Schedule-1
International Bank for Reconstruction and Development
1818 H. Street, N.W.
Washington 25, D.C.
Resolution No. 144
Admission of Nepal to Membership of the Bank
Whereas, the Government of Nepal has applied for admission to membership in the International Bank for Reconstruction and Development in accordance with Section 1 (b) of Article 2 22 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 Nepal, 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 Nepal shall be admitted to membership in the Bank shall be as follows:
1. Definitions : As used in this Resolution:
(a) “Bank” means the International Bank for Reconstruction and Development;
(b) “Articles” means the Articles of Agreement of the Bank; Membership on the Bank shall open for other members of the Fund at such times and on such terms and conditions as the Bank may specify.
(c) “Dollars” means United States dollars of the weight and fineness in effect on 1 July 1944;
(d) “Subscription” means the capital stock of the Bank subscribed to by a member;
(e) “Member” means member of the Bank.
2. Subscription : By accepting membership in the Bank, Nepal shall subscribe to 100 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, Nepal shall accept membership in and become a member of the International Monetary Fund.
4. Payment of Subscription :
(a) Before accepting membership in the Bank, Nepal shall pay to the Bank on account of the subscription price of one-half of such shares:
(i) gold or United States dollars equal to 2% thereof; and
(ii) an amount in its own currency which at the appropriate prevailing exchange rate, shall be equal to 18% thereof.
(b) 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
5. Representation and Information : Before accepting membership in the Bank, Nepal 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 Nepal shall furnish to the Bank such information in respect of such action as the Bank may request.
6. Acceptance of Membership : Nepal shall become a member of the Bank with a subscription as set out in paragraph 2 of this Resolution as of the date when Nepal shall have complied with the following requirements:
(a) become a member of the International Monetary Fund;
(b) made the payments called for by paragraph 4 of this Resolution;
(c) furnished the representation, and such information as may have been requested, pursuant to paragraph 5 of this Resolution:
(d) 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;
(e) 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 : Nepal may accept membership in the Bank pursuant to this Resolution until 31 March 1961, and if the Executive Directors deems necessary for an extraordinary circumstance that this limitation on period for acceptance of membership by Nepal pursuant to this Resolution should be extended, they may extend this limitation on period