52. Procedure for withdrawal
(1) A Participating Government may withdraw from the Bank by giving written notice of its intention to do so simultaneously to the Chairman of the Council and to the Bank. The Chairman shall promptly notify the other Participating Governments. The withdrawal shall take effect 12 months after the notice is received by the Bank: Provided that at any time before the withdrawal becomes finally effective, the Participating Government may notify the Bank in writing of the cancellation of its notice of intention to withdraw.
(2) After withdrawal, a Participating Government shall remain liable for all direct and contingent obligations to the Bank which it had incurred or to which it was subject up to the date of withdrawal from the Bank but shall not incur any liability for obligations resulting from operations of the Bank effected after that date and shall cease to participate in the profits or losses of the Bank thereafter.
(3) Within 3 months from the date of receipt by the Chairman of the Council of the notice of withdrawal, the Council shall determine the settlement of accounts between the Bank and the withdrawing Government. Such settlement shall take account of—
(a) notes and coins in circulation in the territory of the withdrawing Government and any amount owing by the said Government to the Bank;
(b) the withdrawing Government's share in the General Reserve of the Bank in accordance with the imputed equity interest formula contained in paragraph (4) of Annex I to this Agreement;
(c) such other considerations as the Council may consider.
53. Termination of operations of the bank
(1) The Council may by resolution adopted by a 2/3 majority of all of its members terminate the operations of the Bank. After such termination, the Bank shall forthwith cease all activities; except those incident to the orderly realisation, conservation and preservation of its assets and settlement of its obligations.
(2) No distribution of the assets of the Bank shall be made to Participating Governments until all liabilities to creditors, including currency in circulation net of Government debt, have been discharged or provided for and until the Council by resolution adopted by a 2/3 majority of its members, shall have decided to make such a distribution.
(3) The net assets of the Bank remaining, after the settlement under paragraph (2) above, shall be distributed to Participating Governments in accordance with the imputed equity interest formula contained in paragraph (4) of Annex I to this Agreement.