Back Matter

Back Matter

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1947
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    Appendices
    Appendix A. Proposed Agreement between the International Monetary Fund and the United Nations1

    Article I. General

    1. This Agreement, which is entered into by the United Nations pursuant to the provisions of Article 63 of its Charter, and by the International Monetary Fund (herein after called the Fund) pursuant to the provisions of Article X of its Articles of Agreement, is intended to define the terms on which the United Nations and the Fund shall be brought into relationship.

    2. The Fund is a specialized agency established by agreement among its member governments and having wide international responsibilities, as defined in its Articles of Agreement, in economic and related fields within the meaning of Article 57 of the Charter of the United Nations. By reason of the nature of its international responsibilities and the terms of its Articles of Agreement, the Fund is, and is required to function as, an independent international organization.

    3. The United Nations and the Fund are subject to certain necessary limitations for the safeguarding of confidential material furnished to them by their members or others, and nothing in this Agreement shall be construed to require either of them to furnish any information the furnishing of which would in its judgment, constitute a violation of the confidence of any of its members or anyone from whom it shall have received such information, or which would otherwise interfere with the orderly conduct of its operations.

    Article II. Reciprocal Representation

    1. Representatives of the United Nations shall be entitled to attend, and to participate without vote in, meetings of the Board of Governors of the Fund. Representatives of the United Nations shall be invited to participate without vote in meetings especially called by the Fund for the particular purpose of considering the United Nations point of view in matters of concern to the United Nations.

    2. Representatives of the Fund shall be entitled to attend meetings of the General Assembly of the United Nations for purposes of consultation.

    3. Representatives of the Fund shall be entitled to attend, and to participate without vote in, meetings of the committees of the General Assembly, meetings of the Economic and Social Council, of the Trusteeship Council and of their respective subsidiary bodies, dealing with matters in which the Fund has an interest.

    4. Sufficient advance notice of these meetings and their Agenda shall be given so that, in consultation, arrangements can be made for adequate representation.

    Article III. Proposal of Agenda Items

    In preparing the agenda for meetings of the Board of Governors, the Fund will give due consideration to the inclusion on the agenda of items proposed by the United Nations. Similarly, the Council and its Commissions and the Trusteeship Council will give due consideration to the inclusion on their agendas of items proposed by the Fund.

    Article IV. Consultation and Recommendations

    1. The United Nations and the Fund shall consult together and exchange views on matters of mutual interest.

    2. Neither organization, nor any of their subsidiary bodies, will present any formal recommendations to the other without reasonable prior consultation with regard thereto. Any formal recommendations made by either organization after such consultation will be considered as soon as possible by the appropriate organ of the other.

    Article V. Exchange of Information

    The United Nations and the Fund will, to the fullest extent practicable and subject to paragraph 3 of Article I, arrange for the current exchange of information and publications of mutual interest, and the furnishing of special reports and studies upon request.

    Article VI. Security Council

    1. The Fund takes note of the obligation assumed, under paragraph 2 of Article 48 of the United Nations Charter, by such of its members as are also members of the United Nations, to carry out the decisions of the Security Council through their action in the appropriate specialized agencies of which they are members, and will, in the conduct of its activities, have due regard for decisions of the Security Council under Articles 41 and 42 of the United Nations Charter.1

    2. The Fund agrees to assist the Security Council by furnishing to it information in accordance with the provisions of Article V of this Agreement.

    Article VII. Assistance to the Trusteeship Council

    The Fund agrees to co-operate with the Trusteeship Council in the carrying out of its functions by furnishing information and technical assistance upon request and in such other similar ways as may be consistent with the Articles of Agreement of the Fund.

    Article VIII. International Court of Justice

    The General Assembly of the United Nations hereby authorizes the Fund to request advisory opinions of the International Court of Justice on any legal questions arising within the scope of the Fund’s activities other than questions relating to the relationship between the Fund and the United Nations or any specialized agency. Whenever the Fund shall request the Court for an advisory opinion, the Fund will inform the Economic and Social Council of the request.

    Article IX. Statistical Services

    1. In the interests of efficiency and for the purpose of reducing the burden on national governments and other organizations, the United Nations and the Fund agree to co-operate in eliminating unnecessary duplication in the collection, analysis, publication and dissemination of statistical information.

    2. The Fund recognizes the United Nations as the central agency for the collection, analysis, publication, standardization and improvement of statistics serving the general purposes of international organizations, without prejudice to the right of the Fund to concern itself with any statistics so far as they may be essential for its own purposes.

