BWBV0004920
Geldig vanaf 10-01-1977
Artikel IV
Overeenkomst tot oprichting van de Interamerikaanse Ontwikkelingsbank
Section 1. Establishment, Purpose, and Functions
A Fund for Special Operations is established for the making of loans on terms and conditions appropriate for dealing with special circumstances arising in specific countries or with respect to specific projects.
The Fund, whose administration shall be entrusted to the Bank, shall have the purpose and functions set forth in Article I of this Agreement.
Section 2. Applicable Provisions
The Fund shall be governed by the provisions of the present article and all other provisions of this Agreement, excepting those inconsistent with the provisions of the present article and those expressly applying only to other operations of the Bank.
Section 3. Resources
(a) The original members of the Bank shall contribute to the resources of the Fund in accordance with the provisions of this section.
(b) Members of the Organization of American States that join the Bank after the date specified in Article XV, Section 1 (a), Canada, Bahamas en Guyana, and countries that are admitted in accordance with Article II, Section 1 (b) shall contribute to the Fund with such quotas, and under such terms, as may be determined by the Bank.
(c) The Fund shall be established with initial resources in the amount of one hundred fifty million dollars ($ 150,000,000) in terms of United States dollars of the weight and fineness in effect on January 1, 1959, which shall be contributed by the original members of the Bank in accordance with the quotas specified in Annex B. 1) Secretary's note—By resolutions of various dates, the latest effective as of the date on which this text was certified, the Board of Governors has increased the authorized resources of the Fund to a total amount equivalent to US $ 5,439,974,000, in terms of current United States dollars.
(d) Payment of the quotas shall be made as follows: (i) Fifty per cent of its quota shall be paid by each member at any time on or after the date on which this Agreement is signed, and the instrument of acceptance or ratification deposited, on its behalf in accordance with Article XV, Section 1, but not later than September 30, 1960.
(ii) The remaining 50 per cent shall be paid at any time subsequent to one year after the Bank has begun operations, in such amounts and at such times as are determined by the Bank; provided, however, that the total amount of all quotas shall be made due and payable not later than the date fixed for payment of the third installment of the subscriptions to the paid-in capital stock of the Bank.
(iii) The payments required under this section shall be distributed among the members in proportion to their quotas and shall be made one half in gold and/or United States dollars, and one half in the currency of the contributing member.
(i) Fifty per cent of its quota shall be paid by each member at any time on or after the date on which this Agreement is signed, and the instrument of acceptance or ratification deposited, on its behalf in accordance with Article XV, Section 1, but not later than September 30, 1960.
(ii) The remaining 50 per cent shall be paid at any time subsequent to one year after the Bank has begun operations, in such amounts and at such times as are determined by the Bank; provided, however, that the total amount of all quotas shall be made due and payable not later than the date fixed for payment of the third installment of the subscriptions to the paid-in capital stock of the Bank.
(iii) The payments required under this section shall be distributed among the members in proportion to their quotas and shall be made one half in gold and/or United States dollars, and one half in the currency of the contributing member.
(e) Each payment of a member in its own currency under the preceding paragraph shall be in such amount as, in the opinion of the Bank, is equivalent to the full value, in terms of United States dollars of the weight and fineness in effect on January 1,1959, of the portion of the quota being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject to such adjustment, to be effected within 60 days of the date on which payment was due, as the Bank shall determine to be necessary to constitute the full dollar value equivalent as provided in this paragraph.
(f) Unless otherwise determined by the Board of Governors by a three-fourths majority of the total voting power of the member countries, the liability of members for payment of any call on the unpaid portion of their subscription quotas to the Fund shall be conditional upon payment of not less than 90 per cent of the total obligations of the members for: (i) the initial payment and all prior calls on such quota subscriptions to the Fund; and
(ii) any installments due on the paid-in portion of the subscriptions to the capital stock of the Bank.
(i) the initial payment and all prior calls on such quota subscriptions to the Fund; and
(ii) any installments due on the paid-in portion of the subscriptions to the capital stock of the Bank.
(g) The resources of the Fund shall be increased through additional contributions by the members when the Board of Governors considers it advisable by a three-fourths majority of the total voting power of the member countries. The provisions of Article II, Section 3 (b) shall apply to such increases, in terms of the proportion between the quota in effect for each member and the total amount of the resources of the Fund contributed by members. No member, however, shall be obligated to contribute any part of such increase.
