Commonwealth Consolidated Acts

INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - SCHEDULE 3

Section 3

Resolution No. 221

Loans to International Finance Corporation

     WHEREAS the Executive Directors have communicated to the Chairman of the Board of Governors a proposal to introduce modifications in the Articles of Agreement; and

     WHEREAS the Chairman has brought the proposal before the Board of Governors;

     NOW THEREFORE the Board of Governors resolves as follows:

     In accordance with the recommendations of the Executive Directors, the Board of Governors hereby approves the amendment of the Articles of Agreement by the addition to Article III of a new Section 6, entitled Loans to the International Finance Corporation and reading as follows:

    "(a)  The Bank may make, participate in, or guarantee loans to the International Finance Corporation, an affiliate of the Bank, for use in its lending operations. The total amount outstanding of such loans, participations and guarantees shall not be increased if, at the time or as a result thereof, the aggregate amount of debt (including the guarantee of any debt) incurred by the said Corporation from any source and then outstanding shall exceed an amount equal to four times its unimpaired subscribed capital and surplus.

     (b)  The provisions of Article III, Sections 4 and 5(c) and of Article IV, Section 3 shall not apply to loans, participations and guarantees authorized by this Section."