BWBV0003602
Geldig vanaf 10-01-2016
Artikel 10
Overeenkomst tot instelling van het Gemeenschappelijk Fonds voor Grondstoffen
1. Payments of Shares of Capital subscribed by each Member shall be made:
a) In any Usable Currency at the rate of conversion between that Usable Currency and the Unit of Account as at the date of payment; or
b) In a Usable Currency selected by that Member at the time of deposit of its instrument of ratification, acceptance or approval, and at the rate of conversion between that Usable Currency and the Unit of Account as at the date of this Agreement.
At the time of deposit of its instrument of ratification, acceptance or approval, each Member shall select one of the procedures above, which shall apply to all such payments.
2. When undertaking any review in accordance with article 11, paragraph 1, the Governing Council shall review the operation of the method of payment referred to in paragraph 1 of this article, in the light of exchange-rate fluctuations, and, taking into account developments in the practice of international lending institutions, shall decide by a Highly Qualified Majority on changes, if any, in the method of payment of subscriptions of any additional Shares of Capital subsequently issued in accordance with article 11, paragraph 2.
3. Each Member referred to in article 5 (a) shall:
a) Have paid 30 per cent of its total subscription of Shares within 60 days after the entry into force of this Agreement, or within 30 days after the date of deposit of its instrument of ratification, acceptance or approval, whichever was later;
b) One year after the payment provided for in subparagraph (a) above, have paid 20 per cent of its total subscription of Shares and deposited with the Fund irrevocable, non-negotiable, non-interest-bearing promissory notes in an amount of 10 per cent of its total subscription of Shares. Such notes shall be encashed as and when decided by the Governing Council by a Qualified Majority;
c) Two years after the payment provided for in subparagraph (a) above, have deposited with the Fund irrevocable, non-negotiable, non-interest-bearing promissory notes in an amount of 40 per cent of its total subscription of Shares. Such notes shall be encashed as and when decided by the Governing Council by a Qualified Majority, except that the promissory notes in respect of Shares allocated to the Operations Account shall be encashed as and when decided by the Executive Board.
4. Calls on Shares of Capital shall be made pro rata from all Members, except as provided for in paragraph 3 (c) of this article.
5. Special arrangements for payment of subscriptions of Shares of Capital by the least developed countries are set forth in schedule B.
6. Subscription of Shares of Capital may, when relevant, be paid by the appropriate agencies of Members concerned.
a) In any Usable Currency at the rate of conversion between that Usable Currency and the Unit of Account as at the date of payment; or
b) In a Usable Currency selected by that Member at the time of deposit of its instrument of ratification, acceptance or approval, and at the rate of conversion between that Usable Currency and the Unit of Account as at the date of this Agreement.
At the time of deposit of its instrument of ratification, acceptance or approval, each Member shall select one of the procedures above, which shall apply to all such payments.
2. When undertaking any review in accordance with article 11, paragraph 1, the Governing Council shall review the operation of the method of payment referred to in paragraph 1 of this article, in the light of exchange-rate fluctuations, and, taking into account developments in the practice of international lending institutions, shall decide by a Highly Qualified Majority on changes, if any, in the method of payment of subscriptions of any additional Shares of Capital subsequently issued in accordance with article 11, paragraph 2.
3. Each Member referred to in article 5 (a) shall:
a) Have paid 30 per cent of its total subscription of Shares within 60 days after the entry into force of this Agreement, or within 30 days after the date of deposit of its instrument of ratification, acceptance or approval, whichever was later;
b) One year after the payment provided for in subparagraph (a) above, have paid 20 per cent of its total subscription of Shares and deposited with the Fund irrevocable, non-negotiable, non-interest-bearing promissory notes in an amount of 10 per cent of its total subscription of Shares. Such notes shall be encashed as and when decided by the Governing Council by a Qualified Majority;
c) Two years after the payment provided for in subparagraph (a) above, have deposited with the Fund irrevocable, non-negotiable, non-interest-bearing promissory notes in an amount of 40 per cent of its total subscription of Shares. Such notes shall be encashed as and when decided by the Governing Council by a Qualified Majority, except that the promissory notes in respect of Shares allocated to the Operations Account shall be encashed as and when decided by the Executive Board.
4. Calls on Shares of Capital shall be made pro rata from all Members, except as provided for in paragraph 3 (c) of this article.
5. Special arrangements for payment of subscriptions of Shares of Capital by the least developed countries are set forth in schedule B.
6. Subscription of Shares of Capital may, when relevant, be paid by the appropriate agencies of Members concerned.
- Citeren als
- Art. 10
- Geldig vanaf
- Status
- Geldend recht
- Identificatie
- BWBV0003602
- Officiële bron
- wetten.overheid.nl