JOHN CARLOS I

KING OF SPAIN

To all who present it, they see and understand.

Sabed: That the General Courts have approved, and I come to sanction the following Law:

Reason exposure

Spain, which has been a member of the International Finance Corporation since 1960 (Decree-Law 2/1960, of March 10), has gone to the successive capital increases made by the Corporation, having subscribed to the date 13,175 shares in the capital of this institution.

The general policy of maintaining the presence and relative weight of our country in this type of multilateral institutions with a clear impact on the framework in which the foreign sector of the Spanish economy is moving, advises the subscription by Spain of all the actions that have been offered to it by Resolution number 166 of the Board of Governors.

The purpose of this Law is to implement an increase in the participation of Spain in the capital of the Corporation, in line with the above.

Article first

The government is authorized to take the necessary measures for Spain to subscribe seven thousand seven hundred and fifty-three (7,753) additional shares of the International Finance Corporation, with a nominal value of 1,000 (1,000). United States dollars each, in full payable, in the terms provided for in Resolution 166, approved by the Board of Governors on September 4, 1990, and published as annexed to this Law.

Article second

The payment by Spain of the amount of the subscription will be made in dollars of the United States, or in another currency or currencies freely convertible, and in the deadlines and conditions set forth in the Resolution cited in the previous article.

Third Article

One. The Banco de España is hereby authorized, in accordance with the provisions in force, to make the disbursements necessary for the payment of the said subscription.

Two. For the purposes of the subscription authorized, the Banco de España shall perform the functions of the depositary provided for in the ninth section of Article 4. º of the Constitutive Convention of the Corporation, published as an annex to Decree-Law 2/1960 of 10 March, for which Spain joined the same.

ADDITIONAL DISPOSITION

The Ministries of Foreign Affairs and Economy and Finance are empowered to adopt, within the framework of their respective powers, how many measures are necessary for the implementation of this Law.

FINAL DISPOSITION

This Law will enter into force the day after its publication in the "Official State Gazette".

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this Law.

Madrid, 17 May 1991.

JOHN CARLOS R.

The President of the Government,

FELIPE GONZÁLEZ MARQUEZ

INTERNATIONAL FINANCIAL CORPORATION

Resolution number 166

INCREASE IN SUBSCRIPTION FROM SPAIN, THE ARAB REPUBLIC OF EGYPT AND TURKEY TO THE CAPITAL OF THE CORPORATION

Considering that the countries listed below have indicated their desire to subscribe to additional authorized and non-issued shares of the Corporation in the following amounts: Spain, 7,753 acctions; Arab Republic of Egypt, 131 shares, and Turkey, 1,500 shares;

Considering that the directors of the Corporation have concluded that it is advisable that the above countries be allowed to increase their holdings of shares and have made the relevant recommendations in such a way. The Board of Governors,

Therefore, the Board of Governors resolves the following:

A) Spain is hereby authorised to subscribe to 7,753 additional shares of the Corporation in the time and conditions set out in this Resolution.

B) The Arab Republic of Egypt is hereby authorised to subscribe 131 additional shares of the Corporation in the time and conditions set out in this Resolution.

C) Turkey is hereby authorised to subscribe to an additional 1,500 shares of the Corporation within the time limits and conditions set out in this Resolution.

D) The subscription price per share will be $1,000 dollars, from the United States, and such subscription price will be paid in dollars from the United States or in another currency or currency of free convertibility; it is understood, without However, if the payment is made in such currency or currencies other than the United States dollar, the Corporation shall make every effort to ensure that such currency or currencies are promptly converted to United States dollars, and their amount constitute the total or partial payment of the subscription price only to the extent that the Corporation has received the cash payment in dollars from the United States.

E) Spain, the Arab Republic of Egypt or Turkey may at any time before 31 March 1991, or on that same date, subscribe to the number of shares in the capital of the Corporation mentioned above, depositing in the Corporation a subscription instrument, acceptable to the Corporation, and making the full cash payment of such shares.

(F) Spain, the Arab Republic of Egypt or Turkey may choose, in respect of the shares which, respectively, to subscribe, to extend until 1 August 1991 the date for the subscription and the payment specified in the in paragraph E.

G) Any shares in the share capital that remain unsubscribed after the date prescribed in paragraph E of this Resolution, or extended by any of the members pursuant to paragraph F above, they shall continue to be authorized and unissued, and may be issued by the Corporation in accordance with its Constitutive Convention.

(Adopted September 4, 1990.)