Common use of Payment of Subscriptions Clause in Contracts

Payment of Subscriptions. 1. Payment of the amount initially subscribed by each Signatory to this Agreement which becomes a member in accordance with Article 64 to the paid-in capital stock of the Bank shall be made in five (5) installments, of twenty (20) per cent each of such amount. The first installment shall be paid by each member within thirty (30) days after entry into force of this Agreement, or on or before the date of deposit on its behalf of its instrument of ratification or acceptance in accordance with paragraph 1 of Article 64, whichever is later. The second installment shall become due one (1) year from the entry into force of this Agreement. The remaining three (3) installments shall each become due successively one (1) year from the date on which the preceding installment becomes due. 2. Of each installment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty (50) per cent shall be paid in gold or convertible currency; and (b) Fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such member, in lieu of the amount to be paid in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such is not required by the Bank for the conduct of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii) of Article 24, demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform in percentage on all such notes or obligations. 4. Each payment of a member in its own currency under paragraph 2(b) of this Article shall be in such amount as the Bank, after such consultation with the International Monetary Fund as the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value in terms of dollars of the portion of the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment. 5. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resources. 6. In the event of the call referred to in paragraph 5 of this Article, payment may be made at the option of the member in gold, convertible currency or in the currency required to discharge the obligations of the Bank for the purpose of which the call is made. Calls on unpaid subscriptions shall be uniform in percentage on all callable shares. 7. The Bank shall determine the place for any payment under this Article, provided that, until the inaugural meeting of its Board of Governors, the payment of the first installment referred to in paragraph 1 of this Article shall be made to the Secretary-General of the United Nations, as Trustee for the Bank.

Payment of Subscriptions. 1. Payment of the amount due in respect of paid-up shares initially subscribed by each Signatory to this Agreement a State or Territory which becomes a member in accordance with paragraph 2 of Article 64 to the paid-in capital stock of the Bank 3 shall be made in five six (56) installments, of twenty (20) instalments. The first instalment shall equal 20 per cent of that amount and the remaining five instalments shall each equal 16 per cent of such that amount. The first installment instalment shall be paid by each member within thirty (30) not later than 90 days after entry into force of this Agreement, Agreement or on or before the date of deposit on its behalf of its instrument of ratification or acceptance in accordance with paragraph 1 of Article 6463, whichever is the later. The second installment instalment shall become due be paid not later than one (1) year from the entry into force of this Agreement. The remaining three (3) installments four instalments shall each become due be paid successively not later than one (1) year from the date on which the preceding installment instalment becomes duepayable. 2. Of each installment for the payment instalment of an initial subscriptions subscription payable under paragraph 1 of this Article by a State or Territory which becomes a member pursuant to the original paid-in capital stockparagraph 2 of Article 3: (a) Fifty fifty (50) per cent shall be paid in gold or in a convertible currency which is freely and effectively useable in the operations of the Bank or in a currency which is freely and fully convertible into such a currency, provided that if the currency of that member meets either of such requirements, such payment shall be made in the currency of that member; and (b) Fifty fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such member, in lieu of the amount to be paid in the currency of the member pursuant to paragraph 2 (b) of this Articlethat member, provided such is not required by the Bank for the conduct of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, and payable to the Bank at par value upon demand. Subject subject to the provisions of paragraph 2(ii) 5 of Article 24, demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform in percentage on all such notes or obligationsthis Article. 43. Each payment of a member in its own or another currency under paragraph 2(b) of this Article shall be in such amount as the Bank, after such consultation with the International Monetary Fund as the Bank it may consider necessary and utilizing the par value value, if any, established with the International Monetary Fund, if any, determines shall determine to be equivalent to the full value in terms of dollars of the portion of the subscription being paid. The initial payment first instalment payable pursuant to paragraph 1 of this Article shall be in such amount as the that member considers appropriate hereunder in accordance with this paragraph, but shall be subject to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment. 54. Payment of the amount subscribed Subject to the provisions of paragraphs 6 and 7 of this Article relating to callable shares, payment of other subscriptions in respect of original authorized shares and of increases in the capital stock of the Bank shall be made at such times and in gold or in such currencies as the Board of Governors shall determine and the Board may determine with the agreement of all members that different proportions of such capital be paid up by different members. 5. The Bank shall accept from a member, in place of any part of the member's currency paid or to be paid by the member under paragraph 2(b) of this Article or under paragraph 1 of Article 24 in respect of payments under paragraph 2(b) of this Article, provided such currency is not required by the Bank for the conduct of its operations, promissory notes or other obligations issued by the Government of the member or by the depository designated by the member pursuant to Article 37. Such notes or other obligations shall be non-negotiable, non-interest bearing, and payable at their par value upon demand. Subject to paragraph 5 of Article 23, demand for payment of such notes or other obligations shall be made only as and when the funds are required by the Bank for the conduct of its operations, provided, however, that a member which has issued such promissory notes or other obligations may at the request of the Bank convert any of them into interest-bearing notes or into cash to be invested in government securities of that member. Demands upon such notes or obligations shall, as far as practicable over reasonable periods of time, be uniform in percentage of all such notes and obligations. Notwithstanding the issuance or acceptance of a note or other obligation by the Bank, the obligation of the member under paragraph 2(b) of this Article and under Article 24 shall subsist. 6. Callable shares shall be subject to call only as and when required by the Bank to meet its obligations incurred under pursuant to sub-paragraphs (iib) and (ivd) of Article 11 13 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resources. Such calls on unpaid subscriptions shall be uniform in percentage on all callable shares. 67. In the event Payment of the call calls referred to in paragraph 5 6 of this Article, payment Article may be made at the option of the member in gold, convertible currency or in the currency required to discharge the obligations of the Bank for the purpose of which the call is made. Calls on unpaid subscriptions shall be uniform in percentage on all callable shares. 78. The Bank shall determine the place for any payment under this Article, provided that, that until the inaugural meeting of its the Board of Governors, Governors the payment of the first installment instalment referred to in paragraph 1 of this Article shall be made to the Secretary-General Government of the United Nations, Barbados as Trustee for of the Bank.

