Shareholders

The Bank's authorized capital stock is divided into eighteen thousand (18,000) shares with a par value of one thousand dollars ($1,000) each, which shall be available for subscription only by members in accordance with the provisions of the Articles of Agreement Establishing the Pacific Islands Development Bank. Shares having an aggregate par value equivalent to fifteen million dollars ($15,000,000) shall be paid-up shares, and shares having an aggregate par value equivalent to three million dollars ($3,000,000) shall be callable shares. The authorized capital stock may be increased by the Board of Governors at such time and on such terms and conditions as it may determine by a vote of not less than two-thirds of the total number of the Governors representing not less than two-thirds of the members. The Board of Governors may by a unanimous vote of its members decide to issue callable shares in addition to paid-up shares. The current shareholders of the Bank with number of shares owned, corresponding value, and ownership percentage are as follows: