Inter-American Development Bank Act


Published: 1977-06-16

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Inter-American Development Bank Act
INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 1



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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

INTER-AMERICAN DEVELOPMENT BANK
CHAPTER 354

INTER-AMERICAN DEVELOPMENT BANK

ARRANGEMENT OF SECTIONS

SECTION

1. Short title.
2. Interpretation.
3. Authorisation for signing of and accepting the Agreement.
4. Financial provisions.
5. Certain provisions of Agreement given force of law in The Bahamas.
6. Power of Minister to make orders.
7. Amendment of Schedule and matters consequential on amendment.

SCHEDULE — Text of Articles of Agreement Establishing the Inter-American
Development Bank.



INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 3


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

CHAPTER 354

INTER-AMERICAN DEVELOPMENT BANK
An Act to provide for the membership of The Bahamas

in the Inter-American Development Bank.
[Assent 6th June, 1977]

[Commencement 16th June, 1977]
1. This Act may be cited as the Inter-American

Development Bank Act.
2. In this Act —
“the Agreement” means the Agreement establishing

the Inter-American Development Bank the
original of which is deposited in the archives of
the Organisation of American States and of
which the text of the Articles is set out in the
Schedule to this Act;

“Bank” means the Inter-American Development
Bank;

“Minister” means the Minister responsible for Fi-
nance;

“the Resolution” means the Resolution embodying
the terms and conditions governing the admis-
sion of The Bahamas to membership of the Bank
adopted by the Board of Governors of the Inter-
American Development Bank on the 20th April
1977.

3. The Minister is hereby authorised to empower
by instrument under his hand such person as may be named
in the instrument —

(a) to sign the Agreement on behalf of The
Bahamas;

(b) to deposit with the General Secretariat of the
Organisation of American States an instrument
setting forth that The Bahamas has accepted, in
accordance with its laws, the Agreement and all
the terms and conditions of the Resolution and
has taken the steps necessary to enable it to carry
out all of its obligations under the Agreement
and the Resolution.

11 of 1977
S.I. 10/1980
S.I. 11/1984
S.I. 68/1989

Short title.

Interpretation.

Schedule.

Authorisation for
signing of and
accepting the
Agreement.

CH.354 – 4] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

4. (1) There shall be paid out of the Consolidated
Fund all sums necessary for the purpose of making to the
Bank the payments required to be made from time to time
in respect of the subscription of The Bahamas to the capital
stock of the Bank and the contribution of The Bahamas to
the Fund for Special Operations.

(2) The Minister may issue or cause to be issued to
the Bank non-negotiable, non-interest bearing notes or
similar securities in lieu of any portion of the subscription
to the Bank’s authorised capital or the contribution to the
Fund for Special Operations payable in the currency of The
Bahamas and any sums payable in respect of such notes or
securities so issued shall be a charge on the Consolidated
Fund.

5. The provisions of sections 2 to 9 inclusive of
Article XVIII of the Agreement (which relate to the status,
immunities and privileges to be accorded to the Bank) shall
have the force of law in The Bahamas.

6. The Minister may by order make such
provisions as may be necessary for carrying into effect any
of the provisions of the Agreement.

7. (1) Where any amendment to the Agreement is
accepted by the Government, the Minister may by order
amend the Schedule to this Act by including therein the
amendment so accepted.

(2) Any order made under this section may contain
such consequential, supplemental or ancillary provisions as
appear to the Minister to be necessary or expedient for the
purpose of giving due effect to the amendment accepted as
aforesaid and, without prejudice to the generality of the
foregoing, may contain provisions amending references in
this Act to specific provisions of the Agreement.

(3) Where the Schedule to this Act is amended
pursuant to this section any reference in this Act or any
other instrument to the Agreement shall, unless the context
otherwise requires, be construed as a reference to the
Agreement as so amended.

Financial
provisions.

Certain
provisions of
Agreement given
force of law in
The Bahamas.

Power of
Minister to make
orders.

Amendment of
Schedule and
matters
consequential on
amendment.
Schedule.

Schedule.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 5


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

SCHEDULE (Sections 2 and 7)

TEXT OF ARTICLES OF AGREEMENT ESTABLISHING
THE INTER-AMERICAN DEVELOPMENT BANK

ARTICLE I
Purpose and Functions

Section 1. The purpose of the Bank shall be to contribute to the
acceleration of the process of economic development of the member
countries, individually and collectively.

Section 2. (a) To implement its purpose, the Bank shall have the
following functions:
(i) to promote the investment of public and private capital

for development purposes;
(ii) to utilise its own capital, funds raised by it in financial

markets, and other available resources, for financing
the development of the member countries, giving
priority to those loans and guarantees that will
contribute most effectively to their economic growth;

(iii) to encourage private investment in projects, enterprises,
and activities contributing to economic development
and to supplement private investment when private
capital is not available on reasonable terms and
conditions;

(iv) to co-operate with the member countries to orient their
development policies toward a better utilisation of their
resources, in a manner consistent with the objectives of
making their economies more complementary and of
fostering the orderly growth of their foreign trade; and

(v) to provide technical assistance for the preparation,
financing, and implementation of development plans
and projects, including the study of priorities and the
formulation of specific project proposals.

(b) In carrying out its functions, the Bank shall co-operate as
far as possible with national and international institutions and with
private sources supplying investment capital.

ARTICLE II
Membership in and Capital of the Bank

Section 1. (a) The original members of the Bank shall be
those members of the Organisation of American States which,
by the date specified in Article XXII, Section 1(a), shall accept
membership in the Bank.

Purpose.

Functions.

Membership.

CH.354 – 6] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(b) Membership shall be open to other members of the
Organisation of American States at such times and in accordance
with such terms as the Bank may determine.

Section 2. (a) The authorised capital stock of the Bank,
together with the initial resources of the Fund for Special
Operations established in Article VIII (hereinafter called the Fund),
shall total one billion dollars ($1,000,000,000) in terms of United
States dollars of the weight and fineness in effect on January 1,
1959. Of this sum, eight hundred and fifty million dollars
($850,000,000)11 shall constitute the authorised capital stock of the
Bank and shall be divided into 85,0002 shares having a par value of
$10,000 each, which shall be available for subscription by members
in accordance with Section 3 of this article.

(b) The authorised capital stock shall be divided into paid in
shares and callable shares. The equivalent of four hundred million
dollars ($400,000,000)3 shall be paid in, and four hundred and fifty
million dollars (450,000,000)4 shall be callable for the purposes
specified in Section 4(a)(ii) of this article.

(c) The capital stock indicated in (a) of this section shall be
increased by five hundred million dollars ($500,000,000) in terms
of United States dollars of the weight and fineness existing on
January 1, 1959, provided that:
(i) the date for payment of all subscriptions established in

accordance with section H of this Article shall have been
passed;

(ii) a regular or special meeting of the Board of Governors,
held as soon as possible after the date referred to in
subparagraph (i) of this paragraph, shall have approved
the above-mentioned increase of five hundred million
dollars ($500,000,000) by a three-fourths majority of
the total voting power of the member countries.


1 On January 28, 1964, the Board of Governors increased the authorised capital stock

of the Bank to two billion one hundred and fifty million dollars ($2,150,000,000), and on
June 20, 1968, to three billion one hundred and fifty million dollars ($3,150,000,000).

2 The number of shares in the authorised capital stock was increased by the Board of
Governors on January 28, 1964, to 215,000 of which 30,000 were reserved for
subscription by new members. On June 20, 1968, the number was raised to 315,000.

3 The authorised paid-in shares were increased by the Board of Governors on January
28, 1964, to the equivalent of four hundred and seventy-five million dollars
($475,000,000), of which seventy-five million dollars ($75,000,000) were reserved for
subscription by new members.

4 The authorised callable shares were increased by the Board of Governors on
January 28, 1964, to the equivalent of one billion six hundred and seventy-five million
dollars ($1,675,000,000), of which two hundred and twenty-five million dollars
($225,000,000) were reserved for subscription by new members. On June 20, 1968, the
amount was raised to two billion six hundred and seventy-five million dollars
($2,675,000,000).

Authorised
Capital.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 7


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(d) The increase in capital stock provided for in the preceding
paragraph shall be in the form of callable capital.

(e) Notwithstanding the provisions of paragraph (c) and (d) of
this section, the authorised capital stock may be increased when the
Board of Governors deems it advisable and in a manner agreed upon
by a two-thirds majority of the total number of governors
representing not less than three-fourths of the total voting power of
the member countries.

Section 3. (a) Each member shall subscribe to shares of the
capital stock of the Bank. The number of shares to be subscribed
by the original members shall be those set forth in Annex A of
this Agreement, which specifies the obligation of each member as
to both paid-in and callable capital. The number of shares to be
subscribed by other members shall be determined by the Bank.

(b) In case of an increase in capital pursuant to Section
2, paragraph (c) or (e) of this Article, each member shall have a
right to subscribe, under such conditions as the Bank shall
decide, to a proportion of the increase of stock equivalent to the
proportion which its stock theretofore subscribed bears to the
total capital stock of the Bank. No member, however, shall be
obligated to subscribe to any part of such increased capital.

(c) Shares of stock initially subscribed by original members
shall be issued at par. Other shares shall be issued at par unless the
Bank decides in special circumstances to issue them on other terms.

(d) The liability of the member countries on shares shall
be limited to the unpaid portion of their issue price.

(e) Shares of stock shall not be pledged or encumbered
in any manner, and they shall be transferable only to the Bank.

Section 4. (a) Payment of the subscriptions to the capital stock
of the Bank as set forth in Annex A shall be made as follows:
(i) Payment of the amount subscribed by each country to

the paid-in capital stock of the Bank shall be made in
three instalments, the first of which shall be 20 per
cent, and the second and third each 40 per cent, of such
amount. The first instalment shall be paid by each
country at any time on or after the date on which this
Agreement is signed, and the instrument of acceptance
or ratification deposited, on its behalf in accordance
with Article XXII, Section 1, but not later than
September 30, 1960. The remaining two instalments
shall be paid on such dates as are determined by the
Bank, but not sooner than September 30, 1961, and
September 30, 1962, respectively. Of each instalment,
50 per cent shall be paid in gold and/or dollars and 50
per cent in the currency of the member.

Subscription of
Shares.

Payment of
Subscriptions.

CH.354 – 8] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(ii) The callable portion of the subscription for capital shares of
the Bank shall be subject to call only when required to meet
the obligations of the Bank created under Article VII,
Section 4(ii) and (iii) on borrowings of funds for inclusion in
the Bank’s ordinary capital resources or guarantees charge-
able to such resources. In the event of such a call, 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.

Calls on unpaid subscriptions shall be uniform in percentage on
all shares.

(b) Each payment of a member in its own currency under
paragraph (a)(i) of this section shall be in such amount as, in the
opinion of the Bank, is equivalent to the full value in terms of
United States dollars of the weight and fineness in effect on
January 1, 1959, of the portion of the subscription being paid. The
initial payment shall be in such amount as the member considers
appropriate hereunder but shall be subject to such adjustment, to
be effected within 60 days of the date on which the payment was
due, as the Bank shall determine to be necessary to constitute the
full dollar value equivalent as provided in this paragraph.

