INTERNATIONAL BANK FOR RECONSTRUCTION AND
                              DEVELOPMENT

                               BOARD OF GOVERNORS



                                  Resolution No. 185

                        Membership of the Malagasy Republic


   WHEREAS the Government of the Malagasy Republic 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 20 of the By-Laws of the Bank, the Executive
Directors, after consultation with representatives of the Government of the Malagasy
Republic, 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 Malagasy Republic 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) “Dollars� or “$� means United States dollars of the weight and fineness in effect
       on July 1, 1944.
   (d) “Subscription� means the capital stock of the Bank subscribed to by a member.
   (e) “Member� means member of the Bank.

2. Subscription: By accepting membership in the Bank, the Malagasy Republic shall
subscribe to 200 shares of the capital stock of the Bank at the par value of $100,000 per
share.

3. Membership in the Fund: Before accepting membership in the Bank, the Malagasy
Republic shall accept membership in and become a member of the International Monetary
Fund.

4. Payments on Subscription:
    (a) Before accepting membership in the Bank, the Malagasy Republic 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
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                                                                               Page 2 of 2


       (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
Malagasy Republic 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 Malagasy Republic shall furnish to the
Bank such information in respect of such action as the Bank may request.

6. Acceptance of Membership: The Malagasy Republic 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 Malagasy Republic 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;
    (e) Signed the original copy of the Articles held in the Archives of the Government of
        the United States of America.

7. Limitation on Period for Acceptance of Membership: The Malagasy Republic may
accept membership in the Bank pursuant to this resolution until February 20, 1964,
provided, however, that, if extraordinary circumstances are deemed by the Executive
Directors to warrant an extension of the period during which the Malagasy Republic may
accept membership pursuant to this resolution, the Executive Directors may extend such
period.



                                                              (Adopted on August 20, 1963)