(h) As used in this Agreement, the term “resources of the Fund” shall be deemed to include the following: (i) contributions by members pursuant to paragraphs (c) and (g) of this section;
(ii) all funds raised by borrowing to which the commitments stipulated in Article II, Section 4 (a) (ii), and Article IIA, Section 3 (c), are not applicable, i.e., those that are specifically chargeable to the resources of the Fund;
(iii) all funds received in repayment of loans made from the resources mentioned above;
(iv) all income derived from operations using or committing any of the resources mentioned above; and
(v) any other resources at the disposal of the Fund.
(i) contributions by members pursuant to paragraphs (c) and (g) of this section;
(ii) all funds raised by borrowing to which the commitments stipulated in Article II, Section 4 (a) (ii), and Article IIA, Section 3 (c), are not applicable, i.e., those that are specifically chargeable to the resources of the Fund;
(iii) all funds received in repayment of loans made from the resources mentioned above;
(iv) all income derived from operations using or committing any of the resources mentioned above; and
(v) any other resources at the disposal of the Fund.
Section 4. Operations
(a) The operations of the Fund shall be those financed from its own resources, as defined in Section 3 (h) of the present article.
(b) Loans made with resources of the Fund may be partially or wholly repayable in the currency of the member in whose territory the project being financed will be carried out. The part of the loan not repayable in the currency of the member shall be paid in the currency or currencies in which the loan was made.
Section 5. Limitation on Liability
In the operations of the Fund, the financial liability of the Bank shall be limited to the resources and reserves of the Fund, and the liability of members shall be limited to the unpaid portion of their respective quotas that has become due and payable.
Section 6. Limitation on Disposition of Quotas
The rights of members of the Bank resulting from their contributions to the Fund may not be transferred or encumbered, and members shall have no right of reimbursement of such contributions except in cases of loss of the status of membership or of termination of the operations of the Fund.
Section 7. Discharge of Fund Liabilities on Borrowings
Payments in satisfaction of any liability on borrowings of funds for inclusion in the resources of the Fund shall be charged:
(i) first, against any reserve established for this purpose; and
(ii) then, against any other funds available in the resources of the Fund.
Section 8. Administration
(a) Subject to the provisions of this Agreement, the authorities of the Bank shall have full powers to administer the Fund.
(b) There shall be a Vice President of the Bank in charge of the Fund. The Vice President shall participate in the meetings of the Board of Executive Directors of the Bank, without vote, whenever matters relating to the Fund are discussed.
(c) In the operations of the Fund the Bank shall utilize to the fullest extent possible the same personnel, experts, installations, offices, equipment, and services as it uses for its other operations.
(d) The Bank shall publish a separate annual report showing the results of the Fund's financial operations, including profits or losses. At the annual meeting of the Board of Governors there shall be at least one session devoted to consideration of this report. In addition, the Bank shall transmit to the members a quarterly summary of the Fund's operations.
Section 9. Voting
(a) In making decisions concerning operations of the Fund, each member country of the Bank shall have the voting power in the Board of Governors accorded to it pursuant to Article VIII, Section 4 (a) and (c), and each Director shall have the voting power in the Board of Executive Directors accorded to him pursuant to Article VIII, Section 4 (a) and (d).
(b) All decisions of the Bank concerning the operations of the Fund shall be adopted by a two-thirds majority of the total voting power of the member countries, unless otherwise provided in this article.
Section 10. Distribution of Net Profits
The Board of Governors of the Bank shall determine what portion of the net profits of the Fund shall be distributed among the members after making provision for reserves. Such net profits shall be shared in proportion to the quotas of the members.
Section 11. Withdrawal of Contributions
(a) No country may withdraw its contribution and terminate its relations with the Fund while it is still a member of the Bank.
(b) The provisions of Article IX, Section 3, with respect to the settlement of accounts with countries that terminate their membership in the Bank also shall apply to the Fund.
Section 12. Suspension and Termination
The provisions of Article X also shall apply to the Fund with substitution of terms relating to the Fund and its resources and respective creditors for those relating to the Bank and its capital resources and respective creditors.
