International Bank for Reconstruction and Development (IBRD) Board of Governors resolution ; no. 116 : increase in subscription of El Salvador to capital stock of Bank

 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 116 Increase in Subscription of El Salvador to Capital Stock of 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 El Salvador to 20 shares of the capital stock of the Bank in addition to the 10 shares of said capital stock heretofore subscribed by El Salvador, 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 El Salvador’s subscription shall be received by the Bank on or before November 26, 1957, provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of this date, the Executive Directors may extend it; and (c) That before such subscription shall be accepted by the Bank, (i) El Salvador shall have taken all action which may be necessary to authorize such subscription and shall have furnished to the Bank such information thereon as the Bank may request, and (ii) El Salvador shall have paid to the Bank, on account of the subscription price of such additional shares, two percent in gold or United States dollars and eighteen percent in currency of El Salvador. (Adopted on September 25, 1957)