International Bank for Reconstruction and Development (IBRD) Board of Governors resolution ; no. 139 : adjustment of capital subscription of Republic of China

 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 139 Adjustment of Capital Subscription of Republic of China WHEREAS, the Republic of China has requested that (a) it be permitted to adjust its subscription to shares of the capital of the Bank so that such subscription shall have substantially the same relation to the subscriptions of the other members of the Bank as the quota of the Republic of China in the International Monetary Fund has to the quotas of the other members of the Fund, and that (b) this be effected by a transfer by it to the Bank of 2,250 shares of capital stock out of the 6,000 shares presently held by it and the subsequent doubling of its resultant subscription on substantially the basis set forth in Resolution Nos. 128 and 129 of the Board of Governors; RESOLVED THAT: 1. The Republic of China may transfer to the Bank, and the Bank is authorized to accept, 2,250 shares of the capital stock of the Bank presently held by the Republic of China. 2. The Bank shall make payment for said 2,250 transferred shares (a) by paying U.S. $2,000,000 in a manner and on a date or dates to be agreed upon by the Bank and the Republic of China, and (b) by delivery to the Republic of China, upon such transfer, of notes or currency of the Republic of China in the total amount of ¥810,000,000. 3. The Republic of China shall remain obligated to the Bank with respect to the said shares to the same extent as it would be obligated under Article VI, Section 4(a) and (c) (iv) if it had ceased to be a member on the date of such transfer holding, at the time, a subscription equal to the number of transferred shares. 4. After the transfer of the said 2,250 shares shall have been effected pursuant to the foregoing, the Republic of China may subscribe to an additional 3,750 shares of the capital stock of the Bank on the following terms and conditions; (a) 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) With respect to the subscription price of such shares, the 2% portion payable in gold or United States dollars and the 18% portion payable in the currency of the Republic of China shall be left uncalled, as set forth in Resolution No. 129 of the Board of Governors, on the same basis as the 2% and 18% portions of subscriptions made pursuant to Resolution No. 128 of the Board of Governors;  IBRD Resolution No. 139 Page 2 of 2 (c) The subscription shall be received by the Bank on or before August 1, 1960 or such later date as the Executive Directors may determine; (d) The Republic of China shall represent to the Bank that it has taken all action necessary to authorize such subscription and shall furnish to the Bank such information thereon as the Bank may request; and (e) The subscription shall become effective as of the date when all the terms and conditions specified in sub-paragraphs (a), (c) and (d) of this paragraph (4) shall have been complied with. 5. The President or any Vice President or any staff member designated by any of them for the purpose is hereby authorized in the name and on behalf of the Bank to take any and all such further action and execute and deliver any and all such documents and to do any and all such acts and things as they or any of them shall deem necessary or proper in order to carry fully into effect the purposes of this Resolution. (Adopted on June 30, 1960)