A Fund for Special Operations is established for the making of loans on terms and conditions appropriate for dealing with special circumstances arising in specific countries or with respect to specific projects.
The Fund, whose administration shall be entrusted to the Bank, shall have the purpose and functions set forth in Article I of this Agreement.
Section 2. Applicable Provisions
The Fund shall be governed by the provisions of the present article and all other provisions of this Agreement, excepting those inconsistent with the provisions of the present article and those expressly applying only to other operations of the Bank.
Section 3. Resources
(a) The original members of the Bank shall contribute to the resources of the Fund in accordance with the provisions of this section.
(b) Members of the Organization of American States that join the Bank after the date specified in Article XV, Section 1 (a), Canada, Bahamas en Guyana, and countries that are admitted in accordance with Article II, Section 1 (b) shall contribute to the Fund with such quotas, and under such terms, as may be determined by the Bank.
(c) The Fund shall be established with initial resources in the amount of one hundred fifty million dollars ($ 150,000,000) in terms of United States dollars of the weight and fineness in effect on January 1, 1959, which shall be contributed by the original members of the Bank in accordance with the quotas specified in Annex B. 1) Secretary's note—By resolutions of various dates, the latest effective as of the date on which this text was certified, the Board of Governors has increased the authorized resources of the Fund to a total amount equivalent to US $ 5,439,974,000, in terms of current United States dollars.
(d) Payment of the quotas shall be made as follows: (i) Fifty per cent of its quota shall be paid by each member at any time on or after the date on which this Agreement is signed, and the instrument of acceptance or ratification deposited, on its behalf in accordance with Article XV, Section 1, but not later than September 30, 1960.
(ii) The remaining 50 per cent shall be paid at any time subsequent to one year after the Bank has begun operations, in such amounts and at such times as are determined by the Bank; provided, however, that the total amount of all quotas shall be made due and payable not later than the date fixed for payment of the third installment of the subscriptions to the paid-in capital stock of the Bank.
(iii) The payments required under this section shall be distributed among the members in proportion to their quotas and shall be made one half in gold and/or United States dollars, and one half in the currency of the contributing member.
(i) Fifty per cent of its quota shall be paid by each member at any time on or after the date on which this Agreement is signed, and the instrument of acceptance or ratification deposited, on its behalf in accordance with Article XV, Section 1, but not later than September 30, 1960.
(ii) The remaining 50 per cent shall be paid at any time subsequent to one year after the Bank has begun operations, in such amounts and at such times as are determined by the Bank; provided, however, that the total amount of all quotas shall be made due and payable not later than the date fixed for payment of the third installment of the subscriptions to the paid-in capital stock of the Bank.
(iii) The payments required under this section shall be distributed among the members in proportion to their quotas and shall be made one half in gold and/or United States dollars, and one half in the currency of the contributing member.
(e) Each payment of a member in its own currency under the preceding paragraph shall be in such amount as, in the opinion of the Bank, is equivalent to the full value, in terms of United States dollars of the weight and fineness in effect on January 1,1959, of the portion of the quota being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject to such adjustment, to be effected within 60 days of the date on which payment was due, as the Bank shall determine to be necessary to constitute the full dollar value equivalent as provided in this paragraph.
(f) Unless otherwise determined by the Board of Governors by a three-fourths majority of the total voting power of the member countries, the liability of members for payment of any call on the unpaid portion of their subscription quotas to the Fund shall be conditional upon payment of not less than 90 per cent of the total obligations of the members for: (i) the initial payment and all prior calls on such quota subscriptions to the Fund; and
(ii) any installments due on the paid-in portion of the subscriptions to the capital stock of the Bank.
(i) the initial payment and all prior calls on such quota subscriptions to the Fund; and
(ii) any installments due on the paid-in portion of the subscriptions to the capital stock of the Bank.
(g) The resources of the Fund shall be increased through additional contributions by the members when the Board of Governors considers it advisable by a three-fourths majority of the total voting power of the member countries. The provisions of Article II, Section 3 (b) shall apply to such increases, in terms of the proportion between the quota in effect for each member and the total amount of the resources of the Fund contributed by members. No member, however, shall be obligated to contribute any part of such increase.
