500/1992 Sb.



The COMMUNICATION FROM the



the Federal Ministry of Foreign Affairs



Change: 37/2010 Coll.



Change: 44/2015 Coll.



Change: 72/2013 Coll. 73/Coll.



The Federal Ministry of Foreign Affairs declares that on 20 April. September 1990

in Washington, were signed on behalf of the Czech and Slovak Federal

The Republic of these agreements:



The agreement of the International Monetary Fund (Washington, DC, July 22, 1944),



The agreement of the International Bank for reconstruction and development (Washington, 22.

July 1944)



The agreement on the International Finance Corporation (Washington, DC, may 25, 1955),



Agreement on the International Development Association (Washington, January 26, 1960) and



The agreement on Multilateral Investment Guarantee Agency (Washington, 11.

October 1985).



With the agreements have expressed their approval of the Federal Assembly of the Czech and Slovak

The Federal Republic and the acceptance of these agreements the Czech and

Slovak Federal Republic were deposited with the depositary (the Government

The United States of America in the case of agreements of 22. July 1944, for

other international bank for reconstruction and development) on 20. September 1990.



The agreement entered into force for the Czech and Slovak Federal

Republic of 20 April 2004. September 1990.



English translations of the agreements shall be published at the same time.



The International Monetary Fund



_________________

*) Note. ASPI: the new wording of the agreement of the International Monetary Fund was published v37/2010 Coll.



Article home



I. the International Monetary Fund is based, and will act in accordance with the provisions of the

This agreement, as originally adopted, and later changed.



II. in order to enable the Fund to control its operations and transactions, will be in the pool

established General Administration and management of special drawing rights. The membership of the

The Fund will entitle you to participate in the management of special drawing rights.



III. Operations and transactions alleged to be under this agreement will be governed by the

General Administration, which according to the provisions of this agreement, consists of the account

general resources, the special account and the payment of the Storage account

However, the operations and transactions involving special drawing rights

will be controlled by the administration of the special drawing rights.



Article. (I)



The objectives of the



The objectives of the International Monetary Fund are:



I. to promote international monetary cooperation permanent institutions, which

secure the mechanism of consultation and cooperation in international currency

issues.



II. To facilitate the expansion and balanced growth of international trade and

to contribute to promoting and maintaining a high level of employment and of

real income and to the development of the productive resources of all members as

the primary objectives of economic policy.



III. support the kursovou stability, maintain orderly exchange arrangements

between members and cope with competitive currency depreciation.



IV. To assist in the provision of a multilateral system of payments for the common

transactions between members and in the removal of foreign exchange restrictions that prevent

development of world trade.



The members of the trust by amendment, they will be under appropriate guarantees

temporarily accessible to the general resources of the Fund, and provide them as follows

the opportunity to correct the fault in the serenity of their balances of payments,

without the Fund used to measure the harmful national or international

prosperity.



VI. in accordance with what was stated, to shorten the duration and lessen

the degree of imbalance in international payment balance of the members. The Fund shall

will drive each time your negotiations and decisions the objectives

referred to in this article.



Article II



Membership



Part 1.



The original members of the



The original members of the Fund will be the States represented on the monetary and financial

Conference of the United Nations, their Governments adopt membership before March 31.

in December 1945.



Part 2.



Other members of the



Membership will be open to the other countries at the time and under the conditions, what can

establish a Corps of Governors. These terms and conditions, including the conditions for subscriptions,

they will be guided by the principles of matching the terms put forward by against

the other countries which are already members.



Article. (III)



Quota subscriptions



Part 1.



Quotas and payment of subscriptions



Each Member will be determined by a quota expressed in special rights

pumping. The quota of members represented on the monetary and financial Conference

The United Nations, who shall take the membership before March 31. in December 1945, the

When piece measures referred to in annex a. Quotas of the other members shall be determined by the College

of Governors. Each Member's subscription will be equal to its quota and will be paid

the full amount of the Fund in the appropriate storage location.



Part 2.



Quota adjustment



and the choir performs in the governing) periods of not more than five years total

a review of quotas of members, and, if they consider it appropriate, it shall propose to the

their preparation. It may also, if it considers it expedient, to think in

any other form of adjusting the individual quotas, at the request of the competent

Member.



(b)), the Fund may at any time propose an increase in the quotas of those members of the Fund, who

they were members of 31. August 1975, in proportion to their quotas to this

date in the total sum not exceeding the amounts transferred pursuant to article V,

section 12f), i) and (j)) of the special payment on Account of the General account

sources.



(c) any change in quotas) is required osmdesátipětiprocentní most

of all the votes.



(d) the Member) the quota will not change until a member with the consent and will not take effect until the

fails to pay, unless it is a case where the payment assumed under part

3B) of this article.



Part 3.



The payment of quota changes



and every Member that) agree with an increase in its quota under section 2a)

This article, the Fund shall pay within the time limit laid down twenty-five percent of the

the increase in special drawing rights. Chorus of Governors, however, can

provide that the payment can be carried out on the same basis for all

Members in whole or in part in the currencies of other members designated by the Fund with

their consent or in their own currency Member. Neúčastník pays in

currencies of other members specifically provided for the Fund and, with their consent

part of the increase corresponding to the proportion that should pay the participants in

special drawing rights. Pay the balance increase in its

own currency. Holdings of currency of any Member, the Fund does not increase above the level,

in which would be subject to cost recovery charges in accordance with article V, section 8b) (II)

as a result of payments to other members under this provision.



(b)) for each Member that agrees with an increase in its quota, pursuant to part

2B) of this article, it is assumed that the Fund paid the amount of the bond,

that corresponds to such increase.



(c)) if the Member accepts a reduction of its quota, the Member shall be reimbursed by the Fund

within sixty days of the amount corresponding to the reduction. The payment of the Fund shall be made in

the currency of the Member, and in such amount in special drawing rights, or currencies other

designated members, with their consent, in order to avoid the reduction of holding currency

The Fund under the new quota; in exceptional circumstances, the Fund may, however, reduce the

his possession of the currency under a new quota payment of the Member in its own currency.



(d) a 70% majority of the votes) is required for any

decision referred to in the above paragraph and with the exception of the determination of the time)

and determine the currencies referred to in that provision.



Part 4.



Substituting currency securities



The Fund shall take account of general resources from any member of the site

any part of its currency, which, in the judgment of the Fund is not required to

its operations and transactions, vouchers or similar bonds issued by

the Member or its storage place designated pursuant to article XIII, section 2;

such a drop will be non-marketable securities, interest-free and

payable in their nominal value upon request by crediting in favour

the Fund's account on the specified storage space. This section applies not only to

the currency of the subscription members, but also to any currency otherwise due to the Fund

or obtained and specified in the general resources account.



Article IV



Obligations in relation to the kursovým networks



Part 1.



General obligations of members



As a recognition that the fundamental mission of the international monetary system is

to create a mechanism that facilitates the exchange of goods, services and capital

between countries and that supports a healthy economic growth, and that the main

the aim is sustainable development the ordinary basic conditions necessary for the

the financial and economic stability, with each Member undertakes to cooperate

with the Fund and with other members of the regular foreign exchange systems assurance

and to promote a stable system of exchange rates. Each Member shall, in particular:



I will be with due regard to their conditions to seek such

the focus of their economic and financial policies, to promote the orderly

economic growth at a reasonable price stability;



II. stability support will ensure the strengthening of the relevant basic

Economic and financial conditions and monetary system that would not lead

to the creation of random failures;



III. avoid manipulating exchange rates or the international

monetary system, which would inhibit the achievement of effective redress

the balances of payments or benefited from the advantages of unfair competition at the expense of

of the other members; and



IV. exchange rate policy will be carried out in accordance with the obligations under this

part.



Part 2.



General arrangement of exchange rates



and) each Member shall notify Fund within thirty days from the date of the second edit of this

The agreement exchange rate kursovou system, which it intends to apply in order to


fulfilled the obligations under part 1 of this article, and will immediately notify the

any changes in its exchange rate system.



b) according to the nature of how the international monetary system dominated the January 1st

1976, the exchange rate system include:



I. maintaining the value of the currency of the Member and by its options in relation to the

special drawing right or to different General denominators

other than gold, or



II. the common system, which members maintain the value of their currencies in

relation to the value of the currency or currencies of other members, or



III. other Exchange rate arrangement according to the choice of the Member.



(c)) in accordance with the development of the international monetary system, the Fund may generally

Eighty-five percent of the total votes to adopt measures of General

kursovém arrangement without limit the right of the members of the kursovou

a system of their own choice, corresponding to the objectives of the Fund and the obligations under the

Part 1 of this article.



Part 3.



Supervision on foreign exchange rate arrangement



and the Fund will oversee) the international monetary system to ensure

its effectiveness, as well as on how each Member dealing with their

obligations under part 1 of this article.



(b)) to the performance of its functions under the preceding paragraph a) will Fund

exercise supervision over the policy of the firm exchange rates of the members and shall, in

This way, the necessary policy as a directive for all members. Each Member of the

the Fund will provide the necessary information for such supervision and at the request of the Fund

discuss with him issues of exchange rate policy. Principles adopted by the Fund will be

match the joint arrangement, under which members maintain the value of the

their currencies in relation to the values of the currency or currencies of other members, as well as

as another currency arrangement, corresponding to the choice of the Member

the objectives of the Fund and the part 1 of this article. The principle of respect for the internal

social and policy members and in their application the Fund will

take due account of the conditions of the members.



Part 4.



Parity



The Fund may decide by the majority of votes of osmdesátipětiprocentní that

international economic conditions permit, in order to be introduced widely

applied by the system's arrangements, consisting of permanent, but

editable rates. The Fund shall take such a decision on the basis of

the proper stability of the world economy, taking into account the price

movements and the pace of development of the economies of the members. Decision, taking into account

to the development of the international monetary system-with particular attention to sources of

liquidity and in order to ensure effective interaction system parities, as well as

with respect to the arrangement whereby the members with both the přebytkovostí and the

the schodkovitostí balances of payments shall accede to the decisive day,

efficient and souměrnému measures for achieving a balance, as well as on the

the basis of the arrangements for the interventions and how to resolve the imbalance. After

the adoption of such decision shall be notified to the members of the Fund shall be applied

the provisions of annex c.



Part 5.



Special currency in the territories of the Member



and When the Member in the measures) issues its currency under this article shall be

consider that applies to the individual currencies of all territories in respect of which

a member has accepted this Agreement pursuant to article XXXI, section 2 g), if the Member

not that these measures are either just not the currency of the parent

territory, or only to one or more named specific currencies,

or to the currency of the parent area and also to one or more named

specific currencies.



(b)) at the hearing of the Fund under this article shall be deemed that the

applies to all currencies of the Member under the preceding paragraph a), if the

The Fund has declared otherwise.



Article. In



Operations and transactions of the Fund



Part 1.



Institutions acting with the Fund



Each Member shall act only with the Fund, through its Ministry of

of finance, the Central Bank, a stabilization fund or similar

financial institutions and the Fund will only deal with those institutions or

through them.



Part 2.



The definition of operations and transactions of the Fund



and in this) unless the agreement provided for otherwise, a transaction to the account of the Fund

will be limited to those which have to be a member of his initiative, equipped with

from the general resources of the Fund special drawing rights, or currency other

the members, led by the general resources Account for currency exchange Member that

requires a buyout.



(b)), the Fund may on request decide to accord financial and

technical services, including management of resources, which contributed members if

This is in line with the objectives of the Fund. The operation included in such

financial services provided will not go on account of the Fund.



Of the services pursuant to this paragraph does not arise to a member any commitment, if

with this effect the consent.



Part 3.



Conditions for the use of the general resources of the Fund



the Fund receives) directive on the use of its general resources including

the directives on the arrangements for the ready resources or similar agreement and may

adopt specific directives that help members solve their problems

the balance of payments in a manner corresponding to the provisions of this agreement and will be

provide reasonable security for the temporary use of the general resources of the Fund.



(b) will be entitled to buy back) the other members of the currency from the Fund for the

the corresponding amount of its own currency for the following conditions:



I. application of the general resources of the Fund Member will be in accordance with the

the provisions of this agreement and to the directives issued on the basis thereof;



II. the showing that needs to perform a buyout for the solution of the status of your

the balance of payments, or reserves, respectively. their development;



III. the proposed buyout will either purchase the reserve tranche or in

to the extent that the Fund holdings of the currency of a member who performs the purchase,

does not exceed 200 percent of its quota;



IV. The Fund has not been received before the Declaration referred to in section 5 of this article, in accordance with

Article VI, section 1 or Article XXVI, section 2a) that the Member who requested the

the purchase, is not eligible to use the general resources of the Fund.



(c) to examine the application of the) Fund buyout, to decide whether the proposed buyout would

was in conformity with the provisions of this agreement and with the directives adopted pursuant to

its implementation, saying that applications for redemption reserve tranche will not be

raised reservations.



(d) the Fund shall adopt a directive) procedure for the selection of currencies designed to

sale, and after discussion with members will take into account the status of the payment

balance of payments and the State of the reserves of both members and the development of the foreign exchange markets, as well as

desirable strengthening future balanced positions in the Fund; If

a member has submitted evidence that suggests a buyout of another Member, because

the buyer wants to receive for its currency equivalent amount offered

This will be the next member is entitled to buy back the currency of another Member,

If the Fund does not declare in accordance with article VII, section 3, that the holdings of such currencies

become an imbalance.



(e))



I. each Member shall ensure that balances its currency purchased from the Fund are

balances freely usable currencies, or that they can be exchanged at the time of purchase

as freely usable currency by its options and currency exchange rate between the

These two currencies, that corresponds to the exchange rate between them on the basis of article

XIX, Section 7a).



II. any member whose currency the Fund purchases or obtains them for

currency odkoupenou from the Fund, will work with the Fund and with other

Members, in order to allow that such balances will be exchanged at the time of purchase

for the freely usable currencies of other members.



III. Exchange of currency that is not freely usable, it will be referred to in point (I).

made a member of the, whose currency purchases, if such a member and

the buyer cannot agree on a procedure.



IV. The buyer from the Fund freely usable currency and the next Member

requesting the Exchange it for other freely usable currency, it performs the shift

another Member, if the Member so desires. The Exchange is carried out

freely usable currency selected by the second member when a course referred to in point (I).

on the front.



(f)), the Fund may agree in accordance with approved policies and procedures that place

the currencies of the other members shall provide to the participant who performs the buyout by

This section, special drawing rights.



Part 4.



Waiver of conditions



The Fund may, at its discretion and under conditions which ensure its

interests, waive any of the conditions set out in section 3b) (III), and

(IV) of that article, in particular in the case of the members of which are known to be

steer clear of large or standing using General Fund resources.

When the level of the Fund considers periodic conditions or exceptional requirements

Member of reaching remission. The Fund also takes into account the willingness of the Member

plight as acceptable collateral assets which,

in the opinion of the Fund sufficient value, in order to protect its interests, and may

arrest of such collateral may require, as a condition for

the remission.



Part 5.



The inability to use the general resources of the Fund



At any time the Fund has considered that Member uses the general resources of the Fund in a manner

that is contrary to its objectives, the Member shall submit a report on their views and

fix an appropriate time limit to the response. After the submission of this report may

Limit the use of the general resources of the Fund by that Member. In the absence of the

the deadline from a member, or if the received answer

unsatisfactory, the Fund may continue to restrict the use of the General Member

resources of the Fund or may the Member when it reasonably understand, declare


unfit to use the general resources of the Fund.



Part 6.



Other purchases and sales by the Fund's special drawing rights



the Fund may accept) special drawing rights offered by the participant for

the corresponding amount of the currencies of other members.



(b)), the Fund can provide to the participant upon request special rights

drawing for a corresponding amount of the currencies of other members. Holdings of the Member's currency

The Fund shall not exceed the level as a result of these transactions, which would

holdings are subject to cost recovery charges in accordance with section 8b) (II) of this article.



(c) Currency provided or received) by the Fund under this part shall be selected

According to the guidelines, taking into account the principles of the 3d) and 7i) of this

article. The Fund may accede to the transactions under this part only

If a member whose currency the Fund provides or receives, agrees

such use of its currency.



Part 7.



The buy-back its own currency of holding Fund



and the Member is entitled to) buy back its currency of holding fund

that is subject to the fees in accordance with section 8b) of this article.



(b)), from the Member who made the buyout under part 3 of this article, shall be

Typically, you expect that the proceeds to buy back its currency from repossession

The Fund, resulting from the purchase and is subject to the fees in accordance with section 8b)

This article, once will improve its balance of payments and the State of the reserves.

The proceeds to buy back the holding, if according to the directives on

redemption, that the Fund shall adopt, after consultation with the Fund declares him

It has to buy back due to the fact that it has improved

its balance of payments and the State of the reserves.



(c)) The who made the buyout under part 3 of this article, it shall make

the buy-back of its currency from the possession of the Fund resulting from the purchase and is subject to

the fees due under section 8b) of this article, however, no later than five

years after the date on which the redemption was made. The Fund may prescribe, to return

the buyout was conducted by instalments within a period of from three to five years after the date of

buy-back. The Fund may, eighty five percent majority of votes

to amend the period for redemption pursuant to this paragraph and any

period thus received will be applied to all members.



(d)), the Fund may 85 percent majority of the total votes to accept

time limits, other than as set forth in the preceding paragraph (c)), that will be

pay equally for all members to retroactive odkupům holding currency acquired

Fund in accordance with a specific directive on the use of the general resources.



(e)) The proceeding in accordance with the directives that the Fund receives the seventy

percentage of the majority of its votes, to buy back its currency from

possession of the Fund, whose acquisition of the nevyplynulo of the buyouts and the holding shall be subject to

the fees due under section 8b) (II) of this article.



(f)) decision, laying down, pursuant to the directive on the use of

the general resources of the Fund will be the period for redemption in accordance with previous

paragraphs (c)) or d) shorter than as provided for under the

the directive will apply only to possession by the Fund has acquired after the date of

the effectiveness of such a decision.



(g)) at the request of a member, the Fund may postpone the due date of the liability of a reverse

purchase, but not beyond the deadlines referred to in paragraphs (c) or (d)) above) or

According to the guidelines adopted by the Fund in accordance with paragraph e) above, if the Fund

unless otherwise decided by the seventy-percent majority of votes, that a longer period

to buy back, which corresponds to the temporary use of the general resources

The Fund is justified because the due date of the liability would be

Member has caused extraordinary difficulties.



h) directive pursuant to part Fund the 3d) this article may be accompanied by

the provision, according to which the Fund may decide, after consultation with the Member

to sell off under section 3b) this article its holdings of currency of this member

which has not to buy back in accordance with this section 7 without

prejudice to any other measures that may

Fund to proceed under any other provisions of this agreement.



I) All repurchases under this part shall pay special

drawing rights or the currencies of other members designated by the Fund. With regard to the

the currency to be used by members in the rear increases, the Fund shall take the

Directive and the rules of procedure, which will take account of the principles in the

section 3d) of this article. Holdings of currency of any member of the Fund which shall be

used to buy back, the buyback does not exceed the levels at which the

would be subject to cost recovery charges in accordance with section 8b) (II) of this article.



(j))



Even if the currency of a member. explicitly specified in the previous

paragraph (i)) is not freely usable currency, then such member shall ensure that the

It can be a member of the conducting the redemption obtained at this purchase for

freely usable currency at the choice of the Member whose currency has been included

between a specified currency. Currency exchange under this measure shall take place when the

the foreign exchange rate between the two currencies, that corresponds to the exchange rate between the

them on the basis of article XIX, Section 7a).



k)



II. any member whose currency was intended to Fund repurchases will be

to cooperate with the Fund and with other members in order to allow those members who

redemption shall be carried out, at the time of purchase to obtain the specified currency

the freely usable currencies of other members.



III. Exchange referred to in paragraph (j)) (I) above shall be carried out with a member whose currency

It is intended, if such member together with a member of the performing

the buy-back agrees on a different route.



IV. If a member carrying out wishes to receive the buy-back in time

This repurchase freely usable currency, another Member of the designated Fund

pursuant to paragraph i) above, receive it, if so requested by another Member, from this

another Member for freely usable currency at the rate, which is covered by

paragraph (j)) (I) on the front. The Fund may lay down rules about free use

the currency, which is to be opatřována of them.



Part 8.



Fees



and)



I. Fund saves the handling fee when you buy a special member rights

pumping or the currency of another Member from the general resources Account for his

its own currency, the Fund can provide a lower fee on

within the reserve tranche purchases than on others. Administrative fee

the reserve tranche purchases exceeds half a per cent.



II. the Fund may impose a fee to raise resources, and arrangements on

a similar agreement. The Fund may decide that the arrangement fee will be

applied administrative fee imposed under the preceding paragraph (I)

When purchases under this agreement.



(b)) the Fund will be to impose fees on their average daily balances of Member (s)

currency on Account of general resources in the following cases:



I have been obtained in accordance with the directives which apply to the excretion of

in accordance with article XXX (c)), or



II. the Member's excess quotas after exclusion of any balances,

covered by the previous paragraph (I).



The rate of charge will usually increase in the time zones for the time after

the holdings of balances.



(c)) if the Member does not redemption required in accordance with section 7 of this

Article, the Fund may, in discussion with him about reducing your tenure its currency store

such charges on their holdings of the Member's currency, for which should be

buy back, how the Fund considers it appropriate.



(d)) the decision on tariffs of fees pursuant to paragraphs a) and b) above which the

will be uniform for all members, and under the preceding paragraph (c))

Seventy percent required the majority of all the votes.



(e)) the Member will pay all fees in special drawing rights, in

as a member, the Fund may allow in exceptional cases, adjustment of fees

in the currencies of other members, laid down by the Fund in consultation with them, or in the

its own currency. Holdings of currency of any member of the Fund while shall not exceed the

the reasons salaries according to this measure the level at which it is no longer subject to the

the fees referred to in (b)) (II) above.



Part 9.



Rewards



and the Fund will pay the reward for) the amount by which the percentage quotas prescribed

According to other paragraphs (b) and (c))) exceeds the average daily balances

the Member's currency held by the Fund to the general resources Account, unless the

balances obtained pursuant to directives that lead to their exclusion, according to the

Article XXX of c). The rate of the remuneration which the Fund provides most of the seventy

percent of all votes, is the same for all members and shall not be higher than

the interest rate referred to in article XX, section 3, but not less than four

fifths of this interest rate. When determining the rate of pay will take the Fund in

account of the rates of the fees referred to in section 8b) of this article.



(b) the percentage of the quota applied for) the purposes of the preceding paragraph and)

shall be as follows:



I. for each Member who became a member of the second by editing this

The agreement, a percentage of the quota corresponding to seventy-five percent of his

the quota of the effective date of the second amendment of the agreement, and for any Member who

become a member after the second edit of the agreement, a percentage of the quota calculated as

the sum of the amounts that correspond to the percentage quota applied

against other members on the date on which the membership of such member, began

and the sum of the quotas of the other members on the same date; plus



II. the amounts paid by the Fund in the currency or in special rights

drawdown of pursuant to article III, section 3a) in front of the date specified by the

the preceding paragraph (b)) (I); minus




III. amounts received from the Fund in the currency or in special rights

drawdown of pursuant to article III, section 3 c) from the date specified under (b)) (I) above.



(c)), the Fund may on the basis of the decision of the majority of the seventy percent

votes to increase the percentage of each Member of the current quota applicable to

purposes referred to in paragraph (a))



I. up to a percentage not exceeding one hundred percent that will

established for each Member on the basis of the same criteria for all

Members, or



II. to a maximum of 100% for all members.



(d)) the remuneration shall be paid in special drawing rights, if the Fund or

the atmospherics, that reimbursement to the Member performs in its own currency.



Part 10.



Calculations



and the value of the items property of the Fund) on the accounts of the General Administration is expressed

in special drawing rights.



(b)) all calculations relating to the currencies of the members in the application of

the provisions of this Agreement with the exception of article IV and Annex C, shall be

perform when arrangements under which the Fund zúčtovává these currencies in accordance with part 11

This article.



(c) in the calculation of the amounts of the currency) relating to quotas in applying this

The agreement will not be included currency that is on a separate cash account

or on the Storage account.



Part 11.



Maintaining values



and the value of the currencies of the members) Account of general resources will be maintained in a

special drawing rights, in accordance with foreign exchange rates under article

(XIX) Section 7a).



(b)) to adjust the amount of currency held by the Member in the Fund, in compliance with this part

proceeding in the cases where this currency used in some operation or

the transaction between the Fund and the other a member of the, and if so can

choose to Fund or ask a member. The remuneration of the Fund or the Fund referred to in

such adjustments shall be made within a reasonable time after the date of adjustment

the decision of the Fund and at any other time on the request of the Member.



Part 12.



Other operations and transactions



and) in all its directives and decisions referred to in this part of the Fund will

guided by the objectives set forth in article VIII, part 7 and the intention to prevent control

the price of gold on the market or the determination of its fixed prices.



(b) a decision on the participation Fund) on the operations or transactions in accordance with other

paragraphs (c)), d) and (e)) will be taken on the basis of the majority of eighty five

percent of all votes.



(c)), the Fund may sell gold for currency of any Member, after consulting with the

a member of the, whose currency, the gold is sold, provided that the holdings of

the Member's currency the Fund on Account of the General sources shall not exceed this sale

the level at which members would be subject to the fees in accordance with section 8 (b)) (II)

This article without the consent of the Member, provided that the Fund at the request of

Member of the Exchange at the time of the sale of a part of the obtained currency for another currency

Member, in order to prevent such an increase. Exchange some currency for the currency

another Member shall be made after consultation with the Member and must not lead to

increase in holding the currency of this member with the Fund over the level at which the members of the

have been subject to the fees in accordance with section 8 (b)) (II) of this article. In terms of the

innings provides Fund policies and procedures, which will take into account the principles

put forward in section 7 (I) of this article. The sale of any Member under

This measure will be implemented at a price agreed for each

transaction on the basis of prices on the market.



d) Fund can accept from any Member salaries in gold instead of special rights

pumping or currency in any operations or transactions under this

The agreement. The salaries of the Fund under this measure will be at a price agreed for the

each operation or transaction on the basis of the prices in the market.



(e)), the Fund may sell off gold, which is in his possession on the date of effectiveness of the

the second edit of this agreement, those members who were members as of 31. August 1975

and who agrees with his purchase, in proportion to their quotas to this

the date. If the Fund intends to sell off gold by c) above for the purpose of

referred to under (f)), (II) further, can sell to each Member of the developing

countries, which is a part of the purchase, wants the gold, which in the case of

purchases pursuant to (c)) was a surplus, which he could otherwise be allocated

by f) (III). Gold, which could be sold under this measure

the Member, who has been declared ineligible to use the general resources

Fund in accordance with section 5 of this article, it will be sold until after the cancellation of such

incapacity, if the Fund decides to make such sale previously.

Selling gold to a member under this paragraph (e)) will be held for its currency

and for the price of the corresponding at the time of the sale of 0.888671 grams of pure gold for

a unit of special drawing rights.



(f)) at any time the Fund sells gold in accordance with paragraph (c)), which is in his possession to

the date of the second edit of this agreement, the amount of the proceeds will go to the corresponding to the day of

the sale of 0.888671 grams of fine gold per unit of special rights

drawing on the Account of general resources, and with the exception of when the Fund decides

otherwise, in accordance with paragraph (g)) in addition, any difference will go to special

payout account. The assets in a special cash account will be conducted

separately from other accounts, General Administration and can be at any time

used for:



I. to transfer on Account of general resources for immediate use for the

operations and transactions, which is determined by the authorization granted in other provisions of this

The agreement mentioned in this section;



II. to operations and transactions for which the authorization is given by the other

the provisions of this agreement are in accordance with the objectives of the Fund. In accordance with this

paragraph (f)), (II) may be granted subject to specific conditions help for

appropriate balance of members from developing countries, who are in the

difficult position; for this purpose, the Fund will take into account the level of income per

the residents;



III. the members from developing countries who were members of the 31.8.1975, to the allocation in the

the ratio according to their quotas of that part of the assets of the Fund decides to use

for the purposes referred to in the previous paragraph (II), as it corresponds to the ratio of the quotas

These members on the date of allocation to be the aggregate of the quotas of all members on the same date,

provided that the allocation under this measure to the Member that has been

declared ineligible to use the general resources of the Fund in accordance with section

5 of this article, shall be made to disability has passed, if the Fund

Decides to accede to the allocation previously.



The decision about the use of the assets referred to in paragraph (I) above is required

Seventy percent of the votes and a majority of the decisions referred to in (II), and

(III) the amount of eighty five percent majority of all votes cast.



(g)), the Fund may decide by a majority of votes osmdesátipětiprocentní, that

part of the difference, which is covered by paragraph (f)) above, shall be transferred to the

Storage account in accordance with the provisions of article XII, section 6 (f)).



h) until the use referred to in paragraph (f)), the Fund may impose currency

a member that has the Special cash account, in the

marketable bonds of the Member or to the tradable

bonds of international financial organizations. Income from such

the investment and the interest received by f) (II) above, they go to a Special payout

account. For any storage of such means will not occur without the consent of

the Member whose currency is used for the intended investment. The Fund will be

invest only in bonds in special drawing rights, or in the currency of the

It used.



I) on the administrative expenditure of the special payroll account paid from Account

general resources will from time to time to the general resources Account cover

transfer from a special account on the basis of a reasonable payment estimate

such expenditure.



(j)) special payout account shall be closed in the event of liquidation of the Fund and may

be closed prior to disposal of the Fund on the basis of the decision of the majority of

Seventy percent of all votes. When you close an account due to liquidation

The Fund will be any assets on the account is divided according to the provisions

Annex K. At its conclusion before scrapping fund will be to

an immediate use for operations and transactions. 70%

a majority of all votes, the Fund may adopt rules and regulations for the management of

Special payroll account.



Čl.VI



Transfers of capital



Part 1.



The use of the general resources of the Fund for capital transfers



and must not be used) the general resources of the Fund to cover large or

permanent capital with the exception of the provisions of part 2 of this article and

The Fund may invite the Member to make application of the surveillance has prevented such

the use of the general resources of the Fund. If a member fails to on receipt of such

challenges to apply appropriate control measures, the Fund declared

to use the general resources of the Fund of the incapacitated.



(b)) Nothing in this section does not lead to the interpretation that the



I. prevent the use of the general resources of the Fund for capital

transactions of a reasonable range as are necessary for the development of export or to

in the normal course of business, Bank or other such activities, or that

has



II. the Act on capital movements, which are covered by own resources

Member, but members commit themselves to such capital movements

will be in accordance with the objectives of the Fund.



Part 2.



Special provisions for transfers of capital



The Member will be entitled to proceed to the repurchase reserve tranche to cover

capital transfers.



Part 3.



Review of capital transfers



Members may exercise such control necessary to modify

international capital movements, but no Member shall engage in


This in a way that limited the salaries for common transactions

or to be unduly hold up the transfers to balance commitments with

exception of the provisions of article VII, section 3 (b)) and article XIV, section 2.



Article. (VII)



Replenishment of currencies and scarce currency



Part 1.



Measures to replenish currency held by the Fund



If the Fund should supplement its holdings of currency of any member of the

General resources account may make any or both of these

measures:



I propose a member to loaned its currency Fund for the assumptions and

terms agreed between the Fund and a member of, or to, the Fund with the approval of

Member, borrowed a currency from another source either in the territory of a member, or

outside them, but no Member is not obliged to provide such a Loan Fund

or agree to the Fund borrowed its currency from any other

source;



II. apply to the Member, if it is a participant, has sold its currency Fund

special drawing rights from the general resources Account in accordance with article

XIX, part 4. When the replenishment of resources in special drawing rights

the Fund pays due attention to the principles of determining the designation according to

Article XIX, section 5.



Part 2.



The general lack of currency



If the Fund finds that creates the general lack of a currency, it can

notify the members and to issue a report, setting out the reasons for this lack and

containing recommendations on how to remove it. The representative of a member whose currency

it comes, will take part in the preparation of the report.



Part 3.



The lack of Monetary Fund holding



and if the Fund) would be obvious that the demand for the currency of a member seriously

threatens the ability to annotate this currency Fund, the Fund officially declares,

whether or not the report issued under part 2 of this article, such currency

for imbalance and will henceforth be assigned its swift and

complimentary supply of scarce currencies with due regard to the relative

needs of the members of the general international economic situation and all

other important circumstances. The Fund also issues a report on your progress.



(b)) formal declaration under the preceding paragraph a) will act as a

empowerment of any Member, in consultation with the Fund temporarily restricted

freedom in scarce foreign currency. Without prejudice to the provisions of

Article IV and Annex C will have the full flexibility when determining the type of

such restrictions; These restrictions, however, do not exceed the necessary level to

the demand for scarce currency restrictions on the supply of the appropriate member of the

or he has připlývá; the restriction is released and lifted as soon as it

conditions allow.



(c)), authorised under the preceding paragraph (b)) shall lapse whenever the Fund

declaring officially that the currency is no longer considered

imbalance.



Part 4.



The application of restrictive measures



Any Member which imposes a restriction concerning the currency of any other

a member under the provisions of section 3 (b)) this article shall be considered with the understanding

another Member of the objections relating to the application of such restrictions.



Part 5.



The effect of other international agreements on the limitation



Members agree that they will not rely on commitments from the conventions

made prior to this agreement with any other Member in a manner that would

to carry out the provisions of this article said.



Article. (VIII)



General obligations of members



Part 1.



Introduction



In addition to the commitments taken under the other articles of this agreement,

each Member of the subjected to the obligations laid down in this article.



Part 2.



The abandonment of the limiting current salaries



and without prejudice to the provisions of article) VII, section 3 (b)) and article XIV, section 2

There will be no member of the Fund, impose restrictions without the approval of salaries and transfers in

current international transactions.



(b)) in the territory of any of the members cannot force closure of the foreign exchange

contracts relating to currency of any member and are in contradiction with the

the Foreign Exchange Administration rules this member, maintained in force, or

implemented in accordance with this agreement. In addition, members of the

mutual agreement to cooperate on measures to increase the effectiveness of

the foreign exchange control regulations of any Member, provided that such

measures and adjustments are in accordance with this agreement.



Part 3.



The abandonment of discriminatory currency practices



No Member shall not participate in or allow its financial institutions to

covered by article V, section 1, to participate in any

discriminatory currency arrangements or practices of plurality of courses, either in the

under the provisions of article IV or outside of it, or the provisions of the

prescribed in Annex C or under it-in addition to the cases to which it

This agreement confers, or which have been approved by the Fund. If, in the

the time when this agreement enters into force, such measures and

practices are applied, the Member shall be obliged to consult with the Fund,

How is phased out, if they are not maintained in force, or

implemented in accordance with article XIV, part 2, in which case it will be applied

the provisions of section 3 of that article.



Part 4.



The balances in foreign currency convertibility, held by



and) each Member will buy your currency balances, which are held by another

Member, if the Member requesting the redemption showing



I. that balances designed to buy up recently were obtained as a result of

current transactions; or



II. that their shift is needed to pay for the current transaction.



The buyer will have the option to pay either in the special rights

drawing-subject to the provisions of article XIX, section 4, or in the currency of a member,

requesting the buyout.



(b)) the obligation referred to in paragraph a) above does not apply if



I. the balance was limited convertibility under part 2 of this article or

Article VI, section 3;



II. the balances accumulated as a result of transactions made

before it was a member of the removed restrictions maintained in force, or

introduced pursuant to article XIV, section 2;



III. balances have been obtained in violation of foreign exchange rules, a member from the

which required their buyout;



IV. the currency of a member who requires a buyout, was declared imbalance

According to article VII, section 3); or



V. Member who was asked about the purchase, for any reason, is not entitled to

buy from other members of the currency Fund for its own currency.



Part 5.



Supply information



and) the Fund may require members to provide such information

considers it necessary for its activities, and that as a minimum necessary for effective

fulfilment of the obligations of the Fund, including data on the national economy concerning the

These questions:



I. official holdings of 1. Gold, 2. Foreign Exchange, both at home and abroad;



II. holdings of 1. Gold, 2. foreign currency at home and abroad by banking and

financial institutions other than official;



III. the gold mining;



IV. export and import of gold by countries of destination and origin;



In total exports and imports of goods expressed in terms of the domestic currency

According to the country of destination and of origin;



VI. the international balance of payments involving 1. trade in goods and

services, 2. transactions with gold, 3. the known capital transactions, and 4.

other items;



VII. status of international investments, i.e.. investments on the territory of the Member

property abroad and investments abroad with the property of the people on the

its territory, if it is possible to provide this information;



VIII. national income;



IX. price indices, i.e.. indices of wholesale and retail prices

goods and prices of export and import;



X. buying and selling foreign currency exchange rates;



XI. the management of the foreign exchange holdings, i.e.. for a comprehensive description of foreign exchange

measures in force at the time of the adoption of the Fund and membership details

subsequent modifications as they occur; and



XII. If there are official clearing agreement, provide details

of the amounts intended for clearing that result from trade and

financial transactions, and the length of time for which such arrears

have not been settled.



(b)) when requesting information, the Fund will consider changing the ability of members of the

provide the requested information. Members will not be obliged to provide information

in such detail that would proclaimed him the Affairs of the

individuals or companies. Members will, however, undertake to

shall supply the information requested as detailed and accurate as it can be done, and

avoid, if possible, by simply estimates.



(c)) on the basis of the agreement with the members of the Fund can provide additional information.

It has to function as the headquarters for the collection and exchange of information on monetary and

financial issues so as to facilitate the preparation of studies to help

Members in the processing of developing measures for the objectives of the Fund.



Part 6.



Consultations between the members of the existing international agreements



Where the Member is entitled under this agreement, to the specific and

temporary circumstances that are in it, maintained or introduced

restrictions on foreign exchange transactions, and where there are between members of other liabilities

closed prior to this agreement, which are contrary to the application of such

limitations, the parties involved in such commitments jointly advise

to take mutually acceptable adjustments as necessary. The provisions of the

This article will not be to the detriment of the effectiveness of article VII, section 5.



Part 7.



The obligation to cooperate in matters of reserve values



Each Member undertakes to cooperate with the Fund and with other members in order to

ensure that the directive concerning the Member reserve values will be in


line with the objectives to promote better international surveillance of international

liquidity and create from the special drawing rights the main folder of the reserves in the

the international monetary system.



Article. (IX)



Status, immunities and privileges



Part 1.



The purpose of the article



The Fund will be allocated to the territory of each Member of the status, immunities and

prior rights, as referred to in this article, so that it can fulfil the functions,

He is instructed.



Part 2.



The Status Of The Fund



The Fund is a full legal person and is entitled to, in particular:



I. enter into contracts;



II. to acquire immovable and movable property and to dispose of it; and



III. conduct of legal proceedings.



Part 3.



Judicial immunity



The Fund, its property and assets, wherever they are in the possession of any

entities shall enjoy immunity against any legal proceedings, if

explicitly give up their immunity in case of any hearing or

under the terms of certain contracts.



Part 4.



Immunity against other measures



The property and assets of the Fund, wherever located and held by any

subjects are protected from inspection, seizure, forfeiture,

expropriation or before any other way to ensure administrative

procedures or legislative act.



Part 5.



Inviolability of archives



Archives of the Fund shall be inviolable.



Part 6.



The liberation of assets from restrictions



All the property and assets of the Fund if they are needed for the implementation of

activities under this agreement, will be exempt from any kind of

the editing restrictions, controls or moratoria.



Part 7.



A preferential right for the transport of messages



With the official reports of the Fund will be treated the same way as members

official reports of the other members.



Part 8.



Immunities and privileges of officers and employees



All the Governors, Executive Directors, their náměstkové, members of the committees,

representatives of the provisions referred to in article XII, section 3 (j)), Adviser of any of

previous people, officials and employees of the Fund



I shall enjoy immunity in the case of legal process arising from the

the negotiations, which have made in their official capacity, except

When the Fund gave up this immunity;



II. If there are local nationals, will be at the same rate

exempted from the restrictions, which are enforced against immigrants; will be exempt

of the regulations on the registration of foreigners and of the obligations of military service and

get the same relief against foreign exchange restrictions as are accorded to

for the equivalent rank to the representatives, officials and employees of other members;



III. they will be granted the same treatment as regards travel facilities

as for the equivalent ranks are granted by Member States ' representatives,

the officials and staff of other members.



Part 9.



Exemption from taxes



and the Fund, its assets), assets, income, and its operations and transactions

arising from this agreement, will be exempt from any taxes and from

all customs duties. The Fund will also be released from the obligation to collect or

pay any tax or duty.



b) salaries and other income paid to the Fund by the Executive Directors, their

the Deputy, officials or employees of the Fund, who is not a national

citizens, local citizens, local subjects or other local

nationals are not subject to taxation.



c) Bonds or securities issued by the Fund and that are in the possession of the

any entities including dividends or interest on them will not be

be subject to any taxation,



I. that would discriminate such bond or security only for

their origin, or



II. If the only legal reason for such taxation is the place or

the currency in which they are issued, splatny or paid, or the location of the

any Office or business departments of the Fund.



Part 10.



The application of this article



Each Member will perform as necessary measures on their territories, in order to

their rule of law applied the principles of this article and shall inform the Fund about

details of the measures taken.



Article. X



Relationship with other international organisations



The Fund will work within the framework of this agreement, with any of the General

international organizations, and with public international organisations

they have specialized functions in related fields. Any arrangements for the

such cooperation, which could cause any amendment to any

the provisions of this Agreement, may be made only after you modify this Agreement

in accordance with Article XXVIII.



Article. XI



Relations with non-member countries



Part 1.



Commitments in respect of relations with non-member countries



Each Member undertakes to



I will not allow it even to some of its financial

the institutions referred to in article V, section 1 has participated in any

transactions with a non-member or of persons in the territories of non-members that would

contradiction to the provisions of this agreement or the objectives of the Fund;



II. that it will not cooperate with the non-member or with persons on the territory of the Member

in activities that would violate the provisions of this Agreement or the objectives of the

The Fund;



III. that will work with the Fund to take on its territories was

apply appropriate measures that would prevent such transactions with

non-members or persons in their territories, which would contradict the provisions of the

This agreement or the objectives of the Fund.



Part 2.



Restrictions on transactions with non-member countries



Nothing in this agreement restricts the right of any member to perform a restriction

foreign exchange transactions with non-members or with persons in their territory, if

The Fund finds that such restrictions are detrimental to the interests of the members and are contrary to the

the objectives of the Fund.



Article. (XII)



Organization and administration



Part 1.



The Structure Of The Fund



The Fund will consist of Choir, from the Governing Board, head of

the Director and of the apparatus, and in addition, from the Council, if the governing Corps

Eighty-five percent of the majority shall decide all votes that will be

apply the provisions of annex d.



Part 2.



Chorus of Governors



and permission) all under this agreement which are not directly reserved

The chorus of Governors, the Executive Head of a ward or the Director, for the

The College Board of Governors. Chorus of Governors consists of the Governors and their

Deputies, of whom one shall be appointed by each Member of the way will be

specified. Each Governor, and each Deputy will act in these functions

up to the time until the establishment of a successor. The Deputy should not vote

-with the exception of the absence of their Governor. Chorus of Governors elect

one of the Governors as its Chairman.



(b)) chorus of Governors may authorize the Executive Board for the performance of any of its

permissions-with the exception of those which are reserved by this agreement directly

The College Board of Governors.



c) chorus of Governors meeting will be held, as he lays down, or what will be the

convened by the Executive. Meetings of the governing Corps will be convened whenever

requested by fifteen members or members who have one-quarter of all the votes.



(d)) to any resolution to it's rightful governing meetings of the choir

requires the presence of the majority of Governors with at least two-thirds of all

votes.



e) each Governor will be entitled to cast a number of votes, how many of them were

granted pursuant to section 5 of this article, the Member which appointed him.



(f)) chorus of Governors may establish rules of procedure, according to which the Executive Board

can give a vote on the specific question of Governors without svolávala

meetings of his congregation, if it considers that such a procedure is in full interest

The Fund.



g) chorus of Governors and the Executive Board may adopt to the extent of the

the mandate of such rules and regulations, which are necessary or appropriate to

management of the activities of the Fund.



h) Governors and their aides will carry out its functions without compensation

by the Fund, however, replaces the reasonable expenses incurred by

by participating in the meetings.



even the Governors shall determine the remuneration) chorus, which is to be paid to the Executive Directors

and the Deputy, and the salary and terms and conditions of employment of the head of

the Director.



j) chorus the governing Executive Board may establish such committees, what

they consider appropriate. Membership of the committees need not be limited to the

the Governors or the Executive Director or the Deputy.



Part 3.



Executive Board



and) Executive Board will be responsible for managing the activities of the Fund and in the context of

This will perform all the permissions delegated to it by the College

of Governors.



b) Executive Board will consist of Executive Directors with the head

Director as its Chairman. Of Executive Directors



I. five will be appointed the five members, who have the largest quotas; and



II. fifteen other members will be elected.



For each regular election of Executive Directors can Chorus of Governors

Eighty-five percent majority of votes to increase or decrease the number of

the Executive Directors under (II) of this paragraph. The number of Executive Directors

referred to in paragraph (II) will be reduced by one or two in the case

If they are appointed as Executive Directors in accordance with the next paragraph (c)), if

Chorus of Governors decides by a majority of 85 percent

votes that this reduction would impede the effective performance of the functions of the Executive

ward or Executive Directors or threatened the desirable balance in

The Executive Corps.



(c)) if the second or some other regular election of Executive

the directors will not be among the members of the Executive Director pursuant to designate beneficiaries

paragraph (b)) (I) two like that, where the holdings of their currencies in the Fund to the account

general resources over the previous two years on average has fallen below


their quotas by the largest aggregate amount expressed in a special law

pumping, then one of them or the circumstances both of these members will be

the authority to appoint the Executive Director.



(d) elected Executive Directors) elections will be held in the two-year

periods pursuant to the provisions of Annex E, supplemented by such regulations

The Fund considers appropriate. Each regular election of Executive Directors

may the choir of Governors make an adjustment to the changing ratio of the votes required to

the election of the Executive Directors in accordance with the provisions of Annex E.



e) each Executive Director shall appoint the Deputy with full permission to act for

him in his absence. They are Executive Directors, who are Vice Presidents

name a few, are present, they can attend meetings but not náměstkové

vote.



f) Executive Directors will act in time, until

appointed or elected by their successors. Vacant if elected

the Executive Director before the 90 days before the end of the period for which

He was elected to the remainder of the term will be elected to the other members of the Executive Director,

who elected the former Executive Director. To select the required

the majority of the votes cast. Until the function, it will be

to exercise the Deputy Executive Director of the former in the scope of its

permissions-with the exception of the appointment of the Deputy.



g) Executive Board will be in operation continuously, will meet in the main

the Office of the Fund and shall meet as often as it will be the activities of the Fund

require.



(h)) to the current resolution of any meeting of the Board shall be required

most of the Executive Directors representing at least half of the votes.



I)



I. Each appointed by the Chief Executive Officer will be entitled to cast the number of votes

How many of them were in accordance with section 5 of this article is granted to a member who

his name was.



II. If the votes awarded to the Member, who shall be appointed by the Executive Director

referred to in paragraph (c)) have been committed by the Executive Director together with the voices of

granted to other members as a result of the last regular election of Executive

Member of the Board of Directors, may agree with each of the other members that the number of

votes have been granted, it may be returned to the designated Executive

the Director. The Member who shall negotiate such an agreement, does not participate in the election of the

the Executive Directors.



III. Each selected Executive Director will be entitled to dispose of so much

How many of them vote, he was elected.



IV. In cases in which they apply the provisions of section 5 (b)) of this article,

the number of votes that would otherwise be entitled to cast, Executive Director

reasonably be raised or lowered. All of the votes, which is the Executive Director

be entitled to cast, will be committed as a unit in the whole.



j) chorus of Governors shall adopt the rules under which a member that is not

entitled to appoint the Executive Director, referred to in paragraph (b)), it may send

representative to attend any meeting of the Board, in which the

will discuss the request of such member or matter relating thereto

specifically refers to.



Part 4.



The head of the Director and the device



and chooses the head of the Executive Board) Director, who does not perform the function of

the Governor or the Executive Director. The lead Director shall hold office

Chairman of the Board, but will not have voting rights, with the exception

the decisive voice in the case of equality of votes. You may participate in the meetings of the

The College Governors, but will not vote on such meetings. The head of the

the Director ceases to carry on its function as soon as the Executive so decides

chorus.



(b) the Director shall be the head of the Head) of the active Fund and will be managed under the

the leadership of the Board of the Fund's normal operations. When the General inspection

However, the Board will be responsible for the organisation, recruitment and

dismissal of the staff of the Fund.



c) head of the Director and staff of the Fund in exercising its functions will be

fully bound by their obligations only to the Fund and to any other

body out of it. Each Member of the Fund shall respect the international character of the

This obligation and to abstain from all attempts to influence any of the apparatus

in the performance of these functions.



(d)) in the appointment of staff will be the head of the Director with respect to the

the sovereign importance when selecting the workers of the highest apparatus

their level of efficiency and competence and accordingly to take into account

make this selection is made based on the widest options

geographical basis.



Part 5.



Vote



and) each Member will have two hundred and fifty votes and one more voice behind

each part of its quota equal to one hundred thousand special drawing rights.



(b)) at any time you will need to vote in accordance with article V, section 4 or 5 will have

each Member of the number of votes to which it is entitled under the preceding paragraph

and), but with the following modifications:



I shall have one vote for every four hundred thousand equivalent

special drawing rights of net sales of its currency from general resources

up to the date of the vote, or



II. one vote shall be deducted for the equivalent of every four hundred thousand

special drawing rights from its net purchases pursuant to article V, section 3

(b)), and (f)) up to the date of the vote,



provided that the net purchases or on the net

sales will not be never considered that exceed the amount equal to the

the quota of the Member concerned.



(c) all decisions of the Fund) will receive the majority of the cast

the votes cast, unless explicitly specified otherwise.



Part 6.



The reserve, the distribution of the net income and saving (investing)



and the Fund per year) will decide what portion of the net proceeds will be credited

general reserve or special reserve, and what part, if any will be

split.



(b)) Special Reserve Fund may be used for any purpose for which it may

use the general reserve-with the exception of its distribution.



c) if there is a breakdown of net proceeds of any year, in the

the benefit of all members in proportion to their quotas.



(d)), the Fund may at any time decide 70 percent majority of all

the vote on the distribution of any part of the general reserve. Any such

the Division goes to the benefit of members in proportion to their quotas.



e) Salaries according to the previous paragraphs (c) and (d))) will be held in

special drawing rights, if either the Fund or the Member would not decided that

the salary of a member is to take place in its own currency.



(f))



I can create a Storage Pool account for the purposes of this section (f)). The assets of the

storage account will be conducted separately from other accounts of the General

Administration.



II. the Fund may decide that it will be converted to a storage account

proceeds from gold sales in accordance with article V, section 12 (g)), and can the seventy

percent majority of votes decide to convert currencies held by bank account

general resources on a storage account to use for the immediate

storing these transfers shall not exceed the amount the total amount of General

reserve and special reserves at the time of decision making.



III. the Fund may impose currency of any member held by the Storage account

to this member or marketable bonds

international financial organizations. To any such investment is not

without the consent of the Member whose currency is used for investment. The Fund will be

store resources only in bonds in terms of special drawing rights

or in the values of currencies used for investment.



IV. income from saving funds may be invested in accordance with the

the provisions of this section (f)). The proceeds will be left on the neinvestované

Cluster storage account, or they can be used to cover expenditure management

the activities of the Fund.



The Fund may use currency. a member that has a Storage account,

to obtain the currency needed to cover the expenditure with the guidance of the activities of the Fund.



VI. in case of liquidation of the Fund will be the storage account is closed and before

liquidation of the Fund may be closed or the amount of storage can be reduced

Seventy-percent majority of votes. The same majority of the seventy

percent of the vote, the Fund may lay down provisions as regards the management and orders

The storage account, which will be in accordance with sections (VII), (VIII) and (IX).



VII. after closing an account because of the liquidation of the Storage Pool will be

any assets on the account is divided according to the provisions of the annex to

provided that the part of these assets, corresponding to the proportion of the assets

transferred to this account in accordance with article V, section 12 g) to total assets

transferred to this account will be considered an asset for a Specific

pay your account and will be distributed in accordance with annex a, paragraph 2), and (II).



VIII. after closing the account Storage prior to disposal of the Fund will be part of the assets

maintained at this account, corresponding to the proportion of the assets transferred to the

This account, in accordance with article V, section 12 g) to total assets on the account,

converted to a Special payout account, if it has not yet closed, and

the balance of assets maintained on the Storage account is transferred to the account of

general resources for immediate use in operations and transactions.



IX. After reduction of the amount imposed on the Fund will be part of the reduction, the corresponding

the ratio of assets transferred to a storage account, pursuant to article V, section 12 g) to

total assets, on this account, converted to a Special payout account,

If it has not yet been closed, and the remaining balance will be transferred to the account of reduction

general resources for immediate use in operations and transactions.



Part 7.




Disclosure messages



and the Fund will publish) an annual report containing its přezkoušený

revenue and expenditure account and will be issued in the three-month or shorter periods

overall statement about its operations and transactions, and their držbách special

drawing rights, gold and currencies of the members.



(b)), the Fund may disclose other such messages, if it considers it desirable for the

to accomplish its objectives.



Part 8.



Reporting the opinions of members of the



The Fund will have the right at any time to report informally, any Member

their views on any issue that occurs in connection with

This agreement. The Fund may decide the seventy percent majority of all

the votes that have been submitted to any Member shall publish a report on its

Monetary and economic conditions and trends that could

cause a serious imbalance in the international balance of payments of members.

If this member is not entitled to appoint an Executive Director, will be entitled to

to representation under part 3, j) of this article. The Fund does not disclose

report covering changes in the basic structure of the Organization

members.



Article. XIII



Offices and storage space



Part 1.



The location of the offices of the



The Fund's headquarters will be located in the territory of a member, which has the largest quota and

Agency or branch may be established in the territories of other members.



Part 2.



Storage space



and) each member country shall designate its Central Bank as a storage place for

all holdings of the Fund, the country's currency, or if the Central Bank determines the

such a different Institute, which will be acceptable for the Fund.



(b)), the Fund can maintain other assets including gold in storage places

designate five members with the largest quotas, and other designated storage

places that you can choose to Fund. Initially, it will be at least half of the držeb

Storage pool space, designated by the Member in whose territory the Fund has its

the main office, and at least 40 percent of the holding will be in storage

the remaining four places above members. All transfers

Gold Fund, however, will be carried out with due regard to the shipping

costs and the anticipated needs of the Fund. In case of urgency

Executive Board to convert all the gold stocks of the Fund or any

part to any place where they can get sufficient protection.



Part 3.



Guarantees for the assets of the Fund



Each member takes over all of the assets of the Fund guarantees against losses

arising from non-performance or late filing of a place that has specified.



Article. XIV



Arrangements for the transitional period



Part 1.



Notification (notification)



Each Member shall notify the Fund whether it intends to apply the transitional measures in the

2 of this article, or whether it is ready to assume the obligations of article VIII, section

2, 3 and 4. The Member that it will apply the transitional arrangements shall notify the Fund

as soon as it is ready to take on these commitments.



Part 2.



Foreign exchange restrictions



The Fund, which announced that it intends to apply the transitional measures

According to this provision, you may, without prejudice to any other provisions

the articles of this agreement, maintain and customize to suit changing circumstances

restrictions on salaries and transfers of current international transactions which were in

effective on the date when he became a member of the. Members, however, will be taken in its

the foreign exchange policy of continuous account of the objectives of the Fund and as soon as conditions

permitting, shall take all possible measures to the development of such business, and

financial arrangements with other members, which will facilitate international salaries

and support fixed exchange rates system. Members in particular, cancels the

zachovávaná restrictions under this part, after ascertaining that they will be with

This balance balance of payments even without such restrictions in a way that

not unreasonably hinder their access to the general resources of the Fund.



Part 3.



The activities of the Fund in relation to limitations



The Fund will issue annual reports on restrictions that are in effect

According to part 2 of this article. Each Member that still retains the restriction

incompatible with the provisions of article VIII, sections 2, 3, or 4, will annually consult with

The Fund, in respect of their validity. If it considers it in emergency

cases, the Fund may notify any Member that are

suitable conditions for the revocation of a particular restriction or for General

waiving restrictions that are incompatible with any of the other

the articles of this agreement. The Member will be given a reasonable period within which to reply to the

such a warning. If the Fund finds that a member takes on the established

constraints that are incompatible with the objectives of the Fund, this will be

Member of Article XXVI, part 2).



Article. XV



Special drawing rights



Part 1.



Permission to allocate special drawing rights



To cover the needs, however, and whenever a Fund is entitled to

assign as a supplement to existing reserve values special rights

drawing members who are participants in the Special Drawing Rights Management.



Part 2.



Evaluation of special drawing rights



Method of evaluating the special drawing rights will be determined by the Fund of the seventy

percent majority of votes; If there would be a change will be to

Eighty-five percent approval, the majority of the total votes.



Article. XVI



General Administration and management of special drawing rights



Part 1.



Separation of operations and transactions



All operations and transactions involving special drawing rights shall be

through the management of special drawing rights. All other operations

and transactions on the account of the Fund admitted this agreement or pursuant to it are

conducted through the General Administration. Operations and transactions referred to in

Article XVII, section 2 shall be conducted both through the General Administration,

Management of special drawing rights.



Part 2.



Separation of assets and property



All the assets and the Fund's assets-with the exception of the resources managed by the

Article V, section 2 (b))-in the General Administration will be conducted separately, so that

assets and assets acquired under article XX, section 2 and Article XXIV and XXV,

as well as in annexes H and I shall be in the possession of the specific rights Management

pumping. No assets or assets held by one administration cannot be used to

be paid or liabilities, obligations or coverage of losses incurred in the Fund

implementation of operations and transactions of the other administration except when

expenses related to the activities of the Special Drawing Rights Management will be covered by

The Fund of General Administration, which will be covered from time to time in special

drawing rights benefits pursuant to article XX, section 4 on the basis of influence

the estimate of such costs.



Part 3.



Records and information



Any changes in the holdings of special drawing rights shall take effect

accounting registration in the management of the Fund's special drawing rights. The participants in the

shall notify the Fund, according to which the provisions of this Agreement are

special drawing rights used by the. The Fund may require from participants

providing such other information as it considers necessary for the performance of

of its functions.



Article. XVII



Participants and other holders of special drawing rights



Part 1.



The participants in the



Each Member of the Fund, which saves the document to the Pool that takes over

all of the obligations of the participant management of special drawing rights in accordance with the

its laws and that it has taken all the necessary measures in order to

to meet all these commitments, will become a participant in the management of special rights

drawing on the date when the document is saved; However, no member of the

not going to happen by the participant before the provisions of this Agreement relating

exclusively to the management of special drawing rights shall take effect, and documents

have been deposited under this section members, representing at least

Seventy-five percent of the total aggregate of the quotas.



Part 2.



As the holder of the Fund



The Fund may be held by special drawing rights on Account of the general resources

and can receive and use in operations and transactions conducted

general resources account with the parties under the provisions of

This agreement, or with specified holders according to the criteria and conditions

established pursuant to section 3 of this article.



Part 3.



Other holders of



The Fund may determine:



I. for the holders of non-members who are not participants, institutions engaged in

the function of the Central Bank for more than one Member and other official

authorities;



II. terms and conditions under which holders may be designated

enabled, it may be held by special drawing rights and can be

receive and use in operations and transactions with participants and other

designated by the holder; and



III. terms and conditions under which the participants and the Fund may

general resources account to participate in operations and transactions in

special drawing rights with the designated holder.



The decision by (I) of this section requires the majority of eighty five

percent of the total votes. Terms and conditions determined by the Fund, must be

in accordance with the provisions of this agreement and with the efficient action of the management

special drawing rights.



Article. XVIII



The allocation of special drawing rights, and interference



Part 1.



Policy and terms governing the allocation and interference



and) in all of its decisions relating to the allocation of or interference


special drawing rights the Fund will seek to cover for the total

the long-term need for the extent, as and when it arises, by complementing

the existing reserve values in such a way so as to enhance

achievement of its objectives and prevent economic stagnation and deflation, as well

so as the excessive demand and the inflation in the world.



(b)) when the first decision on the allocation of special drawing rights will be taken into

as a specific aspect of the common opinion that it is generally appropriate to add

reserves and achieve a better balance of payment balances, as well as the

will probably be on more effective action of the balancing process in

the future.



Part 2.



Allocation and interference



and the Fund's grant or) decision to cancel the special drawing rights is

will apply to the base period, which will follow up on yourself and

will be five years. The first period starts on the date of the first decision on the

the allocation of special drawing rights, or such later date as will

provided for by this decision. Any rations or interference will

held at yearly intervals.



(b)) Rates, for which the allocations, will be expressed in the

percentage of net summary of allocations of special drawing rights as of the date

any decision about cancellation. The percentage will be the same for all

participants.



(c)) in its decisions, relating to any of the base period,

the Fund may, without regard to the previous paragraph a) and (b)) provide that



I. duration of the baseline period will be different than five years; or that the



II. allocation of or interference will take place in other than annual

intervals; or that the



III. the basis for the allocation of quotas or interference or a clean summary

allocations to other data than at the date of the decision on allocation or cancellation.



(d)) a member who becomes a party after the beginning of the base period,

will receive allocations from the following base period then when he became

the participant, if the Fund decides that a new entrant will receive allocations already

from the nearest allocation then when he became a participant. If The Fund

Decides that the Member who becomes a participant during the base period,

will receive rations for the rest of this period, and the participant has not been

a member of the data determined in accordance with the preceding paragraphs b) or (c)), the Fund

Specifies the basis on which those allocations will be a participant in

take place.



e) participant will receive allocations of special drawing rights on the basis of

any decision on appropriations, with the exception of cases



I. when the Governor did not vote in favour of the decision per participant; and



II. when the participant Fund announced in writing before the first allocation of special

drawing rights pursuant to this decision, that it does not wish to be under the

It allocated special drawing rights. The Fund may, at the request of the participant

decide that invalidates the notification concerning the allocation

special drawing rights, that would have occurred after the time of such cancellation.



(f)) if the effective date of any cancellation, the amount of the Special

drawing rights, which is held by one of the parties, smaller than its

the proportion of special drawing rights, which are to be repealed,

participant of its negative balance promptly, as his status, his gross

reserve permits it, and in this context, to consult with the Fund.

Special drawing rights, acquired by the participant after the effective date of the cancellation,

will be used to settle its negative balance and canceled.



Part 3.



Unforeseen serious development



The Fund may change the rate or the period of allocation or interference during the rest of the

a base period or change the length of a base period.

start the new base period, whenever it finds such a procedure desirable from the

because of unforeseen serious development.



Part 4.



Decisions on allocations and cancellations



and) decision in part 2 and), b) and (c)) or section 3 of this article

will be accepted by the College Governors on the basis of proposals by the head of the Director

agreed in the Executive Corps.



(b)) prior to the submission of any draft, and then, when you make sure that the

in accordance with the provisions of part 1) of this article, and does the head of the

the Director of such consultation, which will allow him to determine that the

participants in the widespread support for this proposal. Before submitting its proposal on the

the first envelope is a leading Director in addition to making sure that was true

the provisions of section 1 (b)) of this article, and that is between the parties to a wide

support for start of allocations; the design on the first allocation shall submit, immediately after

the establishment of the management of special drawing rights, once convinced of compliance with

those assumptions.



(c) the Director shall submit proposals)



I. no later than six months before the end of each base period;



II. at any time, is satisfied that the provisions of the preceding are met

paragraph (b)), if it was not taken any decisions on allocation or

cancellation for the base period;



III. If pursuant to part 3 of this article, be considered desirable to change rate

or intervals allocations or interference or change the length of the base period

or the beginning of the new base period; or



IV. within six months of the request of the Corps of Governors or Executive

the choir;



However, if the head of the Director finds in accordance with previous points (I), (III)

or (IV) that no proposal has been submitted, that it considers appropriate

the provisions of section 1 of this article and that should be a wide support among

participants under the preceding paragraph b), submit a report to the College

Governors and the Executive Board.



(d)) to a decision under section 2 a), b) and (c)) or part 3 of this article

the exception provided for in article 3 of the decision on the reduction of the rates of the allocation is required

osmdesátipětiprocentní the majority of all the votes.



Article. XIX



Operations and transactions in special drawing rights



Part 1.



The use of special drawing rights



Special drawing rights may be used in operations and transactions,

that are in this agreement or allowed on that basis.



Part 2.



Operations and transactions between participants



and the participant will be entitled to use) their special drawing rights to

to obtain the equivalent amount of currency from a participant designated under section 5 of the

This article.



(b)) a participant may use your special drawing rights in an agreement with another

the entrant to ensure that he won the equivalent amount of currency.



(c)), the Fund may generally Seventy per cent of all votes cast to determine the operation,

which the participant is entitled to make, in agreement with the other party as

such assumptions and conditions, what the Fund considers appropriate. These

terms and conditions must be in accordance with the effective action of the management

special drawing rights and the proper use of the specific rights of the

disbursement under this agreement.



(d)), the Fund may raise objections against the party that is involved in the

some operation or transaction of a by b) or c) of this section, which would

in the opinion of the Fund could be prejudiciální for the procedure for determining the

According to the principles of part 5 of this article, or is otherwise incompatible with the

Article XXII. Against a participant that hovers over the negotiation of such

the operations or transactions, article XXIII, section 2 (b)).



Part 3.



The request needs



and) it is assumed that the participant will use their special drawing rights

in the transactions in part 2 and) of this article with the exception of cases

set out in the next paragraph (c)) only if it's about him

balance of payments needs arising from or the State or the development of its provisions

and not just a mere intention to change the composition of its reserves.



(b)) the use of special drawing rights will not be suspended due

a mere assumption under the preceding paragraph), the Fund may, however,

to raise objections to a participant that does not meet this assumption.

The participant, which will continue in violation of this assumption, the

subject to the provisions of article XXIII, section 2 (b)).



(c)), the Fund may waive provided under paragraph a) top for any

the transaction, in which the participant uses the special drawing right,

to obtain the equivalent amount of currency from a participant designated under section 5 of the

This article, which would contribute to the recovery of possession of special drawing rights

the other party in accordance with section 6) of this article, to prevent or

reduce the negative balance of the other party or to offset the consequences of the

the neglect of the other party in the performance of assumption referred to in paragraph

and) this section.



Part 4.



The obligation to ensure the currency of the



and the participant designated by the Fund) in accordance with section 5 of this article shall ensure that the

the request of the participant, it's the special drawing right as part of the

2 a) of this article, freely usable currency. The obligation of the participant

secure the following currency does not exceed the limit at which the holdings of special rights

pumping would exceed twice the net aggregate allocations or

exceeded such a higher limit, as may be agreed upon between the participant

and the Fund.



(b) a participant may provide currency) above the level of a binding limit, or

any higher negotiated borders.



Part 5.



The determination of participants to provide currency



and) the Fund shall ensure that the participant is able to use its special rights


drawing by specifying the participants, who will be called to this way for

the set amount of special drawing rights provided currency for the purposes of

in part 2 and) and 4 of this article. The determination of these participants will be

carry out according to the following general principles, for such

other principles that the Fund may accept from time to time:



I. participant may be specified (dezignován), if the status of the payment

balance of payments and gross reserves is large enough, however, is not

preclude the possibility of any participant with a strong reserve position

dezignaci occurred even if its balance of payments is slightly

the concerned. Participants will be thus to support between them

from time to time the balanced distribution of holding special drawing rights.



II. Participants will thus in order to contribute to restoring

holding special drawing rights under Part 6) of this article, to reduce

negative balances such possession or that balanced the consequences of neglect

the performance provided under part 3 of this article.)



III. when determining the participants in the Fund will give priority to those who usually

they need to get the special drawing rights, in order to meet the objectives of the dezignace

under (II) above.



(b)) in order to promote balanced gradually, as necessary, the distribution of tenure

special drawing rights under the preceding paragraph a) (I), the Fund will

apply the rules for determining in accordance with Annex F or such rules,

which may be adopted in accordance with the next paragraph (c)).



c) rules for determining may be reviewed at any time, and if necessary

may be adopted and new rules. If you do not accept the new

the rules will continue to apply the rules in force at the time of their

revision.



Part 6.



Restoration of the tenure of special drawing rights



and) participants who use their special drawing rights, the

to renew the tenancy under the rules for the renewal set out in the annex

G or according to such rules, which may be adopted by the next

paragraph (b)).



(b) the rules for the recovery of possession) can be reviewed at any time and by

the needs may be adopted and new rules. Until the adoption of the

the new rules, or if the decision to cancel was taken for

recovery of possession, will continue to apply the rules in force at the time of their

revision. To make decisions about acceptance, about changing or repealing rules

requires a 70% majority of all votes cast.



Part 7.



Foreign exchange rates



and) with the exception according to the following paragraph (b)) will be foreign exchange rates for

the transaction between the parties pursuant to section 2 a) and b) of this article, such

the participants using special drawing rights received the same

the value, whether it be any currency and any opatřované participants; Fund

shall issue the regulations for the application of this policy.



(b)), the Fund may 85 percent majority of the total votes to accept

the measures, according to which may, in exceptional circumstances, a majority of the seventy

percent of the total votes, to entrust the participants involved in the transactions referred to in

section 2 (b)) of this article, to agree on other arrangements than for

that apply to the previous paragraph).



(c)) the Fund will consult with participant in the procedure for the determination of foreign exchange

courses in its currency.



(d)) in the application of this provision, the term also applies to the participant

ending of the participant.



Article. XX



Management of special drawing rights, interest and fees



Part 1.



Interest



The Fund will pay to each holder of the amount of his tenure to special rights

drawing interest, and at the same rate for all holders. The Fund will pay the

the amount due to each holder, regardless of whether the fees,

received by the Fund to cover the payment of interest, are sufficient, or

not.



Part 2.



Fees



The Fund will be paid to each participant fees when the same rate for

all participants of the amount of its net aggregate allocations of special

drawing rights, plus any debit balance or unpaid

fees.



Part 3.



The rate of interest and fees



The interest rate determines the Fund mostly seventy percent of all votes. The rate of the

fees will be the same as the interest rate.



Part 4.



Saving benefits



If it is determined by the remuneration paid in accordance with article XVI, section 2, Pool stores for

the purpose of the levy at the same rate for all participants of their

NET summary of allocations.



Part 5.



Payment of interest, fees and charges



Interest, fees and other charges shall be paid in special drawing rights.

The participant who needs special drawing rights to the payment of any

fee or levy, will be required to even be entitled to obtain them for the currency

acceptable for the Fund on the basis of transactions with the Fund through an account

general resources. If it is not possible to obtain sufficient special rights

drawing in this way, the participant shall be entitled to get them on and

the basis of the freely usable currencies from one of the parties, which the Fund

Specifies. Special drawing rights, which the participant gets overdue

payments will be applied to the payment of his unpaid charges and cancelled.



Article. XXI



General Administration and management of special drawing rights



and General Administration and management) of the special drawing rights shall be managed in

accordance with article XII of the following provisions:



I. meetings or decisions of the Corps of Governors on issues

related exclusively to the Special Drawing Rights Management will be for

the purpose of convening meetings and determining whether it is a valid resolution on the

provided the necessary participation or whether any resolution is adopted

the majority, be taken into account only the requirements or counts and voices

Governors appointed by the present members who are participants in.



II. Decisions of the Board on matters relating exclusively to the

Management of special drawing rights will be allowed to vote just performing

Directors appointed by the participants or Executive Directors elected at least

one Member who is a participant. Each of these Executive Directors

will be entitled to cast the number of votes allocated to the Member, that is

participant and who appointed him, or allocated to members who are

participants, and whose voices were elected as Executive Director. When deciding on the

whether the resolutions required or whether some

a resolution is adopted by the required majority, will be taken into account only

present Executive Directors, appointed or elected members who are

with the voices of participants assigned to the members who are participants in. For the purposes of

This provision is based on the agreement pursuant to article XII, section 3 (i))

(II) agreed a member which is a party, shall be entitled to appointed by the Executive

the Director of the vote for such member and return the number of assigned to him

votes.



III. On the issues of general management and administration of the Fund, including payments by

Article XVI, section 2 and any issues, whether they relate to both administrations

or just the management of special drawing rights, will be decided as if

they related exclusively to the General management. A decision on the methods of

evaluation of the special drawing right, the reception and held by special rights

drawing on the general resources Account and use of the General Administration

and other decisions relating to the operations and transactions conducted

General Resources Account through both General Administration,

Management of special drawing rights, shall be taken by the majority required

the decision on questions relating exclusively to each of these

administrations. In a decision on issues relating to specific rights Management

drawing will be marked this as follows.



(b)) in addition to the privileges and immunities, which are granted in accordance with article IX of this

Agreement, you will not be charged no tax of any kind on the special rights

drawing or on the operations or transactions in special drawing rights.



(c)) on the interpretation of the provisions of this Agreement in matters relating to the

exclusively to the Special Drawing Rights Management Executive Board decides, in conformity with the

Article XXIX and only upon request of the participant). Once the Executive Board has made a

a decision on the question of interpretation relating exclusively to the Administration of the Special

drawing rights may only require that such participant question was

the Corps of Governors submitted in accordance with article XXIX b). Chorus of Governors

decide whether the Governor, appointed by the Member who is not a party, the

entitled to vote in the Committee in the matter of interpretation of the provisions on the issues of

relating solely to the management of special drawing rights.



(d)) at any time a disagreement between the Fund and the participant has ceased to

participation in the management of special drawing rights, or between the Fund and any

a participant during the liquidation of the special drawing rights in the Management of any

matters arising exclusively from the participation in the management of special rights

pumping, this contradiction will be submitted for decision in accordance with the procedure

in accordance with article XXIX (c)).



