Agreement No 69 / 1946 Coll.
Agreement on the International Bank for Reconstruction and Development
Valid
Effective from 27.12.1945
Contents
Článek I.
Článek II.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek III.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek IV.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek V.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Část 11.
Část 12.
Část 13.
Část 14.
Článek VI.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek VII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek VIII.
Článek IX.
Článek X.
Článek XI.
Část 1.
Část 2.
Část 3.
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69.
Agreement
on the International Bank for Reconstruction and Development.
_
Dr. Edvard Beneš,
THE PRESIDENT OF THE REPUBLIC OF CZECH REPUBLIC,
EVERYTHING,
WHO THIS LIST OF THE NUMBER OR THE READING OF THE BUILDING,
_
NAME OF THE CZECH REPUBLIC,
BELGIUM, BOLIVIA, BRAZILIA, CANADES, CHINA, COSTA RICES, EQUADORA, EGYPTA, HABESHA, FRANCE, GREECE, GUATEMALIA, HONDURAS, ISLAND, INDIA, IRAQUE, LUXEMBOURG, NETHERLANDS, NORWAY, PARAGUAYE, FILIPIN, POLAND, SOUTHERLANDS AND JUGOSLAVIA,
RESTAINED ON MONETARY AND FINANCIAL CONFERENCES OF UNITED COUNTRIES IN BRETTON WOODS, THE FOLLOWING AGREEMENT WITH THE ANNEXES WAS AGREED ON 22 JULY 1944:
(Translation)
ARTICLE OF THE AGREEMENT
O
INTERNATIONAL BANKS FOR REVIEW AND DEVELOPMENT.
Governments on whose behalf this Agreement is signed have agreed as follows:
INTRODUCTORY ARTICLE
The International Bank for Reconstruction and Development shall be established and shall operate under the following provisions:
PURPOSE.
The purpose of the Bank is:
(I) To assist the renewal and development of members' territories by facilitating investment of capital for productive purposes, including the rebuilding of economies destroyed or destroyed by war, the rebuilding of means of production for peaceful purposes and encouraging the development of means of production and resources in less developed countries.
(II) Promote private foreign investment activities by guarantees or participation in loans and other investments by private investors; If private capital is not available under acceptable conditions, it shall complement private investment activities by providing funds for productive purposes on reasonable terms from equity, from the funds it obtains and from other funds.
(III) Promote a large-scale, balanced increase in international trade and maintain balance of payments by encouraging international investment activities to develop members' means of production, thereby helping to increase productivity, living standards and improve working conditions in member territories.
(IV) Arrangements to provide loans or guarantee international loans obtained elsewhere so that projects first come to a number of more useful and urgent, whether large or small.
(V) Perform their operations with due regard for the influence of international investment on economic conditions within the territory of the members and assist in the creation of a smooth transition from the war economy to peace in the first post-war years.
The Bank will be led in all its decisions for the precisely mentioned purposes.
THE BANK'S MEMBERS AND CAPITAL.
Membership.
(a) The original members of the Bank shall be those members of the International Monetary Fund who accept membership of the Bank before the date laid down in Article XI (2) (e).
(b) Membership shall be made available to other members of the Fund at the time and under the conditions specified by the Bank.
Approved capital.
(a) The approved capital of the Bank will be $10.000,000,000, expressed in US dollars, weight and purity as they had on July 1, 1944. The capital will be divided into 100,000 shares with an al pari value of $100,000, which will only be subscribed by members.
(b) The capital may be increased if the Bank considers it appropriate by a three-quarters majority of all the votes authorised.
Stock subscription.
(a) Each member shall subscribe to the Bank's share capital. The minimum number of shares to be subscribed by original members is set out in Annex A. The minimum number of shares to be subscribed by other members shall be determined by the Bank which reserves a sufficient share of the capital for the subscription of such members.
(b) The Bank shall determine the conditions under which members may subscribe to more than their minimum shares of the approved capital of the Bank.
