Approve Is It Arranged By The Resolution No. 596 / 2009 "greater Representation And Participation Of The Countries In Development And In Transition".

Original Language Title: Apruébase lo dispuesto por la Resolución Nº 596/2009 “Mayor Representación y Participación de los Países en Desarrollo y en Transición”.

Read the untranslated law here:!DetalleNorma/10311212/20160703

Bank International's reconstruction and Development Bank International of reconstruction and development law 26.868 approved as provided by resolution No. 596/2009 "Increased representation and participation of developing and transition countries". Adopted: June 5 2013 promulgated: 27 June 2013 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. they attest to the force of law article 1 - approval mandated by the resolution No. 596 of date of January 30, 2009 of the Board of Governors of the Bank international reconstruction and development (IBRD) entitled "Greater representation and participation of the countries in development and in transition" authenticated copy is part of the present law as annex I.
Article 2 °-communicate is to the power Executive national.
Annex I Bank International of reconstruction and promotion resolution No. 596 greater representation and participation of them countries in development and in transition considering: that the Committee Ministerial Joint of them together of Governors of the Bank and of the Fund for the transfer of resources real to them countries in development (the Committee for the development), in its meeting of October of 2008 examined proposed of them Directors Executive of the Bank for a first stage of reforms aimed to increase the representation and participation of developing and countries in transition in the World Bank Group, and urged that measures be taken promptly to introduce these reforms; That in the report of them Directors Executive is exposed them measures that must take the Board of Governors for approve them proposed, and that them Directors Executive have requested to it Board of Governors proceed to the vote on the following resolution without convene to meeting, of conformity with it willing in it section 12 of the regulation of the Bank; Therefore, taking into account the recommendations and the mentioned report of the Executive Directors, the Board of Governors meets the following. (A) increase in the number of basic votes. The Board of Governors resolved that: 1. section 3 (a) of article V of the Bank's articles of agreement will be amended in the following manner: section 3. The votes "(a) the number of votes of each Member shall be equal to the sum of the basic votes more stock votes. (i) the number of votes basic of each Member will be which is of the distribution, in parts equal between the whole of them members, of the 5.55% of the amount total of votes of the whole of them members, stating is that not may have fractions of votes Basic. (ii) the number of stock votes of each Member shall be the result of the allocation of one vote for each share of capital in its power." 2. the above amendment will begin to govern for all members, three months after the date on which the Bank certifies, by an official communication addressed to all the members, that three-fifths of the members, representing 85% of the total votes, have accepted the amendment. (B) allocation of shares. The Board of Governors resolved that, pursuant to the provisions of section 3 (b) of article II of the articles of agreement of the Bank, is authorized the Bank to accept additional shares of its capital subscriptions, subject to the following conditions: 1. all members of the Bank listed below can sign a number of equity shares of the Bank which does not exceed the expressed then its name : Member State maximum number of shares Argentina 269 Brazil 708 China 1,036 Indonesia 185 India 1,036 Iran, Islamic Republic of the 434 Korea, Republic of 209 2. All authorized subscriptions in accordance with the provisions of paragraph 1 shall be made in the following terms and conditions: (a) the price per share will be at the same time;
(b) no Member may sign any action until it entered into force the amendment referred to in part A of this resolution, and (c) all members can make subscriptions within the period of six months after the entry into force of this amendment, or up to the date after the expiration of this period the Executive Directors to determine up to a year after the date of entry into force.
3. the Bank will declare enforceable the 2% and 18% of them subscriptions made of conformity with this resolution only when is necessary to comply with obligations of the Bank by concept of funds taken in loan or of loans guaranteed by it, and not for use in their activities credit or for cover expenses administrative.
4 before subscribe the shares of the Bank authorised in paragraph 1 above, any authorized Member to carry out additional subscriptions to the International Development Association under replenishment of the resolutions adopted by the Board of Governors of the Association prior to the fifteenth replenishment of the resources of the Association must have completed such additional subscriptions; stating is that this requirement shall not apply to the additional subscriptions of members that were paying members under any of these resolutions to the replenishment of the resources.
5 before being accepted by the Bank any subscription, should have taken the following Kuwait 136 Mexico 294 Nigeria 119 Poland 69 Federation of Russia 1,036 Saudi Arabia 1,036 South Africa 142 Ukraine 69 Venezuela, Bolivarian Republic of 339 measures: i) the Member shall have taken all measures necessary to enable such subscription and will provide all the information which it can ask the Bank (, and ii) member must have made the payments provided in paragraph 4 above.
6. on the expiry of the period for the subscription set in paragraph 2 (c) above, actions whose subscription had authorized in accordance with the provisions of paragraph 1 above and that have not been signed will be part of authorized capital by actions and not assigned by the Bank.
(C) increase in the number of Executive Directors elected. The Board of Governors resolved that, in order for African countries South of the Sahara Bank members are represented by three Executive Directors: 1. in accordance with the provisions of section 4 (b) of article V of the agreement establishing the Bank, the number of elected Executive Directors will rise to twenty (20) in the regular election of Executive Directors in 2010.
2. If the Executive Directors, at the request of those countries to the effect, considered appropriate to act before, Executive Directors shall inform the Board of Governors for approval a mechanism to add an Executive Director for the interim period ending on October 31, 2010.
(Approved on January 30, 2009)

Date of publication: 28 / 06 / 2013