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a). The authorized capital stock of the Bank shall be three billion, three hundred and thirty-eight million, seven hundred thousand Special Drawing Rights. The capital stock shall be divided into thirty-three million, three hundred and eighty-seven thousand shares having a par value of one hundred Special Drawing Rights each. Each share shall have a paid-in portion of twenty-five percent and a callable portion of seventy-five percent.
b). Each original member of the Bank shall subscribe at par to the number of shares of capital stock set forth opposite its name in Schedule A of this Agreement, and shall pay for the paid-in portion and the callable portion of such shares in accordance with that Schedule. Each new member shall subscribe to such number of shares of capital stock on such terms and conditions as may be determined by the Board of Governors, but in no event at a price of less than par. The Board of Governors may allocate to existing members shares which are not subscribed by the latest date for becoming an original member of the Bank pursuant to paragraph a) of Article 4.
c). The Board of Governors shall at intervals of not more than five years review the capital stock of the Bank. The Board of Governors, by special majority, may at any time increase the capital stock of the Bank. In those circumstances, each member shall have pre-emptive rights, but no member shall be obliged to subscribe to any part of an increase of capital stock.
d). Shares of stock shall not be pledged or encumbered in any manner whatsoever, and they shall not be transferable except to the Bank.