Multilateral Investment Guarantee Agency Act 1988

CHAPTER II

• Article 7. Division and Calls of Subscribed Capital

  The initial subscription of each member shall be paid as follows—

  (i)

  Within ninety days from the date on which this Convention enters into force with respect to such member, ten per cent. of the price of each share shall be paid in cash as stipulated in Section (a) of Article 8 and an additional ten per cent. in the form of non-negotiable, non-interest-bearing promissory notes or similar obligations to be encashed pursuant to a decision of the Board in order to meet the Agency’s obligations.

  (ii)

  The remainder shall be subject to call by the Agency when required to meet its obligations.

• Article 8. Payment of Subscription of Shares

  (a)

  Payments of subscriptions shall be made in freely usable currencies except that payments by developing member countries may be made in their own currencies up to twenty-five per cent. of the paid-in cash portion of their subscriptions payable under Article 7(i).

  (b)

  Calls on any portion of unpaid subscriptions shall be uniform on all shares.

  (c)

  If the amount received by the Agency on a call shall be insufficient to meet the obligations which have necessitated the call, the Agency may make further successive calls on unpaid subscriptions until the aggregate amount received by it shall be sufficient to meet such obligations.

  (d)

  Liability on shares shall be limited to the unpaid portion of the issue price.