four members refered to above, each of such depositories to hold, initially, not less than the amount of gold paid on the shares of the member designating it. However, all transfers of gold by the Bank shall be made with due regard to the costs of transport and anticipated requirements of the Bank. In an emergency the Executive Directors may transfer all or any part of the Bank's gold holdings to any place where they can be adequately protected.
Section 12. Form of holdings of currency
The Bank shall accept from any member, in place of any part of the member's currency, paid in to the Bank under Article II, Section 7 (I), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository.
Section 13. Publication of reports and provision of information
(a) The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations.
(b) The Bank may publish such other reports as it deems desirable to carry out its purposes.
(c) Copies of all reports, statements and publications made under this section shall be distributed to members.
Section 14. Allocation of net income
(a) The Board of Governors shall determine annually what part of the Bank's net income, after making provision for reserves, shall be allocated to surplus and what part, if any, shall be distributed.
(b) If any part is distributed, up to two per cent. non-cumulative shall be paid, as a first charge against the distribution for any year, to each member on the basis of the average amount of the loans outstanding during the year made under Article IV, Section 1 (a) (I), out of currency corresponding to its subscription. If two per cent. is paid as a first charge, any balance remaining to be distributed shall be paid to all members in proportion to their shares. Payments