(c) If the approved core capital of the Bank is increased, each member shall have a reasonable opportunity to subscribe under conditions to be determined by the Bank, a share of the increased capital corresponding to the share of its original subscribed capital of the Bank, but no member shall be obliged to subscribe to any part of the increased capital.
The subscription price of the shares.
Shares included in the minimum subscriptions of original members will be issued by al pari. Other shares shall be issued by al pari, unless the Bank decides by a majority of all the votes entitled that, in the light of the special circumstances, they shall be issued under other conditions.
Breakdown and maturity of subscribed capital.
The subscription of each member shall be divided into two parts:
(I) 20% shall be repaid or subject to a call for repayment under the conditions set out in Part 7 (I) of this Article as required by the Bank for its operations;
(II) The remaining 80% will only be subject to the Bank's call for repayment if this is necessary to fulfil the Bank's obligations under Article IV (1) (a) (II) and (III). The calls for repayment of the outstanding subscription will be the same for all shares.
Guarantee restrictions.
The share guarantee shall be limited to the unpaid part of the subscription price of the shares.
The method of paying off the shares.
Repayment of subscribed shares shall be made in gold or in US dollars and in members' currencies as follows:
(I) on repayment pursuant to Part 5 (I) of this Article, two percent of the price of each share shall be payable in gold or in US dollars and the remaining eighteen percent shall be called in the currency of the member;
(II) When a call is made pursuant to Part 5 (II) of this Article, payment may be made at the choice of the member either in gold, in US dollars or in the currency required to meet the Bank's obligations for the purpose for which the call was made;
(III) When a member makes payments in any currency under paragraphs (I) and (II) above, such payments shall be made in amounts equal to the value of the member's commitment covered by the call. This commitment shall be proportionate to the part of the subscribed capital of the Bank as approved and defined in Part 2 of this Article.
Reimbursement period.
(a) Two percent payable on each share in gold or dollars of the United States of America pursuant to Part 7 (I) of this Article shall be paid within 60 days of the start of the operation of the Bank, subject to the right (I) to postpone payment of half a percentage within five years of that date for each original member of the Bank whose parent territory has suffered from hostile occupation or acts of war; (II) The original member who is unable to make such a payment because he has not regained holdings of his gold reserves which are still seized or immobilised as a result of the war may postpone all payments until the date specified by the Bank.
(b) The remainder of the price of each share payable under Part 7 (I) of this Article shall be repaid as and when specified by the Bank in its call, subject to:
(I) The Bank shall, within one year of the start of its operations, call for the payment of no less than eight per cent of the share price, in addition to the two per cent payment referred to in paragraph (a) above;
(II) No more than five per cent of the share price will be required within any three-month period.
Maintaining the value of certain currency holdings of the Bank.
(a) Whenever the (I) parity of a member's currency or (II) at any time, according to the Bank's view, the foreign value of a member's currency falls to a significant extent within its territory, a member of the Bank shall, within a reasonable period of time, pay an additional amount in his own currency sufficient to maintain the initial value of the subscription of a member held by the Bank and who has not been redeemed for gold or for any currency of any member acceptable to the Bank.
(b) Whenever the parity of a member's currency rises, the Bank shall, within a reasonable period of time, return to that member the amount of the member's currency corresponding to the increase in the value of the currency as specified in paragraph (a) above.
(c) The Bank may waive the provisions of the preceding paragraphs if a uniform uniform change in the currency parities of all members is implemented by the International Monetary Fund.
The restrictions do not include shares.
Shares must not be pawned or in any way burdened and can only be transferred to the Bank.
GENERAL PROVISIONS ON SIGNS AND GUARANTEES
Use of resources.
(a) The Bank's resources and services will be used exclusively for the benefit of members and with due regard for both development projects and recovery projects.
(b) In order to facilitate the rebuilding and restoration of the economies of members whose maternity territories have suffered major devastation by hostile occupation or acts of war, the Bank, laying down the terms and conditions of the loans granted to such members, will take particular account of the need to alleviate the financial burden and accelerate the completion of such rebuilding and renewal.
Negotiations between members and the bank.
Each member shall deal with the Bank only through its Ministry of Finance, Central Bank, Stability Fund or other similar fiscal institutions, and the Bank shall deal with members only through the same institutions.
Restrictions on guarantees and loans to the Bank.
The total amount of outstanding guarantees, participation in loans and direct loans granted by the Bank shall never be increased if the total increase exceeds 100% of the Bank's unreduced subscribed capital, reserves and surpluses.
Conditions under which the Bank may provide guarantees or loans.
The Bank may provide guarantees for loans, participating in loans or providing them to any member or any political component of it and to any commercial, industrial or agricultural undertaking in its territory under the following conditions:
1. If the member in whose territory the project is carried out is not the borrower himself, the Member, the Central Bank or any other similar institution that complies with the Bank, he shall fully guarantee the repayment of the capital and the payment of interest and other costs of the loan.
2. The Bank believes that, under the market conditions, it would not be possible for the borrower otherwise to receive a loan under such conditions as the Bank considers to be adequate for borrowers.
3. The committee responsible shall, as provided for in Article V, Part 7, submit a written report recommending the project after careful study of the usefulness of the proposal.
4. The interest rate and other costs are, in the Bank's view, appropriate and appropriate to the project.
5. Providing or guaranteeing a loan, the Bank shall give due consideration to whether there is a prospect that the borrower or, failing that, the borrower will be able to meet his loan commitments; and the Bank will act with caution in the interests of both the individual member on whose territory the project is being carried out and all members as a whole.
6. In guaranteeing the loan granted by other investors, the Bank will receive adequate compensation for its risk.
7. The loans granted or guaranteed by the Bank shall, except in special circumstances, be intended for specified recovery and development projects.
Use of loans guaranteed by the Bank or granted by it.
(a) The Bank shall not impose any conditions on the use of the proceeds of the loan in the territory of a member or members.
(b) The Bank shall take measures to ensure that the proceeds of any loan are used only for the purposes for which the loan was granted, with due regard for economy and performance, and regardless of political or other non-economic effects or considerations.
(c) In the case of loans granted by the Bank, the Bank shall open an account in the name of the borrower and the amount of the loan shall be credited to that account in the currency or currencies in which the loan was granted. The Bank will allow the borrower to collect from this account amounts that are determined at the cost of the project as they will actually be incurred.
_
Procedure for granting or facilitating loans.
(a) The Bank may grant or facilitate loans which comply with the general conditions of Article III in any of the following ways:
(I) It provides or participates in direct loans, drawing on its own resources, corresponding to its unreduced paid capital, surplus and under the conditions set out in Part 6 of this Article and its reserves.
(II) It provides or participates in direct lending, drawing on the funds it obtains on the market or otherwise borrowing.
(III) It guarantees, in whole or in part, loans provided by normal channels from private investors.
(b) The Bank may borrow the funds referred to in paragraph (a) (II) or guarantee the loans referred to in paragraph (a) (III) only with the consent of the member on whose markets the funds are obtained and the member in whose currency the loan is marked and only if those members agree that the proceeds may be exchanged without restriction for the currency of any other member.
Application and transferability of currencies.
(a) the currencies entered into the Bank pursuant to Article II, Part 7 (I) shall always be lent only with the approval of the member and whose currency is due; However, subject to the requirement and if the capital subscribed to by the Bank is fully required, such currencies - without restriction with the members whose currencies are offered - will be used or exchanged for the currencies required to meet the contractual interest rates, other costs, the amortisation of their own loans or the fulfilment of the Bank's obligations relating to such contractual remuneration on loans guaranteed by the Bank.
(b) the currencies which the Bank shall accept from borrowers or guarantor as remuneration for the own funds of direct loans granted in the currencies referred to in paragraph (a) shall be exchanged for the currencies of other members or shall be relent only with the approval of the members whose currency is concerned; However, subject to the condition that, if the capital subscribed to by the Bank is required and required in full, such currencies - without limitation to the parties to the members whose currencies are offered - will be used or exchanged for the currencies required to meet the contractual interest payments, other costs, the amortisation of their own loans or the fulfilment of the Bank's obligations relating to such collateral payments guaranteed by the Bank.
(c) The currencies accepted by the Bank from borrowers or guarantor as remuneration for the direct lending capital account provided by the Bank under Part 1 (a) (II) of this Article shall be held and used without any restriction with the members so that they can exercise the amortisation salaries or salaries prior to maturity or purchase of part or all of the Bank's own bonds.
(d) All other currencies of the Bank, including those acquired on the market, have otherwise been repaid under Part 1 (a) (II) of this Article and those acquired by the sale of gold, as well as those received as interest payments or other direct lending costs provided under Part 1 (a) (I) and (II), as well as those received as remuneration and other costs under Part 1 (a) (III), shall be used or exchanged for other currencies or gold, necessary for operations of the Bank, without limitation to the parties of the members whose currencies are offered.
(e) The currencies which borrowers obtain on the markets of the members on loans guaranteed by the Bank pursuant to Part 1 (a) (III) of this Article shall also be used or shall be exchanged for other currencies without restriction with those members.
Currency fixing for direct loans.
The following provisions shall apply to direct loans under Part 1 (a) (I) and (II) of this Article:
(a) The Bank shall also deliver to the borrower the currencies of the members other than the member on whose territory the project is carried out, as the borrower needs them to be issued in the territory of those other members to achieve the purpose of the loan.
(b) The bank may, in exceptional circumstances, if the borrower cannot obtain the local currency required for the purpose of the loan, provide the borrower with a reasonable amount in that currency as part of the loan.
(c) If the project indirectly causes an increase in the need for foreign Devis by the member in whose territory it is carried out, the Bank may, in exceptional circumstances, grant the borrower a reasonable amount in gold or foreign exchange, but not more than the local issue of the borrower in connection with the purpose of the loan.
(d) The Bank may, in exceptional circumstances, at the request of the member in whose territory a part of the loan is consumed, buy up for gold or foreign exchange a part of its currency used in this way, but in no case shall the part thus purchased exceed the amount by which the need for foreign Devis is increased when the loan is used in that territory.
Payment provisions for direct loans.
Loan agreements referred to in Part 1 (a) (I) or (II) of this Article shall be negotiated in accordance with the following payment provisions:
(a) The assumptions and conditions for the payment of interest and amortisation salaries, maturity and maturity of each loan shall be determined by the Bank. The Bank shall also determine the interest rate and any other assumptions and conditions of remuneration charged in connection with such a loan.
In the case of loans granted under Part 1 (a) (II) of this Article during the first 10 years of the Bank's operation, the rate of remuneration shall not be less than one percent per year and no more than one and a half per cent per year and the remuneration shall be charged for the outstanding part of such a loan. At the end of this 10-year period, the remuneration rate may be reduced by the Bank, whether for the outstanding part of the loans already granted, be it for future loans if the reserves collected by the Bank pursuant to Part 6 of this Article, as well as from other proceeds, are considered sufficient by the Bank to justify such reductions. For future loans, the Bank will also be willing to increase the remuneration rate above the above limit if experience shows that an increase is appropriate.
(b) All loan agreements are to specify the currency or currencies in which the Bank's salaries are to be carried out under the contract. However, at the choice of the borrower, such salaries may be paid in gold or in agreement with the Bank in a Member State other than that provided for in the contract.
(I) In the case of loans granted under Part 1 (a) (I) of this Article, loan agreements provide that interest payments, other costs and amortisation shall be carried out by the Bank in the currency lent, unless the Member whose currency is lent would agree that such salaries should be carried out in some other specified currency or currencies. These salaries, subject to the provisions of Article II (9) (c), shall be equal to the value of such contractual salaries at the time the loans were granted, expressed in the currency specified for that purpose by the Bank, by a three-quarters majority of all the votes entitled.
(II) In the case of loans granted under Part 1 (a) (II) of this Article, the total outstanding amount payable to the Bank in any currency shall never exceed the total amount outstanding and in the same currency the loans due under Part 1 (a) (II).
(c) If a member is suffering from an acute deficiency of Devis, so that the service of any loan concluded by that member or guaranteed by him or one of his institutions cannot be fulfilled in the specified manner, the relevant member may request the Bank to mitigate payment conditions. If the Bank considers that any mitigation is in the interest of that member and of the Bank and of all members as a whole, it may take measures relating to the whole or part of the annual service either under one or both of the following paragraphs:
(I) The Bank may, at its discretion, evaluate with the relevant member that it accepts payment on a loan in a Member's currency for a period not exceeding three years under conditions suitable for the use of such currency, maintaining its foreign exchange value and buying up such currency on reasonable terms.
(II) The Bank may amend the terms of the amortisation or extension of the duration of the loan or both.
Guarantees.
(a) Guaranteed by a loan placed by usual investment routes, the Bank will charge a guarantee remuneration payable periodically on the outstanding amount of the loan at the rate set by the Bank. During the first ten years of the Bank's operation, this rate will not be less than one percent per year and not more than one and a half percent per year. At the end of this 10-year period, the remuneration rate may be reduced by the Bank, let it be considered sufficient for the outstanding amounts of loans already guaranteed, for future loans, if the reserves collected by the Bank under Part 6 of this Article and other proceeds are considered sufficient by the Bank to justify such reductions. For future loans, the Bank will also be willing to increase the remuneration rate above the above limit if experience shows that an increase is appropriate.
b) Guarantees will be paid directly by the borrower to the Bank.
(c) Under the terms of the guarantees provided by the Bank, the provision shall be that the Bank may limit its liability in respect of interest if, as a result of the delay of the borrower and potential guarantor, the Bank offers to purchase bonds or other guaranteed bonds of al pari together with interest accrued on the date indicated in the tender.
(d) The Bank is hereby authorised to determine any other conditions and conditions of the guarantee.
Special reserve.
The remuneration received by the Bank pursuant to Parts 4 and 5 of that Article shall be deposited by the party as a special reserve to be used exclusively to meet the Bank's obligations within the meaning of Part 7 of this Article. The special reserve is to be held in liquid form, as decided by the Executive Directors under this Agreement.
Means of fulfilling the Bank's commitments in the event of default.
Where commitments on loans granted by the Bank, in which it has participated or guaranteed, are not fulfilled:
(a) The Bank shall take such practicable measures as may be necessary to adapt the loan commitments, in which case it may apply the measures referred to in Part 4 (c) of this Article or similar measures.
(b) Salaries payable by the Bank on loans or guarantees under Part 1 (II) and (III) of this Article shall be charged:
(I) first, the special reserves referred to in Part 6 of this Article,
(II) then to the extent necessary and at the discretion of the Bank, to the detriment of other reserves, surplus and capital held by the Bank.
(c) Whenever contractual salaries are to be paid by way of interest, other costs or the amortisation of the Bank's own borrowings or the Bank's liabilities due to similar loan payments guaranteed by it, the Bank may request a reasonable amount of the members' outstanding subscription in accordance with Article II, Part 5 and 7. In addition, if the Bank considers that the delay may last longer, it may request an additional amount of members' outstanding subscriptions, which shall not exceed one per cent of the total subscriptions of members in any year, for the following purposes:
(I) To repay, in whole or in part, the outstanding loan with which the debtor is late, or otherwise to discharge his obligation, before maturity;
(II) to purchase, in whole or in part, its liabilities from, or otherwise by, its own outstanding borrowings.
