International Bank for Reconstruction and Development (IBRD) Board of Governors resolution ; no. 96 : increase in subscription of Ecuador to capital stock of the Bank

 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 96 Increase in Subscription of Ecuador to Capital Stock of the Bank RESOLVED: THAT, pursuant to Article II, Section 3(b) of the Articles of Agreement of the Bank, the Board of Governors hereby authorizes the acceptance by the Bank of the subscription of Ecuador to 32 shares of the capital stock of the Bank in addition to the 32 shares of said capital stock heretofore subscribed by Ecuador, upon the following conditions; (a) That the subscription price per share shall be $100,000 in terms of United States dollars of the weight and fineness in effect on July 1, 1944; (b) That Ecuador’s subscription shall be received by the Bank on or before September 14, 1956, provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the date on or before which the subscription shall be received, the Executive Directors may extend such date; (c) That before such subscription shall accepted by the Bank, (i) Ecuador shall have taken all action which may be necessary to authorize such subscription, and (ii) Ecuador shall have paid to the Bank, on account of the subscription price of each such additional share, two percent in gold or United States dollars and eighteen percent in currency of Ecuador. (Adopted on July 16, 1956)