A.—B

Section 12.—Form of Holdings of Currency The Bank shall accept from any member, in place of any part of the member's currency, paid in to the Bank under Article 11, Section 7 (i), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-interest-bearing, and payable at their par value on demand by credit to the account of the Bank in the designated depository. Section 13.—Publication of Reports and Provision of Information (a.) The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations. (b) The Bank may publish such other reports as it deems desirable to carry out its purposes. (c) Copies of all reports, statements, and publications made under this section shall be distributed to members. Section 14.—Allocation of Net Income (a) The Board of Governors shall determine annually what part of the Bank's net income, after making provision for reserves, shall be allocated to surplus, and what part, if any, shall be distributed. (b) If any part is distributed, up to 2 per cent, non-cumulative shall be paid, as a first charge against the distribution for any year, to each member on the basis of the average amount of the loans outstanding during the year made under Article IV, Section .1 (a) (i), out of currency corresponding to its subscription. If 2 per cent, is paid as a first charge, any balance remaining to be distributed shall be paid to all members in proportion to their shares. Payments to each member shall be made in its own currency, or if that currency is not available in other currency acceptable to the member. If such payments are made in currencies other than the member's own currency, the transfer of the currency and its use by the receiving member after payment shall be without restriction by tbe members. ARTICLE YI.—WITHDRAWAL AND SUSPENSION OF MEMBERSHIP: SUSPENSION OF OPERATIONS Section I.—Right of Members to Withdraw Any member may withdraw from the Bank at any time by transmitting a notice in writing to the Bank at its principal office. Withdrawal shall become effective on the date such notice is received. Section 2.—Suspension of Membership I' a member tails to fulfil any of its obligations to the Bank, the Bank may suspend its membership by decision ol' a majority of the Governors, exercising a majority of the total voting-power. The mchiber so suspended shall automatically cease to be a member one year from the date of it's suspension unless a decision is taken by the same majority to restore the member to good standing. A\ liilo under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the right of withdrawal, but shall remain subject to all obligations. Section 3.—Cessation of Membership in International Monetary Fund Any member which ceases to be a member of the International Monetary Fund shall automatically cease after three months to be a member of the Bank unless the Bank by three-fourths of the total voting-power has agreed to allow it to remain a member. Section 4.—Settlement of Accounts with Governments ceasing to be Members (a) When a Government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans or guarantees contracted before it ceased to be a member are outstanding; but it shall cease to incur liabilities with respect to loans and guarantees entered into thereafter by the Bank and to share either in the income or the "expenses of the Bank. (?)) At the time a Government ceases to be a member the Bank shall arrange for the repurchase of its shares as a part of the settlement of accounts with such Government in accordance with the provisions ol (c) and (d) below. For this purpose the repurchase price of shares shall be the value shown by the books of the Bank on the day the Government ceases to be a member.

B—A. 8

47