84652

              INTERNATIONAL BANK FOR RECONSTRUCTION AND
                             DEVELOPMENT

                               BOARD OF GOVERNORS




                                   Resolution No. 117

           Increase in Subscription of Honduras to Capital Stock of Bank


RESOLVED:

   THAT, pursuant to Article II, Section 3(b) of the Articles of Agreement of the Bank,
the Board of Governors hereby authorizes the acceptance by the Bank of the subscription
of Honduras to 20 shares of the capital stock of the Bank in addition to the 10 shares of
said capital stock heretofore subscribed by Honduras, upon the following conditions:

(a) That the subscription price per share shall be $100,000 in terms of United States
dollars of the weight and fineness in effect on July 1, 1944;

(b) That Honduras’ subscription shall be received by the Bank on or before November 26,
1957, provided, however, that if extraordinary circumstances are deemed by the Executive
Directors to warrant an extension of this date, the Executive Directors may extend it; and

(c) That before such subscription shall be accepted by the Bank, (i) Honduras shall have
taken all action which may be necessary to authorize such subscription and shall have
furnished to the Bank such information thereon as the Bank may request, and (ii)
Honduras shall have paid to the Bank, on account of the subscription price of such
additional shares, two percent in gold or United States dollars and eighteen percent in
currency of Honduras.



                                                        (Adopted on September 25, 1957)