúide leath aon laghduithe, a tháinig in imeacht na bliana ar chúltacaí airgeadaíochta an chomhalta. Ní bheidh feidhm ag an Riail seo i gcás ina mbeidh cúltacaí airgeadaíochta an chomhalta tar éis laghdú in imeacht na bliana oiread is mó ná an oiread a mhéadaigh sealúchais an Chiste dá airgeadra.
(ii) Má gheibhtear amach, tar éis an t-athcheannach a tuairiscítear i (i) thuas (más gá sin) a bheith déanta, sealúchais chomhalta amháin d'airgeadra chomhalta eile (nó d'ór a fuarthas ón gcomhalta sin) a bheith tar éis méadú de dhroim idirbhearta i dtéarmaí an airgeadra sin le comhaltaí eile nó le daoine ina gcríocha, déanfaidh an comhalta a mbeidh a shealúchais den airgeadra (nó den ór) sin tar éis méadú amhlaidh an méadú d'úsáid chun a airgeadra féin d'athcheannach ón gCiste.
(c) Ní déanfar an oiread d'aon choigeartú dá dtuairiscítear i (b) thuas a bhéarfas go mbeidh—
(i) cúltacaí airgeadaíochta an chomhalta faoi bhun a chuóta, nó
(ii) sealúchais an Chiste dá airgeadra faoi bhun 75 faoin gcéad dá chuóta, nó
(iii) sealúchais an Chiste d'aon airgeadra ar gá é d'úsáid os cionn 75 faoin gcéad de chuóta an chomhalta a bheas i gceist.
Alt 8.
Táillí.
(a) Aon chomhalta a cheannós airgeadra chomhalta eile ón gCiste mar mhalairt ar a airgeadra féin, íocfaidh sé táille sheirbhíse, is táille a bheas ar aon-chothrom maidir leis na comhaltaí uile, do réir ¾ faoin gcéad i dteannta an phar-phraghais. Féadfaidh an Ciste, as a chomhairle féin, an táille sheirbhíse sin a mhéadú go dtí 1 faoin gcéad ar a mhéid nó í a laghdú go dtí ½ faoin gcéad ar a laghad.
(b) Féadfaidh an Ciste táille réasúnach láimhseála a thobhach ar aon chomhalta a cheannós ór ón gCiste nó a dhíolfas ór leis an gCiste.
(c) Toibheoidh an Ciste táillí, is táillí a bheas ar aonchothrom maidir leis na comhaltaí uile, agus a bheas iníoctha ag aon chomhalta ar na meán-iarmhéideanna laethúla dá airgeadra a shealbhós an Ciste de bhreis ar a chuóta. Is do réir na rátaí seo a leanas a bheas na táillí sin:
(i) Ar shuimeanna nach mó ná 25 faoin gcéad thar an gcuóta: ní toibheofar aon táille in aghaidh an chéad trí mhí; 1/2 faoin gcéad sa bhliain in aghaidh na naoi míosa ina dhiaidh sin; agus uaidh sin amach 1/2 faoin gcéad de mhéadú ar an táille in aghaidh gach bliana ina dhiaidh sin.
(ii) Ar shuimeanna is mó ná 25 faoin gcéad agus nach mó ná 50 faoin gcéad thar an gcuóta: 1/2 faoin gcéad sa bhreis in aghaidh na céad bhliana; agus 1/2 faoin gcéad sa bhreis in aghaidh gach bliana ina dhiaidh sin.
(iii) Ar gach mír bhreise 25 faoin gcéad thar an gcuóta: 1/2 faoin gcéad sa bhreis in aghaidh na céad bhliana; agus 1/2 faoin gcéad sa bhreis in aghaidh gach bliana ina dhiaidh sin.
(d) Aon uair ar amhlaidh do shealúchais an Chiste d'airgeadra aon chomhalta áirithe go bhfuil ráta 4 faoin gcéad sa bhliain sroichte ag an táille a bhaineas le haon mhír in aghaidh aon tréimhse áirithe, breithneoidh an Ciste agus an comhalta slite inar féidir sealúchais an Chiste den airgeadra a laghdú. Ina dhiaidh sin, méadóidh na táillí do réir forál (c) thuas nó go sroichfid 5 faoin gcéad, agus mura ndéantar comhaontú ansin féadfaidh an Ciste pé táillí is cuí leis a ghearradh.
(e) Féadfar na rátaí dá dtagartar i (c) agus (d) thuas d'athrú trí thromlach trí ceathrúna na cumhachta iomláine vótála.
(f) Is in ór a híocfar na táillí go léir. Más rud é, áfach gur lú cúltacaí airgeadaíochta an chomhalta ná leath a chuóta, ní íocfaidh sé in ór ach an cion sin de na táillí a bheas dlite is ionann agus an cothrom idir na cúltacaí sin agus leath a chuóta, agus is ina airgeadra féin a íocfas sé an t-iarmhéid.
Airteagal VI. Aistriú Caipitil
Alt 1.
Acmhainní an Chiste d'úsáid le haghaidh aistrithe caipitil.
(a) Ní fhéadfaidh aon chomhalta glan-úsáid a dhéanamh d'acmhainní an Chiste chun freastal d'eisimeacht mhór chaipitil nó d'eisimeacht leanúnach chaipitil, agus féadfaidh an Ciste a iarraidh ar an gcomhalta rialú a dhéanamh ionas nach n-úsáidfear amhlaidh acmhainní an Chiste. Mura ndéana an comhalta rialú cuí tar éis dó iarratas den tsórt sin d'fháil, féadfaidh an Ciste a dhearbhú nach bhfuil an comhalta cáilithe chun acmhainní an Chiste d'úsáid.
(b) Ní measfar maidir le haon ní san Alt seo gur ní é
(i) a choisceas acmhainní an Chiste d'úsáid le haghaidh idirbhearta caipitil de mhéid réasúnach a bheas ag teastáil chun onnmhuirithe a mhéadú nó i ngnáth-chúrsa trádála, bancaerachta nó ghnótha eile, nó
(ii) a dhéanas difir do ghluaiseachtaí caipitil dá bhfreastalaítear as acmhainní óir agus iomlaoide coigcríche an chomhalta féin, ach gabhann na comhaltaí orthu go mbeidh na gluaiseachtaí caipitil sin do réir cuspóirí an Chiste.
Alt. 2.
Forála speisialta le haghaidh aistrithe caipitil.
Má bhíonn sealúchais an Chiste d'airgeadra aon chomhalta tar éis fanúint faoi bhun 75 faoin gcéad dá chuóta ar feadh tréimhse nach lú ná sé mhí anuas ansin, mura mbeidh sé dearbhaithe go bhfuil an comhalta sin neamh-cháilithe chun acmhainní an Chiste d'úsáid faoi Alt 1 den Airteagal seo, Airteagal IV, Alt 6, Airteagal V, Alt 5, nó Airteagal XV, Alt 2 (a), beidh teideal ag an gcomhalta sin, d'ainneoin forál Ailt 1 (a) den Airteagal seo, chun airgeadra chomhalta eile a cheannach ón gCiste lena airgeadra féin chun aon chríche, lena n-áirítear aistrithe caipitil. Ní ceadófar, áfach, ceannach le haghaidh aistrithe caipitil faoin alt seo má bhíonn de thoradh ar an gceannach sin sealúchais an Chiste d'airgeadra an chomhalta ar mian leis ceannach a dhéanamh d'ardú thar 75 faoin gcéad dá chuóta, nó sealúchais an Chiste den airgeadra a mbeifear ag iarraidh é d'fháil d'ísliú faoi bhun 75 faoin gcéad de chuóta an chomhalta arb é a chuid airgeadra a beifear ag iarraidh d'fháil.
Alt 3.
Aistrithe caipitil a rialú.
Féadfaidh na comhaltaí pé rialú a dhéanamh is gá chun gluaiseachtai idirnáisiúnta caipitil a rialáil, ach ní cead d'aon chomhalta an rialú sin a dhéanamh ar shlí a chuirfeas srian le híocaíochtaí i leith idirbhearta reatha nó a ró-mhoilleos aistriú cistí glanta fiacha, ach amháin mar foráltar in Airteagal VII, Alt 3 (b) agus in Airteagal XIV, Alt 2.
Airteagal VII. Airgeadraí Ganna
Alt 1.
Ganntanas coiteann airgeadra.
Má thugann an Ciste faoi deara go bhfuil airgeadra áirithe ag éirí gann i gcoitinne, féadfaidh an Ciste é sin a chur in iúl dá chomhaltaí agus tuarascáil d'eisiúint ina n-inseofar fáthanna an ghanntanais agus ina mbeidh moltaí chun deireadh a chur leis. Glacfaidh ionadaí ón gcomhalta a mbeidh a chuid airgeadra i gceist páirt in ullmhú na tuarascála.
Alt 2.
Bearta chun go bhfaighidh an Ciste tuilleadh d'airgeadraí ganna.
Féadfaidh an Ciste, más dóigh leis gur cuí é chun tuilleadh d'airgeadra aon chomhalta áirithe d'fháil ceachtar beart, nó an dá bheart, acu seo a leanas a dhéanamh:
(i) A mholadh don chomhalta airgeadra dá chuid a thabhairt ar iasacht don Chiste ar théarmaí agus ar choinníollacha ar a gcomhaontóidh an Ciste agus an comhalta nó go dtógfadh an Ciste, le ceadú an chomhalta, airgeadra den tsórt sin ar iasacht ó fhoinse éigin eile laistigh nó lasmuigh de chríocha an chomhalta, ach ní bheidh d'oblagáid ar aon chomhalta iasachtaí den tsórt sin a thabhairt don Chiste ná a cheadú go dtógfadh an Ciste airgeadra dá chuid ar iasacht ó aon fhoinse eile.
(ii) A cheangal ar an gcomhalta airgeadra dá chuid a dhíol leis an gCiste ar ór.
Alt 3.
Sealúchais an Chiste a bheith gann.
(a) Más léir don Chiste go bhfuil an t-éileamh ar airgeadra chomhalta áirithe chomh mór gur baol nach mbeidh ar chumas an Chiste an t-airgeadra sin a sholáthar, ansin, pé acu bheas nó nach mbeidh an Ciste tar éis tuarascáil d'eisiúint faoi Alt 1 den Airteagal seo, dearbhóidh sé go foirmeáilte go bhfuil an t-airgeadra sin gann agus uaidh sin amach déanfaidh sé an méid den airgeadra gann sin a bheas ina sheilbh agus an méid de ar a bhfaighidh sé seilbh a chionroinnt agus aird chuí aige ar riachtanais chomhréire na gcomhaltaí, ar chúrsaí geilleagair idirnáisiúnta i gcoitinne, agus ar aon chúrsaí ábhartha eile. Eiseoidh an Ciste tuarascáil freisin i dtaobh an bhirt a rinne sé.
(b) Oibreoidh aon dearbhú foirmeáilte faoi (a) thuas mar údarás d'aon chomhalta, tar éis dó dul i gcomhairle leis an gCiste, tórainneacha a chur go sealadach leis an saoirse maidir le hoibríochtaí iomlaoide san airgeadra gann. Faoi réir forál Airteagail IV, Ailt 3 agus 4, beidh dlínse iomlán ag an gcomhalta agus é ag cinneadh cad é an sórt tórainneacha iad, ach ní chuirfid aon tsrian thar mar is gá chun a áirithiú nach mó an t-éileamh a bheas ar an airgeadra gann ná an méid a bheas ina sheilbh ag an gcomhalta a bheas i gceist, nó a fhaibhreos chuige; agus bogfar agus cealófar iad chomh luath agus is féidir.
(c) Raghaidh an t-údaras faoi (b) thuas in éag pé uair a dhearbhós an Ciste go foirmeáilte nach bhfuil an t-airgeadra atá i gceist gann a thuilleadh.
Alt 4.
Srianta a riaradh.
Aon chomhalta a chuirfeas srianta i leith airgeadra aon chomhalta eile de bhun forál Ailt 3 (b) den Airteagal seo, breithneoidh sé go comhbháidheach aon uiríolla ón gcomhalta eile maidir le riaradh na srianta sin.
Alt 5.
Éifeacht chomhaontuithe idirnáisiúnta eile ar shrianta.
Comhaontaíonn na comhaltaí nach ndéanfaid oblagáidí aon tsocruithe a rinneadh le comhaltaí eile roimh an gComhaontú seo d'agairt ar shlí a choiscfeas oibriú forál an Airteagail seo.
Airteagal VIII. Oblagáidí Ginearálta na gComhaltaí
Alt 1.
Réamhrá.
I dteannta na n-oblagáidí a glactar faoi airteagail eile den Chomhaontú seo, gabhann gach comhalta air féin na hoblagáidí atá leagtha amach san Airteagal seo.
Alt 2.
Srianta ar íocaíochtaí reatha a sheachaint.
(a) Faoi réir forál Airteagail VII, Alt 3 (b) agus Airteagail XIV, Alt 2, ní dhéanfaidh aon chomhalta, gan ceadú ón gCiste, srianta a chur le híocaíochtaí agus aistrithe i leith idirbhearta idirnáisiúnta reatha.
(b) Aon chonarthaí iomlaoide ina mbeidh airgeadra aon chomhalta i gceist agus a bheas contrártha do rialacháin rialuithe iomlaoide an chomhalta sin a coimeádtar ar bun nó a forchuireadh i gcomhréir leis an gComhaontú seo, ní féadfar iad a chur i bhfeidhm i gcríocha aon chomhalta. Ina theannta sin, féadfaidh comhaltaí, de thoil a chéile, comhoibriú ag cur beart i bhfeidhm chun rialacháin rialuithe iomlaoide ceachtar comhalta a dhéanamh níos éifeachtaí, ar choinníoll go mbeidh na bearta agus na rialacháin sin ar comhréir leis an gComhaontú seo.
Alt 3.
Cleachtais idirdhealaitheacha airgeadra a sheachaint.
Ní ghlacfaidh aon chomhalta páirt, ná ní cheadóidh sé d'aon cheann dá ghníomhaireachtaí fioscacha dá dtagartar in Airteagal V, Alt 1, páirt a ghlacadh in aon chomhshocraíochtaí idirdhealaitheacha airgeadra ná in aon chleachtais airgeadra iolartha ach amháin mar a húdaraítear faoin gComhaontú seo nó mar cheadós an Ciste. Má bítear páirteach i gcomhshocraíochtaí nó cleachtais den tsórt sin ar an dáta a thiocfas an Comhaontú seo i ngníomh, raghaidh an comhalta lena mbainfidh i gcomhairle leis an gCiste maidir le scor díobh do réir a chéile muran faoi Airteagal XIV, Alt 2, a bheid á gcothabháil nó a beifear tar éis a gcur ar bun, agus sa chás sin beidh feidhm ag forála Ailt 4 den Airteagal sin.
Alt 4.
Iarmhéideanna i seilbh choigríche a chomhshó.
(a) Ceannóidh gach comhalta iarmhéideanna dá airgeadra a bheas i seilbh chomhalta eile má chuireann an comhalta eile sin in iúl, le linn dó a iarraidh go ndéanfar an ceannach,—
(i) gur le déanaí, de thoradh idirbhearta reatha, a fuarthas na hiarmhéideanna a bheas le ceannach; nó
(ii) gur gá iad a chomhshó chun íoc as idirbhearta reatha.
Beidh de roghain ag an gcomhalta a bheas ag ceannach íoc in airgeadra an chomhalta a rinne an t-iarratas nó in ór.
(b) Ní bheidh an oblagáid a luaitear in (a) thuas ann
(i) i gcás ina mbeidh comhshó na n-iarmhéideanna srianta do réir Ailt 2 den Airteagal seo nó Airteagail VI, Alt 3; nó
(ii) i gcás ina mbeidh na hiarmhéideanna tar éis tiomsú de thoradh idirbhearta a rinneadh sarar chuir comhalta deireadh le srianta a bhí á gcothabháil nó a cuireadh ar bun faoi Airteagal XIV, Alt 2; nó
(iii) i gcás ina mbeifear tar éis na hiarmhéideanna d'fháil contrártha do rialacháin iomlaoide an chomhaltaí a mbeifear á iarraidh air iad a cheannach; nó
(iv) i gcás ina mbeifear tar éis a dhearbhú faoi Airteagal VII, Alt 3 (a) gur airgeadra gann airgeadra an chomhalta a bheas á iarraidh go ndéanfar an ceannach; nó
(v) má bhíonn an comhalta a n-iarrfar air an ceannach a dhéanamh gan teideal ar aon chúis chun airgeadraí chomhaltaí eile a cheannach ón gCiste ar a airgeadra féin.
Alt 5.
Eolas a thabhairt.
(a) Féadfaidh an Ciste a cheangal ar chomhaltaí pé eolas a thabhairt dó a mheasfas sé is gá le haghaidh a chuid oibríochtaí, lena n-áirítear, mar an méid ar a laghad is gá chun dualgais an Chiste a chomhlíonadh, mioneolas náisiúnta ar na nithe seo a leanas:
(i) Sealúchais oifigiúla sa bhaile agus sa choigrích —(1) ór, (2) iomlaoid choigcríche.
(ii) Sealúchais atá sa bhaile agus sa choigrích ag gníomhaireachtaí bancaerachta agus airgeadais, seachas gníomhaireachtaí oifigiúla—(1) ór, (2) iomlaoid choigríche.
(iii) Táirgeadh óir.
(iv) Onnmhaire agus allmhaire óir, agus na tíortha dá ndeachaigh agus na tíortha as a dtáinig,
(v) An méid iomlán earraí a honnmhuiríodh agus an méid iomlán earraí a hallmhuiríodh, na tíortha chun ar honnmhuiríodh, na tíortha ónar hallmhuiríodh, agus luach na n-earraí in airgeadra áitiúil.
(vi) Comhardaíocht íocaíochtaí idirnáisiúnta, lena n-áirítear (1) trádáil in earraí agus i seirbhísí, (2) idirbhearta in ór, (3) idirbhearta caipitil ar a bhfuil eolas, agus (4) ítimí eile.
(vii) An staid infheistíochta idirnáisiúnta, i.e., infheistíochtaí laistigh de chríocha an chomhalta le húnaeirí sa choigrích agus infheistíochtaí sa choigrích ag daoine laistigh de chríocha an chomhalta, an oiread agus is féidir an t-eolas sin a thabhairt.
(viii) Ioncam náisiúnta.
(ix) Treora praghais, i.e., treora praghasanna earraí ar mhargaí mór-reice agus mionreice agus treora praghasanna onnmhaire agus allmhaire.
(x) Rátaí ceannaigh agus rátaí díola airgeadraí coigríche.
(xi) Rialuithe iomlaoide, i.e., ráiteas uileghabhálach i dtaobh na rialuithe iomlaoide a bhí i bhfeidhm nuair a glacadh comhaltas sa Chiste agus sonraí aon athruithe ina dhiaidh sin do réir mar tharlóid.
(xii) Má bhíonn socruithe oifigiúla imréitigh ann, sonraí na suimeanna a bheas le himréiteach i leith idirbhearta tráchtála agus airgeadais, agus sonraí i dtaobh an fhaid ama a bheas an t-imréiteach sin gan déanamh.
(b) Le linn dó eolas d'iarraidh, bhéarfaidh an Ciste dá aire a mhéid atá sé ar chumas chomhaltaí seachas a chéile an mioneolas a thabhairt. Ní bheidh aon oblagáid ar na comhaltaí eolas chomh mion a thabhairt go nochtfaí cúrsaí gnótha pearsan nó corporáidí. Gabhann na comhaltaí orthu, áfach, an t-eolas a hiarrfar a thabhairt ar chuma chomh mion-chruinn agus is féidir agus an tuairimíocht a sheachaint oiread is féidir.
(c) Féadfaidh an Ciste socrú a dhéanamh chun a thuilleadh eolais d'fháil trí chomhaontú le comhaltaí. Beidh sé mar ionad cruinnithe agus malartuithe eolais ar fhadhbanna airgeadaíochta agus airgeadais, ionas go n-éascóidh sé, ar an gcuma sin, staidéar a dhéanamh chun cabhrú leis na comhaltaí le polasaithe d'fhorbairt a chuirfeas cuspóirí an Chiste chun cinn.
Alt 6.
Comhaltaí do ghlacadh comhairle le chéile faoi na comhaontuithe idirnáisiúnta atá ann.
I gcás ina n-údaraítear do chomhalta faoin gComhaontú seo, sna himthoscaí speisialta nó sealadacha a sonraítear sa Chomhaontú, chun srianta le hidirbhearta iomlaoide a chothabháil nó a bhunú agus go mbeidh socruithe eile déanta idir comhaltaí a rinneadh roimh an gComhaontú seo agus a bheas ar neamhréir le feidhmiú na srianta sin, ansin raghaidh na comhaltaí a bheas páirteach sna socruithe sin i gcomhairle le chéile chun go ndéanfar pé coigeartú is gá agus ar a gcomhaontóid. Ní dhéanfaidh forála an Airteagail seo dochar d'fheidhmiú Airteagail VII, Alt 5.
Airteagal IX. Stádas, Díolúintí agus Pribhléidí
Alt 1.
Cuspóirí an Airteagail.
Ionas go bhféadfaidh an Ciste na feidhmeanna atá á gcur de chúram air a chomhlíonadh, déanfar an stádas, na díolúintí agus na pribhléidí atá leagtha amach san Airteagal seo a thabhairt don Chiste i gcríocha gach comhalta.
Alt 2.
Stádas an Chiste.
Is duine lán-dlíthiúnach an Ciste, agus, go háirithe, tá cumas ann
(i) conradh a dhéanamh;
(ii) maoin dochorraithe agus maoin shochorraithe d'fháil agus a dhiúscairt;
(iii) imeachta dlíthiúla a thionscnamh.
Alt 3.
Díolúine ó phróis dlíthiúil.
Teachtóidh an Ciste, agus maoin agus sócmhainní an Chiste, pé áit a mbeidh an céanna agus pé duine ag a mbeidh an céanna díolúine ó gach sórt próis dlíthiúil ach amháin a mhéid a tharscaoilfeas an Ciste go sainráite a dhíolúine chun críocha aon imeachtaí nó trí théarmaí aon chonartha.
Alt 4.
Díolúine ó ghníomh eile.
Beidh ag maoin agus sócmhainní an Chiste, pé áit a mbeidh an céann agus pé duine ag a mbeidh an céanna, díolúine ó chuardach, foréileamh, coigistiú, díshealbhú nó aon tsórt eile urghabhála trí ghuíomhú feidhmiúcháin nó gníomhú reachtach.
Alt 5.
Díolúine ag na cairtlanna.
Beidh cairtlanna an Chiste dosháraithe.
Alt 6.
Sócmhainní a bheith saor ó shrianta.
Beidh maoin agus sócmhainní uile an Chiste saor ó shrianta, rialacháin, rialuithe agus mortchairde d'aon tsórt a mhéid is gá sin chun na hoibríochtaí a dhéanamh dá bhforáltar sa Chomhaontú seo.
Alt 7.
Pribhléidí cumarsáide.
Gheobhaidh cumarsáidí oifigiúla an Chiste an chóir chéanna ó na comhaltaí a gheobhas cumarsáidí oifigiúla comhaltaí eile.
Alt 8.
Díolúintí agus pribhléidí oifigeach agus fostaithe.
Maidir le rialtóirí, stiúrthóirí feidhmiúcháin, malairtigh, oifigigh agus fostaithe uile an Chiste
(i) beidh díolúine acu ó phróis dlíthiúil i leith gníomhartha a dhéanfaid ina gcáilíocht oifigiúil ach amháin i gcás ina dtarscaoilfidh an Ciste an díolúine sin;
(ii) nuair nach saoránaigh áitiúla iad, bhéarfar dóibh an díolúine chéanna ó shrianta inimirce, ceanglais chlárúcháin d'eachtrannaigh agus oblagáidí seirbhíse náisiúnta, maraon leis na saoráidí céanna i leith srianta iomlaoide, a bheir na comhaltaí d'ionadaithe, oifigigh agus fostaithe comhchéime de chuid na gcomhaltaí eile;
(iii) bhéarfar an chóir chéanna dhóibh i leith saoráidí taistil a bheir comhaltaí d'ionadaithe, oifigigh agus fostaithe comhchéime de chuid na gcomhaltaí eile.
Alt 9.
Díolúine ó cháin.
(a) Beidh an Ciste, a shócmhainní, a mhaoin, a ioncam agus na hoibríochtaí agus na hidirbhearta a húdaraítear leis an gComhaontú seo saor ó gach cáin agus ó gach dleacht chustam. Beidh díolúine ag an gCiste freisin ó gach dliteanas maidir le bailiú nó íoc aon chánach nó dleachta.
(b) Ní déanfar aon cháin a thobhach ar thuarastail agus sochair oifige, ná i leith tuarastail agus sochar oifige, a íocfas an Ciste le stiúrthóirí feidhmiúcháin malairtigh, oifigigh nó fostaithe de chuid an Chiste nach saoránaigh áitiúla, géillsinigh áitiúla, ná náisiúnaigh áitiúla eile.
(c) Ní toibheofear cáin d'aon tsaghas ar aon oblagáid nó urrús a eiseos an Ciste, lena n-áirítear aon díbhinn nó ús air sin, pé duine a shealbhós é,
(i) más cáin í a dhéanas idirdhealú i gcoinne ná hoblagáide nó an urrúis sin ar an aon-ábhar mar gheall ar a bhunadh: nó
(ii) más é an t-aon-bhonn dlínsiúil a bheas leis an gcáin sin an áit nó an t-airgeadra ina mbeidh sí arna heisiúint nó ina mbeidh sí le híoc nó ina n-íocfar í, nó suíomh aon oifige nó áite gnótha a bheas á cothabháil ag an gCiste.
Alt 10.
An tAirteagal a chur i bhFeidhm.
Déanfaidh gach comhalta pé beart is gá ina chríocha féin chun éifeacht i dtéarmaí a dhlí féin a thabhairt do na prionsabail atá leagtha amach san Airteagal seo agus bhéarfaidh mionchuntas don Chiste ar an mbeart a rinne sé.
Airteagal X. Caidreamh le hEagrais Idirnáisiúnta Eile
Comhoibreoidh an Ciste, laistigh de théarmaí an Chomhaontuithe seo, le haon eagras idirnáisiúnta ginearálta agus le heagrais idirnáisiúnta poiblí ar a mbeidh sain-fhreagarthacht i réamchaí gaolmhara. Ní féadfar aon chomhshocraíochtaí i gcóir comhoibrithe den tsórt sin a tharraingeodh modhnú ar aon fhoráil den Chomhaontú seo a dhéanamh ach amháin tar éis an Comhaontú seo a leasú faoi Airteagal XVII.
Airteagal XI. Caidreamh le Tíortha nach Comhaltaí
Alt 1.
Geallúintí i leith caidrimh le tíortha nach comhaltaí.
Gabhann gach comhalta air féin:
(i) Gan bheith páirteach, agus gan a cheadú dá ghníomhaireachtaí fioscacha a luaitear in Airteagal V, Alt 1, a bheith páirteach le neamhchomhalta ná le daoine i gcríocha neamhchomhalta in aon idirbhearta a bheadh contrártha d'fhorála an Chomhaontuithe seo nó do chuspóirí an Chiste;
(ii) Gan comhoibriú le neamhchomhalta ná le daoine i gcríocha neamhchomhalta i gcleachtais a bheadh contrártha d'fhorála an Chomhaontuithe seo nó do chuspóirí an Chiste; agus
(iii) Comhoibriú leis an gCiste d'fhonn bearta cuí a chur i bhfeidhm ina chríocha do chosc idirbhearta le neamhchomhaltaí nó le daoine ina gcríocha sin a bheadh contrártha d'fhorála an Chomhaontuithe seo nó do chuspóirí an Chiste.
Alt 2.
Srianta le hidirbhearta le tíortha nach comhaltaí.
Ní dhéanfaidh aon ní sa Chomhaontú seo dochar do cheart aon chomhalta chun srianta a chur le hidirbhearta iomlaoide le neamhchomhaltaí nó le daoine ina gcríocha sin mura bhfeictear don Chiste gur dochar iad na srianta sin do leas na gcomhaltaí agus go bhfuilid contrártha do chuspóirí an Chiste.
Airteagal XII. Eagrú agus Bainistí
Alt 1.
Comhdhéanamh an Chiste.
Beidh Bord Rialtóirí, Stiúrthóirí Feidhmiúcháin, Stiúrthóir Bainistí, agus foireann ag an gCiste.
Alt 2.
An Bord Rialtóirí.
(a) Beidh cumhachta uile an Chiste dílsithe sa Bhord Rialtóirí, agus beidh an Bord comhdhéanta de rialtóir amháin agus malairteach amháin a cheapfas gach comhalta mar chinnfeas sé féin. Fónfaidh gach rialtóir agus gach malairteach go ceann cúig mblian faoi réir tola an chomhalta a cheap é agus féadfar é d'athcheapadh. Ní fhéadfaidh aon mhalairteach vótáil ach nuair a bheas a phríomhaí as láthair. Roghnóidh an Bord duine de na rialtóirí mar chathaoirleach.
(b) Féadfaidh an Bord Rialtóirí údarás a tharmligean chun na Stiúrthóirí Feidhmiúcháin chun aon cheann de chumhachta an Bhoird d'fheidhmiú, ach amháin an chumhacht chun:
(i) Comhaltaí nua a ghlacadh agus coinníollacha a nglactha a chinneadh.
(ii) Aithbhreithniú cuótaí a cheadú.
(iii) Comh-athrú i bpar-luach airgeadraí na gcomhaltaí uile a cheadú.
(iv) Comhshocraíochtaí a dhéanamh chun comhoibriú le heagrais idirnáisiúnta eile (seachas comhshocraíochtaí neamhfhoirmiúla sealadacha nó riaracháin).
(v) Dáileadh glan-ioncaim an Chiste a chinneadh.
(vi) A cheangal ar chomhalta éirí as.
(vii) A chinneadh go leachtófar an Ciste.
(viii) Cinneadh a dhéanamh ar achomharca i gcoinne forléirithe a dhéanfas na Stiúrthóirí Feidhmiúcháin ar an gComhaontú seo.
(c) Beidh cruinniú bliantúil den Bhord Rialtóirí ann agus pé cruinnithe eile dá ndéanfaidh an Bord socrú nó a ghairmfeas na Stiúrthóirí Feidhmiúcháin. Gairmfidh na Stiúrthóirí cruinnithe den Bhord aon uair a hiarrfar sin ag cúig comhaltaí nó ag comhaltaí a bhfuil ceathrú cuid na cumhachta iomláine vótála acu.
(d) Is é is córam d'aon chruinniú den Bhord Rialtóirí tromlach na Rialtóirí a bhfuil dhá dtrian ar a laghad den chumhacht iomlán vótála acu.
(e) Beidh teideal ag gach rialtóir an líon vótaí a chaitheamh a leithroinntear faoi Alt 5 den Airteagal seo don chomhalta a cheap é.
(f) Féadfaidh an Bord Rialtóirí, le rialachán, nós imeachta a bhunú trína bhféadfaidh na Stiúrthóirí Feidhmiúcháin, nuair a mheasfaid gurb é barr leasa an Chiste é, vóta de na rialtóirí d'fháil ar cheist shonrach gan cruinniú den Bhord a ghairm.
(g) Féadfaidh an Bord Rialtóirí, agus na Stiúrthóirí Feidhmiúcháin a mhéid a húdaraítear sin, pé rialacha agus rialacháin a ghlacadh chucu is gá nó is cuí chun gnó an Chiste a sheoladh.
(h) Fónfaidh na rialtóirí agus na malairtigh mar rialtóirí agus malairtigh gan cúiteamh ón gCiste, ach íocfaidh an Ciste leo aon chostas réasúnach faoina raghaid ag freastal ar chruinnithe.
(i) Cinnfidh an Bord Rialtóirí an luach saothair a híocfar leis na Stiúrthóirí Feidhmiúcháin agus tuarastal agus téarmaí conartha sheirbhíse an Stiúrthóra Bhainistí.
Alt 3.
Na Stiúrthóirí Feidhmiúcháin.
(a) Beidh na Stiúrthóirí Feidhmiúcháin freagarthach in oibríochtaí ginearálta an Chiste a sheoladh agus chuige sin feidhmeoid na cumhachta uile a tharmligfeas an Bord Rialtóirí chucu.
(b) Beidh dáréag stiúrthóirí ar a laghad ann nach gá gur rialtóirí iad, agus
(i) déanfaidh an cúigear comhaltaí is mó cuótaí cúigear díobh a cheapadh;
(ii) ní mó ná beirt díobh a ceapfar nuair a bheas feidhm ag forála (c) thíos;
(iii) déanfaidh na comhaltaí nach bhfuil teideal acu stiúrthóirí a cheapadh, seachas na Poblachtaí Meiriceánacha, cúigear díobh a thoghadh, agus
(iv) déanfaidh na Poblachtaí Meiriceánacha nach bhfuil teideal acu stiúrthóirí a cheapadh beirt díobh a thoghadh.
Chun críocha na míre seo, ciallaíonn comhaltaí rialtais tíortha a bhfuil a n-ainmneacha leagtha amach i Sceideal A, pé acu do réir Airteagail XX nó do réir Airteagail II, Alt 2, a tháinigeadar chun bheith ina gcomhaltaí. Nuair a thíocfas Rialtais tíortha eile chun bheith ina gcomhaltaí, féadfaidh an Bord Rialtóirí, le tromlach ceithre chúigiú na cumhachta iomláine vótála, an líon stiúrthóirí a bheas le toghadh a mhéadú.
(c) Má tharlaíonn, ag an dara toghchán rialta stiúrthóirí agus dá éis sin, nach mbeidh ar na comhaltaí ag a mbeidh teideal stiúrthóirí a cheapadh faoi (b) (i) thuas an bheirt chomhaltaí a mbeidh ar an meán, thar an dá bhliain roimhe sin, na sealúchais dá gcuid airgeadra i seilbh an Chiste tar éis laghdú, de na lán-suimeanna is mó i dtéarmaí óir mar chomhainmní, faoi bhun a gcuótaí, beidh teideal ag comhalta amháin díobh sin nó ag an dá chomhalta, do réir mar bheas, stiúrthóir a cheapadh.
(d) Faoi réir Airteagail XX, Alt 3 (b), seolfar toghchán stiúrthóirí toghaí i gceann tréimhsí dhá bhliain do réir forál Sceidil C, arna fhorlíonadh le pé rialacháin is cuí leis an gCiste. Aon uair a mhéadós an Bord Rialtóirí an líon stiúrthóirí a bheas le toghadh faoi (b) thuas, eiseoidh sé rialacháin do dhéanamh athruithe cuí ar an gcion vótaí is gá chun stiúrthóirí a thoghadh faoi fhorála Sceidil C.
