7. Subscription to International Bank for Reconstruction and Development

There shall be charged on the Consolidated Fund such part of the subscription of Singapore specified in paragraph 2 of the terms and conditions set out in the Second Schedule as may, in accordance with those terms and conditions and the provisions of Article II of the Bank Agreement, be payable in gold or United States dollars or in the currency of Singapore.

There shall be charged on the Consolidated Fund such part of any increase in the subscription of Singapore as may, in accordance with the provisions of Article II of the Bank Agreement, be payable in gold or United States dollars or in the currency of Singapore.

Except with the approval signified by resolution of Parliament, the subscription of Singapore shall not be increased so that it (including any increases) exceeds the sum of US$40 million.

The Minister for Finance with the President’s concurrence under Article 144(1)(b) of the Constitution may create and issue to the International Bank for Reconstruction and Development such non-interest-bearing and non-negotiable notes or other obligations as the Bank may, under section 12 of Article V of the Bank Agreement, determine to accept in place of the currency of Singapore.