Payment of Subscriptions. 1. Payment of the paid-in shares of the amount initially subscribed to by each Signatory to this Agreement Agreement, which becomes a member in accordance with Article 64 to the paid-in capital stock 61 of the Bank this Agreement, shall be made in five (5) installments, instalments of twenty (20) per cent each of such amount. The first installment instalment shall be paid by each member within thirty sixty (3060) days after the date of entry into force of this Agreement, or on or before after the date of deposit on its behalf of its instrument of ratification ratification, acceptance or acceptance approval in accordance with paragraph 1 Article 61, if this latter is later than the date of Article 64, whichever is later. The second installment shall become due one (1) year from the entry into force of this Agreementforce. The remaining three four (34) installments instalments shall each become due successively one (1) year from the date on which the preceding installment becomes dueinstalment became due and shall each, subject to the legislative requirement of each member, be paid. 2. Of each installment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty (50) per cent shall of payment of each instalment pursuant to paragraph 1 of this Article, or by a member admitted in accordance with paragraph 2 of Article 3 of this Agreement, may be paid made in gold or convertible currency; and (b) Fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such membermember and denominated in ECU, in lieu of the amount United States dollars or in Japanese yen, to be paid in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such is not required by drawn down as the Bank needs funds for the conduct disbursement as a result of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, bearing and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii) of Article 24, demands Demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform made so that the value of such demands in percentage on all ECU at the time of demand from each member is proportional to the number of paid-in shares subscribed to and held by each such member depositing such notes or of obligations. 43. Each All payment obligations of a member in its own currency under paragraph 2(b) respect of this Article subscription to shares in the initial capital stock shall be settled either in such amount as ECU, in United States dollars or in Japanese yen on the Bank, after such consultation with basis of the International Monetary Fund as average exchange rate of the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value relevant currency in terms of dollars of the portion of ECU for the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject period from 30 September 1989 to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment31 March 1990 inclusive. 54. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call call, taking account of Articles 17 and 42 of this Agreement, only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resourcesliabilities. 65. In the event of the a call referred to in paragraph 5 4 of this Article, payment may shall be made at the option of by the member in goldECU, convertible currency in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose of which the call is madeJapanese yen. Calls on unpaid subscriptions Such calls shall be uniform in percentage on all ECU value upon each callable sharesshare calculated at the time of the call. 76. The Bank shall determine the place for any payment under this Article, provided that, until Article not later than one month after the inaugural meeting of its Board of Governors, provided that, before such determination, the payment of the first installment instalment referred to in paragraph 1 of this Article Articles shall be made to the Secretary-General of the United NationsEuropean Investment Bank, as Trustee trustee for the Bank. 7. For subscriptions other than those described in paragraphs 1, 2 and 3 of this Article, payments by a member in respect of subscription to paid-in shares in the authorized capital stock shall be made in ECU, in United States dollars or in Japanese yen whether in cash or in promissory notes or in other obligations. 8. For the purpose of this Article, payment or denomination in ECU shall include payment or denomination in any fully convertible currency which is equivalent on the date of payment or encashment to the value of the relevant obligation in ECU.

