Shares of stock initially subscribed by members
shall be issued at par. Other shares shall be issued at par unless
the Board of Governors by a Special Majority vote as provided in
Article 28 decides in special circumstances to issue them on other
terms.
Shares of stock shall not be pledged or
encumbered in any manner whatsoever, and they shall be transferable
only to the Bank.
成员初始认缴股份应按面值发行。其他股份也应按照面值发行，除非理事会在特殊情况下依照第二十八条规定经特别多数投票通过，决定以其他条件发行股份。
股份不得以任何形式进行质押或抵押，且仅可以向银行转让。