Different activities.
In addition to the activities listed elsewhere in this Agreement, the Bank shall be entitled to:
(I) purchase and sell securities which it has issued and purchase and sell securities which it has guaranteed or invested in, subject to the receipt by the Bank of the approval of the member on whose territory the securities are to be bought or sold;
(II) to guarantee the securities in which it has invested in order to facilitate their sale;
(III) borrow the currency of any member with the consent of that member;
(IV) Buying and selling other securities as recognised by the directors by a three-quarter majority of all eligible votes for investment in all or part of the special reserves referred to in Part 6 of this Article.
In exercising the powers conferred on it by this Part, the Bank may deal with any person, company or community, corporation or other legal person in the territory of any member.
A warning to be placed on the securities.
If this is not expressly stated on the security, each security, guaranteed or issued by the Bank, shall bear a clear statement on the front that it is not a bond of any State.
No political activity.
The Bank and its officials shall not interfere with any member's political affairs. They shall not, in their decisions, give effect to the political nature of the member or members concerned. Only economic considerations shall determine their decisions and shall be considered impartially in order to achieve the objectives set out in Article I.
ORGANISATION AND MANAGEMENT.
Bank composition.
The Bank will have a Board of Governors, Executive Directors, President and such other officials and staff to carry out the duties provided for by the Bank.
The Board of Governors.
(a) All approvals of the Bank shall be borne by the Board of Governors, consisting of governors and their alternates, each of whom shall be appointed by each member, in the manner specified by it. Each governor and every deputy shall be in office for five years, unless it is withdrawn by the member who appointed him and can be reappointed. A representative shall not vote except in the absence of his governor. The Board shall elect one of the governors as chairman.
(b) The Board of Governors may delegate powers to the Executive Director to carry out any authorisation of the Board, except as follows:
(I) receive new members and determine the conditions for their admission;
(II) increase or reduce capital;
(III) suspend a member;
(IV) decide on appeals against interpretations made by the Executive Directors of this Agreement;
(V) negotiate cooperation agreements with other international organisations (except informal temporary and administrative arrangements);
(VI) decide on the permanent cessation of the Bank's operations and on the allocation of its assets;
(VII) Determine the distribution of the Bank's net yield.
(c) The Board of Governors shall hold an annual meeting and other meetings as determined by the Board or convened by the Executive Directors. The meetings of the College shall be convened by the Director whenever requested by five members or by members who have a quarter of the votes authorised.
(d) A final resolution of any meeting of the Board of Governors shall require a majority of the governors with at least two thirds of the votes authorised.
(e) The Board of Governors may issue Rules of Procedure according to which the Executive Directors, if they believe it is in the Bank's good interest, may put a question to the governors without calling a meeting of the Board.
(f) The Board of Governors and the Executive Directors may, if they are empowered to do so, adopt such rules and regulations as are necessary or appropriate for the proper conduct of the Bank's business.
(g) The governors and their deputies shall exercise their office without compensation with the Bank, but the Bank shall pay them the appropriate costs incurred by their participation in meetings.
(h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the service and the President's contractual terms and conditions of service.
Vote.
(a) Each member shall have 250 votes and one vote for each share of the capital held by him.
(b) All matters of the Bank shall be decided by a majority of the votes cast, unless otherwise expressly specified.
Executive Directors.
(a) The Executive Directors shall be responsible for the general activities of the Bank and shall exercise all the powers conferred on them by the Board of Governors to this end.
Contents
Článek I.
Článek II.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek III.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek IV.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek V.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Část 11.
Část 12.
Část 13.
Část 14.
Článek VI.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek VII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek VIII.
Článek IX.
Článek X.
Článek XI.
Část 1.
Část 2.
Část 3.
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Regulation Information
| Citation | Agreement No. 69 / 1946 Coll., on the International Bank for Reconstruction and Development |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 20.04.1946 |
|---|---|
| Effective from | 27.12.1945 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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