(c) Unless otherwise determined by the Board of Governors
by a three-fourths majority of the total voting power of the member
countries, the liability of members for payment of the second and
third instalments of the paid-in portion of their subscriptions to the
capital stock shall be conditional upon payment of not less than 90
per cent of the total obligations of the members due for:
(i) the first and second instalments, respectively, of the

paid-in portion of the subscriptions; and
(ii) the initial payment and all prior calls on the

subscription quotas to the Fund.
Section 5. As used in this Agreement, the term “ordinary

capital resources” of the Bank shall be deemed to include the
following:
(i) authorised capital, including both paid-in and callable

shares, subscribed pursuant to Sections 2 and 3 of this
article and of Articles III, IV, V and VI;

(ii) all funds raised by borrowings under the authority of
Article XIV, Section 1(i) to which the commitment set
forth in Section 4(a)(ii) of this article is applicable;

(iii) all funds received in repayment of loans made with the
resources indicated in (1) and (ii) of this section; and

(iv) all income derived from loans made from the aforemen-
tioned funds or from guarantees to which the commitment
set forth in Section 4(a)(ii) of this article is applicable.

Ordinary Capital
Resources.

S.I. 11/1984.

S.I. 68/1989.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 9


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ARTICLE III
Additional Capital

Section 1. (a) Subject to the provisions of paragraph (b)
hereof, the authorised capital stock of the Bank shall be increased by
US$8,000,009,944, divided into 663,162 shares, each having a par
value as provided in Article II, Section 2.

(b) Such increase shall become effective only if, on or before
December 20, 1979 or such later date as the Board of Executive
Directors shall determine, member countries shall have deposited
with the Bank an appropriate instrument, by which they agree,
subject to such legal requirements as may be appropriate in the
respective countries, to subscribe to at least 500,000 shares of the
increase of authorised capital stock in accordance with Section 2 of
this article.

Section 2. (a) In accordance with Article II, Section 3(b), each
member may subscribe to the respective number of shares as set out
in Annex D.

(b) Each subscribing member shall represent to the Bank
that it has taken all necessary action to authorise its subscription
and shall furnish to the Bank such information thereon as the
latter may request.

(c) The subscription of each member to the additional
paid-in capital stock shall be on the following terms and conditions:
(i) The subscription price per share shall be the par value

of each share as provided in Article II, Section 2.
(ii) Except where the Board of Executive Directors may agree

prior to December 20, 1979 to alternative instalment schedules
proposed by individual members, to take into account special
circumstances, the subscriptions of members to paid-in capital
stock shall be in four equal instalments, effective, respectively,
on December 20, 1979 and on October 31 in each of the years
1980 through 1982, or such later dates as the Board of
Executive Directors shall determine, provided, however, that
countries which became members of the Bank after December
31, 1976 shall have the right to subscribe in four equal
instalments, effective, respectively, on October 31 in each of
the years 1980 through 1983, or such later dates as the Board
of Executive Directors shall determine, and payments for each
instalment are due on the respective effective dates established
here-under.

(iii) The subscription of Canada, the United States, Venezuela
and the non-regional members to the paid-in capital stock
shall be made to the inter-regional capital and shall be paid
entirely in the currency of the respective members which
shall make arrangements satisfactory to the Bank to assure


S.I. 10/1980.

Increase in the
Authorised
Capital.

Subscriptions.

CH.354 – 10] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

that their respective currencies so paid to the Bank shall be
freely convertible into the currencies of other countries for the
purposes of the Bank’s operations, except that the subscription
of Canada may be made to the ordinary capital to be paid in
United States dollars. The entire subscriptions of such
members shall be subject to the provisions of Article XII,
Section 1(b)(i).

(iv) The subscriptions of all other members not referred to in (iii)
above to the paid-in capital stock shall be made one-third to the
ordinary capital and two-thirds to the inter-regional capital.
Each such subscription to the ordinary capital shall be paid
entirely in the currency of the respective members. Each such
subscription to the inter-regional capital stock shall be paid
entirely in the currency of the respective members which shall
make arrangements satisfactory to the Bank to assure that their
respective currencies so paid to the inter-regional capital shall
be freely convertible into the currencies of other countries for
the purposes of the Bank’s operations, or shall agree to convert
on behalf of the Bank their respective currencies so paid into
the currencies of other countries for the purposes of the Bank’s
operations. The entire subscriptions of such members to the
inter-regional capital stock shall be subject to the provisions of
Article XII, Section 1(b)(i).

(v) The Bank may accept non-negotiable, non-interest-bearing
promissory notes or similar securities in the form contem-
plated in Article XII, Section 4 in lieu of the immediate
payment of all or any part of a member’s subscription to the
paid-in capital stock, provided that the Board of Executive
Directors, taking into account the purposes of the increase of
capital and the disbursement requirements of the loans to
which the funds are committed, shall establish a schedule
pursuant to which such promissory notes or securities shall be
paid to the Bank.

(d) The subscription of each member to the additional callable
capital stock shall be on the following terms and conditions:
(i) The subscription price per share shall be the par value

of each share as provided in Article II, Section 2.
(ii) Except where the Board of Executive Directors may agree

prior to December 20, 1979 to alternative instalment
schedules proposed by individual members, to take into
account special circumstances, the subscriptions of members
to the callable capital stock shall be in four equal
instalments, effective, respectively, on December 20, 1979
and on October 31 in each of the years 1980 through 1982,
or such later dates as the Board of Executive Directors shall
determine, provided, however, that countries which became


INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 11


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

members of the Bank after December 31, 1976 shall have the
right to subscribe in four equal instalments, effective,
respectively, on October 31 in each of the years 1980
through 1983, or such later dates as the Board of Executive
Directors shall determine. Subject to the provisions of
Section 3 hereof, subscriptions effective at earlier dates may
be accepted by the Bank.

Section 3. The provisions of Section 7(b) of the General Rules
Governing Admission of Non-regional Countries to Membership in
the Bank shall apply to the capital increase provided for in this
resolution, with the same force and effect as if fully set forth herein.

ARTICLE IV
Section 1. (a) Without prejudice to Articles II and III, the

authorised callable capital stock of the Bank shall be increased by
US$1,302,850,697 in terms of current United States dollars,
divided into 108,000 shares, each having a par value as provided in
Article II, Section 2.

(b) Any country which becomes a member of the Bank prior
to the effective date of this increase shall have the right to subscribe
to a proportionate share of such increase pursuant to Article II,
Section 3(b).

Section 2. (a) In accordance with Article II, Section 3(b),
each member may subscribe to the respective number of shares
of callable capital.

(b) The subscription of each member shall be on the following
terms and conditions:
(i) The subscription price per share shall be as provided in

Article II, Section 2.
(ii) The increase with respect to each member shall be

subscribed on or before October 1, 1978 or such date
thereafter as the Board of Executive Directors shall
determine, except that any country which shall have become a
member of the Bank after June 1, 1976 but before the effective
date of this increase shall have the right to make its
subscription on or before December 31, 1979 or such date
thereafter as the Board of Executive Directors shall determine.

(iii) Each member shall represent to the Bank that it has taken all
necessary action to authorise its subscription and shall
furnish to the Bank such information thereon as the latter
may request.

Section 3. The provisions of Section 7(b) of the General Rules
Governing Admission of Non-regional Countries to Membership in
the Bank shall apply to the capital increase provided for in this
Article, with the same force and effect as if fully set forth herein.

Voting Power.

S.I. 11/1984.

Increase in the
Authorised
Capital.

Subscriptions.

Voting Power.

CH.354 – 12] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE V

Section 1. (a) Subject to the provisions of paragraph (b)
hereof, the authorised capital stock of the Bank shall be increased
by US$15,000,009,597, divided into 1,243,428 paid-in and callable
shares, each having a par value as provided in Article II, Section 2.

(b) Such increase shall become effective only if, on or
before October 31, 1983 or such later date as the Board of Executive
Directors shall determine, member countries shall have deposited
with the Bank appropriate instruments, by which they agree,
subject to such legal requirements as may be appropriate in the
respective countries, to subscribe to at least 935,000 shares of the
increase of authorised capital stock in accordance with Section 2
of this Article.

Section 2. (a) Each member may subscribe to the
respective number of additional shares in accordance with
Article II, Section 3(b).

(b) Each subscribing member shall represent to the Bank
that it has taken all necessary action to authorise its subscription
and shall furnish to the Bank such information thereon as the
latter may request.

(c) The subscription of each member to the additional
paid-in capital stock shall be on the following terms and
conditions:
(i) The subscription price per share shall be the par value

of each share as provided in Article II, Section 2.
(ii) The subscriptions of each member to the additional

paid-in capital stock shall be made to the inter-regional
capital and shall be paid entirely in the currency of the
respective members which shall make arrangements
satisfactory to the Bank to assure that their respective
currencies so paid to the Bank shall be freely
convertible into the currencies of other countries for the
purposes of the Bank’s operations, or shall agree to
convert on behalf of the Bank its respective currency so
paid into the currencies of other countries for the
purposes of the Bank’s operations. The entire
subscriptions of such members to the inter-regional
capital stock shall be subject to the provisions of
Article XII, Section 1(b)(i).

(iii) The Bank may accept promissory notes in lieu of the
immediate payment of all or any part of a member’s
subscription to the additional paid-in capital stock.

(d) The subscription of each member to the additional
callable inter-regional capital stock shall be on the following
terms and conditions:
(i) The subscription price per share shall be the par value of

each share as provided in Article II, Section 2.

S.I. 11/1984.

Increase in the
Authorised
Capital.

Subscriptions.

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(ii) The subscription shall be in four equal instalments, effective,
respectively, on October 31 in each of the years 1983 through
1986, or such later dates as the Board of Executive Directors
may determine. However, member countries which are
unable to make their subscription to the first instalment by
December 31, 1983 due to special circumstances, may make
their subscriptions to callable inter-regional capital stock in
three equal instalments, effective, respectively, on October
31 in each of the years 1984 through 1986, or such later dates
as the Board of Executive Directors may determine, or upon
any other instalment schedule not less favourable to the
Bank.

ARTICLE VI

Section 1. (a) Subject to the provisions of paragraph (b)
hereof, the authorized capital stock of the Bank shall be
increased by US$26,500,007,311, divided into 2,196,722 shares,
each having a par value as provided in Article II, Section 2.

(b) Such increase shall become effective only if, on or
before December 31, 1989, or such later date as the Board of
Executive Directors shall determine, member countries shall have
deposited with the Bank an appropriate instrument, by which they
agree, subject to such legal requirements as may be appropriate in
the respective countries, to subscribe to at least 1,645,000 shares of
the increase of authorized capital stock in accordance with Section
2 of this Article.

Section 2. (a) In accordance with Article II, Section 3(b),
each member may subscribe to the respective number of shares
as set out in Annex F.

(b) Each subscribing member shall represent to the Bank
that it has taken all necessary action to authorize its subscription
and shall furnish to the Bank such information thereon as the latter
may request.

(c) The subscription of each member to the additional
paid-in capital stock shall be on the following terms and
conditions:
(i) The subscription price per share shall be the par value

of each share as provided in Article II, Section 2.
(ii) The subscriptions of members to paid-in capital stock shall

be in four equal instalments, effective, respectively, on
October 31 in each of the years 1990 through 1993, or such
later dates as the Board of Executive Directors shall
determine, and payments for each instalment are due within
30 days of the respective effective dates established here-
under.

S.I. 68/1989.

Increase in the
Authorized
Capital.

Subscriptions.