Article. XXII



General obligations of the participants



In addition to the commitments assumed in relation to the special drawing right as

the other articles of this agreement, each participant assumes the obligation

cooperate with the Fund and with other participants, in order to facilitate effective

the action of the management of special drawing rights and the proper use of special


drawing rights under this agreement and in accordance with the objective to make a special

drawing right the basic component of reserves in the international monetary system.



Article. XXIII



Stop the operations and transactions in special drawing rights



Part 1.



Measures in case of emergency



In the case of emergency or unforeseen circumstances,

affecting the operations of the Fund in case management of special drawing rights can

Executive Board 85 percent majority of the total votes to suspend

for a certain period, but no longer than for one year, the effectiveness of any

the provisions concerning the operations and transactions, in particular the rights of the

pumping and then applies the provisions of article XXVII, part 1, b), c) and (d)).



Part 2.



Failure to fulfil obligations



and) if the Fund finds that a party has failed to fulfil its obligations under article

XIX, part 4, will be suspended the right of the participant to use the special rights

pumping, if the Fund decides otherwise.



(b)) if the Fund finds that a participant has failed to fulfil any other obligation,

concerning the special drawing rights, the Fund may suspend the right to

the participant's use of special drawing rights, which gets after the decision to

This suspenci.



c) measures will be taken (legislation) to ensure that recourse to the

any participant under the preceding paragraphs a) or (b))

a participant shall promptly informed about complaints against him, and he will be given the

a reasonable opportunity to take an opinion on this case both orally and

in writing. He was a participant at any time following complaints received by trained

paragraph a) of this section, the use of special drawing rights, up to

settlement of the complaint.



d) suspension pursuant to paragraphs a) or (b) above) or restrictions under

the preceding paragraph (c) shall not relieve Subscriber ensure obligations) currency

pursuant to article XIX, section 4.



(e)), the Fund may at any time withdraw the suspensions under paragraphs a) or (b)),

However, the suspension imposed pursuant to paragraph (b)) to the participant for

failure to fulfil obligations under article XIX, section 6) will end up to one hundred eighty

days after the first calendar quarter during which the participant

has fulfilled their obligations on renewal of tenure.



(f) the right to use their participant's) special drawing rights will not be

suspended for reasons that became ineligible to use the general resources

Fund in accordance with article V, section 5, article VI, section 1 or Article XXVI, section

2 a). The provisions of Article XXVI, part 2 does not apply in the case where

the participant has not fulfilled any commitment on special drawing rights.



Article. XXIV



Their participation



Part 1.



The right to terminate the participation of



and) any participant may terminate its participation in the management of

special drawing rights by passing a written notice of termination of the Fund at its headquarters.

Termination shall take effect on the date on which the Fund received an eviction notice.



(b) If a participant pleaded) membership in the Fund, it is considered that, in parallel with the

This ended his participation in the management of special drawing rights.



Part 2.



Settlement on termination of participation



and as soon as the participant) ends its participation in the management of special rights

pumping, will stop all operations and transactions that a party

in special drawing rights, unless otherwise permitted under the

agreements negotiated under paragraph (c)), in order to facilitate the settlement, or

as provided for in sections 3, 5 and 6 of this article and in annex h. Interest

and fees to the date of termination of the adults, as well as the levy imposed before this

on the day, but not paid, will be reimbursed in special drawing rights.



(b)) the Fund shall be obliged to reimburse all of the special drawing rights, which are

held by the ending of the participant, and the participant is obliged to pay to the Fund

an amount equal to its net aggregate allocation and any other

the amounts that are due and payable and due to its participation in the management of

special drawing rights. These commitments to each other and

the amount of the special drawing rights, which is in the possession of the ending of the participant and

that will be used to compensate for its uhrazovaného of the commitment of the Fund, the

cancelled.



(c)) shall be carried out with due Settlement operability based on agreement

between the participant and the ending Fund for all the commitments by the outgoing participant

or the Fund after the application under the preceding paragraph (b)). If

it reaches an accelerated settlement arrangements, the provisions of

Annex H.



Part 3.



Interest and charges



After the date of termination of the participation Fund shall pay interest on any of the outstanding

the balance of the special drawing rights, which is in the possession of the participant, and ending with the

the participant will pay the fees for any outstanding balance that is owed

The pool, on the terms and rates, as set out in article XX. The payment is

performs in special drawing rights. Ending the participant will be entitled to

get special drawing rights to the payment of fees or levies for free

the applicable currency in a transaction with a participant designated by the Fund or

from any other of the holder on the basis of the agreement, or. will be entitled to

use the special drawing rights, which gets as interest in a transaction

any participant in the designated pursuant to article XIX, section 5, or with

any other holder on the basis of the agreement.



Part 4.



Commitment to a settlement Fund



The currency that the Fund receives from the ending of the participant, the Fund will be used to

payment of special drawing rights, which are held by participants in

proportion to the amount by which the holdings of special drawing rights for each

participant exceeds its net aggregate allocation at a time when the Fund currency

It receives. Thus honored special drawing rights and special rights

pumping, that receives the ending party according to the provisions of the agreement to pay

any payments due under the settlement agreement or in annex

H and balanced, such payment will be cancelled.



Part 5.



Commitment to the exiting participant settlement



At any time, the Fund will be required for reimbursement of special drawing rights, which

are held by the outgoing participant, it shall do so in the currency provided by the

the participants designated by the Fund. These participants will be determined according to the principles

Article XIX, section 5. Each designated participant shall affix its option currency

ending subscriber or freely usable currency Fund and receives

the corresponding amount in special drawing rights. Ending the participant may, however,

use their special drawing rights from any participant received

its own currency, freely usable currency, or any other value,

If the Fund admits.



Part 6.



General resources account transactions



In order to facilitate a settlement with ending a participant may Fund

decide that ending a participant:



I will use any special drawing rights in his possession after settlement

According to section 2 (b)) of this article, if they are to be paid, in

the transaction with the Fund on Account of general resources to

gained its own currency or freely usable currency at the choice of the Fund;

or



II. receive special drawing rights in the transaction with the Fund-led

with an account of the general resources of the Fund for the currency acceptable to

compensate for any fees or payment, arising from the agreement or from the

the provisions of annex h.



Article. XXV



Administration cancellation of special drawing rights



and) management of special drawing rights can be cancelled only on the basis of

the decision of the College Board of Governors. If, in cases of urgency, the Executive Board

It concludes that the cancellation of the Special Drawing Rights Management

necessary, it may temporarily suspend or cancel allocations as well as all

operations and transactions in special drawing rights, up to the decision of the

The College Board of Governors. The decision to cancel the governing Corps Fund will lead to

cancellation as General Administration and management of special drawing rights.



(b)) if the governing Corps decides to cancel the specific rights Management

pumping, cease any allocation or cancellation of any and all operations and

transactions in special drawing rights and the activities of the Fund relating to

Special drawing rights-management with the exception of random

riot or settlement of obligations of participants and the Fund of

special drawing rights; will expire, all obligations of the Fund and

participants under this agreement, relating to special drawing rights-with the

the exception of those laid down in this article, in article XX, in

Article XXI (d)), in Article XXIV, article XXIX (c)) and Annex H, or in the

any agreement under Article XXIV of closed-subject to the provisions

paragraph 4 of Annex H and to the provisions of annex I.



(c)) when you cancel a special drawing rights Management will be of interest and fees,

that have accumulated to the date of liquidation, and benefits that were saved before

This date and have not been paid, paid in special drawing rights.

The Fund will be required to reimburse all the special drawing rights, if they are

for their holders, and each participant will be required to pay to the Fund an amount

the net general allocation of special drawing rights and

such additional amounts if they are due and payable by virtue of its participation

on the management of special drawing rights.




d) disposal of special drawing rights Management is carried out in accordance with the provisions of the

Of Annex I.



Article. XXVI



Performance of the Fund



Part 1.



The right of any member to withdraw



Any Member may withdraw from the Fund at any time, if it delivers a written

notice of termination of the Fund, its main office. Withdrawal shall become effective on the date

receipt of the notice.



Part 2.



Forced performance



and if the Member fails to meet) some of its obligations under this agreement,

the Fund may declare the Member ineligible to use the general resources for

The Fund. No provision in this section cannot be regarded as a restriction

the provisions of article V, section 5, or of article VI, section 1.



b) If after the expiry of a reasonable period remains in non-compliance with the

any of your obligations under this agreement, may be a member of the

prompted by a decision taken by the majority in the governing of the governing Corps

representing eighty-five percent of all votes, to give up membership

in the pool.



(c)), provisions shall be adopted to ensure that prior to the adoption of the measures

against any Member under paragraphs a) or (b)) was a member of the

a reasonable time is informed of the complaints against him and he was given the

a reasonable opportunity to state its opinion on both orally and in writing.



Part 3.



Settlement of accounts with a member of the speakers



If a member of the Fund ends up normal operations and transactions of the Fund in its

currency and settlement of all accounts between him and the Fund will be made with

appropriate operability based on an agreement between him and the Fund. If it is not

rapidly reach agreement, the provisions in the settlement of accounts

Annex J.



Article. XXVII



Measures in case of emergency



Part 1.



Temporary suspension



a) in an emergency or unforeseen circumstances

affecting the operations of the Fund Executive Board may, eighty five percent

the majority of the total votes to suspend for a maximum period of one year, the effectiveness of the

any of the following provisions:



I. Article V, section 2, 3, 7, 8, and (I) and (e));



II. Article VI, section 2;



III. Article XI, section 1;



IV. Annex C, paragraph 5.



(b) the suspension provisions) under the preceding paragraph and) shall not

take more than one year, if the governing Corps 85 percent

a majority of all votes not be renewed for another period of this sistaci, but not

more than two years, if it finds that pursuant to paragraph a) continues

the State of emergency or unforeseen circumstances.



(c)), the Executive Board may at any time by a majority of votes of such suspension

exit.



d) Fund may adopt rules on deciding on one

provisions during the period in which its effectiveness was suspended.



Part 2.



Cancellation Of Fund



and) the Fund may be terminated only on the basis of the decision of the College Board of Governors.

If, in cases of urgency, the Executive Board comes to the conclusion that the cancellation

The Fund appears to be necessary, it may temporarily suspend pending the decision of the Congregation

the Governors of all operations and transactions.



(b)) decides if the Chorus of Governors, the Fund has to be cancelled, no longer Fund

immediately perform any activity — with the exception of random

riot nature to collect and dispose of its assets and the settlement of

their liabilities and all the obligations of members under this agreement in addition to the

those that are listed in this article, in article XXIX (c)), in annex J,

paragraph 7 and in the annex.



(c) liquidation shall be conducted in accordance with) the provisions of Annex K.



Article. XXVIII



Amendments to the statutes



and any proposal for modification) of this agreement whether made by a member, the Governor or

Powerful choir-will be passed to the President of the governing Corps, that proposal

the College shall submit to the Board of Governors. If the proposed amendment is approved by the College

Governors, the Fund will offer circular or telegram to all members, whether

a proposed amendment to be adopted. Where the proposed amendment three-fifths of the members of the

with eighty-five percent of all votes, the Fund shall certify this fact to the

the official message sent to all members.



(b)), without prejudice to provisions of the preceding paragraph a), requires the consent of

all the members in the event of any change that modifies:



I. the right to withdraw from the Fund (Article XXVI, part 1);



II. the provisions according to which a change in the Member's quota cannot be done without

Member's consent [article III, section 2 (d))]; and



III. the provision under which it is not permissible to change the parity of the currency, Member (s)

If the Member has not proposed it myself (annex C, paragraph 6).



c) changes will be effective for all members, three months after the date of

the official notice, if in the circular or the telegram was not intended

a shorter time limit.



Article. XXIX



The interpretation of the provisions of the agreement



any question of interpretation) the provisions of this agreement which arises in the

the relationship between any member and the Fund or between any members of the

The Fund will be submitted for decision to the Executive Corps. If the question

in the particular case refers to a member who is not entitled to appoint

Executive Director, will such a member shall be entitled to appoint a representative in accordance with

Article XII, section 3 (j)).



(b)) when the Executive Board shall take the decisions referred to in the previous paragraph a),

any Member may require, within three months from the date of the decision,

that was the question submitted to the Corps of Governors, whose decision will be

final. Every question submitted to the College of Governors will be assessed

the Committee of Governors of the College, established for the interpretation of the agreement. Each Member of the Committee

will have one vote. Chorus of Governors lays down how to track members, as well as

the procedure and the required majority vote of the Committee. The decision of this

the Committee will be considered as decisions if the choir

Governors of the eighty five percent usually decides the votes otherwise. Up to the

the decision of the College Governors, the Fund may, if it considers it necessary,

to act on the basis of the decision of the Executive Board.



(c)) at any time there is any inconsistency between the Fund and any Member who

stepped, or between the Fund and any member during liquidation of the Fund,

It will be such a contradiction is presented for decision to an arbitral tribunal, composed

of three arbitrators, of whom one will be called the Fund, the second member, or

acting member, and the third arbitrator, as the high-if the parties

otherwise-will be called the President of the International Court of Justice

or another such body that may be designated by the Fund measures. Top

the arbitrator shall be empowered to resolve all the issues in the proceeding, if the procedure

These occur between the parties to the conflict.



Čl.XXX



Explanation of terms used



In the interpretation of the provisions of this agreement, the Fund and its members to control the

the following provisions:



and holdings of the currency of a member) of the Fund to the general resources Account will be

include any securities received by the Fund under article III, section

4.



(b)) the agreement on the means to raise resources for the Fund, which is a decision

Member ensures that may take place in accordance with the terms of such

the decision of the general resources account purchases during the specified period and

to the amounts set out above.



(c)) within the reserve tranche (EBO) means the buyout of special rights

pumping or the currency of another Member for its own currency, without a

result that the holdings of the Member's currency the Fund on Account of the general resources

exceed by the quota, however, the Fund may, for the purposes pursued by the

the definition exclude buyouts and repossession



I. According to the directives on the use of the general resources to compensating

financing of the fluctuations in exports;



II. in accordance with the directives on the use of the general resources of the Fund

contributions for international buffer stocks of raw materials; and



III. under other directives on the use of general resources for which the Fund

Eighty-five percent majority, shall decide all votes that has

result in exclusion.



d) payments for common transactions refer to payments that do not serve to

the transfer of capital and includes without any limitation



1. all payments payable in connection with foreign trade, other

the usual shops, including the services and banking operations as well as the usual

short-term loans;



2. the payments due such as interest on loans and net

income from other investments;



3. payments to small loan amortization and depreciation of direct

investment;



4. a small remuneration to the expenses related to the nutrition of the family.



The Fund may determine, in consultation with the members concerned, whether certain

the specific transaction to be treated as ordinary or capital

the transaction.



(e) the Net aggregate share) special drawing rights means the total

the amount of special drawing rights allocated to the participant after

deduction of his share of the special drawing rights, cancelled by

Article XVIII, section 2).



(f)) usable currency means currency Freely a member, which, according to

the decision of the Fund



I actually widely used in payments for international transactions

and



II. is the subject of extensive trading on the major foreign exchange markets.



g) membership to 31. August 1975 shall be granted to each Member that is gaining

After this date, but on the basis of the decision on admission, which was

approved by the College Governors before that date.



h) transactions of the Fund means the shift of monetary values by the Fund for other

monetary values. Operations of the Fund means the use other or receiving

currency values Fund.



I) in special drawing rights Transactions shall mean shift


special drawing rights for other monetary values. Operations in the Special

drawing rights means the use other special drawing rights.



Article. XXXI



Final provisions



Part 1.



Entry into force of



This agreement shall enter into force as soon as it will be signed on behalf of the States,

to sixty-five percent of all the quotas referred to in Annex A, and

When they are on behalf of the instruments referred to in section 2 and) of this

Article; in any case, this Agreement shall not enter into force before 1.

to May 1945.



Part 2.



Signatures



and Every State) on behalf of the agreement is signed, deposited with the Government

The United States has approved a Charter stating that this

Agreement in accordance with its laws and that it has taken all the necessary measures to

in order to fulfil all its obligations under this agreement.



(b)), each State becomes a member of the Fund from the date when it will be on his behalf

saved the Charter referred to in the previous paragraph), however, the membership

does not arise until the agreement enters into force in accordance with section 1 of this

article.



(c)), the Government of the United States shall notify the Governments of all the States whose

names are listed in Annex A, and the Governments of all States, whose membership

will be approved in accordance with article II, section 2, of all signatures of this agreement and

the deposit of any instrument, subject to paragraph (a)) of this part.



(d) Each State shall send) at the time when this agreement is signed, on behalf of the

the Government of the United States of America to cover the administrative expenses of the Fund one

hundredth of a percent of its total subscription in gold or in dollars

United States of America. The Government of the United States of America will lead

These resources on a special deposit account and converts them to the choir

of Governors of the Fund, once the inaugural meeting will be convened. If this

Agreement will not enter into force until 31 December 2006. in December 1945, returns the Government of the United

States of America States that the funds she is sent.



e) this Agreement shall be open for signature until 31 December 2006. December 1945

Washington, d.c., on behalf of the Governments of the countries whose names are listed in annex a.



f) after 31 December 2006. December 1945, this agreement may be signed on behalf of the Governments of the

any of the States, whose membership has been approved in accordance with article II section

2.



(g)), the signing of this agreement, all States take it for themselves

on behalf of and in relation to all its colonies, overseas territory, to all

the territory under his protection, sovereignty, or under his power as well as to all

the territory in respect of which the mandate is exercised by.



h) paragraph (d)) is effective against any signatory State day

his signature.



(Signatures and instruments clause are listed according to the text of article XX

original articles of agreement):



Given in Washington, in a single copy which shall remain deposited in the

the archives of the Government of the United States, which shall send certified copies to

all States, whose names are listed in Annex A, and all States,

whose membership has been approved in accordance with article II, section 2.



Xiii., And



Quota

(in million of dollars of the United States of America)



Australia............... 200.................. 60

Belgium.................. 225 Canada..................... 300

Bolivia.................. Colombia 10.................... 50

Brazil................ Costa Rica 150.................... 5

Czechoslovakia.......... 125 Cuba........................ 50

Čína .................... Liberia 550...................... 0.5

Denmark................... *) Luxembourg................. 10

Dominican Republic.... 5 Mexico...................... 90

Ecuador................... 5 Nicaragua.................... 2

Egypt .................... 45 the Netherlands................... 275

El El Salvador............... 2.5 Norway...................... 50

Ethiopia................... 6 New Zealand................. 50

Philippines................. 10 Panama....................... 0.5

France................. Paraguay 450..................... 2

Guatemala................. 5 Peru ........................ 25

Haiti ..................... 5 Poland..................... 125

Honduras.................. Greece 2.5....................... 40

Chile .................... 50 United Kingdom........ 1300

Indie ................... 400 United States. ... 2750

Irák ...................... 8 Union of Soviet

Socialist Republics.. 1200

Írán ..................... Uruguay 25..................... 15

Iceland.................... 1 Venezuela................... 15

The South African Union........ 100

-----------------------------------------------------------------

*) The quota of Denmark will be the Fund established as soon as the Danish Government

declares its willingness to sign such an agreement, but before

This is the signature.



Annex B



Transitional measures concerning the redemption of, the additional payments

bonds, gold and some operational matters



1. obligations to buy back that have been incurred in accordance with article V, section 7 (b))

before the date of the second edit of this agreement and that remain outstanding to

This date must be paid no later than on the date or within the time limits, the

which had to be settled by the obligations under the provisions of this agreement before

her second treatment.



2. Any obligation of the Fund, to be paid in gold to buy back

or as a subscription and who stays at the date of the second neuhrazen modifications to this Agreement,

will be applied to special drawing rights, the Fund may, however, provide that

such payments may be carried out wholly or partly in currencies other

members designated by the Fund. Neúčastník settles the liability that must be

This provision paid in special drawing rights, the currencies of the other

members designated by the Fund.



3. For the purposes of the preceding paragraph 2 will be 0.888671 grams of fine gold

equal to one special drawing right and currency amount due under the

the previous paragraph 2 will be determined on this basis and on the basis of

the value of the currency, expressed in special drawing rights to the settlement date.



4. If the currency of a member's tenure at the Fund, seventy-five

percent of the Member's quota at the date of the second edit of this agreement and shall not be subject to

buy back referred to in paragraph 1 above, will be bought back pursuant to these

rules:



I. possession, which resulted from the buy-back, will be bought back pursuant to Directive

on the use of the general resources of the Fund, according to which the redemption took place.



II. other holdings will be bought back at the latest four years after the date

the second edit of this agreement.



5. Repurchases under paragraph 1 above, which are not subject to the provisions of

paragraph 2, repurchases under the preceding paragraph 4 and any

determine the currencies referred to in paragraph 2 above shall be in accordance with article V, section 7

I).



6. all orders and regulations, rates, procedures, and decisions that apply to

the date of the second edit of this agreement will remain in force until their changes

According to the provisions of this agreement.



7. If the measures referred to in the provisions of the following paragraphs a) and (b))

true to the date of the second edit of this agreement, the Fund



and sell the business) of pure gold, which had 31. August 1975 to 25

million ounces of those members who were members to this day and who agree

with its purchase, and in the proportions according to their quotas as of this date. Sale

Member pursuant to this paragraph and) for its currency and for the price

the corresponding at the time of sale of the unit, special drawing right per

0.888671 grams of fine gold, and



(b)) to sell from holding pure gold, which had 31. August 1975 to 25

million ounces for the benefit of members from developing countries who were members of the

This day, however, assuming that a portion of any profits or

the surplus value of gold, which corresponds to the share of the quota of such member to

31.8. 1975 of the total quotas of all members to this day, will be transferred directly to the

each such member. The provisions of article V, section 12 (c)) that the

The Fund will carry out consultations with a member in order to obtain its consent or

that under certain circumstances, changing the currency of a member for the currencies of the other

Members, shall apply in relation to the currency that the Fund has received on the basis of

sales of gold under this measure, therefore, unlike other sales

a member of his own currency and maintained on Account of the General

sources.



On the basis of sales of gold under this section 7 will be the amount of the proceeds in the

currencies received equivalent at the time of the sale when the ratio of units

special drawing rights for 0.888671 grams pure gold is credited to the

General resources account and other values held by the Fund pursuant to

settlement in conformity with the preceding paragraph (b)), will be conducted separately from the

the general resources of the Fund. Assets after the arrangement referred to in

the preceding paragraph (b)) remain available to the Fund, will be converted to

The special payout account.



Annex C



Parity



1. the Fund shall inform the members, for the purposes of this agreement may be referred to in article

IV, part 1, 3, 4 and 5, and pursuant to this annex established parity in relation to the

a special drawing right or in relation to another such a joint

the denominators of the designated fund. The common denominator is not gold or

some of the currency.



2. A member which intends to establish parity of its currency, will propose parity Fund

a reasonable period after the notification referred to in the previous paragraph 1.



3. Any Member which does not intend to determine the parity of its currency under paragraph

1 above, will consult with the Fund and to ensure that its exchange rate

the arrangement was in line with the objectives of the Fund and to be proportionate in terms of


the performance of its obligations under article IV, part 1.



4. Within a reasonable time after receipt of the draft Fund approves proposal for parity or

raises objections against him. The proposed parity shall not take effect from

the objectives of this agreement, if the Fund raises objections against her, and

the Member will be subject to the provisions of the preceding paragraph 3. The Fund does not

objections on grounds of internal social focus or overall policy Member,

that parity is proposing.



5. Any Member which has parity for their currency, undertakes that it will

apply the appropriate measures in accordance with this agreement, to ensure that the

the maximum and minimum rates to raise foreign exchange transactions which

occurs on its territories, between its currency and the currencies of other members

that parity will not be from parity to deviate by more than four and

half a per cent or such other margin or other margin, which may

Fund to establish the osmdesátipětiprocentní majority of votes.



6. you will not propose changing the parity of its currency with the exception of cases, when

as to the correction of the underlying imbalances, or to prevent. Change may be

only on a proposal from the Member and only after consultation with the Fund.



7. Once the draft amendment, the Fund approves the proposed parity or

against it raises objections within a reasonable time after receipt of the proposal. Fund

expressing approval, if it is satisfied that the change is necessary to

correct the underlying imbalance or to prevent. The Fund does not

objections due to the focus of internal social or overall policy Member,

that amendment proposes. The proposed amendment shall not take effect in terms of the objectives of the

This agreement, when the Fund raises objections. If a member changes

the parity of its currency despite the objections of the Fund, such Member will be subject to

the provisions of Article XXVI, part 2. How the Fund must discourage Member from

maintaining unrealistic parity.



8. the Member's currency Parity provided for under this agreement will cease to apply for the

the purpose of this agreement, if a member submits a report that he intends to Fund this

parity stop. The Fund may raise objections against their parity,

If it decides so, eighty five percent majority of all votes cast. Terminates if

a member of the parity of its currency despite the objection of the Fund, the Member will be subject to

the provisions of Article XXVI, part 2. Parity provided for under this agreement

will cease to apply for the purposes of this agreement, if a member ends the parity even

over the objection of the Fund or if the Fund finds that the Member does not maintain the courses

for a substantial part of foreign exchange transactions referred to in paragraph 5 above; such

findings, however, the Fund cannot do so until a member has not acted on it

and if they gave him 60 days advance notice of its intention.



9. If the force Ended the parity of the currency of a Member referred to in the previous

paragraph 8, the proceeding to hold consultations with the Fund and will act,

that its exchange rate arrangement was in line with the objectives of the Fund and match

the performance of its obligations under article IV, part 1.



10. the Member whose currency parity has expired pursuant to paragraph 8 above,

may at any time propose a new parity of its currency.



11. Without prejudice to the provisions of paragraph 6 above, the Fund may most of the seventy

percent of the total votes to make uniform changes of all parities, pro rata

If there is a common denominator of the special drawing right, and if

the changes do not affect the value of special drawing rights. The parity of the currency of a Member

However, it will not be changed under this provision, if a member within seven days

After the Fund made this measure shall notify the Fund that does not wish to

the parity of its currency was changed to such measures.



Xiii. (D)



The Council of the



1.



and each member) shall appoint the Executive Director and the members of each group,

the number of votes is represented by the voices of the elected Executive Director, will be

created by the Council of one member of the Council, which will be in the function of the Governor,

the Minister as a member of the Government, or in a comparable position and function

who can appoint up to seven of his assistants. Chorus of Governors may

Eighty-five percent majority of votes to change the number of such

helpers, which is meant to establish. Member of the Council or the Assistant

to perform this function until the new provisions or to the nearest regular

the choice of the Executive Directors, if it occurs earlier.



(b) Executive Directors)-or in their absence the Deputy-and

the members of the Council will be assistants be entitled to attend meetings of the Council when

The Council decides that the meeting of the members of the Council are limited to. Each Member and

each group of members, which shall designate a member of the Council, shall appoint a Deputy,

who will be entitled to participate in meetings of the Council, unless the Council

present, and will be entitled to as a member of the Council to act.



2.



and) the Council will oversee the management and adjustment of the international monetary system,

including the ongoing process of rovnovážnosti and the development of the overall liquidity,

and in this context will be to study and monitor the progress of transfers of real

resources to developing countries.



(b)), the Council will consider proposals under Article XXVIII and) on amendments to articles

The agreement.



3. about choir under these provisions: article XII, section 2 (c)), f), (g)), and

(j)); Article XVIII, section 4) and section 4 (c)) (IV); Article XXIII, section 1; and

Article XXVII, part 1).



(b)) in the decisions of the Council on matters relating exclusively to the management of

special drawing rights are entitled to vote only the members of the Council

appointed by a member which is a party to, or a group of members, of whom's

at least one participant. Each of these members of the Council will be entitled to

to cast the number of votes allocated to the Member which is a party to that

named, or members who are participants in the group members, which it

her name was, and may cast the votes, and the chorus of Governors may transfer) to the Council

the right to pursue any rights Corps of Governors except those

the rights which are reserved by this agreement directly, the governing Corps.



(b) Each member of the Council will) be entitled to cast the number of votes allocated according

Article XII, section 5 to the Member or group of members, by which he was appointed.

Member of the Council appointed by a group of members may cast separately the votes

allocated to each Member in the group. If the number of votes allocated to

a member cannot be handed over to the Executive Director, the Member may

arrange for a member of the Council that gave the number of votes allocated to this

Member.



(c)), the Council will not perform any activity resulting from the authorisation

transferred to it by the College Governors, which is incompatible with any

the measures taken by the College Governors and the Executive Board will not make

any activity resulting from privileges transferred to it by the College

Governors, which is incompatible with any measure taken by either

A chorus of Governors or the Council.



4. the Council shall designate a member of the Council as Chairman, approved the rules that

as it considers necessary or appropriate for the performance of its functions, and will decide

about any aspect of your procedure. The Council meeting will be held, how it will be

match its conclusions, or how it will be convened by the Executive.



5.



and) the Council will have permissions that correspond to the permissions of the

Výkonnéhpřidělené one participant, with which it was negotiated, the Convention

According to the last sentence of paragraph 3 (b)) above.



(c)), the Council may lay down law procedure, according to which the Executive may be

the College granted the right of Council members to vote on a specific question without meeting

The Council, if in the opinion of the Executive of the Corps shall be adopted by the Council

any measure that does not tolerate a postponement until the next meeting of the Council and that

does not require the convening of a special meeting.



(d)) of article IX, section 8 applies to the members of the Council, their Vice Presidents and

helpers and to any other person entitled to attend the meetings of the

Of the Council.



(e)) for the purposes of the provisions of paragraph (b)) and paragraph 3 (b)) the above agreement

agreed some Member or member who is a participant under article

XII, part 3 i) (II) entitle the Member of the Council for a vote and to cast

the number of votes, which are allocated to such member.



6. the first sentence of article XII, section 2) must be understood so that the

also apply to the Council.



Annex E



The choice of Executive Directors



1. the choice of elected Executive Directors will take place by vote

the Governors, who are to choose.



2. When voting on Executive conspired, who are to be elected,

commits each Governor eligible to vote for one person all of the

the voices to which it is entitled under article XII, section 5). Fifteen people,

that will get the largest number of votes, will become the Executive Directors for the

provided that no person who receives less than four percent

all of the votes which can be cast (eligible votes) will not be

considered to be selected.



3. If it is not the first time the voting chosen fifteen persons, shall proceed to the

the second vote will vote only



and those governors who) when the first vote cast a vote for the person,

that has not been chosen, and



(b)) those Governors whose votes cast for the selected person has

in accordance with the next paragraph 4) considered that it was the increased number of votes

cast for that person above 9% of the eligible votes.



If the second vote is more candidates than the number of powerful

the directors who are to be elected, the person who got the first time

the smallest number of votes, the vote will no longer optional.



4. In assessing whether the votes cast by one Governor,


has to assume that it was raised the total number of votes cast for

any person above nine percent of the vote, will have on these nine

percent of the votes for that, particularly the voices of the Governor, which

gave the largest number of votes for such person, then the votes of the Governor,

that gave the next largest number of votes, and so on, until it reaches the

nine percent.



5. any Governor, part of whose votes must be counted,

in order to increase the total number of votes cast for any person above four

the percentage will be considered, that gave all of his votes for

such person, even if the total votes for such person exceeds

nine percent.



6. If, after the second ballot will not be selected for fifteen people,

held another round of voting, according to the same principles when it comes to the election

fifteen people; After the election of fourteen people, however, may be elected to the fifteenth

by a simple majority of the remaining members, and will be deemed to have been

elected all such votes.



Annex F



Determination of the participants (dezignace)



During the first period will be for determining the participants pay

the following rules:



and) participants who are eligible to be thus provided for in article XIX,

Part 5 a) (I), are thus to such amounts, which will support the

during the period of settlement of the relationships between the possession of special drawing rights

participants above the level of their net cumulative allocations and their

the official reserves of gold and foreign exchange.



(b)) in application of the preceding paragraph and will do so), to

participants who are eligible for dezignaci, were thus



I. in relation to their official reserves of gold and foreign exchange, if the session

referred to in the previous paragraph) balanced; and



II. in such a way to gradually reduce the difference between sessions

referred to in the previous paragraph), that are low, and sessions, which

are high.



Annex G



Recovery of possession (reconstitution)



1. during the first period will be for the recovery of possession pay

the following rules:



and)



I. the participant will enjoy and renew our holdings of special drawing rights

so, that five years after the first allocation, and then at the end of each

calendar quarter does not mean its total daily possession

special rights for the past five-year period of less than thirty percent

the diameter of its daily net total allocation of special drawing rights

for the same period.



II. Two years after the first allocation, and then at the end of each calendar

the Moon makes a Fund for each participant in the calculation to determine whether

and to what extent the participant needs to obtain a special drawing rights between

the date of the calculation, and the end of the five-year period, in order to deal with

requirement provided for under the preceding paragraph a) (I). The Fund provides for the

Regulation, according to which the foundations will perform these calculations and with

taking into account the time order of determination of the participants referred to in article XIX,

Part 5 a) (II), in order to enable them to comply with the requirements referred to in the previous

paragraph a) (I).



III. the Fund will give special notice to the participant, if the calculations referred to in

the preceding paragraph a) (II) suggest that it is unlikely that

the participant will be able to deal with the requirement of paragraph (I)), if

ceases to use special drawing rights on the rest of the period to which the

the calculation referred to in paragraph a) (II) apply.



IV. a participant who needs to obtain a special drawing rights to

the fulfilment of this commitment, you will be liable and shall be entitled to obtain them for the currency

acceptable for transactions with the Fund, the Fund conducted on Account of General

sources. If this cannot be obtained sufficient special

drawing rights to meet this commitment, the participant shall be obliged and

entitled to obtain is as freely usable currency from the attendee that you Fund

Specifies.



b) participants will be properly ensured, it is desirable to keep in

over time a balanced relationship between the possession of special drawing rights

and their other reserves.



2. If a participant is equated to the compliance with the rules about repossession, Recovery Fund

determine whether or not the circumstances justify the suspension referred to in article

XXIII, section 2 (b)).



Annex H



Their participation



1. If the commitment remaining after settlement under Article XXIV, part 2 (b))

sounds in favour of ending the participant and if between the Fund and the ending

the participant will not, within six months from the date of termination of the agreement reached on a

Settlement Fund tackles this balance of special drawing rights in the

equal semi-annual instalments not later than five years from the date of termination.

The Fund shall pay the balance of their decision, either



and) by exiting a party shall pay the amounts provided by the Fund

the remaining participants under Article XXIV, part 5, or



(b)), to permit a participant could use their ending special rights

pumping to obtain their own currencies or some freely usable currencies

from a participant designated by the Fund from the general resources Account or from the

any other holder.



2. If the balance after settlement in accordance with Article XXIV, part 2 (b)) sounds in the

to the Fund and will not achieve the netting agreements within six months

from the date of termination, ending with the participant of this undertaking within three years from

written in the same June semi-annual instalments or during such

longer period as may be prescribed by the Fund. Ending party

tackles this commitment by decision of the Fund, either



and payment of the Fund in freely) usable currency, or



(b)) by the acquisition of special drawing rights, according to sources from the account of the General

Article XXIV, part 6, or by agreement with the participant designated by the Fund or from the

another installment of the holder and the compensation owed to these special rights

pumping.



3. Payments pursuant to the preceding paragraphs 1 or 2 shall be payable for six

months after the date of termination, and then in the six-month periods.



4. If an error occurred during six months from the date on which the participant terminates

to cancel your participation, management of special drawing rights provided for in article XXV,

the settlement between the Fund and the Government until the participant performed

in accordance with article XXV of annex I.



Annex I



The management procedure for the settlement of special drawing rights



1. If there is a cancellation of the management of special drawing rights, equal

participants in their obligations to the Fund in ten half-yearly instalments, or

during such longer period as may be necessary, in accordance with the decision of the Fund and

in some freely usable currency and the currencies of the participants with possession

special drawing rights, to be paid in instalments until

the amount of such compensation as determined by the Fund. The first half-yearly payment

shall be carried out six months after the decision to withdraw the management of special rights

pumping.



2. If the decision was made to cancel the Fund within six months from the date of

the decision to cancel the management of special drawing rights, go to

disposal of special drawing rights Management, if not special rights

drawing on the general resources Account divided by this rule:



After the split, carried out by 2 a) and 2 (b)) of the annex to the Fund allocates its

special drawing rights, which has left the General sources,

all members that are participants in proportion to the amounts due to each

After the split of the participant under that section 2 (b)). To determine the amount of

attributable to each Member for distribution to the rest of their tenure in each currency

According to section 2 (d)) of the annex to, an abatement fund to the Division of special rights

pumping is effective under this rule.



3. With the amounts received by the Fund in accordance with paragraph 1 of this annex shall pay

Fund special drawing rights holders in this way and in this

order:



a) special drawing rights held by members who have finished their participation more

than six months before the date on which the governing Corps decided to cancel the Management

special drawing rights, will be reimbursed according to the terms of the agreement,

concluded pursuant to Article XXIV of or Annex H.



