Commonwealth Consolidated Acts

INTERNATIONAL FINANCE CORPORATION ACT 1955 - THIRD SCHEDULE

Section 3

Borrowing from International Bank for Reconstruction and Development

WHEREAS the Board of Directors has communicated to the Chairman of the Board of Governors a proposal to amend the Articles of Agreement; and

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

NOW THEREFORE the Board of Governors resolves that, in accordance with the proposal of the Board of Directors, the Articles of Agreement are hereby amended as follows:

1.    By deleting from Article IV, Section 6 the second sentence reading as follows: "The Corporation shall not lend to or borrow from the Bank."

2.    By adding to Article III, Section 6 (i) a sentence reading as follows:

"if and so long as the Corporation shall be indebted on loans from or guaranteed by the Bank, the total amount outstanding of borrowings incurred or guarantees given by the Corporation 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 Corporation from any source and then outstanding shall exceed an amount equal to four times its unimpaired subscribed capital and surplus;"