Schedule-1
International Development Association

Resolution No. 15
Admission of Nepal to Membership of the Bank

Whereas, the Government of Nepal has applied for admission to membership in the International Development Association in accordance with Section 1 (6) of Article 2 of the Articles of Association Agreement; and Whereas, pursuant to Section 9 of the Bye-laws of the Association, 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 Association shall be as follows:

(a) The terms and conditions upon which Nepal is admitted to membership in the Association, other than those clearly set forth in this Resolution, shall be as specified in the Articles relating to membership of original members as set forth in Part 2 of Schedule (a) to the Articles (not with intent to make any restriction, and in such manner as to include the terms and conditions relating to payments of subscription, utilization of currency and right to vote).

(b) By accepting membership in the Association, Nepal shall pay subscription price equivalent to a total of 5,00,000 United States dollars of the weight and fineness in effect on 1 January 1960.

(c) Before accepting membership in the Association, Nepal shall pay all amounts of initial subscription as required to be paid on the date of  acceptance of membership in the Association by Nepal or prior to such acceptance as original members as set forth in Part 2 of Schedule (a) of the Articles.

(d) Nepal may accept membership in the Association pursuant to this Resolution until 5 November 1962, 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.