CH.354 – 14] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(iii) The subscription of each member to the paid-in capital stock
shall be paid entirely in the currency of the respective member
which shall make arrangements satisfactory to the Bank to
assure that its respective currency so paid to the Bank shall be
freely convertible into the currencies of other countries for the
purposes of the Bank’s operations, or shall agree to convert on
behalf of the Bank its respective currency so paid into the
currencies of other countries for the purposes of the Bank’s
operations. The entire paid-in subscriptions shall be subject to
the provisions of Article XII, Section 1(b)(i).

(iv) The Bank may accept non-negotiable, non-interest-bearing
promissory notes or similar securities in the form contem-
plated in Article XII, Section 4, in lieu of the immediate
payment of all or any part of a member’s subscription to the
paid-in capital stock, provided that the Board of Executive
Directors, taking into account the purposes of the increase of
capital and the disbursement requirements of the loans to
which the funds are committed, shall establish a schedule
pursuant to which such promissory notes or securities shall be
paid to the Bank.

(d) The subscription of each member to the additional callable
capital stock shall be on the following terms and conditions:
(i) The subscription price per share shall be the par value

of each share as provided in Article II, Section 2.
(ii) The subscriptions of members to the callable capital

stock shall be in four equal instalments, effective,
respectively, on October 31 in each of the years 1990
through 1993, or such later dates as the Board of
Executive Directors shall determine.

Section 3. The provisions of Section 7(b) of the General Rules
Governing Admissions of Non-regional countries to membership in
the Bank shall apply to the capital increase provided for in this
Article with the same force and effect as if fully set forth herein.

ARTICLE VII
Operations

Section 1. The resources and facilities of the Bank shall be
used exclusively to implement the purpose and functions
enumerated in Article I of this Agreement.

Section 2. (a) The operations of the Bank shall be divided
into ordinary operations and special operations.

(b) The ordinary operations shall be those financed from the
Bank’s ordinary capital resources, as defined in Article II, Section
5, and shall relate exclusively to loans made, participated in, or


Voting Power.

Use of Resources.

Ordinary and
Special
Operations.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 15


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

guaranteed by the Bank which are repayable only in the
respective currency or currencies in which the loans were made.
Such operations shall be subject to the terms and conditions that
the Bank deems advisable, consistent with the provisions of this
Agreement.

(c) The special operations shall be those financed from the
sources of the Fund in accordance with the provisions of Article
VIII.

Section 3. (a) The ordinary capital resources of the Bank
as defined in Article II, Section 5, shall at all times and in all
respects be held, used, obligated, invested, or otherwise disposed
of entirely separate from the resources of the Fund, as defined in
Article VIII, Section 3(h).

The financial statements of the Bank shall show the ordinary
operations of the Bank and the operations of the Fund separately,
and the Bank shall establish such other administrative rules as may
be necessary to ensure the effective separation of the two types of
operations.

The ordinary capital resources of the Bank shall under no
circumstances be charged with, or used to discharge, losses or
liabilities arising out of operations for which the resources of the
Fund were originally used or committed.

(b) Expenses pertaining directly to ordinary operations
shall be charged to the ordinary capital resources of the Bank.
Expenses pertaining directly to special operations shall be charged
to the resources of the Fund. Other expenses shall be charged as the
Bank determines.

Section 4. Subject to the conditions stipulated in this article,
the Bank may make or guarantee loans to any member, or any
agency or political subdivision thereof, and to any enterprise in the
territory of a member, in any of the following ways:
(i) by making or participating in direct loans with funds

corresponding to the unimpaired paid-in capital and,
except as provided in Section 13 of this article, to its
reserves and undistributed surplus; or with the
unimpaired resources of the Fund;

(ii) by making or participating in direct loans with funds raised by
the Bank in capital markets, or borrowed or acquired in any
other manner for inclusion in the ordinary capital resources of
the Bank or the resources of the Fund; and

(iii) by guaranteeing in whole or in part loans made, except
in special cases, by private investors.

Section 5. (a) The total amount outstanding of loans and
guarantees made by the Bank in its ordinary operations shall not
at any time exceed the total amount of the unimpaired subscribed
capital of the Bank, plus the unimpaired reserves and surplus

Basic Principle
of Separation.

Methods of
Making or
Guaranteeing
Loans.

Limitations and
Ordinary
Operations.

CH.354 – 16] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

included in the ordinary capital resources of the Bank, as defined
in Article II, Section 5, exclusive of income assigned to the
special reserve established pursuant to Section 13 of this article
and other income assigned by decision of the Board of
Governors to reserves not available for loans or guarantees.

(b) In the case of loans made out of funds borrowed by
the Bank to which the obligations provided for in Article II,
Section 4(a)(ii) are applicable, the total amount of principal
outstanding and payable to the Bank in a specific currency shall
at no time exceed the total amount of principal of the
outstanding borrowings by the Bank that are payable in the same
currency.

Section 6. In making direct loans or participating in them,
the Bank may provide financing in any of the following ways:

(a) By furnishing the borrower currencies of members,
other than the currency of the member in whose territory the
project is to be carried out, that are necessary to meet the foreign
exchange costs of the project.

(b) By providing financing to meet expenses related to the
purposes of the loan in the territories of the member in which the
project is to be carried out. Only in special cases, particularly when
the project indirectly gives rise to an increase in the demand for
foreign exchange in that country, shall the financing granted by the
Bank to meet local expenses be provided in gold or in currencies
other than that of such member; in such cases, the amount of the
financing granted by the Bank for this purpose shall not exceed a
reasonable portion of the local expenses incurred by the borrower.

Section 7. (a) The Bank may make or guarantee loans
subject to the following rules and conditions:
(i) the applicant for the loan shall have submitted a

detailed proposal and the staff of the Bank shall have
presented a written report recommending the proposal after
a study of its merits. In special circumstances, the Board of
Executive Directors, by a majority of the total voting power of
the member countries, may require that a proposal be
submitted to the Board for decision in the absence of such a
report;

(ii) in considering a request for a loan or a guarantee, the Bank
shall take into account the ability of the borrower to obtain the
loan from private sources of financing on terms which, in the
opinion of the Bank, are reasonable for the borrower, taking
into account all pertinent factors;

(iii) in making or guaranteeing a loan, the Bank shall pay due
regard to prospects that the borrower and its guarantor, if
any, will be in a position to meet their obligations under the
loan contract;

Direct Loan
Financing.

Rules and
Conditions for
Making or
Guaranteeing
Loans.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 17


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(iv) in the opinion of the Bank, the rate of interest, other
charges and the schedule for repayment of principal are
appropriate for the project in question;

(v) in guaranteeing a loan made by other investors, the Bank
shall receive suitable compensation for its risk; and

(vi) loans made or guaranteed by the Bank shall be principally
for financing projects, including those forming part of a
national or regional development programme. However, the
Bank may make or guarantee over-all loans to development
institutions or similar agencies of the members in order that
the latter may facilitate the financing of specific development
projects whose individual financing requirements are not, in
the opinion of the Bank, large enough to warrant the direct
supervision of the Bank.

(b) The Bank shall not finance any undertaking in the
territory of a member if that member objects to such financing.

Section 8. (a) In the case of loans or guarantees of loans to
non-governmental entities, the Bank may, when it deems it
advisable, require that the member in whose territory the project is
to be carried out, or a public institution or a similar agency of the
member acceptable to the Bank, guarantee the repayment of the
principal and the payment of interest and other charges on the loan.

(b) The Bank may attach such other conditions to the
making of loans or guarantees as it deems appropriate, taking into
account both the interests of the members directly involved in the
particular loan or guarantee proposal and the interests of the members
as a whole.

Section 9. (a) Except as provided in Article XII, Section 1,
the Bank shall impose no condition that the proceeds of a loan
shall be spent in the territory of any particular country nor that
such proceeds shall not be spent in the territories of any
particular member or members.

(b) The Bank shall take the necessary measures to
ensure that the proceeds of any loan made, guaranteed, or
participated in by the Bank are used only for the purposes for
which the loan was granted, with due attention to considerations
of economy and efficiency.

Section 10. Direct loan contracts made by the Bank in
conformity with Section 4(i) or (ii) of this article shall establish:

(a) All the terms and conditions of each loan, including
among others, provision for payment of principal, interest and
other charges, maturities, and dates of payment; and

(b) The currency or currencies in which payments shall be made
to the Bank.

Optional
Conditions for
Making or
Guaranteeing
Loans.

Use of Loans
Made or
Guaranteed by
the Bank.

Payment
Provisions for
Direct Loans.

CH.354 – 18] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

Section 11. (a) In guaranteeing a loan the Bank shall
charge a guarantee fee, at a rate determined by the Bank,
payable periodically on the amount of the loan outstanding.

(b) Guarantee contracts concluded 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.

(c) In issuing guarantees, the Bank shall have power to
determine any other terms and conditions.

Section 12. On all loans, participations, or guarantees
made out of or by commitment of the ordinary capital resources
of the Bank, the latter shall charge a special commission. The
special commission, payable periodically, shall be computed on
the amount outstanding on each loan, participation, or guarantee
and shall be at the rate of one per cent per annum, unless the
Bank, by a two-thirds majority of the total voting power of the
member countries, decides to reduce the rate of commission.

Section 13. The amount of commissions received by the
Bank under Section 12 of this article shall be set aside as a special
reserve, which shall be kept for meeting liabilities of the Bank in
accordance with Article XIV, Section 3(b)(i). The special reserve
shall be held in such liquid form, permitted under this Agreement, as
the Board of Executive Directors may decide.

ARTICLE VIII
Fund for Special Reserve

Section 1. A Fund for Special Operations is established for
the making of loans on terms and conditions appropriate for
dealing with special circumstances arising in specific countries
or with respect to specific projects.

The Fund, whose administration shall be entrusted to the
Bank, shall have the purpose and functions set forth in Article I
of this Agreement.

Section 2. The Fund shall be governed by the provisions of
the present article and all other provisions of this Agreement,
excepting those inconsistent with the provisions of the present
article and those expressly applying only to the ordinary
operations of the Bank.

Section 3. (a) The original members of the Bank shall
contribute to the resources of the Fund in accordance with the
provisions of this section.

(b) Members of the Organisation of American States
that join the Bank after the date specified in Article XXII,
Section 1(a) shall contribute to the Fund with such quotas, and
under such terms, as may be determined by the Bank.

Guarantees.

Special
Commission.

Special Reserve.

Establishment,
Purpose, and
Functions.

Applicable
Provisions.

Resources.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 19


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(c) The Fund shall be established with initial resources in the
amount of one hundred and fifty million dollars ($150,000,000)51 in
terms of United States dollars of the weight and fineness in effect on
January 1, 1959, which shall be contributed by the original members of
the Bank in accordance with the quotas specified in Annex B.

(d) Payment of the quotas shall be made as follows:
(i) Fifty percent of its quotas shall be paid by each

member at any time on or after the date on which this
Agreement is signed, and the instrument of acceptance
or ratification deposited, on its behalf in accordance
with Article XXII, Section 1, but not later than
September 30, 1960.

(ii) The remaining 50 per cent shall be paid at any time
subsequent to one year after the Bank has begun
operations, in such amounts and at such times as are
determined by the Bank; provided however, that the
total amount of all quotas shall be made due and
payable not later than the date fixed for payment of the
third instalment of the subscriptions to the paid-in
capital stock of the Bank;

(iii) The payments required under this section shall be distrib-
uted among the members in proportion to their quotas and
shall be made one-half in gold and/or United States dollars,
and one-half in the currency of the contributing member.