    3. The United Nations recognizes the Fund as the appropriate agency for the collection, analysis, publication, standardization and improvement of statistics within its special sphere, without prejudice to the right of the United Nations to concern itself with any statistics so far as they may be essential for its own purposes.

    4. (a) In its statistical activities the Fund agrees to give full consideration to the requirements of the United Nations and of the specialized agencies.

    (b) In its statistical activities the United Nations agrees to give full consideration to the requirements of the Fund.

    5. The United Nations and the Fund agree to furnish each other promptly with all their non-confidential statistical information.

    Article X. Administrative Relationships

    1. The United Nations and the Fund will consult from time to time concerning personnel and other administrative matters of mutual interest with a view to securing as much uniformity in these matters as they shall find practicable and to assuring the most efficient use of the services and facilities of the two organizations. These consultations shall include determination of the most equitable manner in which special services furnished by one organization to the other should be financed.

    2. To the extent consistent with the provisions of this Agreement, the Fund will participate in the work of the Co-ordination Committee and its subsidiary bodies.

    3. The Fund will furnish to the United Nations copies of the annual report and the quarterly financial statements prepared by the Fund pursuant to Article XII, Section 7 of its Articles of Agreement. The United Nations agrees that, in the interpretation of paragraph 3 of Article 17 of the United Nations Charter, it will take into consideration that the Fund does not rely for its annual budget upon contributions from its members and that the appropriate authorities of the Fund enjoy full autonomy in deciding the form and content of such budget.

    4. The officials of the Fund shall have the right to use the laissez-passer of the United Nations in accordance with special arrangements to be negotiated between the Secretary-General of the United Nations and the competent authorities of the Fund.

    Article XI. Agreements with Other Organizations

    The Fund will inform the Economic and Social Council of any formal agreement which the Fund shall enter into with any specialized agency and in particular agrees to inform the Council of the nature and scope of any such agreement before it is concluded.

    Article XII. Liaison

    1. The United Nations and the Fund agree to the foregoing provisions in the belief that they will contribute to the maintenance of effective co-operation between the two organizations. Each agrees that it will establish within its own organization such administrative machinery as may be necessary to make the liaison, as provided for in this Agreement, fully effective.

    2. The arrangements provided for in the foregoing Articles of this Agreement shall apply as far as appropriate to relations between such branch or regional offices as may be established by the two organizations, as well as between their central machinery.

    Article XIII. Miscellaneous

    1. The Secretary-General of the United Nations and the Managing Director of the Fund are authorized to make such supplementary arrangements as they shall deem necessary or proper to carry fully into effect the purpose of this Agreement.

    2. This Agreement shall be subject to revision by agreement between the United Nations and the Fund from the date of its entry into force.

    3. This Agreement may be terminated by either party thereto on six months written notice to the other party and thereupon all rights and obligations of both parties hereunder shall cease.

    4. This Agreement shall come into force when it shall have been approved by the General Assembly of the United Nations and the Board of Governors of the Fund.

    Appendix B. Report of the Executive Board on Changes in Rules and Regulations

    In accordance with Section 16 of the By-Laws, the following amendments and additions to the Rules and Regulations, adopted by the Executive Directors since the First Annual Meeting, were submitted for review by the Board of Governors1 at their Second Annual Meeting, together with a summary explanation of the changes made.

    Amendments

    C—Meetings of the Executive Board

    Sections C-1 and C-7 below have been revised to make uniform the usage of the term “business day”, by substituting this phrase for the term “work day” which formerly had been used.

    Section C-1

    Amended text adopted May 28, 1947:

    “Meetings of the Executive Directors shall be called by the Chairman as the business of the Fund may require. Except in special circumstances the Chairman shall notify all Executive Directors of meetings at least two business days in advance.”

    [Former text:

    “Meetings of the Executive Directors shall be called by the Chairman as the business of the Fund may require. Except in special circumstances the Chairman shall notify all Executive Directors of meetings at least two work days in advance.”]

    Section C-7

    Amended text adopted May 28, 1947:

    “Except in special circumstances the Chairman shall notify Executive Directors of new items on the agenda at least two full business days before their consideration in meetings. Additional advance notice shall be given at the discretion of the Chairman before the consideration of new items of especial importance which may require consultation with members or the return to the seat of the Fund of Executive Directors who are absent.”

    [Former text:

    “Except in special circumstances the Chairman shall notify Executive Directors of new items on the agenda at least two full working days before their consideration in meetings. Additional advance notice shall be given at the discretion of the Chairman before the consideration of new items of especial importance which may require consultation with members or the return to the seat of the Fund of Executive Directors who are absent.”]