(b)) special drawing rights holders who are not participants will be

honored before the special drawing rights held by the participants, and it

in proportion to the amount of the tenure holder.



(c) determines) the Fund's special drawing rights that he holds each

a participant, in proportion to its net aggregate allocation. The Fund primarily

settles the special drawing rights of participants with the highest proportion of up to

to the level of the second largest share; The Fund then settles the special rights

drawing held by the parties according to their net summary

allocations until the shares are reduced to the level of the third largest share;

This procedure will continue to be the amount that is necessary to offset the

disposal of the exhausted.



4. any amount for which the participant is entitled to receive in the settlement

under the preceding paragraph 3, will be used to offset any amounts

that has to be paid in accordance with paragraph 1.



5. during the liquidation of the Fund will pay interest on the amounts of the specific rights

drawing on their holders, and each participant will pay

fees out of the general allocation of special drawing rights,

reduced by the amount of any payment, held pursuant to paragraph 1. The rate of the


interest and fees, as well as the period of payment shall be determined by the Fund. Interest and

charges will apply according to the options in special drawing rights.

The party who does not have sufficient holdings of special drawing rights, the

pay the currency specified by the Fund. Special drawing rights, adopted by the

fees in the amount needed to cover administrative expenses, shall not apply to

payment of interest, but converted to the Fund and will be paid first, and it

the currencies used by the Fund to cover its expenses.



6. If a participant is in default with any payment

required under paragraph 1 or 5 of the above, he will not be paid to any

the amounts referred to in the preceding paragraphs 3 or 5.



7. If, after the final payments of the participants does not have any participant

is not in default in its holdings of special drawing rights in the same proportion

to your net aggregate allocation, then those participants who have a lower

share, may buy from participants with a higher proportion of such amounts as

the measures made by the Fund to share their special rights-holding

pumping was the same. Any party who is in default, shall pay to the Fund

its own currency for the amount corresponding to its commitment. The Fund will analyze this

currency and any remaining claims between the parties in proportion to the amount

special drawing rights held by each of them, and this special rights

drawing will be canceled. The Fund then closes the books Management Special

drawing rights and all liabilities resulting from the allocation of the Special Fund

drawing rights and the activities of the management of special drawing rights.



8. Each participant whose currency is assigned to the other participants under this

of the annex, shall be liable for such currencies at any time, unlimited use on the purchase of goods

or to the payment of the sums which are due to him or to his

territories. Each obligated party agrees that replaces another

participants any loss resulting from the difference between the value at which

The Fund awarded its currency pursuant to this annex, and the value realized

such a participant when you dispose of its currency.



Annex J



Settlement of accounts with members



1. in the settlement of accounts in relation to the general resources Account, proceed

in accordance with paragraphs 1 to 6 of this annex. The Fund will be required to pay

acting member an amount equal to its quota increased by

any amounts owed to it by the Fund, less any amounts and,

that itself owes the Fund including the charges arising after the date of its

appearances, however, no payment shall be held within six months

from the date of the performance. The payment will take place in the currency of the withdrawing member and

to this end, the Fund may transfer to the account of the general resources of the holding

the Member's pay account on a specific currency or on cluster storage account for

the corresponding amount of the currencies of other members on the general resources Account

selected by the Fund, with their consent.



2. If the Fund does not have enough currency to pay off departing Member

the net amount that the Member of the dluhuje, will pay the balance in freely

applicable currency or in such a way as will be agreed. In the absence of

between the Fund and a member of the performer to the agreement within six months from the date of

performances, will be the acting member of the amount of the currency held by the Fund

shall be paid without delay. Any balance due will be paid in ten

half-yearly installments over the next five years. Each such

instalment will be paid according to the choice of the Fund either in the currency of a departing Member,

After his remarks, obtained or in a freely usable currency.



3. If the Fund fails to comply with any payment owed by the previous

paragraphs, the protruding member entitled to request that the Fund has paid the

payment in any currency from his tenure with the exception of any currency

imbalance was declared in accordance with article VII, section 3.



4. If the Fund has a greater amount of currency held by the withdrawing member than

He's owed, and achieve within six months from the date of withdrawal

the agreement on the method of settlement of accounts, the former member shall be obliged to reimburse the

such currency exceeded in freely usable currency. The payment is performed when the

the course, in which the Fund would sell such currency at the time of withdrawal from the Fund.

Acting member completes repayment within five years from the date of withdrawal

or during such longer period as may be determined, with Pool

However, he will not be required to repay in any half-year

a period of more than one-tenth of the excess possession of its currency, which had a Pool

on the day of his appearance, plus additional gained currency of this member

During that half-yearly period. If a member fails to fulfil this obligation, the

The Fund disposed of in a proper manner in any market the amount of currency that

should be repaid.



5. any Member who wishes to obtain the currency of a member who spoke,

It will come into buying from the Fund in the extent to which such Member has access to the

the general resources of the Fund and the extent to which such currency is available under

the preceding paragraph 4.



6. The withdrawing member shall be liable for unlimited use of the currency to be transferred according to the

the preceding paragraphs 4 and 5, and at any time to purchase goods or to pay for

the amounts that are owed to him or the persons on its territory. Replaces the

Fund any loss resulting from the difference between the value of its currency

to the special drawing right on the date of performance and between the value of the Fund

realized against the special drawing right at the disposal by the

the preceding paragraphs 4 and 5.



7. If the acting member of the Fund due to the commitment as a result of

transactions conducted through a specific payroll account

Article V, section 12 f) (II), will be settled under the terms of the debt

the commitment.



8. If the Fund held by the currency of the withdrawing member at a special pay

account or on a Storage account, the Fund can be exchanged in a proper way on

any market during the currency of the members of the withdrawing member at currency balances

any account with the use of the provisions of paragraph 1 and of the amount of the proceeds of a shift

each account will be kept on it. The provisions of paragraph 5 and the first

sentence of paragraph 6 shall apply to the currency of the withdrawing member.



9. If the Fund has a special account in accordance with article V, section 12)

or on the Storage account bonds of a departing Member, may

hold until the due date or to dispose of them before. Previous

paragraph 8 shall apply to the proceeds of such realization.



10. If the Fund began winding up in accordance with article XXVII, part 2

six months from the date on which the Member performs, the accounts between the Fund and the

the States concerned have been dealt with in accordance with article XXVII, part 2 and the annex to it.



Xiii.



Winding-up proceedings



1. In the case of liquidation will take precedence in the distribution of assets of the Fund

other liabilities before paying off the bonds. In each

of such liabilities it Fund its assets in this order:



and) currency in which an undertaking is payable;



(b));



(c) all other currencies), if it is feasible in relation to the application of tariff quotas

members.



2. after the payment of the liabilities of the Fund pursuant to the preceding paragraph 1 shall be the balance of the

assets of the Fund allocated and divided as follows:



and)



I calculate the value of a gold Fund, which he holds as of 31. August 1975 and

that also holds, at the date of the decision on liquidation. The calculation shall be effected in

accordance with paragraph 9 below and also on the basis of one of the special rights

drawing for 0.888671 of a gram pure gold at the date of disposal. The equivalent

Gold equal to the difference between the first, previously referred to by value, and

Second, the next value will be allocated to those referred to the members that were

members as of 31. August 1975, and in proportion to their quotas to this day.



II. the Fund will allocate all assets, which has a Special cash account

at the date of the decision to cancel, those members who were members as of 31. August

1975, in proportion to their quotas to this day. Each type of asset

will be assigned a relatively hlenům.



(b) allocate their remaining) the Fund assets in gold between the members whose currencies

held by the Fund are reaching lower amounts than their quotas in proportion to the

amounts-but not above them-which their quota in excess of the holdings of the Fund

in their currencies.



(c) the Fund shall be allocated to each member) half of the holding of the Fund in its currency;

However, such allocation may not exceed fifty percent of its quota.



d) Fund allocating their possession of gold and currency



I. between all members in proportion to the amounts-but not above them-due

each Member after the allocations referred to in paragraph (b)), and (c)), provided that the

to the allocation referred to in paragraph 2 and) will not take into account for the determination of debt

the amounts and



II. any excess possession of gold and currency between all members in proportion to the

their quotas.



3. each Member should redeem their currencies allocated occupancy to other members according to the

the previous paragraph 2 (d)) and agree with the Fund within three months after the

the decision on the liquidation of such procedure on an appropriate buyout.



4. Unless the Fund during the three-month period referred to in

the previous paragraph 3, the Fund allocated for the currencies of other members,

This member according to the provisions of paragraph 2 (d)) above to purchase the currency of such

Member, allocated to the other members.



All currency amounts allocated to the Member, who agreed, will be used


According to the option to purchase the currency assigned to the members who agreed with

The Fund agreement under previous paragraph 3.



5. If the agreed with the Fund referred to in paragraph 3, the Fund currency

other members assigned to that Member in accordance with paragraph 2 (d)) to purchase

the currency of this member is allocated to other members who have entered into with the Fund

the agreement referred to in paragraph 3 above. Any amount will be compensated in this way will be paid

in the currency of a member, having been allocated.



6. After completion of the procedure referred to in the preceding paragraphs shall be paid by the Fund to each

the remaining Member of the currency, which has held the account.



7. any member whose currency was allocated to other members under the previous

paragraph 6, will redeem such a currency in the currency of the Member requesting the buyout, or

in such a different way, on which they can agree.

Unless the members otherwise, completes the purchase of a member that is

Thanks to this, within five years from the date of the allocation, however, will not be on it

request to redeem in any biannual period more than one

a tenth of the amount allocated to any other Member. If the Member fails to comply with this

commitment may be currency amount that was to be bought out, disposed of

in a proper manner in any market.



8. any member whose currency has been allocated to the other members referred to in paragraph 6,

liable for unlimited use of such currency at any time, to purchase goods or

pay the sums due to him or the persons on its territory. Each Member with

such a commitment to agree to replace any other members

the loss of that which would result from the difference between the value of its currency against the

the special drawing right on the date of the decision to cancel the Fund and between

value to the special drawing right, realized by such members in

dispose of its currency.



9. the Fund shall determine the value of gold under this annex on the basis of the prices in the market.



10. in the case of the quotas will have, for the purposes of this annex and that have been raised in the

full extent to which they could be increased pursuant to article III, section 2 (b))

of this agreement.



The AGREEMENT



International Bank for reconstruction and development



The Government, on whose behalf the agreement is signed, the parties agree as follows:



INTRODUCTORY ARTICLE



International Bank for reconstruction and development is based, and will act according to the

the following provisions:



Article. (I).



The purpose of the



The purpose of the Bank is:



I. facilitate the reconstruction and development of territories of members by facilitating

the investment of capital for productive purposes, which include

rebuilding an economy destroyed by the war-war, or

conversion of means of production for the needs of peace and encouraging

the development of the means of production and resources in less developed countries.



II. promote private foreign investment activity guarantees or

on loans and other investments of private investors; If

then private capital is not available on reasonable terms,

complement private investment activity provision of financial

resources for productive purposes under reasonable conditions on its own

the capital of the funds which gets, and from its other resources.



III. promote a comprehensive balanced growth of international trade and

maintaining a balance of balances of payments by encouraging international

investment activities for the development of the means of production, and thus members

to help improve productivity, standard of living and improving the

working conditions in the Member territories.



IV. Arrange the provision of loans or guaranteeing international loans

obtained elsewhere so that the first came on a variety of projects more useful and

more urgent, whether large or small.



To carry out its operations in the ... with due regard to the impact of international

investment on economic conditions in the territory of members, and to assist in the first

the post-war years create a smooth transition from the war economy

in the peace.



The Bank will be conducted in all their decision-making just listed purposes.



Article II.



Membership and capital Bank



Part 1.



Membership



and) original members of banks will be members of the International Monetary Fund,

who shall take the membership in the Bank before the date laid down in article XI,

Part 2 (e)).



b) membership will be accessible to other members of the Fund at the time and under the conditions as

will be determined by the Bank.



Part 2.



Approved capital



and authorized capital of the Bank) will be $ 10 0000 0000 0000, expressed

in dollars of the United States, weight and fineness, which had 1.

July 1944. The capital will be divided into 100 000 shares 1) about

the value of par after $ 100 000, which will be able to subscribe to members only.



(b)) share capital may be increased, if it considers it appropriate, the Bank

three-fourths majority of all eligible votes.



Part 3.



Subscription of shares



and each Member shall subscribe to shares) of the capital of the Bank. The smallest number of

shares to be subscribed for by the original members, is given in annex a.

The minimum number of shares to be subscribed for by other members will be determined by

The Bank, which reserves a sufficient portion of the share capital for subscriptions

such members.



(b)) the Bank shall lay down the conditions under which members may subscribe to more shares

the authorized capital of the Bank, than their minimum.



(c)) if the authorized capital of the Bank increased, each Member of the

reasonable opportunity to subscribe to under the terms of which the Bank shall determine such share

increased the capital that corresponds to the proportion of its original

Subscribe to the original total capital of the Bank, but no member of the

you will not be required to subscribe to any part of the increased capital.



Part 4.



The subscription price of the shares



Shares included in the minimum obligations of the original members will be issued to al

pari. The rest of the shares will be issued to al pari, if the Bank most of all

legitimate votes decides, in the light of the special circumstances were

released under other conditions.



Part 5.



The distribution and payment of subscribed capital



Each Member's subscription will be divided into two parts, namely:



I. twenty percent will be paid or subject to call for repayment

the conditions referred to in section 7 (I) of this article, as it will be the Bank

need for its operations;



II. the remaining 80 percent will be subjected to a prompt banks to repay

only if it will be required to meet the obligations of the Bank, resulting

under article IV, section 1), and (II) and (III). Call for repayment has not yet

outstanding subscriptions will be the same for all shares.



Part 6.



Limitation of liability



Liability for the shares will be limited to the unpaid portion of the subscription prices of the shares.



Part 7.



Repayment rate subscriptions for shares



Repayment of the subscribed shares will be held in gold or in dollars of the United

States of America and in the currencies of members as follows:



I. in the repayment referred to in section 5 (I) of this article shall be two per cent of the price

each stock due in gold or in dollars of the United States of America

and the remaining 18 percent to challenge in the currency of the Member;



II. When will the invitation referred to in section 5 (II) of this article may be

the payment is performed, at the option of the Member either in gold in dollars of the United

States of America or in the currency required to meet the obligations of the Bank for

purpose for which it was made;



III. when the payment in any currency takes place according to the above

paragraphs (I) and (II) such payments will be carried out in the amounts,

equal to the value of the Member's commitment, which prompted concerns. This

the commitment will be proportional to the part of the subscribed capital of the Bank, as was

approved and defined in part 2 of this article.



Part 8.



Repayment period subscriptions



and) two percent payable on each share in gold or in dollars

United States of America in accordance with section 7 (I) of this article shall be

paid within 60 days from the date when the Bank begins operations, with

provided that (I) each original member of the Bank, whose parent territory

suffered by the enemy by capturing or war actions of this war,

will be granted the right to defer payment of half a percent within five years after this

date; (II) original member who cannot perform such payment because

its regained possession of gold reserves, which are still seized

or the height of the war, may defer all payments up to

on this day, the Bank shall determine.



(b)) the rest of the price of each stock, payable in accordance with section 7 (I) of this article,

shall be paid as and when determined by the Bank in its challenge, with the proviso

that



I. the Bank within one year from the commencement of their activity will prompt you to pay no

less than eight percent of the share price in addition to payment of two percent, as referred to in

the top paragraph a);



II. during any three-month period will not be requested more than five

percent of the share price.



Part 9.



Maintaining the values of certain monetary držeb Bank



and will decrease) at any time (I) the Member's currency parity, or (II) at any time by

opinion of the Bank the value of the Member's foreign currency decreases in its territory

significantly, the Member shall pay to the Bank in a reasonable time, an additional sum

their own currency, sufficient to maintain the initial values of the subscription of Member

the Bank holds and which comes from a member of the Bank's currency initially

paid under article II, section 7 (I) of the currencies referred to in article IV,

section 2 (b)) or from any currency, which was committed to additional

the provisions of this paragraph, and who has been a member of the bought for gold


or any member of such a currency that is acceptable for the Bank.



(b)) at any time the Member's currency parity rises, this member returns the Bank in

a reasonable time such amount of the Member's currency, which corresponds to the increase in

the currency's value, as shown in the top paragraph).



(c)), the Bank may waive the provisions of the preceding paragraphs, if

The International Monetary Fund made uniform uniform change in

rates of the currencies of all the members.



Part 10.



Restrictions on disposition of shares



The shares shall be made available in the pledge or in any way and can be

převésti only to the Bank.

----------------------------------------------------------------- *) Od

27.4. 1988 the authorised capital was increased to 1 420 500 shares.



Article. III.



General provisions on loans and guarantees



Part 1.



The use of resources



and Resources and services of the Bank) will be used solely for the benefit of members

and fair taking into account how to projects serving the development, so as to

recovery projects.



(b)) in order to facilitate rebuilding and reconstruction of the economy of members whose

the parent of the territory has suffered great devastation of the enemy by capturing or

war actions, the Bank when determining the terms and conditions of loans,

provided by such members will be especially taken into account in order to

alleviate the financial burden and speed up the completion of such rebuilding

and recovery.



Part 2.



Negotiations between the members and the Bank



Each Member shall act only with the Bank through its

the Ministry of finance, the Central Bank, a stabilization fund or other

similar fiscal institutions and the Bank will negotiate with members only

through these institutions.



Part 3.



Limitation of warranties and loans Bank



The total amount of outstanding guarantees, participation in loans and direct loans

granted by the Bank must never be increased if such

by increasing the total amount exceeded one hundred percent nezmenšeného subscribed

capital, reserves and surpluses of the Bank.



Part 4.



The conditions under which the Bank can provide guarantees or lease



The Bank may provide loan guarantees, loans or take part in the

provide to any member or any of its political components, and

any commercial, industrial or agricultural undertaking on its

territories, under the following conditions:



1. If a member, in whose territory the project is carried out, is not alone

vypůjčovatelem, a member of the Central Bank or other similar institution, which

complies with the Bank, fully guarantee the repayment of capital and interest payments and other

the cost of the loan.



2. the Bank is convinced that under the conditions of the market, the borrower

otherwise, didn't get the lease on such terms as are in the opinion of

Bank for borrowers.



3. The Committee responsible shall, as provided in article V, section 7, be submitted after

careful study of the benefits of the proposal a written report recommending

project.



4. The interest rate and other costs are, in the opinion of the Bank a reasonable and

This rate, the cost and the redemption of the capital plan is useful to the project.



5. in providing or guaranteeing the loaner Bank dedicated to the proper

account of the fact that there is a prospect that the borrower, and if it is not

borrower, that the guarantor will be able to meet their obligations of the lease; and

The Bank will act prudently in the interests of both an individual Member, in whose

the territory of the project is carried out, as well as all the members as a whole.



6. in granting the lease granted to the other investors will get Bank

appropriate compensation for their risk.



7. The lease, granted or guaranteed by the Bank, with the exception of

special circumstances-designed for accurately marked and recovery projects

development.



Part 5.



The use of leases, for which the bank guarantee, in which took part,

or provided by



and the Bank will not impose any) conditions, yields of the lease to be

used in the territory of a particular Member or members.



(b)) the Bank shall take measures to ensure that the proceeds of any

the lease will be used only for the purpose for which the lease was

granted, with due regard to economy and efficiency, and without

regardless of the political or other noneconomic influences or considerations.



(c)) in the case of leases, granted by the Bank, the Bank opens an account on name

the borrower and the sum of the lease will be credited in favor of this account in

currency or currencies in which the lease was granted. The Bank will allow

the borrower to collect such amounts from this account, which are intended to

costs associated with the project, as he actually will.



Part 6.



International lease Finance Corporation ^ *)



and the Bank can provide a loaner), to participate in the borrowing or

expose the guarantee on leases associated with the International Finance Corporation,

Organization of the Bank that can use them in their borrowing operations.

The total volume of these leases, participation or warranty shall not be increased if

the total amount of debt of the Corporation (including guarantees of any kind) of

any resources would in consequence exceed four times its

nezmenšeného subscribed capital and surplus.



(b)) the provisions of article III, section 4 and 5 c), and article IV, section 3,

not relevant leases, participation and guarantees, which are covered by this article.



Article IV.



The activities of the



Part 1.



A procedure for the provision or facilitation of loaners



and the Bank may provide or) facilitate the leases that meet the

terms and conditions of article III, one of the following ways:



I. provides direct lease or participate in them, drawing from their

own resources corresponding to its nezmenšenému vplacenému

capital, surplus, and under the conditions referred to in section 6 of this article, and

its reserves.



II. Provides direct lease or participate in the drawing of the

the funds, which gets on the market of a member or otherwise borrows.



III. Complete or partial loan guarantees, provided the usual paths

from private investors.



(b)) the Bank can borrow the funds referred to in paragraph (a)), (II) or

to guarantee the lease referred to in paragraph a) (III) only with the consent of the Member,

on whose markets the resources obtained, and Member, in whose currency the loaner

is marked, and only if these members agree that the

yields can be exchanged for any other currency

Member.



Part 2.



The applicability and transferability of currency



and vplacené to the Bank) currency referred to in article II, section 7 (I), the

Basically, only with the approval of the Member whose currency it; However,

with the proviso that if necessary and if the Bank fully subscribed capital

requested such currency-without reducing the party members whose

currency offer-used or exchanged for currency required to

fulfilment of contractual interest salaries, other costs amortization of own

leases or to the fulfilment of the obligations of the Bank, relating to such Contracting

salaries for leases, guaranteed by the Bank.



(b) the currency that the Bank) accepts from borrowers or guarantors as

payment on account of capital leases, provided direct currencies

referred to in paragraph (a)), will be exchanged for currencies of other members or

again often borrowed only with the approval of members whose currencies the

the disposition; However, with the proviso that if necessary and, if

Capital Bank subscribed fully consulted such currency-without limitation of

party members whose currencies are offered-used or exchanged for

the currency required for the fulfilment of contractual interest salaries, other costs, for

amortization of lease to own, or performance of the obligations of the Bank, on

such contractual salaries for leases, guaranteed by the Bank.



(c) the currency that the Bank) accepts from borrowers or guarantors as

payment on account of capital leases, provided by direct bank by

Part 1 a) (II) of this article will be kept and used without any

restrictions by the members so that they could be conducted the sinking salaries

or salaries before maturity or redemption parts, ev. all custom

bonds of the Bank.



(d)), that all other currencies the Bank is available even to those

acquired on the market, vydlužila otherwise in part 1) and (II) of this article,

which were acquired by selling the gold, even those that were received as salaries, interest

or other direct costs of leases granted under part 1, and (I))

and (II), even those that have been accepted as payment of fees and other costs

According to part 1, and) (III), will be used or exchanged for other currencies or

the gold needed for the operations of the Bank, without restriction on the part of members,

whose currencies are offered.



e) currencies that borrowers will get in the markets of members on the lease,

guaranteed by the Bank in accordance with part 1 and) (III) of this article, you will also

applied or will be exchanged for other currencies without restriction of the parties such

members.



Part 3.



Procurement of currencies for direct leases



The following provisions will be used for direct leases under part 1

a) (I) and (II) of this article:



and will give the borrower and the Bank) currency members other than the Member in whose

the territory of the project is conducted, how a borrower needs to

the issue on the territory of the other members to achieve the purpose of the lease.




(b)) the Bank may, in exceptional circumstances, when the borrower cannot

reasonable conditions to obtain local currency needed for the purpose of a lease,

give the borrower a reasonable amount as part of the lease in this

currency.



(c)) if the project indirectly causes an increase in the needs of foreign currencies

a member, in whose territory the operation takes place, the Bank may (in exceptional

circumstances) provide the borrower as part of a reasonable lease

amount in gold or foreign currency in foreign, but not the amount greater than

makes the local edition of the borrower in relation to the purpose of the lease.



(d)) the Bank may, in exceptional circumstances, at the request of a member, in whose territory the

part of the lease, to buy back gold are consumed or the foreign exchange part

the currency used in this way, but, in any case, the part as follows

price exceed the amount by which the use of the lease in the next

the territory will increase the need for foreign currencies.



Part 4.



The provisions for the direct payment of the lease



The contract of borrowing under part 1) (I) or (II) of this article shall be

negotiated by these payment provisions:



and) terms and conditions for the payment of interest and umořovacích salaries,

adulthood and maturity of each lease will be determined by the Bank. Bank

also specifies the interest rate and any other prerequisites and conditions

fees charged in connection with a loaner.



In the case of security lending transactions provided under part 1, and) (II) of this article

during the first ten years of activity of the Bank, the rate of pay is less than the

1 percent a year and not more than one and a half percent a year, and reward

will be charged for the outstanding part of this lease. At the end of this

the 10-year period may be the rate of pay is reduced by the Bank, whether for

the outstanding part of the leases already provided, whether for future leases,

If the reserves accumulated by the Bank pursuant to section 6 of this article,

as well as from other proceeds will be considered by the Bank as sufficient to

the idea of such a reduction. In future the Bank will have loaners

also on the will to increase the rate of pay above the limit specified above, if

experience shows that an increase is appropriate.



(b) Any contract for the borrowing) to establish the currency or currencies in

where, under the contract to be performed to the bank payment. The choice of the

the borrower may, however, be making such payments in gold or after

agreement with the Bank in a different EU currency that which is provided for in the

the contract.



(I) in the case of security lending transactions, provided under part 1, and) (I) of this article,

the Treaty establishes that the borrowing and interest payments, other costs, and

redemption will be held in lent currency to the Bank, but would a member whose currency

the loan, agreed that such payments were held in some other

the specified currency or currencies. These payments subject to the provisions of article II,

Part 9 (c)), will be equal to the value of such payments at a time when

the lease was granted, expressed in the currency designated for the purpose

The Bank, by a three-quarters majority of all eligible votes.



(II) in the case of security lending transactions, provided under part 1, and) (II) of this article,

the total outstanding amount, payable to the Bank in any currency, shall not exceed the

never the total amount outstanding and payable in the same currency borrowings

Bank pursuant to section 1 (II)).



(c) if the Member suffers from acute) lack of foreign exchange, so the service any

the lease concluded by that Member or guaranteed by it or any of its

institutions cannot be complied with prescribed manner, may the competent Member

ask the Bank to mitigate the payment terms. If the Bank considers that the

some sort of easing is in the interest of that Member, and the activities of the Bank and all of the members of the

as a whole, it may take measures relating to the whole or part of the annual

services either by one or both of the following paragraphs:



(I) the Bank may at its discretion, agreed with the competent Member

accepts payment transactions on a lease are members of the currency for the period in which

shall not exceed three years, and under the conditions suitable for the use of such

currency, maintain its foreign exchange values and for the redemption of such currency for

reasonable conditions.



(II) the Bank may modify the terms of redemption or to extend the duration

loans, or both.



Part 5.



Warranty



and While assuring the lease) placed the usual investment paths

The Bank will charge the guarantee remuneration payable on a periodic basis of the outstanding

the amount of the lease at the rate established by the Bank. During the first ten years

activities of the bank rate will not be lower than one percent per year and not

more than one and a half percent a year. At the end of this 10-year

the period may be the rate of pay is reduced by the Bank, whether for the outstanding

part of the leases already guaranteed, whether for future leases, if

reserves accumulated by the Bank pursuant to section 6 of this article and from other

the proceeds will be considered by the Bank as sufficient to justify such a

reduction. In future the Bank will also have a lease at will increase

rate of pay above the limit specified above, if experience shows that the

the increase is appropriate.



(b) the borrower rewards) warranty to pay directly to the Bank.



(c)) in terms of the provisions of the Bank guarantees that the Bank may

to reduce its commitment in respect of the interest, if as a result of the delay

the borrower and the guarantor Bank offers to buy bonds

or other guaranteed bonds al pari, together with interest at the date of the tall

the menu indicated.



(d) the Bank is hereby authorized,) in order to identify any other terms and conditions

the warranty.



Part 6.



The special reserve



The rewards that the Bank gets under part 4 and 5 of this article shall be

stored away as a special reserve, which will be used exclusively for the

performance of the obligations of the Bank within the meaning of section 7 of this article. The special reserve

to be kept in liquid form, as permitted under this agreement, as

decide to Executive Directors.



Part 7.



Methods of implementing the obligations of the Bank in case of delay



In cases where the obligations of the lease, which the Bank on which it is

participated or which guarantee, are not being met:



the Bank will make such a) feasible measures to accommodate the obligations of the

of leases, and may apply the measures referred to in section 4 (c))

This article, or similar measures.



(b) Salaries to cover liabilities) Bank of leases or warranties pursuant to part 1 and)

(II) and (III) of this article shall be charged to:



I. first borne by the special provisions referred to in section 6 of this article,



II. to the extent necessary, and the discretion of the Bank to the detriment of other

reserves and surplus capital that the Bank has available.



(c)) at any time you will need to perform the contractual salaries by way of interest, other

costs or amortization of own borrowings the Bank or to fulfil obligations

Bank due to similar lease guaranteed her salary, can the Bank

to request a reasonable amount of the outstanding bonds of the members in accordance with article

II, part 5 and 7. In addition, if the Bank considers that the delay may take

longer, it can request an additional amount of the outstanding obligations of the members, which

will not exceed one percent in any year the full obligations of the members,

and for the following purposes:



I. to wholly or partially repaid the outstanding before it matures and

It guaranteed the loan, which the debtor is in default, or otherwise

fulfilled its commitment;



II. in order to fully or partially purchased their commitments of their own

outstanding borrowings or otherwise fulfilled.



Part 8.



Various other activities



In addition to the activities shown elsewhere in this agreement, the Bank will be entitled to:



I buy and sell securities issued by, and buy and sell

securities that guarantee, or in which it has invested, subject to,

the Bank receives the approval of the Member in whose territory the securities to be

bought or sold;



II. guarantee securities in which it has invested, in order to facilitate

their sale;



III. borrowing currency of any member with the consent of that Member;



IV. to buy and sell other such securities, which the directors of the

three-fourths majority of all eligible votes they see fit for

the investment of the whole or part of the special reserve referred to in section 6 of this

article.



When exercising permissions granted by this part of her, the Bank can deal with

any person, company or community, corporations

or other legal entity on the territory of any member.



Part 9.



Warning to be placed on securities



If this is not the quote already expressly provided for, each security

guaranteed or issued by the Bank, shall bear on the front of the clear

a statement that is not a bond of any State.



Part 10.



The ban on political activities



The Bank and its officers shall not interfere in the political affairs

any member. In their decisions they shall not give to ourselves to act

the political nature of the Member or members concerned. Only

economic considerations will determine their choices and these considerations

will be weighed impartially in order to achieve the purposes set out in article

(I).



Article. In the.



Organization and administration



Part 1.



The Composition Of The Bank



The Bank will have a chorus of Governors, the Executive Director, the President and and such


other officials and employees, in order to carry out the duties provided for

By the Bank.



Part 2.



Chorus of Governors



and the Bank will bear all permissions) chorus of Governors, consisting of

Governors and their deputies, of whom one shall be appointed by each Member, and

This way, what you state. Each Governor, and each Deputy will be

officiate five years if it is not withdrawn, the Member who appointed him, and can be

again appointed. The representative may vote only in the absence of their

the Governor. Chorus chooses one of the Governors for the President.



(b)) chorus of Governors may delegate to the Executive Director of the authority, to

engaged in any ward, in addition to these permissions:



I admit new members and determine the conditions of their admission;



II. increase or decrease the share capital;



III. to suspend a Member;



IV. to decide on appeals against the interpretations of this agreement made by

the Executive Directors;



V. to negotiate cooperation agreements with other international organisations

(in addition to the informal arrangement of temporary and clerical);



Vi. decisions concerning the permanent cessation of operations of the Bank and on the distribution of their

assets;



VII. determine the breakdown of net income.



c) chorus of Governors will hold an annual meeting and such other meetings, what

provides for the choir, or what will be called the Executive Directors. Meetings of the Congregation

they will be convened to the Director whenever so requested by five members or members

who have one-quarter of all eligible votes.



(d)) to the rightful governing any resolution of a meeting of the Congregation is

the governing majority with at least two-thirds of all eligible

votes.



e) chorus of Governors may make rules of procedure, according to which the Executive

Directors, if it considers that it is in good order to the Bank, put to the vote

on the specific question to the Governors, without basis, meeting of the Congregation.



(f)) chorus of Governors and Executive Directors can-if they are to be empowered to:

-adopt such rules and regulations, which are necessary or appropriate to

the proper operation of the transactions.



(g)) the Governors and their aides will exercise its authority without compensation from the

the Bank, but the Bank they will pay reasonable costs incurred

their participation in the meetings.



(h) determine the remuneration of the governing Corps), which will be paid to the Executive Directors, and

Standartenführer Dr. Hans nockemann, as well as the contractual terms and conditions for service of the President.



Part 3.



Vote



and the voting power of each member) will be equal to the sum of the basic and

stock votes.



(i) the basic votes of each Member will be based on the number of votes

equitable distribution of 5.55% of the total number of votes of all members between the

all members, so that the number of basic votes has always been a whole number.



(ii) Equity votes for each Member will be based on the number of votes

the allocation of one vote for each share of the capital they hold.



(b)) on all matters of the Bank shall be determined by the majority of the cast

the votes cast, unless explicitly specified otherwise.



Part 4.



Executive Directors



and Executive Directors will be) responsible for the implementation of the General activities

And to this end the Bank will exercise all privileges are conferred on them

by the College Board of Governors.



(b)), the Executive Directors will be twelve and may not be the Governors. From them:



I will be five established so that each of the five members having the largest

number of shares, it shall appoint one of the Executive Director;



II. the seven will be elected in accordance with Annex B all Governors except those

the Governors, who were appointed the five members mentioned in paragraph

(I).



' Members ' in this paragraph means the Governments of countries whose names are

listed in the annex and, whether they are original members or become members in

the meaning of article II, section 1 (b)). If they become members of the Governments of other countries,

chorus of Governors may by a majority of all eligible four pětinovou votes

to increase the total number of directors by increasing the number of elected directors.

Executive Directors are appointed or elected every two years.



c) each Executive Director shall appoint a Deputy with full power to act for the

him in his absence. They are Executive Directors, who appoint a

Vice Presidents, present, náměstkové participate in meetings, but shall not

vote.



(d) the directors shall hold office) until they are appointed or elected

their successors. Vacant-the Office of the Director of the selected before

90 days before the end of his official term, it will be for the rest of the period

another Director is elected by the Governors chose the former Director. For

the election of a majority of the votes cast is required. If the Office does not

cast, Deputy Director of the former will perform its permissions,

except for permission to appoint a Deputy.



e) Executive Directors will officiate at the main Office of the Bank

and they will meet as often as it will require banks to stores.



(f)) to the current resolution of any meeting of the Executive Directors are required

majority of the directors, representing at least half of all eligible

votes.



g) each appointed Director will be entitled to cast a number of votes, how many

they have been referred to in part 3 of this article granted the Member that it

his name was. Each elected Director shall be entitled to cast the number of votes

He was elected colic. Any votes which it is authorized to the Director

commit will be committed as a unit.



(h) governing accepts orders) chorus, according to which a member who is not entitled to

appoint the Director in accordance with paragraph (b)) may send a representative to

He took part in any meeting of the Executive Directors, in which she will discuss

request that the Member or the thing that particularly concerned him.



I) Executive Directors may establish such committees, which consider

needed. The membership of such committees may not be restricted to the Governors

or Director or their Deputy.



Part 5.



The President and staff



and Executive Directors chosen by the President), that will not be a Governor or

the Executive Director or the Deputy of any of them. The President will

the Chairman of the Executive Directors, but will not have voting rights with

the exception of the decisive voice in the case of a tie. You may participate in the

the Corps of Governors meetings, but not vote at such meetings.

The President ceases to carry his Office when they decide so efficient

the directors.



(b)) the President will head the Bank's employees and the incumbent will lead,

for the management of the Executive Directors, the ordinary shops of the Bank. Withdrawn from the General

the control of the Executive Directors, will be responsible for the organisation, recruitment and

dismissals of officials and employees.



(c)) the President, officers and employees of the Bank have in exercising its functions

a business obligation only to the Bank and to no other authority. Each Member of the

The Bank shall respect the international character of this duty and shall be

to abstain from all attempts to influence them in the performance of any of its

obligations.



(d)) in the appointment of officials and other servants President, bearing in mind the

of prime importance to ensure the highest level of performance

and technical competence, it will be taken into account due to the fact that it is

important that the staff was chosen on the broadest possible geographical

the base.



Part 6.



Advisory Council



and) will be set up Advisory Council, consisting of no less than seven members,

selected by the College Governors of representatives of banking, business,

industrial, blue-collar and agricultural interests, and with the representation of

Nations, the broadest possible. In these fields, where there are

specialized international organizations, members of the Congregation representing these

subjects will be selected in consultation with these organizations. The Advisory Board will be

to advise the Bank on matters of general policy of the Bank. The choir will

meet once a year and at the request of the Bank and on other occasions.



(b) the members of the Advisory Council will be) hold office for two years and can

be renewed. They will be replaced by reasonable costs resulting from the

activities for the Bank.