(e) Ceapfaidh gach stiúrthóir malairteach ag a mbeidh cumhacht iomlán chun gníomhú thar a cheann nuair nach mbeidh sé féin i láthair. Nuair a bheas na stiúrthóirí a cheap iad i láthair, féadfaidh na malairtigh páirt a ghlacadh i gcruinnnithe ach ní fhéadfaid vótáil.
(f) Fanfaidh na stiúrthóirí in oifig go ndéanfar a gcomharbaí a cheapadh nó a thoghadh. Má éiríonn oifig stiúrthóra thofa folamh breis agus nócha lá roimh dheireadh a théarma, toghfar stiúrthóir eile le haghaidh na coda eile den téarma ag na comhaltaí a thogh an stiúrthóir roimhe sin. Chun toghadh a dhéanamh teastóidh tromlach na vótaí a caithfear. An fhad a bheas an oifig folamh, feidhmeoidh malairteach an duine a bhí ina stiúrthóir cumhachta an stiúrthóra sin ach amháin an chumhacht chun malairteach a cheapadh.
(g) Feidhmeoidh na Stiúrthóirí Feidhmiúcháin i siosón leanúnach i bpríomh-oifig an Chiste agus tiocfaid le chéile a mhinicí is gá sin le haghaidh gnótha an Chiste.
(h) Is é is córam d'aon chruinniú de na Stiúrthóirí Feidhmiúcháin tromlach na stiúrthóirí a fheidhmeos leath na cumhachta iomláine vótála ar a laghad.
(i) Beidh teideal ag gach stiúrthóir ceaptha an méid vótaí a chaitheamh a leithroinntear faoi Alt 5 den Airteagal seo don chomhalta a cheap é. Beidh teideal ag gach stiúrthóir tofa an méid vóta a chaitheamh a háiríodh chun a thofa. Nuair a bheas feidhm ag forála Ailt 5 (b) den Airteagal seo méadófar nó laghdófar dá réir an méid vótaí a bheadh teideal thairis sin ag an stiúrthóir a chaitheamh. Is mar aonad a caithfear na vótaí uile a bheas teideal ag stiúrthóir a chaitheamh.
(j) Glacfaidh an Bord Rialtóirí chucu rialacháin faoina bhféadfaidh comhalta nach bhfuil teideal aige stiúrthóir a cheapadh faoi (b) thuas ionadaí a chur chun freastal ar aon chruinniú de na Stiúrthóirí Feidhmiúcháin nuair a bheas aon iarratas a rinne an comhalta sin nó aon ní a bhainfeas go dlúth leis á bhreithniú.
(k) Féadfaidh na Stiúrthóirí Feidhmiúcháin pé coistí a cheapadh a mheasfaid is inmhianuithe a cheapadh. Ní gá gur rialtóirí ná stiúrthóirí nó malairtigh dóibh comhaltaí na gcoistí.
Alt 4.
An Stiúrthóir Bainistí agus an fhoireann.
(a) Roghnóidh na Stiúrthóirí Feidhmiúcháin Stiúrthóir Bainistí nach rialtóir ná stiúrthóir feidhmiúcháin. Beidh an Stiúrthóir Bainistí ina chathaoirleach ar na Stiúrthóirí Bainistí, ach ní bheidh aon vóta aige ach amháin vóta réitigh i gcás comhionannais vótaíochta. Féadfaidh sé páirt a ghlacadh i gcruinnithe an Bhoird Rialtóirí ach ní vótálfaidh sé ag na cruinnithe sin. Scoirfidh an Stiúrthóir Bainistí de bheith i seilbh oifige nuair a chinnfeas na Stiúrthóirí Feidhmiúcháin sin.
(b) Beidh an Stiúrthóir Bainistí ina cheann ar fhoireann oibre an Chiste agus seolfaidh sé gnáth-ghnó an Chiste faoi stiúradh na Stiúrthóirí Feidhmiúcháin. Faoi réir rialuithe ghinearálta na Stiúrthóirí Feidhmiúcháin, beidh sé freagarthach in eagrú, ceapadh agus díbhe foirne an Chiste.
(c) Ag comhlíonadh a bhfeidhmeanna don Stiúrthóir Bainistí agus don fhoireann, dlífidh an Ciste a ndualgais go léir díobh agus ní dhlífidh aon údarás eile aon dualgas díobh. Bhéarfaidh gach comhalta den Chiste d'aitheantas gur dualgas idirnáisiúnta an dualgas sin agus ní dhéanfaidh aon iarracht ar thionchar d'imirt ar aon duine den fhoireann i gcomhlíonadh a fheidhmeanna dhó.
(d) Nuair a bheas an Stiúrthóir Bainistí ag ceapadh na foirne, cuirfidh sé san áireamh go cuí, faoi réir a ró-thábhachtaí é na caighdeáin is airde éifeachta agus cumais teicnice d'áirithiú, gur ní tábhachtach na daoine a cheapfas sé a thoghadh as an méid is mó tíortha is féidir.
Alt 5.
Vótáil.
(a) Beidh ag gach comhalta dhá chéad caoga vóta móide vóta amháin breise in aghaidh gach coda dá chuóta is comhionann le céad míle de dhollaerí na Stát Aontaithe.
(b) Nuair is gá vótáil faoi Airteagal V, Alt 4 nó 5, déanfar an méid vótaí a mbeidh teideal chuige faoi (a) thuas ag gach comhalta a choigeartú.
(i) trí vóta amháin a chur leis in aghaidh gach cothroim cheithre chéad míle de dhollaerí na Stát Aontaithe d'airgeadra an chomhalta a glandíoladh suas go dtí dáta na vótála, nó
(ii) trí vóta amháin a bhaint as in aghaidh gach cothroim cheithre chéad míle de dhollaerí na Stát Aontaithe d'airgeadraí chomhaltaí eile a ghlan-cheannaigh an comhalta suas go dtí dáta na vótála;
ar choinníoll nach measfar am ar bith glan-cheannach ná glan-díol a bheith níos mó ná suim is comhionann le cuóta na chomhalta a bheas i gceist.
(c) Chun críche na ríomh uile faoin Alt seo, measfar dollaer na Stát Aontaithe bheith do réir an mheáchain agus na glaine a bhí i bhfeidhm an 1 Iúil, 1944, arna choigeartú do réir aon chomh-athruithe faoi Airteagal IV, Alt 7, má déantar tarscaoileadh faoi Alt 8(d) den Airteagal sin.
(d) Mura bhforáltar a mhalairt go sainráite, is trí thromhlach na vótaí a caithfear a déanfar cinnte uile an Chiste.
Alt 6.
Dáileadh an ghlan-ioncaim.
(a) Cinnfidh an Bord Rialtóirí gach bliain an chuid de ghlanioncam an Chiste a cuirfear i gcúlchiste agus an chuid a dáilfear má dáiltear aon chuid.
(b) Má déantar aon dáileadh, dáilfear, ar dtús, ar gach comhalta íocaíocht neamhcharnach 2 faoin gcéad ar an oiread a bhí 75 faoin gcéad dá chuóta níos mó ná an meán d'airgeadra an chomhalta sin a bhí ag an gCiste i rith na bliana sin. Íocfar an iarmhéid le gach comhalta i gcoibhneas lena chuóta. Is ina airgeadra féin a híocfar gach comhalta.
Alt 7.
Tuarascála d'fhoilsiú.
(a) Foilseoidh an Ciste tuarascáil in aghaidh na bliana ina mbeidh ráiteas iniúchóra ar a chuntais agus eiseoidh sé ráiteas achomair, gach trí mhí nó níos mincaí, ar a idirbhearta agus ar a shealúchais óir agus d'airgeadraí comhaltaí.
(b) Féadfaidh an Ciste pé tuarascála eile d'fhoilsiú is cuí leis chun a chuspóirí a chur i gcrích.
Alt 8.
Tuairimí a chur in iúl do chomhaltaí.
Beidh de cheart ag an gCiste gach tráth a thuairimí ar aon ní a thiocfas i gceist faoin gComhaontú seo a chur in iúl go neamhfhoirmeáilte d'aon chomhalta. Féadfaidh an Ciste, trí thromlach dhá dtrian na cumhachta iomláine vótála, a chinneadh go bhfoilseofar aon tuarascáil a tugadh do chomhalta i dtaobh coinníollacha agus cora airgeadaíochta nó géilleagair dá chuid ar cúis díreach iad le éagothroime mhór a theacht i gcomhardadh íocaíochtaí idirnáisiúnta na gcomhaltaí. Mura mbeidh teideal ag an gcomhalta stiúrthóir feidhmiúcháin a cheapadh, beidh teideal chun ionadaíochta aige do réir Ailt 3 (j) den Airteagal seo. Ní fhoilseoidh an Ciste tuarascáil a bhainfeas le hathruithe bunúsacha ar eagraíocht gheilleagar chomhaltaí.
Airteagal XIII. Oifigí agus Taisclanna
Alt 1.
Suíomh Oifigí.
Is i gcrích an chomhalta is mó cuóta a bheas príomh-oifig an Chiste, agus féadfar gníomhaireachtaí nó fo-oifigí a bhunú i gcríocha comhaltaí eile.
Alt 2.
Taisclanna.
(a) Ainmneoidh gach tír a bheas ina comhalta a banc ceannais féin mar thaisclann do shealúchais uile an Chiste dá hairgeadra nó, mura bhfuil banc ceannais aici, ainmneoidh sí pé foras eile lena nglacfaidh an Ciste.
(b) Féadfaidh an Ciste sócmhainní eile, lena n-áirítear ór, a choinneáil sna taisclanna a ainmneos na cúig comhaltaí is mó cuótaí agus i pé taisclanna ainmnithe eile a roghnós an Ciste. I dtosach, déanfar leath ar a laghad de shealúchais an Chiste a choinneáil sa taisclann a ainmneos an comhalta ar ina chríocha atá a phríomhoifig ag an gCiste agus coinneofar 40 faoin gcéad ar a laghad díobh sna taisclanna a ainmneos na ceithre comhaltaí eile dá dtagartar thuas. Ach le linn don Chiste aon ór d'aistriú, bhéarfar aird chuí ar chostas iompair agus ar an méid a measfar a bheas ag teastáil ón gCiste. I gcás éigeandála, féadfaidh na Stiúrthóirí Feidhmiúcháin sealúchais óir uile an Chiste nó aon chuid díobh d'aistriú go dtí aon áit inar féidir iad a chosaint i gceart.
Alt 3.
Ráthú ar shócmhainní an Chiste.
Ráthaíonn gach comhalta sócmhainní uile an Chiste in aghaidh cailliúna de dheasca teip nó mainneachtana ag an taisclann d'ainmnigh sé.
Airteagal XIV. Idirthréimhse
Alt I.
Réamhrá.
Ní cuspóir don Chiste saoráidí a chur ar fáil le haghaidh faoisimh nó athfhoirgnithe nó chun déileáil le fiacha idirnáisiúnta do dheasca an chogaidh.
Alt 2.
Srianta le hIomlaoid.
San idirthréimhse tar éis an chogaidh, féadfaidh na comhaltaí, d'ainneoin forál aon airteagal eile den Chomhaontú seo, srianta le híocaíochtaí agus aistrithe le haghaidh idirbhearta reatha idirnáisiúnta a chothabháil agus a mhodhnú do réir mar athrós imthosca (agus, i gcás comhaltaí a raibh a gcríocha gafa ag an namhaid), srianta agus aistrithe den tsórt sin a chur i bhfeidhm más gá sin. Bhéarfaidh na comhaltaí, ámh, ina bpolasaíthe iomlaoide coigríche, dá n-aire i gcónaí cuspóiri an Chiste, agus, a thúisce a cheadós na himthosca é, déanfaid gach beart is féidir chun pé comhshocraíochtaí tráchtála agus airgeadais a chur chun cinn idir iad féin agus comhaltaí eile a éascós íocaíochtaí idirnáisiúnta agus a chothós cobhsaíocht iomlaoide. Déanfaidh na comhaltaí, go háirithe, srianta a bheas á gcothabháil nó a forchuireadh faoin alt seo a chealú a thúisce is deimhin leo go bhféadfaid, d'éagmais na srianta sin, a gcomhardadh íocaíochtaí a shocrú ar chuma nach bhfágfaidh gur ró-dheacair dóibh teacht ar acmhainní an Chiste.
Alt 3.
Fógra chun an Chiste.
Déanfaidh gach comhalta, sara dtaga sé chun bheith cáilithe faoi Airteagal XX, Alt 4 (c) nó (d) chun airgeadra a cheannach ón gCiste, a chur in iúl don Chiste cé acu atá beartaithe aige leas a bhaint as na comhshocraíochtaí idirthréimhse atá in Alt 2 den Airteagal seo nó atá sé ullamh ar ghlacadh leis na hoblagáidí atá in Airteagal VIII, Ailt 2, 3 agus 4. Comhalta a bhainfeas leas as na comhshocraíochtaí idirthréimhse, cuirfidh sé sin in iúl don Chiste a luaithe ina dhiaidh sin a bheas sé ullamh ar ghlacadh leis na hoblagáidí thuasluaite.
Alt 4.
Beart an Chiste maidir le srianta.
Trí bliana ar a mhéid tar éis an dáta a thosnós an Ciste ar a oibríochtaí agus gach bliain ina dhiaidh sin, bhéarfaidh an Ciste tuarascáil ar na srianta a bheas fós i bhfeidhm faoi Alt 2 den Airteagal seo. Cúig bliana ón dáta a thosnós an Ciste ar a oibríochtaí, agus gach bliain ina dhiaidh sin, ní mór d'aon chomhalta a mbeidh aon tsrianta i bhfeidhm fós aige, ar neamhréir le hAirteagal VIII, Ailt 2, 3 nó 4, dul i gcomhairle leis an gCiste maidir lena gcoinneáil i bhfeidhm a thuilleadh. Féadfaidh an Ciste, más dóigh leis gur gá sin a dhéanamh in imthosca neamhghnáthacha, a chur in iúl d'aon chomhalta go bhfuil cúrsaí fabharach le go bhféadfaí aon tsrian ar leith a chealú, nó éirí ar fad as srianta, atá ar neamhréir le forála aon airteagail eile den Chomhaontú seo. Bhéarfar am oiriúnach don chomhalta chun freagra a thabhairt ar na huiríolla sin. Más léir don Chiste go bhfuil an comhalta ag leanúint de shrianta a choinneáil i bhfeidhm atá neamhréir le cuspóirí an Chiste, beidh feidhm ag Airteagal XV, Alt 2 (a) maidir leis an gcomhalta.
Alt 5.
An idirthréimhse.
Bhéarfaidh an Ciste d'aitheantas, ina chaidreamh leis na comhaltaí, gur tréimhse athrúcháin agus choigeartuithe an tréimhse tar éis an chogaidh agus, le linn dó cinneadh a dhéanamh ar aon iarratas dá thoradh sin ó aon chomhalta, bhéarfaidh an Ciste sochar aon amhrais réasúnaigh don chomhalta.
Airteagal XV. Éirí as Comhaltas
Alt I.
Ceart comhaltaí chun éirí as.
Féadfaidh aon chomhalta éirí as an gCiste am ar bith trí fhógra i scríbhinn a chur chun an Chiste ag a phríomh-oifig. Tiocfaidh an éirí-as in éifeacht an dáta a gheobhfar an fógra sin.
Alt 2.
Éirí-as éigeantach.
(a) Má mhainníonn comhalta aon cheann áirithe dá oblagáidí faoin gComhaontú seo a chomhlíonadh, féadfaidh an Ciste a dhearbhú nach bhfuil an comhalta cáilithe chun acmhainní an Ciste d'úsáid. Ní measfar go gcuireann aon ní san Alt seo tórainn le forála Airteagail IV, Alt 6, Airteagail V, Alt 5, nó Airteagail VI, Alt 1.
(b) Más rud é, tar éis tréimhse réasúnach a bheith caite, go mbeidh comhalta ag leanúint air de bheith ag mainniú aon cheann áirithe dá oblaigádí faoin gComhaontú seo a chomhlíonadh, nó go mbeidh a aighneas ar siúl fós idir comhalta agus an Ciste faoi Airteagal IV, Alt 6, féadfar a cheangal ar an gcomhalta sin éirí as a chomhaltas sa Chiste trí chinneadh ón mBórd Rialtóiri a rithfeas tromlach na rialtóirí a bheas ina n-ionadaithe do thromlach na cumhachta iomláine vótála.
(c) Glacfar le rialacháin chun a chinntiú, sara ndéantar beart in aghaidh aon chomhalta faoi (a) nó (b) thuas, go gcuirfear in iúl don chomhalta in am réasúnach an gearán atá ann ina choinne agus go dtabharfar deis cheart dó chun a chás féin a mhíniú de bhriathra béil agus i scríbhinn.
Alt 3.
Cuntais a shocrú le comhaltaí a éireos as.
Nuair a éireos comhalta as an gCiste, scoirfear de ghnáthidirbhearta an Chiste in airgeadra an chomhalta sin agus déanfar gach cuntas idir é agus an Ciste a shocrú go réasúnta luath trí chomhaontú idir é agus an Ciste. Mura ndéantar comhaontú go pras, beidh feidhm ag forála Sceideal D maidir le socrú cuntas.
Airteagal XVI. Forála Éigeandála
Alt 1.
Fionraí Sealadach.
(a) I gcás éigeandála, nó i gcás imthosca gan choinne ar baol iad d'oibríochtaí an Chiste, féadfaidh na Stiúrthóirí Feidhmiúcháin, trí vóta aon-ghutha, oibriú aon cheann de na forála seo a leanas d'fhionraí go ceann tréimhse nach sia ná céad is fiche lá:
(i) Airteagal IV, Ailt 3 agus 4 (b).
(ii) Airteagal V, Ailt 2, 3, 7, 8 (a) agus (f).
(iii) Airteagal VI, Alt 2.
(iv) Airteagal XI, Alt 1.
(b) Nuair a cinnfear aon cheann de na forála sin thuas d'fhionraí, déanfaidh na Stiúrthóirí Feidhmiúcháin, san am chéanna, cruinniú den Bhord Rialtóirí a ghairm le tionól, an dáta is luaithe is féidir.
(c) Ní fhéadfaidh na Stiúrthóirí Feidhmiúcháin aon fhionraí a shíneadh thar céad agus fiche lá. Féadfar, áfach, an fionraí sin a shíneadh go ceann tréimhse breise nach sia ná dhá chéad agus daichead lá, má chinneann an Bord Rialtóirí sin trí thromlach ceithre chúigiú na cumhachta iomláine vótála ach ní féadfar é a shíneadh a thuilleadh ach amháin trí leasú ar an gComhaontú seo de bhun Airteagail XVII.
(d) Féadfaidh na Stiúrthóirí Feidhmiúcháin, trí thromlach na cumhachta iomláine vótála, deireadh a chur leis an bhfionraí sin aon uair.
Alt 2.
Leachtú an Chiste.
(a) Ní féadfar an Ciste a leachtú ach trí chinneadh an Bhoird Rialtóirí. I gcás éigeandála, má chinneann na Stiúrthóirí Feidhmiúcháin go mb'fhéidir gur gá an Ciste a leachtú, féadfaid gach idirbheart d'fhionraí go sealadach nó go ndéana an Bord cinneadh.
(b) Má chinneann an Bord Rialtóirí an Ciste a leachtú, scoirfidh an Ciste láithreach de gach gnó ach amháin gnó a bhainfeas lena shócmhainní a chruinniú agus a leachtú go hordúil agus a dhliteanais a shocrú, agus beidh deireadh le hoblagáidí uile na gcomhaltaí faoin gComhaontú seo ach amháin na hoblagáidí atá leagtha amach san Airteagal seo, in Airteagal XVIII, mír (c), i Sceideal D, mír 7, agus i Sceideal E.
(c) Riarfar leachtú do réir forál Sceidil E.
Airteagal XVII. Leasuithe
(a) Aon mholadh chun modhnuithe a dhéanamh sa Chomhaontú seo, pé acu ó chomhalta, ó rialtóir nó ó na Stiúrthóirí Feidhmiúcháin é, bhéarfar do chathaoirleach an Bhoird Rialtóirí é agus cuirfidh seisean an moladh os comhair an Bhoird. Má cheadaíonn an Bord an leasú a molfar, fiafróidh an Ciste, trí chearcalán nó telegram, de na comhaltaí uile cé acu a ghlacaid nó nach nglacaid leis an leasú molta. Nuair a bheas glactha leis an leasú molta ag trí chúigiú cuid de na comhaltaí, agus ceithre chúigiú na cumhachta iomláine vótála acu, deimhneoidh an Ciste an méid sin trí scríbhinn fhoirmeáilte a bheas dírithe chun na gcomhaltaí uile.
(b) d'ainneoin (a) thuas, ní mór go nglacfaidh na comhaltaí uile le haon leasú a mhodhnós
(i) an ceart chun éirí as an gCiste (Airteagal XV, Alt 1);
(ii) an fhoráil nach ndéanfar aon athrú ar chuóta chomhalta gan cead an chomhalta sin (Airteagal III, Alt 2);
(iii) an fhoráil nach bhféadfar aon athrú a dhéanamh ar phar-luach airgeadra aon chomhalta ach amháin ar mholadh an chomhalta sin (Airteagal IV, Alt 5 (b)),
(c) Tiocfaidh leasuithe i bhfeidhm i leith gach comhalta trí mhí tar éis dáta na scríbhinne foirmeáilte mura sonraítear tréimhse níos giorra sa chearcalán nó sa telegram.
Airteagal XVIII. Léiriú
(a) Aon cheist faoi léiriú forál an Chomhaontuithe seo a éireos idir aon chomhalta agus an Ciste, nó idir aon chomhaltaí den Chiste, cuirfear faoi bhráid na Stiúrthóirí Feidhmiúcháin í lena cinneadh. Má bhaineann an cheist go sonrach le haon chomhalta nach bhfuil teideal aige stiúrthóir feidhmiúcháin a cheapadh beidh teideal aige chun ionadaíochta do réir Airteagail XII, Alt 3 (j).
(b) In aon chás ina mbeidh na Stiúrthóirí Feidhmiúcháin tar éis cinneadh a dhéanamh faoi (a) thuas, féadfaidh aon chomhalta a chur faoi deara go ndéanfar an cheist a tharchur chun an Bhoird Rialtóirí agus is cinneadh críochnaitheach cinneadh an Bhoird Rialtóirí. Féadfaidh an Ciste gníomhú, a mhéid is dóigh leis is gá, ar chinneadh na Stiúrthóirí Feidhmiúcháin nó go mbeidh toradh ar an tarchur chun an Bhoird.
(c) Aon uair a éireos aighneas idir an Ciste agus comhalta a bheas tar éis éirí as an gCiste, nó idir an Ciste agus aon chomhalta le linn an Ciste a bheith á leachtú, cuirfear an t-aighneas sin faoi eadráin bhinse ar a mbeidh triúr eadránaithe arb é an Ciste a cheapfas duine dhíobh, arb é an comhalta nó an comhalta a bheas ag éirí as a cheapfas duine eile dhíobh agus moltóir a ceapfar, mura gcomhaontóidh na páirtithe ina thaobh, ag Uachtarán na Buan-Chúirte um Cheartas Idirnáisiúnta nó aon údarás eile a hordaíodh le rialachán ar ghlac an Ciste leis. Beidh lán-chumhacht ag an moltóir gach ceist faoi nós imeachta a shocrú in aon chás nach réiteoidh na páirtithe ina leith.
Airteagal XIX. Míniú Téarmaí
Ag léiriú forál an Chomhaontuithe seo dhóibh beidh an méid seo a leanas mar threoir ag an gCiste agus a chomhaltaí:
(a) Ciallaíonn cúltacaí airgeadaíochta chomhalta a ghlansealúchais oifigiúil óir, d'airgeadraí comhshóiteacha le comhaltaí eile agus d'airgeadraí pé neamhchomh altaí a shonrós an Ciste.
(b) Ciallaíonn sealúchais oifigiúla chomhalta príomhshealúchais (is é sin, sealúchais a Stát-Chiste, a bhainc cheannais, a chiste chobhsaíochta nó gníomhaireachta fioscaí den tsórt sin dá chuid).
(c) Féadfaidh an Ciste, in aon chás áirithe tar éis dul i gcomhairle le comhalta, sealúchais foras oifigiúla eile nó sealúchais bhanc eile i gcríocha an chomhalta sin d'áireamh mar shealúchais oifigiúla sa mhéid go bhfuil méid shubstainteach iontu thar iarmhéideanna oibre; ar choinníoll go ndéanfar, d'fhonn a chinneadh an bhfuil, i gcás áirithe, méid i sealúchais thar iarmhéideanna oibre, suimeanna airgeadra atá dlite d'fhorais oifigiúla agus do bhancanna i gcríocha comhaltaí nó neamhchomhaltaí a sonraítear faoi (d) thíos a bhaint as na sealúchais sin.
(d) Ciallaíonn sealúchais chomhalta d'airgeadraí comhshóiteacha a shealúchais d'airgeadraí chomhaltaí eile nach bhfuil ag baint leasa as na comhshocraíochtaí idirthréimhse faoi Airteagal XIV, Alt 2, maraon lena shealúchais d'airgeadraí pé neamhchomhaltaí a shonrós an Ciste ó am go ham. Chun na chríche seo, folaíonn an téarma airgeadra, gan tórainn, mona, airgead páipéir, comharduithe banc, glacaíochtaí bainc agus oblagáidí rialtais arna n-eisiúint faoi réim tréimhse aibíochta nach sia ná dhá mhí dhéag.
(e) Chun cúltacaí airgeadaíochta chomhalta a ríomh, bainfear as a shealúchais lárnacha an méid airgeadra atá dlite do Stát-Chistí, do bhainc cheannais, do chistí cobhsaíochta nó do ghníomhaireachtaí fioscacha dá samhail de chuid comhaltaí eile nó neamhchomhaltaí a sonraítear faoi (d) thuas, maraon le dliteanais den tsórt céanna atá dlite d'fhorais oifigiúla eile agus do bhainc eile i gcríocha comhaltaí nó neamhchomhaltaí a sonraítear faoi (d) thuas. Cuirfear leis na glan sealúchais sin na suimeanna a meastar gur sealúchais oifigiúla iad le forais oifigiúla eile agus le bainc eile faoi (c) thuas.
(f) Folóidh sealúchais an Chiste d'airgeadra chomhalta aon urrúis lenar ghlac an Ciste faoi Airteagal III, Alt 5.
(g) Tar éis don Chiste dul i gcomhairle le comhalta atá ag baint leasa as na comhshocraíochtaí idirthréimhse faoi Airteagal XIV, Alt 2, féadfaidh sé, chun cúltaca airgeadaíochta a ríomh, a mheas gur sealúchais d'airgeadra comhshóiteach sealúchais airgeadra de chuid an chomhalta sin lena ngabhann cearta sonraithe chun a gcomhshóite ina n-airgeadra eile nó ina n-ór.
(h) Chun suibscríobhanna óir faoi Airteagal III, Alt 3, a ríomh, is é a bheas i nglan-sealúchais oifigiúla chomhalta d'ór agus de dhollaerí na Stát-Aontaithe a ghlansealúchais oifigiúla óir agus d'airgeadra na Stát Aontaithe tar éis sealúchais lárnacha dá airgeadra féin atá ag tíortha eile agus sealúchais dá airgeadra atá ag forais oifigiúla eile agus ag bainc eile d'asbhaint má ghabhann cearta sonraithe leis na sealúchais sin chun a gcomhshóite ina n-ór nó ina n-airgeadra de chuid na Stát Aontaithe.
(i) Ciallaíonn íocaíochtaí i leith idirbheart reatha íocaíochtaí chun caipiteal d'aistriú, agus nach íocaíochtaí folaíd, gan tórainn:
(1) Gach íocaíocht atá dlite i ndáil le trádáil choigríche, gnó reatha eile, lena n-áirítear seirbhísí, agus gnáth-shaoráidí gearr-théarma bancaerachta agus creidiúna;
(2) Iocaíochtaí atá dlite mar ús ar iasachtaí agus mar ghlan-ioncaim ó infheistíochtaí eile;
(3) Iocaíochtaí de mhéid mheasartha i leith amúchadh iasachtaí nó díluachadh infheistíochtaí díreacha;
(4) Seoltáin mheasartha le haghaidh costas maireachtana teaghlaigh.
Tar éis don Chiste dul i gcomhairle leis na comhaltaí lena mbainfidh, féadfaidh sé a chinneadh an measfar gur idirbhearta reatha nó idirbhearta caipitil idirbhearta sonracha áirithe.
Airteagal XX. Forála Deiridh
Alt 1.
Teacht i bhfeidhm.
Tiocfaidh an Comhaontú seo i bhfeidhm nuair a bheas sé arna shíniú thar ceann rialtas ag a bhfuil 65 faoin gcéad d'iomlán na gcuótaí atá leagtha amach i Sceideal A agus ar na hionstraimí dá dtagartar in Alt 2 (a) den Airteagal seo a bheith taiscthe thar a gceann, ach in aon chás ní thiocfaidh an Comhaontú seo i bhfeidhm roimh an 1 Bealtaine, 1945.
Alt 2.
Síniú.
(a) Gach rialtas a síneofar an Comhaontú seo thar a cheann, taiscfidh sé le Rialtas Stát Aontaithe Mheiriceá ionstraim á rá go bhfuil glactha aige leis an gComhaontú seo do réir a dhlí féin agus go bhfuil gach beart déanta aige is gá chun a chur ar a chumas a oblagáidí uile faoin gComhaontú seo a chomhlíonadh.
(b) Beidh gach rialtas ina chomhalta den Chiste amhail ón dáta a taiscfear thar a cheann an ionstraim dá dtagartar in (a) thuas, ach ní bheidh aon rialtas ina chomhalta sara dtiocfaidh an Comhaontú seo i bhfeidhm faoi Alt 1 den Airteagal seo.
(c) Déanfaidh Rialtas Stát Aontaithe Mheiriceá na sínithe uile a cuirfear leis an gComhaontú seo agus taisceadh gach ionstraime dá dtagartar in (a) thuas a chur in iúl do rialtais na dtíortha uile a bhfuil a n-ainmneacha leagtha amach i Sceideal A agus do na rialtais uile a gceadófar a gcomhaltas do réir Airteagail II, Alt 2.
(d) An tráth a síneofar an Comhaontú seo thar a cheann cuirfidh gach rialtas go dtí Rialtas Stát Aontaithe Mheiriceá an céadú cuid de 1 faoin gcéad dá shuibscríobh iomlán in ór nó i ndollaerí Stát Aontaithe faoi chomhair costas riaracháin an Chiste. Coinneoidh Rialtas Stát Aontaithe Mheiriceá na cistí sin i gcuntas taisce speisialta agus cuirfidh iad go dtí Bord Rialtóirí an Chiste nuair a beifear tar éis an cruinniú tionscnaimh a ghairm faoi Alt 3 den Airteagal seo. Mura mbeidh an Comhaontú seo tagtha i bhfeidhm 31 Nollaig, 1945, bhéarfaidh Rialtas Stát Aontaithe Mheiriceá na cistí sin ar ais do na rialtais a chuir isteach iad.
(e) Fanfaidh an Comhaontú seo ar oscailt, go dtí an 31 Nollaig, 1945, chun a shínithe i Washington thar ceann rialtas na dtíortha a bhfuil a n-ainmneacha leagtha amach i Sceideal A.
(f) Tar éis an 31 Nollaig, 1945, beidh an Comhaontú seo ar oscailt chun a shínithe thar ceann rialtais aon tíre a gcéadófar a chomhaltas do réir Airteagail II, Alt 2.
(g) Trína shíniú a chur leis an gComhaontú seo, glacann gach rialtas leis thar a cheann féin agus thar ceann a chóilínteachtaí uile agus i leith a chríoch thar lear uile agus thar ceann na gcríoch uile atá faoina chaomhnadh, faoina ardfhlathúnas nó faoina údarás agus thar ceann na gcríoch uile a bhfuil mandáid á feidhmiú ag an rialtas sin ina leith.
(h) I gcás rialtas a bhfuil a chríocha metrapoliteacha tar éis bheith i seilbh namhad, féadfar taisceadh na hionstraime dá dtagartar in (a) thuas a mhoilliú go ceann céad agus ochto lá tar éis dáta saortha na gcríoch sin. Más rud é, áfach, nach ndéanfaidh aon rialtas den tsórt sin í a thaisceadh roimh dheireadh na tréimhse sin, beidh an síniú a cuireadh síos thar ceann an rialtais sin ar neamhní agus bhéarfar ar ais dó an chuid dá shuibscríobh a híocadh faoi (d) thuas.
(i) Tiocfaidh míreanna (d) agus (h) i bhfeidhm i gcás gach rialtais shínithigh amhail ó dháta a shínithe.
Alt 3.
Tionscnamh an Chiste.
(a) A thúisce a thiocfas an Comhaontú seo i bhfeidhm faoi Alt 1 den Airteagal seo, ceapfaidh gach comhalta rialtóir agus gairmfidh an comhalta is mó cuóta an chéad chruinniú den Bhord Rialtóirí.
(b) Ag an gcéad chruinniú den Bhord Rialtóirí déanfar comhshocraíochtaí chun stiúrthóirí feidhmiúcháin sealadacha a roghnú. Déanfaidh rialtais na gcúig tíortha dá bhfuil na cuótaí is mó leagtha amach i Sceideal A stiúrthóirí feidhmiúcháin sealadacha a cheapadh. Má bhíonn ceann nó níos mó de na rialtais sin gan bheith ina gcomhaltaí, fanfaidh na stiúrthóireachtaí feidhmiúcháin a mbeadh teideal acu iad a líonadh folamh go dtí go ndéanfaidh comhaltaí dhíobh, nó go dtí an 1 Eanáir, 1946, pé acu sin is túisce. Déanfar seachtar stiúrthóirí feidhmiúcháin sealadacha a thoghadh do réir forál Sceidil C agus fanfaid in oifig go dtí dáta an chéad toghcháin rialta do stiúrthóirí feidhmiúcháin agus cuirfear an toghchán sin ar siúl a luaithe is féidir tar éis an 1 Eanáir, 1946.
(c) Féadfaidh an Bord Rialtóirí aon chumhachta a tharmligean chun na stiúrthóirí feidhmiúcháin sealadacha ach amháin na cumhachta nach cead a tharmligean chun na Stiúrthóirí Feidhmiúcháin.
Alt 4.
Cinneadh tosaigh par-luach.
(a) Nuair a cheapfas an Ciste gur gearr go mbeidh sé ábalta ar thosnú ar idirbhearta iomlaoide, cuirfidh sé sin in iúl do na comhaltaí agus iarrfaidh sé ar gach comhalta tuairisc a thabhairt laistigh de thríocha lá faoi phar-luach a airgeadra do réir na rátaí iomlaoide a bhí ann ar an seascadú lá sara dtáinig an Comhaontú seo i bhfeidhm. Ní hiarrfar ar aon chomhalta a raibh a chríoch mhetrapolaiteach i seilbh namhad an tuairisc sin a thabhairt an fhad is láthair mhór-chogaíochta an chríoch sin nó go ceann pé tréimhse dá éis sin a chinnfeas an Ciste. Nuair a chuirfeas comhalta den tsórt sin par-luach a airgeadra in iúl beidh feidhm ag forála (d) thíos.