(e) Each payment of a member in its own currency
under the preceding paragraph shall be in such amount as, in the
opinion of the Bank, is equivalent to the full value, in terms of
United States dollars of the weight and fineness in effect on
January 1, 1959, of the portion of the quota being paid. The
initial payment shall be in such amount as the member considers
appropriate hereunder but shall be subject to such adjustment, to
be effected within 60 days of the date on which payment was
due, as the Bank shall determine to be necessary to constitute the
full dollar value equivalent as provided in this paragraph.

(f) Unless otherwise determined by the Board of Governors
by a three-fourths majority of the total voting powers of the member
countries, the liability of members for payment of any call on the
unpaid portion of their subscription quotas to the Fund shall be
conditional upon payment of not less than 90 per cent of the total
obligations of the members for:


5 The Board of Governors increased the authorised resources of the Fund for Special

Operations on January 28, 1964, to two hundred and twenty-three million one hundred
and fifty-eight thousand dollars ($223,158,000); on March 31, 1965, to one billion one
hundred and twenty-three million one hundred and fifty-eight thousand dollars
($1,123,158,000); and on December 29, 1967, to two billion three hundred and twenty-
three million, one hundred and fifty-eight thousand dollars ($2,323,158,000)

CH.354 – 20] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(i) the initial payment and all prior calls on such quota
subscriptions to the Fund; and

(ii) any instalments due on the paid-in portion of the subscrip-
tions to the capital stock of the Bank.

(g) The resources of the Fund shall be increased through
additional contributions by the members when the Board of
Governors considers it advisable by a three-fourths majority of the
total voting power of the member countries. The provisions of
Article II, Section 3(b) shall apply to the such increases, in terms of
the proportion between the quota in effect for each member and the
total amount of the resources of the Fund contributed by members.

(h) As used in this Agreement, the term “resources of the
Fund” shall be deemed to include the following:
(i) contributions by members pursuant to paragraphs (c) and

(g) of this section and of Articles IX, X and XI;
(ii) all funds raised by borrowing to which the commitment

stipulated in Article II, Section 4(a)(ii) is not applicable, i.e.
those that are specifically chargeable to the resources of the
Fund;

(iii) all funds received in repayment of loans made from the
resources mentioned above;

(iv) all income derived from operations using or committing
any of the resources mentioned above; and

(v) any other resources at the disposal of the Fund.
Section 4. (a) The operations of the Fund shall be those

financed from its own resources, as defined in Section 3(h) of
the present article.

(b) Loans made with resources of the Fund may be partially
or wholly repayable in the currency of the member in whose territory
the project being financed will be carried out. The part of the loan not
repayable in the currency of the member shall be paid in the currency
or currencies in which the loan was made.

Section 5. In the operations of the Fund, the financial
liability of the Bank shall be limited to the resources and
reserves of the Fund, and the liability of members shall be
limited to the unpaid portion of their respective quotas that has
become due and payable.

Section 6. The rights of members of the Bank resulting
from their contributions to the Fund may not be transferred or
encumbered, and members shall have no right of reimbursement
of such contributions except in cases of loss of the status of
membership or of termination of the operations of the Fund.

Section 7. Payments in satisfaction of any liability on
borrowings of funds for inclusion in the resources of the Fund shall be
charged:

S.I. 11/1984.
S.I. 68/1989.

Operations.

Limitation on
Liability.

Limitation on
Disposition of
Quotas.

Discharge of
Fund Liabilities
on Borrowings.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 21


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(i) first, against any reserve established for this purpose;
and

(ii) then, against any other funds available in the resources
of the Fund.

Section 8. (a) Subject to the provisions of this Agreement,
the authorities of the Bank shall have full powers to administer the
Fund.

(b) There shall be a Vice President of the Bank in charge
of the Fund. The Vice President shall participate in the meetings
of the Board of Executive Directors of the Bank, without vote,
whenever matters relating to the Fund are discussed.

(c) In the operations of the Fund the Bank shall utilise to
the fullest extent possible the same personnel, experts,
installations, offices, equipment, and services as it uses for its
ordinary operations.

(d) The Bank shall publish a separate annual report showing
the results of the Fund’s financial operations, including profits or
losses. At the annual meeting of the Board of Governors there shall
be at least one session devoted to consideration of this report. In
addition, the Bank shall transmit to the members a quarterly
summary of the Fund’s operations.

Section 9. (a) In making decisions concerning operations
of the Fund, each member country of the Bank shall have the
voting power in the Board of Governors accorded to it pursuant
to Article XV, Section 4(a) and (b), and each Director shall have
the voting power in the Board of Executive Directors accorded
to him pursuant to Article XV, Section 4(a) and (c).

(b) All decisions of the Bank concerning the operations of
the Fund shall be adopted by a two-thirds majority of the total voting
power of the member countries, unless otherwise provided in this
article.

Section 10. The Board of Governors of the Bank shall
determine what portion of the net profits of the Fund shall be
distributed among the members after making provision for reserves.
Such net profits shall be shared in proportion to the quotas of the
members.

Section 11. (a) No country may withdraw its contribution
and terminate its relations with the Fund while it is still a member of
the Bank.

(b) The provisions of Article XVI, Section 3, with respect
to the settlement of accounts with countries that terminate their
membership in the Bank also shall apply to the Fund.

Section 12. The provisions of Article XVII also shall apply to
the Fund with substitution of terms relating to the Fund and its
resources and respective creditors for those relating to the Bank and its
ordinary capital resources and respective creditors.

Administration.

Voting.

Distribution of
Net Profits.

Withdrawal of
Contributions.

Suspension and
Termination.

CH.354 – 22] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE IX
Additional Funds for Special Reserve

Section 1. (a) Subject to the provisions of this article, the
resources of the Fund for Special Operations shall be increased
in the equivalent of US$1,750,000,000 through additional
contributions by the members as set out in Annex E.

(b) None of the additional contributions shall become
payable unless on or before December 20, 1979 or such later date as
the Board of Executive Directors shall determine, member countries
shall have deposited with the Bank appropriate instruments setting
forth their agreement, subject to such legal requirements as may be
appropriate in the respective countries, to contribute not less than the
equivalent of US$1,315,000,000 to the increase in the Fund for
Special Operations in accordance with terms of this article.

Section 2. (a) Each regional member shall make such
additional contribution in its own currency or in United States
dollars and each non-regional member shall make such
additional contribution in its own currency. Canada, Trinidad
and Tobago, the United States, Venezuela and the non-regional
members shall make arrangements satisfactory to the Bank to
assure that all of their respective currencies so contributed to the
increase shall be freely convertible into the currencies of other
countries for the purposes of the Bank’s operations. Argentina,
Brazil and Mexico shall make arrangements satisfactory to the
Bank to assure that 50 percent of the respective national
currencies derived from their contributions to the increase shall
be freely convertible into the currencies of other countries for
the purposes of the Bank’s operations and half of the respective
national currencies derived from the remaining 50 percent shall
be made available in the same or in an alternative form which
ensures that the Bank shall have at its disposition an equivalent
amount of resources usable for purposes other than the financing
of local costs.

(b) Except where the Board of Executive Directors may
agree prior to October 31, 1979 to alternative instalment schedules
proposed by individual members, to take into account special
circumstances, the additional contributions shall be made in four
equal instalments, which shall be payable, respectively, on
December 20, 1979 and on October 31 in each of the years 1980
through 1982, or such later dates as the Board of Executive
Directors shall determine, provided, however, that countries which
became members of the Bank after December 31, 1976 shall have
the right to make their contributions in four equal instalments,
which shall be payable, respectively, on October 31 in each of the
years 1980 through 1983, or such later dates as the Board of
Executive Directors shall determine.

S.I. 10/1980.

Increase in the
Resources of the
Fund.

Contributions.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 23


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(c) The Bank may accept non-negotiable non-interest-
bearing promissory notes or similar securities in the form
contemplated in Article XII, Section 4, in lieu of the immediate
payment of all or any part of a member’s contribution to each
instalment, provided that the Board of Executive Directors,
taking into account the purposes of the increase of the resources
of the Fund for Special Operations and the disbursement
requirements of the loans to which the funds are committed,
shall establish a schedule pursuant to which such promissory
notes or securities shall be paid to the Bank.

(d) If a member is unable to pay the full amount due for
any instalment, the member shall consult with the Bank to
establish a mutually acceptable revised payment schedule under
which the shortfall will be made up in the next subsequent
instalment or instalments. Should the shortfall lead to a
significant disparity between the relative proportions of the
contributions made by the member or members unable to pay
the full amount of an instalment and those members which have
contributed the full amount of the respective instalment, the
latter members may, after consultation with the Bank, require a
commensurate modification in the amount of their contributions
to the next and subsequent instalments. If, as a result of such
commensurate modification, it will not be possible to complete
the subsequent instalments, then members shall consult with the
Bank concerning the appropriate measures to be taken by the
Board of Executive Directors in order to adjust contributions
and/or instalments.

(e) If, in the course of the increase in the resources of the
Fund for Special Operations, delays or re-adjustments in the
making of contributions prevent, or appear likely to prevent the
substantial attainment of the goals of the increase, the Bank will
convene a meeting of representatives of the member countries to
review the situation and consider ways of obtaining the necessary
contributions.

(f) Each payment of a member shall be in such an
amount as, in the opinion of the Bank, is equivalent to the full
value, in terms of the current United States dollar on the date
when the payment is due.

(g) Currencies of all the members held by the Bank which
are derived from these additional contributions shall be subject to
the maintenance of value provisions of Article XII, Section 3, but
the standard of value set for this purpose shall be the current United
States dollar at any given time.

CH.354 – 24] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE X
Additional Funds for Special Reserve

Section 1. (a) Subject to the provisions of this Article, the
resources of the Fund for Special Operations shall be increased in
the equivalent of US$702,576,000 through additional contributions
by the members.

(b) None of the contributions to the Fund would become
payable unless on or before October 31, 1983, or such later date as
the Board of Executive Directors shall determine, member countries
shall have deposited with the Bank instruments of contribution
representing unqualified and qualified contributions totalling not
less than the equivalent of US$527,000,000 to the increase in the
Fund.

Section 2. (a) Each member may make its contributions to
the Fund in any one of the freely convertible currencies designated
by the Bank. Each member country, which has not yet done so, is
requested to designate, either directly or through its Executive
Director, its unit of obligation, as soon as possible and at the latest
when it submits its instrument of contribution. In the event the SDR
is so designated, the country shall also designate the freely
convertible currency it will use to make payment.

(b) The additional contributions shall be made in four equal
instalments, which shall be payable, respectively, on October 31 in
each of the years 1983 through 1986, or such later dates as the
Board of Executive Directors shall determine, provided, however,
that such countries as approved by the respective Resolution shall
have the right to make their contributions in three equal
instalments, which shall be payable, respectively, on October 31
in each of the years 1984 through 1986, or such later dates as the
Board of Executive Directors shall determine or upon any other
instalment schedule not less favourable to the Bank.

(c) The Bank may accept promissory notes in lieu of the
immediate payment of all or any part of a member’s contribution
to each instalment.

ARTICLE XI
Additional Funds for Special Reserve

Section 1. Subject to the provisions of this Article, the
resources of the Fund for Special Operations shall be increased
through additional contributions by the members in amounts not
less than those indicated for the respective members, in terms of
the applicable unit of obligation as set out in Annex G.

