International Bank for Reconstruction and Development (IBRD) Board of Governors resolution ; no. 265 : Increase in subscription by India of the articles of agreement of the Bank

 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 265 Increase in Subscription by India under Article II, Section 3(c) of the Articles of Agreement of the Bank WHEREAS on December 31, 1970 the Board of Governors of the Bank authorized by Resolution No. 264 an increase of $3,000 million in the capital stock of the Bank; WHEREAS the Government of India has notified the Bank of India’s intention to subscribe its proportionate share of such increase of stock pursuant to Article II, Section 3(c) of the Articles of Agreement of the Bank and accordingly is entitled to subscribe 1,000 shares of stock of the Bank; WHEREAS it has therefore become necessary for the Bank to determine the terms and conditions under which such subscription may be made; RESOLVED THAT: The terms and conditions under which India may subscribe the said shares of stock of the Bank shall be as follows: 1. India may subscribe from time to time prior to November 16, 1971 (or such later date as the Executive Directors may determine) up to 1,000 shares of stock of the Bank; 2. 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; 3. With respect to the subscription price of one-half of such shares, the 2% portion payable in gold or United States currency and the 18% portion payable in the currency of India shall be left uncalled on the conditions set forth in Resolution No. 129 as governing subscriptions made pursuant to Resolution No. 128 of the Board of Governors. 4. Before such subscription shall be accepted by the Bank (i) India shall have taken all action necessary to authorize such subscription and shall furnish to the Bank such information thereon as the Bank may request, and (ii) with respect to and on account of the subscription price of one-half of such shares, India shall pay to the Bank gold or United States dollars equal to 2% of such price, and an amount in its own currency equal to 18% of such price. (Adopted on March 29, 1971)