A.—B

(ii) To promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to 'supplement, private investment by providing, on suitable conditions, finance for productive purposes out. of its own capital, funds raised by it and its other resources : (iii) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by. encouraging international investment for the development of the productive resources of members, thereby assisting in raising productivity, the standard of Living, and conditions of labour in their territories: (iv) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first: (v) To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and, in the immediate post-war years, to assist in bringing about a smooth transition from a wartime to a peacetime economy. The Bank shall be guided in all its decisions by the purposes set forth above. ARTICLE lI.—MEMBERSHIP IN AND CAPITAL OP THE BANK Section I.—Membership (a) The original members of the Bank shall be those members of the International Monetary Fund which accept membership in the Bank before the date specified in Article XI, Section 2 (e). (b) Membership shall be open to other members of the Fund, at such times and in accordance with such terms as may be prescribed by the Bank. Section 2.—Authorized Capital (а) The authorized capital stock of the Bank shall be $10,000,000,000, in terms of United States dollars of the weight and fineness in effect on July 1, 1944. The capital stock shall be divided into 100,000 shares having a par value of $100,000 each, which shall be available for subscription only by members. (б) The capital stock may be increased when the Bank deems it advisable by a three-fourths majority of the total voting-power. Section 3.—Subscription of Shares (a) Each member shall subscribe shares of the capital stock of the Bank. The minimum number of shares to be subscribed by the original members shall be those set forth in Schedule A. The minimum number of shares to be subscribed by other members shall be determined by the Bank, which shall reserve a sufficient portion of its capital stock for subscription by such members. (b) The Bank shall prescribe rules laying down the conditions under which members may subscribe shares of the authorized capital stock of the Bank in addition to their minimum subscriptions. (c) If the authorized capital stock of the Bank is increased, each member shall have a reasonable opportunity to subscribe, under such conditions as the Bank shall decide, a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Bank, but no member shall be obligated to subscribe any part of the increased capital. Section 4. —Issue Price op Shares Shares included in the minimum subscriptions of original members shall be issued at par. Other shares shall be issued at par unless the Bank by a majority of the total votingpower decides in special circumstances to issue them on other terms. Sections.—Division and Calls op Subscribed Capital The subscription of each member shall be divided into two parts as follows:— (i) Twenty per cent, shall be paid or subject to call under Section 7 (i) of this Article as needed by the Bank for its operations: (ii) The remaining 80 per cent, shall be subject to call by the Bank only when required to meet obligations of the Bank created under Article IY, Sections 1. (a) (ii) and (iii). Calls on unpaid subscriptions shall be uniform on all shares. Section 6.—Limitation on Liability Liability on shares shall be limited to the unpaid portion of the issue price of the shares.

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