Part 7.



Zápůjčkové committees



Bank shall appoint committees, of which there is a need to report on the borrowing and lending

According to article III, section 4. Each such Committee shall have in its midst

the expert selects the Governor, representing the Member in whose territory the

the project takes place, and one or more members of the technical

the Bank's employees.



Part 8.



Relationship with other international organisations



and the Bank will work in) the limits of this agreement together with any

universal international organizations, and with public international

organizations that have defined responsibilities in related fields.

Any arrangements for such cooperation, which would include any

a change in the provisions of this agreement, may be performed only after you change this

The agreement referred to in article VIII.



(b)) when deciding on applications for borrowing or guarantee that

apply to matters directly to the scope of any

the international organization of the species referred to in the preceding paragraph, the

which, in particular, the members of the Bank have a share, the Bank shall consider the opinions and recommendations

such an organization.



Part 9.



The location of the offices of the



the main Office of the Bank) will be located in the territory of a member, that holds the

the majority of shares.



(b)) the Bank may establish management or branch in the territory of any

a member of the Bank.



Part 10.



Regional offices and councils




and the Bank may set up regional) offices, and to decide about their location and

the area for which each regional office will be set up.



(b) Each regional office) will advise the Regional Advisory Council,

representing the entire area and selected as the Bank shall determine.



Part 11.



Storage space



and each Member shall designate its) Central Bank as a storage place for all

amounts which the Bank holds in its currency; If the Central Bank determines such

another institution that will be acceptable to the Bank.



(b)) the Bank may hold other assets, including gold, on storage locations

designated five members, who have the largest number of shares, and on the other

storage areas, selected by the Bank. Initially, it will be at least half of the

Gold stocks of the Bank held in the storage location specified by a member, in whose

the territory has its main office, the Bank, and at least 40% will be kept to a

the remaining four storage locations of the above members,

as each of these places will initially hold storage at least it

the amount of gold on their shares paid member that this place

Specifies. But all the transfers of gold by the Bank will be carried out with due

taking into account the transport costs and the foreseeable need for Banks. In

an emergency can convert all Executive Directors gold stocks

The Bank or any part thereof to any place where they can be sufficiently

protected.



Part 12.



How to držeb currency



The Bank accepts from any member to place any part of the Member (s)

the currency, paid to the Bank in accordance with article II, section 7 (I), or to pay for

umořovacích salaries for leases granted in this currency, of which the Bank

It does not need for their activities, bills (vouchers) or similar bonds,

issued by the Government of a member or cluster storage place designated by such Member;

will be non-transferable, nezúročitelné and splatny will be its nominal value

on request, so that it will be credited to the credit of the Bank on the account in the

the specified storage location.



Part 13.



Disclosure and taking messages



and the Bank will publish the annual) message containing the přezkoušený

revenue and expenditure account and will be distributed to the members within the time limits on three-or

shorter overall statement of its financial condition and profit and loss account,

zpravující of the results of its activities.



(b)) the Bank may publish messages and other messages, if it considers it desirable for the performance of

its purpose.



c) copies of all reports, statements and publications issued under this

the article will be delivered to the members.



Part 14.



Allocation of net revenue



and the chorus of Governors shall decide each year), what part of the net income

After subsidizing the surplus allocated to reserves and what any part will be

split.



(b)) if any part of the split, nekumulativně each

as a member of the first installment on the distribution of the proceeds for each year up to the amount

two percent of the average amount of base leases, provided

under article IV, section 1 (I)), and the outstanding during the year, and in the currency of

corresponding to its subscription. If there are two percent paid off as the first

installment, the rest to be divided, will be paid to all members in the

the ratio of their shares. Payments to each Member will be held in its own

currency, or, if the Bank does not have this currency in another currency of a member.

If such payments will be held in currencies other than the Member's

its own currency, the currency conversion and its use by the receiving Member for

payment will not be restricted by the members.



Čl.VI.



Surrender and suspension of membership: stop the activity



Part 1.



The right of members to give up membership



Any Member may at any time renounce membership in the Bank shall send the written

the announcement of the Bank in its main offices. The waiver becomes effective on the date on

When such a declaration will be adopted.



Part 2.



Suspension of membership



If a member fails to fulfil any of their obligations to the Bank, the Bank may

suspend its membership by decision of a majority of the Governors, having

a majority of all eligible votes. The following stops being suspended

automatically be a member of a year after his suspension, but would have the same

mostly it was decided to cancel the suspension.



If your membership is suspended, a member shall not be entitled to exercise any

rights under this agreement, except the right to give up the membership, however, will remain

bound by all the obligations.



Part 3.



Loss of membership in the International Monetary Fund



Any Member which ceases to be a member of the International Monetary Fund,

stops automatically after three months, be a member of the Bank, unless the

The Bank three-fourths majority of all eligible votes expressed consent

with the further duration of its membership.



Part 4.



Settlement of accounts with the States which they cease to be members of the



and if the State Stops) to be a member, remains bound by its direct obligations to the

The Bank, as well as unforeseen obligations to the Bank so long as

any part of the leases or warranties, concluded before the lapse of membership,

is this; However, it will not be bound by the new obligations relating to

loaners and guarantees to which the Bank undertook to later and will not

to participate and to yield, nor on the costs of the Bank.



(b)) at a time when a State ceases to be a member, the Bank shall arrange for the repurchase

its shares as part of the settlement of accounts with such State, in the

accordance with the provisions referred to under (c) below), and (d)). For this purpose will be

the redemption price of the shares value, which exhibit the books of the Bank on the day when

the State ceases to be a member.



(c) the Payment for shares repurchased) by the Bank pursuant to this part shall be governed by

These terms and conditions:



I. Any amount due to the State for its shares retained the Bank so

for a long time, if the State, its Central Bank or any of its

the institution remains as borrower or guarantor, to the Bank;

such amounts may, if it so decides, the Bank, be used to cover

any such obligation as soon as it reaches. No amount will be

detained on account of the commitment of the State arising under article II, section

5 (II) of the subscription of shares. In no event shall any amount owed to

Member for its shares repaid in less than six months after the date on which the State

ceases to be a member.



II. payments for shares may be conducted gradually, as the shares are State

delivered, and the extent to which the amount to make up the purchase

the price referred to in paragraph (b) exceeds the total of the liabilities) of loans and guarantees

referred to in paragraph (c)) (I), and will be held until the former Member has not received

all the buying-in price.



III. Payments will be held in the currency of the country of the receiving salary, or by

choosing the Bank in gold.



IV. If the Bank Suffers losses on guarantees, an interest on borrowing, or on

borrowing, which were nesplaceny in the day, when the State ceased to be a member of, and

the amount of such losses exceeds the amount of the reserve intended for

cover losses on a day when the State ceased to be a member of such a State will be

Thanks to repay on demand the amount by which the repurchase price of the shares was

reduced, if the losses were taken into account when the repurchase price was

determined by the. In addition, the former Member State remains committed to every challenge

the balance of outstanding bonds referred to in article II, section 5 (II), in the

the range of what would have been required to compensate if there was

the depreciation of capital and the challenge has become in time, when the redemption price of the shares

has been determined.



(d)) if the Bank stops its activity according to the part of the permanent 5 (b)) of this

Article during six months from the date on which a State ceases to be a

Member, all rights of such a State will be determined by the provisions of part 5

This article.



Part 5.



Stop the activity and fulfill the commitment



and in the case of urgent necessity) can stop the Executive Directors at the time

activity in terms of new leases and warranties, until suitable opportunities

for further consideration or action of the governing Corps.



(b)) the Bank may permanently stop its activity, in terms of the new lease and

guarantees, the resolution of most governors, representing the majority of

legitimate votes. After this stop stops the Bank in any

with the exception of such activity that is directed toward the proper implementation,

the conservation and preservation of its assets and to settle their obligations.



(c) a commitment by all members for) unwanted subscriptions the share capital of the Bank and

commitment arising from the depreciation of their own currencies will take

If they do not meet all of the claims of creditors and all possible

claims directly to the unforeseen.



(d)) all the creditors direct claims will be paid out of the assets of the Bank and

then from the salaries held Bank to challenges on the outstanding notes. Before

by exercising any of the salaries of the creditors, having direct claims, the

Executive Directors such measures, which will be referred to the Court

needed to ensure creditors having claims directly

unforeseen, that will be met in the same proportion as claims direct.



(e)) will not be divided into members to account for their subscriptions the share capital

The Bank,



I. until all amounts owed to creditors is not completed or is not

they cared for and



II. the majority of the Governors, having until a majority of the authorized votes,

Decides that such allocation will make.



f) once the decision on the implementation of the Division referred to in paragraph


(e)), the Executive Directors of two thirds make progressive

distribution of assets of the Bank to the members until exhaustion. This distribution is

subject to the preceding satisfaction of outstanding claims of the Bank against

to each Member.



g) before any distribution of assets, Executive Directors

provides for a proportionate share of each Member in proportion to its shareholding to

the aggregate of the shares of banks that are in circulation.



h) Executive Directors will appreciate at the date of distribution of assets to be

divided, and then will proceed with distribution as follows:



I. each Member will be paid in his own bonds or in

bonds of his official or legal persons on its territory,

If the Bank can use for distribution, the amount is worth

equal to the relative share of the total by the amount to be

split.



II. The rest belonging to the Member after the payment made under (I), the

paid in its own currency if the Bank held, up to the amount,

equal to the value of this remnant.



III. The rest belonging to the Member after the payment held under (I) and (II),

will be paid in gold or currency acceptable to the Member, if the Bank is

holds up to an amount equivalent to the value of this remnant.



IV. any remaining assets held by the Bank after the execution of the remuneration of the members of the

referred to in points (I), (II) and (III), shall be divided pro rata among the members.



Every Member who receives the assets, divided by the Bank, in accordance with paragraph (h))

will they have the same rights, what should the Bank prior to their distribution.



Article. VII.



Status, immunities and privileges



Part 1.



The purpose of the article



For the Bank to carry out the functions which it is responsible, in the territory of

each Member of the granted the status, immunities and privileges referred to in

This article.



Part 2.



The Status Of The Bank



The Bank has to be full legal personality and, in particular, will be eligible:



I. enter into contracts;



II. to acquire immovable and movable property and to dispose of it;



III. to initiate legal proceedings.



Part 3.



The position of the Banks due to legal proceedings



Action brought against the Bank only can be made in a Court of competent

jurisdiction in the territory of a member, on which the Bank has an Office, has appointed

Agent to receive the summons, or actions, or has issued or

pledged securities. The action, however, must not be administered or members

persons acting as members of or derive from them. Assets and

assets of the Bank will be, whether they are placed anywhere or held by any person

free from all the ways that the seizure, load or execution before the release

final judgment against the Bank.



Part 4.



Nezabavitelnost assets



The property and assets of the Bank, whether they are placed anywhere and held by anyone

will be safe before the tour, rekvizicí, seizure, expropriation or

any other way will prevent administrative or legislative action.



Part 5.



Immunity of archives



The archives of the Bank shall be inviolable.



Part 6.



The liberation of assets from restrictions



To the extent necessary to carry out the activities of the Bank pursuant to this agreement and in the

the limits of the provisions of this agreement, all the property and assets of the Bank

be exempt from restrictions, regulations, controls and příročí of any kind.



Part 7.



Preferential rights for messages



With the official reports of the Bank will treat each Member as well as with the

official reports of the other members.



Part 8.



Immunities and privileges of officials and employees



All the Governors, Executive Directors, náměstkové, officers and employees

Bank



I shall enjoy immunity against lawsuits arising from conduct which

taken in his official rank, but would the Bank gave up this immunity;



II. If there are local nationals, shall enjoy the same immunities as are

against immigration restrictions, alien registration requirements and

military service obligations and the same benefits due to the foreign exchange restrictions,

what members accorded to representatives of other members of their officials and

employees in similar ranks;



III. travel will be allowed them the same benefits as members of the grant

the representatives of the other members, their officials and employees in similar

ranks.



Part 9.



Exemption from taxes



and the Bank, its assets), assets, income, and its operations and transactions,

leave provisions of this agreement will be exempt from any taxes and from

all customs duties. The Bank will also be exempt from the obligation to collect

or pay any tax or duty.



(b)) will not be levied on salaries and other income, paid by the Bank

the Executive Directors, their Deputy, or employees of the Bank who

There are local citizens, local subjects or other local

nationals.



c) Bonds or securities issued by the Bank (and even their interest and

dividends), anyone held, they will not be subject to any taxation,



I. that discriminates against such obligation or security just because

It is issued by the Bank;



II. If the only legal justification for such taxation is the place

or the currency in which they are issued, splatny or paid, or the location of the

offices or places of business of the Bank;



d) Bonds or securities guaranteed by a Bank (and even their dividends

and interest), anyone held, they will not be subject to any taxation,



I. that discriminates against such obligation or security just because

It is issued by the Bank;



II. If the only legal justification for such taxation is the location of the

offices or places of business of the Bank.



Part 10.



The application of article



Each Member shall take such measures as are necessary in its own

the territory, in order to keep within its own legal system has applied

the principles expressed in this article, and will inform the Bank about

details of the measures taken.



Article. VIII.



Amendments to the statutes



and any proposal to editing) of this agreement, whether based on from a member,

the Governor or Executive Directors, will be announced to the President of the College

the Governors; then, submit a proposal to the choir. If the proposed amendment

approved by the College, the Bank would all members of the ring by letter or

by telegram, whether they accept the proposed amendment. Where the proposed amendment to the

three-fifths of the members, with eighty-five percent) of all authorized

the votes, verifies the formal report this fact to the Bank controlled at all

members.



(b)) Besides what is stated below is required), acceptance of all

Members in the event of any changes that the newly regulates the (I) the right to give up

membership in the Bank provided for in article VI, section 1; (II) a right guaranteed

Article II, section 3 (c)); (III) the limitation of liability provided for in article II, section

6.



c) changes will be effective for all members, three months after the date of the formal

message, but would have been in the ring a letter or telegram addressed to the period

shorter.

------------------------------------------------------------------ *)

The change from 16. 2. the 1989 four-fifths were replaced by 85%.



Article. IX.



Interpretation Of The Agreement



any question of interpretation) the provisions of this agreement which arises between

by any member and the Bank, or between any members of the Bank, the

submitted to the decision of the Executive Directors. If the question refers to

in particular, a member who is authorized to appoint an Executive Director, will be

This member is entitled to representation under article V, section 4 (h)).



(b)) in any event, when the Executive Directors shall take decisions in accordance with

paragraph a), each Member may request that the question was presented to the College

the Governors; their decision will be final. Pending the decision of the congregation may

The Bank shall, if it considers it necessary, Act on the basis of the decision of the Executive

of the directors.



(c)) at any time a disagreement between the Bank and the country, which had ceased to be

a member of, or between the Bank and any Member for permanent cessation

activities of the Bank, will be submitted to the decision of the General Court mismatch.

the three arbitrators, one appointed by the Bank, the other appointed by the

the relevant country and arbitration, which has-unless the parties have agreed

otherwise, the President-designate Permanent Court of international justice or

such other authority as prescribed by the regulations, will the Bank accepts it.

The referee has the power to handle all management issues that arise

the mismatch between the parties.



Article. X.



The expected approval



At any time, require the consent of the Member to ensure that the Bank has taken some

the negotiations, the consent shall-with the exception of the conduct referred to in article VIII-

assume, unless the opposition during such a reasonable period,

What is the Bank sets, zpravujíc member of the intended action.



Article. XI.



Final provisions



Part 1.



Entry into force of



This agreement will take effect once it is signed on behalf of the States,

the smallest notes is at least sixty-five percent of the total

subscriptions, listed in Annex A, and when they are folded on their behalf

the Charter set out in part 2 of this article;) in any case, this

The agreement shall not take effect before 1. to May 1945.



Part 2.



Signatures



and Every State) on behalf of the agreement is signed, deposited with the Government

United States of America stating that the Charter has accepted this Agreement

in accordance with its laws and that it has taken all the necessary steps to

to carry out all its obligations under this agreement.



(b)), each State becomes a member of the Bank from the date on which the Charter will be stored

referred to in paragraph (a)), but no State will not become a member until this


The agreement shall not take effect under part 1 of this article.



(c)), the Government of the United States shall notify the Governments of all the countries whose

names are listed in Annex A, and all States, whose membership will be

approved in accordance with article II, section 1 (b)), of all signatures of this agreement and

on the composition of all the documents referred to in paragraph (a)).



(d)) at the time when this agreement is signed on his behalf, commits each

the State Government of the United States of America to cover the administrative expenses of the Bank

one hundredth of a percent of the price of each stock in gold or in dollars

United States of America. This payment will be credited to his credit on the account

payment to be made within the meaning of article II, section 8). The Government of the

The United States will lead the money in a special account and the cluster storage

surrender is the Corps of Governors of the Bank, will be convened as soon as the opening

the meeting referred to in part 3 of this article. If this Agreement shall not take

effective 31 December 1998. in December 1945, the Government of the United States returns

the money States that is cast.



e) this agreement will be able to be signed until 31 December 2006. December 1945

Washington, d.c., on behalf of the Governments of the countries whose names are listed in annex a.



f) after 31 December 2006. December 1945 this agreement can be signed on behalf of

the Government of each country, whose membership has been approved in accordance with article II, section

1 (b)).



(g)), the signing of this agreement, all States it is both for themselves and

for all your colonies, overseas territories, all territories under their

protection, sovereignty or authority and any territory over which the

carrying out the mandate.



h) with regard to States whose parent territory was occupied by enemy

may be depositing the instrument referred to in paragraph a) postponed until 180 days

the date on which the territory will be exempt. If, however, you will not be certain

in such a State is stored before the expiry of this deadline, the signature attached

on behalf of that State becomes invalid and a part of the subscription, paid by

paragraph (d)), it will be returned.



I) of paragraph (d)), and (h)) will be effective against any State signatárnímu

from the date of its signature.



Part 3.



Start of activities of the Bank



and) once this agreement takes effect in accordance with section 1 of this article,

each Member shall be appointed by the Governor and a member of the, which is given in the annex, and

the largest number of shares, shall convene the first meeting of the governing Corps.



(b)) at the first meeting of the governing Corps measures shall be taken for the election of

Provisional Executive Directors. The Governments of the five countries, which is in the annex, and

allocated the largest number of shares, they shall appoint the interim Executive Director.

If one or more of those Governments do not become members, remains

the Executive Directorate, that would have been entitled to occupy, uprázdněno, until the

they become members of or up to 1. in January 1946, depending on which date

It will be earlier. The seven Provisional Executive Directors will be elected by the

the provisions of Annex B and will remain in Office until the date of the first ordinary election

Executive Directors, which will be held as soon as possible after 1. January

1946.



c) chorus of Governors may delegate to the Executive Director all of the interim

permissions outside of the one that the Executive Director cannot be transferred.



(d) advise the members) the Bank once it is ready to begin operation.



Given in the Washington, d.c., this twenty-seventh day of December in the year one thousand

devítistého recital 41 of the fifth, in a single copy which shall remain

saved in the archives of the Government of the United States of America. This sends the authenticated

copies to all the States, whose names are listed in Annex A, and all

States whose membership is approved in accordance with article II, section 1 (b)).



Č. 4. And



Subscriptions

(in millions of United States dollars)



Australia............... 200 South African Union........... 100

Belgium.................. 225.................. 45

Bolivia................... 7 Canada..................... 325

Brazil................ 105 Colombia.................... 35

Costarika................. 5 Kuba ........................ 35

Czechoslovakia.......... 125 Liberie...................... 0.5

Čína .................... Luxembourg 600................. 10

Dánsko ................... *) Mexiko ...................... 65

Dominican Republic.... 2 Nicaragua.................... 0.8

Equador................... 3.2 Netherlands.................. 275

Egypt .................... 40 Norway...................... 50

El El Salvador............... 1 New Zealand................. 50

Philippines................. 15. Panama ... ... ... ... ... ... .... 0.2

France................. Paraguay 450..................... 0.8

Guatemala................. 2 Peru ........................ 17.5

Habeš ..................... 3 Poland ..................... 125

Honduras.................. 1 Řecko ....................... 25

Chile .................... 35 United Kingdom........ 1300

Indie ................... 400 United States. ... 3175

Irák ...................... 6 of Soviet

Socialist Republics.. 1200

Írán ..................... Uruguay 24..................... 10.5

Iceland.................... 1 Venezuela................... 10.5



A total of 9100

------------------------------------------------------------------

*) The quota will be set by the Bank of Denmark, when the Danish Government

declares its willingness to sign such an agreement, but before

the signing occurs.



Annex B



The choice of Executive Directors



1. the choice of elected Executive Directors will be held to vote

Governors, legitimate choice in accordance with article V, section 4 (b)).



2. the vote of the elected Executive, a Governor, and conspired

true to select the cast for one person all of the votes to which it is

According to part 3, article in entitled to Member that appointed him. Seven people,

that will get the largest number of votes, will become the Executive Directors with the

the exception that shall be considered elected no person gets

less than 14 percent of all eligible votes.



3. If the selected seven people at the first poll, in which the person

that got the least number of votes will not be optional, and which

only choose



and those governors who) in the first ballot, voted for the person

nezvolenou,



(b)) they have the Governors ' votes, cast for the person chosen, has

referred to in paragraph 4, that have increased the number of votes cast for the

person over 15 percent of the eligible votes.



4. in determining whether the votes cast by some Governors,,

It is considered that increased the total number of votes cast for

any person above fifteen percent of eligible votes, it will be about the

Fifteen percent have considered that include mainly the voices of the Governor,

that gave the largest number of votes for such person, then the votes

the Governor, who gave the closest number of etc, until it reaches 15

percent.



5. each Governor, of whose votes must be counted, the part that

increased the total number of votes cast for any person above 14 percent,

It will be considered that that gave all her votes for such person, even

When the total number of votes for such person thereby exceed fifteen percent.



6. If the second ballot will not be chosen by seven people,

further voting according to the same principles, until it is selected

seven people, provided that, after the election of six people may be the seventh

elected by a simple majority of the remaining votes and will be deemed to have been

all of these voices is selected.



The AGREEMENT



the international financial Corporation



(As amended by the supplement according to the resolution, with effect from 21 September 1961 and September 1

1965)



Washington, D. C.



July 1986



The agreement on the International Finance Corporation



The Government, on whose behalf the agreement signed, have agreed as follows:



Introductory article



The International Finance Corporation is hereby established (hereinafter referred to as "the Corporation"),

that will operate in accordance with the following provisions:



Article. I..



The target of the



The aim of the Corporation is to assist the economic development by encouraging the growth of

private manufacturing business in member countries, especially in the less

developed areas, and thus complement the activities of the International Bank for

reconstruction and development (hereinafter referred to as "the Bank"). In pursuing this objective will be

Corporations:



(i) in conjunction with private investors to help finance the establishment,

improvement and expansion of the private production companies, which will

to the development of the Member countries through investment, covered from

the respective member Governments does not require a guarantee for the repayment, and that in the

cases where there is not enough private capital for

acceptable conditions;



(ii) the search for investment opportunities and provide for them, both domestic and

foreign capital and experienced management; and



(iii) encourage and help shape the conditions that would help bring

private equity capital from both domestic and foreign investment in the production of the Member

countries.



The Corporation will, in all its decisions governed by the provisions of this

article.



Article II.



Membership and capital



Part 1:



Membership



(a) the founding members of the Corporation are the members of the Bank, who are

included in the list, and which accept this agreement and membership in the Corporation in the

day, or before the date specified in article IX, section 2 (c).



(b) membership can get other members of the Bank at the time and under the conditions

to be determined by the Corporation.



Part 2:



Share capital



(a) the Nominal share capital of the Corporation will be $ 100,000,000 in U.S.


dollars. ^ *)



(b) nominal share capital will be divided into 100,000 shares, which

have a nominal value of one thousand u.s. dollars. Other such shares,

that have not been subscribed for shares as the input, the founding members

available next to the Subscriber pursuant to section 3 (d) of this article.



(c) the size of the share capital increase the Board of Directors may at any time

as follows:



(i) majority of votes cast, in cases where this is necessary to increase

for the issue of shares on the input shares to members who are not

the founding members, provided that the total increase approved by

This paragraph will not be more than 10,000 of shares;



(ii) in all other cases, by a three-quarters majority of the votes.



(d) in the case of the increase referred to in the above paragraph (c) (ii) will have

each Member a reasonable opportunity to subscribe under the conditions which it decides to

Of the Corporation, such proportion of the increased capital, which would match the

the proportion of the capital that is already subscribed, the total stock of capital

The Corporation, however, for any member of the subscription to any part of the increased

capital is not mandatory.



(e) the issuance of shares, other than those which they subscribe as input shares or

According to the above paragraph (d), requires a three-fourths majority of all

votes.



(f) shares of the Corporation will be available for subscription only by members and only

they will be released.



Part 3:



Subscribed shares



(a) Each founding member shall subscribe to the number of shares that is listed

next to their name in the list and on number of shares subscribed by other members,

the Corporation shall decide.



(b) shares to be subscribed by the founding members will be issued at par

upsanou value.



(c) input the share of each founding member is payable within 30

the days of either the date on which the Corporation starts to exist pursuant to article IX, section 3

(b), or from the date when such founding member becomes a member by

of that eventuality occurs later, or the next day,

to be determined by the Corporation. Payment is made in gold or US dollars at the

challenge Corporations that will determine the place or places of payment.



(d) the price and other conditions of the subscription of shares, shall subscribe to the otherwise than on

the input shares the founding members shall be determined by the Corporation.



Part 4:



Limitation of liability



By virtue of their membership does not match any member of the obligations of the Corporation.



Part 5:



Restrictions on the transfer and pledge of shares



Shares may not be pledged or encumbered in any way and may only be

transferred only to the Corporation.



Article. III.



Operation



Part 1:



Financial operations



The Corporation may invest its funds in private manufacturing companies on the

the territory of its members. The existence of a Government or other public interests in

These enterprises does not exclude absolutely the Corporation to invest in options

such an undertaking.



Part 2:



Methods of financing ^ *)



(Amendment of 21 September 1961)



The Corporation may invest its funds in the form or forms of what

deems appropriate under the circumstances.



1) original text:



(a) the Corporation does not carry out its funding in the form of investment

the share capital. The Corporation may invest its funds in the form

or forms that will be considered appropriate in the circumstances,

including (without limitation) the investments which the holder has the right to participate in

on the proceeds of a right to subscribe for share capital or investment to convert to



(b) the Corporation itself does not have the right to subscribe to or change investment on stock

capital.



Part 3:



Operations policy



Operations of the Corporation shall be made in accordance with the following principles:



(i) the Corporation will not provide finance, where in its opinion,

You can get enough private capital on reasonable terms;



(ii) the Corporation will not provide finance business on the territory of any

Member, if the Member has objected to such financing;



(iii) the Corporation will not insist that the proceeds from the financing of

was used on the territory of the country;



(iv) the Corporation does not assume responsibility for the management of the enterprise to

which has invested, and will not benefit from the right to vote for this

purpose or for any other purpose, which, in its opinion, falls

legitimate management area; ^ ^ **)



(v) the Corporation will carry out its financing in such a manner and under

such terms and conditions as it considers appropriate, taking into account the

the requirements of the undertaking, risks of corporations and conditions and performed in ways

that normally applies for private investors in a similar

funding;



(vi) the Corporation will try to ensure their equity sales turnover

its investments to private investors whenever it will be appropriate for

satisfactory conditions;



(vii) the Corporation when its investments will seek a reasonable

diversification in its investments.



Part 4:



Protection of the interests



Nothing in this Agreement shall prevent the Corporation from making in the case of actual or

failure to comply with the applicable obligations can be threats relating to any

investments, actual or potential insolvency of the undertaking to

which has invested, or in any other situation which, in the opinion of the Corporation

These investments, it has taken threatens such steps and apply such

right, as it deems necessary to protect its interests.



Part 5:



Applicability of certain foreign exchange restrictions



The amounts received by the Corporation or which shall be payable in respect of

with an investment of the Corporation in any of the Member countries under part 1

This article is only on the basis of patent any provision of

in this agreement, from foreign exchange restrictions, regulations and controls that apply

on the territory of that Member.



Part 6:



Various operations



Beyond the operations referred to elsewhere in this agreement, the Corporation has the right to:



(i) borrow cash amounts, and in this context provide

parallel or other guarantee that it shall determine, provided, however, that the

before it performs the public sale of its obligations in the markets of the Member, gets

The Corporation's consent and the consent of the Member, the Member in whose currency to be

bonds sold; If the Corporation owed for a loan from a bank

or for a loan guaranteed by the Bank, then for this debt

the total amount of the outstanding debt of the Corporation itself or loans, for which the

A corporation is liable, not increase, if, at that time, or because

aggregate amount of the debts of the Corporation (including warranties for any debt),

originating from any source and in that time, the outstanding, exceeded its

the amount that is equal to four times its unladen subscribed

capital and surplus; ^ *)



(ii) invest the funds that it doesn't need for financing

its operations into bonds that it can identify and invest

the funds, which held for pensions and similar purposes in

of any marketable securities, and this investment will not be

be subject to any restrictions set out in other sections of this article;



(iii) to provide guarantees on securities, into which it invested to

facilitate their sale;



(iv) to buy and sell securities issued by or

guarantees, or in which it has invested;



(v) to exercise other rights in connection with his business activities,

If it is necessary or appropriate to promote their own goals.



Part 7:



Reviews of currencies



Whenever this is necessary under this agreement evaluate any currency in

compared to another currency, makes this assessment of the Corporation after

consultations with the International Monetary Fund.



Part 8:



Notice relating to securities



Each paper that Corporations be issued or for which he is liable, it will have to

conspicuous place a statement that is not a Bank or a bond, if the

It is not explicitly stated on the paper, not a government bond.



Part 9:



The ban on political activities



The Corporation and its agents will not interfere with political affairs

any Member, and its decision will not be influenced by political

the orientation of the Member. The decision will be subject to only

economic considerations that must be impartial in order to achieve the objectives of the

referred to in this agreement.



Article IV.



Organization and management



Part 1:



The Structure Of The Corporation



The Corporation has a Board of Governors, Board of Directors, the Chairman of the Board of Directors,

the President and other officials and employees for the performance of duties

Corporations.



Part 2:



The Management Board



(a) all the powers of the Corporation belongs to the Board.



(b) each ordinary or substitute member of the Board of the Bank, appointed a member of the

Banks, who is also a member of the Corporation, will be ex officio ordinary, respectively.

alternate member of the Board of Directors of the Corporation. Each Member of the Board replacement

the Council may vote only in the absence of the Member of the Management Board.

The Board selects one of its members as Chairman of the Board.

Any ordinary or substitute member of the Board ceases to carry

function if the Member who named him, ceases to be a member of the

Corporations.



(c) the Administrative Council may pass Board of Directors the right to exercise its

powers with the exception of:



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



(ii) the increase or decrease of share capital;



(iii) the exclusion of members;



(iv) deciding on appeals concerning the interpretation of this agreement in

the interpretation of the Board of Directors;



(v) conclusion of conventions on cooperation with other international organizations


(excluding the informal agreements are temporary and are of an administrative nature);



(vi) decisions concerning the permanent cancellation of the operations of the Corporation and distribution of assets;



(vii) the announcement of dividends;



(viii) modification of this agreement.



(d) the Administrative Council holds an annual meeting and other meetings, which prepares

the Management Board shall be convened by the Board of directors or.



(e) the annual meetings of the Administrative Council will be held together with the annual meeting of the administrative

the Council of the Bank.



(f) Any meeting of the Board of Directors is quorate, if present

the majority of the Council members, who represent at least two-thirds of all votes cast.



(g) the Corporation may establish a procedure by which the Board of Directors gets

the votes of members of the Management Board for a particular question, without having to convene

meetings of the Administrative Council.



(h) the Board and the Board of Directors may, in the scope of their competence

to adopt such rules and provisions which are necessary for the correct

the running of the work of the Corporation.



(i) members of the Management Board and the members of the Council shall carry out replacement Office

without compensation on the part of Corporations.



Part 3:



Vote



and the voting power of each member) will be equal to the sum of its basic votes

and equity of votes.



I) Basic votes of each Member will be based on the number of votes

equitable distribution of 5.55% of the total number of votes of all members between the

all members, so that the number of basic votes has always been a whole number.



II) Equity votes for each Member will be based on the number of votes

the allocation of one vote for each share of the capital they hold.



(b) unless otherwise provided, decisions on all matters of the Corporation

by an absolute majority of the votes cast.



Part 4:



The Board of Directors



(a) the Board of Directors is accountable for the implementation of the General operations

Corporations, and to this end, it applies all his power under this

Agreement or the powers that she handed over the Administrative Council.



(b) the Board of Directors of the Corporation shall be composed of the Executive Directors, ex officio

Banks, each of which is either (i) the appointed member of the Bank, which is at the same time

a member of the Corporation, or (ii) elected in the elections, in which his

the election of counting the votes of at least one member of the Bank, which is

at the same time a member of the Corporation. A representative of each of these powerful

the directors of the Bank will be ex officio Deputy Director of the Corporation. The Director of the

ceases to be a Director if a member that appointed him, or all

the members, whose votes count for his election, cease to be

the members of the Corporation.



(c) each Director, who is appointed by the Chief Executive Officer of the Bank, has

the right to as many votes as it has in the Corporation Member, who named him. Each

the Director, who is elected by the Executive Director of the Bank shall be entitled to so much

votes, how many are in the Corporation has a member or members of the Corporation, whose

votes are counted towards for his election in the Bank. All voices

the Director shall be entitled to vote, shall be used as a single unit.



(d) the Deputy Director has in the absence of the Director, who appointed him,

the full powers for the performance of the duties of the Director. The Director is present,

his Deputy, may participate in meetings but may not vote.



(e) meetings of the Board of Directors is quorate if the majority

the directors, who represent no less than one half of the votes.



(f) the Board of Directors shall meet as often as the work of the Corporation so requires.



(g) the Board shall adopt such provisions according to which the

A corporation that does not have the right to appoint the Executive Director, the Bank may

send a representative to any meeting of the Board of Directors of the Corporation,

If the hearing of a request made by that Member or matter,

which this member is particularly touching.



Part 5:



Chairman, President, device



(a) the President of the Bank is ex officio Chairman of the Board of Directors of the Corporation,

but does not have the right to vote, except in cases where the decision will have a voice

When the same number of votes. You may attend the meetings of the Board of Directors, but

at these meetings will not vote.



(b) the President of the Corporation shall be appointed by the Board of Directors on the recommendation of the

of the President. The President is the head of the production apparatus of the Corporation. Under

the leadership of the Board of Directors, and under the supervision of the President will be to perform common tasks

Corporations and under their general supervision will be responsible for

the Organization, hiring and firing officials and workers.

The President may participate in the meetings of the Board of Directors, but will not be on these

meetings to vote. The President may be dismissed by decision of the Board of Directors

with the approval of the President.



(c) President, officials and device corporations are required to service

only the Corporation and any other authorities. Each Member of the Corporation will honor

the international character of this service and will not try to influence the

anyone in the performance of its services.



(d) with regard to the paramount importance of ensuring the maximum performance levels

and technical competence is in the selection of officials and staff of the apparatus

The Corporation must keep in mind that it is necessary to obtain workers from what

the broadest possible geographical base.



Part 6:



Relationship to the Bank



(Appendix 1 September 1965)



(a) the Corporation is a separate entity, separate and distinct from the Bank and the

the funds of the Corporation shall be managed separately from the funds, which

It belongs to the Bank. ^ *) the provisions of this section shall not prevent the Corporation, to be agreed

with the Bank of rooms, staff and services and payment

the administrative expenditure, which in the first place one organization has paid

for the benefit of the other.



(b) in accordance with this agreement, the Corporation is not accountable for the actions and commitments of the Bank

Neither Bank is not accountable for the obligations of the Corporation.



Part 7:



Relationship with other international organisations



The Corporation through a bank enters into a formal agreement with the United

Nations and may enter into similar agreements with other public international

organizations specializing in related areas.



Part 8:



The Office of the



The main Office of the Corporation will be in the same location as the main office

Of the Bank. The Corporation can have an Office on the territory of any member.



Part 9:



Deposit locations



Each Member shall designate its Central Bank as depository, where

Corporation may keep the currency of a member or other assets of the Corporation, or

If he is not a member of the Central Bank, shall designate for this purpose such

the institution that the Corporation would suit.



Part 10:



Communication channel



Each Member shall designate the competent authority with which the Corporation would interact in the

matters arising out of this agreement.



Part 11:



The issue of reports and provision of the information



(a) the Corporation will issue an annual report, which will include financial

the statement, and will be distributed to members in the respective intervals summary

the reports on the State of the finances, profit and loss and the overall outcome of the operations.



(b) the Corporation may issue additional messages, if it considers it desirable for the

to accomplish its objectives.



(c) copies of all reports, statements and publications listed in this section are

They shall be distributed to the members.



Part 12:



Dividends



(a) the Administrative Council shall decide from time to time, that part of the net income and

the surplus of the Corporation after due provision for reserves shall be distributed in the form of

dividends.