(b) Is é an par-luach a dhéanfas comhalta nach raibh a chríoch mhetrapolaiteach i seilbh namhad a chur in iúl par-luach airgeadra an chomhalta sin chun críocha an Chomhaontuithe seo mura dtarlaí, laistigh de nócha lá tar éis an t-iarratas a luaitear in (a) thuas d'fháil, (i) go dtabharfaidh an comhalta fógra don Chiste go measann sé nach par-luach sásúil é nó (ii) go dtabharfaidh an Ciste fógra don chomhalta nach dóigh leis gur féidir an par-luach a chothabháil gan é a bheith ar an gcomhalta sin nó ar chomhaltaí eile bheith ag baint oiread sin leasa as an gCiste go mba dhochar don Chiste agus do chomhaltaí é. Nuair a tabharfar fógra faoi (i) nó (ii) thuas, comhaontóidh an Ciste agus an comhalta, laistigh de thréimhse a chinnfeas an Ciste ag féachaint do na dála iomchuí go léir, ar phar-luach oiriúnach don airgeadra sin. Mura gcomhaontaí an Ciste agus an comhalta laistigh den tréimhse a cinnfear amhlaidh, measfar an comhalta a bheith éirithe as an gCiste an dáta a chríochnós an tréimhse.
(c) Nuair a bheas par-luach airgeadra chomhalta bunaithe faoi (b) thuas, trí imeacht nócha lá gan fógra, nó trí chomhaontú iar bhfógra, beidh an comhalta cáilithe chun airgeadraí chomhaltaí eile a cheannach ón gCiste a mhéid go huile a ceadaítear sa Chomhaontú seo, má bhíonn an Ciste tar éis tosnú ar idirbhearta iomlaoide.
(d) I gcás comhalta a raibh a chríoch mhetrapolaiteach i seilbh namhad, beidh feidhm ag forála (b) thuas, faoi réir na modhnuithe seo a leanas:
(i) Sínfear an tréimhse nócha lá chun go gcríochnóidh sí ar dháta a socrófar trí chomhaontú idir an Ciste agus an comhalta.
(ii) Laistigh den tréimhse sínte sin, féadfaidh an comhalta, má bhíonn tosnuithe ag an gCiste ar idirbhearta iomlaoide, airgeadraí chomhaltaí eile a cheannach ón gCiste ar a airgeadra féin, ach sin faoi réir pé coinníollacha agus pé suimeanna dhe a ordós an Ciste.
(iii) Aon tráth roimh an dáta a socrófar faoi (i) thuas, féadfar athruithe a dhéanamh, trí chomhaontú leis an gCiste, ar phar-luach a tuairiscíodh faoi (a) thuas.
(e) Má dhéanann comhalta a raibh a chríoch mhetrapolaiteach i seilbh namhad aonad nua airgeadaíochta a ghlacadh chuige roimh an dáta a bheas le socrú faoi (d) (i) thuas, cuirfear in iúl don Chiste an parluach a bheas an comhalta sin tar éis a shocrú don aonad nua agus beidh feidhm le forála (d) thuas.
(f) Ní déanfar athruithe ar phar-luacha ar a gcomhaontófar leis an gCiste faoin Alt seo a chur i gcuntas le linn a bheith á chinneadh cé acu faoi réim (i), (ii) nó (iii) d'Airteagal IV, Alt 5 (c) d'athrú a molfar a dhéanamh.
(g) Aon chomhalta a chuirfeas par-luach in iúl don Chiste i leith airgeadra a chríche metrapolaití, cuirfidh san am chéanna luach in iúl, i dtéarmaí an airgeadra sin, le haghaidh gach airgeadra ar leith, mar a bhfuil airgeadra den tsórt sin, sna críocha a mbeidh sé tar éis glacadh leis an gComhaontú seo ina leith faoi Alt 2 (g) den Airteagal seo, ach ní bheidh de cheangal ar aon chomhalta luach a chur in iúl le haghaidh airgeadra ar leith aon chríche a bhí i seilbh namhad an fhad is láthair mhór-chogaíochta an chríoch sin nó go ceann pé tréimhse dá éis sin a chinnfeas an Ciste. Déanfaidh an Ciste par-luach gach airgeadra ar leith a ríomh do réir an phar-luacha a cuirfear in iúl amhlaidh. Aon tuairisc nó fógra a bhéarfar don Chiste faoi (a), (b) nó (d) thuas maidir le par-luach airgeadra, measfar, mura luaitear a mhalairt, gur tuairisc nó fógra freisin é maidir le par-luach na n-airgeadraí ar leith uile dá dtagartar thuas. Féadfaidh aon chomhalta, áfach, tuairisc nó fógra a thabhairt nach mbainfidh ach leis an airgeadra metrapolaiteach nó le haon cheann áirithe de na hairgeadraí ar leith. Má dhéanann an comhalta amhlaidh, bainfidh forála na míreanna roimhe seo (ar a n-áirítear (d) thuas, má bhí críoch a bhfuil airgeadra ar leith ann i seilbh namhad) le gach ceann de na hairgeadraí sin ar leith.
(h) Tosnóidh an Ciste ar idirbhearta iomlaoide pé dáta a chinnfeas sé tar éis comhaltaí ag a mbeidh 65 faoin gcéad d'iomlán na gcuótaí atá leagtha amach i Sceideal A teacht chun bheith cáilithe, do réir na míreanna roimhe seo den Alt seo, chun airgeadraí comhaltaí eile a cheannach, ach in aon chás ní thosnóidh an Ciste amhlaidh nó go mbeidh deireadh leis an mór-chogaíocht san Eoraip.
(i) Féadfaidh an Ciste idirbhearta iomlaoide le haon chomhalta a chur siar más amhlaidh dá dhála gur dóigh leis an gCiste go dtiocfaidh de na hidirbhearta sin acmhainní an Chiste a bheith á n-úsáid ar neamhréir le cuspóirí an Chomhaontuithe seo nó chun dochair don Chiste nó do na comhaltaí.
(j) Is do réir forál Airteagail II, Alt 2, a cinnfear parluacha airgeadraí na rialtas a chuirfeas in iúl gur mian leo bheith ina gcomhaltaí tar éis an 31 Nollaig, 1945.
Arna dhéanamh i Washington in aon chóip amháin a fhanfas i dtaisce i gcairtlanna Rialtais Stát Aontaithe Mheiriceá a chuirfeas cóipeanna deimhnithe go dtí na rialtais uile a bhfuil a n-ainmneacha leagtha amach i Sceideal A agus go dtí na rialtais uile a gceadófar a gcomhaltas do réir Airteagail II, Alt 2.
Sceideal A. Cuótaí
(milliúin de dhollaerí Stát Aontaithe)
An Astráil.......... | 200 | An Iráic............ | 8 |
An Bheilg.......... | 225 | An Libéir.......... | ·5 |
An Bholaive........ | 10 | Lucsambúrg........ | 10 |
An Bhrasaíl........ | 150 | Meichiceo.......... | 90 |
Ceanada............ | 300 | An Isiltír.......... | 275 |
An tSile............ | 50 | An Nua-Shéalainn | 50 |
An tSín............ | 550 | Nicearagua........ | 2 |
Colóimbe.......... | 50 | An Ioruaidh........ | 50 |
Costa Rica.......... | 5 | Panama............ | ·5 |
Ciúba.............. | 50 | Paragua.......... | 2 |
An tSeicslóvaic...... | 125 | Peiriú............ | 25 |
An Danmhairg...... | An Comhfhlathas | ||
An Phoblacht | Filipeach........ | 15 | |
Doiminiceach.... | 5 | An Pholainn........ | 125 |
An tEacuadór...... | 5 | Aontas na hAfraice | |
An Eigipt.......... | 45 | Theas............ | 100 |
El Salvadór........ | 2·5 | Aontas na bPoblacht | |
An Eatóip.......... | 6 | Soivéideach | |
An Fhrainc........ | 450 | Sóis ialach............ | 1,200 |
An Ghréig.......... | 40 | An Ríocht Aontaithe | 1,300 |
Guatamála........ | 5 | Na Stáit Aontaithe.. | 2,750 |
Haití.............. | 5 | Urugua............ | 15 |
Hondúras.......... | 2·5 | Veiniséala.......... | 15 |
An Íoslainn........ | 1 | An Iúgslaiv........ | 60 |
An India.......... | 400 | _____ | |
An Iaráin.......... | 25 | An tIomlán.. | 8,800 |
Sceideal B. Forála i leith Comhalta d'Athcheannach Airgeadra Dá Chuid atá ag an gCiste
1. Nuair a beifear a chinneadh cá hoiread d'airgeadra chomhalta a hathcheannófar ón gCiste faoi Airteagal V, Alt 7 (b), le gach cineál cúltaca airgeadaíochta, is é sin, le hór agus le gach airgeadra comhshóiteach, beidh feidhm, faoi réir 2 thíos, ag an riail seo a leanas:
(a) Mura mbeidh cúltacaí airgeadaíochta an chomhalta tar éis méadú in imeacht na bliana, déanfar an méid is iníoctha leis an gCiste a roinnt ar na cineálacha uile cúltaca i gcoibhneas le sealúchais an chomhalta dhíobh i ndeireadh na bliana.
(b) Má bhíonn cúltacaí airgeadaíochta an chomhalta tar éis méadú in imeacht na bliana, déanfar cuid den méid is iníoctha leis an gCiste, is comhionann le leath an mhéaduithe, a roinnt ar na cineálacha cúltaca a mhéadaigh i gcoibhneas leis an oiread a mhéadaigh gach ceann acu. Déanfar an chuid eile den tsuim is iníoctha leis an gCiste a roinnt ar gach cineál cúltaca i gcoibhneas lena mbeidh fágtha den chéanna ag an gcomhalta.
(c) Más rud é, tar éis an t-athcheannach go léir a bheith déanta a ceanglaítear faoi Airteagal V, Alt 7 (b), go raghadh an toradh thar aon tórainn dá sonraítear in Airteagal V, Alt 7 (c), ceanglóidh an Ciste go ndéanfaidh na comhaltaí an t-athcheannach sin go cionúireach ar mhodh nach raghfar thar na tórainneacha.
2. Ní bhfaighidh an Ciste airgeadra aon neamhchomhalta faoi Airteagal V, Alt 7 (b) agus (c).
3. Nuair a beifear ag ríomh cúltacaí airgeadaíochta agus an mhéaduithe ar chúltacaí airgeadaíochta i gcaitheamh aon bhliana chun críche Airteagail V, Alt 7, (b) agus (c) ní háireofar, mura mbeidh asbhaintí déanta ar chuma eile ag an gcomhalta i leith na sealúchas sin, aon mhéadú ar na cúltacaí airgeadaíochta sin de dhroim airgeadra a bhí neamh-chomhshóiteach roimhe sin a theacht chun bheith comhshóiteach i rith na bliana; sealúchais is sochair iasachta fad-téarma nó meán-téarma a fuarthas i rith na bliana; nó sealúchais a haistríodh nó a cuireadh de leataobh chun iasacht d'aisíoc i rith na bliana dá éis.
4. I gcás comhaltaí a raibh a gcríocha metrapolaiteacha i seilbh namhad, ní déanfar, nuair a beifear ag ríomh a gcúltacaí airgeadaíochta nó méaduithe ar a gcúltacaí airgeadaíochta, aon ór d'áireamh a táirgeadh i gcéadóir, i rith na gcúig mblian tar éis an Comhaontú seo a theacht i bhfeidhm, as mianaigh ina gcríocha metrapolaiteacha.
Sceideal C. Stiúrthóirí Feidhmiúcháin a Thoghadh
1. Toghfar na stiúrthóirí feidhmiúcháin toghaí trí vótaí na rialtóirí atá cáilithe chun vótáil faoi Airteagal XII, Alt 3 (b) (iii) agus (iv).
2. Sa vótáil don chúigear stiúrthóirí atá le toghadh faoi Airteagal XII, Alt 3 (b) (iii), déanfaidh gach rialtóir atá cáilithe chun vótála na vótaí uile a bhfuil teideal aige chucu faoi Airteagal XII, Alt 5 (a) a chaitheamh d'aon duine amháin. Is iad an cúigear daoine is mó a gheobhas vótaí a bheas ina stiúrthóirí, ach ní measfar aon duine a bheith tofa a fuair níos lú ná 19 faoin gcéad den líon iomlán vótaí (vótaí cáilithe) is féidir a chaitheamh.
3. Nuair nach dtoghfar cúigear daoine den chéad vótáil, déanfar an dara vótáil agus ní bheidh an duine is lú a fuair vótaí cáilithe chun a thofa agus ní vótálfaidh ach (a) na rialtóirí a vótáil sa chéad vótáil do dhuine nár toghadh, agus (b) na rialtóirí a measfar faoi 4 thíos go ndearna na vótaí a chaitheadar do dhuine a toghadh na vótaí don duine sin a mhéadú thar 20 faoin gcéad de na vótaí cáilithe.
4. Nuair a beifear a chinneadh an measfar go bhfuil na vótaí a chaith rialtóir tar éis iomlán vótaí aon duine a mhéadú thar 20 faoin gcéad de na vótaí cáilithe, measfar go bhfolaíonn an 20 faoin gcéad, sa chéad áit, vótaí an rialtóra is mó a chaith vótaí don duine sin, ansin vótaí an rialtóra a chaith an dara méid is mó, agus mar sin de go sroichfear 20 faoin gcéad.
5. Aon rialtóir nach mór cuid dá vótaí a chomhaireamh chun iomlán vótaí aon duine a mhéadú thar 19 faoin gcéad, measfar gur chaith sé a vótaí uile don duine sin fiú má fhágann sin go raghaidh iomlán na vótaí don duine sin thar 20 faoin gcéad.
6. Mura mbeidh cúigear daoine tofa tar éis an dara vótáil, déanfar vótála eile do réir na bprionsabal céanna go dtí go mbeidh cúigear daoine tofa, ach, tar éis ceathrar daoine a bheith tofa, féadfar an cúigiú duine a thoghadh le gnáth-thromlach na vótaí a bheas fágtha agus measfar é bheith arna thoghadh leis na vótaí sin go léir.
7. Na stiúrthóirí a bheas le toghadh ag na Poblachtaí Meiriceánacha faoi Airteagal XII, Alt 3 (b) (iv), toghfar iad mar leanas:
(a) Déanfar gach stiúrthóir a thoghadh ar leithligh.
(b) Nuair a beifear ag toghadh an chéad stiúrthóra, déanfaidh gach stiúrthóir is ionadaí do Phoblacht Mheiriceánach a bheas cáilithe chun bheith páirteach sa toghchán na vótaí uile a bhfuil teideal aige chucu a chaitheamh do dhuine amháin. Beidh an duine is mó a gheobhas vótaí arna thoghadh má bhíonn sé tar éis 45 faoin gcéad ar a laghad de na vótaí uile d'fháil.
(c) Mura dtoghtar aon duine den chéad vótáil, déanfar vótála eile agus i ngach ceann acu ligfear ar lár an duine is lú a gheobhas vótaí, go dtí go bhfaighidh duine amháin uimhir vótaí is leor chun é thoghadh faoi (b) thuas.
(d) Rialtóirí ar chuidigh a vótaí le toghadh an chéad stiúrthóra, ní ghlacfaid aon pháirt i dtoghadh an dara stiúrthóra.
(e) Daoine nár éirigh leo sa chéad toghchán, ní bheid cáilithe chun a dtofa mar dhara stiúrthóir.
(f) Chun an dara stiúrthóir a thoghadh, teastóidh tromlach na vótaí is féidir a chaitheamh. Mura bhfaighe aon duine tromlach sa chéad vótáil déanfar vótála eile agus i ngach ceann díobh ligfear ar lár an duine is lú a gheobhas vótaí go dtí go bhfaighidh duine éigin tromlach.
(g) Measfar an dara stiúrthóir a bheith arna thoghadh leis na vótaí uile d'fhéadfaí a chaitheamh sa vótáil inar toghadh é.
Sceideal D. Socrú Cuntas le Comhaltaí a Eireos as an gCiste
1. Beidh d'oblagáid ar an gCiste suim is ionann agus cuóta an chomhalta sin d'íoc le haon chomhalta a éireos as, móide aon tsuimeanna eile a bheas dlite dhó ón gCiste, lúide aon tsuimeanna a bheas dlite don Chiste, ar a n-áirítear muirir a fhaibreos tar éis an dáta a éireos an comhalta sin as; ach ní déanfar aon íocaíocht go ceann sé mhí tar éis dáta an éirí-as. In airgeadra an chomhalta sin a éireos as a déanfar na híocaíochtaí.
2. Mura leor sealúchais an Chiste d'airgeadra an chomhalta a éireos as chun an glan-mhéid d'íoc a bheas dlite den Chiste, íocfar an iarmhéid in ór, nó ar pé cuma eile ar a gcomhaontófar. Mura ndéana an Ciste agus an comhalta a éireos as comhaontú laistigh de shé mhí ó dháta an éirí-as, déanfar an t-airgeadra sin a bheas ag an gCiste d'íoc láithreach leis an gcomhalta sin a éireos as. Déanfar aon iarmhéid a bheas dlite d'íoc ina dheich dtráthchoda leathbhliantúla i rith na gcúig mblian ina dhiaidh sin. Íocfar gach tráthchuid díobh sin, do réir mar is rogha leis an gCiste, in airgeadra de chuid an chomhalta a éireos as a gheofar tar éis dó éirí as nó trí ór a sheachadadh.
3. Má mhainníonn an Ciste aon tráthchuid d'íoc a bheas dlite do réir na míreanna sin roimhe seo beidh de theideal ag an gcomhalta a éireos as a cheangal ar an gCiste an tráthchuid d'íoc in aon airgeadra a bheas i seilbh an Chiste ach amháin aon airgeadra a mbeifear tar éis a dhearbhú faoi Airteagal VII, Alt 3 go bhfuil sé gann.
4. Más mó sealúchais an Chiste d'airgeadra chomhalta a éireos as ná an méid a bheas dlite dhó, agus mura gcomhaontaítear ar an modh socruithe cuntas laistigh de shé mhí ó dháta an éirí-as, beidh d'oblagáid ar an iarchomhalta an t-airgeadra breise sin d'fhuascailt in ór nó, más rogha leis, in airgeadraí chomhaltaí ar airgeadraí iad a bheas comhshóiteach tráth na fuascailte. Déanfar an fhuascailt do réir na parachta a bhí ann an tráth a héiríodh as an gCiste. Déanfaidh an comhalta a éireos as an fhuascailt a chríochnú laistigh de chúig bliana ó dháta an éirí-as, nó laistigh de pé tréimhse is sia ná sin a shocrós an Ciste, ach ní bheidh de cheangal air fuascailt a dhéanamh, in aon tréimhse leath-bhliana, ar níos mó ná an deichiú cuid de shealúchais bharrachais an Chiste dá airgeadra ar dháta an éirí-as móide fáltais bhreise den airgeadra i rith na tréimhse leath-bhliana sin. Mura ndéana an comhalta a éireos as an oblagáid sin a chomhlíonadh, féadfaidh an Ciste an méid airgeadra ba cheart d'fhuascailt a leachtú go hordúil ar aon mhargadh.
5. Aon chomhalta ar mian leis airgeadra le comhalta a bheas tar éis éirí as d'fháil gheobhaidh sé é trína cheannach ón gCiste, a oiread a bheas teacht ag an gcomhalta sin ar acmhainní an Chiste agus a oiread a bheas an t-airgeadra sin ar fáil faoi 4 thuas.
6. Ráthaíonn comhalta a éireos as cead úsáid gan srian a bhaint gach tráth as an airgeadra a déanfar a dhiúscairt faoi 4 agus 5 thuas chun earraí a cheannach nó chun suimeanna d'íoc a bheas dlite dhó nó do dhaoine ina chríocha. Cúiteoidh sé leis an gCiste aon chailliúint de dheasca na difríochta idir par-luach a airgeadra ar dháta an éirí-as agus an luach a fuair an Ciste trí dhiúscairt faoi 4 agus 5 thuas.
7. Má leachtaítear an Ciste faoi Alt XVI, Alt 2, laistigh de shé mhí ón dáta d'éirigh an comhalta as déanfar an cuntas idir an Ciste agus an rialtas sin a shocrú do réir Airteagail XVI, Alt 2, agus Sceidil E.
Sceideal E. Leachtú a Riaradh
1. Má déantar leachtú beidh tosaíocht ag dliteanais an Chiste seachas aisíoc ranníoc le linn sócmhainní an Chiste a bheith á n-imdháil. Chun gach dliteanas den tsórt sin a ghlanadh úsáidfidh an Ciste a shócmhainní san ord seo a leanas:
(a) an t-airgeadra inar iníoctha an dliteanas;
(b) ór;
(c) gach airgeadra eile i gcoibhneas, a oiread is féidir, le cuótaí na gcomhaltaí.
2. Tar éis dliteanais an Chiste a bheith glanta do réir 1 thuas, déanfar iarmhéid sócmhainní an Chiste d'imdháil agus a chionroinnt mar leanas:
(a) Déanfaidh an Ciste a shealúchais óir d'imdháil ar na comhaltaí ar lú ná a gcuótaí dá gcuid na méideanna dá airgeadraí atá i seilbh an Chiste. Gheobhaidh na comhaltaí sin a gcion den ór a himdháilfear amhlaidh i gcomhréir leis an méid a bheas a gcuótaí níos mó ná sealúchais an Chiste dá n-airgeadraí.
(b) Imdháilfidh an Ciste ar gach comhalta leath sealúchais an Chiste dá airgeadra, ach ní himdháilfear amhlaidh níos mó ná 50 faoin gcéad dá chuóta.
(c) Déanfaidh an Ciste a mbeidh fágtha aige dá shealúchais de gach airgeadra a chionroinnt ar na comhaltaí uile i gcoibhneas leis na suimeanna a bheas dlite do gach comhalta tar éis na n-imdhála faoi (a) agus (b) thuas.
3. Fuasclóidh gach comhalta na sealúchais dá airgeadra a cionroinnfear ar chomhaltaí eile faoi 2 (c) thuas, agus, laistigh de thrí mhí tar éis cinneadh ar leachtú, comhaontóidh sé leis an gCiste ar nós imeachta ordúil le haghaidh na fuascailte sin.
4. Má bhíonn comhalta gan comhaontú a dhéanamh leis an gCiste laistigh den tréimhse trí mhí dá dtagartar i 3 thuas, déanfaidh an Ciste na hairgeadraí le comhaltaí eile a cionroinneadh ar an gcomhalta sin faoi 2 (c) thuas d'úsáid chun an t-airgeadra leis an gcomhalta sin a cionroinneadh ar chomhaltaí eile d'fhuascailt. Déanfar gach airgeadra a cionroinneadh ar chomhalta nár chomhaontaigh fós d'úsáid, an oiread is féidir, chun an t-airgeadra dá chuid d'fhuascailt a cionroinneadh ar na comhaltaí a chomhaontaigh leis an gCiste faoi 3 thuas.
5. Má bhíonn comhalta tar éis comhaontú leis an gCiste do réir 3 thuas, déanfaidh an Ciste na hairgeadraí le comhaltaí eile a cionroinneadh ar an gcomhalta sin faoi 2 (c) thuas d'úsáid chun an t-airgeadra leis an gcomhalta sin a cionroinneadh ar chomhaltaí eile a chomhaontaigh leis an gCiste faoi 3 thuas d'fhuascailt. Gach suim a fuasclófar amhlaidh is in airgeadra an chomhalta ar ar cionroinneadh í a fuasclófar í.
6. Tar éis déanamh do réir na míreanna sin roimhe seo, íocfaidh an Ciste le gach comhalta na hairgeadraí a bheas fágtha ina sheilbh dá chuntas.
7. Déanfaidh gach comhalta a mbeifear tar éis airgeadra leis d'imdháil ar chomhaltaí eile faoi 6 thuas an t-airgeadra sin d'fhuascailt in ór nó, más rogha leis, in airgeadra an chomhalta a iarrfas fuascailt, nó i pé slí eile ar a gcomhaontóid. Mura gcomhaontaí na comhaltaí lena mbainfidh ar a mhalairt, déanfaidh an comhalta a mbeidh d'oblagáid air fuascailt an fhuascailt a chríochnú laistigh de chúig bliana ó dháta na himdhála ach ní bheidh de cheangal air fuascailt a dhéanamh, in aon tréimhse leath-bhliana, ar níos mó ná an deichiú cuid den méid a himdhláileadh ar gach comhalta eile. Mura ndéana an comhalta an oblagáid sin a chomhlíonadh, féadfar an méid airgeadra ba cheart d'fhuascailt a leachtú go hordúil ar aon mhargadh.
8. Gach comhalta a mbeifear tar éis a airgeadra d'imdháil ar chomhaltaí eile faoi 6 thuas, ráthaíonn sé cead úsáid gan srian a bhaint gach tráth as an airgeadra sin chun earraí a cheannach nó chun suimeanna d'íoc a bheas dlite dhó nó do dhaoine ina chríocha. Comhaontaíonn gach comhalta ar a mbeidh an oblagáid sin cúiteamh a thabhairt do chomhaltaí eile in aon chailliúint de dheasca na difríochta idir par-luach a airgeadra ar an dáta a cinneadh an Ciste a leachtú agus an luach a fuair na comhaltaí sin ar a airgeadra a dhiúscairt.
CUID II.
AIRTEAGAIL CHOMHAONTUITHE AN BHAINC IDIR-NAISIUNTA LE hAGHAIDH ATHINMHITHE AGUS FORBAIRTE
Na Rialtais a bhfuil an Comhaontú seo sínithe thar a gceann comhaontaíd mar leanas:
Airteagal Réamhráiteach
Tá an Banc Idirnáisiúnta le haghaidh Athinmhithe agus Forbairte arna bhunú agus oibreoidh sé do réir na bhforál seo a leanas:
Airteagal I. Cuspóirí
Is iad cuspóirí an Bhainc:
(i) Cabhrú le comhaltaí chun a gcríocha d'athinmhiú agus d'fhorbairt trína chur in usacht infheistiú caipitil a dhéanamh le haghaidh táirgthe, lena n-áirítear athchóiriú geilleagar a díthíodh nó a ró-bhriseadh de bharr cogaidh, saoráidí táirgthe d'athchur in oiriúint do riachtanais na síochána agus treisiú le forbairt saoráidí agus acmhainní táirgthe i dtíortha atá ar bheagán forbairte.
(ii) Treisiú le hinfheistíocht phríobháideach ón gcoigrích trí ráthaíochtaí nó trí bheith páirteach in iasachtaí agus infheistíochtaí eile ó infheisteoirí príobháideacha; agus, nuair nach mbeidh caipiteal príobháideach ar fáil ar théarmaí réasúnacha, cur leis an infheistíocht phríobháideach trí airgead a sholáthar, ar choinníollacha oiriúnacha, le haghaidh táirgthe, as a chaipiteal féin, as cistí a chruinnigh sé agus as a chuid acmhainní eile.
(iii) Treisiú le fás cothromúil fad-tréimhseach na trádála idirnáisiúnta agus cothabháil na cothroime i gcomharduithe íocaíochtaí trí infheistíocht idirnáisiúnta a spreagadh d'fhonn acmhainn táirgthe na gcomhaltaí d'fhorbairt agus a bheith cúntach ar an gcuma sin ag méadú táirgeachta agus ag ardú an chaighdeáin mhaireachtana agus na gcoinníollacha saothair ina gcríocha.
(iv) Na hiasachtaí a thug nó a ráthaigh sé i leith iasachtaí idirnáisiúnta ar bhealaí eile a shocrú i slí gur leis na bearta is tairbhí agus is práinní, mór agus beag mar a chéile, a déileálfar ar dtús.
(v) Aird chuí a bheith aige, ag seoladh a oibríochtaí dhó, ar thionchur infheistíochta idirnáisiúnta ar choinníollacha gnótha i gcríocha comhaltaí agus, sna blianta díreach tar éis an chogaidh, cabhrú le athrú réidh a dhéanamh ó gheilleagar cogaidh go geilleagar síochána.
Beidh na cuspóirí atá leagtha amach thuas mar threoir ag an mBanc i ngach cinneadh a dhéanfas sé.
Airteagal II. Comhaltas sa Bhanc agus Caipiteal an Bhainc
Alt 1.
Comhaltas.
(a) Is iad comhaltaí bunaidh an Bhainc na comhaltaí sin den Chiste Airgeadaíochta Idirnáisiúnta a ghlacfas comhaltas sa Bhanc roimh an dáta a sonraítear in Airteagal XI, Alt 2 (e).
(b) Beidh comhaltas ar fáil ag comhaltaí eile den Chiste pé trátha agus do réir pé téarmaí a ordós an Banc.
Alt 2.
Caipiteal Udaraithe.
(a) Is é stoc caipitil údaraithe an Bhainc $10,000,000,000 i dtéarmaí dollaerí na Stát Aontaithe den mheáchain agus den ghlaine a bhí i bhfeidhm an 1 Iúil, 1944. Roinnfear an stoc caipitil ina 100,000 scair ar $100,000 par-luach gach scaire acu agus is ag comhaltaí amháin a bheid ar fáil le suibscríobh.
(b) Féadfar an stoc caipitil a mhéadú, nuair is cuí leis an mBanc é, le tromlach trí ceathrúna na cumhachta iomláine vótála.
Alt 3.
Suibscríobh scaireanna.
(a) Suibscríofaidh gach comhalta scaireanna de stoc caipitil an Bhainc. Is é an méid íosta scaireanna a bheas le suibscríobh ag na comhaltaí bunaidh an méid atá leagtha amach i Sceideal A. Cinnfidh an Banc an méid scaireanna a bheas le suibscríobh ag comhaltaí eile agus cuirfidh sé cuid leordhóthaineach dá stoc caipitil in áirithe chun a shuibscríofa ag na comhaltaí sin.
(b) Ordóidh an Banc rialacha a leagfas síos na coinníollacha faoina bhféadfaidh comhaltaí scaireanna de stoc caipitil údaraithe an Bhainc a shuibscríobh i dteannta a gcuid suibscríobh íosta.
(c) Má méadaítear stoc caipitil údaraithe an Bhainc, beidh caoi réasúnach ag gach comhalta, faoi pé coinníollacha a chinnfeas an Banc, chun suibscríobh a dhéanamh ar chion den mhéadú stoic is ionann agus an cothrom idir an stoc a shuibscríobh sé go dtí sin agus stoc caipitil iomlán an Bhainc, ach ní bheidh d'oblagáid ar aon chomhalta aon chuid den chaipiteal méadaithe a shuibscríobh.
Alt 4.
Praghas Eisiúna scaireanna.
Eiseofar ar par na scaireanna a bheas ar áireamh suibscríobh íosta comhaltaí bunaidh. Eiseofar scaireanna eile ar par mura gcinne an Banc le tromlach na cumhachta iomláine vótála, in imthosca speisialta, iad d'eisiúint ar théarmaí eile.
Alt 5.
Roinnt agus glaoch caipitil shuibscríofa.
Déanfar suibscríobh gach comhalta a roinnt ina dhá chuid mar leanas:
(i) íocfar 20 faoin gcéad nó beidh an méid sin faoi réir a ghlaoite faoi Alt 7 (i) den Airteagal seo do réir mar theastós sé ón mBanc le haghaidh a chuid oibríochtaí;
(ii) ní bheidh an 80 faoin gcéad eile faoi réir a ghlaoite ag an mBanc ach amháin nuair a bheas sé ag teastáil faoi chomhair oblagáidí a cuireadh ar an mBanc faoi Airteagal IV, Ailt 1 (a) (ii) agus (iii).
Na glaonna a déanfar ar shuibscríobhanna neamhíoctha déanfar go comhréireach iad ar na scaireanna go léir.
Alt 6.
Tórainn le dliteanas.
Is é an dliteanas a bheas ag gabháil le scaireanna an dliteanas a bheas ag gabháil leis an gcuid neamhíoctha de phraghas eisiúna na scaireanna.
Alt 7.
Modh íoctha suibscríobh le haghaidh scaireanna.
Déanfar suibscríobhanna le haghaidh scaireanna d'íoc in ór nó i ndollaerí na Stát Aontaithe agus in airgeadraí na gcomhaltaí mar leanas:
(i) faoi Alt 5 (i) den Airteagal seo, beidh 2 faoin gcéad de phraghas gach scaire iníoctha in ór nó i ndollaerí na Stát Aontaithe, agus, nuair a déanfar glaonna, déanfar an 18 faoin gcéad a bheas fágtha d'íoc in airgeadra an chomhalta;
(ii) nuair a déanfar glao faoi Alt 5 (ii) den Airteagal seo, féadfar an íocaíocht a dhéanamh, do réir mar is rogha leis an gcomhalta, in ór, i ndollaerí na Stát Aontaithe nó san airgeadra is gá chun íoc as na hoblagáidí sin de chuid an Bhainc ar ina leith a rinneadh an glao;
(iii) nuair a dhéanfas comhalta íocaíochtaí in aon airgeadra faoi (i) agus (ii) thuas, is é méid a bheas i ngach íocaíocht acu sin méid is comhionann luach le dliteanas an chomhalta faoin nglao. Is é a bheas sa dliteanas sin cuid chomhréire de stoc caipitil suibscríofa an Bhainc mar a húdaraítear agus a mínítear in Alt 2 den Airteagal seo.
Alt 8.
An tráth a híocfar suibscríobhanna.
(a) An 2 faoin gcéad is iníoctha ar gach scair in ór nó i ndollaerí na Stát Aontaithe faoi Alt 7 (i) den Airteagal seo, íocfar é laistigh de sheasca lá ón dáta a thosnós an Banc ar oibríochtaí, ach
(i) aon chomhalta bunaidh den Bhanc ar fhulaing a chríoch mhetrapolaiteach de dheasca seilbh namhad nó cogaíochta le linn an chogaidh seo deonfar de cheart dó íoc ½ faoin gcéad a chur siar cúig bliana ón dáta sin;
(ii) comhalta bunaidh nach dtig leis an íocaíocht sin a dhéanamh toisc gan athsheilbh a bheith faighte aige ar a chúltacaí óir, atá fós faoi urghabháil nó ar neamhfheidhm de dheasca an chogaidh, féadfaidh sé gach íoc a chur siar go dtí pé dáta a chinnfeas an Banc.
