A.—B

LIST OF ARTICLES AND SECTIONS PAGE PAGE Introductory Article .. .. .. 11) VIII. General Obligations of Members—contd. I. Purposes .. .. .. 19 6. Consultation between Members roll. Membership . . .. . . I!) garding Existing International 1. Original Members .. .. 19 Agreements .. .. 26 2. Other Members .. .. ..19 IX. Status, Immunities, and Privileges .. 26 111. Quotas and Subscriptions .. ..19 I . Purposes of Artiole .. ..26 1. Quotas .. .. .. 19 2. Status of the Fund .. .. 26 2. Adjustment of Quotas .. 20 3. Immunity from Judicial Process .. 26 3. Subscriptions : Time, Place, and Form 4. Immunity from other Action .. 26 of Payment .. .. .. 20 5. Immunity of Archives . . .. 26 4. Payments when Quotas are changed 20 6. Freedom of Assets from Restrictions 26 5. Substitution of Securities for Currency 20 7. Privilege for Communications .. 26 IV. Par Values or Currencies .. ..20 8. Immunities and Privileges of Officers 1. Expression of Par Values .. .. 20 and Employees .. .. 26 2. Gold Purchases based on Par Values 20 9. Immunities from Taxation .. .. 27 3. Foreign Exchange Dealings based on , 10. Application of Article .. .. 27 Parity .. .. .. 20 X. Relations with other International 4. Obligations regarding Exchange Organizations .. .. . . 27 Stability .. .. .. 21 XI. Relations with Non-member Countries 27 5. Changes in Par Values .. ..21 1. Undertakings regarding Relations with 6. Effect of Unauthorized Changes .. 21 Non-member Countries .. 27 7. Uniform Changes in Par Values .. 21 2. Restrictions on Transactions with Non8. Maintenance of Gold Value of the member Countries .. .. 27 Fund's Assets .. .. .. 21 XII. Organization and Management .. 27 9. Separate Currencies within a Member's 1. Structure of the Fund .. ..27 Territories .. .. .. 22 2. Board of Governors .. .. 27 V. Transactions with the Fund .. .. 22 3. Executive Directors .. .. 28 1. Agencies dealing with the Fund .. 22 4. Managing Director and Staff .. 29 2. Limitation on the Fund's operations 22 5. Voting .. .. .. 29 3. Conditions governing Use of the Fund's 6. Distribution of Net Income .. 29 Resources .. .. ..22 7. Publication of Reports .. ..29 4. Waiver of Conditions .. ..22 8. Communication of Views to Members 29 5. Ineligibility to use the Fund's Resources 22 XIII. Offices and Depositories .. 29 6. Purchases of Currencies from the Fund 1. Location of Offices .. ..29 for Gold .. .. .. 22 2. Depositories .. .. 30 7. Repurchase by a Member of its Currency 3. Guarantee of the Fund's Assets .. 30 held by the Fund .. .. 23 XIV. Transitional Period .. .. .. 30 8. Charges .. .. .. 23 1. Introduction .. .. 30 VI. Capital Transfers .. .. .. 23 2. Exchange Restrictions .. .. 30 1. Use of the Fund's Resources for 3. Notification to the Fund . . . . 30 Capital Transfers .. 23 4. Action of the Fund relating to Restric2. Special Provisions for Capital Transfers 24 tions .. . . . . .. 30 3. Controls of Capital Transfers .. 24 5. Nature of Transitional Period .. 30 VII. Scarce Currencies .. .. ..24 XV. Withdrawal from Membership .. 30 1. General Scarcity of Currency ..24 1. Right of Members to withdraw .. 30 2. Measures to replenish tho Fund's 2. Compulsory Withdrawal .. .. 31 Holdings of Scarce Currencies .. 24 3. Settlement of Accounts with Members 3. Scarcity of the Fund's Holdings .. 24 withdrawing .. .. .. 31 4. Administration of Restrictions .. 24 XVI. Emergency Provisions .. ..31 5. Effect of other International Agree- 1. Temporary Suspension .. .. 31 ments on Restrictions .. ..24 2. Liquidation of the Fund .. ..31 VIII. General Obligations of Members .. 25 XVII. Amendments .. .. .. ..31 1. Introduction .. .. ..25 XVIII. Interpretation .. .. ..32 2. Avoidance of Restrictions on Current XIX. Explanation of Terms .. . . 32 Payments .. . . . . 25 XX. Final Provisions .. .. .. 33 3. Avoidance of Discriminatory Currency J. Entry into Force .. .. .. 33 Practices .. .. 25 2. Signature . . .. 33 4. Convertibility of Foreign-held Balances 25 3. Inauguration of the Fund .. .. 33 5. Furnishing of Information .. ..25 4. Initial Determination of Par Values .. 33 SCHEDULES Schedule A.—QUOTAS .. .. .. .. .. .. .. .. .. .. 35 Schedule B. —Provisions with respect to Repurchase by a Member of its Currency held by the Fund 35 Schedule C.—Election of Executive Directors .. .. .. .. .. .. .. 35 Schedule D.—Settlement of Accounts with Members withdrawing .. .. .. .. .. 36 Schedule E.—Administration of Liquidation .. • .. .. .. - .. .. .. 37 ANNEX B.—ARTICLES OF AGREEMENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The Governments on whoso behalf the present Agreement is signed agree as follows:— INTRODUCTORY ARTICLE The International Bank for Reconstruction and Development is established and shall operate in accordance Avith the following provisions:— ARTICLE I.—PURPOSES The purposes of the Bank are— • (i) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs, and the encouragement of the development of productive facilities and resources in less developed countries:

38