SECOND SCHEDULE
Sections 7 and 9
TERMS AND CONDITIONS UPON WHICH SINGAPORE IS ADMITTED TO
MEMBERSHIP OF THE INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
Resolution adopted by the Board of Governors of the International Bank for
Reconstruction and Development on February 21 1966
Whereas the Government of Singapore has applied for admission to membership
in the International Bank for Reconstruction and Development in accordance with
section 1(b) of Article II of the Articles of Agreement of the Bank:
And Whereas, pursuant to section 20 of the By-laws of the Bank, the Executive
Directors, after consultation with representatives of the Government of Singapore,
have made recommendations to the Board of Governors regarding this
application:
Now, Therefore, the Board of Governors hereby RESOLVES:
That the terms and conditions upon which Singapore shall be admitted to
membership in the Bank shall be as follows:
1. Definitions: As used in this Resolution —
“Bank”
means
International
Bank
for
Reconstruction
and
Development;
“Articles” means the Articles of Agreement of the Bank;
“dollars” or “$” means United States dollars of the weight and fineness
in effect on July 1 1944;
“subscription” means the capital stock of the Bank subscribed to by a
member;
“member” means member of the Bank.
Bretton Woods Agreements
Act 1966
2. Subscription: By accepting membership in the Bank, Singapore shall
subscribe to 320 shares of the capital stock of the Bank at the par value of
$100,000 per share.
3. Membership in the Fund: Before accepting membership in the Bank,
Fund
“Fund” means the International Monetary Fund established under the Fund Agreement;
Singapore shall accept membership in and become a member of the
International Monetary Fund.
4. Payment of Subscription:
Before accepting membership in the Bank, Singapore shall pay to the
Bank on account of the subscription price of one-half of such shares —
gold or United States dollars equal to 2% thereof; and
an amount in its own currency which at the appropriate
prevailing exchange rate, shall be equal to 18% thereof.
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 the currency of the member shall be left
uncalled, as set out in Resolution No. 129, on the same basis as the 2%
and 18% portions of subscriptions made pursuant to Resolution
No. 128 of the Board of Governors.
5. Representation and Information: Before accepting membership in the Bank,
Singapore shall represent to the Bank that it has taken all action necessary to sign
and deposit the instrument of acceptance and sign the Article as contemplated by
paragraph 6(d) and (e) of this Resolution, and Singapore shall furnish to the Bank
such information in respect of such action as the Bank may request.
6. Acceptance of Membership: Singapore shall become a member of the Bank
with a subscription as set out in paragraph 2 of this Resolution as of the date when
Singapore shall have complied with the following requirements:
become a member of the International Monetary Fund;
made the payments called for by paragraph 4 of this Resolution;
furnished the representation, and such information as may have been
requested, pursuant to paragraph 5 of this Resolution;
deposited with the Government of the United States of America an
instrument stating that it has accepted in accordance with its law the
Articles and all the terms and conditions prescribed in this Resolution,
and that it has taken all steps necessary to enable it to carry out all its
obligations under the Articles and this Resolution;
Bretton Woods Agreements
Act 1966
signed the original copy of the Articles held in the Archives of the
Government of the United States of America.
7. Limitation on Period for Acceptance of Membership: Singapore may accept
membership in the Bank pursuant to this Resolution until September 21 1966 or by
such later date as the Executive Directors may determine.
Bretton Woods Agreements
Act 1966