(b) Déanfar iarmhéid luach gach scaire is iníoctha faoi Alt 7 (i) den Airteagal seo d'íoc mar ghlaofas agus nuair a ghlaofas an Banc, ar choinníoll
(i) go nglaofaidh an Banc, laistigh de bhliain tar éis dó tosnú ar oibríochtaí, 8 faoin gcéad ar a laghad de phraghas na scaire maraon leis an 2 faoin gcéad d'íocaíocht dá dtagartar in (a) thuas;
(ii) nach nglaofar níos mó ná 5 faoin gcéad de phraghas na scaire in aon tréimhse trí mhí.
Alt 9.
Luach sealúchas áirithe airgeadra leis an mBanc a chothabháil.
(a) Aon uair (i) a laghdófar par-luach airgeadra chomhalta, nó (ii) a bheas luach iomlaoide coigríche airgeadra chomhalta íslithe go mór, i dtuairim an Bhainc, laistigh de chríocha an chomhalta sin, íocfaidh an comhalta sin leis an mBanc, laistigh d'am réasúnach, pé suim bhreise dá airgeadra féin is leor chun a luach, mar bhí tráth an chéad shuibscríofa, a chothabháil sa mhéid d'airgeadra an chomhalta sin a bheas ag an mBanc agus a tháinig ó airgeadra d'íoc an comhalta isteach sa Bhanc i gcéadóir faoi Airteagal II, Alt 7 (i), ó airgeadra dá dtagartar in Airteagal IV, Alt 2 (b), nó ó aon airgeadra breise a cuireadh ar fáil faoi fhorála na míre seo agus nach mbeidh an comhalta tar éis é d'athcheannach ar ór nó ar airgeadra aon chomhalta is inghlactha ag an mBanc.
(b) Aon uair a méadófar par-luach airgeadra chomhalta, bhéarfaidh an Banc ar ais don chomhalta sin, laistigh d'am réasúnach, méid d'airgeadra an chomhalta sin is comhionann leis an méadú i luach an mhéid den airgeadra sin a tuairiscítear in (a) thuas.
(c) Féadfaidh an Banc forála na míreanna sin roimhe seo a tharscaoileadh nuair a dhéanfas an Ciste Airgeadaíochta Idirnáisiúnta athrú cothrom comhréire i bpar-luacha airgeadraí a chomhaltaí uile.
Alt 10.
Srian le scaireanna a dhiúscairt.
Ní cuirfear scaireanna i ngeall ná faoi eire i slí ar bith, agus is chun an Bhainc amháin a bheid inaistrithe.
Airteagal III. Forála Ginearálta Maidir le hIasachtaí agus Ráthaíochtaí
Alt 1.
Usáid Acmhainní.
(a) Ní húsáidfear acmhainní agus saoráidí an Bhainc ach ar mhaithe leis na comhaltaí agus cuirfear i gcrích go cóir cothrom iad idir thionscadail forbairte agus tionscadail athinmhithe.
(b) D'fhonn gur fusa athbhunú agus athinmhiú a dhéanamh ar gheilleagar chomhaltaí a ndearnadh léirscrios ar a gcríocha metrapolaiteacha de dheasca seilbh namhad nó cogaíochta, féachfaidh an Banc go speisialta, agus é ag cinneadh coinníollacha agus téarmaí na n-iasachtaí a bhéarfar do na comhaltaí sin, don dliteanas airgid d'éatromú agus do luathú le críochnú an athbhunuithe agus an athinmhithe sin.
Alt 2.
Déileála idir na comhaltaí agus an Banc.
Ní dhéileálfaidh aon chomhalta leis an mBanc trína Stát-Chiste, trína bhanc ceannais, trína chiste cobhsaíochta, ná trí ghníomhaireacht fioscach eile dá shamhail de chuid an chomhalta, agus is tríd na gníomhaireachtaí sin amháin a dhéileálfas an Banc leis na comhaltaí.
Alt 3.
Tórainneacha le ráthaíochtaí an Bhainc agus leis na hiasachtaí a thógfas sé.
Ní déanfar an méid iomlán a bheas amuigh de ráthaíochta, páirtíocht in iasachtaí, agus iasachtaí díreacha ón mBanc a mhéadú tráth ar bith dá dtiocfadh de na méaduithe sin go mba mhó an t-iomlán ná 100 faoin gcéad dá mbeidh slán de chaipiteal suibscríofa, de chúltacaí agus de bharrachas an Bhainc.
Alt 4.
Na coinníollacha ar a bhféadfaidh an Banc iasachtaí a ráthú nó a thabhairt.
Féadfaidh an Banc iasachtaí a ráthú, nó bheith páirteach in iasachtaí a bhéarfar nó iasachtaí a thabhairt, d'aon chomhalta nó d'aon fho-roinn pholaiticiúil de agus d'aon ghnó, gnóthas tionscail agus gnóthas talmhaíochta i gcríocha chomhalta faoi réir na gcoinníollacha seo a leanas:
(i) Murab é an comhalta ar ina chríocha atá an tionscadal an t-iasachtaí, go ndéanfaidh an comhalta nó an banc ceannais nó gníomhaireacht éigin dá shórt leis an gcomhalta, lena nglacfaidh an Banc, lán-ráthú ar aisíoc príomhshuime agus ar íoc úis agus muirear eile na hiasachta.
(ii) Nuair is deimhin leis an mBanc, i bhfianaise dála an mhargaidh san am, nach bhféadfadh an t-iasachtaí an iasacht d'fháil ar aon chuma eile faoi choinníollacha is dóigh leis an mBanc a bheith réasúnach i gcás an iasachtaí sin.
(iii) Go mbeidh coiste inniúil, mar foráltar dó sin in Airteagal V, Alt 7, tar éis tuarascáil scríofa ag moladh an tionscadail a thabhairt tar éis buanna an togra a scrúdú go cúramach.
(iv) Go bhfuil, dar leis an mBanc, an ráta úis agus na muirir eile réasúnach agus go bhfuil an ráta agus na muirir sin, agus an sceideal le haghaidh aisíoc na príomhshuime iomchuí maidir leis an tionscadal.
(v) Le linn dó iasacht a thabhairt nó a ráthú, go gcuirfidh an Banc go cuí san áireamh a dhóichí go mbeidh sé ar chumas an iasachtaí, agus, muran comhalta an t-iasachtaí, go mbeidh ar chumas an ráthóra, freastal dá oblagáidí faoin iasacht; agus gníomhóidh an Banc go críonna ar mhaithe leis an gcomhalta áirithe ar ina chríocha don tionscadal agus ar mhaithe leis na comhaltaí uile le chéile.
(vi) Le linn dó iasacht ó infheisteoirí eile a ráthú, go bhfaighidh an Banc cúiteamh oiriúnach i leith a fhiontair.
(vii) Ach amháin in imthosca speisialta, is le haghaidh tionscadal sonrach athinmhithe agus forbairte na hiasachtaí a bhéarfas nó a ráthós an Banc.
Alt 5.
U sáid iasachtaí a ráthaigh an Banc, a raibh sé páirteach iontu, nó a thug sé.
(a) Ní fhorchuirfidh an Banc aon choinníollacha gur i gcríocha aon chomhalta áirithe nó aon chomhaltaí áirithe a caithfear fáltas as iasacht.
(b) Déanfaidh an Banc comhshocraíochtaí á chinntiú nach n-úsáidfear an fáltas as aon iasacht ach amháin chun na gcríocha chun ar deonadh an iasacht, agus bhéarfar aird chuí ar a mbaineann le tíobhas agus éifeachtúlacht, gan aon aird a thabhairt ar thionchair nó dála polaitíochta nach den gheilleagar iad.
(c) I gcás iasacht a bhéarfas an Banc, osclóidh sé cuntas in ainm an iasachtaí agus cuirfear méid na hiasachta chun creidiúna an chuntais sin san airgeadra nó sna hairgeadraí ina ndéanfar an iasacht. Ní cheadóidh an Banc don iasachtaí tarraingt as an gcuntas sin ach amháin faoi chomhair costais i leith an tionscadail do réir mar bheas an costas sin le híoc.
Airteagal IV. Oibríochtaí
Alt 1.
Modhanna chun iasachtaí a thabhairt nó d'éascú.
(a) Féadfaidh an Banc iasachtaí a bheas do réir coinníollacha ginearálta Airteagail III a thabhairt nó d'éascú in aon tslí acu seo a leanas:
(i) Trí iasachtaí nó trí bheith páirteach in iasachtaí, díreach as a chuid airgid féin, ar comhréir lena chaipiteal íoctha agus a bharrachas slán agus, faoi réir Ailt 6 den Airteagal, lena chúltacaí.
(ii) Trí iasachtaí a thabhairt, nó trí bheith páirteach in iasachtaí, díreach as airgead a cruinníodh i margadh chomhalta, nó a thóg an Banc ar iasacht ar chuma eile.
(iii) Trí iasachtaí a bhéarfas infheisteoirí príobháideacha, ar na gnáth-bhealaí infheistíochta, a ráthú go hiomlán nó go páirteach.
(b) Ní fhéadfaidh an Banc airgead d'fháil ar iasacht faoi (a) (ii) thuas ná iasachtaí a ráthú faoi (a) (iii) thuas ach amháin le ceadú an chomhalta ar ina mhargaí a cruinneofar an t-airgead agus le ceadú an chomhalta ar ina chuid airgeadra a hainmneofar an iasacht, agus sin ar choinníoll go n-aontóidh na comhaltaí sin go bhféadfar an fáltas a mhalairtiú gan srian ar airgeadra aon chomhalta eile.
Alt 2.
Airgeadraí a bheith ar fáil agus a bheith inaistrithe.
(a) Airgeadraí a híocfar isteach sa Bhanc faoi Airteagal II, Alt 7 (i), ní tabharfar ar iasacht iad ach le ceadú, i ngach cás, an chomhalta arb é a chuid airgeadra a bheas i gceist; ach, tar éis caipiteal suibscríofa go léir an Bhainc a bheith glaoite, go ndéanfar, más gá sin, na hairgeadraí sin, gan cead a srianta ag na comhaltaí arb iad a n-airgeadraí a bheas á dtairiscint, d'úsáid nó a mhalairtiú ar na hairgeadraí a bheas ag teastáil faoi chomhair ús-íocaíochtaí conartha, muirear eile, nó amúchta ar iasachtaí airgid a fuair an Banc féin, nó faoi chomhair dliteanas an Bhanc i leith na n-íocaíochtaí conartha sin ar iasachtaí a ráthaigh an Banc.
(b) Airgeadraí a gheobhas an Banc ó iasachtaithe nó ráthóirí mar íocaíocht ar cuntas príomhshuime iasachtaí díreacha a rinneadh le hairgeadraí dá dtagartar in (a) thuas, ní malairteofar iad ar airgeadraí chomhaltaí eile ná ní hatabharfar ar iasacht iad ach le ceadú, i ngach cás, na gcomhaltaí arb iad a gcuid airgeadraí a bheas i gceist; ach, tar éis caipiteal suibscríofa go léir an Bhainc a bheith glaoite, go ndéanfar, más gá sin, na hairgeadraí sin, gan cead a srianta ag na comhaltaí arb iad a n-airgeadraí a bheas á dtairiscint, d'úsáid nó a mhalairtiú ar na hairgeadraí a bheas ag teastáil faoi chomhair úsíocaíochtaí conartha, muirear eile, nó amúchta ar iasachtaí airgid a fuair an Banc féin, nó faoi chomhair dliteanas an Bhainc i leith na n-íocaíochtaí conartha sin ar iasachtaí a ráthaigh an Banc.
(c) Airgeadraí a gheobhas an Banc ó iasachtaithe nó ráthóirí mar íocaíocht ar cuntas príomhshuime iasachtaí díreacha a thug an Banc faoi Alt (1) (a) (ii) den Airteagal seo, coinneofar iad agus úsáidfear iad, gan cead a srianta ag na comhaltaí, chun íocaíochta amúchta a dhéanamh nó chun oblagáidí uile an Bhainc féin nó aon chuid díobh d'íoc nó d'athcheannach.
(d) Na hairgeadraí uile eile a bheas ar fáil ag an mBanc, ar a n-áirítear airgeadraí a cruinneofar ar an margadh nó airgeadraí a gheofar ar iasacht ar chuma eile faoi Alt 1 (a) (ii) den Airteagal seo, airgeadraí a gheofar trí ór a dhíol, airgeadraí a gheofar mar íocaíochtaí úis agus muirear eile i leith iasachtaí díreacha a tugadh faoi Ailt 1 (a) (i) agus (ii), agus airgeadraí a gheofar mar íocaíochtaí coimisiúin agus muirear eile faoi Alt 1 (a) (iii), úsáidfear iad nó malairteofar iad ar airgeadraí eile nó ar ór a theastós in oibríochtaí an Bhainc gan cead a srianta ag na comhaltaí arb iad a n-airgeadraí a bheas i gceist.
(e) Airgeadraí a cruinneofar i margaí comhaltaí ag iasachtaithe ar iasachtaí a ráthós an Banc faoi Alt (1) (a) (iii) den Airteagal seo, déanfar iad sin freisin d'úsáid nó a mhalairtiú ar airgeadraí eile gan cead a srianta ag na comhaltaí sin.
Alt 3.
Airgeadraí a sholáthar le haghaidh iasachtaí díreacha.
Bainfidh na forála seo a leanas le hiasachtaí díreacha faoi Ailt 1 (a) (i) agus (ii) den Airteagal seo:
(a) Bhéarfaidh an Banc don iasachtaí pé airgeadraí de chuid comhaltaí, seachas an comhalta ar ina chríocha atá an tionscadal, a bheas ag teastáil ón iasachtaí le haghaidh caiteachais faoina raghfar i gcríocha na gcomhaltaí eile sin chun cuspóirí na hiasachta a chur i gcrích.
(b) In imthosca neamhghnáthacha nuair nach féidir leis an iasachtaí airgeadra áitiúil a bheas ag teastáil chun críocha na hiasachta a chruinniú ar théarmaí réasúnacha, féadfaidh an Banc méid iomchuí den airgeadra sin a thabhairt don iasachtaí mar chuid den iasacht.
(c) Má thagann go neamhdhíreach den tionscadal go mbeidh breis iomlaoide coigríche ag teastáil ón gcomhalta ar ina chríocha atá an tionscadal, féadfaidh an Banc, in imthosca neamhghnáthacha, méid iomchuí óir nó iomlaoide coigríche nach mó ná caiteachas áitiúil an iasachtaí i ndáil le críocha na hiasachta a thabhairt don iasachtaí mar chuid den iasacht.
(d) In imthosca neamhghnáthacha, féadfaidh an Banc, ar iarratas ó chomhalta a gcaithfear cuid den iasacht ina chríocha, cuid d'airgeadra an chomhalta sin a caithfear amhlaidh d'athcheannach le hór nó le hiomlaoid choigríche, ach in aon chás ní mó an chuid a hathcheannófar amhlaidh ná an méid bhreise d'iomlaoid choigríche a bheas ag teastáil de thoradh an iasacht a chaitheamh sna críocha sin.
Alt 4.
Forála faoi íocaíocht i gcás iasachtaí díreacha.
Na conarthaí iasachta faoi Alt 1 (a) (i) nó (ii) den Airteagal seo is do réir na gcoinníollacha íocaíochta seo a leanas a déanfar iad:
(a) Cinnfidh an Banc téarmaí agus coinníollacha na n-íocaíochtaí úis agus amúchta agus dátaí aibeachain agus íoctha gach iasachta. Cinnfidh an Banc freisin ráta agus aon téarmaí agus aon choinníollacha eile coimisiúin a muirearófar i leith na hiasachta sin.
I gcás iasachtaí a déanfar faoi Alt 1 (a) (ii) den Airteagal seo i rith na ndeich mblian tosaigh d'oibríochtaí an Bhainc, ní bheidh an ráta coimisiúin sin níos lú ná l faoin gcéad sa bhliain ná níos mó ná ½ faoin gcéad sa bhliain, agus muirearófar é ar an gcuid d'aon iasacht den tsórt sin a bheas gan aisíoc. I ndeireadh na tréimhse deich mblian sin, féadfaidh an Banc an ráta coimisiúin a laghdú i leith na gcoda gan aisíoc d'iasachtaí a bheas tugtha cheana féin agus i leith iasachtaí a bhéarfar dá éis sin, má mheasann an Banc go bhfuil an oiread sin cúltacaí bailithe aige faoi Alt 6 den Airteagal seo agus as tuillteanais eile agus a bhéarfadh go mba ní ceart é dá ndéantaí laghdú. I gcás iasachtaí a bhéarfar dá éis sin, beidh de roghain freisin ag an mBanc an ráta coimisiúin a mhéadú thar an tórainn sin thuas, más léir ó chúrsaí gur inmholta méadú a dhéanamh.
(b) Sonróidh gach conradh an t-airgeadra nó na hairgeadraí ina ndéanfar íocaíochtaí faoin gconradh leis an mBanc. Más rogha leis an iasachtaí é, áfach, féadfar na híocaíochtaí sin a dhéanamh in ór, nó, faoi réir an Bhainc aontú leis, in airgeadra chomhalta seachas an comhalta a bheas ordaithe sa chonradh.
(i) I gcás iasachtaí faoi Alt 1 (a) (i) den Airteagal seo, forálfaidh na conarthaí iasachta gur san airgeadra a tugadh an iasacht a déanfar ús, muirir eile agus amúchadh d'íoc leis an mBanc, mura dtoileoidh an comhalta arb é a airgeadra a tugadh ar iasacht go ndéanfar na híocaíochtaí sin in airgeadra nó airgeadraí sonraithe éigin eile. Faoi réir fóral Airteagail II, Alt 9 (c), beidh na híocaíochtaí sin comhionann le luach na n-íocaíochtaí conartha an tráth a tugadh na hiasachtaí, i dtéarmaí airgeadra a shonrós an Banc chun na críche le tromlach trí ceathrúna na cumhachta iomláine vótála.
(ii) I gcás iasachtaí a bhéarfar faoi Alt 1 (a) (ii) den Airteagal seo, ní cead aon tráth an méid iomlán a bheas gan íoc agus a bheas iníoctha leis an mBanc in aon airgeadra áirithe a bheith níos mó ná méid iomlán neamh-aisíoctha na n-iasachtaí a bheas faighte ag an mBanc faoi Alt 1 (a) (ii) agus is iníoctha san airgeadra céanna.
(c) Má bhíonn géar-ghanntanas iomlaoide ar chomhalta i gcaoi nach féidir seirbhís aon iasachta a chonraigh an comhalta sin, nó a ráthaigh sé féin nó ceann dá ghníomhaireachtaí, a chur ar fáil sa tslí a sonraítear, féadfaidh an comhalta a bheas i gceist a iarraidh ar an mBanc na coinníollacha íocaíochta a bhogadh. Más deimhin leis an mBanc go raghadh bogadh éigin chun leasa don chomhalta áirithe sin agus d'oibríochtaí an Bhainc agus dá chomhaltaí le chéile, féadfaidh sé beart a dhéanamh faoi cheachtar mír nó faoin dá mhír acu seo a leanas i leith na seirbhíse bliantúla go léir nó i leith coda dhi:
(i) Féadfaidh an Banc, más rogha leis, comhshocraíochtaí a dhéanamh leis an gcomhalta a bheas i gceist chun íocaíochtaí seirbhíse ar an iasacht a ghlacadh in airgeadra an chomhalta go ceann tréimhsí nach sia ná trí bliana ar choinníollacha iomchuí maidir leis an airgeadra sin d'úsáid agus a luach iomlaoide coigríche a chothabháil; agus chun an t-airgeadra sin d'athcheannach ar théarmaí iomchuí.
(ii) Féadfaidh an Banc na téarmaí amúchta a mhodhnú nó ré na hiasachta d'fhaidiú nó an dá ní sin a dhéanamh.
Alt 5.
Ráthaíochtaí.
(a) Le linn dó ráthú a dhéanamh ar iasacht a cuirfear i gcrích trí na gnáth-bhealaí infheistíochta, déanfaidh an Banc coimisiúin ráthaíochta a bheas iníoctha go tréimhsiúil ar an méid den iasacht a bheas gan aisíoc a mhuirearú do réir ráta a chinnfeas an Banc. I rith na ndeich mblian tosaigh d'oibríochtaí an Bhainc ní bheidh an ráta sin níos lú ná l faoin gcéad sa bhliain ná níos mó ná 1½ faoin gcéad sa bhliain. I ndeireadh na tréimhse deich mblian sin, féadfaidh an Banc an ráta coimisiúin a laghdú i leith na gcoda gan aisíoc d'iasachtaí a bheas ráthaithe cheana féin agus i leith iasachtaí a bhéarfar dá éis sin, má mheasann an Banc go bhfuil an oiread sin cúltacaí bailithe aige faoi Alt 6 den Airteagal seo agus as tuillteanais eile agus a bhéarfadh go mba ní ceart é dá ndéantaí laghdú. I gcás iasachtaí a bhéarfar dá éis sin, beidh de roghain freisin ag an mBanc an ráta coimisiúin a mhéadú thar an tórainn sin thuas, más léir ó chúrsaí gur inmholta méadú a dhéanamh.
(b) Íocfaidh an t-iasachtaí coimisiúin ráthaíochta go díreach leis an mBanc.
(c) Sna ráthaíochtaí a bhéarfas an Banc forálfar go bhféadfaidh an Banc deireadh a chur lena dhliteanas i leith úis más rud é, má mhainníonn an t-iasachtaí agus an ráthóir, más ann, go dtairgfidh an Banc na bannaí nó na hoblagáidí ráthaithe eile a cheannach ar par maraon leis an ús a bheas faibhrithe go dtí dáta a luafar sa tairiscint.
(d) Beidh cumhacht ag an mBanc aon téarmaí agus coinníollacha eile a bheas sa ráthaíocht a chinneadh.
Alt 6.
Cúltaca speisialta.
Déanfar méid na gcoimisiún a gheobhas an Banc faoi Ailt 4 agus 5 den Airteagal seo a chur i leataobh mar chúltaca speisialta a coimeádfar ar fáil faoi chomhair dliteanas de chuid an Bhainc do réir Ailt 7 den Airteagal seo. Coinneofar an cúltaca speisialta i pé foirm leachtach, a ceadaítear faoin gComhaontú seo, a chinnfeas na Stiúrthóirí Feidhmiúcháin.
Alt 7.
Modhanna chun dliteanais an Bhainc a ghlanadh i gcás mainneachtana.
I gcásanna mainneachtana maidir le hiasachtaí a thug an Banc, a raibh sé páirteach iontu nó a ráthaigh sé:
(a) Déanfaidh an Banc pé comhshocraíochtaí is féidir leis chun na hoblágaidí faoi na hiasachtaí a choigeartú, ar a n-áirítear comhshocraíochtaí faoi Alt 4 (c) den Airteagal seo nó comhshocraíochtaí ar comhréir leo.
(b) Na híocaíochtaí do ghlanadh dliteanas an Bhainc i leith iasachtaí nó ráthaíochtaí faoi Alt 1 (a) (ii) agus (iii) den Airteagal seo, muirearófar iad:
(i) ar dtús, i gcoinne an chúltaca speisialta a foráltar in Alt 6 den Airteagal seo,
(ii) ansin, a mhéid is gá agus mar is rogha leis an mBanc, i gcoinne na gcúltacaí eile agus an bharrachais agus an chaipitil atá ar fáil ag an mBanc.
(c) Aon uair is gá é faoi chomhair íocaíochtaí conartha úis, muirear eile nó amúchta ar iasachtaí airgid a fuair an Banc féin, nó faoi chomhair dliteanas an Bhainc i leith íocaíochtaí dá shamhail ar iasachtaí a ráthaigh sé, féadfaidh an Banc glaoch ar mhéid iomchuí de shuibscríobh neamhíoctha comhaltaí do réir Airteagail II, Ailt 5 agus 7. Fairis sin, má chreideann sé go mb'fhéidir go mairfeadh an mhainneachtain i bhfad, féadfaidh an Banc glaoch ar mhéid breise de na subscríobhanna neamhíoctha sin nach mó, aon bhliain, ná 1 faoin gcéad de shuibscríobhanna iomlána na gcomhaltaí chun na gcríocha seo a leanas:
(i) Príomhshuim uile, nó cuid de phríomhshuim, aon iasachta a ráthaigh sé, atá gan aisíoc agus a bhfuil mainneachtain déanta ag an bhféichiúnaí ina leith d'fhuascailt roimh aibiú don chéanna nó a dhliteanas i leith an chéanna a ghlanadh ar shlí eile.
(ii) Na hiasachtaí go léir a fuair sé féin agus atá gan aisíoc, nó cuid díobh, d'athcheannach nó a dhliteanas ina leith a ghlanadh ar shlí eile.
Alt 8.
Oibríochtaí ilghnéitheacha.
I dteannta na n-oibríochtaí a sonraítear in áiteanna eile sa Chomhaontú seo, beidh de chumhacht ag an mBanc:
(i) Urrúis d'eisigh sé féin a cheannach agus a dhíol agus urrúis a ráthaigh sé, nó a ndearna sé infheistiú iontu, a cheannach agus a dhíol, ar choinníoll go bhfaghaidh an Banc ceadú an chomhalta ar ina chríocha a beifear chun na hurrúis a cheannach nó a dhíol.
(ii) Ráthú a dhéanamh ar urrúis a ndearna sé infheistiú iontu chun a ndíol d'éascú.
(iii) Airgeadra de chuid aon chomhalta d'fháil ar iasacht le ceadú an chomhalta sin.
(iv) Pé urrúis eile a dhíol agus a cheannach do réir mar mheasfas na Stiúrthóirí, le tromlach trí ceathrúna na cumhachta iomláine vótála, is cuí chun iomlán an chúltaca speisialta faoi Alt 6 den Airteagal seo, nó cuid de, d'infheistiú.
I bhfeidhmiú na gcumhacht a bheirtear leis an Alt seo, féadfaidh an Banc déileáil le haon duine, comhpháirtíocht, comhlachas, corpráid nó aonad dlíthiúil eile i gcríocha aon chomhalta.
Alt 9.
Rabhadh a cuirfear ar urrúis.
Gach urrús a ráthós nó a eiseos an Banc, beidh ráiteas feiceálach ar a aghaidh á rá nach oblagáid le haon rialtas é mura bhfuil sé sainráite ar an urrús gurb ea.
Alt 10.
Toirmeasc ar ghníomhaíocht pholaitíochta.
Ní chuirfidh an Banc ná a oifigigh isteach ar chúrsaí polaitíochta aon chomhalta; agus le linn dóibh cinneadh a dhéanamh, ní ghlacfaid aon tionchar ó ghné polaitíochta an chomhalta nó na gcomhaltaí a bheas i gceist. Is cúrsaí geilleagair amháin a bheas mar fhoras le gach cinneadh a dhéanfaid agus breithneofar na cúrsaí sin go neamhchlaon chun na cuspóirí a luaitear in Airteagal 1 a bhaint amach.
Airteagal V. Eagraíocht agus Bainistí
Alt 1.
Comhdhéanamh an Bhainc.
Beidh ag an mBanc Bord Rialtóirí, Stiúrthóirí Feidhmiúcháin, Uachtarán agus pé oifigigh agus foireann eile a chinnfeas an Banc chun pé dualgais a dhéanamh a chinnfeas an Banc.
Alt 2.
An Bord Rialtóirí.
(a) Beidh cumhachta uile an Bhainc dílsithe sa Bhord Rialtóirí agus is é a bheas sa Bhord Rialtóir amháin agus malairteach amháin a cheapfas gach comhalta mar chinnfeas sé féin. Fónfaidh gach rialtóir agus gach malairteach ar feadh cúig mblian faoi réir tola an chomhalta a cheap agus féadfar é d'athcheapadh. Ní fhéadfaidh aon mhalairteach vótáil ach nuair bheas a phríomhaí as láthair. Roghnóidh an Bord duine de na rialtóirí mar Chathaoirleach.
(b) Féadfaidh an Bord Rialtóirí údarás a tharmligean chun na Stiúrthóirí Feidhmiúcháin chun aon chumhachta de chuid an Bhoird d'fheidhmiú, ach amháin an chumhacht chun:
(i) Comhaltaí nua a ghlacadh agus coinníollacha a nglactha a chinneadh;
(ii) An stoc caipitil a mhéadú nó a laghdú;
(iii) Comhalta a chur ar fionraí;
(iv) Cinneadh a dhéanamh ar achomhairc i gcoinne léirithe a dhéanfas na Stiúrthóirí Feidhmiúcháin ar an gComhaontú seo;
(v) Comhshocraíochtaí a dhéanamh chun comhoibriú le heagrais idirnáisiúnta eile (seachas comhshocraíochtaí neamhfhoirmeáilte sealadacha agus riaracháin);
(vi) Cinneadh ar oibríochtaí an Bhainc d'fhionraí go buan agus a shócmhainú d'imdháil;
(vii) Imdháil ghlan-ioncaim an Bhainc a chinneadh.
(c) Beidh cruinniú bliantúil den Bhord Rialtóirí ann agus pé cruinnithe eile dá ndéanfaidh an Bord socrú nó a ghairmfeas na Stiúrthóirí Feidhmiúcháin. Gairmfidh na Stiúrthóirí cruinnithe den Bhord aon uair a hiarrfar sin ag cúig comhaltaí nó ag comhaltaí a bhfuil an ceathrú cuid den chumhacht iomlán vótála acu.
(d) Is é is córam d'aon chruinniú den Bhord Rialtóirí tromlach na Rialtóirí a bhfuil dhá thrian ar a laghad den chumhacht iomlán vótála acu.
(e) Féadfaidh an Bord Rialtóirí le rialachán, nós imeachta a bhunú trína bhféadfaidh na Stiúrthóirí Feidhmiúcháin, nuair a mheasfaid gurb é barr leasa an Bhainc é, vóta na Rialtóirí d'fháil ar cheist shonrach gan cruinniú den Bhord a ghairm.
(f) Féadfaidh an Bord Rialtóirí, agus na Stiúrthóirí Feidhmiúcháin a mhéid a húdaraítear sin, pé rialacha agus rialacháin a ghlacadh chucu is gá nó is cuí chun gnó an Bhainc a sheoladh.
(g) Fónfaidh na Rialtóirí agus na malairtigh sa cháil sin gan cúiteamh ón mBanc, ach íocfaidh an Banc leo aon chostas réasúnach faoina raghaid ag freastal ar chruinnithe.
(h) Cinnfidh an Bord Rialtóirí an luach saothair a híocfar leis na Stiúrthóirí Feidhmiúcháin agus tuarastal agus téarmaí conartha sheirbhíse an Uachtaráin.
Alt 3.
Vótáil.
(a) Beidh ag gach comhalta dhá chéad caoga vóta móide vóta breise amháin in aghaidh gach scair stoic ina sheilbh.
(b) Ach amháin mar a bhforáltar a mhalairt go sonrach, déanfar gach ábhar os comhair an Bhainc a chinneadh le tromlach na vótaí a caithfear.
Alt 4.
Na Stiúrthóirí Feidhmiúcháin.
(a) Beidh na Stiúrthóirí Feidhmiúcháin freagarthach in oibríochtaí ginearálta an Bhainc a sheoladh agus chuige sin feidhmeoid na cumhachta uile a tharmligfeas an Bord Rialtóirí chucu.
(b) Beidh dáréag Stiúrthóirí Feidhmiúcháin ann nach gá gur rialtóirí iad, agus
(i) Ceapfar cúigear díobh, duine ag gach ceann de na cúig comhaltaí is mó scaireanna;
(ii) Toghfar seachtar díobh do réir Sceidil B ag na Rialtóirí uile seachas iad sin a cheapfas na cúig comhaltaí dá dtagartar in (i) thuas.
Chun críocha na míre seo, ciallaíonn “comhaltaí” rialtais tíortha a bhfuil a n-ainmneacha leagtha amach i Sceideal A, pé acu comhaltaí bunaidh iad nó comhaltaí do réir Airteagail II, Alt 1 (b). Nuair a thiocfas rialtais tíortha eile chun bheith ina gcomhaltaí, féadfaidh an Bord Rialtóirí, le tromlach ceithre chúigiú na cumhachta iomláine vótála, an líon iomlán stiúrthóirí a mhéadú tríd an líon stiúrthóirí a bheas le toghádh a mhéadú.
Ceapfar nó toghfar stiúrthóirí feidhmiúcháin gach dhá bhliain.
(c) Ceapfaidh gach stiúrthóir feidhmiúcháin malairteach ag a mbeidh lán-chumhacht chun gníomhú thar a cheann nuair nach mbeidh sé féin i láthair. Nuair a bheas na stiúrthóirí feidhmiúcháin a cheap iad i láthair, féadfaidh malairtigh páirt a ghlacadh i gcruinnithe ach ní vótálfaid.
(d) Fanfaidh stiúrthóirí in oifig go ndéanfar a gcomharbaí a cheapadh nó a thoghadh. Má éiríonn oifig stiúrthóra thofa folamh breis agus nócha lá roimh dheireadh a théarma, toghfar stiúrthóir eile le haghaidh na coda eile den téarma ag na rialtóirí a thogh an stiúrthóir roimhe sin. Chun toghadh a dhéanamh teastóidh tromlach na vótaí a caithfear. An fhad a bheas an oifig folamh feidhmeoidh malairteach an duine a bhí ina stiúrthóir cumhachta an stiúrthóra sin, ach amháin an chumhacht chun malairteach a cheapadh.
(e) Feidhmeoidh na Stiúrthóirí Feidhmiúcháin i siosón leanúnach i bpríomh-oifig an Bhainc agus tiocfaid le chéile a mhinicí is gá le haghaidh gnótha an Bhainc.
(f) Is é is córam d'aon chruinniú de na Stiúrthóirí Feidhmiúcháin tromlach na Stiúrthóirí, a fheidhmeos leath na cumhachta iomláine vótála ar a laghad.
(g) Beidh teideal ag gach stiúrthóir ceaptha an méid vótaí a chaitheamh a leithroinntear faoi Alt 3 den Airteagal seo don chomhalta a cheap é. Beidh teideal ag gach stiúrthóir tofa an méid vótaí a chaitheamh a háiríodh chun a thofa. Is mar aonad a caithfear na vótaí uile a bheas teideal ag stiúrthóir a chaitheamh.
(h) Glacfaidh an Bord Rialtóirí chucu rialacháin faoina bhféadfaidh comhalta nach bhfuil teideal aige stiúrthóir a cheapadh faoi (b) thuas ionadaí a chur chun freastal ag aon chruinniú de na Stiúrthóirí Feidhmiúcháin nuair a bheas aon iarratas a rinne an comhalta sin, nó aon ní a bhainfeas leis go háirithe, á bhreithniú.
(i) Féadfaidh na Stiúrthóirí Feidhmiúcháin pé coistí a cheapadh a mheasfaid is inmhianuithe a cheapadh. Ní gá gur rialtóirí nó stiúrthóirí nó malairtigh dóibh comhaltaí na gcoistí sin.
Alt 5.
