International Bank for Reconstruction and Development (IBRD) Board of Governors resolution ; no. 191 : increase in subscription of El Salvador to capital stock of bank

 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 191 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 47 shares of the capital stock of the Bank in addition to the 60 shares of said capital stock already 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 March 31, 1964, provided, however, that the Executive Directors may extend this period if they consider that extraordinary circumstances warrant such extension; (c) That before such subscription shall be accepted by the Bank, (i) El Salvador shall have taken all action necessary to authorize such subscription and shall have furnished to the Bank such information thereon as the Bank shall request, and (ii) El Salvador shall have paid to the Bank, on account of the subscription price of one-half of such additional shares, 2% in gold or United States dollars and 18% in currency of El Salvador; and (d) With respect to the subscription price of the other one-half of such shares, the 2% portion payable in gold or United States dollars and the 18% portion payable in El Salvador’s currency 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. (Adopted on September 30, 1963)