Payment of Subscriptions. 1. Payment of the amount initially subscribed by each Signatory to this Agreement which becomes a member in accordance with Article 64 to the paid-in capital stock of the Bank shall be made in five (5) installmentsinstalments, of twenty (20) per cent each of such amount. The first installment instalment shall be paid by each member within thirty (30) days after entry into force of this Agreement, or on or before the date of deposit on its behalf of its instrument of ratification or acceptance in accordance with paragraph 1 of Article 64, whichever is later. The second installment instalment shall become due one (1) year from the entry into force of this Agreement. The remaining three (3) installments instalments shall each become due successively one (1I) year from the date on which the preceding installment instalment becomes due. 2. Of each installment instalment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty fifty (50) per cent shall be paid in gold or convertible currency; and (b) Fifty fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such member, in lieu of the amount to be paid in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such currency is not required by the Bank for the conduct of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii2 (ii) of Article 24, demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform in percentage on all such notes or obligations. 4. Each payment of a member in its own currency under paragraph 2(b2 (A) of this Article shall be in such amount as the Bank, after such consultation with the International Monetary Fund as the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value in terms of dollars of the portion of the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment.consider 5. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resources. 6. In the event of the call referred to in paragraph 5 of this Article, payment may be made at the option of the member in gold, convertible currency or in the currency required to discharge the obligations of the Bank for the purpose of which the call is made. Calls on unpaid subscriptions shall be uniform in percentage on all callable shares. 7. The Bank shall determine the place for any payment under this Article, provided that, until the inaugural meeting of its Board of Governors, the payment of the first installment instalment referred to in paragraph 1 I of this Article shall be made to the Secretary-General of the United Nations, as Trustee for the Bank.

Payment of Subscriptions. 1. Payment of the amount initially subscribed by each Signatory to this Agreement which becomes a member in accordance with Article 64 to the paid-in capital stock of the Bank shall be made in five (5) installmentsinstalments, of twenty (20) per cent each of such amount. The first installment instalment shall be paid by each member within thirty (30) days after entry into force of this Agreement, or on or before the date of deposit on its behalf of its instrument of ratification or acceptance in accordance with paragraph 1 of Article 64, whichever is later. The second installment instalment shall become due one (1) year from the entry into force of this Agreement. The remaining three (3) installments instalments shall each become due successively one (1) year from the date on which the preceding installment instalment becomes due. 2. Of each installment instalment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty fifty (50) per cent shall be paid paid-in gold or convertible currency; and (b) Fifty fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such member, in lieu of the amount to be paid paid-in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such currency is not required by the Bank for the conduct of its operations. Such notes or obligations shall be non-negotiable, non-interest-interest bearing, and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii2 (ii) of Article 24, demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform in percentage on all such notes or obligations. 4. Each payment of a member in its own currency under paragraph 2(b2 (b) of this Article shall be in such amount as the Bank, after such consultation with the International Monetary Fund as the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value in terms of dollars of the portion of the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment. 5. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resources. 6. In the event of the call referred to in paragraph 5 of this Article, payment may be made at the option of the member in gold, convertible currency or in the currency required to discharge the obligations of the Bank for the purpose of which the call is made. Calls on unpaid subscriptions shall be uniform in percentage on all callable shares. 7. The Bank shall determine the place for any payment under this Article, provided that, until the inaugural meeting of its Board of Governors, the payment of the first installment instalment referred to in paragraph 1 of this Article shall be made to the Secretary-General of the United Nations, as Trustee for the Bank.

Payment of Subscriptions. 1. Payment of the paid-in shares of the amount initially subscribed to by each Signatory signatory to this Agreement Agreement, which becomes a member in accordance with Article 64 to the paid-in capital stock 61 of the Bank this Agreement, shall be made in five (5) installments, instalments of twenty (20) per cent each of such amount. The first installment instalment shall be paid by each member within thirty sixty (3060) days after the date of the entry into force of this Agreement, or on or before after the date of deposit on its behalf of its instrument of ratification ratification, acceptance or acceptance approval in accordance with paragraph 1 Article 61, if this latter is later than the date of Article 64, whichever is later. The second installment shall become due one (1) year from the entry into force of this Agreementforce. The remaining three four (34) installments instalments shall each become due successively one (1) year from the date on which the preceding installment becomes dueinstalment became due and shall each, subject to the legislative requirements of each member, be paid. 2. Of each installment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty (50) per cent shall of payment of each instalment pursuant to paragraph 1 of this Article, or by a member admitted in accordance with paragraph 2 of Article 3 of this Agreement, may be paid made in gold or convertible currency; and (b) Fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such membermember and denominated in ecu, in lieu of the amount United States dollars or in Japanese yen, to be paid in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such is not required by drawn down as the Bank needs funds for the conduct disbursement as a result of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, bearing and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii) of Article 24, demands Demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform made so that the value of such demands in percentage on all ecu at the time of demand from each member is proportional to the number of paid-in shares subscribed to and held by each such member depositing such notes or obligations. 43. Each All payment obligations of a member in its own currency under paragraph 2(b) respect of this Article subscription to shares in the initial capital stock shall be settled either in such amount as ecu, in United States dollars or in Japanese yen on the Bank, after such consultation with basis of the International Monetary Fund as average exchange rate of the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value relevant currency in terms of dollars of the portion of ecu for the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject period from 30 September 1989 to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment31 March 1990 inclusive. 54. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call call, taking account of Articles 17 and 42 of this Agreement, only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resourcesliabilities. 65. In the event of the a call referred to in paragraph 5 4 of this Article, payment may shall be made at the option of by the member in goldecu, convertible currency in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose of which the call is madeJapanese yen. Calls on unpaid subscriptions Such calls shall be uniform in percentage on all ecu value upon each callable sharesshare calculated at the time of the call. 76. The Bank shall determine the place for any payment under this Article, provided that, until Article not later than one month after the inaugural meeting of its Board of Governors, provided that, before such determination, the payment of the first installment instalment referred to in paragraph 1 of this Article shall be made to the Secretary-General of the United NationsEuropean Investment Bank, as Trustee trustee for the Bank. 7. For subscriptions other than those described in paragraphs 1, 2 and 3 of this Article, payments by a member in respect of subscription to paid-in shares in the authorized capital stock shall be made in ecu, in United States dollars or in Japanese yen whether in cash or in promissory notes or in other obligations. 8. For the purposes of this Article, payment or denomination in ecu shall include payment or denomination in any fully convertible currency which is equivalent on the date of payment or encashment to the value of the relevant obligation in ecu.