An tUachtarán agus an fhoireann.
(a) Roghnóidh na Stiúrthóirí Feidhmiúcháin Uachtarán nach rialtóir ná stiúrthóir feidhmiúcháin ná malairteach do rialtóir nó stiúrthóir feidhmiúcháin. Beidh an tUachtarán ina Chathaoirleach ar na Stiúrthóirí Feidhmiúcháin, ach ní bheidh aon vóta aige ach amháin vóta réitigh i gcás comhionannais vótaíochta. Féadfaidh sé páirt a ghlacadh i gcruinnithe an Bhoird Rialtóirí, ach ní vótálfaidh sé ag na cruinnithe sin. Scoirfidh an tUachtarán de bheith i seilbh oifige nuair a chinnfeas na Stiúrthóirí Feidhmiúcháin sin.
(b) Beidh an tUachtarán ina cheann ar fhoireann oibre an Bhainc agus seolfaidh sé gnáth-ghnó an Bhainc faoi stiúradh na Stiúrthóirí Feidhmiúcháin. Faoi réir rialuithe ghinearálta na Stiúrthóirí Feidhmiúcháin, beidh sé freagarthach in eagrú, ceapadh agus díbhe na n-oifigeach agus na foirne.
(c) Ag comhlíonadh a n-oifigí d'Uachtarán, d'oifigigh agus d'fhoireann an Bhainc, dlífidh an Banc a ndualgais go léir díobh agus ní dhlífidh aon údarás eile aon dualgas díobh. Bhéarfaidh gach comhalta den Bhanc d'aitheantas gur dualgas idirnáisiúnta an dualgas sin agus ní dhéanfaidh aon iarracht ar thionchar d'imirt ar aon duine acu i gcomhlíonadh a dhualgas dó.
(d) Nuair a bheas an tUachtarán ag ceapadh na n-oifigeach agus na foirne, cuirfidh sé san áireamh go cuí, faoi réir a ró-thábhachtaí é na caighdeáin is airde éifeachta agus cumais teicnice d'áirithiú, gur ní tábhachtach na daoine a cheapfas sé a thoghadh as an méid is mó tíortha is féidir.
Alt 6.
Comhairle Chomhairlitheach.
(a) Beidh ann Comhairle Chomhairlitheach nach lú líon ná seachtar a roghnós an Bord Rialtóirí agus orthu sin beidh ionadaithe ó lucht bancaerachta, tráchtála, tionscail, saothair agus talmhaíochta agus beidh ionadaíocht ar an gcomhairle ag oiread náisiún agus is féidir. Maidir leis na hearnála sin a bhfuil saineagrais idirnáisiúnta ann ina leith, is trí chomhaontú leis na heagrais sin a roghnófar ionadaithe do na hearnála sin mar chomhaltaí den Chomhairle. Bhéarfaidh an Chomhairle comhairle don Bhanc maidir le nithe a bhaineas le beartas ginearálta. Tiocfaidh an Chomhairle le chéile uair sa bhliain agus pé ócáidí eile a iarrfas an Banc.
(b) Fónfaidh comhairleoirí ar feadh dhá bhliain agus féadfar iad d'athcheapadh. Íocfar leo aon chostas réasúnach faoina raghaid thar ceann an Bhainc.
Alt 7.
Coistí um iasachtaí.
Ceapfaidh an Banc na coistí nach mór dóibh tuarascála a thabhairt ar iasachtaí faoi Airteagal III, Alt 4. Beidh saineolaí arna roghnú ag an rialtóir a ionadaíos na comhaltaí ar ina gcríocha don tionscadal agus comhaltaí nó comhaltaí d'fhoireann teicniúil an Bhainc ar gach coiste den tsórt sin.
Alt 8.
Caidreamh le heagrais idirnáisiúnta eile.
(a) Déanfaidh an Banc comhar faoi réim théarmaí an Chomhaontuithe seo le haon eagras idirnáisiúnta ginearálta agus le heagrais idirnáisiúnta phoiblí a bhfuil freagarthachtaí saineolacha orthu in earnála gaolmhara. Aon chomhshocraíochtaí le haghaidh comhair den tsórt sin dá dtiocfadh modhnú a dhéanamh ar aon fhoráil sa Chomhaontú seo, ní féadfar iad a dhéanamh nó go leasófar an Comhaontú seo faoi Airteagal VIII.
(b) Le linn don Bhanc cinneadh a dhéanamh ar iarratais le haghaidh iasachtaí nó ráthaíochtaí a bhainfeas le nithe atá díreach faoi chumas aon eagrais idirnáisiúnta de na cineálacha a sonraítear sa mhír sin roimhe seo agus arb iad comhaltaí an Bhainc is mó atá páirteach iontu, breithneoidh an Banc tuairimí agus moltaí an eagrais sin.
Alt 9.
Suíomh oifigí.
(a) Is i gcrích an chomhalta is mó scaireanna a bheas príomh-oifig an Bhainc.
(b) Féadfaidh an Banc gníomhaireachtaí nó fo-oifigí a bhunú i gcríocha aon chomhalta den Bhanc.
Alt 10.
Oifigí agus comhairlí réigiúin.
(a) Féadfaidh an Banc oifigí réigiúin a bhunú agus a chinneadh cá mbeidh gach oifig réigiúin agus cad iad na límistéirí a bheas faoina réim.
(b) Gheobhaidh gach oifig réigiúin comhairle ó chomhairle réigiúin a bheas ionadaitheach don límistéir ar fad agus a roghnófar ar pé cuma a chinnfeas an Banc.
Alt 11.
Taisclanna.
(a) Ainmneoidh gach comhalta a bhanc ceannais féin mar thaisclann do shealúchais uile a Bhainc dá airgeadra nó, mura bhfuil banc ceannais aige, ainmneoidh sé pé foras eile lena nglacfaidh an Banc.
(b) Féadfaidh an Banc sócmháinní eile, lena n-áirítear ór, a choinneáil sna taisclanna a ainmneos na cúig comhaltaí is mó scaireanna agus i pé taisclanna ainmnithe eile a roghnós an Banc. I dtosach, déanfar leath ar a laghad de shealúchais óir an Bhainc a choinneáil sa taisclann a ainmneos an comhalta ar ina chríocha atá a phríomh-oifig ag an mBanc agus coimeádfar 40 faoin gcéad ar a laghad sna taisclanna a ainmneos an ceathrar comhaltaí eile dá dtagartar thuas agus, i dtosach, coinneoidh gach taisclann díobh méid óir nach lú ná mar híocadh ar scaireanna an chomhalta d'ainmnigh é. Ach le linn don Bhanc aon ór d'aistriú, bhéarfar aird chuí ar chostas iompair agus ar an méid a measfar a bheas ag teastáil ón mBanc. I gcás éigeandála, féadfaidh na Stiúrthóirí Feidhmiúcháin sealúchais óir uile an Bhainc nó aon chuid díobh d'aistriú go dtí aon áit inar féidir iad a chosaint i gceart.
Alt 12.
Foirm shealúchas airgeadra.
Glacfaidh an Banc ó aon chomhalta, in ionad aon chuid d'airgeadra an chomhalta a híocadh isteach sa Bhanc faoi Airteagal II, Alt 7 (i), nó chun íocaíochtaí amúchta a dhéanamh ar iasachtaí a rinneadh le hairgeadraí den tsórt sin, agus nach mbeidh ag teastáil ón mBanc ina chuid oibríochtaí, nótaí nó oblagáidí eile dá samhail arna n-eisiúint ag Rialtas an chomhalta nó ag an taisclann a bheas ainmnithe ag an gcomhalta sin, agus beid sin do-thráchta, neamh-úsmhar, agus iníoctha ar a bpar-luach, ar éileamh, trína gcreidiúniú do chuntas an Bhainc sa taisclann ainmnithe.
Alt 13.
Tuarascála d'fhoilsiú agus eolas a chur ar fáil.
(a) Foilseoidh an Banc tuarascáil in aghaidh na bliana ina mbeidh ráiteas iniúchóra ar a chuntais agus cuirfidh sé timpeall chun na gcomhaltaí, i gceann gach tréimhse trí mhí nó níos lú, ráiteas achomair ar a staid airgeadais agus ráiteas sochair agus dochair ag taispeáint torthaí a oibríochtaí.
(b) Féadfaidh an Banc pé tuarascála eile d'fhoilsiú is inmholta dar leis chun a chuspóirí a bhaint amach.
(c) Dáilfear ar na comhaltaí cóipeanna de na tuarascála, de na ráitis agus de na foilseacháin uile a déanfar faoin alt seo.
Alt 14.
Leithroinnt glan-ioncaim.
(a) Cinnfidh an Bord Rialtóirí gach bliain an chuid de ghlanioncam an Bhainc a leithroinnfear, tar éis soláthar a dhéanamh le haghaidh cúltacaí, chun barrachais agus an chuid a himdháilfear, má himdháiltear aon chuid.
(b) Má himdháiltear aon chuid, íocfar suas le 2 faoin gcéad neamhthiomsach, mar chéad-mhuirear i gcoinne himdhála d'aon bhliain, le gach comhalta ar bhonn mhéan-mhéid na n-iasachtaí a bhí gan aisíoc i rith na bliana agus a tugadh faoi Airteagal IV, Alt 1 (a) (i), as airgeadra ar comhréir lena shuibscríobh. Má híoctar 2 faoin gcéad mar chéad-mhuirear, déanfar aon iarmhéid a bheas fágtha le himdháil d'íoc leis na comhaltaí uile i gcoibhneas lena scaireanna. Déanfar na híocaíochtaí le gach comhalta ina airgeadra féin nó, mura mbíonn an t-airgeadra sin ar fáil, in airgeadra eile lena mbeidh glacadh ag an gcomhalta. Más in airgeadraí seachas airgeadra an chomhalta féin a déanfar na híocaíochtaí sin, ní chuirfidh na comhaitaí srian le haistriú an airgeadra ná leis an gcomhalta a gheobhas é dá úsáid tar éis a íoctha.
Airteagal VI. Éirí as Comhaltas agus Fionraí Comhaltais: Fionraí Oibríochtaí
Alt 1.
Ceart chomhaltaí chun éirí as.
Féadfaidh aon chomhalta éirí as an mBanc am ar bith trí fhógra i scr.bhinn a chur go dtí an Banc ag a phríomh-oifig. Tiocfaidh an éirí-as in éifeacht an dáta a gheofar an fógra sin.
Alt 2.
Fionraí comhaltais.
Má mhainníonn comhalta aon cheann dá oblagáidí i leith an Bhainc a chomhlíonadh, féadfaidh an Banc a chomhaltas d'fhionraí trí chinneadh ó thromlach na Rialtóirí a fheidhmeos tromlach na cumhachta iomláine vótála. An comhalta a cuirfear ar fionraí amhlaidh, scoirfidh sé, air sin, de bheith ina chomhalta bliain ó dháta a fhionraí mura gcinne an tromlach céanna an comhalta a ligean ar ais faoi réim.
An fhad a bheas sé ar fionraí, ní bheidh teideal ag comhalta aon chirt faoin gComhaontú seo d'fheidhmiú, ach amháin an ceart chun éirí as, ach fanfaidh sé faoi réir na n-oblagáidí uile.
Alt 3.
Deireadh le comhaltas sa Chiste Airgeadaíochta Idirnáisiúnta.
Aon chomhalta a scoirfeas de bheith ina chomhalta den Chiste Airgeadaíochta Idirnáisiúnta, scoirfidh sé, air sin, tar éis trí mhí de bheith ina chomhalta den Bhanc mura mbeidh aontaithe ag an mBanc, le trí ceathrúna na cumhachta iomláine vótála, go ligfear dó fanúint ina chomhalta.
Alt 4.
Socrú cuntas le rialtais a scoirfeas de bheith ina gcomhaltaí.
(a) Nuair a scoirfeas rialtas de bheith ina chomhalta, beidh sé freagarthach fós ina oblagáidí díreacha don Bhanc agus ina dhliteanais theagmhasacha don Bhanc an fhad a bheas aon chuid de na hiasachtaí nó na ráthaí ochtaí gan glanadh a conraíodh sarar scoir sé de bheith ina chomhalta; ach ní raghaidh a thuilleadh dliteanais air i leith iasachtaí agus ráthaíochtaí ina mbeidh an Banc páirteach ina dhiaidh sin ná ní bheidh sé páirteach in ioncam ná i gcaiteachas an Bhainc.
(b) An tráth a scoirfeas rialtas de bheith ina chomhalta, déanfaidh an Banc socrú i dtaobh a scaireanna d'athcheannach mar chuid den socraíocht chuntas leis an rialtas sin do réir forál (c) agus (d) thíos. Chuige sin is é praghas athcheannaigh na scaireanna an luach a thaispeánfas leabhair an Bhainc an lá a scoirfeas an rialtas de bheith ina chomhalta.
(c) An t-íoc as scaireanna a athcheannós an Banc faoin alt sin, beidh sé faoi réir na gcoinníollacha seo a leanas:
(i) Aon mhéid a bheas dlite don rialtas i leith a scaireanna, coimeádfar siar é an fhad a bheas an rialtas, a bhanc ceannais nó aon cheann dá ghníomhaireachtaí faoi dhliteanas, mar iasachtaí nó ráthóir, don Bhanc, agus más rogha leis an mBanc é, féadfar an méid sin a chur in aghaidh aon dliteanais den tsórt sin do réir mar aibeos sé. Ní coimeádfar siar aon mhéid mar gheall ar an dliteanas a bheas ar an rialtas de thoradh a shuibscríobh i leith scaireanna faoi Airteagal II, Alt 5 (ii). In aon chás, ní déanfar aon mhéid a bheas dlite do chomhalta i leith a scaíreanna d'íoc go ceann sé mhí tar éis an dáta a scoirfeas an rialtas de bheith ina chomhalta.
(ii) Nuair a bhéarfas an rialtas scaireanna suas, féadfar an oiread sin íocaíochtaí a dhéanamh ó am go ham ina leith agus is comhionann leis an méid a bheas ag an tsuim a bheas dlite mar phraghas athcheannaigh i (b) thuas ar an gcomhshuim dliteanas ar iasachtaí agus ráthaíochtaí i (c) (i) thuas nó go mbeidh an praghas athcheannaigh iomlán faighte ag an athchomhalta.
(iii) Déanfar na híocaíochtaí in airgeadra na tíre a bheas ag glacadh na híocaíochta nó, más rogha leis an mBanc é, in ór.
(iv) Má chailleann an Banc ar aon ráthaíochtaí, páirtíocht in iasachtaí, nó iasachtaí a bhí gan aisíoc ar an dáta a scoir an rialtas de bheith ina chomhalta, agus gur mó méid na gcailliúintí sin ná méid an chúltaca a bheas curtha in áirithe in aghaidh cailliúintí ar an dáta a scoir an rialtas de bheith ina chomhalta, beidh d'oblagáid ar an rialtas sin aisíoc a dhéanamh, ar éileamh, sa mhéid a mbeadh praghas athcheannaigh a scaireanna laghdaithe dá gcuirtí na cailliúintí san áireamh nuair a cinneadh an praghas athcheannaigh. Ina theannta sin, leanfaidh an rialtas a bhí ina chomhalta de bheith faoi dhliteanas i leith aon ghlao ar shuibscríobhanna neamhíoctha faoi Airteagal II, Alt 5 (ii) a mhéid a bheadh de cheangal air freagairt dá dtarlaíodh an laghdú caipitil agus dá ndéantaí an glao an t-am a cinneadh praghas athcheannaigh a scaireanna.
(d) Má bhuan-fhionraíonn an Banc a oibríochtaí faoi Alt 5 (b) den Airteagal seo, laistigh de shé mhí ón dáta a scoirfeas aon rialtas de bheith ina chomhalta, cinnfear cearta uile an rialtais sin do réir forál Ailt 5 den Airteagal seo.
Alt 5.
Fionraí oibríochtaí agus socrú oblagáidí.
(a) Le linn éigeandála féadfaidh na Stiúrthóirí Feidhmiúcháin oibríochtaí i leith iasachtaí agus ráthaíochtaí nua a chur ar fionraí go sealadach go dtí go mbeidh caoi ag an mBord Rialtóirí chun an scéal a bhreithniú tuilleadh agus beart a dhéanamh.
(b) Féadfaidh an Banc a oibríochtaí i leith iasachtaí agus ráthaíochtaí nua a chur ar buan-fhionraí trí vóta thromlach na Rialtóirí a fheidhmeos tromlach na cumhachta iomláine vótála. Tar éis oibríochtaí d'fhionraí amhlaidh, scoirfidh an Banc láithreach dá ghníomhachtaí go léir, ach amháin gníomhachtaí a bhainfeas lena shócmhainní a réadú go hordúil, d'imchimeád agus a chaomhnadh agus lena oblagáidí a shocrú.
(c) Leanfaidh gach comhalta de bheith faoi dhliteanas i leith suibscríobhanna neamh-ghlaoite chun stoic chaipitil an Bhainc agus i leith díluachú a n-airgeadraí féin go dtí go nglanfar gach éileamh ó chreidiúnaithe, lena n-áirítear gach éileamh teagmhasach.
(d) Déanfar na creidiúnaithe go léir a mbeidh éilithe díreacha acu d'íoc as sócmhainní an Bhainc agus ansin as íocaíochtaí leis an mBanc ar ghlaonna ar shuibscríobhanna neamhíoctha. Sara ndéana na Stiúrthóirí Feidhmiúcháin aon íocaíochtaí le creidiúnaithe a bhfuil éilithe díreacha acu déanfaid pé comhshocraíochtaí is gá, do réir a mbreithiúnais, chun a chinntiú go n-imdháilfear ar shealbhóirí éileamh teagmhasach i gcoibhneas le creidiúnaithe a shealbhaíos éilithe díreacha.
(e) Ní déanfar aon imdháil ar chomhaltaí ar cuntas a suibscríobhanna chun stoic chaipitil an Bhainc
(i) go dtí go nglanfar gach a mbeidh dlite do chreidúnaithe nó go dtí go ndéanfar soláthar ina leith, agus
(ii) go dtí go gcinnfidh tromlach na Rialtóirí, agus iad ag feidhmiú tromlach na cumhachta iomláine vótála, ar imdháil a dhéanamh.
(f) Tar éis cinneadh a dhéanamh faoi (e) thuas imdháil a dhéanamh, féadfaidh na Stiúrthóirí Feidhmiúcháin, le tromlach dhá dtrian na vótaí a caithfear, imdhála comhleanúnacha ar shócmhainní an Bhainc a dhéanamh chun na gcomhaltaí go dtí go mbeidh na sócmhainní uile imdháilte. Beidh an imdháil sin faoi réir socrú a bheith déanta roimh ré ar gach éileamh a bheas fós ag an mBanc ar gach comhalta.
(g) Sara ndéanfar aon imdháil shócmhainní, socróidh na Stiúrthóirí Feidhmiúcháin scair chomhréire gach comhalta do réir an choibhnis idir a shealúchais agus iomlán scaireanna neamhíoctha an Bhainc.
(h) Déanfaidh na Stiúrthóirí Feidhmiúcháin na sócmhainní a bheas le himdháil a luacháil amhail ar dháta na himdhála agus ansin imdháilfid mar leanas:
(i) Íocfar le gach comhalta ina oblagáidí féin nó in oblagáidí lena ghníomhaireachtaí oifigiúla nó le haonaid dlíthiúla ina chríocha, a mhéid díobh a bheas ar fáil le himdháil, suim ar comhluach le scair chomhréire an chomhalta sin den mhéid iomlán a bheas le himdháil.
(ii) Aon iarmhéid a bheas dlite do chomhalta tar éis íoc a bheith déanta faoi (i) thuas, íocfar é ina airgeadra féin é, an oiread agus a bheas sin ag an mBanc, suas go dtí méid ar comhluach leis an iarmhéid sin.
(iii) Aon iarmhéid a bheas dlite do chomhalta tar éis íoc a bheith déanta faoi (i) agus (ii) thuas, íocfar in ór é nó in airgeadra lena nglacfaidh an comhalta, an oiread agus a bheas sin ag an mBanc, suas go dtí méid ar comhluach leis an iarmhéid sin.
(iv) Aon sócmhainní eile a bheas fágtha ag an mBanc tar éis íoc a dhéanamh le comhaltaí faoi (i), (ii) agus (iii) thuas, imdháilfear iad pro rata ar na comhaltaí.
(i) Aon chomhalta a gheobhas sócmhainní a imdháilfeas an Banc do réir (h) thuas, beidh na cearta céanna aige maidir leis na sócmhainní sin agus a bhí ag an mBanc sarar himdháileadh iad.
Airteagal VII. Stádas, Díolúintí agus Pribhléidí
Alt 1.
Cuspóirí an Airteagail.
Ionas go bhféadfaidh an Banc na feidhmeanna atá á gcur de chúram air a chomhlíonadh, déanfar an stádas, na díolúintí agus na pribhléidí atá leagtha amach san Airteagal seo a thabhairt don Bhanc i gcríocha gach comhalta.
Alt 2.
Stádas an Bhainc.
Is duine lán-dlíthiúnach an Banc, agus, go háirithe, tá cumas ann:
(i) Conradh a dhéanamh;
(ii) Maoin dochorraithe agus maoin shochorraithe d'fháil agus a dhiúscairt;
(iii) Imeachta dlíthiúla a thionscnamh.
Alt 3.
Seasamh an Bhainc maidir le próis bhreithiúnach.
Ní féadfar caingin a thionscnamh i gcoinne an Bhainc ach amháin i gcúirt dlínse inniúla i gcríocha chomhalta ina bhfuil oifig ag an mBanc, ina bhfuil gníomhaire ceaptha aige chun glacadh le seirbheáil nó fógra próise, nó ina bhfuil sé tar éis urrúis d'eisiúint nó a ráthú. Ní dhéanfaidh comhaltaí ná daoine thar ceann comhaltaí nó a dhíorthós éilithe ó chomhaltaí aon chaingin a thionscnamh. Is cuma pé áit a mbeidh maoin agus sócmhainní de chuid an Bhainc, agus pé duine ag a mbeidh an céanna, beidh díolúine acu ó gach saghas urghabhála, astuithe nó forghníomhuithe sara dtabharfar an breithiúnas deiridh i gcoinne an Bhainc.
Alt 4.
Díolúine sócmhainní ó urghabháil.
Beidh ag maoin agus sócmhainní an Bhainc, pé áit a mbeidh an céanna agus pé duine ag a mbeidh an céanna, díolúine ó chuardach, foréileamh, coigistiú, díshealbhú nó aon tsórt eile urghabhála trí ghníomhú feidhmiúcháin nó gníomhú reachtach.
Alt 5.
Díolúine ag cairtlanna.
Beidh cairtlanna an Bhainc do-sháraithe.
Alt 6.
Sócmhainní a bheith saor ó shrianta.
Faoi réir forál an Chomhaontuithe seo, beidh maoin agus sócmhainní uile an Bhainc saor ó shrianta, rialacháin, rialuithe agus mortchairde d'aon tsórt a mhéid is gá sin chun na hoibríochtaí a dhéanamh dá bhforáltar sa Chomhaontú seo.
Alt 7.
Pribhléidí cumarsáide.
Gheobhaidh cumarsáidí oifigiúla an Bhainc an chóir chéanna ó gach comhalta a thugas sé do chumarsáidí oifigiúla chomhaltaí eile.
Alt 8.
Díolúintí agus pribhléidí oifigeach agus fostaithe.
Maidir le rialtóirí, stiúrthóirí feidhmiúcháin, malairtigh, oifigigh agus fostaithe uile an Bhainc
(i) beidh díolúine acu ó phróis dlíthiúil i leith gníomhartha a dhéanfaid ina gcáilíocht oifigiúil ach amháin i gcás ina dtarscaoilfidh an Banc an díolúine sin;
(ii) nuair nach saoránaigh áitiúla iad, bhéarfar dóibh an díolúine chéanna ó shrianta inimirce, ceanglais chlárúcháin d'eachtrannaigh agus oblagáidí seirbhíse náisiúnta, maraon leis na saoráidí céanna i leith srianta iomlaoide, a bheir na comhaltaí d'ionadaithe, oifigigh, agus fostaithe comhchéime de chuid na gcomhaltaí eile;
(iii) bhéarfar an chóir chéanna dhóibh i leith saoráidí taistil a bheir comhaltaí d'ionadaithe, oifigigh agus fostaithe comhchéime de chuid na gcomhaltaí eile.
Alt 9.
Díolúine ó cháin.
(a) Beidh an Banc, a shócmhainní, a mhaoin, a ioncam agus na hoibríochtaí agus na hidirbhearta a húdaraítear leis an gComhaontú seo saor ó gach cáin agus ó gach dleacht chustam. Beidh díolúine ag an mBanc freisin ó gach dliteanas maidir le bailiú nó íoc aon chánach nó dleachta.
(b) Ní déanfar aon cháin a thobhach ar thuarastail agus sochar oifige, ná i leith tuarastal agus sochar oifige, a íocfas an Banc le stiúrthóirí feidhmiúcháin, malairtigh, oifigigh nó fostaithe eile de chuid an Bhainc nach saoránaigh áitiúla, géillsinigh áitiúla ná náisiúnaigh áitiúla eile.
(c) Ní toibheofar cáin d'aon tsaghas ar aon oblagáid ná urrús a eiseos an Banc (lena n-áirítear aon díbhinn nó ús air sin) pé duine a shealbhós é,
(i) más cáin í a dhéanfas idirdhealú i gcoinne na hoblagáide nó an urrúis sin ar an aon-ábhar gurb é an Banc d'eisigh é; nó
(ii) más é an t-aon-bhonn dlínsiúil a bheas leis an gcáin sin an áit nó an t-airgeadra ina mbeidh sí arna heisiúint nó ina mbeidh sí le híoc nó ina n-íocfar í, nó suíomh aon oifige nó áite gnótha a bheas á cothabháil ag an mBanc.
(d) Ní toibheofar aon cháin ar aon oblagáid ná urrús a eiseos an Banc (lena n-áirítear aon díbhinn nó ús air sin) pé duine a shealbhós é—
(i) más cáin í a dhéanfas idirdhealú i gcoinne na hoblagáide nó an urrúis sin ar an aon-ábhar gurb é an Banc a ráthaigh é; nó
(ii) más é an t-aon-bhonn dlínsiúil a bheas leis an gcáin sin suíomh aon oifige nó áite gnótha a bheas á cothabháil ag an mBanc.
Alt 10.
An tAirteagal a chur i bhfeidhm.
Déanfaidh gach comhalta pé beart is gá ina chríocha féin chun éifeacht i dtéarmaí a dhlí féin a thabhairt do na prionsabail atá leagtha amach san Airteagal seo agus bhéarfaidh mion-chuntas don Bhanc ar an mbeart a rinne sé.
Airteagal VIII. Leasuithe
(a) Aon mholadh chun modhnuithe a dhéanamh sa Chomhaontú seo, pé acu ó chomhalta, ó rialtóir nó ó na Stiúrthóirí Feidhmiúcháin é, cuirfear faoi bhráid Chathaoirligh an Bhoird Rialtóirí é agus cuirfidh seisean an moladh os comhair an Bhoird. Má cheadaíonn an Bord an leasú a molfar, fiafróidh an Banc, trí chearcalán nó telegram, de na comhaltaí uile cé acu a ghlacaid nó nach nglacaid leis an leasú molta. Nuair a bheas glactha leis na leasuithe molta ag trí chúigiú cuid de na comhaltaí, agus ceithre chúigiú na cumhachta iomláine vótála acu, deimhneoidh an Banc an méid sin trí scríbhinn fhoirmeáilte a bheas dírithe chun na gcomhaltaí uile.
(b) d'ainneoin (a) thuas, ní mór go nglacfaidh na comhaltaí uile le haon leasú a mhodhnós
(i) an ceart chun éirí as an mBanc a foráltar in Airteagal VI, Alt 1;
(ii) an ceart a daingnítear le hAirteagal II, Alt 3 (c);
(iii) an tórainn le dliteanas a foráltar in Airteagal II, Alt 6.
(c) Tiocfaidh leasuithe i bhfeidhm i leith gach comhalta trí mhí tar éis dáta na scríbhinne foirmeáilte mura sonraítear tréimhse níos giorra sa chearcalán nó sa telegram.
Airteagal IX. Léiriú
(a) Aon cheist faoi léiriú forál an Chomhaontuithe seo a éireos idir aon chomhalta agus an Banc, nó idir aon chomhaltaí den Bhanc, cuirfear faoi bhráid na Stiúrthóirí Feidhmiúcháin í lena cinneadh. Má bhaineann an cheist go sonrach le haon chomhalta nach bhfuil teideal aige stiúrthóir feidhmiúcháin a cheapadh beidh teideal aige chun ionadaíochta do réir Airteagail V, Alt 4 (h).
(b) In aon chás ina mbeidh na Stiúrthóirí Feidhmiúcháin tar éis cinneadh a dhéanamh faoi (a) thuas, féadfaidh aon chomhalta a chur faoi deara go ndéanfar an cheist a tharchur chun an Bhoird Rialtóirí agus is cinneadh críochnaitheach cinneadh an Bhoird Rialtóirí. Féadfaidh an Banc gníomhú, a mhéid is dóigh leis is gá, ar chinneadh na Stiúrthóirí Feidhmiúcháin nó go mbeidh toradh ar an tarchur chun an Bhoird.
(c) Aon uair a éireos aighneas idir an Banc agus tír a bheas tar éis scor de bheith ina comhalta, nó idir an Banc agus aon chomhalta le linn don Bhanc a bheith ar buan-fhionraí, cuirfear an t-aighneas sin faoi eadráin bhinse ar a mbeidh triúr eadránaithe arb é an Banc a cheapfas duine dhíobh, arb í an tír lena mbainfidh a cheapfas duine dhíobh agus moltóir a ceapfar, mura gcomhaontóidh na páirtithe ina thaobh, ag Uachtarán Buan-chúirte um Cheartas Idirnáisiúnta nó aon údarás eile a hordaíodh le rialachán ar ghlac an Banc leis. Beidh lán-chumhacht ag an moltóir gach ceist faoi nós imeachta a shocrú in aon chás nach réiteoidh na páirtithe ina leith.
Airteagal X. A Mheas gur Tugadh Ceadú
Aon uair is gá ceadú ó aon chomhalta sara bhféadfaidh an Banc aon ghníomh a dhéanamh, ach amháin in Airteagal VIII, measfar an ceadú a bheith tugtha mura ndéana an comhalta agóid laistigh de pé tréimhse réasúnach a shocrós an Banc le linn fógra a thabhairt don chomhalta faoin ngníomh a bheith beartaithe.
Airteagal XI. Forála Deiridh
Alt 1.
Teacht i bhfeidhm.
Tiocfaidh an Comhaontú seo i bhfeidhm nuair a bheas sé arna shíniú thar ceann rialtas a bhfuil suibscríobh 65 faoin gcéad déanta acu nach lú den suibscríobh iomlán atá leagtha amach i Sceideal A agus ar na hionstraimí dá dtagartar in Alt 2 (a) den Airteagal seo a bheith taiscthe thar a gceann, ach in aon chás ní thiocfaidh an comhaontú seo i bhfeidhm roimh an 1 Bealtaine, 1945.
Alt 2.
Síniú.
(a) Gach rialtas a síneofar an Comhaontú seo thar a cheann, taiscfidh sé le Rialtas Stát Aontaithe Mheiriceá ionstraim á rá go bhfuil glactha aige leis an gComhaontú seo do réir a dhlí féin agus go bhfuil gach beart déanta aige is gá chun a chur ar chumas a oblagáidí uile faoin gComhaontú seo a chomhlíonadh.
(b) Beidh gach rialtas ina chomhalta den Bhanc amhail ón dáta a taiscfear thar a cheann an ionstraim dá dtagartar in (a) thuas, ach ní bheidh aon rialtas ina chomhalta sara dtiocfaidh an Comhaontú seo i bhfeidhm faoi Alt 1 den Airteagal seo.
(c) Déanfaidh Rialtas Stát Aontaithe Mheiriceá na sínithe uile a cuirfear leis an gComhaontú seo agus taisceadh gach ionstraime dá dtagartar in (a) thuas a chur in iúl do rialtais na dtíortha uile a bhfuil a n-ainmneacha leagtha amach i Sceideal A agus do na rialtais uile a gceadófar a gcomhaltas do réir Airteagail II, Alt 1 (b).
(d) An tráth a síneofar an Comhaontú seo thar a cheann cuirfidh gach rialtas go dtí Rialtas Stát Aontaithe Mheiriceá an céadú faoin gcéad de gach scair in ór nó i ndollaerí na Stát Aontaithe faoi chomhair costas riaracháin an Bhainc. Déanfar an íocaíocht sin a chreidiúnú do chuntas na híocaíochta a bheas le déanamh do réir Airteagail II, Alt 8 (a). Coinneoidh Rialtas Stát Aontaithe Mheiriceá na cistí sin i gcuntas taisce speisialta agus cuirfidh iad go dtí Bord Rialtóirí an Bhainc nuair a beifear tar éis an cruinniú tions cnaimh a ghairm faoi Alt 3 den Airteagal seo. Mura mbeidh an Comhaontú seo tagtha i bhfeidhm 31 Nollaig, 1945, bhéarfaidh Rialtas Stát Aontaithe Mheiriceá na cistí sin ar ais do na rialtais a chuir isteach iad.
(e) Fanfaidh an Comhaontú seo ar oscailt, go dtí an 31 Nollaig, 1945, chun a shínithe i Washington thar ceann rialtas na dtíortha a bhfuil a n-ainmneacha leagtha amach i Sceideal A.
(f) Tar éis an 31 Nollaig, 1945, beidh an Comhaontú seo ar oscailt chun a shínithe thar ceann rialtais aon tíre a gcéadófar a comhaltas do réir Airteagail II, Alt 1 (b).
(g) Trína shíniú a chur leis an gComhaontú seo, glacann gach rialtas leis thar a cheann féin agus thar ceann a chóilínteachtaí uile agus i leith a chríocha thar lear uile agus thar ceann na gcríoch uile atá faoina chaomhnadh, faoina ardfhlathúnas nó faoina údarás agus thar ceann na gcríoch uile a bhfuil mandáid á feidhmiú ag an rialtas sin ina leith.
(h) I gcás rialtas a bhfuil a chríocha metrapolaiteacha tar éis bheith i seilbh namhad, féadfar taisceadh na hionstraime dá dtagartar in (a) thuas a mhoilliú go ceann céad agus ochtó lá tar éis dáta saortha na gcríoch sin. Más rud é, áfach, nach ndéanfaidh aon rialtas den tsórt sin í a thaisceadh roimh dheireadh na tréimhse sin, beidh an síniú a cuireadh síos thar ceann an rialtais sin ar neamhní agus bhéarfar ar ais dó an chuid dá shuibscríobh a híocadh faoi (d) thuas.