(b) dividends shall be distributed pro rata in proportion to the shares of which they are members

holder.



(c) Dividends shall be paid in such manner and in such currency or

currencies, what determines the Corporation.



Article. V.



The withdrawal, discontinuance of membership, the suspension of operations



Part 1:



Resignation of members



Any Member may withdraw from the Corporation at any time on the basis of

written notification, the stage at the main Office of the Corporation.

Withdrawal shall take effect in this day when the Corporation written notice

It receives.



Part 2:



Interruption of membership



(a) when a member fails to fulfil any of their obligations to the Corporation, may

The Corporation to discontinue its membership by decision of a majority of the Board,

representing a majority of the total votes. A member that has broken

membership, automatically cease to be a member of the year following the date of termination of membership,

If the same majority decides to restore his membership.



(b) at the time when the Member has broken the membership, does not have the right to exercise the rights

under this agreement, excluding the right of withdrawal, but will continue to

subject to all the liabilities.



Part 3:



Suspension or termination of membership in the Bank



Any member of the, which was lost in the Bank or membership ceases

be a member of the Bank, will automatically have broken of membership in the Corporation,

button is clicked. ceases to be a member.



Part 4:



The rights and obligations of Governments, which cease to be members of the



(a) when the Government ceases to be a member, he shall continue to be for all amounts,

which has to repay the Corporation. The Corporation shall arrange for the repurchase of shares of such

Government as part of the payments under the provisions of this section, but the Government according to the

This agreement will have no other rights than those listed in this

part a of article VIII (c).



(b) the Corporation and the Government may agree to purchase shares from the Government for the

the conditions of appropriate in a given situation, notwithstanding the provisions of

the following paragraph (c). Such agreements may also have

the provisions of the final settlement of all obligations of the Government to the Corporation.



(c) in the absence of such an agreement during the six months after that, the Government

ceases to be a member of, or until such time that Government and corporations


agree on the purchase price of the shares of such Government established odkupovaných

as the value of the shares referred to in the books of the Corporation on the day

When the Government has ceased to be a member. The purchase of the shares is subject to the following

conditions:



(i) payment for the shares, after the Government gave up on them, they can perform

from time to time in such instalments, at such a time and in such available

currency or currencies, in which the Corporation reasonably determines, taking

into account the financial position of the Corporation;



(ii) any amount arising from its Government capital injection will be

detained, if the Government or one of its agencies continues to commitments

against the Corporation in respect of the repayment of any amount due, or

amounts, and any such amounts may be owed according to the discretion of the Corporation in

maturity be reimbursed from amounts withheld Corporations;



(iii) if the Corporation's net loss from investments made by

Article III, section 1, and if it is in the possession of this investment to date

the Government ceases to be a member, and if such a loss exceeds the volume of reserves

existing to cover such loss on the same date, then such a Government

to pay on demand the amount by which the price of the shares from her

odkupovaných was reduced, if there had been such losses are taken into account

in determining the prices of these odkupovaných shares.



(d) in no event will not be paid out of money belonging to the Government for the capital

According to this section before the expiration of six months after the Government stopped

be a member of. If during the six months after that, the Government will no longer be

a member of the Corporation, the operation stops according to part 5 of this article, all

the rights of such Governments shall be determined under the provisions of section 5 and such a Government

will continue to be considered as a member of the Corporation for the purposes referred to in section 5,

except that it does not have the right to vote.



Part 5:



Stop the operations and settlement of liabilities



(a) the Corporation may permanently stop its operations on the basis of the votes

most of the members of the Board, representing a majority of the votes. After

This stop the operations of the Corporation terminates all other activities, to

on here, which is essential for the realisation, conservation and preservation of our own

assets and settlement of obligations. In the final settlement of such liabilities and

the distribution of the assets of the Corporation will continue to exist and all mutual

the rights and obligations of the Corporation and its members arising from this agreement

will remain intact, except that any member cannot be broken

membership, nor will any not waive the membership and that nothing shall separate between

members outside of the Division referred to in this section.



(b) nothing shall separate between the members based on their deposits to equity

In the meantime, the Corporation than to pay all creditors, or until

than the majority of its Board members representing a majority of votes

Decides to make such a distribution.



(c) according to the previous splits the Corporations assets the Corporation members of the Pro-

propočtem (pro rata) in proportion to the stock of capital in their possession,

each Member, however, must first pay the debts of the Corporation to

It has. This Division shall be carried out at that time and in such a currency either in

cash or other assets, what will the Corporation be considered to

correct and acceptable. Shares distributed among several of the members may not

necessarily be the same as to the kind of assets or to the currency in which they are expressed.



(d) any Member who gets the assets of corporations being divided according to

This section will have the same rights with regard to such assets, as before

This was a corporation.



Article VI.



The status, immunities and privileges



Part 1:



The purpose of the articles



In order to carry out the functions of the Corporation, which was responsible for, according to the

This article provided with status, immunity and privileges, which will have to

the territory of each Member.



Part 2:



The Status Of Corporations



A corporation is a legal entity and has a particular permission:



(i) enter into contracts;



(ii) to acquire and sell real estate and chattel;



(iii) initiate judicial proceedings.



Part 3:



The position of the Corporation in relation to legal proceedings



The Corporation can sue only before the competent court in the territory of a member, in

which the Corporation has an Office, or has his principal, or where

issued securities or guarantee for such papers. The action, however,

be a member or a person who acts on recovery from

members. The property and assets of the Corporation, wherever they may be and in the possession of

anyone, they are immune to all types of seizure, transfer or

execution before passing final judgment against the Corporation.



Part 4:



Immunity of assets against seizure



The property and assets of the Corporation, wherever they are, and in the possession of anyone

they will be immune to inspection, rekvizici, confiscation, expropriation or

any other form of seizure or legislative exekutivním way.



Part 5:



Immunity of archives



The archives of the Corporation shall be inviolable.



Part 6:



Assets are not subject to the restrictions



To the extent necessary for the execution of the operations referred to in this agreement and in accordance with article III,

section 5 and the other provisions of this agreement are all the property and assets of the

The Corporation shall be exempt from restrictions, regulations, controls and moratoria

of any kind.



Part 7:



The prerogatives of the communication



To the official communications media Corporations, each Member will behave

as well as to the official communications of other members of the media.



Part 8:



Immunities and privileges of officers and employees



All the regular and alternate members of the Board, directors, representatives of the

Directors, officers and employees of the Corporation:



(i) are immune from legal proceedings in the case of acts performed by them in their

the official function;



(ii) the absence of a local citizenship, are entitled to the same immunity on

the immigration restrictions, aliens registration requirements and obligations

military service and the same options as regards foreign exchange restrictions on what

provided by members to the representatives, officials and employees of other members in the

a similar position;



(iii) will have the same options as for travel what they provide

the members of the employees ' representatives, officers and other members in a similar

position.



Part 9:



Immunity against taxation



(a) the Corporation, its assets, property, revenue and operations and transactions

authorized by this agreement are immunized against all taxes and all

the members of the. The Corporation is also immune to the obligations in connection with the

collecting or paying taxes or customs duties.



(b) does not impose a tax on salaries and emoluments, which the Corporation provides

Directors, representatives, directors, officers and other personnel

Corporations, who are local citizens, do not have local nationality, or

nationality.



(c) of the bonds or securities issued by Corporations (including dividends

or interest thereon), whether they are in the possession of anyone, shall tax



(i) which would mean discrimination of such bonds or securities

papers for the sole reason that Corporations have been issued; or



(ii) if only the legal basis for these taxes was the place or currency in

that have been issued, which are payable or paid, or the location of the

offices or dealership operated by corporations.



(d) does not recover the tax from bonds or securities guaranteed by the

Corporations (including dividends and interest payments from them), whether they are in the possession of anyone

with no sales tax is charged,



(i) which would mean discrimination of such bonds or securities

securities guaranteed by Corporations; or



(ii) if only the legal basis for these taxes was the place of the Office

or dealerships, which the Corporation operates.



Part 10:



The application of article



Each Member shall take such steps as are necessary to do so in its territory,

so in the sense of its own legislation, members of the principles of this article

applied and will inform the Corporation about the details of the steps that

took place.



Part 11:



Waiver of privileges and immunities



The Corporation may in its absolute discretion waive the privileges and immunities

arising from this article to the extent and under such conditions as

It designates.



Article. VII.



The amendments of the



(a) This agreement may be amended by a majority of Board members dvoupětinovou

representing four fifths of the total votes.



(b) Notwithstanding the above paragraph (a) is needed for a positive voice

all the members of the Management Board in the cases of amendments of

with:



(i) the right to withdraw from the Corporation pursuant to article V, section 1;



(ii) the right of pre-emption pursuant to article II, section 2 (d);



(iii) limitation of liability according to article II, section 4.



(c) Any amendment to this agreement, whether it comes from a member of

Board of directors or the Board of Directors, must pass to the Chairman of the Board

the Council, which shall submit a proposal to the Board. When the amendment was

accepted, it shall notify the Corporation's official communication to all members.

Amendments will be effective for all members, three months after the

transmission of official messages, if the Management Board does not specify a shorter period.



Article. VIII.



Interpretation and arbitration



(a) any question concerning the interpretation of the provisions of this agreement that

arise between the members of the Corporation or Corporations between the Member and shall be submitted to

the Board of Directors, which shall take a decision. If the question concerns a particular

a member of a corporation that does not have the right to appoint the Executive Director of the Bank,


This will have the right to representation under article IV, section 4 (g).



(b) in the case where the Board of Directors has made the decision under (a), may

the request that the question was presented to the Board, whose decision

then the final. Until the Administrative Council shall take its decision,

The Corporation may, if it considers it necessary, to act in accordance with Council decision

of the directors.



(c) whenever there is a mismatch between the corporations and countries which had ceased to be

a member of, or been a member of among corporations and any during the Permanent

interruption of the work of the Corporation, shall submit such dispute to arbitration

Tribunal of three arbitrators, one of whom is appointed by the Corporation, the other is

appointed an interested countries, and of the arbitration, which, if

unless otherwise agreed by the parties, is appointed by the President of the International Court

or other institutions, which in their provisions can determine

Corporations. The referee shall have the right to decide on procedure in cases

where the parties have not agreed on the procedure.



Article. IX.



Final provisions



Part 1:



Entry into force of



This agreement is valid if it has been signed on behalf of at least 30 Governments,

the subscription represents at least 75% of the total subscribed

the shares, according to the list, and, if the documents referred to in section 2 (a)

This article has been saved in their name, but in no case

This agreement shall not take effect before 1. October 1955.



Part 2:



The signature of the



(a) each Government, on whose behalf the present Agreement shall be signed by, deposited with the Bank

a legal document stating that the Government accepts this agreement without

the reservations according to their laws and that it has taken all steps necessary to ensure that

comply with all the obligations arising from this agreement.



(b) any Government becomes a member of the Corporation to the date of the imposition of the rule

the document referred to in the preceding paragraph (a), except for the fact that no Government

does not become a member before the agreement comes into force under part 1

This article.



(c) this agreement can be signed until 31 December 2006. December 1956 to the end of the official

hours at the Head Office of the Bank on behalf of the Governments of the countries mentioned in the list.



(d) after this agreement comes into effect, the Government may sign it

any country whose membership has been approved in accordance with article II, section 1

(b).



Part 3:



The official launch of



(a) as soon as this agreement enters into force in accordance with section 1 of this article,

the Chairman of the Board of Directors shall convene a meeting of the Board of Directors.



(b) the Corporation will launch its activities in the day when this meeting takes place.



(c) prior to the first meeting of the Board the Board of Directors has any and all rights

Board of Directors, except those that belong under this Agreement exclusively administrative

to the Council.



Given in Washington, in a single copy that is stored in the archive

International Bank for reconstruction and development, which ratified its signature

agree, that will be the depository of this agreement and that all

the Government, whose names are listed in the list, the date on which this

The agreement shall enter into force in accordance with article IX, section 1 of this agreement.



THE LIST AND THE



The subscription of the capital of the International Finance Corporation

Country Number Of Amount

shares (in US dollars)

--------------------------------------------------------------



Australia 2.215 2,215,000

Austria 554 554.000

Belgium 2.492 2,492,000

Bolivia 78 78.000

Brazil 1.163 1,163,000

Burma 166 166.000

Canada 3.600 3,600,000

Ceylon 166 166.000

Chile 388 388.000

China 6.646 6,646,000

Colombia 388 388.000

Kostarica 22 22.000

Cuba 388 388.000

Denmark 753 753.000

Dominican Republic 22 22.000

Ecuador 35 35.000

Egypt 590 590.000

El Salvador 11 11.000

Ethiopie 33 33.000

Finland 421 421.000

France 5.815 5,815,000

Germany 3.655 3,655,000

Greece 277 277.000

Guatemala 22 22.000

Haiti 22 22.000

Honduras 11 11.000

Iceland 11 11.000

India 4.431 4,431,000

Indonesia 1.218 1,218,000

Iran 372 372.000

Iraq 67 67.000

Israel 50 50.000

Italy 1.994 1,994,000

Japan 2.769 2,769,000

Jordan 33 33.000

Lebanon 50 50.000

Luxembourg 111 111.000

Mexico 720 720.000

The Netherlands 3.046 3,046,000

Nicaragua 9 9.000

Norway 554 554.000

Pakistan 1.108 1,108,000

Panama 2 2.000

Paraguay 16 16.000

Peru 194 194.000

Philippines 166 166.000

Sweden 1.108 1,108,000

Syria 72 72.000

Thailand 139 139.000

Turkey 476 476.000

South Africa 1.108 1,108,000

United Kingdom 14.400 14,400,000

United States 35.168 35,168,000

Uruguay 116 116.000

Venezuela 116 116.000

Yugoslavia 443 443.000

------- -------------

A TOTAL of 100.000 $ 100,000,000



The AGREEMENT



about the International Association for the development of



The Government, on whose behalf the agreement signed, recognising



that mutual cooperation a constructive economic objectives, pursuing a healthy

the development of the world economy and steady growth in international trade

favorably affects international relations that contribute to maintaining the peace

and well-being in the world;



that the acceleration of economic development, which would contribute to an increase in

standard of living and to economic and social progress in the less developed

countries, it is desirable not only for the country itself, but is in the interest of the whole

the international community;



the achievement of these objectives would facilitate increased international flow of capital, and

both public and private, which would assist the development of resources in the

less developed countries;



have agreed as follows:



Introductory article



Establishes the International Development Association (the "Association"), and

It will work according to the following provisions:



Article. I,



The objectives of the



The aim of the Association is to promote economic development, increase productivity and thus

elevate the standard of living in the less developed areas of the world territorially

covered by the Member States of the Association, in particular by providing finance to the

cover the requirements for the development, under conditions which are more flexible and have a

less impact on the balance of payments than conventional loans, and thus support the

development objectives of the International Bank for reconstruction and development (hereinafter referred to as "the Bank")

and will complement its activities.



The Association will be governed in all their decisions, the provisions of this

article.



Article II,



Membership; the original deposits



Part 1:



Membership



(a) the original members of the Association are members of the Banks referred to in the list, and,

who, no later than the date referred to in article XI, section 2 (c) shall adopt the

membership in the Association.



(b) membership is also open to other members of the Bank within the time limits and under the

the conditions to be determined by the Association.



Part 2:



The original deposits



(a) upon receipt of membership, each Member shall subscribe for money which he will

prescribed. These amounts are in addition to this agreement as the original

deposit.



(b) the original deposit provided for in respect of each Member is listed next to the

the names in the list, and in US dollars, and in the value you had US dollar to

on 1 January 2007. January 1960.



(c) ten per cent of your initial deposit of each Member shall be paid in gold or

a freely convertible currency as follows: fifty percent within 30 days from the date of

the beginning of the work of the Association in accordance with article XI, section 4, or in the day when the

original member becomes a member of, whichever of the following occurs

later; twelve and a half percent a year after the start of operations of the Association; and

twelve and a half percent each subsequent year at yearly intervals to

until the 10-percent piece of the original deposit shall pay.



(d) the remaining ninety percent of your initial deposit of each original

the Member is payable in gold or convertible currency in the case of members of the

listed in part I of the list, and; in the case of the members referred to in part II of

the list and shall be paid in the national currency of the Member. These 90 per cent of the original

deposits of the original members is due in five equal annual installments

as follows: the first installment within 30 days from the date on which the Association will launch its

the operations referred to in article IX, section 4, or in the day when original member becomes

Member, depending on which of these options, whichever is later; the second

installment of the year after the start of operations of the Association and further instalments each

the following year at yearly intervals until the following 90

percent of the initial deposit is completely repaid.



(e) the location of any part of the payment of any member in its national

currency that is repaid or repayable by a member of the previous point

(d) or under part 2 of article IV, but the Association does not need to

its activities, the Association notes or similar bonds issued by the Government of the

Member States or the depository institutions, which this member country shall designate;

such bonds are non-transferable and will be interest-free and on-demand


payable in the parity value on behalf of the Association for the specified deposit

of the institution.



(f) for the purposes of this agreement, the Association considers as "freely convertible currency":



(i) the currency of a member of the Association in consultation with the International Monetary

the Fund considers sufficient convertible currency on the other members for the purpose of

the activities of the Association; or



(ii) the currency of the Member for which this member agrees under conditions complying with the

Associations with other members in Exchange for the currency for the purposes of the activities of the Association.



(g) if the Association agrees otherwise, each Member referred to in part I

the list and retains in relation to its currency, which used it as a loose

convertible currency for payment in accordance with point (d) of this section, the same

convertibility, which existed at the time of payment.



(h) the conditions under which they may be subscribed for by other members of the original deposits,

who are the original members and the conditions of repayment of these amounts:

deposits determine the Association referred to in section 1 (b) of this article.



Part 3:



Limitation of liability



It is not apparent from the title membership for any member responsible for the obligations

Of the Association.



Article. (III),



Additional resources



Part 1:



Additional deposits



(a) at the time, which itself considers appropriate taking into account the timetable

payments to the original deposit the original members, and at intervals of approximately five

years, the Association will review the adequacy of its resources and, if considered

considers it necessary, ask for an overall increase in deposits. Regardless of the previous can be

at any time, to approve an increase in either all deposits or deposits,

While an individual is considering to increase the deposit only if requested

of them, the competent Member. Deposits referred to in this section shall continue to be treated as

for additional deposits.



(b) in accordance with the provisions of point (c) of this article, in case of approval of the

additional deposits will be the size of these deposits and the relevant terms and

determine the conditions in accordance with the decision of the Association.



(c) when the approval of other deposits, each Member will have the option to

under the conditions that the Association deems it appropriate, to subscribe to the amount that he shall continue to

guarantee its proportion of votes, but no Member will not have

the obligation to subscribe to additional deposit.



(d) all decisions under this part shall be subject to the approval of the

a two-thirds majority of all the votes.



Part 2:



Additional resources provided by a member in the currency of another Member



(a) the Association may, under conditions which are in accordance with the provisions of this

The agreement, to enter in the arrangement, according to which any Member may, from

out of the amounts that the Member must pay in respect of their original or

an additional deposit, receive an additional resource in the currency of any other Member; Association

However, do not agree to such an arrangement, if it is not convinced that

a member whose currency is concerned, agree to use its currency as a

additional resources and with the conditions of such use. The arrangement under

which such resources be adopted, shall include provisions concerning the

the management of revenues from resources and management of resources in the case themselves,

that Member, which is provided, ceases to be a member of, or in the case

that the Association will stop its activities.



(b) the Association shall issue contributing to the Special member development certificate

in which the amount and currency of the lists of resources which the Member has contributed, and further

the terms and conditions of the arrangement concerning these resources. Special

development certificate shall not entitle to vote and can be transferred only on the

Of the Association.



(c) in accordance with this section, nothing prevents the Association receive resources from the Member in

its own currency under conditions which shall be agreed.



Article IV,



Currency



Part 1:



Use of currencies



(a) the currency of any Member referred to in part I of the list, and, whether

convertible or not, the Association received under article II, section

2 (d), such as installment to reimburse 90% share of the deposit, which is payable in

the currency of a member of the Association may apply to its administrative expenditure in the territory

This member, and further, if it corresponds to a sensible monetary policy, on

payments for goods and services produced or provided in such territory,

which may be required for projects funded by the Association and conducted by

on this territory; Moreover, in those cases and to the extent to which

correspond to the economic and financial situation of the Member concerned, on the basis

the agreement between the Member and the Association, the currency freely exchanged or otherwise

use for projects financed by the Association and carried out outside the territory of the

Member.



(b) the use of the currencies, which the Association receives as payment other than deposits

the original deposits are original members, and currencies of them subsequently

obtained as the principal, interest or other charges shall be governed by

terms and conditions under which such deposits were approved.



(c) the use of the currencies, which the Association receives as additional resources other than

deposits and currency of them subsequently received in the form of principal, interest

or from other charges, shall be governed according to the terms of the arrangement, the

the basis of the currency are obtained.



(d) all other currencies, which the Association receives, the Association may freely

use and Exchange without any limitation on the part of the Member whose currency

uses or exchanges; This, however, provided that the said provision

The Association does not preclude a contract with a member, in whose territory is situated the project

funded by the Association, any arrangement which will restrict Associations

in the use of the currency of the Member concerned, which the Association has received in the form of

the principal, interest or other charges in connection with the financing of

such a project.



(e) the Association shall take the appropriate steps to ensure that the appropriate

time intervals of the relevant parts of the deposit paid under article II,

Part 2 (d) of the members referred to in part I of the list, and use about

the basis of the proportional calculation (pro rata), provided, however, that those parts

deposits that are paid in gold or in currencies other than paying

a member may be used before.



Part 2:



Maintaining the value of currency



(a) whenever any member of the parity of the currency value to be reduced, or there

in the opinion of the Association to a notable decline in the exchange rate of the currency of a

Member, on its territory, a member of the Association shall pay within a reasonable time for more money

in its own currency, sufficient to maintain value, already

at the time of the subscription deposit had which Member has paid in his currency, pursuant to

Article II, section 2 (d), and the value of the currency granted under the provisions of the

of this paragraph, whether the currency is or is not in possession of it in the form of subscriptions

adopted pursuant to article II, section 2 (e), provided that the above

This provision will be effective only as long as and to the extent, if

This currency was not already spent or exchanged for the currency of another Member.



(b) whenever a parity value of the currency will increase the Member, or in the opinion of

The Association of the exchange rate of the currency of the Member in its territory significantly increase Association

Returns the Member in reasonable time of such amount in the currency that is

equal to the increase in the value of the amount in that currency, for which the provisions of the

paragraph (a) of this section.



(c) the provisions of the preceding paragraphs may not be taken into account in the Association

If the International Monetary Fund will perform relative changes in the parity

the value of the currencies of all the members of the Association.



(d) the amounts granted under the provisions of paragraph (a) of this section on the

maintaining the value of any currency are convertible and usable in

same extent as this currency.



Article. In



Operation



Part 1:



The use of resources and funding conditions



(a) the Association shall provide the finance to support the development in the less developed

parts of the world, which fall within the framework of territorial differentiation of the Association.



(b) the funding provided by the Board to serve such purposes,

that the Association considers it a priority conflicts due to the needs of the

the area or areas, and to the cases where exceptional

circumstances, is intended for specific projects.



(c) the Association does not provide funding when, in his opinion, such

possible funding from private sources, under the conditions that are

a reasonable recipient, or if it could be provided in the form of

loans of this type, which provides the Bank. ^ *)



(d) the Association does not provide financing if the have from the competent

the Committee's recommendations, prepared after a thorough study of the benefits of the proposal.

Each such Committee shall be appointed by the Association and will include a person already

shall appoint one or more members of the Board, a person will be

represent the Member or members of the Association, on whose territory the

the project is situated, and such a Committee will include one or more

the members of the technical staff of the Association. The requirement that the Committee was a member of the

appointed by the Member or members of the Management Board, shall not be subject to the

the cases, when it comes to funding provided for public international

or regional organisation.



(e) the Association does not finance any project if a member, in whose

the territory of the project is situated, has objected to such funding, it will not

However, the need to ensure that the Association by members of the opposition

in those cases, when it comes to financing for public international or

regional organization.



(f) the Association does not insist that the proceeds from this financing was


used on the territory of any member or members. However, this does not mean that

The Association does not take into account the restrictions on the use of funds,

If these restrictions in accordance with the provisions of this agreement, including

restrictions relating to the additional resources that may be listed in

agreement between the community and the depositor.



(g) the Association shall take steps to ensure the use of the proceeds of this

financing only on the purposes for which the funding has been granted; will

take into account efficiency, effectiveness and competitiveness in the

international trade and does not take into account the political and other

non-financial influences or considerations.



(h) the funds provided for financial transactions shall be made available to the recipient only

the expenses associated with the project, as actually arise.



Part 2:



The form and conditions of financing



(a) the financing provided by the Association takes the form of loans. However, the Association

may also provide other financing either



(i) from the funds invested pursuant to article III, section 1, and funds from them

arising in the form of principal, interest or other charges, in the event that

the approval of these deposits such funding expressly States; or



(ii) in special circumstances, of the additional resources provided

Associations and from the funds collected from them as the principal, interest or other

charges in the case that in the approval of these deposits, such

financing specifically States.



(b) in accordance with the preceding paragraph may provide financing in Association

such forms and on such terms and conditions as it considers appropriate,

taking into account the economic situation and the prospects of the area or

areas to be concerned, and the nature and requirements of the project.



(c) the Association may provide funding to the Government of the territory of a member, that

covered by the membership in the Association, their administrative units, private

or public organization or institution in the territory of a member, or members, or

public international or regional organization.



(d) in the case of loans provided by other institution than to the members of the Association may

The Association request from their opinions in an appropriate governmental or other warranty

or guarantees.



(e) the Association may, in specific cases, to provide foreign currency for

local expenses.



Part 3:



Modification of terms and conditions of financing



In those cases and to the extent to which, in itself, it is considered appropriate to

taking into account all the circumstances, including the economic and financial situation and the

the prospects of the Member concerned and on such conditions as it may determine, in itself

The Association agree to release or another by modifying the conditions under which

the funding provided.



Part 4:



Cooperation with other international organisations and to members providing

development assistance



The Association will cooperate with those of international organisations and members

who provide financial and technical assistance to less developed areas

of the world.



Part 5:



Various operations



Beyond the operations referred to elsewhere in this agreement, the Association may:



(i) borrow funds with the consent of the Member, in the currency of the loan

take place;



(ii) guarantee the bonds, into which it has invested, in order to facilitate their

sale;



(iii) buy and sell bonds, issued by, or guaranteed,

or in which it has invested;



(iv) in special cases, to guarantee loans from other sources to the purposes

that do not conflict with the provisions of this agreement;



(v) to provide technical assistance and advisory services at the request of the Member; and



(vi) exercise such other powers as are necessary or desirable for

to carry out its objectives.



Part 6:



The ban on political activities



The Group and its officials will not intervene in the political

the Affairs of any Member; their decisions may not be affected by the

the political orientation of the Member concerned or of the members. Only economic

considerations can be taken into consideration in their decision making and these considerations shall be

impartial and serve only the achievement of the objectives referred to in this agreement.



Čl.VI



Organization and management



Part 1:



The Structure Of The Association



The Association will have a Management Board, the Executive Director, the President and other

officers and staff that will be needed to perform the tasks that

The Association shall designate.



Part 2:



The Management Board



(a) all the powers of the Association shall be exercised by the Board.



(b) each ordinary and alternate member of the Board of the Bank appointed by the

the Bank, which is also a member of the Association will be ex officio ordinary,

or alternate member of the Board of Directors of the Association. No replacement member

The Administrative Council shall not vote, shall vote only in the absence of the

Member of the Board. Chairman of the Board of the Bank will be ex officio

Chairman of the Board of Directors of the Association, except when the President of the

The Management Board of the Bank will be represented by a State which is not a member of the Association; in

that case, the Board will select one member of the Board of Directors as a

the Chairman of the Board of Directors. Any proper or a replacement Board Member

its function terminates if the Member who named him, ceases to be

a member of the Association.



(c) the Administrative Council may pass on their powers of Executive Directors with the

the exception of the powers:



(i) admit new members and determine the conditions for their adoption;



(ii) to approve the additional deposits and to determine their terms and conditions;



(iii) exclude the Member;



(iv) to decide on the appeal regarding the interpretation of this agreement, as

interpret the Executive Directors;



(v) take steps pursuant to section 7 of this article, in the interests of cooperation with

other international organisations (excluding temporary and informal understandings

of an administrative nature);



(vi) decide on the permanent cessation of the operations of the Association, and the distribution of assets;



(vii) to decide on the distribution of the net income of the Association in accordance with section 12

of this article; and



(viii) approve submitted amendments to this agreement.



(d) the Administrative Council holds an annual meeting and other meetings, that alone may

prepare, or which convenes Executive Directors.



(e) the annual meetings of the Administrative Council will be held together with the annual meeting of the administrative

the Council of the Bank.



(f) Any meeting of the Board will be a quorum, if

a majority of Board members representing not less than two

a third of all votes.



(g) the Association may establish a procedure under which the Executive Directors

they may receive the vote of members of the Management Board concerning specific issues,

without convened Board meeting.



(h) the Administrative Council and Executive Directors may, in the approved range

to adopt such rules and provisions that may be necessary and appropriate

for the work of the Association.



(i) the regular and alternate members of the Administrative Board shall exercise its authority without

compensation from the Association.



Part 3:



Vote



(a) Every original member according to their original deposit will have 500 votes

plus one additional vote for every $ 5000 of your original deposit. Other

deposits than the original deposits original members will represent such

voting rights as by the Executive Board in accordance with the provisions of article II,

Part 1 (b) and article III, section 1 (b) and (c). Other sources not

than the deposits in accordance with article II, section 1 (b) and before the additional deposits in accordance with

Article III, section 1, will not be holders of voting rights.



(b) unless in specific cases, otherwise, decisions on all

matters of the Association a majority of the votes cast.



Part 4:



Executive Directors



(a) Executive Directors are responsible for the implementation of the General operations

Associations and to this end, shall exercise all the powers determined by the

This agreement, or the power that you give the Administrative Board.



(b) the Executive Director of the Association will be ex officio every Executive Director

The Bank, which was (i) appointed a member of the Bank, who is also a member of the

The Association, or (ii) was elected in the elections, in which his

the counting of votes, the election of at least one member of the Bank, which is at the same time

a member of the Association. Substitute member of each Bank's Executive Director will be ex

officio alternate Director of the Association. Each director ceases to carry

his Office, if the Member who named him, or all members,

whose voices are counting in favor of his election, shall cease to be

members of the Association.



(c) each Director, who is appointed by the Chief Executive Officer of the Bank, has

the right to the number of votes it has in the Association Member that appointed him.

Each Director, who is elected by the Executive Director of the Bank, has the right to

so many votes, how many has in the Association the right to the Member or members of the Association,

whose voices are counting for his election in the Bank. All the voices,

that the Director is, you must use the vote as a whole.



(d) Alternate Director shall have in the absence of the Director, who

appointed, full powers for the performance of the duties of the Director. When it is

the Director is present, you may substitute participate in meetings but will not be

vote.



(e) Any meeting of the Executive Directors is quorate, if

a majority of the directors, who represent no less than one half of the

votes.



(f) the Executive Directors shall meet as often as it requires the running of

Of the Association.



(g) the Governing Board shall adopt provisions in accordance with which the Member of the Association,

that does not have the right to appoint the Executive Director of the Bank, may send their

representative to any meeting of the Executive Directors of the Association,

discuss the request made by that Member or matter that is


It is particularly touching.



Part 5:



The President and the device



(a) the President of the Bank is ex officio the President of the Association. The President of the

chaired by the Executive Directors of associations, but will have a chance to vote;

votes only in the case where the vote is indecisive. You may

participate in the meetings of the Board but does not vote at these meetings.



(b) the President is the head of the Executive apparatus of the Association. Under the leadership of

Executive Directors ensures the day-to-day operational activities of the Association and under the

their control is responsible for the Organization and for the appointment and removal of

officials and staff. If possible, are appointed by the

officials and staff of the Bank at the same time officials and staff

Of the Association.



(c) President, officials and staff of the Association are obliged by the

only associations and any other authorities. Each Member of the Association will honor

the international nature of the services and shall refrain from all attempts to influence

These officers and staff in the performance of their services.



(d) in the appointment of officials and staff of the President with regard to the

the paramount importance of ensuring the maximum level of performance and technical

eligibility of care to obtain staff from the widest possible geographical

the base.



Part 6:



Relationship to the Bank



(a) the Association is a separate entity separate and distinct from the banks and funds

The Association will be conducted separately from the funds of the Bank separately. The Association's

will not loan from a bank or a bank loan, which does not preclude the

The Association has invested funds, which does not need for your financial operation

as the bonds of the Bank.



(b) the Association may enter into arrangements with the Bank, in terms of equipment,

Furthermore, staff and services and payment of administrative expenses, which in the first

series one organization paid for the benefit of the other.



(c) under this agreement is not an Association of zodpovědno for the acts or obligations of the

The Bank, or the Bank is not accountable for the acts or obligations of the Association.



Part 7:



Relationship with other international organisations



The Association shall close the official agreement with the United Nations and may establish

such contacts also with other international organisations,

specialization in related fields.



Part 8:



The Office of the



The main Office of the Association will be the main Office of the Bank. The Association may

open additional offices on the territory of any member.



Part 9:



Deposit locations



Each Member shall designate its Central Bank as depository in which

The Association may deposit funds in the currency of the Member concerned or other assets

Association or, if he is not a member of the Central Bank, shall designate for this purpose

such an institution which is acceptable for the Association. If not specified

other depository, the depository Bank also deposit place

for the Association.



Part 10:



Communication channel



Each Member shall designate an appropriate authority to which the Association may communicate

in any matter that may arise in connection with this

the Treaty. Unless otherwise specified, if a communication channel will be designed for

The Bank also serve as communication channel for the Association.



Part 11:



The issue of reports and provision of information



(a) the Association publishes an annual report that contains the account balance, and

circulate to members in appropriate intervals a summary statement about the financial

the situation and the results of its operations.



(b) the Association may issue additional messages that it deems appropriate for the

their purposes.



(c) copies of all reports, statements and publications referred to in this section shall be circulated to

to all members.



Part 12:



The management of net income



The Administrative Council shall decide from time to time about how to deal with the net income

Of the Association and will take into account the reserve and contingency.



Article. (VII)



Performance, suspension, cessation of operations



Part 1:



Performances by members of the



Any Member may at any time withdraw from the Association by giving notice of

the Association shall transmit in writing speeches in his main office.

Withdrawal shall be effective on the day on which such notice was taken.



Part 2:



Suspension of membership



(a) if the Member fails to comply with their obligations to the Association, the Association of

suspend the Member's membership by a majority vote of the Board, representing the

majority of all the votes. A member with such a suspended membership

automatically ceases to be a member of a year from the day when his membership was

suspended, unless by the same majority decide to restore his Member

membership.



(b) when the Member has suspended membership shall not be entitled to exercise the rights

under this agreement, excluding the right of withdrawal, but must meet the

all obligations.



Part 3:



Suspension or termination of membership in the Bank



Any Member who is suspended or ceases to be a member of the membership

The Bank has suspended the membership of, or ceases to be a member of the

Of the Association.



Part 4:



The rights and obligations of the members of the Management Board, who shall cease to be members of the



(a) when the Government ceases to be a member of, will not have any rights under this

The agreement except those that are listed in this section and in article X (c), but

will remain, if not otherwise stated in this section, responsible for all

financial obligations towards the Association podjala, whether as a member,

borrower, guarantor or otherwise.



(b) if the Government ceases to be a member of, performs, the Government and associations

the expense report. As part of this Bill can associations and the Government

agree on the amount the Government pays on the basis of its deposit and the

time and currency of the payment. The term "deposit", used in relation to

any member Government, it will be for the purpose of this article contain both

the original deposit and any additional deposits of Member Governments.



(c) in the absence of such an agreement within six months from the date when the Government

ceased to be a member of, or on the day on which the associations and the Government agree,

the following provisions will apply:



(i) Government will be exempt from further responsibility in relation to the Association on

the basis of their deposits, except for the fact that the Government must pay to the Association the amount

that are due and have not been paid on the day when the Government ceased to be

a member of, and which, in the opinion of the Association are required to meet Association

to date their commitments in relation to their financial transactions.



(ii) the Association returns to the Government funds paid by the Government on the basis of deposits or

funds obtained as compensation from them principals, which funds are in

the possession of the Association on the day when the Government would cease to be a member of, but with the exception of

funds to the extent in which the Association considers these funds necessary to

to meet its commitments on the relevant date in relation to their financial

operations.



