INTERNATIONAL DEVELOPMENT ASSOCIATION

                                     BOARD OF GOVERNORS



                                        Resolution No. 140

                             Membership of the Republic of Kiribati


   WHEREAS the Government of Kiribati has applied for admission to membership in the
International Development Association in accordance with Section 1(b) of Article II of the Articles
of Agreement of the Association; and

    WHEREAS, pursuant to Section 9 of the By-Laws of the Association, the Executive Directors,
after consultation with representatives of the Government of Kiribati, 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 Kiribati shall be admitted to membership in the
Association shall be as follows:

1. Definitions: As used in this resolution:
   (a) “Association� means International Development Association.
   (b) “Articles� means the Articles of Agreement of the Association.
   (c) “Dollars� or “$� means dollars in currency of the United States of America.

2. Initial Subscription:
   (a) The terms and conditions of the membership of Kiribati in the Association other than those
        specifically provided for in this resolution shall be those set forth in the Articles with
        respect to the membership of original members listed in Part II of Schedule A thereof
        (including, but not by way of limitation, the terms and conditions relating to subscriptions,
        payments on subscriptions, usability of currencies and voting rights).
   (b) Upon accepting membership in the Association, Kiribati shall subscribe funds in the
        amount of $60,000 expressed in terms of United States dollars of the weight and fineness
        in effect on January 1, 1960.
   (c) Upon accepting membership in the Association, Kiribati shall make all payments on its
        initial subscription which would have been payable on or before the date of acceptance had
        it become a member of the Association as an original member listed in Part II of Schedule
        A of the Articles.

3. Effective Date of Membership: Kiribati shall become a member of the Association with a
subscription as set forth in paragraph 2(b) of this resolution as of the date when Kiribati shall have
complied with the following requirements:
    (a) become a member of the International Bank for Reconstruction and Development;
    (b) made the payments called for by paragraph 2 of this resolution;
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    (c) deposited with the International Bank for Reconstruction and Development 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 International Bank for
        Reconstruction and Development.

4. Limitation on Period for Fulfillment of Requirements of Membership: Kiribati may fulfill the
requirements for membership in the Association pursuant to this resolution until December 31,
1986, or such later date as the Executive Directors of the Association may determine.

5. Additional Subscriptions: Upon or after acceptance of membership, Kiribati shall also be
authorized at its option to make the following additional subscriptions:
    (a) An additional subscription in the amount of $7,199 which shall carry 9,605 votes and be
        subject to the following terms and conditions:
        (i) Payment of such additional subscription shall be made in the currency of Kiribati
              within 30 days after Kiribati notifies the Association of its intention to make such
              additional subscription.
       (ii) The rights and obligations of the Association and Kiribati with regard to such
              additional subscription shall be the same (except as otherwise provided in this
              resolution) as those which govern the 90% portion of the initial subscriptions of
              original members payable under Article II, Section 2(d) of the Articles by members
              listed in Part II of Schedule A of the Articles, provided, however, that the provisions
              of Article IV, Section 2 of the Articles shall not be applicable to such subscription.
    (b) A further additional subscription in the amount of $550 which shall carry 1,222 votes,
        calculated on the basis of 1,200 membership votes and 22 subscription votes. The rights
        and obligations of the Association and Kiribati with regard to such further additional
        subscription shall be the same as those which are applicable to the subscriptions authorized
        for Part II members under Section E of the Seventh Replenishment Resolution (No. 132)
        adopted by the Board of Governors on August 6, 1984.



                                                                          (Adopted on June 20, 1986)