Section 2. (a) To make a contribution under this Article, the
member shall deposit with the Bank an Instrument of Contribution
formally confirming the member’s intention to contribute and


S.I. 11/1984.

Increase in the
Resources of the
Fund.

Contributions.

S.I. 68/1989.

Increase in the
Resources of the
Fund.

Instrument of
Contribution.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 25


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

specifying the applicable unit of obligation and the amount of its
contribution in the applicable unit of obligation as set out in
Annex G.

(b) Subject to the provisions of Section 2(c) below, the
Instrument of Contribution shall constitute an unqualified
commitment by the member to the Bank to make payment of the
contribution in the manner and on the terms set forth in or
contemplated by this Article. For the purposes of this Article, a
contribution covered by such an Instrument shall be called an
Unqualified Contribution.

(c) As an exceptional case, where an unqualified
contribution commitment cannot be given by a member due to
its legislative practice, the Bank may accept from that member
an Instrument of Contribution which contains the qualification
that payment of all instalments of the contribution is subject to
subsequent budgetary appropriations. Such an Instrument,
however, shall include an undertaking to seek the necessary
appropriations, at the rate specified in Section 5(b) below,
during the period of the increase and to notify the Bank as soon
as each such appropriation is obtained. For the purposes of this
Article, a contribution covered by such an Instrument shall be
called a Qualified Contribution, and it shall be deemed to be
unqualified to the extent that appropriations have been obtained.

Section 3. (a) None of the contributions shall become
payable unless on or before December 31, 1989, or such later
date as the Board of Executive Directors shall determine,
member countries shall have deposited with the Bank
Instruments of Contribution representing Unqualified and
Qualified Contributions totalling not less than the equivalent of
US$150,000,000 of the increase in the Fund for Special
Operations.

(b) Instruments of Contribution deposited on or before
the effective date of the increase shall take effect on that date,
and Instruments of Contribution deposited after such date shall
take effect on their respective dates of deposit.

Section 4. (a) Each member shall make its contributions in
one of the freely convertible currencies designated by the Bank
for the purposes of this Article.

(b) The contributions shall be made in four equal
instalments, which shall be effective, respectively, on October 31 in
each of the years 1990 through 1993, or such later dates as the
Board of Executive Directors shall determine, and payments for
each instalment of the Unqualified Contributions are due within 30
days of the respective effective dates established hereunder.
Payments in respect of a Qualified Contribution shall be made
within 30 days as and to the extent that each instalment has become
unqualified and should be made on the respective annual payment
dates specified in the foregoing provisions of this paragraph.

Entry into Effect.

Contributions.

CH.354 – 26] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(c) The Bank may accept non-negotiable non-interest
bearing promissory notes or similar securities in the form
contemplated in Article XII, Section 4, in lieu of the immediate
payment of all or any part of a member’s contribution to each
instalment, provided that the Board of Executive Directors,
taking into account the purposes of the increase of the resources
of the Fund for Special Operations and the disbursement
requirements of the loans to which the funds are committed,
shall establish a schedule pursuant to which such promissory
notes or securities shall be paid to the Bank.

(d) The payments of each member shall total the
amount, in terms of the applicable unit of obligation, as
indicated for the respective member in Annex G.

(e) Currencies of all the members held by the Bank which
are derived from these additional contributions shall not be subject
to the maintenance of value provisions of Article XII, Section 3.

(f) Notwithstanding the foregoing provisions of Section 4,
no member shall be obligated to make any payment in respect of its
contribution except to the extent that its contribution has become
available for loan commitments as specified in Section 5 below.

Section 5. (a) For the purpose of loan commitments by the
Bank, each Unqualified Contribution shall be divided into four
equal tranches and, subject to Section 4(b) and Section 6 thereof
shall become available for loan commitments as follows:
(i) the first tranche: as from October 31, 1990 or on such

subsequent date the relevant instrument of Contribution
takes effect;

(ii) the second tranche: as from October 31, 1991;
(iii) the third tranche: as from October 31, 1992;
(iv) the fourth tranche: as from October 31, 1993;

(b) Each Qualified Contribution (unless it has become
unqualified as scheduled) shall become available for loan
commitments as and to the extent that it has become unqualified,
which should occur at the rate of one-fourth of its total amount
in each of the four years covered by the increase on the dates
provided for pursuant to Section 4(b) hereof.

Section 6. If there are Qualified Contributions which have
not been made unqualified at the rate, to the extent and on the dates
specified in Section 5(b) above with respect to the second, third and
fourth instalments, the Bank shall promptly notify all member
countries, and member countries which have made Unqualified
Contributions, or whose Qualified Contributions have become
unqualified at the rate, to the extent and on the dates specified in
Section 5(b) above may, after consultation with the Board of
Executive Directors of the Bank, notify the Bank in writing that the
Bank should refrain from making loan commitments against their


Conditions of
Loan
Commitment.

Limiting
Commitments.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 27


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

contributions to the respective instalment. The maximum
amount of such reduced loan commitments shall be in
proportion to the extent that the respective instalment of the
relevant Qualified Contribution has not become unqualified.

Section 7. If, in the course of the increase in the resources of the
Fund for Special Operations, delays or readjustments in the making of
contributions or their availability for loan commitments prevent, or
appear likely to prevent, the substantial attainment of the goals of the
increase, the Bank will convene a meeting of representatives of the
member countries to review the situation and consider ways of
obtaining the necessary contributions.

ARTICLE XII
Currencies

Section 1. (a) The currency of any member held by the
Bank, either in its ordinary capital resources or in the resources
of the Fund, however acquired, may be used by the Bank and by
any recipient from the Bank, without restriction by the member,
to make payments for goods and services produced in the
territory of such member.

(b) Members may not maintain or impose restrictions of
any kind upon the use by the Bank or by any recipient from the
Bank, for payments in any country, of the following:
(i) gold and dollars received by the Bank in payment of the 50

per cent portion of each member’s subscription to shares of
the Bank’s capital and of the 50 per cent portion of each
member’s quota for contribution to the Fund, pursuant to
the provisions of Article II and Article VIII, respectively;

(ii) currencies of members purchased with the gold and
dollar funds referred to in (i) of this paragraph;

(iii) currencies obtained by borrowings, pursuant to the
provisions of Article XIV, Section 1(i), for inclusion in
the ordinary capital resources of the Bank;

(iv) gold and dollars received by the Bank in payment on
account of principal, interest, and other charges, of loans
made from the gold and dollar funds referred to in (i) of
this paragraph; currencies received in payment of
principal, interest, and other charges, of loans made from
currencies referred to in (ii) and (iii) of this paragraph;
and currencies received in payment of commissions and
fees on all guarantees made by the Bank; and

(v) currencies, other than the member’s own currency, received
from the Bank pursuant to Article XIV, Section 4(c) and
Article VIII, Section 10, in distribution of net profits.

Meeting of
Member
Countries.

Use of
Currencies.

CH.354 – 28] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(c) A member’s currency held by the Bank, either in its
ordinary capital resources or in the resources of the Fund, not covered
by paragraph (b) of this section, also may be used by the Bank or any
recipient from the Bank for payments in any country without
restriction of any kind, unless the member notifies the Bank of its
desire that such currency or a portion thereof be restricted to the uses
specified in paragraph (a) of this section.

(d) Members may not place any restrictions on the
holding and use by the Bank, for making amortisation payments
or anticipating payment of, or repurchasing part or all of, the
Bank’s own obligations, of currencies received by the Bank in
repayment of direct loans made from borrowed funds included
in the ordinary capital resources of the Bank.

(e) Gold or currency held by the Bank in its ordinary
capital resources or in the resources of the Fund shall not be
used by the Bank to purchase other currencies unless authorised
by a two-thirds majority of the total voting power of the member
countries.

Section 2. Whenever it shall become necessary under this
Agreement to value any currency in terms of another currency,
or in terms of gold, such valuation shall be determined by the
Bank after consultation with the International Monetary Fund.

Section 3. (a) Whenever the par value in the International
Monetary Fund of a member’s currency is reduced or the foreign
exchange value of a member’s currency has, in the opinion of
the Bank, depreciated to a significant extent, the member shall
pay to the Bank within a reasonable time an additional amount
of its own currency sufficient to maintain the value of all the
currency of the member held by the Bank in its ordinary capital
resources, or in the resources of the Fund, excepting currency
derived from borrowings by the Bank. The standard of value for
this purpose shall be the United States dollar of the weight and
fineness in effect on January 1, 1959.

(b) Whenever the par value in the International
Monetary Fund of a member’s currency is increased or the
foreign exchange value of such member’s currency has, in the
opinion of the Bank, appreciated to a significant extent, 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 which is held by the Bank
in its ordinary capital resources or in the resources of the Fund,
excepting currency derived from borrowings by the Bank. The
standard of value for this purpose shall be the same as that
established in the preceding paragraph.

(c) The provisions of this section may be waived by the
Bank when a uniform proportionate change in the par value of the
currencies of all the Bank’s members is made by the International
Monetary Fund.

Valuation of
Currencies.

Maintenance of
Value of the
Currency
Holdings of the
Bank.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 29


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

Section 4. The Bank shall accept from any member promissory
notes or similar securities issued by the government of the member, or
by the depository designated by such member, in lieu of any part of
the currency of the member representing the 50 per cent portion of
its subscription to the Bank’s authorised capital and the 50 per cent
portion of its subscription to the resources of the Fund, which,
pursuant to the provisions of Article II and Article VIII,
respectively, are payable by each member in its national currency,
provided such currency is not required by the Bank for the conduct
of its operations. Such promissory notes or securities shall be non-
negotiable, non-interest-bearing, and payable to the Bank at their
par value on demand.

ARTICLE XIII
Technical Assistance

Section 1. The Bank may, at the request of any member or
members, or of private firms that may obtain loans from it,
provide technical advice and assistance in its field of activity,
particularly on:
(i) the preparation, financing, and execution of

development plans and projects, including the
consideration of priorities, and the formulation of loan
proposals on specific national or regional development
projects; and

(ii) the development and advanced training, through
seminars and other forms of instruction, of personnel
specialising in the formulation and implementation of
development plans and projects.

Section 2. In order to accomplish the purpose of this article,
the Bank may enter into agreements on technical assistance with
other national or international institutions, either public or private.

Section 3. (a) The Bank may arrange with member
countries or firms receiving technical assistance, for
reimbursement of the expenses of furnishing such assistance on
terms which the Bank deems appropriate.

(b) The expenses of providing technical assistance not paid
by the recipients, shall be met from the net income of the Bank or
of the Fund. However, during the first three years of the Bank’s
operations, up to three per cent, in total, of the initial resources of
the Fund may be used to meet such expenses.

Methods of
Conserving
Currencies.

Miscellaneous
Powers of the
Bank.

Co-operative
Agreements on
Technical
Assistance.
Expenses.

CH.354 – 30] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE XIV
Miscellaneous Powers and Distribution of Profits

Section 1. In addition to the powers specified elsewhere in
this Agreement, the Bank shall have the power to:
(i) borrow funds and in that connection to furnish such

collateral or other security therefor as the Bank shall
determine, provided that, before making a sale of its
obligations in the markets of a country, the Bank shall
have obtained the approval of that country and of the
member in whose currency the obligations are
denominated. In addition, in the case of borrowings of
funds to be included in the Bank’s ordinary capital
resources, the Bank shall obtain agreement of such
countries that the proceeds may be exchanged for the
currency of any other country without restriction;

(ii) buy and sell securities it has issued or guaranteed or in
which it has invested, provided that the Bank shall
obtain the approval of the country in whose territories
the securities are to be bought or sold;

(iii) with the approval of a two-thirds majority of the total
voting power of the member countries, invest funds not
needed in its operations in such obligations as it may
determine;

(iv) guarantee securities in its portfolio for the purpose of
facilitating their sale; and

(v) exercise such other powers as shall be necessary or
desirable in Furtherance of its purpose and functions,
consistent with the provisions of this Agreement.