(i) Tiocfaidh míreanna (d) agus (h) i bhfeidhm i gcás gach rialtais shínithigh amhail ó dháta a shínithe.
Alt 3.
Tionscnamh an Bhainc.
(a) A thúisce a thiocfas an Comhaontú seo i bhfeidhm faoi Alt 1 den Airteagal seo, ceapfaidh gach comhalta rialtóir agus déanfaidh an comhalta is mó ar a leithroinntear scaireanna i Sceideal A an chéad chruinniú den Bhord Rialtóirí a ghairm.
(b) Ag an gcéad chruinniú den Bhord Rialtóirí, déanfar comhshocraíochtaí chun stiúrthóirí feidhmiúcháin sealadacha a roghnú. Déanfaidh rialtais na gcúig tíortha is mó ar a leithroinntear scaireanna i Sceideal A stiúrthóirí feidhmiúcháin sealadacha a cheapadh. Má bhíonn ceann nó níos mó de na rialtais sin gan bheith ina gcomhaltaí, fanfaidh na stiúrthóireachtaí feidhmiúcháin a mbeadh teideal acu iad a líonadh folamh go dtí go ndéanfaidh comhaltaí dhíobh, nó go dtí an 1 Eanáir, 1946, pé acu sin is túisce. Déanfar seachtar stiúrthóirí feidhmiúcháin sealadacha a thoghadh do réir forál Sceidil B agus fanfaid in oifig go dtí dáta an chéad toghcháin rialta do stiúrthóirí feidhmiúcháin agus cuirfear an toghchán sin ar siúl a luaithe is féidir tar éis an 1 Eanáir, 1946.
(c) Féadfaidh an Bord Rialtóirí aon chumhachta a tharmligean chun na stiúrthóirí feidhmiúcháin sealadacha ach amháin na cumhachta nach cead a tharmligean chun na Stiúrthóirí Feidhmiúcháin.
(d) Nuair a bheas an Banc ullamh chun tosnú ag obair, cuirfidh é sin in iúl do na comhaltaí.
Arna Dhéanamh i Washington in aon chóip amháin a fhanfas i dtaisce i gcairtlanna Rialtais Stát Aontaithe Mheiriceá a chuirfeas cóipeanna deimhnithe go dtí na rialtais uile a bhfuil a n-ainmneacha leagtha amach i Sceideal A agus go dtí na rialtais uile a gceadófar a gcomhaltas do réir Airteagail II, Alt 1 (b).
Sceideal A. Suibscríobh
(milliúin dollaeri) | (milliúin dollaeri) | ||
An Astráil | 200 | An India | 400 |
An Bheilg | 225 | An Iaráin | 24 |
An Bholaive | 7 | An Iráic | 6 |
An Bhrasaíl | 105 | An Libéir | ·5 |
Ceanada | 325 | Lucsambúrg | 10 |
An tSile | 35 | Meichiceo | 65 |
An tSín | 600 | An Isiltír | 275 |
Colóimbc | 35 | An Nua-Shéalainn | 50 |
Costa Rica | 2 | Nicearagua | ·8 |
Ciúba | 35 | An Ioruaidh | 50 |
An tSeicslóvaic | 125 | Panama | ·2 |
Paragua | ·8 | ||
An Phoblacht Doiminiceach | 2 | Peiriú | 17·5 |
An tEacuadór | 3·2 | An Comhfhlathas Filipeach | 15 |
An Eigipt | 40 | An Pholainn | 125 |
El Salvadór | 1 | Aontas na hAfraice Theas | 100 |
An Eatóip | 3 | Aontas na bPoblacht | |
An Fhrainc | 450 | Soivéideach Sóisialach | 1,200 |
An Ghréig | 25 | An Ríocht Aontaithe | 1,300 |
Guatamála | 2 | Na Stáit Aontaithe | 3,175 |
Haití | 2 | Urugua | 10·5 |
Hondúras | 1 | Veiniséala | 10·5 |
An Ioslainn | 1 | An Iúgoslaiv | 40 |
________ | |||
An tIomlán | 9,100 | ||
Sceideal B. Stiúrthóirí Feidhmiúcháin a Thoghadh
1. Toghfar na stiúrthóirí feidhmiúcháin toghaí trí vótáil na rialtóirí atá cáilithe chun vótáil faoi Airteagal V, Alt 4 (b).
2. Sa vótáil do na stiúrthóirí toghaí, déanfaidh gach rialtóir atá cáilithe chun vótála na vótaí uile a bhfuil teideal aige chucu faoi Alt 3 d'Airteagal V a chaitheamh d'aon duine amháin. Is iad an seachtar daoine is mó a gheobhas vótaí a bheas ina stiúrthóirí feidhmiúcháin, ach ní measfar aon duine a bheith tofa a fuair níos lú ná 14 faoin gcéad den líon iomlán vótaí (vótaí cáilithe) is féidir a chaitheamh.
3. Nuair nach dtoghfar seachtar daoine den chéad vótáil, déanfar an dara vótáil agus ní bheidh an duine is lú a fuair vótaí cáilithe chun a thofa agus ní vótálfaidh ach (a) na rialtóirí a vótáil sa chéad vótáil do dhuine nár toghadh, agus (b) na rialtóirí a meastar faoi 4 thíos go ndearna na vótaí a chaitheadar do dhuine a toghadh na vótaí don duine sin a mhéadú thar 15 faoin gcéad de na vótaí cáilithe.
4. Nuair a beifear a chinneadh a measfar go bhfuil na vótaí a chaith rialtóir tar éis iomlán vótaí aon duine a mhéadú thar 15 faoin gcéad de na vótaí cáilithe, measfar go bhfolaíonn an 15 faoin gcéad, sa chéad áit, vótaí an rialtóra is mó a chaith vótaí don duine sin, ansin vótaí an rialtóra a chaith an dara méid is mó, agus mar sin de go sroichfear 15 faoin gcéad.
5. Aon rialtóir nach mór cuid dá vótaí a chomhaireamh chun iomlán vótaí aon duine a mhéadú thar 14 faoin gcéad, measfar gur chaith sé a vótaí uile don duine sin fiú má fhágann sin go raghaidh iomlán na vótaí don duine sin thar 15 faoin gcéad.
6. Mura mbeidh seachtar daoine tofa tar éis an dara vótáil, déanfar vótála eile do réir na bprionsabal céanna go dtí go mbeidh seachtar daoine tofa, ach, tar éis seisear daoine a bheith tofa, féadfar an seachtú duine a thoghadh le gnáth-thromlach na vótaí a bheas fágtha agus measfar é a bheith arna thoghadh leis na vótaí sin go léir.
1 Cinnfidh an Ciste cuóta na DanmhaiFge tar éis do Rialtais na Danmhairge a dhearbhú go bhfuil sé ullamh ar an gComhaontú seo a shíniú ach sara ndéanfar an síniú sin.
* Cinnfidh an Banc cuóta na Danmhairge tar éis don Danmhairg comhaltas a ghlacadh do réir na nAirteagal Comhaontuithe seo.
Number 18 of 1957.
BRETTON WOODS AGREEMENTS ACT, 1957.
ARRANGEMENT OF SECTIONS
Section | |
Agreements
Number 18 of 1957.
BRETTON WOODS AGREEMENTS ACT, 1957.
Interpretation.
1.—In this Act—
“the Fund Agreement” means the agreement, for the establishment and operation of an international body to be called the International Monetary Fund, which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, and of which the text of the Articles is set out in Part I of the Schedule to this Act;
“the Bank Agreement” means the agreement, for the establishment and operation of an international body to be called the International Bank for Reconstruction and Development, which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, and of which the text of the Articles is set out in Part II of the Schedule to this Act;
“the Fund” means the International Monetary Fund established under the Fund Agreement;
“the Bank” means the International Bank for Reconstruction and Development established under the Bank Agreement.
Approval of acceptance.
2.—Acceptance by the Government of the Fund Agreement and the Bank Agreement is hereby approved.
Financial and other provisions.
3.—(1) The subsequent subsections of this section shall come into operation on the day on which the Fund Agreement and the Bank Agreement are signed on behalf of the Government.
(2) The following payments, as and when they become appropriate to be made on behalf of the Government, shall be made out of the Central Fund or the growing produce thereof:
(a) payments in respect of subscription to the Fund,
(b) payments under paragraph (a) of Section 4 of Article III of the Fund Agreement,
(c) payments under paragraph (b) or paragraph (d) of Section 8 of Article IV of the Fund Agreement,
(d) payments under Section 3, Section 7 or Section 8 of Article V of the Fund Agreement,
(e) payments under Section 3 of Article XIII of the Fund Agreement,
(f) payments under Schedule D of the Fund Agreement,
(g) payments under Schedule E of the Fund Agreement,
(h) payments in respect of subscription to the Bank,
(i) payments under Section 9 of Article II of the Bank Agreement,
(j) payments under subparagraph (iv) of paragraph (c) of Section 4 of Article VI of the Bank Agreement.
(3) The Minister for Finance may create and issue to the Fund or the Bank, in such form as he thinks fit, any such non-interest-bearing and non-negotiable notes or other obligations as are provided for by Section 5 of Article III of the Fund Agreement and Section 12 of Article V of the Bank Agreement, and any payments in respect of any such notes or obligations so created and issued shall be made out of the Central Fund or the growing produce thereof.
(4) The Minister for Finance may borrow from any person, and the Bank of Ireland may advance to him, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.
(5) The principal and interest of any securities issued under subsection (4) of this section and the expenses incurred in connection with their issue shall be charged on the Central Fund or the growing produce thereof.
(6) Any moneys received by the Government from the Fund or the Bank or raised by securities under subsection (4) of this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.
(7) The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Fund and the Bank and may advance to the Minister for Finance any sum or sums required for payments under this section.
(8) The provisions of—
(a) Sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article IX of the Fund Agreement,
(b) Sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article VII of the Bank Agreement, and
(c) the first sentence of paragraph (b) of Section 2 of Article VIII of the Fund Agreement,
shall have the force of law in the State, subject to the proviso that nothing in Section 9 of Article IX of the Fund Agreement or in Section 9 of Article VII of the Bank Agreement shall be construed—
(i) as entitling the Fund or the Bank to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported,
(ii) as conferring on the Fund or the Bank any exemption from duties or taxes which form part of the price of goods sold, or
(iii) as conferring on the Fund or the Bank any exemption from taxes or duties which are in fact no more than charges for services rendered.
Short title.
4.—This Act may be cited as the Bretton Woods Agreements Act, 1957.
SCHEDULE.
Agreements.
PART I.
ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND
The Governments on whose behalf the present Agreement is signed agree as follows:
Introductory Article
The International Monetary Fund is established and shall operate in accordance with the following provisions:
Article I. Purposes
The purposes of the International Monetary Fund are:
(i) To promote international monetary co-operation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.
(ii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.
(iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
(iv) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.
(v) To give confidence to members by making the Fund's resources available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
(vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.
The Fund shall be guided in all its decisions by the purposes set forth in this Article.
Article II. Membership
Section 1.
Original members.
The original members of the Fund shall be those of the countries represented at the United Nations Monetary and Financial Conference whose Governments accept membership before the date specified in Article XX, Section 2 (e).
Section 2.
Other members.
Membership shall be open to the Governments of other countries at such times and in accordance with such terms as may be prescribed by the Fund.
Article III. Quotas and Subscriptions
Section I.
Quotas.
Each member shall be assigned a quota. The quotas of the members represented at the United Nations Monetary and Financial Conference which accept membership before the date specified in Article XX, Section 2 (e), shall be those set forth in Schedule A. The quotas of other members shall be determined by the Fund.
Section 2.
Adjustment of quotas.
The Fund shall at intervals of five years review, and if it deems it appropriate propose an adjustment of, the quotas of the members. It may also, if it thinks fit, consider at any other time the adjustment of any particular quota at the request of the member concerned. A four-fifths majority of the total voting power shall be required for any change in quotas and no quota shall be changed without the consent of the member concerned.
Section 3.
Subscriptions: time, place, and form of payment.
(a) The subscription of each member shall be equal to its quota and shall be paid in full to the Fund at the appropriate depository on or before the date when the member becomes eligible under Article XX, Section 4 (c) or (d), to buy currencies from the Fund.
(b) Each member shall pay in gold, as a minimum, the smaller of
(i) 25 per cent. of its quota; or
(ii) 10 per cent. of its net official holdings of gold and United States dollars as at the date when the Fund notifies members under Article XX, Section 4 (a) that it will shortly be in a position to begin exchange transactions.
Each member shall furnish to the Fund the data necessary to determine its net official holdings of gold and United States dollars.
(c) Each member shall pay the balance of its quota in its own currency.
(d) If the net official holdings of gold and United States dollars of any member as at the date referred to in (b) (ii) above are not ascertainable because its territories have been occupied by the enemy, the Fund shall fix an appropriate alternative date for determining such holdings. If such date is later than that on which the country becomes eligible under Article XX, Section 4 (c) or (d), to buy currencies from the Fund, the Fund and the member shall agree on a provisional gold payment to be made under (b) above, and the balance of the member's subscription shall be paid in the member's currency, subject to appropriate adjustment between the member and the Fund when the net official holdings have been ascertained.
Section 4.
Payments when quotas are changed.
(a) Each member which consents to an increase in its quota shall, within thirty days after the date of its consent, pay to the Fund 25 per cent. of the increase in gold and the balance in its own currency. If, however, on the date when the member consents to an increase, its monetary reserves are less than its new quota, the Fund may reduce the proportion of the increase to be paid in gold.
(b) If a member consents to a reduction in its quota, the Fund shall, within thirty days after the date of the consent, pay to the member an amount equal to the reduction. The payment shall be made in the member's currency and in such amount of gold as may be necessary to prevent reducing the Fund's holdings of the currency below 75 per cent. of the new quota.
Section 5.
Substitution of securities for currency.
The Fund shall accept from any member in place of any part of the member's currency which in the judgment of the Fund is not needed for its operations, notes or similar obligations issued by the member or the depository designated by the member under Article XIII, Section 2, which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by crediting the account of the Fund in the designated depository. This Section shall apply not only to currency subscribed by members but also to any currency otherwise due to, or acquired by, the Fund.
Article IV. Par Values of Currencies
Section 1.
Expression of par values.
(a) The par value of the currency of each member shall be expressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on July 1, 1944.
(b) All computations relating to currencies of members for the purpose of applying the provisions of this Agreement shall be on the basis of their par values.
Section 2.
Gold purchases based on par values.
The Fund shall prescribe a margin above and below par value for transactions in gold by members, and no member shall buy gold at a price above par value plus the prescribed margin, or sell gold at a price below par value minus the prescribed margin.
Section 3.
Foreign exchange dealings based on parity.
The maximum and the minimum rates for exchange transactions between the currencies of members taking place within their territories shall not differ from parity—
(i) in the case of spot exchange transactions, by more than one per cent.; and
(ii) in the case of other exchange transactions, by a margin which exceeds the margin for spot exchange transactions by more than the Fund considers reasonable.
Section 4.
Obligations regarding exchange stability.
(a) Each member undertakes to collaborate with the Fund to promote exchange stability, to maintain orderly exchange arrangements with other members, and to avoid competitive exchange alterations.
(b) Each member undertakes, through appropriate measures consistent with this Agreement, to permit within its territories exchange transactions between its currency and the currencies of other members only within the limits prescribed under Section 3 of this Article. A member whose monetary authorities, for the settlement of international transactions, in fact freely buy and sell gold within the limits prescribed by the Fund under Section 2 of this Article shall be deemed to be fulfilling this undertaking.
Section 5.
Changes in par values.
(a) A member shall not propose a change in the par value of its currency except to correct a fundamental disequilibrium.
(b) A change in the par value of a member's currency may be made only on the proposal of the member and only after consultation with the Fund.
(c) When a change is proposed, the Fund shall first take into account the changes, if any, which have already taken place in the initial par value of the member's currency as determined under Article XX, Section 4. If the proposed change, together with all previous changes, whether increases or decreases,
(i) does not exceed 10 per cent. of the initial par value, the Fund shall raise no objection;
(ii) does not exceed a further 10 per cent. of the initial par value, the Fund may either concur or object, but shall declare its attitude within seventy-two hours if the member so requests;
(iii) is not within (i) or (ii) above, the Fund may either concur or object, but shall be entitled to a longer period in which to declare its attitude.
(d) Uniform changes in par values made under Section 7 of this Article shall not be taken into account in determining whether a proposed change falls within (i), (ii), or (iii) of (c) above.
(e) A member may change the par value of its currency without the concurrence of the Fund if the change does not affect the international transactions of members of the Fund.
(f) The Fund shall concur in a proposed change which is within the terms of (c) (ii) or (c) (iii) above if it is satisfied that the change is necessary to correct a fundamental disequilibrium. In particular, provided it is so satisfied, it shall not object to a proposed change because of the domestic social or political policies of the member proposing the change.
Section 6.
Effect of unauthorized changes.
If a member changes the par value of its currency despite the objection of the Fund, in cases where the Fund is entitled to object, the member shall be ineligible to use the resources of the Fund unless the Fund otherwise determines; and if, after the expiration of a reasonable period, the difference between the member and the Fund continues, the matter shall be subject to the provisions of Article XV, Section 2 (b).
Section 7.
Uniform changes in par values.
Notwithstanding the provisions of Section 5 (b) of this Article, the Fund by a majority of the total voting power may make uniform proportionate changes in the par values of the currencies of all members, provided each such change is approved by every member which has 10 per cent. or more of the total of the quotas. The par value of a member's currency shall, however, not be changed under this provision if, within seventy-two hours of the Fund's action, the member informs the Fund that it does not wish the par value of its currency to be changed by such action.
Section 8.
Maintenance of gold value of the Fund's assets.
(a) The gold value of the Fund's assets shall be maintained notwithstanding changes in the par or foreign exchange value of the currency of any member.
(b) Whenever (i) the par value of a member's currency is reduced, or (ii) the foreign exchange value of a member's currency has, in the opinion of the Fund, depreciated to a significant extent within that member's territories, the member shall pay to the Fund within a reasonable time an amount of its own currency equal to the reduction in the gold value of its currency held by the Fund.
(c) Whenever the par value of a member's currency is increased, the Fund shall return to such member within a reasonable time an amount in its currency equal to the increase in the gold value of its currency held by the Fund.
(d) The provisions of this Section shall apply to a uniform proportionate change in the par values of the currencies of all members, unless at the time when such a change is proposed the Fund decides otherwise.
Section 9.
Separate currencies within a member's territories.
A member proposing a change in the par value of its currency shall be deemed, unless it declares otherwise, to be proposing a corresponding change in the par value of the separate currencies of all territories in respect of which it has accepted this Agreement under Article XX, Section 2 (g). It shall, however, be open to a member to declare that its proposal relates either to the metropolitan currency alone, or only to one or more specified separate currencies, or to the metropolitan currency and one or more specified separate currencies.
Article V. Transactions with the Fund
Section 1.
Agencies dealing with the Fund.
Each member shall deal with the Fund only through its Treasury, central bank, stabilization fund, or other similar fiscal agency and the Fund shall deal only with or through the same agencies.
Section 2.
Limitation on the Fund's operations.
Except as otherwise provided in this Agreement, operations on the account of the Fund shall be limited to transactions for the purpose of supplying a member, on the initiative of such member, with the currency of another member in exchange for gold or for the currency of the member desiring to make the purchase.
Section 3.
Conditions governing use of the Fund's resources.
(a) A member shall be entitled to buy the currency of another member from the Fund in exchange for its own currency subject to the following conditions:
(i) The member desiring to purchase the currency represents that it is presently needed for making in that currency payments which are consistent with the provisions of this Agreement;
(ii) The Fund has not given notice under Article VII, Section 3, that its holdings of the currency desired have become scarce;
(iii) The proposed purchase would not cause the Fund's holdings of the purchasing member's currency to increase by more than 25 per cent. of its quota during the period of twelve months ending on the date of the purchase nor to exceed 200 per cent. of its quota, but the 25 per cent. limitation shall apply only to the extent that the Fund's holdings of the member's currency have been brought above 75 per cent. of its quota if they had been below that amount;
(iv) The Fund has not previously declared under Section 5 of this Article, Article IV, Section 6, Article VI, Section 1, or Article XV, Section 2 (a), that the member desiring to purchase is ineligible to use the resources of the Fund.
(b) A member shall not be entitled without the permission of the Fund to use the Fund's resources to acquire currency to hold against forward exchange transactions.
Section 4.
Waiver of conditions.
The Fund may in its discretion, and on terms which safeguard its interests, waive any of the conditions prescribed in Section 3 (a) of this Article, especially in the case of members with a record of avoiding large or continuous use of the Fund's resources. In making a waiver it shall take into consideration periodic or exceptional requirements of the member requesting the waiver. The Fund shall also take into consideration a member's willingness to pledge as collateral security gold, silver, securities, or other acceptable assets having a value sufficient in the opinion of the Fund to protect its interests and may require as a condition of waiver the pledge of such collateral security.
Section 5.
Ineligibility to use the Fund's resources.
Whenever the Fund is of the opinion that any member is using the resources of the Fund in a manner contrary to the purposes of the Fund, it shall present to the member a report setting forth the views of the Fund and prescribing a suitable time for reply. After presenting such a report to a member, the Fund may limit the use of its resources by the member. If no reply to the report is received from the member within the prescribed time, or if the reply received is unsatisfactory, the Fund may continue to limit the member's use of the Fund's resources or may, after giving reasonable notice to the member, declare it ineligible to use the resources of the Fund.
Section 6.
Purchases of currencies from the Fund for gold.
(a) Any member desiring to obtain, directly or indirectly, the currency of another member for gold shall, provided that it can do so with equal advantage, acquire it by sale of gold to the Fund.
(b) Nothing in this Section shall be deemed to preclude any member from selling in any market gold newly produced from mines located within its territories.
Section 7.
Repurchase by a member of its currency held by the Fund.
(a) A member may repurchase from the Fund and the Fund shall sell for gold any part of the Fund's holdings of its currency in excess of its quota.
(b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with gold or convertible currencies, as determined in accordance with Schedule B, part of the Fund's holdings of its currency under the following conditions:
(i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to one-half of any increase that has occurred during the year in the Fund's holdings of its currency plus one-half of any increase, or minus one-half of any decrease, that has occurred during the year in the member's monetary reserves. This rule shall not apply when a member's monetary reserves have decreased during the year by more than the Fund's holdings of its currency have increased.
(ii) If after the repurchase described in (i) above (if required) has been made, a member's holdings of another member's currency (or of gold acquired from that member) are found to have increased by reason of transactions in terms of that currency with other members or persons in their territories, the member whose holdings of such currency (or gold) have thus increased shall use the increase to repurchase its own currency from the Fund.
(c) None of the adjustments described in (b) above shall be carried to a point at which
(i) the member's monetary reserves are below its quota, or
(ii) the Fund's holdings of its currency are below 75 per cent. of its quota, or
(iii) the Fund's holdings of any currency required to be used are above 75 per cent. of the quota of the member concerned.
Section 8.
Charges.
(a) Any member buying the currency of another member from the Fund in exchange for its own currency shall pay a service charge uniform for all members of ¾ per cent. in addition to the parity price. The Fund in its discretion may increase this service charge to not more than 1 per cent. or reduce it to not less than ½ per cent.
(b) The Fund may levy a reasonable handling charge on any member buying gold from the Fund or selling gold to the Fund.
(c) The Fund shall levy charges uniform for all members which shall be payable by any member on the average daily balances of its currency held by the Fund in excess of its quota. These charges shall be at the following rates:
(i) On amounts not more than 25 per cent. in excess of the quota: no charge for the first three months; ½ per cent. per annum for the next nine months; and thereafter an increase in the charge of ½ per cent. for each subsequent year.
(ii) On amounts more than 25 per cent. and not more than 50 per cent. in excess of the quota: an additional ½ per cent. for the first year; and an additional ½ per cent. for each subsequent year.
(iii) On each additional bracket of 25 per cent. in excess of the quota: an additional ½ per cent. for the first year; and an additional ½ per cent. for each subsequent year.
(d) Whenever the Fund's holdings of a member's currency are such that the charge applicable to any bracket for any period has reached the rate of 4 per cent. per annum, the Fund and the member shall consider means by which the Fund's holdings of the currency can be reduced. Thereafter, the charges shall rise in accordance with the provisions of (c) above until they reach 5 per cent. and failing agreement, the Fund may then impose such charges as it deems appropriate.
(e) The rates referred to in (c) and (d) above may be changed by a three-fourths majority of the total voting power.
(f) All charges shall be paid in gold. If, however, the member's monetary reserves are less than one-half of its quota, it shall pay in gold only that proportion of the charges due which such reserves bear to one-half of its quota, and shall pay the balance in its own currency.
Article VI. Capital Transfers
Section 1.
Use of the Fund's resources for capital transfers.
(a) A member may not make net use of the Fund's resources to meet a large or sustained outflow of capital, and the Fund may request a member to exercise controls to prevent such use of the resources of the Fund. If, after receiving such a request, a member fails to exercise appropriate controls, the Fund may declare the member ineligible to use the resources of the Fund.
(b) Nothing in this Section shall be deemed
(i) to prevent the use of the resources of the Fund for capital transactions of reasonable amount required for the expansion of exports or in the ordinary course of trade, banking or other business, or
(ii) to affect capital movements which are met out of a member's own resources of gold and foreign exchange, but members undertake that such capital movements will be in accordance with the purposes of the Fund.
Section 2.
Special provisions for capital transfers.
If the Fund's holdings of the currency of a member have remained below 75 per cent. of its quota for an immediately preceding period of not less than six months, such member, if it has not been declared ineligible to use the resources of the Fund under Section 1 of this Article, Article IV, Section 6, Article V, Section 5, or Article XV, Section 2 (a), shall be entitled, notwithstanding the provisions of Section 1 (a) of this Article, to buy the currency of another member from the Fund with its own currency for any purpose, including capital transfers. Purchases for capital transfers under this Section shall not, however, be permitted if they have the effect of raising the Fund's holdings of the currency of the member desiring to purchase above 75 per cent. of its quota, or of reducing the Fund's holdings of the currency desired below 75 per cent. of the quota of the member whose currency is desired.
Section 3.
Controls of capital transfers.
Members may exercise such controls as are necessary to regulate international capital movements, but no member may exercise these controls in a manner which will restrict payments for current transactions or which will unduly delay transfers of funds in settlement of commitments, except as provided in Article VII, Section 3 (b), and in Article XIV, Section 2.
Article VII. Scarce Currencies
Section 1.
General scarcity of currency.
If the Fund finds that a general scarcity of a particular currency is developing, the Fund may so inform members and may issue a report setting forth the causes of the scarcity and containing recommendations designed to bring it to an end. A representative of the member whose currency is involved shall participate in the preparation of the report.
Section 2.
Measures to replenish the Fund's holdings of scarce currencies.
The Fund may, if it deems such action appropriate to replenish its holdings of any member's currency, take either or both of the following steps :
(i) Propose to the member that, on terms and conditions agreed between the Fund and the member, the latter lend its currency to the Fund or that, with the approval of the member, the Fund borrow such currency from some other source either within or outside the territories of the member, but no member shall be under any obligation to make such loans to the Fund or to approve the borrowing of its currency by the Fund from any other source.
(ii) Require the member to sell its currency to the Fund for gold.
Section 3.
Scarcity of the Fund's holdings.
(a) If it becomes evident to the Fund that the demand for a member's currency seriously threatens the Fund's ability to supply that currency, the Fund, whether or not it has issued a report under Section 1 of this Article, shall formally declare such currency scarce and shall thenceforth apportion its existing and accruing supply of the scarce currency with due regard to the relative needs of members, the general international economic situation, and any other pertinent considerations. The Fund shall also issue a report concerning its action.
(b) A formal declaration under (a) above shall operate as an authorization to any member, after consultation with the Fund, temporarily to impose limitations on the freedom of exchange operations in the scarce currency. Subject to the provisions of Article IV, Sections 3 and 4, the member shall have complete jurisdiction in determining the nature of such limitations, but they shall be no more restrictive than is necessary to limit the demand for the scarce currency to the supply held by, or accruing to, the member in question; and they shall be relaxed and removed as rapidly as conditions permit.
(c) The authorization under (b) above shall expire whenever the Fund formally declares the currency in question to be no longer scarce.
Section 4.
Administration of restrictions.
Any member imposing restrictions in respect of the currency of any other member pursuant to the provisions of Section 3 (b) of this Article shall give sympathetic consideration to any representations by the other member regarding the administration of such restrictions.
Section 5.
Effect of other international agreements on restrictions.
Members agree not to invoke the obligations of any engagements entered into with other members prior to this Agreement in such a manner as will prevent the operation of the provisions of this Article.
Article VIII. General Obligations of Members
Section 1.
Introduction.
In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.
Section 2.
Avoidance of restrictions on current payments.
(a) Subject to the provisions of Article VII, Section 3 (b), and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.
(b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, co-operate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.
Section 3.
Avoidance of discriminatory currency practices.
No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1, to engage in, any discriminatory currency arrangements or multiple currency practices except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 4 of that Article shall apply.
Section 4.
Convertibility of foreign held balances.
(a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents
(i) that the balances to be bought have been recently acquired as a result of current transactions; or
(ii) that their conversion is needed for making payments for current transactions.
The buying member shall have the option to pay either in the currency of the member making the request or in gold.
(b) The obligation in (a) above shall not apply
(i) when the convertibility of the balances has been restricted consistently with Section 2 of this Article, or Article VI, Section 3; or
(ii) when the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2; or
(iii) when the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them; or
(iv) when the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a); or
(v) when the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.
Section 5.
Furnishing of information.
(a) The Fund may require members to furnish it with such information as it deems necessary for its operations, including, as the minimum necessary for the effective discharge of the Fund's duties, national data on the following matters :
(i) Official holdings at home and abroad, of (1) gold, (2) foreign exchange.
(ii) Holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange.
(iii) Production of gold.
(iv) Gold exports and imports according to countries of destination and origin.
(v) Total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin.
(vi) International balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items.
(vii) International investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information.
(viii) National income.
(ix) Price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices.
(x) Buying and selling rates for foreign currencies.
(xi) Exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur.
(xii) Where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
(b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable, and, so far as possible, to avoid mere estimates.
(c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.
Section 6.
Consultation between members regarding existing international agreements.
Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements will consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.
Article IX. Status, Immunities and Privileges
Section 1.
Purposes of Article.
To enable the Fund to fulfil the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Fund in the territories of each member.
Section 2.
Status of the Fund.
The Fund shall possess full juridical personality, and in particular, the capacity
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings.
Section 3.
Immunity from judicial process.
The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.
Section 4.
Immunity from other action.
Property and assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.
Section 5.
Immunity of archives.
The archives of the Fund shall be inviolable.
Section 6.
Freedom of assets from restrictions.
To the extent necessary to carry out the operations provided for in this Agreement, all property and assets of the Fund shall be free from restrictions, regulations, controls and moratoria of any nature.
Section 7.
Privilege for communications.
The official communications of the Fund shall be accorded by members the same treatment as the official communications of other members.
Section 8.
Immunities and privileges of officers and employees.
All governors, executive directors, alternates, officers and employees of the Fund
(i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Fund waives this immunity;
(ii) not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members;
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
Section 9.
Immunities from taxation.
(a) The Fund, its assets, property, income and its operations and transactions authorized by this Agreement, shall be immune from all taxation and from all customs duties. The Fund shall also be immune from liability for the collection or payment of any tax or duty.
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to executive directors, alternates, officers or employees of the Fund who are not local citizens, local subjects, or other local nationals.
(c) No taxation of any kind shall be levied on any obligation or security issued by the Fund, including any dividend or interest thereon, by whomsoever held
(i) which discriminates against such obligation or security solely because of its origin; or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Fund.
Section 10.
Application of Article.
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Fund of the detailed action which it has taken.
Article X. Relations with Other International Organisations
The Fund shall co-operate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such co-operation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XVII.
Article XI. Relations with Non-member Countries
Section 1.
Undertakings regarding relations with non-member countries.
Each member undertakes :
(i) Not to engage in, nor to permit any of its fiscal agencies referred to in Article V, Section 1, to engage in, any transactions with a non-member or with persons in a non-member's territories which would be contrary to the provisions of this Agreement or the purposes of the Fund;
(ii) Not to co-operate with a non-member or with persons in a non-member's territories in practices which would be contrary to the provisions of this Agreement or the purposes of the Fund; and
(iii) To co-operate with the Fund with a view to the application in its territories of appropriate measures to prevent transactions with non-members or with persons in their territories which would be contrary to the provisions of this Agreement or the purposes of the Fund.
Section 2.
Restrictions on transactions with non-member countries.
Nothing in this Agreement shall affect the right of any member to impose restrictions on exchange transactions with non-members or with persons in their territories unless the Fund finds that such restrictions prejudice the interests of members and are contrary to the purposes of the Fund.
Article XII. Organization and Management
Section 1.
Structure of the Fund.
The Fund shall have a Board of Governors, Executive Directors, a Managing Director, and a staff.
Section 2.
Board of Governors.
(a) All powers of the Fund shall be vested in the Board of Governors, consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as chairman.
(b) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of the Board, except the power to:
(i) Admit new members and determine the conditions of their admission.
(ii) Approve a revision of quotas.
(iii) Approve a uniform change in the par value of the currencies of all members.
(iv) Make arrangements to co-operate with other international organizations (other than informal arrangements of a temporary or administrative character).
(v) Determine the distribution of the net income of the Fund.
(vi) Require a member to withdraw.
(vii) Decide to liquidate the Fund.
(viii) Decide appeals from interpretations of this agreement given by the Executive Directors.
(c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one-quarter of the total voting power.
(d) A quorum for any meeting of the Board of Governors shall be a majority of the governors exercising not less than two-thirds of the total voting power.
(e) Each governor shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him.
(f) The Board of Governors may by regulation establish a procedure whereby the Executive Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the governors on a specific question without calling a meeting of the Board.
(g) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Fund.
(h) Governors and alternates shall serve as such without compensation from the Fund, but the Fund shall pay them reasonable expenses incurred in attending meetings.
(i) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the Managing Director.
Section 3.
Executive Directors.
(a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors.
(b) There shall be not less than twelve directors who need not be governors, and of whom
(i) five shall be appointed by the five members having the largest quotas;
(ii) not more than two shall be appointed when the provisions of (c) below apply;
(iii) five shall be elected by the members not entitled to appoint directors, other than the American Republics; and
(iv) two shall be elected by the American Republics not entitled to appoint directors.
For the purposes of this paragraph, members means governments of countries whose names are set forth in Schedule A, whether they become members in accordance with Article XX or in accordance with Article II, Section 2. When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the number of directors to be elected.
