SSL 1929 192k)
E
JUJ
3.
PAYMENT OF PAID-IN PORTION OF SUBSCRIPTION
(a) Payment of the amount subscribed by Hong Kong to the paid-in capital stock of the Bank shall be made in four equal annual instalments.
(b)
of each instalment for the payment of subscription Hong Kong shall pay:
(1) Fifty (50) per cent in gold or convertible currency which payment shall be deemed payable and paid under Article 6, paragraph 2(a) of the Articles; and
(it)
Fifty (50) per cent in the currency of Hong Kong which shall be deemed payable and paid under Article 6, paragraph 2(b) of the Articles and may be made in accordance with Article 6, paragraph 3.
(c) Hong Kong shall pay the first instalment to the Bank on a date to be agreed between Hong Kong and the Bank, and the remaining three instalments shall become due on the first, second, and third anniversaries of the date on which the first instalment was paid.
APPLICATION OF ARTICLES
The Articles shall apply to Hong Kong except to the extent that the provisions of the Articles relating to payment of initial subscriptions are inconsistent with the terms of paragraph 3 of this Resolution.
5.
CONDITIONS PRECEDENT TO MEMBERSHIP
Before Hong Kong becomes a member, the United Kingdom shall furnish to the Bank evidence satisfactory to the Bank:
(a) that all necessary authorities and approvals have been obtained for Hong Kong's application for membership; and
(b) that the undertaking of the United Kingdom referred to in the relevant Preamble to this Resolution is given in accordance with all authorities.
6.
EFFECTIVE DATE OF MEMBERSHIP
Hong Kong shall become a member of the Bank upon the terms and conditions set forth in this Resolution as of the date the Secretary of the Bank certifies in writing:
(a) furnished
(h)
that the evidence referred to in paragraph 5 hereof has been
and
that Hong Kong has paid the first instalment of its subscription in accordance with paragraph 3 hereof.
15
(Adopted 26 March 1969)
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