Section 2. Every security issued or guaranteed by the Bank
shall bear on its face a conspicuous statement to the effect that it is
not an obligation of any government, unless it is in fact the
obligation of a particular government, in which case it shall so state.

Section 3. (a) The Bank, in the event of actual or threatened
default on loans made or guaranteed by the Bank using its ordinary
capital resources, shall take such action as it deems appropriate with
respect to modifying the terms of the loan, other than the currency
of repayment.

(b) The payments in discharge of the Bank’s liabilities on
borrowings or guarantees under Article VII, Section 4(ii) and (iii)
chargeable against the ordinary capital resources of the Bank shall
be charged:
(i) first, against the special reserve provided for in Article VII,

Section 13; and
(ii) then, to the extent necessary and at the discretion of the

Bank, against the other reserves, surplus, and funds
corresponding to the capital paid in for shares.

Miscellaneous
Powers of the
Bank.

Warning to be
Placed on
Securities.

Methods of
Meeting
Liabilities of the
Bank in Case of
Defaults.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 31


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(c) Whenever necessary to meet contractual payments of
interest, other charges, or amortisation on the Bank’s borrowings,
or to meet the Bank’s liabilities with respect to similar payments on
loans guaranteed by it chargeable to its ordinary capital resources,
the Bank may call upon the members to pay an appropriate amount
of their callable capital subscriptions, in accordance with Article II,
Section 4(a)(ii). Moreover, if the Bank believes that a default may
be of a long duration, it may call an additional part of such
subscriptions not to exceed in any one year one 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; and

(ii) to repurchase, or otherwise discharge its liability on, all
or part of its own outstanding obligations.

Section 4. (a) The Board of Governors may determine
periodically what part of the net profits and of the surplus shall
be distributed. Such distributions may be made only when the
reserves have reached a level which the Board of Governors
considers adequate.

(b) The distributions referred to in the preceding paragraph
shall be made in proportion to the number of shares held by each
member.

(c) Payments shall be made in such manner and in such
currency or currencies as the Board of Governors shall
determine. If such payments are made to a member in currencies
other than its own, the transfer of such currencies and their use
by the receiving country shall be without restriction by any
member.

ARTICLE XV
Organisation and Management

Section 1. The Bank shall have a Board of Governors, a
Board of Executive Directors, a President, an Executive Vice
President, a Vice President in charge of the Fund, and such other
officers and staff as may be considered necessary.

Section 2. (a) All the powers of the Bank shall be vested in the
Board of Governors. Each member shall appoint one governor and
one alternate, who shall serve for five years, subject to termination
of appointment at any time, or to reappointment, at the pleasure of
the appointing member. No alternate may vote except in the
absence of his principal. The Board shall select one of the governors
as Chairman, who shall hold office until the next regular meeting of
the Board.

(b) The Board of Governors may delegate to the Board of
Executive Directors all its powers except power to:

Distribution of
Net Profits and
Surplus.

Structure of the
Bank.

Board of
Governors.

CH.354 – 32] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(i) admit new members and determine the conditions of
their admission;

(ii) increase or decrease the authorised capital stock of the
Bank and contributions to the Fund;

(iii) elect the President of the Bank and determine his
remuneration;

(iv) suspend a member, pursuant to Article XVI, Section 2;
(v) determine the remuneration of the executive directors

and their alternates;
(vi) hear and decide any appeals from interpretations of this

Agreement given by the Board of Executive Directors;
(vii) authorise the conclusion of general agreements for co-

operation with other international organisations;
(viii) approve, after reviewing the auditors’ report, the

general balance sheet and the statement of profit and
loss of the institution;

(ix) determine the reserves and the distribution of the net
profits of the Bank and of the Fund;

(x) select outside auditors to certify to the general balance
sheet and the statement of profit and loss of the
institution;

(xi) amend this Agreement; and
(xii) decide to terminate the operations of the Bank and to

distribute its assets.
(c) The Board of Governors shall retain full power to

exercise authority over any matter delegated to the Board of
Executive Directors under paragraph (u) above.

(d) The Board of Governors shall, as a general rule, hold
a meeting annually. Other meetings may be held when the Board
of Governors so provides or when called by the Board of
Executive Directors. Meetings of the Board of Governors also
shall be called by the Board of Executive Directors, whenever
requested by five members of the Bank or by members having
one-fourth of the total voting power of the member countries.

(e) A quorum for any meeting of the Board of
Governors shall be an absolute majority of the total number of
governors, representing not less than two-thirds of the total
voting power of the member countries.

(f) The Board of Governors may establish a procedure
whereby the Board of Executive Directors, when it deems such
action appropriate, may submit a specific question to a vote of
the governors without calling a meeting of the Board of
Governors.

(g) The Board of Governors, and the Board of Executive
Directors to the extent authorised, may adopt such rules and
regulations as may be necessary or appropriate to conduct the
business of the Bank.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 33


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[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(h) Governors and alternates shall serve as such without
compensation from the Bank, but the Bank may pay them
reasonable expenses incurred in attending meetings of the Board
of Governors.

Section 3. (a) The Board of Executive Directors shall be
responsible for the conduct of the operations of the Bank, and
for this purpose may exercise all the powers delegated to it by
the Board of Governors.

(b) There shall be seven executive directors, who shall
not be governors, and of whom:
(i) one shall be appointed by the member having the

largest number of shares in the Bank;
(ii) six shall be elected by the governors of the remaining

members pursuant to the provisions of Annex C of this
Agreement.

Executive directors shall be appointed or elected for terms of
three years and may be re-appointed or re-elected for successive
terms. They shall be persons of recognised competence and wide
experience in economic and financial matters.

(c) Each executive director shall appoint an alternate who
shall have full power to act for him when he is not present.
Directors and alternates shall be citizens of the member countries.
None of the elected directors and their alternates may be of the
same citizenship. Alternates may participate in meetings but may
vote only when they are acting in place of their principals.

(d) Directors shall continue in office until their successors
are appointed or elected. If the office of an elected director
becomes vacant more than 180 days before the end of his term, a
successor shall be elected for the remainder of the term by the
governors who elected the former director. An absolute majority
of the votes cast shall be required for election. While the office
remains vacant, the alternate shall have all the powers of the
former director except the power to appoint an alternate.

(e) The Board of 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 Board of Executive
Directors shall be an absolute majority of the total number of
directors representing not less than two-thirds of the total voting
power of the member countries.

(g) A member of the Bank may send a representative to attend
any meeting of the Board of Executive Directors when a matter
especially affecting that member is under consideration. Such right
of representation shall be regulated by the Board of Governors.

Board of
Executive
Directors.

CH.354 – 34] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(h) The Board of Executive Directors may appoint such
committees as it deems advisable. Membership of such committees
need not be limited to governors, directors, or alternates.

(i) The Board of Executive Directors shall determine the
basic organisation of the Bank, including the number and general
responsibilities of the chief administrative and professional posi-
tions of the staff, and shall approve the budget of the Bank.

(j) Upon the admission to the Bank of new members,
having votes totalling not less than 22,000, the Board of
Governors may, by a two-thirds majority of the total number of
governors representing not less than three-fourths of the total
voting power of the member countries, increase by one the
number of Executive Directors to be elected.6

Section 4. (a) Each member country shall have 135 votes
plus one vote for each share of capital stock of the Bank held by
that country.

(b) In voting in the Board of Governors, each governor
shall be entitled to cast the votes of the member country which
he represents. Except as otherwise specifically provided in this
Agreement, all matters before the Board of Governors shall be
decided by a majority of the total voting power of the member
countries.

(c) In voting in the Board of Executive Directors:
(i) the appointed director shall be entitled to cast the number

of votes of the member country which appointed him;
(ii) each selected director shall be entitled to cast the number

of votes that counted toward his election, which votes
shall be cast as a unit; and

(iii) except as otherwise specifically provided in this
Agreement, all matters before the Board of Executive
Directors shall be decided by a majority of the total
voting power of the member countries.

Section 5. (a) The Board of Governors, by an absolute majority
of the total number of governors representing not less than a
majority of the total voting power of the member countries, shall
elect a President of the Bank who, while holding office, shall not be
a governor or an executive director or alternate for either.

Under the direction of the Board of Executive Directors, the
President of the Bank shall conduct the ordinary business of the
Bank and shall be chief of its staff. He also shall be the presiding
officer at meetings of the Board of Executive Directors, but shall
have no vote, except that it shall be his duty to cast a deciding vote
when necessary to break a tie.


6 This subsection was added by action of the Board of Governors on January 28,

1964.

Voting.

President,
Executive Vice
President, and
Staff.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 35


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

The President of the Bank shall be the legal representative of
the Bank. The term of office of the President of the Bank shall be
five years, and he may be re-elected to successive terms. He shall
cease to hold office when the Board of Governors so decides by a
majority of the total voting power of the member countries.

(b) The Executive Vice President shall be appointed by the
Board of Executive Directors on the recommendation of the
President of the Bank. Under the direction of the Board of
Executive Directors and the President of the Bank, the Executive
Vice President shall exercise such authority and perform such
functions in the administration of the Bank as may be determined
by the Board of Executive Directors. In the absence or incapacity of
the President of the Bank, the Executive Vice President shall
exercise the authority and perform the functions of the President.

The Executive Vice President shall participate in meetings
of the Board of Executive Directors but shall have no vote at
such meetings except that he shall cast the deciding vote, as
provided in paragraph (a) of this section, when he is acting in
place of the President of the Bank.

(c) In addition to the Vice President referred to in Article
VIII, Section 8(b), the Board of Executive Directors may, on recom-
mendation of the President of the Bank, appoint other Vice
Presidents who shall exercise such authority and perform such
functions as the Board of Executive Directors may determine.

(d) The President, officers, and staff of the Bank, in the
discharge of their offices, owe their duty entirely to the Bank
and shall recognise no other authority. Each member of the Bank
shall respect the international character of this duty.

(e) The paramount consideration in the employment of the
staff and in the determination of the conditions of service shall be the
necessity of securing the highest standards of efficiency, compe-
tence, and integrity. Due regard shall be paid to the importance of
recruiting the staff on as wide a geographical basis as possible.

(f) The Bank, its officers and employees 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 purpose and functions stated in Article I.

Section 6. (a) The Bank shall publish an annual report
containing an audited statement of the accounts. It shall also
transmit quarterly to the members a summary statement of the
financial position and a profit-and-loss statement showing the
results of its ordinary operations.

(b) The Bank may also publish such other reports as it deems
desirable to carry out its purpose and functions.

Publication of
Reports and
Provision of
Information.

CH.354 – 36] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE XVI
Withdawal and Suspension of Members

Section 1. Any member may withdraw from the Bank by
delivering to the Bank at its principal office written notice of its
intention to do so. Such withdrawal shall become finally effective
on the date specified in the notice but in no event less than six
months after the notice is delivered to the Bank. However, at any
time before the withdrawal becomes finally effective, the member
may notify the Bank in writing of the cancellation of its notice of
intention to withdraw.

