TNAG-0626-FCO40-774-Representation-of-United-Nations-Economic-and-Social-Commiss-1977 — Page 18

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Article II : Membership

1.

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Membership in the Corporation shall be open to all developing

States, members or associate members of the United Nations Economic and

Social Commission for Asia and the Pacific.

2. Membership in the Corporation may be acquired pursuant to the provisions of Articles XXVI to XXX of the present Agreement.

Article III Capital Stock

1. The authorized capital of the Corporation shall be fifteen million

United States dollars, divided into fifteen thousand shares of a par

value of one thousand United States dollars each.

2.

Subscription of the shares of the capital stock shall be made only

by Governments of member States. However, each Government may authorize

one of its national institutions to participate in the purchase of the

portion of the capital stock alloted to it.

3.

-Each member of the Corporation shall subscribe and pay up five

hundred shares of a total par value of five hundred thousand United

States dollars, of which half may be paid in local currency. The local

currency capital of the member Government shall be convertible and

remittable in the required foreign currency whenever the Corporation calls

for it. Members in the category of Least Developed Countries may, if

they so wish, acquire membership by subscribing and paying up the entire

amount of five hundred thousand US Dollars in their local currencies.

4.

The Council of Members may decide to increase, in the light of

increases in membership of the Corporation, or for other reasons, the initial authorized capital stock. Such decisions shall require a two- thirds majority of the members present and voting. The Council of Members shall determine the issue price of the subsequent shares to be subscribed, and the date, place and mode of payment.

5. Shares shall not be pledged, or encumbered in any manner, and in

case of withdrawal of a member, its shares shall be transferred to the Corporation, and the repurchase of these shares shall be covered exclusively by the provisions of Article XXII of the present Agreement.

0.

The liability of each member shall be limited to the amount of shares held by that member.