    Section C-16 below has been amended to accord with existing practice and to provide some leeway for placing minutes on the Agenda to avoid crowding at particular meetings.

    Section C-16

    Amended text adopted August 14, 1947:

    “Draft Minutes will be circulated to all Executive Directors as quickly as possible after meetings. They will normally be submitted for approval at the next meeting of the Executive Board following the day they are circulated, and in any case will be submitted for approval not later than the third succeeding meeting.”

    [Former text:

    “Draft minutes will be circulated to all Executive Directors as quickly as possible after meetings. Unless corrections are returned to the Secretary within the ensuing work day, the draft minutes will be prepared in final form for approval at the next meeting.”]

    D—Application for Membership and Quotas

    Section D-2 has been modified as a result of the Executive Board’s consideration of several requests for increases in quotas. It was found that this Section as originally adopted would not be appropriate in those cases in which a member might pay less than 25% of an increase in gold. Unless at the time the member consents to the increase its monetary reserves are less than its quota, it will be necessary for the Fund to consider the possibility of a reduced gold payment subsequent to the approval of the increase by the Board of Governors and the consent by the member. For this reason, it seems appropriate for this action to be taken by the Executive Board within the thirty-day period which a member is allowed to pay the amount of the increase to the Fund. If this action had to be taken by the Board of Governors, it would not be possible to make payment of the additional amount within the prescribed period.

    Section D-2

    Amended text adopted May 28, 1947:

    “When a member requests an adjustment of its quota, the Executive Board, after consulting the member, shall submit a written report on the request to the Board of Governors at its next meeting. If the Board of Governors approves an increase in the quota of a member, and on the date the member consents to the increase its monetary reserves are less than its new quota, the Executive Board may reduce the proportion of the increase to be paid in gold. The member shall, if it desires such a reduction, transmit to the Fund by rapid means of communication within ten days after its consent, the data necessary to determine its monetary reserves as at the date of the consent. The decision of the Executive Board shall be made within ten days after receipt of such data.”

    [Former text:

    “When a member requests an adjustment of its quota, the Executive Board, after consulting the member, shall submit a written report on the request to the Board of Governors at its next meeting. If the request is for an increase in the quota, and the member is not obligated to pay 25 per cent of the increase in gold, the report shall contain a recommendation on the amount to be paid in gold.”]

    G—Fund Transactions

    Section G-2 below has been reworded in order to clarify the previous ambiguous provision which used the term “agency” to refer to both fiscal agencies and depositories.

    Section G-2

    Amended text adopted February 20, 1947:

    “Each request from a member to purchase currency from the Fund shall be made by the fiscal agency designated in accordance with Article V, Section 1, such request to be authenticated in the manner agreed upon by the Fund and the agency. In its operations on behalf of the Fund, a depository will act only on instructions authenticated in such manner as may be agreed upon by the Fund and the depository.”

    [Former text:

    “The Fund shall sell foreign exchange for gold or currency only on authenticated request from the designated agency, and the agency, in its operations on behalf of the Fund, will act only on instructions in such form as may be agreed upon.”]

    Section G-3 below has been expanded to set up a more detailed procedure for the handling of requests to purchase foreign exchange. Previously, the Fund had merely been required to deal with a request with a delay of two business days. The original text gave no assurance to members that normal and relatively small requests would be carried through within a brief period of time. It was decided that such assurance would be desirable from the point of view of the members as well as the Fund, and for this reason Section G-3 was re-drafted to provide that on the third business day after the receipt of a request instructions would be given to the appropriate depository to make the transfer unless the Executive Board had indicated otherwise. This revision is related closely to Section G-51 which was adopted when Section G-3 was revised.

    Section G-3

    Amended text adopted February 7, 1947:

    “When a duly authenticated request for the purchase of foreign exchange in accordance with Article V, Section 3 is received, the Fund shall, on the third business day following the day of receipt of the request, instruct the appropriate depository to make the transfer, except in cases which the Executive Board may indicate. The first business day after receipt of the request shall be regarded as the first of the three days.”

    [Former text:

    “Requests for the purchase of foreign exchange in accordance with Article V, Section 3, shall be dealt with by the Fund with a delay of two working days from the date of their reception.”]

