BWBV0005105
Geldig vanaf 08-08-1978
Artikel IV
Statuut van het Vestigingsfonds van de Raad van Europa
Section 1. - Participating Certificates
The Fund shall issue for subscription by its members participating certificates, expressed in terms of a single currency by way of common denominator. Members shall pay their subscriptions in their national currency, at the official rate of exchange in effect at the time of subscription.
Section 2. - Subscriptions
(a) Each Member shall subscribe a certain number of participating certificates: (i) The number of participating certificates placed at the disposal of each Member State of the Council of Europe is fixed in accordance with the table appended to the present Articles of Agreement. Each member of the Fund shall subscribe as many participating certificates as it wishes, but shall not initially take up less than one quarter of such certificates placed at its disposal.
(ii) The number of participating certificates to be allocated to other Members shall be fixed by agreement with the Governing Body of the Fund in accordance with Article IX para. (e) of the present Articles of Agreement.
(i) The number of participating certificates placed at the disposal of each Member State of the Council of Europe is fixed in accordance with the table appended to the present Articles of Agreement. Each member of the Fund shall subscribe as many participating certificates as it wishes, but shall not initially take up less than one quarter of such certificates placed at its disposal.
(ii) The number of participating certificates to be allocated to other Members shall be fixed by agreement with the Governing Body of the Fund in accordance with Article IX para. (e) of the present Articles of Agreement.
(b) Each member shall pay in at least twenty-five per cent (25 %) of the subscription price of the participating certificates subscribed by it promptly upon becoming a member; and the balance shall be paid in accordance with Article IX, para. (c).
Section 3. - Maintenance of Value of Subscriptions
Whenever the par value of a member's currency is reduced or the foreign exchange value of such currency has depreciated to a significant extent, the Member shall pay to the Fund within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of subscription, of the subscription by the member of participating certificates of the Fund.
Section 4. - Limitation of Liability
No Member shall be liable to third parties for any obligation of the Fund.
The Fund shall issue for subscription by its members participating certificates, expressed in terms of a single currency by way of common denominator. Members shall pay their subscriptions in their national currency, at the official rate of exchange in effect at the time of subscription.
Section 2. - Subscriptions
(a) Each Member shall subscribe a certain number of participating certificates: (i) The number of participating certificates placed at the disposal of each Member State of the Council of Europe is fixed in accordance with the table appended to the present Articles of Agreement. Each member of the Fund shall subscribe as many participating certificates as it wishes, but shall not initially take up less than one quarter of such certificates placed at its disposal.
(ii) The number of participating certificates to be allocated to other Members shall be fixed by agreement with the Governing Body of the Fund in accordance with Article IX para. (e) of the present Articles of Agreement.
(i) The number of participating certificates placed at the disposal of each Member State of the Council of Europe is fixed in accordance with the table appended to the present Articles of Agreement. Each member of the Fund shall subscribe as many participating certificates as it wishes, but shall not initially take up less than one quarter of such certificates placed at its disposal.
(ii) The number of participating certificates to be allocated to other Members shall be fixed by agreement with the Governing Body of the Fund in accordance with Article IX para. (e) of the present Articles of Agreement.
(b) Each member shall pay in at least twenty-five per cent (25 %) of the subscription price of the participating certificates subscribed by it promptly upon becoming a member; and the balance shall be paid in accordance with Article IX, para. (c).
Section 3. - Maintenance of Value of Subscriptions
Whenever the par value of a member's currency is reduced or the foreign exchange value of such currency has depreciated to a significant extent, the Member shall pay to the Fund within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of subscription, of the subscription by the member of participating certificates of the Fund.
Section 4. - Limitation of Liability
No Member shall be liable to third parties for any obligation of the Fund.
- Citeren als
- Art. IV
- Geldig vanaf
- Status
- Geldend recht
- Identificatie
- BWBV0005105
- Officiële bron
- wetten.overheid.nl