(c) If, at the second regular election of directors and thereafter, the members entitled to appoint directors under (b) (i) above do not include the two members, the holdings of whose currencies by the Fund have been, on the average over the preceding two years, reduced below their quotas by the largest absolute amounts in terms of gold as a common denominator, either one or both of such members, as the case may be, shall be entitled to appoint a director.
(d) Subject to Article XX, Section 3 (b) elections of elective directors shall be conducted at intervals of two years in accordance with the provisions of Schedule C, supplemented by such regulations as the Fund deems appropriate. Whenever the Board of Governors increases the number of directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect directors under the provisions of Schedule C.
(e) Each director shall appoint an alternate with full power to act for him when he is not present. When the directors appointing them are present, alternates may participate in meetings but may not vote.
(f) Directors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the members who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate.
(g) The Executive Directors shall function in continuous session at the principal office of the Fund and shall meet as often as the business of the Fund may require.
(h) A quorum for any meeting of the Executive Directors shall be a majority of the directors representing not less than one-half of the voting power.
(i) Each appointed director shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted towards his election. When the provisions of Section 5 (b) of this Article are applicable, the votes which a director would otherwise be entitled to cast shall be increased or decreased correspondingly. All the votes which a director is entitled to cast shall be cast as a unit.
(j) The Board of Governors shall adopt regulations under which a member not entitled to appoint a director under (b) above may send a representative to attend any meeting of the Executive Directors when a request made by, or a matter particularly affecting, that member is under consideration.
(k) The Executive Directors may appoint such committees as they deem advisable. Membership of committees need not be limited to governors or directors or their alternates.
Section 4.
Managing Director and staff.
(a) The Executive Directors shall select a Managing Director who shall not be a governor or an executive director.
The Managing Director shall be chairman of the Executive Directors, but shall have no vote except a deciding vote in case of an equal division. He may participate in meetings of the Board of Governors, but shall not vote at such meetings. The Managing Director shall cease to hold office when the Executive Directors so decide.
(b) The Managing Director shall be chief of the operating staff of the Fund and shall conduct, under the direction of the Executive Directors, the ordinary business of the Fund. Subject to the general control of the Executive Directors, he shall be responsible for the organisation, appointment and dismissal of the staff of the Fund.
(c) The Managing Director and the staff of the Fund, in the discharge of their functions, shall owe their duty entirely to the Fund and to no other authority. Each member of the Fund shall respect the international character of this duty and shall refrain from all attempts to influence any of the staff in the discharge of his functions.
(d) In appointing the staff the Managing Director shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competance, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.
Section 5.
Voting.
(a) Each member shall have two hundred and fifty votes plus one additional vote for each part of its quota equivalent to one hundred thousand United States dollars.
(b) Whenever voting is required under Article V, Section 4 or 5, each member shall have the number of votes to which it is entitled under (a) above, adjusted
(i) by the addition of one vote for the equivalent of each four hundred thousand United States dollars of net sales of its currency up to the date when the vote is taken, or
(ii) by the subtraction of one vote for the equivalent of each four hundred thousand United States dollars of its net purchases of the currencies of other members up to the date when the vote is taken;
provided, that neither net purchases nor net sales shall be deemed at any time to exceed an amount equal to the quota of the member involved.
(c) For the purpose of all computations under this Section, United States dollars shall be deemed to be of the weight and fineness in effect on July 1, 1944, adjusted for any uniform change under Article IV, Section 7, if a waiver is made under Section 8 (d) of that Article.
(d) Except as otherwise specifically provided, all decisions of the Fund shall be made by a majority of the votes cast.
Section 6.
Distribution of net income.
(a) The Board of Governors shall determine annually what part of the Fund's net income shall be placed to reserve and what part, if any, shall be distributed.
(b) If any distribution is made, there shall first be distributed a 2 per cent. non-cumulative payment to each member on the amount by which 75 per cent. of its quota exceeded the Fund's average holdings of its currency during that year. The balance shall be paid to all members in proportion to their quotas. Payments to each member shall be made in its own currency.
Section 7.
Publication of reports.
(a) The Fund shall publish an annual report containing an audited statement of its accounts, and shall issue, at intervals of three months or less, a summary statement of its transactions and its holdings of gold and currencies of members.
(b) The Fund may publish such other reports as it deems desirable for carrying out its purposes.
Section 8.
Communication of views to members.
The Fund shall at all times have the right to communicate its views informally to any member on any matter arising under this Agreement. The Fund may, by a two-thirds majority of the total voting power, decide to publish a report made to a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibrium in the international balance of payments of members. If the member is not entitled to appoint an executive director, it shall be entitled to representation in accordance with Section 3 (j) of this Article. The Fund shall not publish a report involving changes in the fundamental structure of the economic organization of members.
Article XIII. Offices and Depositories
Section 1.
Location of offices.
The principal office of the Fund shall be located in the territory of the member having the largest quota, and agencies or branch offices may be established in the territories of other members.
Section 2.
Depositories.
(a) Each member country shall designate its central bank as a depository for all the Fund's holdings of its currency, or if it has no central bank it shall designate such other institution as may be acceptable to the Fund.
(b) The Fund may hold other assets, including gold, in the depositories designated by the five members having the largest quotas and in such other designated depositories as the Fund may select. Initially, at least one-half of the holdings of the Fund shall be held in the depository designated by the member in whose territories the Fund has its principal office and at least 40 per cent. shall be held in the depositories designated by the remaining four members referred to above. However, all transfers of gold by the Fund shall be made with due regard to the costs of transport and anticipated requirements of the Fund. In an emergency the Executive Directors may transfer all or any part of the Fund's gold holdings to any place where they can be adequately protected.
Section 3.
Guarantee of the Fund's assets.
Each member guarantees all assets of the Fund against loss resulting from failure or default on the part of the depository designated by it.
Article XIV. Transitional Period
Section 1.
Introduction.
The Fund is not intended to provide facilities for relief or reconstruction or to deal with international indebtedness arising out of the war.
Section 2.
Exchange Restrictions.
In the post-war transitional period members may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances (and, in the case of members whose territories have been occupied by the enemy, introduce where necessary) restrictions on payments and transfers for current international transactions. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund; and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the maintenance of exchange stability. In particular, members shall withdraw restrictions maintained or imposed under this section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the resources of the Fund.
Section 3.
Notification to the Fund.
Each member shall notify the Fund before it becomes eligible under Article XX, Section 4 (c) or (d), to buy currency from the Fund, whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept the above-mentioned obligations.
Section 4.
Action of the Fund relating to restrictions.
Not later than three years after the date on which the Fund begins operations and in each year thereafter, the Fund shall report on the restrictions still in force under Section 2 of this Article. Five years after the date on which the Fund begins operations, and in each year thereafter, any member still retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4, shall consult the Fund as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representations to any member that conditions are favourable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other article of this Agreement. The member shall be given a suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XV, Section 2 (a).
Section 5.
Nature of transitional period.
In its relations with members, the Fund shall recognize that the post-war transitional period will be one of change and adjustment and in making decisions on requests occasioned thereby which are presented by any member it shall give the member the benefit of any reasonable doubt.
Article XV. Withdrawal from Membership
Section 1.
Right of members to withdraw.
Any member may withdraw from the Fund at any time by transmitting a notice in writing to the Fund at its principal office. Withdrawal shall become effective on the date such notice is received.
Section 2.
Compulsory withdrawal.
(a) If a member fails to fulfil any of its obligations under this Agreement, the Fund may declare the member ineligible to use the resources of the Fund. Nothing in this Section shall be deemed to limit the provisions of Article IV, Section 6, Article V, Section 5, or Article VI, Section 1.
(b) If, after the expiration of a reasonable period the member persists in its failure to fulfil any of its obligations under this Agreement, or a difference between a member and the Fund under Article IV, Section 6, continues, that member may be required to withdraw from membership in the Fund by a decision of the Board of Governors carried by a majority of the governors representing a majority of the total voting power.
(c) Regulations shall be adopted to ensure that before action is taken against any member under (a) or (b) above, the member shall be informed in reasonable time of the complaint against it and given an adequate opportunity for stating its case, both orally and in writing.
Section 3.
Settlement of accounts with members withdrawing.
When a member withdraws from the Fund, normal transactions of the Fund in its currency shall cease and settlement of all accounts between it and the Fund shall be made with reasonable despatch by agreement between it and the Fund. If agreement is not reached promptly, the provisions of Schedule D shall apply to the settlement of accounts.
Article XVI. Emergency Provisions
Section 1.
Temporary suspension.
(a) In the event of an emergency or the development of unforeseen circumstances threatening the operations of the Fund, the Executive Directors by unanimous vote may suspend for a period of not more than one hundred and twenty days the operation of any of the following provisions:
(i) Article IV, Sections 3 and 4 (b).
(ii) Article V, Sections 2, 3, 7, 8 (a) and (f).
(iii) Article VI, Section 2.
(iv) Article XI, Section 1.
(b) Simultaneously with any decision to suspend the operation of any of the foregoing provisions, the Executive Directors shall call a meeting of the Board of Governors for the earliest practicable date.
(c) The Executive Directors may not extend any suspension beyond one hundred and twenty days. Such suspension may be extended, however, for an additional period of not more than two hundred and forty days, if the Board of Governors by a four-fifths majority of the total voting power so decides, but it may not be further extended except by amendment of this Agreement pursuant to Article XVII.
(d) The Executive Directors may, by a majority of the total voting power, terminate such suspension at any time.
Section 2.
Liquidation of the Fund.
(a) The Fund may not be liquidated except by decision of the Board of Governors. In an emergency, if the Executive Directors decide that liquidation of the Fund may be necessary, they may temporarily suspend all transactions, pending decision by the Board.
(b) If the Board of Governors decides to liquidate the Fund, the Fund shall forthwith cease to engage in any activities except those incidental to the orderly collection and liquidation of its assets and the settlement of its liabilities, and all obligations of members under this Agreement shall cease except those set out in this Article, in Article XVIII, paragraph (c), in Schedule D, paragraph 7, and in Schedule E.
(c) Liquidation shall be administered in accordance with the provisions of Schedule E.
Article XVII. Amendments
(a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a governor or the Executive Directors, shall be communicated to the chairman of the Board of Governors who shall bring the proposal before the Board. If the proposed amendment is approved by the Board the Fund shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having four-fifths of the total voting power, have accepted the proposed amendment, the Fund shall certify the fact by a formal communication addressed to all members.
(b) Notwithstanding (a) above, acceptance by all members is required in the case of any amendment modifying
(i) the right to withdraw from the Fund (Article XV, Section 1);
(ii) the provision that no change in a member's quota shall be made without its consent (Article III, Section 2);
(iii) the provision that no change may be made in the par value of a member's currency except on the proposal of that member (Article IV, Section 5 (b)).
(c) Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.
Article XVIII. Interpretation
(a) Any question of interpretation of the provisions of this Agreement arising between any member and the Fund or between any members of the Fund shall be submitted to the Executive Directors for their decision. If the question particularly affects any member not entitled to appoint an executive director it shall be entitled to representation in accordance with Article XII, Section 3 (j).
(b) In any case where the Executive Directors have given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board the Fund may, so far as it deems necessary, act on the basis of the decision of the Executive Directors.
(c) Whenever a disagreement arises between the Fund and a member which has withdrawn, or between the Fund and any member during liquidation of the Fund, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Fund, another by the member or withdrawing member and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted by the Fund. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.
Article XIX. Explanation of Terms
In interpreting the provisions of this Agreement the Fund and its members shall be guided by the following:
(a) A member's monetary reserves means its net official holdings of gold, of convertible currencies of other members, and of the currencies of such non-members as the Fund may specify.
(b) The official holdings of a member means central holdings (that is, the holdings of its Treasury, central bank, stabilization fund, or similar fiscal agency).
(c) The holdings of other official institutions or other banks within its territories may, in any particular case, be deemed by the Fund, after consultation with the member, to be official holdings to the extent that they are substantially in excess of working balances; provided that for the purpose of determining whether, in a particular case, holdings are in excess of working balances, there shall be deducted from such holdings amounts of currency due to official institutions and banks in the territories of members or non-members specified under (d) below.
(d) A member's holdings of convertible currencies means its holdings of the currencies of other members which are not availing themselves of the transitional arrangements under Article XIV, Section 2, together with its holdings of the currencies of such non-members as the Fund may from time to time specify. The term currency for this purpose includes without limitation coins, paper money, bank balances, bank acceptances, and government obligations issued with a maturity not exceeding twelve months.
(e) A member's monetary reserves shall be calculated by deducting from its central holdings the currency liabilities to the Treasuries, central banks, stabilization funds, or similar fiscal agencies of other members or non-members specified under (d) above, together with similar liabilities to other official institutions and other banks in the territories of members, or non-members specified under (d) above. To these net holdings shall be added the sums deemed to be official holdings of other official institutions and other banks under (c) above.
(f) The Fund's holdings of the currency of a member shall include any securities accepted by the Fund under Article III, Section 5.
(g) The Fund, after consultation with a member which is availing itself of the transitional arrangements under Article XIV, Section 2, may deem holdings of the currency of that member which carry specified rights of conversion into another currency or into gold to be holdings of convertible currency for the purpose of the calculation of monetary reserves.
(h) For the purpose of calculating gold subscriptions under Article III, Section 3, a member's net official holdings of gold and United States dollars shall consist of its official holdings of gold and United States currency after deducting central holdings of its currency by other countries and holdings of its currency by other official institutions and other banks if these holdings carry specified rights of conversion into gold or United States currency.
(i) Payments for current transactions means payments which are not for the purpose of transferring capital, and includes, without limitation:
(1) All payments due in connection with foreign trade, other current business, including services, and normal short-term banking and credit facilities;
(2) Payments due as interest on loans and as net income from other investments;
(3) Payments of moderate amount for amortization of loans or for depreciation of direct investments;
(4) Moderate remittances for family living expenses.
The Fund may, after consultation with the members concerned, determine whether certain specific transactions are to be considered current transactions or capital transactions.
Article XX. Final Provisions
Section 1.
Entry into force.
This Agreement shall enter into force when it has been signed on behalf of governments having 65 per cent. of the total of the quotas set forth in Schedule A and when the instruments referred to in Section 2 (a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.
Section 2.
Signature.
(a) Each government on whose behalf this Agreement is signed shall deposit with the Government of the United States of America an instrument setting forth that it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.
(b) Each government shall become a member of the Fund as from the date of the deposit on its behalf of the instrument referred to in (a) above, except that no government shall become a member before this Agreement enters into force under Section 1 of this Article.
(c) The Government of the United States of America shall inform the governments of all countries whose names are set forth in Schedule A, and all governments whose membership is approved in accordance with Article II, Section 2, of all signatures of this Agreement and of the deposit of all instruments referred to in (a) above.
(d) At the time this Agreement is signed on its behalf, each government shall transmit to the Government of the United States of America one one-hundredth of 1 per cent. of its total subscription in gold or United States dollars for the purpose of meeting administrative expenses of the Fund. The Government of the United States of America shall hold such funds in a special deposit account and shall transmit them to the Board of Governors of the Fund when the initial meeting has been called under Section 3 of this Article. If this Agreement has not come into force by December 31, 1945, the Government of the United States of America shall return such funds to the governments that transmitted them.
(e) This Agreement shall remain open for signature at Washington on behalf of the governments of the countries whose names are set forth in Schedule A until December 31, 1945.
(f) After December 31, 1945, this Agreement shall be open for signature on behalf of the government of any country whose membership has been approved in accordance with Article II, Section 2.
(g) By their signature of this Agreement, all governments accept it both on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate.
(h) In the case of governments whose metropolitan territories have been under enemy occupation, the deposit of the instrument referred to in (a) above may be delayed until one hundred and eighty days after the date on which these territories have been liberated. If, however, it is not deposited by any such government before the expiration of this period the signature affixed on behalf of that government shall become void and the portion of its subscription paid under (d) above shall be returned to it.
(i) Paragraphs (d) and (h) shall come into force with regard to each signatory government as from the date of its signature.
Section 3.
Inauguration of the Fund.
(a) As soon as this Agreement enters into force under Section 1 of this Article, each member shall appoint a governor and the member having the largest quota shall call the first meeting of the Board of Governors.
(b) At the first meeting of the Board of Governors, arrangements shall be made for the selection of provisional executive directors. The governments of the five countries for which the largest quotas are set forth in Schedule A shall appoint provisional executive directors. If one or more of such governments have not become members, the executive directorships they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, whichever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of Schedule C and shall remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946.
(c) The Board of Governors may delegate to the provisional executive directors any powers except those which may not be delegated to the Executive Directors.
Section 4.
Initial determination of par values.
(a) When the Fund is of the opinion that it will shortly be in a position to begin exchange transactions, it shall so notify the members and shall request each member to communicate within thirty days the par value of its currency based on the rates of exchange prevailing on the sixtieth day before the entry into force of this Agreement. No member whose metropolitan territory has been occupied by the enemy shall be required to make such a communication while that territory is a theatre of major hostilities or for such period thereafter as the Fund may determine. When such a member communicates the par value of its currency the provisions of (d) below shall apply.
(b) The par value communicated by a member whose metropolitan territory has not been occupied by the enemy shall be the par value of that member's currency for the purposes of this Agreement unless, within ninety days after the request referred to in (a) above has been received, (i) the member notifies the Fund that it regards the par value as unsatisfactory, or (ii) the Fund notifies the member that in its opinion the par value cannot be maintained without causing recourse to the Fund on the part of that member or others on a scale prejudicial to the Fund and to members. When notification is given under (i) or (ii) above, the Fund and the member shall, within a period determined by the Fund in the light of all relevant circumstances, agree upon a suitable par value for that currency. If the Fund and the member do not agree within the period so determined, the member shall be deemed to have withdrawn from the Fund on the date when the period expires.
(c) When the par value of a member's currency has been established under (b) above, either by the expiration of ninety days without notification, or by agreement after notification, the member shall be eligible to buy from the Fund the currencies of other members to the full extent permitted in this Agreement, provided that the Fund has begun exchange transactions.
(d) In the case of a member whose metropolitan territory has been occupied by the enemy, the provisions of (b) above shall apply, subject to the following modifications:
(i) The period of ninety days shall be extended so as to end on a date to be fixed by agreement between the Fund and the member.
(ii) Within the extended period the member may, if the Fund has begun exchange transactions, buy from the Fund with its currency the currencies of other members, but only under such conditions and in such amounts as may be prescribed by the Fund.
(iii) At any time before the date fixed under (i) above, changes may be made by agreement with the Fund in the par value communicated under (a) above.
(e) If a member whose metropolitan territory has been occupied by the enemy adopts a new monetary unit before the date to be fixed under (d) (i) above, the par value fixed by that member for the new unit shall be communicated to the Fund and the provisions of (d) above shall apply.
(f) Changes in par values agreed with the Fund under this Section shall not be taken into account in determining whether a proposed change falls within (i), (ii), or (iii) of Article IV, Section 5 (c).
(g) A member communicating to the Fund a par value for the currency of its metropolitan territory shall simultaneously communicate a value, in terms of that currency, for each separate currency, where such exists, in the territories in respect of which it has accepted this Agreement under Section 2 (g) of this Article, but no member shall be required to make a communication for the separate currency of a territory which has been occupied by the enemy while that territory is a theatre of major hostilities or for such period thereafter as the Fund may determine. On the basis of the par value so communicated, the Fund shall compute the par value of each separate currency. A communication or notification to the Fund under (a), (b) or (d) above regarding the par value of a currency, shall also be deemed, unless the contrary is stated, to be a communication or notification regarding the par value of all the separate currencies referred to above. Any member may, however, make a communication or notification relating to the metropolitan or any of the separate currencies alone. If the member does so, the provisions of the preceding paragraphs (including (d) above, if a territory where a separate currency exists has been occupied by the enemy) shall apply to each of these currencies separately.
(h) The Fund shall begin exchange transactions at such date as it may determine after members having 65 per cent. of the total of the quotas set forth in Schedule A have become eligible, in accordance with the preceding paragraphs of this Section, to purchase the currencies of other members, but in no event until after major hostilities in Europe have ceased.
(i) The Fund may postpone exchange transactions with any member if its circumstances are such that, in the opinion of the Fund, they would lead to use of the resources of the Fund in a manner contrary to the purposes of this Agreement or prejudicial to the Fund or the members.
(j) The par values of the currencies of governments which indicate their desire to become members after December 31, 1945, shall be determined in accordance with the provisions of Article II, Section 2.
Done at Washington, in a single copy which shall remain deposited in the archives of the Government of the United States of America, which shall transmit certified copies to all governments whose names are set forth in Schedule A and to all governments whose membership is approved in accordance with Article II, Section 2.
Schedule A. Quotas
[In millions of United States dollars]
Schedule B. Provisions with Respect to Repurchase by a Member of Its Currency Held by the Fund
1. In determining the extent to which repurchase of a member's currency from the Fund under Article V, Section 7 (b), shall be made with each type of monetary reserve, that is, with gold and with each convertible currency, the following rule, subject to 2 below, shall apply:
(a) If the member's monetary reserves have not increased during the year, the amount payable to the Fund shall be distributed among all types of reserves in proportion to the member's holdings thereof at the end of the year.
(b) If the member's monetary reserves have increased during the year, a part of the amount payable to the Fund equal to one-half of the increase shall be distributed among those types of reserves which have increased in proportion to the amount by which each of them has increased. The remainder of the sum payable to the Fund shall be distributed among all types of reserves in proportion to the member's remaining holdings thereof.
(c) If after all the repurchases required under Article V, Section 7 (b), had been made, the result would exceed any of the limits specified in Article V, Section 7 (c), the Fund shall require such repurchases to be made by the members proportionately in such manner that the limits will not be exceeded.
2. The Fund shall not acquire the currency of any non-member under Article V, Section 7 (b) and (c).
3. In calculating monetary reserves and the increase in monetary reserves during any year for the purpose of Article V, Section 7 (b) and (c), no account shall be taken, unless deductions have otherwise been made by the member for such holdings, of any increase in those monetary reserves which is due to currency previously inconvertible having become convertible during the year; or to holdings which are the proceeds of a long-term or medium-term loan contracted during the year; or to holdings which have been transferred or set aside for repayment of a loan during the subsequent year.
4. In the case of members whose metropolitan territories have been occupied by the enemy, gold newly produced during the five years after the entry into force of this Agreement from mines located within their metropolitan territories shall not be included in computations of their monetary reserves or of increases in their monetary reserves.
Schedule C. Election of Executive Directors
1. The election of the elective executive directors shall be by ballot of the governors eligible to vote under Article XII, Section 3 (b) (iii) and (iv).
2. In balloting for the five directors to be elected under Article XII, Section 3 (b) (iii), each of the governors eligible to vote shall cast for one person all of the votes to which he is entitled under Article XII, Section 5 (a). The five persons receiving the greatest number of votes shall be directors, provided that no person who received less than 19 per cent. of the total number of votes that can be cast (eligible votes) shall be considered elected.
3. When five persons are not elected on the first ballot, a second ballot shall be held in which the person who received the lowest number of votes shall be ineligible for election and in which there shall vote only (a) those governors who voted in the first ballot for a person not elected, and (b) those governors whose votes for a person elected are deemed under 4 below to have raised the votes cast for that person above 20 per cent. of the eligible votes.
4. In determining whether the votes cast by a governor are to be deemed to have raised the total of any person above 20 per cent. of the eligible votes the 20 per cent. shall be deemed to include, first, the votes of the governor casting the largest number of votes for such person, then the votes of the governor casting the next largest number, and so on until 20 per cent. is reached.
5. Any governor part of whose votes must be counted in order to raise the total of any person above 19 per cent. shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed 20 per cent.
6. If, after the second ballot, five persons have not been elected, further ballots shall be held on the same principles until five persons have been elected, provided that after four persons are elected, the fifth may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes.
7. The directors to be elected by the American Republics under Article XII, Section 3 (b) (iv) shall be elected as follows :
(a) Each of the directors shall be elected separately.
(b) In the election of the first director, each governor representing an American Republic eligible to participate in the election shall cast for one person all the votes to which he is entitled. The person receiving the largest number of votes shall be elected provided that he has received not less than 45 per cent. of the total votes.
(c) If no person is elected on the first ballot, further ballots shall be held, in each of which the person receiving the lowest number of votes shall be eliminated, until one person receives a number of votes sufficient for election under (b) above.
(d) Governors whose votes contributed to the election of the first director shall take no part in the election of the second director.
(e) Persons who did not succeed in the first election shall not be ineligible for election as the second director.
(f) A majority of the votes which can be cast shall be required for election of the second director. If at the first ballot no person receives a majority, further ballots shall be held in each of which the person receiving the lowest number of votes shall be eliminated, until some person obtains a majority.
(g) The second director shall be deemed to have been elected by all the votes which could have been cast in the ballot securing his election.
Schedule D. Settlement of Accounts with Members Withdrawing
1. The Fund shall be obligated to pay to a member withdrawing an amount equal to its quota, plus any other amounts due to it from the Fund, less any amounts due to the Fund, including charges accruing after the date of its withdrawal; but no payment shall be made until six months after the date of withdrawal. Payments shall be made in the currency of the withdrawing member.
2. If the Fund's holdings of the currency of the withdrawing member are not sufficient to pay the net amount due from the Fund, the balance shall be paid in gold, or in such other manner as may be agreed. If the Fund and the withdrawing member do not reach agreement within six months of the date of withdrawal, the currency in question held by the Fund shall be paid forthwith to the withdrawing member. Any balance due shall be paid in ten half-yearly instalments during the ensuing five years. Each such instalment shall be paid, at the option of the Fund, either in the currency of the withdrawing member acquired after its withdrawal or by the delivery of gold.
3. If the Fund fails to meet any instalment which is due in accordance with the preceding paragraphs, the withdrawing member shall be entitled to require the Fund to pay the instalment in any currency held by the Fund with the exception of any currency which has been declared scarce under Article VII, Section 3.
4. If the Fund's holdings of the currency of a withdrawing member exceed the amount due to it, and if agreement on the method of settling accounts is not reached within six months of the date of withdrawal, the former member shall be obligated to redeem such excess currency in gold or, at its option, in the currencies of members which at the time of redemption are convertible. Redemption shall be made at the parity existing at the time of withdrawal from the Fund. The withdrawing member shall complete redemption within five years of the date of withdrawal, or within such longer period as may be fixed by the Fund, but shall not be required to redeem in any half-yearly period more than one-tenth of the Fund's excess holdings of its currency at the date of withdrawal plus further acquisitions of the currency during such half-yearly period. If the withdrawing member does not fulfil this obligation, the Fund may in an orderly manner liquidate in any market the amount of currency which should have been redeemed.
5. Any member desiring to obtain the currency of a member which has withdrawn shall acquire it by purchase from the Fund, to the extent that such member has access to the resources of the Fund and that such currency is available under 4 above.
6. The withdrawing member guarantees the unrestricted use at all times of the currency disposed of under 4 and 5 above for the purchase of goods or for payment of sums due to it or to persons within its territories. It shall compensate the Fund for any loss resulting from the difference between the par value of its currency on the date of withdrawal and the value realized by the Fund on disposal under 4 and 5 above.
7. In the event of the Fund going into liquidation under Article XVI, Section 2, within six months of the date on which the member withdraws, the account between the Fund and that government shall be settled in accordance with Article XVI, Section 2, and Schedule E.
Schedule E. Administration of Liquidation
1. In the event of liquidation the liabilities of the Fund other than the repayment of subscriptions shall have priority in the distribution of the assets of the Fund. In meeting each such liability the Fund shall use its assets in the following order:
(a) the currency in which the liability is payable;
(b) gold;
(c) all other currencies in proportion, so far as may be practicable, to the quotas of the members.
2. After the discharge of the Fund's liabilities in accordance with 1 above, the balance of the Fund's assets shall be distributed and apportioned as follows:
(a) The Fund shall distribute its holdings of gold among the members whose currencies are held by the Fund in amounts less than their quotas. These members shall share the gold so distributed in the proportions of the amounts by which their quotas exceed the Fund's holdings of their currencies.
(b) The Fund shall distribute to each member one half the Fund's holdings of its currency but such distribution shall not exceed 50 per cent. of its quota.
(c) The Fund shall apportion the remainder of its holdings of each currency among all the members in proportion to the amounts due to each member after the distributions under (a) and (b) above.
3. Each member shall redeem the holdings of its currency apportioned to other members under 2 (c) above, and shall agree with the Fund within three months after a decision to liquidate upon an orderly procedure for such redemption.
4. If a member has not reached agreement with the Fund within the three-month period referred to in 3 above, the Fund shall use the currencies of other members apportioned to that member under 2 (c) above to redeem the currency of that member apportioned to other members. Each currency apportioned to a member which has not reached agreement shall be used, so far as possible, to redeem its currency apportioned to the members which have made agreements with the Fund under 3 above.
5. If a member has reached agreement with the Fund in accordance with 3 above, the Fund shall use the currencies of other members apportioned to that member under 2 (c) above to redeem the currency of that member apportioned to other members which have made agreements with the Fund under 3 above. Each amount so redeemed shall be redeemed in the currency of the member to which it was apportioned.
6. After carrying out the preceding paragraphs, the Fund shall pay to each member the remaining currencies held for its account.
7. Each member whose currency has been distributed to other members under 6 above shall redeem such currency in gold or, at its option, in the currency of the member requesting redemption, or in such other manner as may be agreed between them. If the members involved do not otherwise agree, the member obligated to redeem shall complete redemption within five years of the date of distribution, but shall not be required to redeem in any half-yearly period more than one-tenth of the amount distributed to each other member. If the member does not fulfil this obligation, the amount of currency which should have been redeemed may be liquidated in an orderly manner in any market.
8. Each member whose currency has been distributed to other members under 6 above guarantees the unrestricted use of such currency at all times for the purchase of goods or for payment of sums due to it or to persons in its territories. Each member so obligated agrees to compensate other members for any loss resulting from the difference between the par value of its currency on the date of the decision to liquidate the Fund and the value realized by such members on disposal of its currency.
PART II.
ARTICLES OF AGREEMENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
The Governments on whose behalf the present Agreement is signed agree as follows :
Introductory Article.
The International Bank for Reconstruction and Development is established and shall operate in accordance with the following provisions:
Article I. Purposes
The purposes of the Bank are:
(i) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries.
(ii) To promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to supplement private investment by providing, on suitable conditions, finance for productive purposes out of its own capital, funds raised by it and its other resources.
(iii) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment for the development of the productive resources of members, thereby assisting in raising productivity, the standard of living and conditions of labour in their territories.
(iv) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first.
(v) To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and, in the immediate post-war years, to assist in bringing about a smooth transition from a wartime to a peacetime economy.
The Bank shall be guided in all its decisions by the purposes set forth above.
Article II. Membership in and Capital of the Bank
Section 1.
Membership.
(a) The original members of the Bank shall be those members of the International Monetary Fund which accept membership in the Bank before the date specified in Article XI, Section 2 (e).
(b) Membership shall be open to other members of the Fund, at such times and in accordance with such terms as may be prescribed by the Bank.
Section 2.
Authorized capital.
(a) The authorized capital stock of the Bank shall be $10,000,000,000, in terms of United States dollars of the weight and fineness in effect on July 1, 1944. The capital stock shall be divided into 100,000 shares having a par value of $100,000 each, which shall be available for subscription only by members.
(b) The capital stock may be increased when the Bank deems it advisable by a three-fourths majority of the total voting power.
Section 3.
Subscription of shares.
(a) Each member shall subscribe shares of the capital stock of the Bank. The minimum number of shares to be subscribed by the original members shall be those set forth in Schedule A. The minimum number of shares to be subscribed by other members shall be determined by the Bank, which shall reserve a sufficient portion of its capital stock for subscription by such members.
(b) The Bank shall prescribe rules laying down the conditions under which members may subscribe shares of the authorized capital stock of the Bank in addition to their minimum subscriptions.
(c) If the authorized capital stock of the Bank is increased, each member shall have a reasonable opportunity to subscribe, under such conditions as the Bank shall decide, a proportion of the increase of stock equivalent to the proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Bank, but no member shall be obligated to subscribe any part of the increased capital.
Section 4.
Issue Price of shares.
Shares included in the minimum subscriptions of original members shall be issued at par. Other shares shall be issued at par unless the Bank by a majority of the total voting power decides in special circumstances to issue them on other terms.
Section 5.
Division and calls of subscribed capital.
The subscription of each member shall be divided into two parts as follows :
(i) 20 per cent. shall be paid or subject to call under Section 7 (i) of this Article as needed by the Bank for its operations;
(ii) the remaining 80 per cent. shall be subject to call by the Bank only when required to meet obligations of the Bank created under Article IV, Sections 1 (a) (ii) and (iii).
Calls on unpaid subscriptions shall be uniform on all shares.
Section 6.
Limitation on liability.
Liability on shares shall be limited to the unpaid portion of the issue price of the shares.
Section 7.
Method of payment of subscriptions for shares.
Payment of subscriptions for shares shall be made in gold or United States dollars and in the currencies of the members as follows:
(i) under Section 5 (i) of this Article, 2 per cent. of the price of each share shall be payable in gold or United States dollars, and, when calls are made, the remaining 18 per cent. shall be paid in the currency of the member;
(ii) when a call is made under Section 5 (ii) of this Article, payment may be made at the option of the member either in gold, in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose for which the call is made;
(iii) when a member makes payments in any currency under (i) and (ii) above, such payments shall be made in amounts equal in value to the member's liability under the call. This liability shall be a proportionate part of the subscribed capital stock of the Bank as authorized and defined in Section 2 of this Article.
Section 8.
Time of payment of subscriptions.
(a) The 2 per cent. payable on each share in gold or United States dollars under Section 7 (i) of this Article, shall be paid within sixty days of the date on which the Bank begins operations, provided that
(i) any original member of the Bank whose metropolitan territory has suffered from enemy occupation or hostilities during the present war shall be granted the right to postpone payment of ½ per cent. until five years after that date;
(ii) an original member who cannot make such a payment because it has not recovered possession of its gold reserves which are still seized or immobilized as a result of the war may postpone all payment until such date as the Bank shall decide.
(b) The remainder of the price of each share payable under Section 7 (i) of this Article shall be paid as and when called by the Bank, provided that
(i) the Bank shall, within one year of its beginning operations, call not less than 8 per cent. of the price of the share in addition to the payment of 2 per cent. referred to in (a) above;
(ii) not more than 5 per cent. of the price of the share shall be called in any period of three months.
Section 9.
Maintenance of value of certain currency holdings of the Bank.
(a) Whenever (i) the par value of a member's currency is reduced, or (ii) the foreign exchange value of a member's currency has, in the opinion of the Bank, depreciated to a significant extent within that member's territories, the member shall pay to the Bank within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of initial subscription, of the amount of the currency of such member which is held by the Bank and derived from currency originally paid in to the Bank by the member under Article II, Section 7 (i), from currency referred to in Article IV, Section 2 (b), or from any additional currency furnished under the provisions of the present paragraph, and which has not been repurchased by the member for gold or for the currency of any member which is acceptable to the Bank.
