Key Benefits:
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
Law 26,868
Approve the provisions of Resolution No. 596/2009 "Greater Representation and Participation of the Developing Countries and in Transition". Sanctioned: June 5, 2013 Enacted: June 27, 2013
The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law
ARTICLE 1 °-Approve the provisions of Resolution No. 596 dated January 30, 2009 of the Board of Governors of the INTERNATIONAL RECONSTRUCTION AND DEVELOPMENT BANK (IBRD) entitled " Greater Representation and Participation of Developing Countries and in Transition " whose authenticated copy forms part of this law as Annex I.
ARTICLE 2 °-Commune to the national executive branch.
GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, ON THE FIFTH DAY OF JUNE OF THE YEAR TWO THOUSAND THIRTEEN.
-REGISTERED UNDER NO 26,868-
BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Gervasio Bozzano. -Juan H. Estrada.
ANNEX I INTERNATIONAL BANK FOR RECONSTRUCTION AND PROMOTION Resolution No 596 Greater representation and participation of developing countries and in transition CONSIDERING: That the Joint Ministerial Committee of the Bank and the Bank's Board of Governors Fund for the Transfer of Real Resources to Developing Countries (the Committee for Development), at its meeting in October 2008 examined proposals from the Bank's Executive Directors for a first stage of reforms aimed at increasing the representation and participation of developing and transition countries in the Bank Group World, and I urge that prompt action be taken to introduce these reforms; that the Executive Directors ' Report sets out the measures to be taken by the Board of Governors to approve the proposals, and that the Directors Executives have asked the Board of Governors to proceed to the vote on the
https://www.boletinoficial.gob.ar/pdf/linkQR/SUdkUkw0NWEwSmRycmZ0RFhoUThyQT09
Page 1
Resolution without convening, in accordance with the provisions of Section 12 of the Bank's Rules of Procedure; THEREFORE, taking into account the recommendations and the aforementioned Report of the Executive Directors, the Board of Governors solves the following. (A) Increase in the number of basic votes. The Board of Governors resolves that: 1. Section 3 (a) of Article V of the Constitutional Convention of the Bank shall be amended as follows: Section 3. The votes " (a) The number of votes of each member shall be equal to the sum of the basic votes plus the share votes. (i) The number of basic votes for each member shall be that resulting from the distribution, in equal parts of all members, of 5,55% of the total votes of all members, stipulating that there may be no fractions of basic votes. (ii) The number of votes for each member shall be the number of votes for each share of the capital in its power. " 2. The said amendment shall apply to all members three months after the date on which the The Bank certifies, by an official communication to all the members, that the three fifths of the members, representing 85% of the total votes, have accepted the amendment. (B) Allocation of shares. The Board of Governors resolves that, in accordance with Section 3 (b) of Article II of the Bank's Constitutive Convention, the Bank is authorized to accept additional subscriptions of shares in its capital, subject to the The following conditions shall apply: 1. All the members of the Bank listed below may subscribe to a number of the Bank's capital shares not exceeding the following:
Member Country Maximum number of shares
Argentina 269
Brazil 708
China 1,036
Indonesia 185
India 1,036
Iran, Islamic Republic of 434
Korea, Republic of 209
https://www.boletinoficial.gob.ar/pdf/linkQR/SUdkUkw0NWEwSmRycmZ0RFhoUThyQT09
Page 2
2. All subscriptions authorized in accordance with the provisions of paragraph 1 above shall be
do in the following terms and conditions:
(a) The subscription price per share shall be at par;
(b) No member may take any action until the said amendment has entered into force.
in Part A of this Resolution, and
(c) All members may make subscriptions within six months of the entry into force of the
effect of such an amendment, or until the date after the expiry of that time limit which the Directors
Executives may determine, up to one year after the date of entry into force.
3. The Bank shall declare 2% and 18% of the subscriptions made in accordance with this
Resolution only where necessary to comply with the Bank's obligations by way of
funds taken on loan or loans secured by it, and not for use in its activities
credit or to cover administrative costs.
4. Before subscribing to the shares of the Bank authorized in paragraph 1 above, any member authorized to
to make additional subscriptions to the International Development Association under the terms of the
replenishment of the resources adopted by the Board of Governors of the Association prior to the
Fifteenth replenishment of the resources of the Association must have completed these subscriptions
additional; it is stipulated that this requirement does not apply to the additional subscriptions of members
were contributing members under any of those resolutions relating to the replacement of the
resources.
5. Before any subscription is accepted by the Bank, the following shall be adopted:
Kuwait 136
Mexico 294
Nigeria 119
Poland 69
Russian Federation 1,036
Saudi Arabia 1,036
South Africa 142
Ukraine 69
Venezuela, Bolivarian Republic of 339
https://www.boletinoficial.gob.ar/pdf/linkQR/SUdkUkw0NWEwSmRycmZ0RFhoUThyQT09
Page 3
(i) the member must have taken all the measures necessary to authorise the
subscription and provide the Bank with all the information it may request, and (ii) the
Member shall have made the payments provided for in paragraph 4 above.
6. After the expiry of the time limit for the subscription set out in paragraph 2 (c) above, the shares
subscription has been authorised in accordance with the provisions of paragraph 1 above and which have not
subscribed to be part of the capital by authorized and unallocated shares of the Bank.
(C) Increase in the number of Executive Directors-elect. The Board of Governors resolves that, in order to
that the countries of Africa to the south of the Sahara members of the Bank are represented by three Directors
Executives:
1. In accordance with the provisions of Section 4 (b) of Article V of the Constitutional Convention of the Bank, the
number of Executive Directors-elect will be raised to twenty (20) in the regular election of Directors
Executives in 2010.
2. If the Executive Directors, at the request of those Member States, consider it appropriate to act
before, the Executive Directors shall inform the Board of Governors for approval of a mechanism
to add an Executive Director for the interim period ending on 31 October 2010.
(Adopted on 30 January 2009)
Date of publication: 28/06/2013
https://www.boletinoficial.gob.ar/pdf/linkQR/SUdkUkw0NWEwSmRycmZ0RFhoUThyQT09
Page 4