Payment of Subscriptions. 1. Payment of the paid-in shares of the amount initially subscribed to by each Signatory to this Agreement Agreement, which becomes a member in accordance with Article 64 to the paid-in capital stock 61 of the Bank this Agreement, shall be made in five (5) installments, instalments of Appendix H • 483 twenty (20) per cent each of such amount. The first installment instalment shall be paid by each member within thirty sixty (3060) days after the date of entry into force of this Agreement, or on or before after the date of deposit on its behalf of its instrument of ratification rat- ification, acceptance or acceptance approval in accordance with paragraph 1 Article 61, if this lat- ter is later than the date of Article 64, whichever is later. The second installment shall become due one (1) year from the entry into force of this Agreementforce. The remaining three four (34) installments instalments shall each become due successively one (1) year from the date on which the preceding installment becomes dueinstalment became due and shall each, subject to the legislative requirement of each member, be paid. 2. Of each installment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty (50) per cent shall of payment of each instalment pursuant to para- graph 1 of this Article, or by a member admitted in accordance with para- graph 2 of Article 3 of this Agreement, may be paid made in gold or convertible currency; and (b) Fifty (50) per cent in the currency of the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such membermember and denominated in ECU, in lieu of the amount United States dollars or in Japanese yen, to be paid in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such is not required by drawn down as the Bank needs funds for the conduct disbursement as a result of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, bearing and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii) of Article 24, demands Demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniform made so that the value of such demands in percentage on all ECU at the time of demand from each member is proportional to the number of paid-in shares subscribed to and held by each such mem- ber depositing such notes or of obligations. 43. Each All payment obligations of a member in its own currency under paragraph 2(b) respect of this Article subscription to shares in the initial capital stock shall be settled either in such amount as ECU, in United States dollars or in Japanese yen on the Bank, after such consultation with basis of the International Monetary Fund as average exchange rate of the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value relevant currency in terms of dollars of the portion of ECU for the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject period from 30 September 1989 to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment31 March 1990 inclusive. 54. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call call, taking account of Articles 17 and 42 of this Agreement, only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resourcesliabilities. 65. In the event of the a call referred to in paragraph 5 4 of this Article, payment may shall be made at the option of by the member in goldECU, convertible currency in United States dollars or in the currency required to discharge the obligations of the Bank for the purpose of which the call is madeJapanese yen. Calls on unpaid subscriptions Such calls shall be uniform in percentage on all ECU value upon each callable sharesshare calculated at the time of the call. 76. The Bank shall determine the place for any payment under this Article, provided that, until Article not later than one month after the inaugural meeting of its Board of Governors, provided that, before such determination, the payment of the first installment instalment referred to in paragraph 1 of this Article Articles shall be made to the Secretary-General of the United NationsEuropean Investment Bank, as Trustee trustee for the Bank. 7. For subscriptions other than those described in paragraphs 1,2 and 3 of this Article, payments by a member in respect of subscription to paid-in 484 • The Future of the Global Economic Organizations shares in the authorized capital stock shall be made in ECU, in United States dollars or in Japanese yen whether in cash or in promissory notes or in other obligations. 8. For the purpose of this Article, payment or denomination in ECU shall include payment or denomination in any fully convertible currency which is equivalent on the date of payment or encashment to the value of the rel- evant obligation in ECU.