(b) Whenever the par value of a member's currency is increased, the Bank shall return to such member within a reasonable time an amount of that member's currency equal to the increase in the value of the amount of such currency described in (a) above.
(c) The provisions of the preceding paragraphs may be waived by the Bank when a uniform proportionate change in the par values of the currencies of all its members is made by the International Monetary Fund.
Section 10.
Restriction on disposal of shares.
Shares shall not be pledged or encumbered in any manner whatever, and they shall be transferable only to the Bank.
Article III. General Provisions Relating to Loans and Guarantees
Section 1.
Use of resources.
(a) The resources and the facilities of the Bank shall be used exclusively for the benefit of members with equitable consideration to projects for development and projects for reconstruction alike.
(b) For the purpose of facilitating the restoration and reconstruction of the economy of members whose metropolitan territories have suffered great devastation from enemy occupation or hostilities, the Bank, in determining the conditions and terms of loans made to such members, shall pay special regard to lightening the financial burden and expediting the completion of such restoration and reconstruction.
Section 2.
Dealings between members and the Bank.
Each member shall deal with the Bank only through its Treasury, central bank, stabilization fund or other similar fiscal agency, and the Bank shall deal with members only by or through the same agencies.
Section 3.
Limitations on guarantees and borrowings of the Bank.
The total amount outstanding of guarantees, participations in loans, and direct loans made by the Bank shall not be increased at any time, if by such increases the total would exceed 100 per cent. of the unimpaired subscribed capital, reserves, and surplus of the Bank.
Section 4.
Conditions on which the Bank may guarantee or make loans.
The Bank may guarantee, participate in, or make loans to any member or any political subdivision thereof and any business, industrial, and agricultural enterprise in the territories of a member, subject to the following conditions :
(i) When the member in whose territories the project is located is not itself the borrower, the member or the central bank or some comparable agency of the member which is acceptable to the Bank, fully guarantees the repayment of the principal and the payment of interest and other charges on the loan.
(ii) The Bank is satisfied that in the prevailing market conditions the borrower would be unable otherwise to obtain the loan under conditions which in the opinion of the Bank are reasonable for the borrower.
(iii) A competent committee, as provided for in Article V, Section 7, has submitted a written report recommending the project after a careful study of the merits of the proposal.
(iv) In the opinion of the Bank the rate of interest and other charges are reasonable and such rate, charges, and the schedule for repayment of principal are appropriate to the project.
(v) In making or guaranteeing a loan, the Bank shall pay due regard to the prospects that the borrower, and, if the borrower is not a member, that the guarantor, will be in position to meet its obligations under the loan; and the Bank shall act prudently in the interests both of the particular member in whose territories the project is located and of the members as a whole.
(vi) In guaranteeing a loan made by other investors, the Bank receives suitable compensation for its risk.
(vii) Loans made or guaranteed by the Bank shall, except in special circumstances, be for the purpose of specific projects of reconstruction or development.
Section 5.
Use of loans guaranteed, participated in, or made by the Bank.
(a) The Bank shall impose no conditions that the proceeds of a loan shall be spent in the territories of any particular member or members.
(b) The Bank shall make arrangements to ensure that the proceeds of any loan are used only for the purposes for which the loan was granted, with due attention to considerations of economy and efficiency, and without regard to political or other non-economic influences or considerations.
(c) In the case of loans made by the Bank, it shall open an account in the name of the borrower, and the amount of the loan shall be credited to this account in the currency or currencies in which the loan is made. The borrower shall be permitted by the Bank to draw on this account only to meet expenses in connection with the project as they are actually incurred.
Article IV. Operations
Section 1.
Methods of making or facilitating loans.
(a) The Bank may make or facilitate loans which satisfy the general conditions of Article III in any of the following ways :
(i) By making or participating in direct loans out of its own funds corresponding to its unimpaired paid-up capital and surplus and, subject to Section 6 of this Article, to its reserves.
(ii) By making or participating in direct loans out of funds raised in the market of a member, or otherwise borrowed by the Bank.
(iii) By guaranteeing in whole or in part loans made by private investors through the usual investment channels.
(b) The Bank may borrow funds under (a) (ii) above or guarantee loans under (a) (iii) above only with the approval of the member in whose markets the funds are raised and the member in whose currency the loan is denominated, and only if those members agree that the proceeds may be exchanged for the currency of any other member without restriction.
Section 2.
Availability and transferability of currencies.
(a) Currencies paid into the Bank under Article II, Section 7 (i), shall be loaned only with the approval in each case of the member whose currency is involved; provided, however, that if necessary, after the Bank's subscribed capital has been entirely called, such currencies shall, without restriction by the members whose currencies are offered, be used or exchanged for the currencies required to meet contractual payments of interest, other charges or amortization on the Bank's own borrowings, or to meet the Bank's liabilities with respect to such contractual payments on loans guaranteed by the Bank.
(b) Currencies received by the Bank from borrowers or guarantors in payment on account of principal of direct loans made with currencies referred to in (a) above shall be exchanged for the currencies of other members or reloaned only with the approval in each case of the members whose currencies are involved; provided, however, that if necessary, after the Bank's subscribed capital has been entirely called, such currencies shall, without restriction by the members whose currencies are offered, be used or exchanged for the currencies required to meet contractual payments of interest, other charges or amortization on the Bank's own borrowings, or to meet the Bank's liabilities with respect to such contractual payments on loans guaranteed by the Bank.
(c) Currencies received by the Bank from borrowers or guarantors in payment on account of principal of direct loans made by the Bank under Section 1 (a) (ii) of this Article, shall be held and used, without restriction by the members, to make amortization payments, or to anticipate payment of or repurchase part or all of the Bank's own obligations.
(d) All other currencies available to the Bank, including those raised in the market or otherwise borrowed under Section 1 (a) (ii) of this Article, those obtained by the sale of gold, those received as payments of interest and other charges for direct loans made under Sections 1 (a) (i) and (ii), and those received as payments of commissions and other charges under Section 1 (a) (iii), shall be used or exchanged for other currencies or gold required in the operations of the Bank without restriction by the members whose currencies are offered.
(e) Currencies raised in the markets of members by borrowers on loans guaranteed by the Bank under Section 1 (a) (iii) of this Article, shall also be used or exchanged for other currencies without restriction by such members.
Section 3.
Provision of currencies for direct loans.
The following provisions shall apply to direct loans under Sections 1 (a) (i) and (ii) of this Article:
(a) The Bank shall furnish the borrower with such currencies of members, other than the member in whose territories the project is located, as are needed by the borrower for expenditures to be made in the territories of such other members to carry out the purposes of the loan.
(b) The Bank may, in exceptional circumstances when local currency required for the purposes of the loan cannot be raised by the borrower on reasonable terms, provide the borrower as part of the loan with an appropriate amount of that currency.
(c) The Bank, if the project gives rise indirectly to an increased need for foreign exchange by the member in whose territories the project is located, may in exceptional circumstances provide the borrower as part of the loan with an appropriate amount of gold or foreign exchange not in excess of the borrower's local expenditure in connection with the purposes of the loan.
(d) The Bank may, in exceptional circumstances, at the request of a member in whose territories a portion of the loan is spent, repurchase with gold or foreign exchange a part of that member's currency thus spent but in no case shall the part so repurchased exceed the amount by which the expenditure of the loan in those territories gives rise to an increased need for foreign exchange.
Section 4.
Payment provisions for direct loans.
Loan contracts under Section 1 (a) (i) or (ii) of this Article shall be made in accordance with the following payment provisions :
(a) The terms and conditions of interest and amortization payments, maturity and dates of payment of each loan shall be determined by the Bank. The Bank shall also determine the rate and any other terms and conditions of commission to be charged in connection with such loan.
In the case of loans made under Section 1 (a) (ii) of this Article during the first ten years of the Bank's operations, this rate of commission shall be not less than 1 per cent. per annum and not greater than 1½ per cent. per annum, and shall be charged on the outstanding portion of any such loan. At the end of this period of ten years, the rate of commission may be reduced by the Bank with respect both to the outstanding portions of loans already made and to future loans, if the reserves accumulated by the Bank under Section 6 of this Article and out of other earnings are considered by it sufficient to justify a reduction. In the case of future loans the Bank shall also have discretion to increase the rate of commission beyond the above limit, if experience indicates that an increase is advisable.
(b) All loan contracts shall stipulate the currency or currencies in which payments under the contract shall be made to the Bank. At the option of the borrower, however, such payments may be made in gold, or subject to the agreement of the Bank, in the currency of a member other than that prescribed in the contract.
(i) In the case of loans made under Section 1 (a) (i) of this Article, the loan contracts shall provide that payments to the Bank of interest, other charges and amortization shall be made in the currency loaned, unless the member whose currency loaned, unless the member whose currency is loaned agrees that such payments shall be made in some other specified currency or currencies. These payments, subject to the provisions of Article II, Section 9 (c), shall be equivalent to the value of such contractual payments at the time the loans were made, in terms of a currency specified for the purpose by the Bank by a three-fourths majority of the total voting power.
(ii) In the case of loans made under Section 1 (a) (ii) of this Article, the total amount outstanding and payable to the Bank in any one currency shall at no time exceed the total amount of the outstanding borrowings made by the Bank under Section 1 (a) (ii) and payable in the same currency.
(c) If a member suffers from an acute exchange stringency, so that the service of any loan contracted by that member or guaranteed by it or by one of its agencies cannot be provided in the stipulated manner, the member concerned may apply to the Bank for a relaxation of the conditions of payment. If the Bank is satisfied that some relaxation is in the interests of the particular member and of the operations of the Bank and of its members as a whole, it may take action under either, or both, of the following paragraphs with respect to the whole, or part, of the annual service:
(i) The Bank may, in its discretion, make arrangements with the member concerned to accept service payments on the loan in the member's currency for periods not to exceed three years upon appropriate terms regarding the use of such currency and the maintenance of its foreign exchange value; and for the repurchase of such currency on appropriate terms.
(ii) The Bank may modify the terms of amortization or extend the life of the loan, or both.
Section 5.
Guarantees.
(a) In guaranteeing a loan placed through the usual investment channels, the Bank shall charge a guarantee commission payable periodically on the amount of the loan outstanding at a rate determined by the Bank. During the first ten years of the Bank's operations, this rate shall be not less than 1 per cent. per annum and not greater than 1½ per cent. per annum. At the end of this period of ten years, the rate of commission may be reduced by the Bank with respect both to the outstanding portions of loans already guaranteed and to future loans if the reserves accumulated by the Bank under Section 6 of this Article and out of other earnings are considered by it sufficient to justify a reduction. In the case of future loans the Bank shall also have discretion to increase the rate of commission beyond the above limit, if experience indicates that an increase is advisable.
(b) Guarantee commissions shall be paid directly to the Bank by the borrower.
(c) Guarantees by the Bank shall provide that the Bank may terminate its liability with respect to interest if, upon default by the borrower and by the guarantor, if any, the Bank offers to purchase, at par and interest accrued to a date designated in the offer, the bonds or other obligations guaranteed.
(d) The Bank shall have power to determine any other terms and conditions of the guarantee.
Section 6.
Special reserve.
The amount of commissions received by the Bank under Sections 4 and 5 of this Article shall be set aside as a special reserve, which shall be kept available for meeting liabilities of the Bank in accordance with Section 7 of this Article. The special reserve shall be held in such liquid form, permitted under this Agreement, as the Executive Directors may decide.
Section 7.
Methods of meeting liabilities of the Bank in case of defaults.
In cases of default on loans made, participated in, or guaranteed by the Bank:
(a) The Bank shall make such arrangements as may be feasible to adjust the obligations under the loans, including arrangements under or analogous to those provided in Section 4 (c) of this Article.
(b) The payments in discharge of the Bank's liabilities on borrowings or guarantees under Section 1 (a) (ii) and (iii) of this Article shall be charged :
(i) first, against the special reserve provided in Section 6 of this Article.
(ii) then, to the extent necessary and at the discretion of the Bank, against the other reserves, surplus and capital available to the Bank.
(c) Whenever necessary to meet contractual payments of interest, other charges or amortization on the Bank's own borrowings, or to meet the Bank's liabilities with respect to similar payments on loans guaranteed by it, the Bank may call an appropriate amount of the unpaid subscriptions of members in accordance with Article II, Sections 5 and 7. Moreover, if it believes that a default may be of long duration, the Bank may call an additional amount of such unpaid subscriptions not to exceed in any one year 1 per cent. of the total subscriptions of the members for the following purposes:
(i) To redeem prior to maturity, or otherwise discharge its liability on, all or part of the outstanding principal of any loan guaranteed by it in respect of which the debtor is in default.
(ii) To repurchase, or otherwise discharge its liability on, all or part of its own outstanding borrowings.
Section 8.
Miscellaneous operations.
In addition to the operations specified elsewhere in this Agreement, the Bank shall have the power :
(i) To buy and sell securities it has issued and to buy and sell securities which it has guaranteed or in which it has invested, provided that the Bank shall obtain the approval of the member in whose territories the securities are to be bought or sold.
(ii) To guarantee securities in which it has invested for the purpose of facilitating their sale.
(iii) To borrow the currency of any member with the approval of that member.
(iv) To buy and sell such other securities as the Directors by a three-fourths majority of the total voting power may deem proper for the investment of all or part of the special reserve under Section 6 of this Article.
In exercising the powers conferred by this Section, the Bank may deal with any person, partnership, association, corporation or other legal entity in the territories of any member.
Section 9.
Warning to be placed on securities.
Every security guaranteed or issued by the Bank shall bear on its face a conspicuous statement to the effect that it is not an obligation of any government unless expressly stated on the security.
Section 10.
Political activity prohibited.
The Bank and its officers shall not interfere in the political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only economic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in Article I.
Article V. Organization and Management
Section 1.
Structure of the Bank.
The Bank shall have a Board of Governors, Executive Directors, a President and such other officers and staff to perform such duties as the Bank may determine.
Section 2.
Board of Governors.
(a) All the powers of the Bank shall be vested in the Board of Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as Chairman.
(b) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of the Board, except the power to :
(i) Admit new members and determine the conditions of their admission;
(ii) Increase or decrease the capital stock;
(iii) Suspend a member;
(iv) Decide appeals from interpretations of this Agreement given by the Executive Directors;
(v) Make arrangements to co-operate with other international organizations (other than informal arrangements of a temporary and administrative character);
(vi) Decide to suspend permanently the operations of the Bank and to distribute its assets;
(vii) Determine the distribution of the net income of the Bank.
(c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one-quarter of the total voting power.
(d) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power.
(e) The Board of Governors may by regulation establish a procedure whereby the Executive Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board.
(f) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Bank.
(g) Governors and alternates shall serve as such without compensation from the Bank, but the Bank shall pay them reasonable expenses incurred in attending meetings.
(h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.
Section 3.
Voting.
(a) Each member shall have two hundred and fifty votes plus one additional vote for each share of stock held.
(b) Except as otherwise specifically provided, all matters before the Bank shall be decided by a majority of the votes cast.
Section 4.
Executive Directors.
(a) The Executive Directors shall be responsible for the conduct of the general operations of the Bank, and for this purpose, shall exercise all the powers delegated to them by the Board of Governors.
(b) There shall be twelve Executive Directors, who need not be governors, and of whom :
(i) Five shall be appointed, one by each of the five members having the largest number of shares;
(ii) Seven shall be elected according to Schedule B by all the Governors other than those appointed by the five members referred to in (i) above.
For the purpose of this paragraph, “members” means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article II, Section 1 (b). When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected.
Executive directors shall be appointed or elected every two years.
(c) Each executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, alternates may participate in meetings but shall not vote.
(d) Directors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the governors who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate.
(e) The Executive Directors shall function in continuous session at the principal office of the Bank and shall meet as often as the business of the Bank may require.
(f) A quorum for any meeting of the Executive Directors shall be a majority of the Directors, exercising not less than one-half of the total voting power.
(g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted towards his election. All the votes which a director is entitled to cast shall be cast as a unit.
(h) The Board of Governors shall adopt regulations under which a member not entitled to appoint a director under (b) above may send a representative to attend any meeting of the Executive Directors when a request made by, or a matter particularly affecting, that member is under consideration.
(i) The Executive Directors may appoint such committees as they deem advisable. Membership of such committees need not be limited to governors or directors or their alternates.
Section 5.
President and staff.
(a) The Executive Directors shall select a President who shall not be a governor or an executive director or an alternate for either. The President shall be Chairman of the Executive Directors, but shall have no vote except a deciding vote in case of an equal division. He may participate in meetings of the Board of Governors, but shall not vote at such meetings. The President shall cease to hold office when the Executive Directors so decide.
(b) The President shall be chief of the operating staff of the Bank and shall conduct, under the direction of the Executive Directors, the ordinary business of the Bank. Subject to the general control of the Executive Directors, he shall be responsible for the organization, appointment and dismissal of the officers and staff.
(c) The President, officers and staff of the Bank, in the discharge of their offices, owe their duty entirely to the Bank and to no other authority. Each member of the Bank shall respect the international character of this duty and shall refrain from all attempts to influence any of them in the discharge of their duties.
(d) In appointing the officers and staff the President shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.
Section 6.
Advisory Council.
(a) There shall be an Advisory Council of not less than seven persons selected by the Board of Governors including representatives of banking, commercial, industrial, labour, and agricultural interests, and with as wide a national representation as possible. In those fields where specialized international organizations exist, the members of the Council representative of those fields shall be selected in agreement with such organizations. The Council shall advise the Bank on matters of general policy. The Council shall meet annually and on such other occasions as the Bank may request.
(b) Councillors shall serve for two years and may be reappointed. They shall be paid their reasonable expenses incurred on behalf of the Bank.
Section 7.
Loan committees.
The committees required to report on loans under Article III, Section 4, shall be appointed by the Bank. Each such committee shall include an expert selected by the governor representing the members in whose territories the project is located and one or more members of the technical staff of the Bank.
Section 8.
Relationship to other international organizations.
(a) The Bank, within the terms of this Agreement, shall cooperate with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such co-operation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article VIII.
(b) In making decisions on applications for loans or guarantees relating to matters directly within the competence of any international organization of the types specified in the preceding paragraph and participated in primarily by members of the Bank, the Bank shall give consideration to the views and recommendations of such organization.
Section 9.
Location of offices.
(a) The principal office of the Bank shall be located in the territory of the member holding the greatest number of shares.
(b) The Bank may establish agencies or branch offices in the territories of any member of the Bank.
Section 10.
Regional offices and councils.
(a) The Bank may establish regional offices and determine the location of, and the areas to be covered by, each regional office.
(b) Each regional office shall be advised by a regional council representative of the entire area and selected in such manner as the Bank may decide.
Section 11.
Depositories.
(a) Each member shall designate its central bank as a depository for all the Bank's holdings of its currency or, if it has no central bank, it shall designate such other institution as may be acceptable to the Bank.
(b) The Bank may hold other assets, including gold, in depositories designated by the five members having the largest number of shares and in such other designated depositories as the Bank may select. Initially, at least one-half of the gold holdings of the Bank shall be held in the depository designated by the member in whose territory the Bank has its principal office, and at least 40 per cent. shall be held in the depositories designated by the remaining four members referred to above, each of such depositories to hold, initially, not less than the amount of gold paid on the shares of the member designating it. However, all transfers of gold by the Bank shall be made with due regard to the costs of transport and anticipated requirements of the Bank. In an emergency the Executive Directors may transfer all or any part of the Bank's gold holdings to any place where they can be adequately protected.
Section 12.
Form of holdings of currency.
The Bank shall accept from any member, in place of any part of the member's currency paid in to the Bank under Article II, Section 7 (i), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository.
Section 13.
Publication of reports and provision of information.
(a) The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations.
(b) The Bank may publish such other reports as it deems desirable to carry out its purposes.
(c) Copies of all reports, statements and publications made under this section shall be distributed to members.
Section 14.
Allocation of net income.
(a) The Board of Governors shall determine annually what part of the Bank's net income, after making provision for reserves, shall be allocated to surplus and what part, if any, shall be distributed.
(b) If any part is distributed, up to 2 per cent. non-cumulative shall be paid, as a first charge against the distribution for any year, to each member on the basis of the average amount of the loans outstanding during the year made under Article IV, Section 1 (a) (i), out of currency corresponding to its subscription. If 2 per cent. is paid as a first charge, any balance remaining to be distributed shall be paid to all members in proportion to their shares. Payments to each member shall be made in its own currency, or if that currency is not available in other currency acceptable to the member. If such payments are made in currencies other than the member's own currency, the transfer of the currency and its use by the receiving member after payment shall be without restriction by the members.
Article VI. Withdrawal and Suspension of Membership: Suspension of Operations
Section 1.
Right of members to withdraw.
Any member may withdraw from the Bank at any time by transmitting a notice in writing to the Bank at its principal office. Withdrawal shall become effective on the date such notice is received.
Section 2.
Suspension of membership.
If a member fails to fulfil any of its obligations to the Bank, the Bank may suspend its membership by decision of a majority of the Governors, exercising a majority of the total voting power. The member so suspended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by the same majority to restore the member to good standing.
While under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the right of withdrawal, but shall remain subject to all obligations.
Section 3.
Cessation of membership in International Monetary Fund.
Any member which ceases to be a member of the International Monetary Fund shall automatically cease after three months to be a member of the Bank unless the Bank by three-fourths of the total voting power has agreed to allow it to remain a member.
Section 4.
Settlement of accounts with governments ceasing to be members.
(a) When a government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans or guarantees contracted before it ceased to be a member are outstanding; but it shall cease to incur liabilities with respect to loans and guarantees entered into thereafter by the Bank and to share either in the income or the expenses of the Bank.
(b) At the time a government ceases to be a member, the Bank shall arrange for the repurchase of its shares as a part of the settlement of accounts with such government in accordance with the provisions of (c) and (d) below. For this purpose the repurchase price of the shares shall be the value shown by the books of the Bank on the day the government ceases to be a member.
(c) The payment for shares repurchased by the Bank under this section shall be governed by the following conditions:
(i) Any amount due to the government for its shares shall be withheld so long as the government, its central bank or any of its agencies remains liable, as borrower or guarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the liability of the government resulting from its subscription for shares under Article II, Section 5 (ii). In any event, no amount due to a member for its shares shall be paid until six months after the date upon which the government ceases to be a member.
(ii) Payments for shares may be made from time to time, upon their surrender by the government, to the extent by which the amount due as the repurchase price in (b) above exceeds the aggregate of liabilities on loans and guarantees in (c) (i) above until the former member has received the full repurchase price.
(iii) Payments shall be made in the currency of the country receiving payment or at the option of the Bank in gold.
(iv) If losses are sustained by the Bank on any guarantees, participations in loans, or loans which were outstanding on the date when the government ceased to be a member, and the amount of such losses exceeds the amount of the reserve provided against losses on the date when the government ceased to be a member, such government shall be obligated to repay upon demand the amount by which the repurchase price of its shares would have been reduced, if the losses had been taken into account when the repurchase price was determined. In addition, the former member government shall remain liable on any call for unpaid subscriptions under Article II, Section 5 (ii), to the extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined.
(d) If the Bank suspends permanently its operations under Section 5 (b) of this Article, within six months of the date upon which any government ceases to be a member, all rights of such government shall be determined by the provisions of Section 5 of this Article.
Section 5.
Suspension of operations and settlement of obligations.
(a) In an emergency the Executive Directors may suspend temporarily operations in respect of new loans and guarantees pending an opportunity for further consideration and action by the Board of Governors.
(b) The Bank may suspend permanently its operations in respect of new loans and guarantees by vote of a majority of the Governors, exercising a majority of the total voting power. After such suspension of operations the Bank shall forthwith cease all activities, except those incident to the orderly realization, conservation, and preservation of its assets and settlement of its obligations.
(c) The liability of all members for uncalled subscriptions to the capital stock of the Bank and in respect of the depreciation of their own currencies shall continue until all claims of creditors, including all contingent claims, shall have been discharged.
(d) All creditors holding direct claims shall be paid out of the assets of the Bank, and then out of payments to the Bank on calls on unpaid subscriptions. Before making any payments to creditors holding direct claims, the Executive Directors shall make such arrangements as are necessary, in their judgment, to insure a distribution to holders of contingent claims ratably with creditors holding direct claims.
(e) No distribution shall be made to members on account of their subscriptions to the capital stock of the Bank until
(i) all liabilities to creditors have been discharged or provided for, and
(ii) a majority of the Governors, exercising a majority of the total voting power, have decided to make a distribution.
(f) After a decision to make a distribution has been taken under (e) above, the Executive Directors may by a two-thirds majority vote make successive distributions of the assets of the Bank to members until all of the assets have been distributed. This distribution shall be subject to the prior settlement of all outstanding claims of the Bank against each member.
(g) Before any distribution of assets is made, the Executive Directors shall fix the proportionate share of each member according to the ratio of its shareholding to the total outstanding shares of the Bank.
(h) The Executive Directors shall value the assets to be distributed as at the date of distribution and then proceed to distribute in the following manner:
(i) There shall be paid to each member in its own obligations or those of its official agencies or legal entities within its territories, insofar as they are available for distribution, an amount equivalent in value to its proportionate share of the total amount to be distributed.
(ii) Any balance due to a member after payment has been made under (i) above shall be paid, in its own currency, insofar as it is held by the Bank, up to an amount equivalent in value to such balance.
(iii) Any balance due to a member after payment has been made under (i) and (ii) above shall be paid in gold or currency acceptable to the member, insofar as they are held by the Bank, up to an amount equivalent in value to such balance.
(iv) Any remaining assets held by the Bank after payments have been made to members under (i), (ii), and (iii) above shall be distributed pro rata among the members.
(i) Any member receiving assets distributed by the Bank in accordance with (h) above, shall enjoy the same rights with respect to such assets as the Bank enjoyed prior to their distribution.
Article VII. Status, Immunities and Privileges
Section 1.
Purposes of Article.
To enable the Bank to fulfil the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Bank in the territories of each member.
Section 2.
Status of the Bank.
The Bank shall possess full juridical personality, and, in particular, the capacity:
(i) To contract;
(ii) To acquire and dispose of immovable and movable property;
(iii) To institute legal proceedings.
Section 3.
Position of the Bank with regard to judicial process.
Actions may be brought against the Bank only in a court of competent jurisdiction in the territories of a member in which the bank has an office, has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. No actions shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Bank shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank.
Section 4.
Immunity of assets from seizure.
Property and assets of the Bank, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.
Section 5.
Immunity of archives.
The archives of the Bank shall be inviolable.
Section 6.
Freedom of assets from restrictions
To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.
Section 7.
Privilege for communications.
The official communications of the Bank shall be accorded by each member the same treatment that it accords to the official communications of other members.
Section 8.
Immunities and privileges of officers and employees.
All governors, executive directors, alternates, officers and employees of the Bank
(i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Bank waives this immunity;
(ii) not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members;
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
Section 9.
Immunities from taxation.
(a) The Bank, its assets, property, income and its operations and transactions authorized by this Agreement, shall be immune from all taxation and from all customs duties. The Bank shall also be immune from liability for the collection or payment of any tax or duty.
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to executive directors, alternates, officials or employees of the Bank who are not local citizens, local subjects, or other local nationals.
(c) No taxation of any kind shall be levied on any obligation or security issued by the Bank (including any dividend or interest thereon) by whomsoever held—
(i) which discriminates against such obligation or security solely because it is issued by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
(d) No taxation of any kind shall be levied on any obligation or security guaranteed by the Bank (including any dividend or interest thereon) by whomsoever held—
(i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Section 10.
Application of Article.
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Bank of the detailed action which it has taken.
Article VIII. Amendments
(a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a governor or the Executive Directors, shall be communicated to the Chairman of the Board of Governors who shall bring the proposal before the Board. If the proposed amendment is approved by the Board the Bank shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having four-fifths of the total voting power, have accepted the proposed amendments, the Bank shall certify the fact by formal communication addressed to all members.
(b) Notwithstanding (a) above, acceptance by all members is required in the case of any amendment modifying
(i) the right to withdraw from the Bank provided in Article VI, Section 1;
(ii) the right secured by Article II, Section 3 (c);
(iii) the limitation on liability provided in Article II, Section 6.
(c) Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.
Article IX. Interpretation
(a) Any question of interpretation of the provisions of this Agreement arising between any member and the Bank or between any members of the Bank shall be submitted to the Executive Directors for their decision. If the question particularly affects any member not entitled to appoint an executive director, it shall be entitled to representation in accordance with Article V, Section 4 (h).
(b) In any case where the Executive Directors have given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board, the Bank may, so far as it deems necessary, act on the basis of the decision of the Executive Directors.
(c) Whenever a disagreement arises between the Bank and a country which has ceased to be a member, or between the Bank and any member during the permanent suspension of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Bank, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted by the Bank. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.
Article X. Approval Deemed Given
Whenever the approval of any member is required before any act may be done by the Bank, except in Article VIII, approval shall be deemed to have been given unless the member presents an objection within such reasonable period as the Bank may fix in notifying the member of the proposed act.
Article XI. Final Provisions
Section 1.
Entry into force.
This Agreement shall enter into force when it has been signed on behalf of governments whose minimum subscriptions comprise not less than 65 per cent. of the total subscriptions set forth in Schedule A and when the instruments referred to in Section 2 (a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.
Section 2.
Signature.
(a) Each government on whose behalf this Agreement is signed shall deposit with the Government of the United States of America an instrument setting forth that it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.
(b) Each government shall become a member of the Bank as from the date of the deposit on its behalf of the instrument referred to in (a) above, except that no government shall become a member before this Agreement enters into force under Section 1 of this Article.
(c) The Government of the United States of America shall inform the governments of all countries whose names are set forth in Schedule A, and all governments whose membership is approved in accordance with Article II, Section 1 (b), of all signatures of this Agreement and of the deposit of all instruments referred to in (a) above.
(d) At the time this Agreement is signed on its behalf, each government shall transmit to the Government of the United States of America one one-hundredth of 1 per cent. of the price of each share in gold or United States dollars for the purpose of meeting administrative expenses of the Bank. This payment shall be credited on account of the payment to be made in accordance with Article II, Section 8 (a). The Government of the United States of America shall hold such funds in a special deposit account and shall transmit them to the Board of Governors of the Bank when the initial meeting has been called under Section 3 of this Article. If this Agreement has not come into force by December 31, 1945, the Government of the United States of America shall return such funds to the governments that transmitted them.
(e) This Agreement shall remain open for signature at Washington on behalf of the governments of the countries whose names are set forth in Schedule A until December 31, 1945.
(f) After December 31, 1945, this Agreement shall be open for signature on behalf of the government of any country whose membership has been approved in accordance with Article II, Section 1 (b).
(g) By their signature of this Agreement, all governments accept it both on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate.
(h) In the case of governments whose metropolitan territories have been under enemy occupation, the deposit of the instrument referred to in (a) above may be delayed until one hundred and eighty days after the date on which these territories have been liberated. If, however, it is not deposited by any such government before the expiration of this period, the signature affixed on behalf of that government shall become void and the portion of its subscription paid under (d) above shall be returned to it.
(i) Paragraphs (d) and (h) shall come into force with regard to each signatory government as from the date of its signature.
Section 3.
Inauguration of the Bank.
(a) As soon as this Agreement enters into force under Section 1 of this Article, each member shall appoint a governor and the member to whom the largest number of shares is allocated in Schedule A shall call the first meeting of the Board of Governors.
(b) At the first meeting of the Board of Governors, arrangements shall be made for the selection of provisional executive directors. The governments of the five countries, to which the largest number of shares are allocated in Schedule A, shall appoint provisional executive directors. If one or more of such governments have not become members, the executive directorships which they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, whichever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of Schedule B and shall remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946.
(c) The Board of Governors may delegate to the provisional executive directors any powers except those which may not be delegated to the Executive Directors.
(d) The Bank shall notify members when it is ready to commence operations.
Done at Washington, in a single copy which shall remain deposited in the archives of the Government of the United States of America, which shall transmit certified copies to all governments whose names are set forth in Schedule A and to all governments whose membership is approved in accordance with Article II, Section 1 (b).
Schedule A. Subscriptions
(millions of dollars) | (millions of dollars) | ||
Australia | 200 | India | 400 |
Belgium | 225 | Iran | 24 |
Bolivia | 7 | Iraq | 6 |
Brazil | 105 | Liberia | ·5 |
Canada | 325 | Luxembourg | 10 |
Chile | 35 | Mexico | 65 |
China | 600 | Netherlands | 275 |
Colombia | 35 | New Zealand | 50 |
Costa Rica | 2 | Nicaragua | ·8 |
Cuba | 35 | Norway | 50 |
Czechoslovakia | 125 | Panama | .2 |
*Denmark | Paraguay | .8 | |
Dominican Republic | 2 | Peru | 17.5 |
Ecuador | 3.2 | Philippine Commonwealth | 15 |
Egypt | 40 | Poland | 125 |
El Salvador | 1 | Union of South Africa | 100 |
Ethiopia | 3 | Union of Soviet Socialist Republics | 1200 |
France | 450 | ||
Greece | 25 | United Kingdom | 1300 |
Guatemala | 2 | United States | 3175 |
Haiti | 2 | Uruguay | 10.5 |
Honduras | 1 | Venezuela | 10.5 |
Iceland | 1 | Yugoslavia | 40 |
_____ | |||
Total | 9100 | ||
*The quota of Denmark shall be determined by the Bank after Denmark accepts membership in accordance with these Articles of Agreement.
Schedule B. Election of Executive Directors
1. The election of the elective executive directors shall be by ballot of the Governors eligible to vote under Article V, Section 4 (b).
2. In balloting for the elective executive directors, each governor eligible to vote shall cast for one person all of the votes to which the member appointing him is entitled under Section 3 of Article V. The seven persons receiving the greatest number of votes shall be executive directors, except that no person who receives less than 14 per cent. of the total of the votes which can be cast (eligible votes) shall be considered elected.
3. When seven persons are not elected on the first ballot, a second ballot shall be held in which the person who received the lowest number of votes shall be ineligible for election and in which there shall vote only (a) those governors who voted in the first ballot for a person not elected and (b) those governors whose votes for a person elected are deemed under 4 below to have raised the votes cast for that person above 15 per cent. of the eligible votes
4. In determining whether the votes cast by a governor are to be deemed to have raised the total of any person above 15 per cent. of the eligible votes, the 15 per cent. shall be deemed to include, first, the votes of the governor casting the largest number of votes for such person, then the votes of the governor casting the next largest number, and so on until 15 per cent. is reached.
5. Any governor, part of whose votes must be counted in order to raise the total of any person above 14 per cent. shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed 15 per cent.
6. If, after the second ballot, seven persons have not been elected, further ballots shall be held on the same principles until seven persons have been elected, provided that after six persons are elected, the seventh may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes.