IFC Resolution No. 170
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INTERNATIONAL FINANCE CORPORATION
BOARD OF GOVERNORS
Resolution No. 170
Membership of the Mongolian People’s Republic
WHEREAS the Government of the Mongolian People’s Republic (hereinafter called Mongolia) has applied for admission to membership in the International Finance Corporation in accordance with Section 1(b) of Article II of the Articles of Agreement of the Corporation; and
WHEREAS, pursuant to Section 17 of the By-Laws of the Corporation, the Board of Directors, after consultation with representatives of the Government of Mongolia has 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 Mongolia shall be admitted to membership in the Corporation shall be as follows:
1.Definitions: As used in this resolution:
(a)“Corporation” means International Finance Corporation.
(b)“Articles” means the Articles of Agreement of the Corporation.
(c)“Dollars” or “$” means dollars in currency of the United States of America.
(d)“Subscription” means the capital stock of the Corporation subscribed by a member.
(e)“Member” means member of the Corporation.
2.Subscription: By accepting membership in the Corporation, Mongolia shall subscribe to 144 shares of the capital stock of the Corporation at the par value of $1,000 per share.
3.Payment of Subscription: Before accepting membership in the Corporation, Mongolia shall pay $144,000 to the Corporation in full payment of the capital stock subscribed.
4.Information: Before accepting membership in the Corporation, Mongolia shall furnish to the Corporation such information relating to its application for membership as the Corporation may request.
5.Effective Date of Membership: Mongolia shall become a member of the Corporation with a subscription as set forth in paragraph 2 of this resolution, as of the date when Mongolia shall have complied with the following requirements:
(a)become a member of the International Bank for Reconstruction and Development;
(b)made the payment called for by paragraph 3 of this resolution;
(c)furnished such information as may have been requested by the Corporation pursuant to paragraph 4 of this resolution;
(d)deposited with the International Bank for Reconstruction and Development an instrument stating that it has accepted without reservation 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; and
(e)signed the original Articles held by the International Bank for Reconstruction and Development.
6.Limitation on Period for Fulfillment of Requirements of Membership: Mongolia may fulfill the requirements for membership in the Corporation pursuant to this resolution until June 28, 1991, or such later date as the Board of Directors may determine.
7.Additional Subscription: Mongolia may subscribe up to 176 additional shares of the Corporation on the following terms and conditions:
(a)The subscription price shall be $1,000 in terms of United States dollars, and such subscription price shall be paid in United States dollars or other freely convertible currency or currencies; provided that, if payment is made in such a currency or currencies other than United States Dollars, the Corporation shall exercise its best efforts to cause such currency or currencies to be promptly converted into United States Dollars and the same shall constitute payment of, or towards, the subscription price only to the extent that the Corporation shall have received effective payment of United States Dollars.
(b)Mongolia may at any time on or before August 1, 1991 (or such later late as the Directors may determine) subscribe up to the number of additional shares of capital stock of the Corporation mentioned above (the Additional Shares) by depositing an Instrument of Subscription with the Corporation, in a form acceptable to the Corporation, in which it commits itself to pay for such total number of shares in a manner consistent with paragraph (c) (2) of this section.
(c)Payment of the subscription price for the Additional Shares subscribed shall be made in cash in full, either:
(1)for all such shares at any time or for some such shares from time to time, provided that such payment shall not be made in amounts and at times less favorable to the Corporation than those specified in the following sub-paragraph (2); or
(2)(i)for eighty percent (80%) of the total number of Additional Shares subscribed at the time an Instrument of Subscription, in a form acceptable to the Corporation, is received by the Corporation; and
(ii)for the remainder, twenty percent (20%) of the total number of Additional Shares subscribed, in cash in full on August 1, 1991, or, at the election of the Mongolia, within a period of six months after such date;
provided, however, that, if an Instrument of Subscription is received by the Corporation on or (if the Directors have determined to extend the subscription period) after August 1, 1991 then payment shall be made in cash in full in respect of all the Additional Shares subscribed pursuant to such Instrument of Subscription.
(d)At the request of Mongolia, in respect of the Additional Shares to be subscribed by it, the Directors may extend the date for subscription or any period of payment under paragraph (c) (2) above by up to six months.
(e)To the extent that any Additional Shares, which have been subscribed pursuant to this Resolution, shall not have been paid for in cash in full on or before the last date prescribed for payment for such shares in accordance with this Resolution, the subscription of such shares shall become void.
(f)Any shares of capital stock remaining unsubscribed after the date prescribed under paragraph (b) hereof shall remain authorized and unissued, issuable by the Corporation in accordance with its Articles of Agreement.
(Adopted on February 13, 1991)