PART VIII
FINANCING
ARTICLE 93
CAPITAL STRUCTURE OF THE CORPORATION
(1) Subject to Article 94, the authorised capital of the Corporation is one hundred million dollars divided into ten thousand shares of $10,000.00 each with the power of the Corporation to increase or reduce the said capital and issue any part of its capital, original or increased with or without preference priority or special privilege or subject to any postponement of rights to any conditions or restrictions, and so that unless the conditions of issue shall otherwise expressly declare further issue of shares whether declared to be preference or otherwise shall be subject to the power herein contained.
(2) The initial capital of the Corporation shall be forty million dollars.
(3) The Corporation may issue callable capital not exceeding eight thousand shares of $10,000.00 each to Participating Governments.
(4) At the end of each quarter the Corporation shall ensure that the minimum capital is greater than two percent of total assets.
(5) Where the minimum capital falls to two per cent or below, the Monetary Council shall direct the Participating Governments to restore the capital to the minimum requirement specified in paragraph (4).
(6) The Monetary Council shall determine the terms and conditions upon which calls may be made upon Participating Governments in respect of any moneys unpaid on their shares.
ARTICLE 94
INCREASE OF AUTHORISED CAPITAL
(1) The Corporation may increase its authorised share capital by the creation of new shares as may be considered expedient by the Participating Governments.
(2) An increase of authorised capital may be effected by Participating Governments upon the passing of an appropriate resolution.
ARTICLE 95
ALLOTMENT OF SHARES
Shares of the Corporation shall be allotted to the Participating Governments in proportion to their respective contribution to the share capital.
ARTICLE 96
BONDS
(1) The Board may, on the advice of the Monetary Council, and subject to such terms and conditions as determined by the Monetary Council issue bonds as guaranteed by one or more of the Participating Governments. (Substituted by S.I. 153/2021)
(2) The aggregate of all government guaranteed bonds issued by the Corporation shall not exceed eight times the Corporation's initial capital. (Substituted by S.I. 153/2021)
(3) Any issuance of government guaranteed bonds above eight times the Corporation's initial capital shall be accompanied by the infusion of new capital equal to twelve point five percent of the subsequent new bond issue.
(4) Any interest on a bond issued under paragraph (1) shall be exempt from all duties and taxes.