(iii) the Association shall pay to the Government fairly calculated market share of all payments

principals, received after the date when the Government ceased to be a member of,

When the amortization of loan made before that date, except for those that have been

provided from the resources, which it received on the basis of the association agreement with

Special winding-up rights. This percentage will be added to the total

the principal of these loans in such a proportion as the total amount of

paid by the Government in the form of a deposit, which it has not been returned by

the above point (ii), to the total amount paid by all members of the

the basis of their deposits, which have been used or are in the opinion of

The Association needed to cover its commitments in the framework of its financial

operations on the date when the Government ceases to be a member. These payments will perform

Association in installments and in those terms, how are Associations

These loans repaid, but not more frequently than once a year. These

payments are to be paid in the currency of the Association receives, except that the Association

may at its discretion pay the installment in the currency of the Governments that it

refers to.



(iv) amount that belongs to the Government on the basis of its deposits, it is possible to

delay if the Government. Government authority of the territory falling within the framework of the

membership, or any of their administrative unit or institution has to

The Association continues to commitments as a borrower or guarantor and if withheld

amount may, in the opinion of the Association be used for the fulfillment of the mentioned

obligations, when the term of such transactions.



(v) in no case does not receive a Government pursuant to this paragraph (c) of the amount,

that overall, the smaller of the two exceeds the following: (a) the amount of the

paid by the Government in the form of deposits, or (b) the amount that is net

the assets of the Association reporting in the books of the Association on the day

the Government has ceased to be a member of, in such proportion as the deposit of the

Government towards the total amount of deposits of all members.



(vi) any listed here calculations are performed on a basis which

reasonably determined by the Association.



(d) in no case shall the amount payable to the Government under this part

not be paid earlier than six months after the date when the Government ceases to be

a member of the. If, within six months after the date when the Government ceases to be a member of the

The Association will suspend its operations under part 5 of this article, the

all such rights of Government under the provisions of section 5 and that such a Government

will be considered a member of the Association for the purpose of section 5, except that it will be

have the right to vote.



Part 5:



Stop the operations and settlement of liabilities



(a) the Association may permanently stop its operations when, for this


stop the majority of the members of the Management Board vote in having a majority of all

votes. After the cessation of the operations of the Association continue to stop all activity,

up to here, which is necessary for the proper implementation, conservation and preservation

of its assets and the settlement of its liabilities. In the final settlement of the

the commitment and the distribution of assets of the Association still exists and all the common

the rights and obligations of the Association and its members in accordance with this agreement, shall remain

unaffected, except that any member cannot suspend membership, no

the Member cannot get out and amongst the members must not divide anything other than

mentioned in this section.



(b) among the members of nothing divided based on their deposits to the

the time equal to all amounts owed to creditors, or is this

the settlement ensured and the Administrative Council of the vote than the majority of its members

representing a majority of votes decides about this Division.



(c) based on the foregoing and on the basis of any special

arrangements for the management of additional resources agreed in

connection with the provision of these resources, an Association of Associations, their

assets among members of the proportional propočtem (pro rata) in proportion to the amounts they

paid on the basis of deposits. Any distribution referred to in the previous

the provisions in this paragraph (c) in the case of any Member will be able to

be done only after settlement of all outstanding claims, which

The Association has against the Member. The allocation shall be made in such time and in

such currency, either in cash or other assets, what Associations

considers it appropriate and acceptable. The division between the members

may not be the same as the kind of divided assets or currency.



(d) any Member who receives the assets of the Association being divided according to

This section or section 4, will have the same rights in relation to these

assets, as should the Association before the split.



Article. VIII,



The status, immunities and privileges



Part 1:



The objectives of article



That associations may perform the function that has been entrusted to him, he will be on the

the territory of each Member under this article an independent jurisdiction Statute,

immunity and privileges.



Part 2:



Statute Of The Association



The Association will have the status of legal persons and in particular, will be equipped with

permission:



(i) enter into contracts;



(ii) to acquire and dispose of chattel and real estate;



(iii) to initiate legal proceedings.



Part 3:



The position of the Association in relation to a judicial proceeding



It is possible to sue the Association only in the Court with appropriate competence on the

the territory of the Member, on which the Association Office, or where you want your

an agent, or where the securities issued, or for such papers

guarantee. The action, however, may not bring members or persons acting in

the acquisition of the claims from members. The property and assets of the Association, whether they are

in the possession of anyone, anywhere, will be immune to all forms of attachment,

convert or execution before taking a final judgment against

Of the Association.



Part 4:



Immunity of assets against seizure



The property and assets of the Association, wherever they are, and in the possession of anyone will be

immune to investigation, enforcement, confiscation, expropriation or

any other type of seizure or legislative exekutivním

the procedure.



Part 5:



Immunity of archives



The archives of the Association shall be inviolable.



Part 6:



Assets are not subject to the restrictions



To the extent that this is necessary for carrying out the operations under this agreement and

operations subject to the provisions of this Agreement, are all assets and

the assets of the Association shall be exempt from restrictions, regulations, controls and moratoria

of any kind.



Part 7:



The privilege of communications



To the official communications media Association, each Member will behave

as well as to the official communications of other members of the media.



Part 8:



Immunities and privileges of officers and employees



All members of the Management Board, the members of the Council, replacement officials and

Employees Association



(i) are immune to legal proceedings in respect of acts performed in

their official capacity, except when the Association cancels this

immunity;



(ii) if they are not local nationalities have the same immunity from immigration

the restrictions, aliens registration requirements and military service, and provide

are they the same options on foreign exchange restrictions, what

provided by members to the representatives, officials and employees of a similar

the position of the other members;



(iii) shall also be given the same treatment when traveling, what members

provide representatives, officials and employees of a similar position

other members.



Part 9:



Immunity against taxes



(a) the Association, its assets, property, revenue and operations and transactions,

authorized by this agreement, they are immune to all kinds of taxes and customs duties.

The Association is also immune from obligations in connection with collecting and

the payment of taxes or customs duties.



(b) in respect of salaries and emoluments paid by the Association

the Executive Directors, agents, officers or employees of the Association,

who are local citizens, nor are they local or State of nationality

jurisdiction, no tax is charged.



(c) of the bonds or securities issued by Associations (including dividends

or interest thereon), whether they are in the possession of anyone, no tax, shall



(i) that would discriminate against such bonds or securities only from

because they were released by the Association, or



(ii) when the only legal basis for such taxation is the place or currency

in which they are released, they have to pay, or is paid, or the location in

is some Office or sales office,

maintains.



(d) of the bonds or securities for which is guaranteed by the Association (including

dividends and interest on them), whether they are in the possession of anyone, with no

no tax,



(i) that would discriminate against such bonds or securities only from

because they are guaranteed by the Association or



(ii) when the only legal basis for such taxation is the place where the

located some Office or sales office,

maintains.



Part 10:



The application of article



Each Member shall take such steps that are required in its territory for

to in the sense of its own legislation, members have been the policy of this

Article put into practice, and shall report to the Association information about detailed

the steps which it has taken.



Article. (IX),



Amending suggestions



(a) any proposal for modification of this agreement, whether it comes from a member, a member of the

of the management board or the Executive Director, shall pass to the Chairman of the Board

the Council, which shall submit to the Council a proposal. If the Council approves the change, the

Association circular or telegram query for all members, whether they accept

the present amending proposal. If three-fifths of all the members of the

four fifths of the total votes they adopt the proposal, the Association will confirm this

the fact the official communications addressed to all members.



(b) Notwithstanding the above, the provisions of (a) assent is required

all members, in the case of modification of the



(i) the right to withdraw from the Association in accordance with article VII, section 1;



(ii) the rights guaranteed in article III, section 1 (c);



(iii) limitation of liability referred to in article II, section 3.



(c) amendments shall take effect for all members, three months after

official communication, unless in a circular or telegram shall be

a shorter time limit.



Article. X,



Interpretation and arbitration



(a) any question at issue in the context of the interpretation of the

the provisions of this Agreement appears between any member and the Association or

between any members of the Association, shall be submitted for decision by the Executive

the directors. If the question at issue concerns the main contribution of a member of the Association,

that does not have the right to appoint the Executive Director of the Bank, has such a Member

the right to representation in accordance with article VI, section 4 (g).



(b) in any case where the Executive Directors decided pursuant

the previous provisions (a), any Member may request that the question

has been forwarded to the Board, whose decision will be final. Until such time as

The Administrative Board shall decide, the Association, if it deems necessary,

to act on the basis of the decision of the Executive Directors.



(c) When there is a dispute between an association and a country that has ceased to be

a member of, or an association and a member of the permanent cessation of activity during the

The Association, the Arbitration Tribunal the dispute from skládajícímu

the three arbitrators, of whom one is appointed by the Board, the other countries which are

It refers to, and the third judge, who is a member, unless otherwise agreed by the parties

otherwise, it will be appointed by the President of the International Court or authority that

is specified in the provisions adopted by the Association. The referee will have full

permissions decide on all matters of the procedure in all cases in

where the parties have not agreed.



Article. XI,



Final provisions



Part 1:



Entry into force of



This agreement shall enter into force upon signature on behalf of the Governments whose deposit

represents no less than sixty-five percent of the total deposits, according to

list A, and after the documents referred to in section 2 (a) of this article

have been saved in their name, but in no case shall not take this agreement

the validity of 15. September 1960.



Part 2:



The signature of the



(a) each Government, on whose behalf the agreement was signed, deposited with

Bank document indicating that adopted this agreement in accordance with its


laws and that it has taken all necessary steps to comply with all

obligations arising out of this agreement.



(b) any Government becomes a member of the Association on the date when it was saved by its

on behalf of the document referred to in the preceding paragraph (a), except that no

the Government does not become a member of before this agreement enters into force in accordance with

Part 1 of this article.



(c) this agreement can be signed before the end of the work day, 31. December 1960

at the main Office of the Bank on behalf of the Governments of the States referred to in the list and for

provided that this Agreement shall not take effect until that day, the Executive

the directors of the Bank may extend the period within which the agreement may be

sign, but no more than six months.



(d) after this agreement enters into force, will remain open for signatures

the Governments of any State whose membership has been approved in accordance with article II,

Part 1 (b).



Part 3:



Territorial application



The signing of this Agreement accepts the Government on its behalf, as well as in relation to the

all the teritoriím, which is the Government accountable in their

international relations except those which are excluded by this Government, which

be notified in writing of the Association.



Part 4:



Official start of the activities of the Association



(a) as soon as this agreement enters into force in accordance with section 1 of this article,

the President shall convene a meeting of the Executive Directors.



(b) the Association will launch an operation in the day when this meeting takes place.



(c) by the time of the first meeting of the Management Board have all the Executive Directors

the competence of the Board, except the one that is reserved only to the Management Board

pursuant to this agreement.



Part 5:



Registration



The Bank is authorized to register this agreement with the Secretariat of the United

in accordance with article 102 of the Charter of the peoples of the United Nations and in accordance with the laws of the

adopted by the General Assembly.



Given in Washington, in a single copy which shall remain deposited in the

the archives of the International Bank for reconstruction and development, which his signature

gave consent to be the depository of this agreement that does

Register this Agreement with the Secretariat of the United Nations and that it shall notify all

Governments, whose names are listed in the list, and the date on which this agreement

shall enter into force in accordance with article XI, section 1 of this agreement.



The agreement



The List And The

Table A-the original deposits (US $ million) *)



Part I



Norway France Australia 20.18 52.96 6.72

5.04 Sweden Austria Germany 52.96 10.09

Belgium Italy 22.70 18.16 South Africa 10.09

Canada Japan United Kingdom 37.83 33.59 131.14

Denmark 8.74 Luxembourg 1.01 United States 320.29

Netherlands-Finland 3.83 27.74-----

763.07



Part II



Afghanistan 1.01 Haiti 0.76 Panama 0.02

Argentina Honduras Paraguay 18.83 0.30 0.30

Iceland Bolivia Peru 1.77 1.06 0.10

Brazil India 18.83 40.35 Philippines 5.04

Burma 2.02 of 11.10 Indonesia Saudi Arabia 3.70

Ceylon 3.03 Iran 4.54 Spain 10.09

Chile 3.53 Iraq 0.76 Sudan 1.01

China 30.26 Israel 1.68 Thailand 3.03

Colombia 3.53 Jordan 0.30 Tunisia 1.51

Kostarica 0.20 Korea 1.26 Turkey 5.80

Cuba 4.71 Lebanon 0.45 United ar. Rep. 6.03

Dominik. Rep. 0.40 Libya 1.01 Uruguay 1.06

Ecuador 0.65 Malaya 2.52 Venezuela 7.06

El Salvador 0 Mexico 8.74 Viet Nam 1.51

Ethiopia 0.50 Morocco 3.53 Yugoslavia 4.04

Ghana 2.36 Nicaragua 0.30------

Greece 2.52 Pakistan 10.09 263.93

Guatemala Ireland 3.03-0.40------

A TOTAL of 1000.00

------------------------------------------------------------------

*) In US dollars in the value of the US dollar, which had at the date of

on 1 January 1960.



THE MULTILATERAL INVESTMENT GUARANTEE AGENCY



THE AGREEMENT ESTABLISHING THE MULTILATERAL INVESTMENT GUARANTEE AGENCY AND

COMMENT TO THE AGREEMENT



The Governments presented



The Management Board



INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT



October 11, 1985



THE AGREEMENT ESTABLISHING THE MULTILATERAL INVESTMENT GUARANTEE AGENCY



INTRODUCTION



The Contracting States



aware of the need to strengthen international cooperation in the field of economic

development and support, in particular, the proportion of foreign investment and private

foreign investment in this development,



Noting that the flow of foreign investment to developing countries

would be facilitated and supported by even more by reducing the concerns arising from the risks

the non-commercial nature,



eager to increase the flow of capital and technology for productive purposes to

developing countries conditions appropriate to the needs of their development,

objectives and policies and on the basis of fair and stable standards for

treatment of foreign investments,



convinced that the Multilateral Investment Guarantee Agency may

play an important role in the strengthening of foreign investment during the Tween

State and regional protection programmes and private investment

pojišťovateli non-commercial risks



Mindful that such an agency should as far as possible

perform their duties without having to use your disposable

capital, and that such an objective can be achieved through constant improvements

investment conditions, have agreed as follows:



Chapter 1



The establishment, status, purpose, and definition of Agency



Article 1



The establishment and the Statute of the Agency



(a) the agreement establishes a Multilateral Agency for investment

guarantees (hereinafter referred to as "the Agency").



(b) the Agency will act as a full-sized legal person and will be

in particular, the following powers:



(i) conclude contracts,



(ii) to acquire movable and immovable property and dispose of,



(iii) introduce legal negotiations.



Article 2



The objectives and purposes of the



The Agency will encourage the inflow of investments for production purposes in the

Member countries, and in particular to the developing member countries, thereby

complementary to the International Bank for reconstruction and development (hereinafter referred to as "the Bank"),

The International Finance Corporation and other international financial institutions

for development.



To this end, the Agency will:



(a) issue guarantees, including premium bonds, participation and against the risks

the non-commercial nature in countries where investments from other Member

countries,



(b) to carry out the relevant complementary activities to support inward investment

in the Member countries and the movement of investments between the Member countries,



(c) exercise such powers incidental to

the enforcement of that objective required or desirable.



In all its decisions, the Agency will be governed by the provisions of this

article.



Article 3



The definition of the



For the purposes of this agreement, the following definitions are introduced:



(a) "Member" means a State, due to which this agreement entered into

into force in accordance with article 61.



(b) the "host country" or "host Government" refers to a member of his

Government or public authority of the Member in whose territory in accordance with article 66

the investment is to be situated, to be secured or which guarantee

The Agency, or on which the collateral or guarantee will be considered by the Agency.



(c) "developing country" is a country that is, as such, be recorded in the

The material and the material may be supplemented from time to time by the Council

Administrators, which refers to article 30.



(d) "Special majority" refers to the approving vote of at least two

thirds of the total number of voters, who represent at least 55% of the subscribed

the capital of the Agency.



(e) "Freely usable currency" means (i) any currency you

in this way from time to time indicates the International Monetary Fund, (ii)

any freely available and effectively usable currency which can

Director's Council referred to in article 30, in consultation with the international

Monetary Fund and with the approval of the country where the currency is valid, to determine for

the purpose of the agreement is submitted.



Chapter 2



Membership and capital



Article 4



Membership



(a) membership in the Agency will be open to all members of the Bank and for the

Switzerland.



(b) Original members are the States referred to in the attached material and that

have become members of the agreement on 30 September. 10.87.



Article 5



Capital



(a) the share capital of the Agency will form a special 1 billion

sample units (SDR) (1,000,000,000). The share capital will be

divided into 100.000 shares with a par value of 10.000 SDRS, which will be

can members to purchase. All payment obligations of members due to the

equity capital will be settled on the basis of the average value of the SDR

expressed in u.s. dollars, for the period 1. 1.1981 to 30. 6.1985,

that is 1.082 USD = 1 SDR.



(b) the share capital shall be increased when admitting a new Member because

existing shares will no longer be sufficient to ensure that the new Member could in

accordance with article 6 of the share purchase.



(c) the Council may, by special administrators of most stock at any time

the Agency's capital increase.



Article 6



Purchase of shares



Each original Member Agencies will subscribe the capital at face value

the corresponding number of shares referred to in its name in the accompanying Material

And All other members of the purchases ... such a number of shares and on such

terms and conditions as determined by the Council, but in no case lower than

the nominal value. Each Member purchases at least 50 shares. The Council of administrators

may prescribe rules by which members will be able to buy another

stocks.



Article 7



The distribution of the share capital and the challenges to its payment of the




The initial contribution of each Member will be paid as follows:



(i) within 90 days from the date when the Member concerned for this agreement entered

into force, the Member shall pay 10% of the price of each share in cash by

paragraph (a) of article 8 and a further 10% in the form of non-transferable

Treasury bills and similar bonds, which will be collected on

the basis of the decision of the Executive Council in order to meet the obligations of the Agency.



(ii) the remaining amount will be subject to a call for payment by the Agency

in the case that this would need to pay its obligations.



Article 8



Payment for the purchased shares



(a) payment of the purchased shares will be freely usable

currencies, with the exception of payments the Member developing countries whose payment

can be paid their own currencies of up to 25% in cash

paid to the proportion of the value of the purchased shares pursuant to article 7 (a).



(b) call for payment of any part of the outstanding share value

the purchased shares will be the same for all of the shares.



(c) If the challenge will receive the sum of the Agency, which will not be sufficient to

payment obligations that may have caused a prompt call for as long as

the total amount will not be sufficient to cover its liabilities.



(d) the financial obligations due to the shares shall be limited to the remaining

part of their emission values.



Article 9



Representation of a currency value



If for the purposes of this agreement will be necessary to establish the value of one

currency by using the currency further, performs this determination, the Agency, in consultation

with the International Monetary Fund.



Article 10



Refunds



(a) the Agency returns in the shortest possible time to the Member States of the amount of

paid to the challenge under the following conditions and within the following range:



(i) call will result from the need to pay the obligation arising from

agreement providing a guarantee or security, and the Agency then gets

the repaid amount back, completely or partially, in a freely usable currency,



(ii) the failure to comply with the commitment was thrown the challenge payments of any Member, and

This member then its obligations fully, or partially, or



(iii) the Council of administrators through a special majority decides that

the financial position of the Agency allows such sums completely, or partially

return of the revenue of the Agency.



(b) any compensation under this article shall be paid in the Member

freely usable currency and the payment of the Member in relation to the total amount

paid to the calls made prior to performing the refund.



(c) the equivalent of the amounts paid as compensation pursuant to the provisions of this

the article will be part of the capital commitments due to the call by

Article 7 (ii) of that Member.



Chapter 3



Operation



Article 11



Covered risks



(a) having regard to the provisions of paragraphs (b) and (c) of this article may

The Agency shall provide guarantee investment, which chooses, against

losses arising out of the following risks, or a combination thereof:



(i) the transfer of currency



any limitation, whose implementation can be attributed to the host Government and the

based on the host country's currency conversion restrictions outside its

bounds on the currency freely usable, or currency acceptable to the guarantor,

including situations where, at the request of the guarantor for the transfer cannot host

Government to respond within a reasonable time.



(ii) the expropriation and similar measures



any legislative or administrative measures, where appropriate, cancellation of

the Bill, whose implementation can be attributed to the host Government and which is the guarantor

deprived of ownership, control, or a large part of the profit from the investment,

with the exception of generally applicable non-discriminatory measures,

Governments commonly adopted for the regulation of economic activities on

the territory of their States.



(iii) breach of contract



repudiation or breach of contract by the host Government owing to the

the guarantor when



(a) the guarantor shall not have recourse to the Court or arbitration forum to

Here set damages for repudiation or breach of contract,



(b) the decision of the Forum is not made within a reasonable time as set out in

guarantee contracts concluded according to the measures of the Agency,



(c) the judgment is not met.



(iv) War and unrest



any military action or unrest on any territory of the host

a country to which this agreement applies within the meaning of the provisions of article 66.



(b) the Director's Council may, in addition, a special majority to extend the coverage area

referred to in this article and on other specific non-commercial risks

not mentioned in paragraph (a), but in no case this coverage will not be

apply to the risk of devaluation or depreciation of the currency.



(c) Protection does not cover losses caused by the following reasons:



(i) any action or regulation by the host

the country, with which the guarantor has agreed, or for which he is responsible,



(ii) any measures, where appropriate, by the regulation

the host country, or any other event that occurred before the

the conclusion of the guarantee agreement.



Article 12



The investment covered by the agreement



(a) for investment, which is covered by the agreement include shares of stock,

including medium-or long-term loans that are closed

holder of shares in the company, or for which these owners is guaranteed, and

all other forms of direct investment, which provides for the Director's Council.



(b) Loans not included in paragraph (a) may be subject to protection,



(i) if they are provided in order to finance specific investments

or the project, which is another form of direct investment, without

regardless of whether the subject of the guarantee granted by the Agency,

and regardless of when such other investments made, or if the

otherwise, with such a specific investment or pojektem, or



(ii) if such coverage shall be approved by the Council of the Special Director's majority.



(c) the Director's Council may, by special majority to extend the

the scope to other medium-term and long-term forms of investment.



(d) the warranty will generally be limited to the investment, whose implementation starts

After the registration of the guarantee by the agency or the Agency

otherwise satisfactorily demonstrated the intention of the investor to obtain guarantees from the Agency.

These investments may include:



(i) any transfer of foreign currencies, whose aim is to modernise,

extension or development of existing investments, which may be the subject of protection

both the original investment and other investments;



(ii) the use of profits from existing investments that would otherwise be

transferred outside the host country;



(iii) the acquisition of existing investments to the new investor, at which the Agreement

applies;



(iv) existing investment, where the investor to whom the agreement applies,

intends to insure file of existing and new investments;



(v) existing investments held by the investor to whom the agreement

applies, if there are improvements or improving the default project

or if such an investor otherwise demonstrates mid-term or long-term

commitment to the implementation of the project and the Agency considers that the project has

continue to be a significant impact on the development in the host country; and



(vi) other investments, if any, approved by the Board of Director's special

majority.



(e) when signing investment guarantee Agency will check:



(i) whether the investment is economically well-founded and will contribute to the development of

the host country,



(ii) whether the investment corresponds to the regulations and laws of the host country,



(iii) whether the investment is in line with the stated development objectives and

the priorities of the host country,



(iv) the investment conditions in the host country, including legal protection and

fair and equal access to investment.



Article 13



Investors, which are covered by the agreement



(a) a guarantee of the Agency may obtain any legal person

or individual if:



(i) such individual is a citizen of a member, but not the host

country,



(ii) such legal person is entered in the register and has its main

point of application in the Member country, or a majority of the capital own membership

countries or Member States, or their citizens; in any of these

cases, however, may not be the host country,



(iii) such legal entity is operated on a commercial basis, without

regardless of whether it is in private ownership, or not.



(b) in the case that the investor is multinacionálního character, shall be deemed to

for the purposes of paragraph (a) as a legal person, the Member countries, and in the case that

falls partly within the non-member countries, and for the host country as well as in the case

When falls partly within the country shall be established.



(c) at the joint request of the investor and the host country can

Director's Council of the special majority to extend the scope of the individual,

who is a citizen of the host country, or to a legal person registered in the

the register of the host country, or whose most private state

nationals of the host country, if investment will be converted into

the host country from abroad.



Article 14



The host country, to which the agreement applies



Within the meaning of the provisions of this article and the sections will be liable only for the

investments in the territory of developing country members.



Article 15



The approval of the host country



The Agency will not conclude guarantee contracts before the host country

to authorize the issue of the guarantee agency, which will apply to the covered risks.



Article 16



Terms and conditions




Conditions of each guarantee contract set by the Agency. These conditions will be

be subject to all the provisions and regulations issued by an Executive Council, if the

The Agency will not cover the total loss of the investment, for which it is liable. Warranty

the Treaty will be approved under the leadership of the Executive Chairman of the Council.



Article 17



Payment of claims



Under the direction of the Executive Council, the President shall decide on the payment entitlements hold

guarantees, in accordance with the warranty agreement and the regulations adopted by the

An Executive Council. Prior to payment of the relevant amount by the Agency are

holders of the guarantee under the terms of the warranty agreement are obliged to seek

exercise your rights by such administrative steps that are for the

the circumstances are correct and that, in the conditions of the law of the host

the country immediately viable. The contract may stipulate a reasonable

the period between the event giving rise to the claim of payment and a custom

payment of the claim.



Article 18



Taking over the payment of the claim of the creditor's rights



(a) upon payment of the damages, or consent to pay for damages

the holder of the guarantee will take over the Agency all rights related to the

the investment, which was taken over by the guarantee and all related claims that

the holder of the guarantee in relation to the host country and other povinovaným

parties. The guarantee contract shall determine the conditions of such subrogation.



(b) all members will recognize the rights of the Agency arising from paragraph

(a).



(c) the amounts in the currency of the host country collected by the Agency in the framework of the takeover

the rights of the creditor under the provisions of paragraph (a) shall be in terms of use

and conversion on the part of the host country enjoy the same treatment as

If they were in the hands of the holder of the guarantee. In any case, these amounts

be used by the Agency to pay for administrative expenses and other

costs. The Agency will also seek to agree with the host

countries, other ways of using currencies which are not freely usable.



Article 19



Relationship to State and regional authorities



The Agency will cooperate and try to complement the activities of the State

authorities of the Member States and the regional authorities, for which the majority of the capital

own Member countries that are developing similar activities as the Agency.

The goal is to maximize the efficiency of the services of the Agency and of those authorities and

their contribution to the increased inflow of foreign investment. For this

the purpose of the Agency may enter into agreements with these authorities on the details of

This cooperation, in particular with regard to co-insurance and reinsurance.



Article 20



Ensuring national and regional authorities



(a) the Agency may, for a particular project to provide a hedge against

losses as a result of one or more of the risks of non-commercial nature, which will be

signed by the Member countries, or organizations, where appropriate, regional

Agency for investment guarantees, in which the majority of the capital own Member

of the country. The Council, acting by means of special majorities from time to time determine the maximum

the amount of any liabilities of the Agency may be due to the

reinsurance contracts to take over. For specific projects completed more

than 12 months before the Agency receives a request to ensure it will be

the maximum amount initially fixed at 10% of the total liabilities of the Agency in

the meaning of the provisions of this chapter. The scope of the conditions referred to in articles

11 and 14 will cover and hedging operations, with the exception that the

the realization of such investments may not occur until after the request for

collateral.



(b) the mutual rights and obligations of the Agency and secured by Member or

the Organization will be established in the relevant reinsurance contract and subject to the

the provisions and regulations issued by an Executive Council. Director's Council will

approve each reinsurance contract relating to investments

before the Agency receives the request. The aim of the approval

management is to reduce to a minimum the risks, to ensure that the Agency

set the premium proportional to the risks of the project and secured

the Organization was accordingly committed to supporting and promoting the

new investments in developing member countries.



(c) the Agency shall as far as possible seek to secured

Organization should seize such rights claims and arbitration, what would

the Agency should, in the event that the primary guarantor. Terms and conditions

ensure require prior to payment to ensure the Agency secured

the Organization sought to resolve the relevant problems of administrative

along the way, in accordance with article 17. Since the host country will be

subrogation of the creditor only if the host country

to approve the investment accounted for the Agency. In the reinsurance treaties

The Agency shall include a provision requesting the secured party with

the appropriate diligence has sought the rights and claims relating to the secured

investment.



Article 21



Cooperation with private pojišťovateli and suppliers of



(a) the Agency may establish relations with private pojišťovateli in

the Member countries with the aim of improving its own activities and to promote

such insurer to provide coverage of the risks of non-commercial

nature in the developing member countries in similar circumstances, such as

the Agency shall provide. Such agreements may include provisions on

ensuring of the Agency under the conditions and procedures referred to in Article

20.



(b) the Agency may order a partial or total collateral for any

the proper locking of the company of any guarantee or warranty of any kind, which

provides.



(c) the Agency will in particular seek to provide guarantees on investments

where the privacy of insurers and zajišťovatelé do not provide comparable

coverage under reasonable terms and conditions.



Article 22



Limits of warranty



(a) if the Council of administrators of special majority, decides otherwise, the total amount of

commitments that may, in the meaning of the provisions of this chapter, the Agency

take does not exceed 150% of the subscribed capital and the nezmenšeného reserve

plus a percentage of the protective cover, by the Director's Council.

Director's Council will from time to time revise the composition of the risks that

The Agency covers, in the light of the experience gained with the application of

claims of risk diversification, degree, locking cover and other

the relevant circumstances, to verify whether the changes should be recommended

This received a total amount of liabilities. The maximum amount provided for by the Council

administrators in no case exceed five times the amount of the neztenčeného

the subscribed capital of the Agency, its reserves and such a part of the hedging

the coverage, which will be considered as appropriate.



(b) Notwithstanding the overall guarantee limit specified in paragraph (a) may

Director's Council to determine:



(i) the maximum amount of the commitments on the basis of the provisions of this chapter

the Agency may take with respect to all investments in each individual

Member country. In determining these limits take into account the

Director's Council accordingly portion of relevant member countries on

the capital of the Agency and the need for investments in

developing member countries of the milder limits.



(ii) the maximum amount of the obligations that the Agency may take with regard to the

a specific project, the specific host country and the type of investments or

the risk.



Article 23



Investment support



(a) the Agency will carry out research and support activities

the influx of investments, as well as distribute information on investment

the options in the developing member countries, with the aim of improving the situation for

the inflow of foreign investment in these countries. The Agency may, at the request of

Member countries to provide technical advice and assistance in improving the

investment conditions in the territory of the respective member countries. In the implementation of

This activity, the Agency will:



(i) conducted by the relevant investment agreements between the Member States,



(ii) seek to remove barriers in both developed and developing countries,

that discourages investment in developing member countries,



(iii) to coordinate its activities with other organizations concerned

with the promotion of foreign investment, and in particular with the international financial

corporations.



(b) the Agency also will:



(i) to promote the amicable settlement of disputes between investors and host

countries,



(ii) strive for the conclusion of contracts with developing member countries and

particularly promising host countries, to ensure that

The Agency shall, with regard to investments for which provides a guarantee,

at the very least, the same conditions, as the most favored guarantee agency in

that country, or a State. These contracts, approve the Director's Council

through a special majority, the



(iii) promote and facilitate the conclusion of contracts between its Member

countries in matters relating to the promotion and protection of investments.



(c) in its activities, the Agency will pay special attention to the support

the increase in the movement of investments among developing member countries.



Article 24



Guarantees on investments with financial support



In addition to the guarantee operations carried out by the Agency in accordance with the provisions of this

Chapter, the Agency may also provide guarantees on investments

realized with the financial support, which is specified in Appendix I

of this agreement.



Chapter 4



Financial provisions



Article 25



Management of financial operations




The Agency will carry out its activities in accordance with sound, reasonable and

modest practices to comply with their financial obligations for the

any circumstances.



Article 26



Premiums and fees



The Agency shall establish and periodically revise the rates will be insurance premiums,

fees, or other payments for each type of risk.



Article 27



The distribution of net income



(a) Notwithstanding the provisions of paragraph (a) (iii) of article 10 the Agency

transfer the net income to reserves until such time as these reserves

they reach five times the subscribed capital of the Agency.



(b) after reaching the amount referred to in paragraph (a), the Council shall decide on the administrators

whether and to what extent the Agency's net income will be transferred to the reserve,

between the Member countries of the Agency doled out, or whether it will be loaded

in a different way. In the allocation of net income between Member States

will do proportionally according to the proportion of each member country, on the

the capital of the Agency and in accordance with the qualified majority of the Council administrators.



Article 28



The budget of the



The President will prepare each year a budget of income and the release of the Agency,

who will approve Director's Council.



Article 29



Accounting



The Agency will issue an annual report, which will contain the status of its

accounts and also accounts of the Foundation for financial support, which is referred to in

Appendix I, according to the results of the checks carried out by independent accountants

the controllers. The Agency will be in the corresponding intervals send out your

members of a consolidated report showing the financial position, profits and

losses and, therefore, the results of the Agency's activities.



Chapter 5



Organization and management



Article 30



Structure Of The Agency



The Agency will have a Board of administrators, an Executive Council, the President and staff,

who will fulfil the obligations laid down by the Agency.



Article 31



The Council of administrators



(a) all the powers of the Agency will be entrusted to the Council, with the exception of managers

cases that are expressly entrusted to it by this Convention to another body

Of the Agency. Board of managers may delegate its powers to an Executive Council

However, except in the following cases:



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



(ii) temporary exclusion of a member,



(iii) deciding on the increase or reduction of capital,



(iv) increase the limit of the total amount of the obligations referred to in paragraph (a) of article 22,



(v) the designation of the Member countries for development in accordance with paragraph (c)

Article 3,



(vi) the inclusion of a new Member to the voting of category 1 or 2 in accordance with

the provisions of paragraph (a) of article 39, or reclassification of existing Member

under the same provisions,



(vii) the fixing of refunds on the Director and their Vice Presidents,



(viii) disposal of the Agency and the termination of its activities,



(ix) the allocation of assets among the Member countries with disposal,



(x) modify and supplement this agreement, its amendments and materials.



(b) the advice of administrators will create one administrator and one representative for each

a member country that appoints them in such a manner as it deems appropriate.

The representative may vote only in the case that is not present in its parent.

The Council shall elect one of the administrators of administrators as Chairman.



(c) the Council of administrators will hold an annual meeting and any other meetings,

as it deems appropriate, or that an Executive will be convened by the Council.

Director's Council, the Council shall convene a meeting of administrators whenever this will require

5 members, or members representing 25% of the total number of votes.



Article 32



Director's Council



(a) the Director's Council will be responsible for the General action of the Agency and will be

apply, in carrying out this responsibility, any procedures required by

or permitted under this agreement.



(b) an Executive Board will consist of at least 12 directors. The Council of administrators may

the number of Directors modified to reflect changes to the Member

the base. Each Director may appoint a Deputy with full

powers, who will represent the Member in the absence or

inability to act. President of the Bank will be the title of their Office

the Chairman of the Executive Council, but will not have voting rights, with the exception of

in cases where his vote will determine when equality.



(c) the Board of administrators shall determine the length of term of Office of the directors. The First Advice

the directors shall establish a Board of administrators at its inaugural meeting.



(d) the Board of Directors shall meet at the call of the Chairman of the acting of the

own initiative or at the request of three Directors.



(e) up to the time when the Board of administrators or decides to have a permanent

An Executive Council on a full-time basis, will be directors and their deputy heads

receive compensation only for the costs associated with participation in meetings

The Executive Council, and the performance of other official functions for the benefit of

Of the Agency. After the establishment of a permanent Executive Board will be directors and their

Deputy receiving such income, which establishes the Council of administrators.



Article 33



The President and staff



(a) the President will be under the general supervision of the Executive Council to exercise

a common agenda for the Agency. Will be responsible for the Organization, appointment and

the dismissal of staff.



(b) the President shall be appointed by the Council in the appointment of an Executive

of the President. The Council provides administrators the President's salary and other conditions of

of the Treaty.



(c) in the performance of functions will be the President and the staff work exclusively for the

The Agency and any other institution. Each Member Agency will respect the

the international character of this duty and shall refrain from all attempts to

influence in carrying out their duties to the President and staff.



(d) when adopting President staff will see to it that

workers recruited on the broadest possible geographical basis, it is

of course, should be the first place to ask the highest effectiveness and technical

knowledge.



(e) the President and the staff will always maintain the confidentiality of

information which they obtain when working for the Agency.



Article 34



The ban on political activities



The Agency, its President, and the staff will not intervene in the political

the Affairs of any member country. The Agency has the right to consider all

factors relating to the investment, but its personnel when making

not affect the political nature of the participating countries. Considerations

relevant to their decision will be impartial and objective-oriented

formulated in article 2.



Article 35



Relations with international organisations



Under the conditions laid down in this Convention, the Agency

to cooperate with the United Nations and the other intergovernmental organizations with a defined

deliverables in related areas, in particular, the Bank and the International

financial corporations.



Article 36



The seat of the main office



(a) the headquarters of the Agency will be the Washington, D. C., unless the Council

by a special majority of registered office decides to place elsewhere.



(b) the Agency may establish other offices which will be needed for

its activities.



Article 37



The storage location of assets



Each Member of the marks, its Central Bank as a place where the Agency will

able to save in the currency of the Member country, or any of their

assets. If a bank does not, as such an institution, which

It will be acceptable to the Agency.



Article 38



Method of communication



(a) each Member of the marks, the competent authority that the Agency will be able to

communicate in matters related to this agreement. The Agency will

get a statement of such a body as if it were a statement

of the Member concerned. At the request of a member of the Agency with the prokonzultuje

the competent Member of the matters relating to articles 19 to 21, which

related institutions and for insurance undertakings of the Member concerned.



(b) if it is for any act of the Agency required prior consent

any member country, it is considered that the consent has been granted, if the

the country does not submit within a period laid down by the Agency.



Chapter 6



The vote, the sale of shares and representations



Article 39



The votes and shares



(a) to ensure the voting scheme that reflects the same interest

Agency for both categories of States referred to in the material and to this agreement, and

the financial participation of each Member State, each Member will have 177

Member of the votes plus one vote for each share, which has in its possession.



(b) if at any time during the three years from the time when this Convention enters

into force, the fact that the total sum of Member and stock votes

Members belonging to one of the two categories referred to in the material and

will be less than 40% of the total number of votes cast in both categories, Member

countries in this category will get as many additional votes to the total

the sum of votes in this category was given to the percentage of the total

the number of total votes. The additional votes will be allocated among the Member countries in the

the category split in the ratio of equity of votes of individual members to

total equity of votes in that category. These additional voices

will be subject to automatically increase or decrease so that

the percentage retained, and at the end of that three-year period

will be cancelled.



(c) in the third year from the time when this agreement enters into force,

the Council of administrators control over the distribution of shares and in its decision-making

It will be guided by the following principles:



(i) the votes of the Member countries will reflect the true value of their subscriptions

the capital of the Agency and the Member voices within the meaning of paragraph (a) of this

the article,



(ii) the shares allocated to countries that have not signed the agreement, they will be made to the


available for redistribution among the members, and in such a way that the

allow voting parity both these categories,



(iii) the Board of administrators shall adopt measures that will facilitate the purchase of member countries

allocated shares.



(d) during the three year period referred to in paragraph (b) of this article shall be

all decisions of the Council and the Executive Council accepted managers

by special majority. The exception is the decision which, according to

This agreement shall require a majority of the higher.



(e) in the event that the stock capital of the Agency shall, pursuant to paragraph (c)

Article 5, each Member who so requests, will be entitled to purchase

part of the market share, the share capital increased. This part will be proportional to the

the share of the respective Member of the total share capital of the Agency before the

increase. None of the members, however, will not be bound by the obligation to buy shares, about

which is the capital of the Agency has increased.



(f) the Board of administrators shall issue regulations concerning the purchase of additional shares

in accordance with paragraph (e) of this article. These measures will also establish

an appropriate time-limit within which the Member shall submit a request to purchase

additional shares.



Article 40



Voting in the Council of administrators



(a) each administrator will be entitled to vote for a Member

It represents. Excluding cases that are referred to in the present Convention,

will be subject to the approval of the administrator of the Council decision of the majority.



(b) quorum is reached when the Council administrators form the Assembly majority of administrators,

who together represent at least 2/3 of the votes.



(c) the Board of administrators may issue regulations, according to which the Director's Council, may

If such action is considered in terms of the Agency's best interests,

apply for a Council decision on a specific matter, administrators without this

Board of administrators was convened.



Article 41



The election of Directors



(a) the directors shall be elected in accordance with the material (B).



(b) the directors shall serve in Office until then, until the elected

their successors. If the Office of Director is released earlier than 90 days prior to the

expiration of its term of Office, shall elect the administrators who voted and

the previous Director, for the remainder of the period. For

the election of a majority of the votes will be needed. If it is not the place of the Director

busy, shall perform the duties of the Director, with the exception of the appointment of the Deputy,

his Deputy.



Article 42



Voting in the Board



(a) Every Director shall have the right to dispose of the number of votes of all members,

who voted for him in the election. All of the voices, with whom the Director

entitled to dispose, shall be consigned irreversibly. Except in cases of

expressly provided in this Convention, decisions of the Executive Council

be subject to the approval of the majority.



(b) quorum is reached when an Executive Council shall consist of a majority of the directors who

together represent at least half of the total number of votes.



(c) the Director's Council may issue regulations, according to which the President may

in the case that it will be in terms of the interests of the Agency, be considered to be the best,

request a decision the Executive Council in a particular matter, without

This Director's Council was convened.



Chapter 7



The privileges and immunities of the



Article 43



The purpose of the chapter



In order to enable the Agency to fulfil its function, it will be on the territory of each

Member State to enjoy the following privileges and imunitám.



Article 44



Court proceedings



Acts outside the steps referred to in articles 57 and 58 may be carried out

against the Agency only before the competent court in the territory of a Member State,

where the Agency has an Office, or has appointed for the purpose of delivering the message

the representative of the legal proceedings. No such step will not be against the Agency

taken (i) to members, or persons acting for the benefit of members or

having claims against members, (ii) in personal matters. Assets and

assets of the Agency, no matter where they are located and to whom they belong,

they will not be subject to any attachment, seizure or execution before the delivery of

the final verdict or decision of the jury.



Article 45



The assets of the



(a) the property and assets of the Agency, no matter where they are located and in the

Why are the ownership, not be subject to inspection, use requisitions because, confiscation,

expropriation or any other form of seizure exekutivním or legal step.



(b) to the extent necessary for the Agency's activities in the framework of this Convention will be

all the property and assets of the Agency shall be exempt from restrictions, regulations,

regulatory measures and moratoria of any kind; If the Agency

gets the property and assets in the context of the takeover of the creditors ' rights, or as a

the successor to the holder of the guarantee, backed by a legal person, or an investor

the insured person will be guaranteed legal exemption from the relevant

restrictions on currency conversion and the measures paying for

the territory of the Member country, but only if the holder of the guarantee,

a legal person or an investor, whose Agency has endorsed a law, should the

such treatment is entitled.



(c) for the purposes of this chapter, the term "assets" includes the assets Supporting

Financial Fund (Foundation), which is reproduced in Appendix 1 to this Convention,

and other assets that the Agency in the pursuit of its objectives.



Article 46



Archive and communication



(a) the Agency's Archives will be inviolable, regardless of where the

located.



(b) an official communication of the Agency gets from each Member of such

treatment, as the official communication of the Bank.



Article 47



Tax



(a) the Agency, its assets, property and income, and its operations

and the transaction to which it is entitled to on the basis of this Convention, shall be

be exempt from all taxes and customs fees. The Agency will also

exempt from the obligation to collect or pay taxes and duties.



(b) in addition to local nationals will not be on the amounts paid to

the expenditure of the Agency and the deputy administrators and their salaries, amounts to

expenses and other benefits paid by the Agency to the President of the Executive Council,

Directors, the Deputy President and the staff of the Agency, no

the tax.



(c) on any investment, for which the Agency is liable or which ensures

(including profits), or any insurance policy, which the Agency

(including insurance premiums and other income arising from it),

will not be uvalovány taxes of any kind, irrespective, in the

the holding is located, if: (i) this tax discriminates against investment or

Therefore, the only fuse that is liable for it, or by the Agency, (ii)

the only legal justification for this step is the location of the Office or

site maintained by the Agency.



Article 48



The Staff Of The Agency



All administrators, directors, Vice Presidents, the President and the staff of the Agency:



(i) they will have immunity in relation to any legal action

relating to acts carried out in the framework of its functions,



(ii) in the case that will not be local nationals, not to

subject to immigration restrictions, aliens registration requests and

military duty; similar relief to provide member countries with regard to the

limit shifts to the representatives, officials and employees of comparable

the position of other Member States,



(iii) will be entitled to the same treatment in matters of travel, as

It receives from the Member States representatives, officials and employees

a comparable position from other Member countries.



Article 49



Application of this chapter



Each Member State shall take such measures on its territory, which will be in

under its legislation needed for the application of the principles formulated in the

This chapter, and the Agency will provide detailed information on these measures.



Article 50



Waiver of rights



Immunities, exemptions and privileges, as formulated in this chapter are granted in

interests of the Agency and that they may to the extent and under the conditions that you

down, give up. This only applies to cases where no relinquishing of the rights

to prejudice to the interests of the Agency. The Agency shall cancel the immunity of any of its

the employee in cases where, in its opinion, the immunity would impede the

application of the law and you can cancel it without damaging the

the interests of the Agency.



Chapter 8



Performance, suspension and termination of membership activities



Article 51



Performances



After three years from the time when this Convention has entered for

the Member in question into force, any Member may withdraw from the Agency,

that its intention to notify the main Office of the Agency. The Agency will

inform the Bank as depository of this agreement that this warning

It has received. Performances will come into force within 90 days from the date of delivery of the

notification to the Agency. Member country from its intention to give, if

However, the performance still was not in force.



Article 52



Suspension of membership



(a) if the Member fails to comply with the obligations arising from this agreement, the Council may

Directors to suspend his membership if it's voted for by the majority of its

Members representing the majority of the votes.



(b) if the Member has suspended membership, does not have any rights under the

This agreement, except the right to withdraw and the other rights set out

in this chapter, and Chapter 9, but shall remain subject to all its commitments, and

obligations.



(c) For the purpose of determining eligibility or suitability for the guarantee or reinsurance

in accordance with Chapter 3 and Appendix I to this Agreement, will not be a member of the

membership has been suspended, is treated as a member of the Agency.




(d) a member whose membership is suspended, you will lose automatically the membership of the

year from the date of the suspension. The exception is cases where the Council of administrators

Decides to extend the period of suspension of membership or renew

full membership in the Agency.



Article 53



The rights and obligations of States, whose membership ends



(a) if the membership of the State ends, the State continues to remain all

obligations (including obligations of financial participation) within the meaning of this

The agreement entered into force before the end of its membership.



(b) without infringing the provisions of paragraph (a), it shall enter the Agency

State of the negotiations on the arrangement and settlement of mutual claims and liabilities.

Any such arrangement shall be subject to the approval of an Executive Council.



Article 54



The suspension of the activities of the Agency



(a) the Director's Council may, whenever it considers it justified,

suspend the issuance of bonds for a fixed period.



(b) in the case of an emergency, the Council may suspend all activity Director's

The Agency for a period not exceeding the duration of an emergency situation mentioned, but

at the same time must take measures to prevent damage to the interests of the Agency and

third-party software.



(c) the decision to suspend the activity will not affect the obligations of the members

for the purposes of this agreement, the obligations towards the holders of the guarantees

or the securing of, nor to third parties.



Article 55



Liquidation



(a) the Council may, by special majority of administrators to decide on the

their activities and the disposal of the Agency. From this point the Agency terminates

until the next all their activities, with the exception of monetization, preservation and

keeping all the assets and settle the liabilities. Until the final settlement and

the Division of assets, the Agency exist and all rights and obligations of the

its members will continue and take in full.



(b) to the Division of assets will not occur before the Agency will settle or

ensure that all of its obligations to the holders of guarantees and other creditors and

than such a division of the Council of administrators.



(c) comply with the provisions of the preceding paragraphs the Agency split

the remaining assets among the members in proportion to each Member's share of the

subscribed capital. The Agency shall also be allocated any remaining assets

The financial support of the Foundation mentioned in Appendix I to this agreement between the

Members in proportion to each Member's share of the promotion of investment. No

a member will not be entitled to its share of the assets of the agency or Foundation,

If he claims the Agency. Distribution of assets will be

done at the time specified by the Board of administrators and in such a way, what will be the

The Council of administrators can be considered as equal and fair.



Chapter 9



Resolution of disputes



Article 56



Interpretation and application of the Convention



(a) Any issue relating to the interpretation or use of the

the provisions of this Agreement arising between any member and the Agency, or

among the members of the Agency, it will be passed to the decision of the Board. Each

a member of the present matter is of direct concern and that

at the same time does not have a Board representative, may send the

any negotiations, where appropriate, the question will be discussed, their

representative.



(b) in all cases where the Director's Council, shall issue a decision within the meaning of

the preceding paragraph (a), any Member may request that the goods

addressing the Council, whose decision is final. The Agency is the

bound by the decision of the appeal to the Board of administrators, but in the meantime it may where necessary

issues under the decision of the Executive Council.



Article 57



Disputes between the Agency and the members of the



(a) without disrupting the validity of the provisions of article 56 and of paragraph

(b) of this paragraph, any dispute between the Agency on the one hand, and the Member

countries or the authority, or by a State which has ceased to be a member of, or its

authority, on the other hand will be resolved in accordance with the procedure referred to in

Appendix II to this agreement.



(b) disputes concerning the entitlements of the Agency, which has been converted

creditor's rights of the investor, will be resolved either in accordance with (i)

the procedure set out in Appendix II to this agreement, or (ii) the agreement concluded

between the Agency and the competent Member and about an alternative way

or ways to resolve such disputes. In the latter case will serve

Appendix II to this agreement as the basis of an agreement which in any

case must, before the Agency on the territory of the

Member will initiate appropriate steps to confirm the Special Director's most

the Council.



Article 58



Disputes with the participation of holders of guarantees or collateral



Any dispute related to the guarantee or reinsurance contract between its

the participants shall be submitted to arbitration and the final decision in accordance with

such terms that are listed, or for which there is a link within the warranty

or reinsurance contract.



Chapter 10



::



Article 59



Add-ons by the Council of administrators



(a) Supplements to this agreement and its Amendments may be approved by three-fifths that

most administrators represent four-fifths of the total quantity of votes,

with the understanding that:



(i) any add-in regulating the right to resign from the Agency pursuant to

Article 51 and limitation of liabilities referred to in paragraph (d) of article 8 will require

the consent of all administrators,



(ii) any governing scheme of the common add-in cover losses under

Article 1 and 3 of Appendix I to this agreement and which have the effect of increasing

obligations of any member in the context of this adjustment will require

the consent of all members of the administrators, which it refers to.



(b) materials A and B to this agreement may be supplemented by the Council of administrators

by special majority.



(c) if any of the add-in will affect any of the provisions of Appendix I to

This agreement, the total amount of votes also include additional voices

allocated on the basis of article 7 of this appendix to members providing

support and countries where investments are executed with the aid.



Article 60 of the



Procedure



Any proposal to supplement this agreement brought by a Member State, the Director of the

or by the administrator will be presented to the President of the Executive Council, which it

the Director shall submit to the Council. If a proposed Director's Council of the add-in

approve, will be submitted for approval by the Council, in accordance with the

Article 59. The add-in to be formally approved by the Council of administrators, the Agency

It formally inform all its members. :: Enter into force within 90

days from the date of receipt of the formal notification, with the exception of cases in which the Council

Administrators decides otherwise.



Chapter 11



Final provisions



Article 61



Entry into force of



(a) this agreement may be signed by all members of the Bank and Switzerland.

The agreement is subject to ratification, acceptance or approval by Member States in

accordance with their respective constitutional procedures.



(b) this Agreement shall enter into force on the date when it will be deposited at least 5

documents ratifikujících, beneficiary, or approving an agreement from

signatory countries falling within Categories 1 and at least 15 of these

documents from States falling within category 2; the subscribed capital

include at least one-third of the total capital of the Agency referred to in

Of article 5.



(c) If a State deposits-instrument in which the agreement ratifies, accepts or

approve, after the agreement already entered into force, the Agreement

valid from the date on which such instrument deposited.



(d) If this agreement has not entered into force within two years, when it was given to

available for signature, a Conference shall be convened by the President of the Bank

countries, which will decide on the next steps.



Article 62



Introductory meeting



As soon as this agreement enters into force, shall be convened by the President of the Bank

the start of the meeting. This meeting will be held at the Agency's headquarters co.

First, from the date when the agreement came into force, but not later than 60 days.



Article 63



The depositary



Of the Charter relating to ratification, acceptance or approval of this agreement and

its add-ins will be saved in the Bank, which will serve as a

the depositary of this agreement. The depositary shall transmit certified copies of this Agreement

the Bank's Member States and Switzerland.



Article 64



Registration



The depositary shall register this agreement with the Secretariat of the United Nations in accordance with the

Article 102 of the UN Charter and regulations in accordance with the UN General

Assembly of the United Nations.



Article 65



The notification of the



The depositary shall notify all signatory States and the acquisition of

the validity of the agreement and the Agency of the following matters:



(a) the signatures on the agreement,



(b) deposit of the ratification, acceptance or approval in accordance with

Article 63,



(c) the date on which in accordance with article 61 agreement enters into force,



(d) exemptions from territorial validity under article 66,



(e) resignation from membership of the Agency in accordance with article 51.



Article 66



Territorial validity



This agreement applies to all territories under the jurisdiction of a member, including,

for whose international relations it is responsible, with the exception of a member the territory of which the

list of Member in writing when the consignment passes the ratification, acceptance

or approval, or at any time thereafter.



Article 67



Periodic checks



(a) the Council of administrators will take periodic summary of control activities

The Agency and its results, with a view to the introduction of any changes to the

serving to reinforce the capacity of the Agency to meet specified targets.



(b) the first this check occurs after five years from the date of its entry in the

force. The other controls the Council administrators.



Drawn up in Seoul, in a single copy which shall be deposited in the archives


International Bank for reconstruction and development, that by signing below

affirmed their agreement with the performance of the functions, which is in the framework of this

Conventions.



APPENDIX I



Guarantees for investments with the financial support referred to in article 24



Article 1.



Financial support



(a) Any member may support the guarantees on investment realized

investors of any nationality or even members of

several States.



(b) in accordance with the provisions of paragraphs (b) and (c) of article 3 of this appendix will be

each supporting member along with other supporting members participate in

losses arising from guarantees on the supported investments, if these

the loss of Financial support, the Foundation cannot cope, referred to in

Article 2, in proportion to what is the share of financial obligations

resulting from it are supported by investments in the total amount of financial

liabilities arising from investments supported by all supporting members.



(c) when deciding on the guarantees provided in the context of this Appendix

the Agency will take into account whether it is supporting Member in a position

that allows him to fulfill the commitments under this appendix, and will

to favour investment, which also supports the participating

the host country.



(d) the Agency will periodically consult with supporting members questions

associated with its activities under this appendix.



Article 2.



The financial support of the Foundation



(a) the premiums and other revenue from the provision of guarantees on the

supported investments, as well as from investment of insurance premiums and revenue,

will be saved to a special account, which will bear the name of the financial support

the Foundation.



(b) all administrative expenses and payments resulting from claims

applied on the basis of the guarantees provided in the context of this Appendix

will be borne by the Financial support of the Foundation.



(c) the financial support of the Foundation's assets will be maintained and administered by

a joint account that support members and will be separated from the assets of the Agency.



Article 3.



However supporting members to pay



(a) in the event that the Agency is required to pay on the basis of the loss suffered by the

in the context of supported guarantees a certain amount, and if this amount cannot be

the financial support of the Foundation's assets to cover, each Agency shall invite the

supporting Member to payment of the relevant share to the Foundation, whose

the amount will be determined in accordance with paragraph (b) of article 1 of this appendix.



(b) no member of the on call will not need to under the previous article

nothing to pay, if as a result of the payment of the total sum of all payments

This member exceed the total amount of guarantees covering investments

supported by that Member.



(c) upon the expiration of any warranties covering investment supported by a member of the

This member's liabilities will be reduced by an amount equivalent to the amount of this

the warranty. Such liabilities will also be reduced on the basis of proportionality in

cases, the Agency shall effect payment in favour of the supported

investment. Otherwise, shall continue until the expiration of all warranties on

supported investments, which is running at the time of such payments.



(d) if the Member is not on the basis of the provisions of paragraphs (b) and (c) shall be obliged to

the challenge to pay the amount due, or if any of the supporting Member

to pay in a timely manner or at all, fails to pay the amount for which payment was

asked about these amounts in proportion to the share of the other supporting members.

The obligation of members to pay to challenge within the meaning of this article shall be subject to

the limits laid down in paragraphs (b) and (c).



(e) any payment, which will be paid to the challenge of supporting a member in

accordance with this article, shall be made as soon as possible and in freely

the applicable currency.



Article 4.



Valuation of currencies and refunds



Provisions relating to the valuation of the currencies and the refunds contained in this agreement

with regard to the capital subscriptions will be used, mutatis mutandis, to the

the amounts paid by members for the purpose of promoting investment.



Article 5.



Ensure the



(a) the Agency may, under the conditions referred to in article 1 of this Appendix

to provide assurance to his Member, his institution, the regional agency

as defined in paragraph (a) of article 20 of this agreement, or to the private

pojišťovateli in some of the Member countries. On reinsurance in

under this appendix shall be, mutatis mutandis, apply the provisions of

This appendix relating to guarantees and articles 20 and 21 of this agreement.



(b) the Agency may obtain collateral for investment, for which he is liable, in

under this addendum and the cost of such collateral will cover from

The financial support of the Fund. the Council may decide, Palace whether and in

to what extent can be obtained to ensure account reduce the commitment

the common cover losses for supporting members, which are discussed in the

paragraph (b) of article 1 of this appendix.



Article 6.



Principles of operation



Without disrupting the provisions of this Appendix apply to guarantees

the supported investments, mutatis mutandis, the same provisions that are

due to the provision of guarantees set out in Chapter 3 and Chapter 4 of the

The agreement, with the exception that (i) such investment shall be entitled to

support, if implemented on the territory of any, but especially

development, a member of and participate in an investor or investors who

fulfil the conditions referred to in paragraph (a) of article 1 of this appendix, or

(ii) the Agency due to its assets shall have no obligations for guarantees

or collateral provided in this Appendix and any warranty or

reinsurance contract explicitly stating this fact.



Article 7.



Vote



For decisions related to investment will be supported by each

supporting Member one vote for every 10 000 units SDR guarantees

or to ensure that it supports, and every country in which it is supported

investment will be implemented, it will have one vote for every 10,000

SDR units warranty, guarantee or ensure any supported investment that

It hosts. In addition, these voices will apply only when the voting

regarding the supported investments and in the determination of the number of votes for

individual members on them otherwise will not be considered.



APPENDIX II



Resolution of disputes between a member and the Agency in accordance with article 57



Article 1.



The Validity Of The Appendix



All disputes under Article 57 of this Agreement shall be resolved in accordance with the

the procedure laid down in this appendix, except in cases when the Agency

has entered into a contract with a Member referred to in paragraph (b) (ii) of article 57.



Article 2.



Negotiation



Parties to the dispute within this appendix attempts to resolve this dispute

the hearing, before resorting to conciliation or arbitration resolution. If

the parties do not reach agreement within 120 days from the date of the request for the opening of negotiations,

the meeting will be regarded as ineffective and its resources for the depleted.



Article 3.



Settlement



(a) If the dispute is not resolved by negotiation, either party

to submit such dispute to arbitration in accordance with the provisions of article 4 of the

This appendix, but both sides also have recourse to the

conciliation, which are discussed in this article.



(b) agreement on the choice of the conciliation procedure, stating the disputed issue, the requirements

the two parties to resolve it and the name of the conciliation officer, if

available. If the parties cannot agree on the usmiřovateli, they may jointly

ask about his appointment of either the Secretary-General of the International

Centre for settlement of investment disputes (ICSID) or the President of the

International Court of Justice. An amicable settlement to end, if it has not

Accommodator appointed within 90 days of the conclusion of the agreements on the choice of the conciliation

procedure.



(c) if in this appendix expressly provides otherwise, or if the

both parties agree, Accommodator lays down the rules for the conciliation and

in this regard, will be governed by the rules adopted by agreement on the solution

investment disputes between States and nationals of other States.



(d) the two parties shall cooperate in good faith with the reconciler and

in particular, it shall provide all the documents and any information that he

help in the performance of its functions. Will the recommendations very seriously

consider.



(e) unless the parties agree otherwise, shall submit to the Accommodator in time

not exceeding 180 days from the date of its appointment to the parties a report summarising

the results of his efforts, defining the subjects of dispute of the parties and the referring

proposals for their solution.



(f) each Party shall, within 60 days of the receipt of the report expressed in writing their

opinions on this report and send it to the other side.



(g) any Party participating in the smiřovacího control does not have the right to

to resort to arbitration, if:



(i) shall submit his report in the Accommodator period laid down in paragraph

(e)



(ii) the Parties shall take all the proposals contained in the report within 60 days of

receipt of the request,



(iii) the parties to an exchange of views on the report shall agree on the resolution of all

cause of action within 60 days from the receipt of the message, usmiřovatelovy



(iv) the party expresses his views on the report in accordance with the provisions contained in the

paragraph (f).

(h) unless the parties agree otherwise, the fee will be determined by the appeasers

on the basis of the rates in force for conciliation ICSID. Fees and other

the costs of arbitration shall be borne equally by both parties. Each party to the

you will have to pay their own costs.



Article 4.



Arbitrage



(a) Arbitration proceedings shall be initiated by the notifying Parties requesting

Arbitration (plaintiff) was addressed to the other party or other parties in the


the dispute (the defendant). The warning will be to characterize the nature of the dispute, the

the name of the arbitrator appointed by resolution and by the appellant. The defendant within 30 days

from the date of delivery of the notice shall notify the applicants name as an arbitrator, which

has chosen. Within 30 days from the date of appointment of the second arbitrator selected by both parties

the third arbitrator, who will act as the Chairman of the arbitral

the Tribunal (the Tribunal).



(b) unless the General Court established within 60 days of the date of notification, the

an unspecified arbitrator or the Chairman appointed to the joint request of the parties

the Secretary-General of ICSID. If the parties do not submit a joint application,

or if the Secretary General to appoint a competent person within 30 days of

submission of the application, each party may request the appointment on

the President of the International Court of Justice.



(c) neither party will have the right to change the arbitrator he has appointed,

as soon as the hearing officer in case of a dispute. If any arbitrator (including

the President of the Tribunal) shall submit its resignation, dies, or does not

able to exercise the function of his successor will be appointed in the same way

like his predecessor and such successor will have the same rights and

obligations, as the person in whose place he took.



(d) the Tribunal will meet for the first time at a time and place determined by the Chairman.

Subsequent to the meeting determines the General Agreement of all members.



(e) if the amendment provides otherwise, or unless the parties

agree otherwise, the Tribunal shall determine its procedure and will in this respect,

guided by the arbitration rules adopted pursuant to the agreement on the solution

investment disputes between States and nationals of other States.



(f) the Tribunal will assess their own competence, with the exception

in cases where an objection is before the Tribunal in the sense that the dispute

falls within the competence and jurisdiction of the Council or the Executive Council of administrators

pursuant to article 56 or to the Court's jurisdiction or arbitration authority

specified by the agreement within the meaning of article 1 of this appendix. If the Court

It considers that the objection is justified, submit it to the Executive Council, the Council

Administrators, or to the competent authority, and the arbitration proceedings will be suspended

up to that time, when it will be reached in the matter for the general binding

decision.



(g) the Tribunal will in any dispute under this Appendix apply

the provisions of this Convention, any relevant document

formulujícího the agreement of both parties, the podzákonů and the regulation of the Agency,

the relevant regulations of international law, the local law of the participating

Member, and also the relevant provisions of the investment contract, if

These are located in it. Without disrupting the provisions of this agreement,

the General Court may issue a decision in the case of a dispute ex aequo et bono, if the

with that Agency and the participating Member agrees. The General Court may not issue a

decision of non liquet, arguing that the law is unclear, or about a given problem

He does not speak.



(h) the Tribunal shall give all parties a fair hearing. All

the resolution of the Tribunal will be based on approval by a majority of its members and

will state the reasons that led to them. Observations of the Tribunal will be

written, signed at least two arbitrators, and each party gets its

a copy of the. The observations will be final, binding on the parties and will not be on it

apply a possibility of appeal, rescinded or revised.



(i) If a dispute arises between the parties in question to the meaning or scope of the

the decision of the Tribunal, each party may request in writing addressed to the

the President of the Tribunal that issued the decision, within 60 days of the release of

the decision to ask for his explanation and interpretation. If it will be

possible, the President of the request of the Tribunal, which issued the ruling, and up to 60

days of receipt of the request, the Tribunal shall convene. If this procedure does not

possible, shall draw up, in accordance with the provisions of paragraphs (a) to (d), the General

the new. The General Court may suspend the enforcement of the decision until

on the question of the required explanation.



(j) each Member shall request a decision issued in accordance with this

article for binding and applicable in its territory, as if they were

about the Court's verdict of this member. Enforcement shall be governed by the laws of

applicable to the enforcement of judicial decisions in the State on whose territory it is to be

enforced, and will not violate any applicable law relating to the

immunity from enforcement.



(a) unless the parties agree otherwise, the fees and benefits

arbitrům paid, established on the basis of the rates applicable to arbitration

ICSID. Each Party shall bear its own costs associated with the

arbitration. The costs of the Tribunal shall be borne in equal parts by both

the parties, with the exception of cases, when the Tribunal decides otherwise. Any

the question concerning the apportionment of the costs of the Tribunal or the procedure for

payment of such costs will be determined by the Tribunal.



Article 5 ...



Delivery



Notices related to any of the steps in this Appendix will be

written by. Notice will be given to the body designated by the participating Agency

a member in accordance with article 38 of the Convention, while the participating Member will be

notification to the Agency address its main offices.



MATERIAL AND



Membership and subscribed capital

Category 1



State the number of shares subscribed capital

(million SDRs)

-------------------------------------------------------------

Australia 1.713 17.13

Austria 775 7.75

Belgium 2.030 20.30

Canada 2.965 29.65

Denmark 718 7.18

Finland 600 6.00

France 4.860 48.60

GERMANY 5.071 50.71

Iceland 90 0.90

Ireland 369 3.69

Italy 2.820 28.20

Japan 5.095 50.95

Luxembourg 116 1.16

The Netherlands 2.169 21.69

New Zealand 513 5.13

Norway 699 6.99

943 South Africa 9.43

Sweden 1.049 10.49

Switzerland 1.500 15.00

Great Britain 4.860 48.60

USA 20.519 205.19

------ ------

59.473 594.73



Category 2



(For the purposes of this Convention are in category 2

developing countries included)



State the number of shares subscribed capital

(million SDRs)

-------------------------------------------------------------

Afghanistan 118 1.18

Algeria 649 6.49

Antigua and Barbuda 50 0.50

Argentina 1.254 12.54

Bahamas 100 1.00

Bahrain 77 0.77

Bangladesh 340 3.40

Barbados 68 0.68

Belize 50 0.50

Benin 61 0.61

Bhután 50 0.50

Bolivia 125 1.25

Botswana 50 0.50

Brazil 1.479 14.79

Burkina Faso 61 0.61

Burma 178 1.78

Burundi 74 0.74

Cameroon 107 1.07

Islands of green Cape 50 0.50

Central African Republic 60 0.60

Chad 60 0.60

Chile 485 4.85.

China 3.138 31.38

Colombia 437 4.37

The Chamber 50 0.50

The people's Republic of the Congo 65 0.65

Costa Rica 117 1.17

Cyprus 104 1.04

Djibouti 50 0.50

Dominica 50 0.50

Dominican Republic 147 1.47

Ecuador 182 1.82

Arab Republic of Egypt 459 4.59

El Salvador 122 1.22

Equatorial Guinea 50 0.50

Ethiopia 70 0.70

Fiji 71 0.71

Gabon 96 0.96

Gambia 50 0.50

Ghana 245 2.45

Greece 280 2.80

Grenada 50 0.50

Guatemala 140 1.40

Guinea 91 0.91

Guinea Bissau 50 0.50

Guyana 84 0.84

Haiti 75 0.75

Honduras 101 1.01

Hungary 564 5.64

India 3.048 30.48

Indonesia 1.049 10.49

Islamic Republic of Iran 1.659 16.59

Iraq 350 3.50

Israel 474 4.74

Ivory Coast 176 1.76

Jamaica 181 1.81

Jordan 97 0.97

Democratic Kampučie 93 0.93

Kenya 172 1.72

South Korea 449 4.49

Kuwait 930, 9.

Lao people. Dem rep. 60 0.60

Lebanon 142 1.42

Lesotho 50 0.50

Liberia 84 0.84

Libyan Arab. džamah. 549 5.49

Madagascar 100 1.00

Malawi 77 0.77

Malaysia 579 5.79

Maldives 50 0.50

Malta 75 0.75

Mali 81 0.81

Mauritania 63 0.63

Mauritius 87 0.87

Mexico 1.192 11.92

Morocco 348 3.48

Mozambique 97 0.97

Nepal 69 0.69


Nicaragua 102 1.02

Niger 62 0.62

Nigeria 844 8.44

Oman 94 0.94

Pakistan 660 6.60

Panama 131 1.31

Papua New Guinea 96 0.96

Paraguay 80 0.80

Peru 373 3.73

The Philippines 4.84 484

Portugal 382 3.82

Qatar 137 1.37

Romania 555 5.55

Rwanda 75 0.75

St. Christopher and Nevis 50 0.50

St. Lucia 50 0.50

St. Vincent 50 0.50

St. Thomas and the Principův Island 50 0.50

Saudi Arabia 3.137 31.37

Senegal 145 1.45

Seychelles 50 0.50

Sierra Leone 75 0.75

Singapore 154 1.54

Solomon Islands 50 0.50

Somalia 78 0.78

Spain 1.285 12.85

Sri Lanka 271 2.71

Sudan 206 2.06

Suriname 82 0.82

Syrian Arab Republic 168 1.68

Swaziland 58 0.58

Tanzania 141 1.41

Thailand 421 4.21

Togo 77 0.77

Trinidad and Tobago 203 2.03

Tunisia 156 1.56

Turkey 462 4.62

U.A.E. 372 3.72

Uganda 132 1.32

Uruguay 202 2.02

Vanuatu 50 0.50

Venezuela 1.427 14.27

Viet Nam 220 2.20

Western Samoa 50 0.50

Yemen Arab Republic 67 0.67

The people of Yemen. Dem rep. 115 1.15

Yugoslavia 635 6.35

Zaire 338 3.38

Zambia 318 3.18

Zimbabwe 236 2.36

------ ------

40.527 405.27

A total of 100.000 1.000.00

------- --------



MATERIAL (B)



Election of Directors



1. candidates for the Office of Director shall be appointed by the administrators. Each administrator

may propose only one candidate.



2. Election of Directors shall be carried out by secret ballot by administrators.



3. the administrator shall surrender for their candidate, all the voices,

that has its member country pursuant to paragraph (a) of article 40.



4. A quarter of the total number of Directors will be elected separately, one for

each administrator representing the Member States with the highest number of

shares. If the total number of Directors is not a multiple of four, the number of such

the elected directors will be equal to one quarter of the next lowest number

dělitelného four.



5. the remaining directors will be elected by other administrators in accordance with

the provisions of paragraphs 6 to 11 of this material.



6. If the number of candidates equal to the number of directors who have yet to be

elected, all candidates will be elected in the first round; the exception is the

candidates who do not get the minimum percentage of the total number of votes

that the Council shall at the same time, if any of the candidates

gets more than the maximum percentage of the total number of votes

the Council shall determine.



7. If the number of candidates exceeds the number of elected directors,

will be elected the candidates who obtained the highest number of votes, with the exception of

in cases where the candidate fails to obtain a minimum percentage of the total number of votes

established by the Council of administrators.



8. If there are all these remaining directors elected in the first round,

the second round will be held. The candidate or candidates is re-elected in the first

the bike may once again take part in the second round.



9. In the second round of voting will be limited to (i) the administrator, who in the first

Bicycle voted for an unelected candidate, (ii) the administrator, who in the first

Bicycle voted for a candidate who has already received the maximum percentage

the total number of votes established by the Council of administrators already before they were

their votes are counted.



10. in determining when the candidate has received more than the maximum percentage of

votes are first counted the vote administrator representing the highest

the number of votes. Followed by the administrator, that represents the second highest

the number of votes, the third, etc. until it reaches the desired percentage.



11. If they are not elected in the second round all remaining directors,

the same principle will hold the next round until they are elected

all Directors. The exception is the case when left to choose only one

the Director. He can be elected by a simple majority of the remaining votes, and has

shall be deemed to have been committed for it all the remaining votes.



*) Part 6 supplemented by after you change the agreement, which entered into force on 17.

December 1965.



*) 3. the nominal capital was increased to $ 110.000.000 divided into

110,000 shares at $ 1,000. November 2, 1977 was the nominal capital

increased to $ 650.000.000, divided on 650,000 shares at $ 1,000. 26.

December 1985 authorized capital was increased to $ 1.300.000.000

broken down into 1.3 million shares at $ 1,000.



*) Original text: (a) the Corporation does not carry out its funding in the form of

investment capital. The Corporation may invest its funds

in the form or forms that will be considered as appropriate under the

circumstances, including (without limitation) the investments which the holder has the right to

to participate in the proceeds, and the right to subscribe for share capital or investment

convert to (b) the Corporation itself does not have the right to subscribe to or change investment

share capital.



**) Original text: (iv) the Corporation does not assume responsibility for the management

any company in which it has invested.



*) The last clause in the amendment added valid from 1. September 1965.



*) Original text contains this: corporations will not borrow from banks and

the Bank will not lend.



*) International Bank for reconstruction and development.