INTERNATIONAL BANK FOR RECONSTRUCTION AND
                             DEVELOPMENT

                                BOARD OF GOVERNORS



                                   Resolution No. 419

          Amendment of Resolution No. 347 and Certain Other Resolutions


   WHEREAS Resolution No. 347 of the Board of Governors (1979 Additional increase
in Authorized Capital Stock and Subscriptions Thereto) increased the Bank’s authorized
capital by 33,500 shares and authorized each member to subscribe 250 shares under the
terms and conditions therein set forth;

    WHEREAS the said Resolution provides that subscriptions to capital stock pursuant to
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;

    WHEREAS Resolution No. 341, 342, 343, 348, 353, 355, 368, 369, 377, 378, 381,
391, 394, 399, 403, 411, and 412, which set forth the terms and conditions under which
the Republic of Seychelles, the Republic of Djibouti, Dominica, St. Lucia, St. Vincent and
the Grenadines, Zimbabwe, the Republic of Vanuatu, the Kingdom of Bhutan, Antigua
and Barbuda, Belize, the Hungarian People’s Republic, the Republic of Malta, St. Kitts
(St. Christopher) and Nevis, the People’s Republic of Mozambique, the Kingdom of
Tonga, the Polish People’s Republic, and the Republic of Kiribati, respectively, were
admitted to membership in the Bank (hereinafter called the Membership Resolutions)
authorize the said members to subscribe 250 shares each on the terms and conditions set
forth in paragraphs 2 and 3 of Resolution No. 347 and provide that such subscriptions
shall not be taken into account in determining the amount of unimpaired subscribed
capital, reserves and surplus of the Bank for purposes of Article III, Section 3 of the
Bank’s Articles of Agreement;

    WHEREAS in their report dated July 2, 1987, the Executive Directors have
recommended that Resolution No. 347 and the Membership Resolutions be amended so
that subscriptions under the terms and conditions set forth in Resolution No. 347 shall be
taken into account in determining the amount of unimpaired capital, reserves and surplus
of the Bank for purposes of Article III, Section 3 of the Bank’s Articles of Agreement;

   NOW THEREFORE the Board of Governors hereby resolves as follows:

1. Resolution No. 347 is amended by deleting the fourth paragraph of the preamble and
paragraph five of the said Resolution, and renumbering paragraph 6 thereof
correspondingly; and
                                                            IBRD Resolution No. 419
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2. The Membership Resolutions are amended by deleting paragraph 8(b) of Resolutions
No. 341, 342, 343, 348, 353, 369, 381, 391 and 399, paragraph 9(b) of Resolutions No.
355, 368, 377, 378, 394, 403 and 412, and paragraph 10(b) of Resolution No. 411.



                                                        (Adopted on August 17, 1987)