Common use of SETTLEMENT OF ACCOUNTS WITH GOVERNMENTS CEASING TO BE MEMBERS Clause in Contracts

SETTLEMENT OF ACCOUNTS WITH GOVERNMENTS CEASING TO BE MEMBERS. (a) When a government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans or guarantees contracted before it ceased to be a member are outstanding; but it shall cease to incur liabilities with respect to loans and guarantees entered into thereafter by the Bank and to share either in the income or the expenses of the Bank.