After withdrawing, a member shall remain liable for all direct
and contingent obligations to the Bank to which it was subject at
the date of delivery of the withdrawal notice, including those
specified in Section 3 of this article. However, if the withdrawal
becomes finally effective, the member shall not incur any liability
for obligations resulting from operations of the Bank effected after
the date on which the withdrawal notice was received by the Bank.

Section 2. If a member fails to fulfil any of its obligations
to the Bank, the Bank may suspend its membership by decision
of the Board of Governors by a two-thirds majority of the total
number of governors representing not less than three-fourths of
the total voting power of the member countries.

The member so suspended shall automatically cease to be a
member of the Bank one year from the date of its suspension unless
the Board of Governors decides by the same majority to terminate
the suspension.

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 its obligations.

Section 3. (a) After a country ceases to be a member, it no
longer shall share in the profits or losses of the Bank, nor shall it
incur any liability with respect to loans and guarantees entered
into by the Bank, thereafter. However, it shall remain liable for
all amounts it owes the Bank and for its contingent liabilities to
the Bank so long as any part of the loans or guarantees
contracted by the Bank before the date on which the country
ceased to be a member remains outstanding.

(b) When a country ceases to be a member, the Bank shall
arrange for the repurchase of such country’s capital stock as a part
of the settlement of accounts pursuant to the provisions of this
section; but the country shall have no other rights under this
Agreement except as provided in this section and in Article XX,
Section 2.

Right to
Withdraw.

Suspension of
Membership.

Settlement of
Accounts.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 37


–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
[Original Service 2001] STATUTE LAW OF THE BAHAMAS

(c) The Bank and the country ceasing to be a member
may agree on the repurchase of the capital stock on such terms
as are deemed appropriate in the circumstances, without regard
to the provisions of the following paragraph. Such agreement
may provide, among other things, for a final settlement of all
obligations of the country to the Bank.

(d) If the agreement referred to in the preceding
paragraph has not been consummated within six months after the
country ceases to be a member or such other time as the Bank
and such country may agree upon, the repurchase price of such
country’s capital stock shall be its book value, according to the
books of the Bank, on the date when the country ceased to be a
member. Such repurchase shall be subject to the following
conditions:
(i) As a prerequisite for payment, the country ceasing to be

a member shall surrender its stock certificates, and such
payment may be made in such instalments, at such times
and in such available currencies as the Bank determines,
taking into account the financial position of the Bank.

(ii) Any amount which the Bank owes the country for the
repurchase of its capital stock shall be withheld to the
extent that the country or any of its subdivisions or agencies
remains liable to the Bank as a result of loan or guarantee
operations. The amount withheld may, at the option of the
Bank, be applied on any such liability as it matures.
However, no amount shall be withheld on account of the
country’s contingent liability for future calls on its subscrip-
tion pursuant to Article II, Section 4(a)(ii).

(iii) If the Bank sustains net losses on any loans or participa-
tions, or as a result of any guarantees, outstanding on the
date the country ceased to be a member, and the amount of
such losses exceeds the amount of the reserves provided
therefor on such date, such country shall repay on 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 book value of the shares, according to the books of
the Bank, was determined. In addition, the former member
shall remain liable on any call pursuant to Article II, Section
4(a)(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 had been determined.

(e) In no event shall any amount due to a country for its
shares under this section be paid until six months after the date
upon which the country ceases to be a member. If within that period
the Bank terminates operations all rights of such country shall be
determined by the provisions of Article XVII and such country
shall be considered still a member of the Bank for the purposes of
such article except that it shall have no voting rights.

CH.354 – 38] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE XVII
Suspension and Termination of Operation

Section 1. In an emergency the Board of Executive Directors
may suspend operations in respect of new loans and guarantees
until such time as the Board of Governors may have an opportunity
to consider the situation and take pertinent measures.

Section 2. The Bank may terminate its operations by a decision
of the Board of Governors by a two-thirds majority of the total
number of governors representing not less than three-fourths of the
total voting power of the member countries. After such termination
of operations the Bank shall forthwith cease all activities, except
those incident to the conservation, preservation, and realisation of its
assets and settlements of its obligations.

Section 3. (a) The liability of all members arising from the
subscriptions to the capital stock of the Bank and in respect to
the depreciation of their currencies shall continue until all direct
and contingent obligations shall have been discharged.

(b) All creditors holding direct claims shall be paid out
of the assets of the Bank and then out of payments to the Bank
on unpaid or callable subscriptions. Before making any
payments to creditors holding direct claims, the Board of
Executive Directors shall make such arrangements as are
necessary, in its judgment, to ensure a pro rata distribution
among holders of direct and contingent claims.

Section 4. (a) No distribution of assets shall be made to
members on account of their subscriptions to the capital stock of
the Bank until all liabilities to creditors shall have been discharged
or provided for. Moreover, such distribution must be approved by a
decision of the Board of Governors by a two-thirds majority of the
total number of governors representing not less than three-fourths
of the total voting power of the member countries.

(b) Any distribution of the assets of the Bank to the members
shall be in proportion to capital stock held by each member and
shall be effected at such times and under such conditions as the
Bank shall deem fair and equitable. The shares of assets distributed
need not be uniform as to type of assets. No member shall be
entitled to receive its share in such a distribution of assets until it
has settled all of its obligations to the Bank.

(c) Any member receiving assets distributed pursuant to
this article shall enjoy the same rights with respect to such assets
as the Bank enjoyed prior to their distribution.

ARTICLE XVIII
Status, Immunities and Privileges

Section 1. To enable the Bank to fulfil its purpose and 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.

Suspension of
Operations.

Termination of
Operations.

Liability of
Members and
Payment of
Claims.

Distribution of
Assets.

Scope of Article.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 39


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Section 2. The Bank shall possess juridical personality and, in
particular, full capacity:
(a) to contract;
(b) to acquire and dispose of immovable and movable property;

and
(c) to institute legal proceedings.

Section 3. 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 action shall be brought against the Bank by members or
persons acting for or deriving claims from members. However,
member countries shall have recourse to such special procedures
to settle controversies between the Bank and its members as may
be prescribed in this Agreement, in the bye-laws and regulations
of the Bank or in contracts entered into with the Bank.

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. Property and assets of the Bank, wheresoever
located and by whomsoever held, shall be considered public
international property and shall be immune from search,
requisition, confiscation, expropriation or any other form of
taking or foreclosure by executive or legislative action.

Section 5. The archives of the Bank shall be inviolable.
Section 6. To the extent necessary to carry out the purpose and

functions of the Bank and to conduct its operations in accordance
with this Agreement, all property and other assets of the Bank shall
be free from restrictions, regulations, controls, and moratoria of
any nature, except as may otherwise be provided in this Agreement.

Section 7. The official communications of the Bank shall
be accorded by each member the same treatment that it affords
to the official communications of other members.

Section 8. All governors, executive directors, alternates,
officers, and employees of the Bank shall have the following
privileges and immunities:
(a) Immunity from legal process with respect to acts performed

by them in their official capacity, except when the Bank
waives this immunity.

(b) When not local nationals, the same immunities from immigra-
tion restrictions, alien registration requirements, and national
service obligations and the same facilities as regards exchange
provisions as are accorded by members to the representatives,
officials, and employees of comparable rank of other members.

Legal Status.

Judicial
Proceedings.

Immunity of
Assets.

Inviolability of
Archives.

Freedom of
Assets from
Restrictions.

Privilege for
Communications.

Personal
Immunities and
Privileges.

CH.354 – 40] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(c) The same privileges in respect of travelling facilities as are
accorded by members to representatives, officials, and
employees of comparable rank of other members.
Section 9. (a) The Bank, its property, other assets, income,

and the operations and transactions it carries out pursuant to this
Agreement, shall be immune from all taxation and from all customs
duties. The Bank shall also be immune from any obligation relating
to the payment, withholding, or collection 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 or
other local nationals.

(c) No tax 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 tax 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. Each member, in accordance with its juridical
system, shall take such action as is necessary to make effective in
its own territories the principles set forth in this article, and shall
inform the Bank of the action which it has taken on the matter.

ARTICLE XIX
Amendments

(a) This Agreement may be amended only by decision of
the Board of Governors by a two-thirds majority of the total
number of governors representing not less than three-fourths of the
total voting power of the member countries.

(b) Notwithstanding the provisions of the preceding paragraph,
the unanimous agreement of the Board of Governors shall be required
for the approval of any amendment modifying:

Immunities from
Taxation.

Implementation.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 41


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(i) the right to withdraw from the Bank as provided in Article
XVI, Section 1;

(ii) the right to purchase capital stock of the Bank and to
contribute to the Fund as provided in Article II, Section 3(b)
and in Article VIII, Section 3(g), respectively; and

(iii) the limitation on liability as provided in Article II, Section
3(d) and Article VIII, Section 5.

(c) Any proposal to amend this Agreement, whether emanating
from a member or the Board of Executive Directors, shall be
communicated to the Chairman of the Board of Governors, who shall
bring the proposal before the Board of Governors. When an
amendment has been adopted, the Bank shall so certify in an
official communication addressed to all members. Amendments
shall enter into force for all members three months after the date of
the official communications unless the Board of Governors shall
specify a different period.

ARTICLE XX
Interpretation and Arbitration

Section 1. (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 Board of Executive Directors for decision.

Members especially affected by the question under considera-
tion shall be entitled to direct representation before the Board of
Executive Directors as provided in Article XV, Section 3(g).

(b) In any case where the Board of Executive Directors has
given a decision under (a) above, any member may require that the
question be submitted to the Board of Governors, whose decision
shall be final. Pending the decision of the Board of Governors, the
Bank may, so far as it deems it necessary, act on the basis of the
decision of the Board of Executive Directors.

Section 2. If a disagreement should arise between the Bank
and a country which has ceased to be a member, or between the
Bank and any member after adoption of a decision, to terminate
the operation of the Bank, such disagreement shall be submitted to
arbitration by a tribunal of three arbitrators. One of the arbitrators
shall be appointed by the Bank, another by the country concerned,
and the third, unless the parties otherwise agree, by the Secretary-
General of the Organisation of American States. If all efforts to
reach a unanimous agreement fail, decisions shall be made by a
majority vote of the three arbitrators.

The third arbitrator shall be empowered to settle all questions
of procedure in any case where the parties are in disagreement with
respect thereto.

Interpretation.

Arbitration.

CH.354 – 42] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ARTICLE XXI
General Provisions

Section 1. The principal office of the Bank shall be located
in Washington, District of Columbia, United States of America.

Section 2. The Bank may enter into arrangements with
other organisations with respect to the exchange of information
or for other purposes consistent with this Agreement.

Section 3. Each member shall designate an official entity
for purposes of communication with the Bank on matters
connected with this Agreement.

Section 4. Each member shall designate its central bank as
a depository in which the Bank may keep its holdings of such
member’s currency and other assets of the Bank. If a member
has no central bank, it shall, in agreement with the Bank,
designate another institution for such purpose.

ARTICLE XXII
Final Provisions

Section 1. (a) This Agreement shall be deposited with the
General Secretariat of the Organisation of American States, where
it shall remain open until December 31, 1959, for signature by the
representatives of the countries listed in Annex A. Each signatory
country shall deposit with the General Secretariat of the Organisa-
tion of American States an instrument setting forth that it has
accepted or ratified this Agreement in accordance with its own
laws and has taken the steps necessary to enable it to fulfil all of
its obligations under this Agreement.