(h) As used in this Agreement, the term “resources of the Fund” shall be deemed to include the following: (i) contributions by members pursuant to paragraphs (c) and (g) of this section;
(ii) all funds raised by borrowing to which the commitments stipulated in Article II, Section 4 (a) (ii), and Article IIA, Section 3 (c), are not applicable, i.e., those that are specifically chargeable to the resources of the Fund;
(iii) all funds received in repayment of loans made from the resources mentioned above;
(iv) all income derived from operations using or committing any of the resources mentioned above; and
(v) any other resources at the disposal of the Fund.
(i) contributions by members pursuant to paragraphs (c) and (g) of this section;
(ii) all funds raised by borrowing to which the commitments stipulated in Article II, Section 4 (a) (ii), and Article IIA, Section 3 (c), are not applicable, i.e., those that are specifically chargeable to the resources of the Fund;
(iii) all funds received in repayment of loans made from the resources mentioned above;
(iv) all income derived from operations using or committing any of the resources mentioned above; and
(v) any other resources at the disposal of the Fund.
Section 4. Operations
(a) The operations of the Fund shall be those financed from its own resources, as defined in Section 3 (h) of the present article.
(b) Loans made with resources of the Fund may be partially or wholly repayable in the currency of the member in whose territory the project being financed will be carried out. The part of the loan not repayable in the currency of the member shall be paid in the currency or currencies in which the loan was made.
Section 5. Limitation on Liability
In the operations of the Fund, the financial liability of the Bank shall be limited to the resources and reserves of the Fund, and the liability of members shall be limited to the unpaid portion of their respective quotas that has become due and payable.
Section 6. Limitation on Disposition of Quotas
The rights of members of the Bank resulting from their contributions to the Fund may not be transferred or encumbered, and members shall have no right of reimbursement of such contributions except in cases of loss of the status of membership or of termination of the operations of the Fund.
Section 7. Discharge of Fund Liabilities on Borrowings
Payments in satisfaction of any liability on borrowings of funds for inclusion in the resources of the Fund shall be charged:
(i) first, against any reserve established for this purpose; and
(ii) then, against any other funds available in the resources of the Fund.
Section 8. Administration
(a) Subject to the provisions of this Agreement, the authorities of the Bank shall have full powers to administer the Fund.
(b) There shall be a Vice President of the Bank in charge of the Fund. The Vice President shall participate in the meetings of the Board of Executive Directors of the Bank, without vote, whenever matters relating to the Fund are discussed.
(c) In the operations of the Fund the Bank shall utilize to the fullest extent possible the same personnel, experts, installations, offices, equipment, and services as it uses for its other operations.
(d) The Bank shall publish a separate annual report showing the results of the Fund's financial operations, including profits or losses. At the annual meeting of the Board of Governors there shall be at least one session devoted to consideration of this report. In addition, the Bank shall transmit to the members a quarterly summary of the Fund's operations.
Section 9. Voting
(a) In making decisions concerning operations of the Fund, each member country of the Bank shall have the voting power in the Board of Governors accorded to it pursuant to Article VIII, Section 4 (a) and (c), and each Director shall have the voting power in the Board of Executive Directors accorded to him pursuant to Article VIII, Section 4 (a) and (d).
(b) All decisions of the Bank concerning the operations of the Fund shall be adopted by a two-thirds majority of the total voting power of the member countries, unless otherwise provided in this article.
Section 10. Distribution of Net Profits
The Board of Governors of the Bank shall determine what portion of the net profits of the Fund shall be distributed among the members after making provision for reserves. Such net profits shall be shared in proportion to the quotas of the members.
Section 11. Withdrawal of Contributions
(a) No country may withdraw its contribution and terminate its relations with the Fund while it is still a member of the Bank.
(b) The provisions of Article IX, Section 3, with respect to the settlement of accounts with countries that terminate their membership in the Bank also shall apply to the Fund.
Section 12. Suspension and Termination
The provisions of Article X also shall apply to the Fund with substitution of terms relating to the Fund and its resources and respective creditors for those relating to the Bank and its capital resources and respective creditors.
- Citeren als
- Art. IV
- Geldig vanaf
- Status
- Geldend recht
- Identificatie
- BWBV0004920
- Officiële bron
- wetten.overheid.nl