INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 369 Membership of the Kingdom of Bhutan Whereas the Government of the Kingdom of Bhutan 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 19 of the By-Laws of the Bank, the Executive Directors, after consultation with representatives of the Government of the Kingdom of Bhutan, 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 Kingdom of Bhutan 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 Board of Governors’ Resolution No. 346 entitled “1979 General Capital Increase� adopted on January 4, 1980. (f) “Additional Capital Increase Resolution� means Board of Governors’ Resolution No. 347 entitled “1979 Additional Increase in Authorized Capital Stock and Subscriptions Thereto� adopted on January 4, 1980. 2. Subscription: By accepting membership in the Bank, the Kingdom of Bhutan shall subscribe to 9 shares of the capital stock of the Bank at par. 3. Membership in the Fund: Before accepting membership in the Bank, the Kingdom of Bhutan shall accept membership in and become a member of the International Monetary Fund. 4. Payment on Subscription: (a) Before accepting membership in the Bank, the Kingdom of Bhutan 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. 369 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. 5. Representation and Information: Before accepting membership in the Bank, the Kingdom of Bhutan 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 6(d) and (e) of this resolution and the Kingdom of Bhutan shall furnish to the Bank such information in respect of such action as the Bank may request. 6. Acceptance of Membership: The Kingdom of Bhutan 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 Kingdom of Bhutan shall have complied with the following requirements: (a) become a member of the International Monetary Fund; (b) made the payments called for by paragraph 4 of this resolution; (c) furnished the representation, and such information as may have been requested, pursuant to paragraph 5 of this resolution; (d) 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 (e) signed the original Articles held in the Archives of the Government of the United States of America. 7. Limitation on Period for Acceptance of Membership: The Kingdom of Bhutan may accept membership in the Bank pursuant to this resolution until December 31, 1981, or such later date as the Executive Directors may determine. 8. Additional Subscription on Terms and Conditions of General Capital Increase Resolution: (a) The Kingdom of Bhutan may subscribe up to 8 shares of the capital stock of the Bank, subject to adjustment as provided in paragraph 8(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 8(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 Kingdom of Bhutan to the same extent as if the subscription authorized by paragraph 8(a) of the resolution had been authorized under paragraph 2 of the General Capital Increase Resolution. IBRD Resolution No. 369 Page 3 of 3 9. Additional Subscription on Terms and Conditions of Additional Capital Increase Resolution: (a) The Kingdom of Bhutan 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 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 September 21, 1981)