(b) The General Secretariat of the Organisation of American
States shall send certified copies of this Agreement to the members
of the Organisation and duly notify them of each signature and
deposit of the instrument of acceptance or ratification made
pursuant to the foregoing paragraph, as well as the date thereof.

(c) At the time the instrument of acceptance or ratification
is deposited on its behalf, each country shall deliver to the General
Secretariat of the Organisation of American States, for the purpose
of meeting administrative expenses of the Bank, gold or United
States dollars equivalent to one-tenth of one per cent of the
purchase price of the shares of the Bank subscribed by it and of its
quota in the Fund. This payment shall be credited to the member on
account of its subscription and quota prescribed pursuant to Articles
II, Section 4(a)(i), and IV, Section 3(d)(i). At any time on or after
the date on which its instrument of acceptance or ratification is
deposited, any member may make additional payments to be
credited to the member on account of its subscription and quota
prescribed pursuant to Articles II and VIII. The General Secretariat


Principal Office.

Relations with
Other
Organisations.

Channel of
Communication.

Depositories.

Signature and
Acceptance.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 43


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of the Organisation of American States shall hold all funds paid
under this paragraph in a special deposit account or accounts and
shall make such funds available to the Bank not later than the time
of the first meeting of the Board of Governors held pursuant to
Section 3 of this article. If this Agreement has not come into force
by December 31, 1959, the General Secretariat of the
Organisation of American States shall return such funds to the
countries that delivered them.

(d) On or after the date on which the Bank commences
operations, the General Secretariat of the Organisation of Amer-
ican States may receive the signature and the instrument of
acceptance or ratification of this Agreement from any country
whose membership has been approved in accordance with Article
II, Section 1(b).

Section 2. (a) This Agreement shall enter into force when
it has been signed and instruments of acceptance or ratification
have been deposited, in accordance with Section 1(a) of this
article, by representatives of countries whose subscriptions
comprise not less than 85 per cent of the total subscriptions set
forth in Annex A.

(b) Countries whose instruments of acceptance or ratification
were deposited prior to the date on which the agreement entered
into force shall become members on that date. Other countries shall
become members on the dates on which their instruments of
acceptance or ratification are deposited.

Section 3. (a) The Secretary-General of the Organisation
of American States shall call the first meeting of the Board of
Governors as soon as this Agreement enters into force under
Section 2 of this article.

(b) At the first meeting of the Board of Governors arrange-
ments shall be made for the selection of the executive directors and
their alternates in accordance with the provisions of Article XV,
Section 3, and for the determination of the date on which the Bank
shall commence operations.

Notwithstanding the provisions of Article XV, Section 3, the
governors, if they deem it desirable, may provide that the first
term to be served by such directors may be less than three years.

Entry into Force.

Commencement
of Operations.

CH.354 – 44] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ANNEX D

Regional Members
Paid-in
Shares

Callable
Chares

Total
Shares

Total
Subscription

Expressed
United States

Dollars
Argentina 5.412 66,788 72,200 870,979,816
Bahamas 108 1,288 1, 396 16,840,552
Barbados 72 792 864 10,422,804
Bolivia 432 5,364 5,796 69,919,656
Brazil 5,412 66,788 72,200 870,979,816
Canada 1,928 23,768 25,696 309,981,956
Chile 1,488 18,336 19,824 239,145,480
Colombia 1,488 18,324 19,812 239,000,720
Costa Rica 216 2,680 2,896 34,935,704
Dominican Republic 288 3,580 3,868 46,661,352
Ecuador 288 3,580 3,868 46,661,352
El Salvador 216 2,680 2,896 34,935,704
Guatemala 288 3,580 3,868 46,661,352
Guyana 84 992 1,076 12,980,252
Haiti 216 2,680 2,896 34,935,704
Honduras 216 2,680 2,896 34,935,704
Jamaica 288 3,580 3,868 46,661,352
Mexico 3,480 42,932 46,412 559,888,024
Nicaragua 216 2,680 2,896 34,935,704
Panama 216 2,680 2,896 34,935,704
Paraguay 216 2,680 2,896 34,935,704
Peru 732 8,944 9,676 116,725,772
Trinidad and Tobago 216 2,680 2,896 34,935,704
United States 17,092 210,804 227,896 2,749,207,988
Uruguay 588 7, 152 7,740 93,370,964
Venezuela 2,904 35,776 38,680 466,613,564
Total Regional Members 44,100 543,808 587,908 7,092,188,404

Non-regional Members


Austria 60 756 816 9,843,760
Belgium 148 1,868 2,016 24,319,880
Denmark 64 804 868 10,471,060
Finland 60 756 816 9,843,760
France 748 9,192 9,940 119,910,520
Germany, Federal

Republic of 764 9,416 10,180 122,805,740
Israel 60 744 804 9,699,000

S.I. 10/1980.

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Italy 748 9,192 9,940 119,910,520
Japan 832 10,256 11,088 133,759,336
Netherlands 112 1,400 1,512 18,239,908
Spain 748 9,192 9,940 119,910,520
Sweden 132 1,632 1,764 21,279,892
Switzerland 164 2,056 2,220 26,780,820
United Kingdom 748 9,192 9,940 119,910,520
Yugoslavia 60 756 816 9,843,760
Total Non-regional
Members 5,448 67,212 72,660 876,528,996
Unassigned 194 2,400 2,594 31,292,544
Grand Total 49,742 613,420 663,162 8,000,009,944



ANNEX E

Regional Members
Contributions Expressed in

U.S. Dollars
Argentina 96,000,000
Bahamas 2,200,000
Barbados 300,000
Bolivia 7,900,000
Brazil 96,000,000
Canada 58,100,000
Chile 27,200,000
Colombia 27,200,000
Costa Rica 3,900,000
Dominican Republic 5,300,000
Ecuador 5,300,000
El Salvador 3,900,000
Guatemala 5,300,000
Guyana 1,700,000
Haiti 3,900,000
Honduras 3,900,000
Jamaica 5,300,000
Mexico 62,000,000
Nicaragua 3,900,000
Panama 3,900,000
Paraguay 3,900,000
Peru 13,400,000
Trinidad and Tobago 3,900,000
United States 700,000,000
Uruguay 10,600,000
Venezuela 70,000,000
Total Regional members 1,225,000,000

S.I. 10/1980.

CH.354 – 46] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]



Non-regional Members
Austria 5,900,000
Belgium 14,600,000
Denmark 6,300,000
Finland 5,900,000
France 71,800,000
Germany, Federal Republic of 73,600,000
Israel 5,800,000
Italy 71,800,000
Japan 80,100,000
Netherlands 10,900,000
Spain 71,800,000
Sweden 12,800,000
Switzerland 16,000,000
United Kingdom 71,800,000
Yugoslavia 5,900,000
Total non-regional members 525,000,000
Grand Total 1,750,000,000



ANNEX F

Regional Members
Paid-in
Shares

Callable
Shares

Total
Shares

Total
Subscriptions

Expressed
United States

Dollars
Argentina 6,352 247,700 254,052 3,064,739,124
Bahamas 124 4,788 4,912 59,255,580
Barbados 76 2,964 3,040 36,672,832
Bolivia 508 19,884 20,392 245,997,512
Brazil 6,352 247,700 254,052 3,064,739,124
Canada 2,400 93,556 95,956 1,157,558,716
Chile 1,744 68,012 69,756 841,496,792
Colombia 1,744 67,964 69,708 840,917,748
Costa Rica 256 9,940 10,196 122,998,756
Dominican Republic 340 13,268 13,608 164,159,188
Ecuador 340 13,268 13,608 164,159,188
El Salvador 256 9,940 10,196 122,998,756
Guatemala 340 13,268 13,608 164,159,188
Guyana 96 3,684 3,780 45,599,772
Haiti 256 9,940 10,196 122,998,756
Honduras 256 9,940 10,196 122,998,756
Jamaica 340 13,268 13,608 164,159,188
Mexico 4,084 159,224 163,308 1,970,055,012

S.I. 68/1989.

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Nicaragua 256 9,940 10,196 122,998,756
Panama 256 9,940 10,196 122,998,756
Paraguay 256 9,940 10,196 122,998,756
Peru 852 33,192 34,044 410,687,492
Suriname 52 2,020 2,072 24,995,432
Trinidad & Tobago 256 9,940 10,196 122,998,756
United States 19,004 741,108 760,112 9,169,559,712
Uruguay 680 26,556 27,236 328,559,648
Venezuela 3,404 132,708 136,112 1,641,977,908
Total Regional Members 50,880 1,983,652 2,034,532 24,543,439,204

Non-regional Members
Austria 44 1,692 1,736 20,942,120
Belgium 104 4,008 4,112 49,604,832
Denmark 48 1,800 1,848 22,293,224
Finland 44 1,692 1,736 20,942,120
France 528 20,592 21,120 254,779,692
Germany, Fed. Rep. 540 21,092 21,632 260,956,168
Israel 44 1,668 1,712 20,652,596
Italy 528 20,592 21,120 254,779,692
Japan 588 22,972 23,560 284,214,468
Netherlands 80 3,132 3,212 38,747,748
Norway 48 1,800 1,848 22,293,224
Portugal 12 544 556 6,707,268
Spain 528 20,592 21,120 254,779,692
Sweden 88 3,508 3,596 43,380,104
Switzerland 116 4,600 4,716 56,891,148
United Kingdom 528 20,592 21,120 254,779,692
Yugoslavia 44 1,692 1,736 20,942,120
Total Non-Regional

Member 3,912 152,568 156,480 1,887,685,908
Subtotal 54,792 2,136,220 2,191,012 26,431,125,112
Unassigned 143 5,567 5,710 68,882,199
Grand Total 54,935 2,141,787 2,196,722 26,500,007,311



CH.354 – 48] INTER-AMERICAN DEVELOPMENT BANK





STATUTE LAW OF THE BAHAMAS [Original Service 2001]

ANNEX G

Regional Members
Contributions expressed in

U.S. Dollars
Argentina 11,352,000
Bahamas 258,000
Barbados 35,000
Bolivia 926,000
Brazil 11,352,000
Canada 11,069,000
Chile 3,190,000
Colombia 3,190,000
Costa Rica 457,000
Dominican Republic 621,000
Ecuador 621,000
El Salvador 457,000
Guatemala 621,000
Guyana 199,000
Haiti 457,000
Honduras 457,000
Jamaica 621,000
Mexico 7,947,000
Nicaragua 457,000
Panama 457,000
Paraguay 457,000
Peru 1,571,000
Suriname 152,000
Trinidad & Tobago 457,000
United States 82,304,000
Uruguay 1,243,000
Venezuela 7,947,000
Total Regional Members 148,875,000

Non-regional Members
Austria 566,000
Belgium 1,343,000
Denmark 604,000
Finland 566,000
France 6,901,000
Germany, Fed. Rep. 7,067,000
Israel 559,000
Italy 6,901,000
Japan 7,698,000
Netherlands 1,050,000

S.I. 68/1989.

INTER-AMERICAN DEVELOPMENT BANK [CH.354 – 49


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Norway 604,000
Portugal 182,000
Spain 6,901,000
Sweden 1,175,000
Switzerland 1,541,000
United Kingdom 6,901,000
Yugoslavia 566,000
Total non-regional Members 51,125,000
Grand Total 200,000,000

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