INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 341 Membership of the Republic of Seychelles Whereas the Government of the Republic of Seychelles has applied for admission to membership in the International Bank for Reconstruction and Development in accordance with Section 1(b) of Article II of the Articles of Agreement of the Bank; and WHEREAS, pursuant to Section 20 of the By-Laws of the Bank, the Executive Directors, after consultation with representatives of the Government of the Republic of Seychelles, have made recommendations to the Board of Governors regarding this application; NOW, THEREFORE, the Board of Governors hereby RESOLVES: THAT the terms and conditions upon which the Republic of Seychelles shall be admitted to membership in the Bank shall be as follows: 1. Definitions: As used in this resolution: (a) “Bank� means International Bank for Reconstruction and Development. (b) “Articles� means the Articles of Agreement of the Bank. (c) “Subscription� means the capital stock of the Bank subscribed to by a member. (d) “Member� means member of the Bank. (e) “General Capital Increase Resolution� means the resolution entitled “1979 General Capital Increase� attached as Attachment 2 to the report dated July 3, 1979 of the Executive Directors to the Board of Governors entitled “IBRD General Capital Increase�. (f) “Additional Capital Increase Resolution� means the resolution entitled “1979 Additional Increase in Authorized Capital Stock and Subscriptions Thereto� attached as Attachment 3 to such report. 2. Subscription: By accepting membership in the Bank, the Republic of Seychelles shall subscribe to 11 shares of the capital stock of the Bank at par. 3. Payment on Subscription: (a) Before accepting membership in the Bank, the Republic of Seychelles shall pay to the Bank on account of the subscription price of one-half of such shares: (i) Gold or United States dollars equal to 2% thereof, and IBRD Resolution No. 341 Page 2 of 3 (ii) An amount in its own currency which, at the appropriate prevailing exchange rate, shall be equal to 18% thereof. (b) With respect to the subscription price of the other one-half of such shares, the 2% portion payable in gold or United States dollars and the 18% portion payable in the currency of the member shall be left uncalled, as set forth in Resolution No. 129, on the same basis as the 2% and 18% portions of subscriptions made pursuant to Resolution No. 128 of the Board of Governors. 4. Representation and Information: Before accepting membership in the Bank, the Republic of Seychelles shall represent to the Bank that it has taken all action necessary to sign and deposit the instrument of acceptance and sign the Articles as contemplated by paragraph 5(c) and (d) of this resolution and the Republic of Seychelles shall furnish to the Bank such information in respect of such action as the Bank may request. 5. Acceptance of Membership: The Republic of Seychelles shall become a member of the Bank with a subscription as set forth in paragraph 2 of this resolution as of the date when the Republic of Seychelles shall have complied with the following requirements: (a) made the payments called for by paragraph 3 of this resolution; (b) furnished the representation, and such information as may have been requested, pursuant to paragraph 4 of this resolution; (c) deposited with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this resolution; and (d) signed the original Articles held in the Archives of the Government of the United States of America. 6. Limitation on Period for Acceptance of Membership: The Republic of Seychelles may accept membership in the Bank pursuant to this resolution until June 30, 1980, or such later date as the Executive Directors may determine. 7. Additional Subscription on Terms and Conditions of General Capital Increase Resolution: (a) Subject to the approval of the General Capital Increase Resolution by the Board of Governors of the Bank, the Republic of Seychelles may subscribe up to 10 shares of the capital stock of the Bank, subject to adjustment as provided in paragraph 7(b) of this resolution, on the terms and conditions specified in paragraph 4 of the General Capital Increase Resolution. (b) In the event that the number of shares authorized to be subscribed by each member under the General Capital Increase Resolution shall be reduced pursuant to paragraph 3 thereof, the amount authorized to be subscribed under paragraph 7(a) of this resolution shall be reduced correspondingly (to the nearest number of shares). (c) The provisions of paragraph 5 of the General Capital Increase Resolution shall apply to the Republic of Seychelles to the same extent as if the subscription authorized by paragraph 7(a) of the resolution had been authorized under paragraph 2 of the General Capital Increase Resolution. IBRD Resolution No. 341 Page 3 of 3 8. Additional Subscription on Terms and Conditions of Additional Capital Increase Resolution: (a) Subject to the approval by the Board of Governors of the Bank and effectiveness of the Additional Capital Increase Resolution, the Republic of Seychelles may subscribe to 250 shares of the capital stock of the Bank on the terms and conditions specified in paragraphs 2 and 3 of the Additional Capital Increase Resolution. (b) Subscriptions to capital stock pursuant to paragraph 8(a) of this resolution shall not be taken into account in determining the amount of the unimpaired subscribed capital, reserves and surplus of the Bank for purposes of Article III, Section 3 of the Articles of Agreement of the Bank. (Adopted on October 5, 1979)