    1—Repurchases and Charges

    A new sentence has been added at the end of Section 1–5 below which deals with members wishing to pay in their own currencies part of the charges due to the Fund. The new sentence will permit provisional payment to be made in accordance with the member’s own statement of its monetary reserves, and the Fund will subsequently make a final determination of the proportion of such charges to be paid in gold. In this way, payment can be made promptly at the time required by the Articles of Agreement, and the exact allocation of the charges between gold and currencies will be made at a later date.

    Section 1–5

    Amended text adopted May 28, 1947:

    “A member wishing to pay in its own currency part of any charges due shall submit to the Fund a statement giving the necessary justification. Provisional payment shall be made on the basis of the member’s statement, subject to final determination by the Fund of the proportion to be paid in gold.”

    [Former text:

    “A member wishing to pay in its own currency part of any charges due shall submit to the Fund a statement giving the necessary justification.”]

    Additions

    B—Terms, Definitions and Symbols Employed in This Document

    Section B-8 below has been added to define the term “business day” which had been used in Section G, and to substitute this phrase for the term “work day” which had formerly been used in Section C. The purpose of this change was to make the rules clearer and more consistent.

    Section B-8

    Adopted May 28, 1947:

    “B-8. Business day refers to the normal working hours of the Fund, 9:00 a.m. to 5:30 p.m. at the official time for the District of Columbia, on Monday through Friday of each week with the following exceptions:

    • January 1

    • February 22

    • May 30

    • July 4

    • First Monday in September

    • November 11

    • Fourth Thursday in November

    • December 25”

    F—Par Values

    Section F-4 below, adopted in accordance with the provisions of Article IV, Section 2 of the Fund Agreement, prescribes a margin above and below par value for transactions in gold by members.

    Section F-4

    Adopted June 10, 1947:

    “F-4. For transactions in gold by a member, the margin above and below par value shall be ¼ of 1 percent exclusive of the following charges:

    • (a) The actual or computed cost of converting the gold transferred into good delivery bars at the normal center for dealing in gold of either the buying member or the member whose currency is exchanged for the gold;

    • (b) The actual or computed cost of transporting the gold transferred to the normal center for dealing in gold of either the buying member or the member whose currency is exchanged for the gold;

    • (c) Any charges made by the custodian of the gold transferred for effecting the transfer.”

    G—Fund Transactions

    Section G-5 below sets forth a procedure for calling to the attention of the Executive Directors all unusually large requests within short periods of time. The Board will have an opportunity to take action with respect to such requests if they so desire, and unless they act within the period prescribed by Section G-3, such transactions will be carried through in the same manner as smaller requests.

    Section G-5

    Adopted February 7, 1947:

    “G-5. When the request of a member, if consummated, would increase to more than 5% of its quota the aggregate purchases by the member pursuant to Article V, Section 3, during the thirty-day period preceding the date of action specified in G-3, the Managing Director shall notify each Executive Director (or his Alternate if the Executive Director is not available) on the first business day after receipt of the request. If neither the Executive Director nor the Alternate is in Washington or its environs, the notification will be assumed to have been duly delivered if appropriate notice is delivered to his office.

    “At the request of any Executive Director or on the initiative of the Managing Director, a special meeting shall be called by the Managing Director to discuss the request as soon as feasible, but not later than the morning of the second business day.”

    1—Repurchases and Charges

    Section 1–7 was added in order to incorporate in the Rules and Regulations the decision of the Board of Governors establishing the fiscal year of the Fund and to record the Executive Board’s definition of the Fund’s financial year for the purposes of Article V, Section 7. The obligations of members who use the Fund’s resources to repurchase their own currencies are related to the “financial year” of the Fund, and in order that these obligations may be entirely clear to the members concerned, it was decided to define the financial year before transactions began, and to record the decision in the Rules and Regulations. For purposes of clarity, it was thought to be desirable to include in the same provision the previous decision of the Board of Governors that the fiscal year of the Fund should begin on July 1 and end on June 30.

    Section 1–7

    Adopted February 7, 1947:1

    “I-7. For the purposes of Article V, Section 7, the term ‘financial year’ shall be defined as beginning on March 1 and ending on the last day of February.

    “For purposes of the Fund’s accounts and reports, its fiscal year shall begin on July 1 and end on June 30.”

    Section 1–8 has been added to inform the members of the basis on which the Fund would normally respond to offers of the members to buy foreign currencies from the Fund with gold. In the opinion of the Executive Board, it would be undesirable for the Fund to sell its currencies for gold on terms which would result in any cost to the Fund should it become necessary to sell the gold and re-obtain the currencies. If for any reason a particular offer of gold would be of benefit to the Fund, a special decision may be made to accept it on different terms.

    Section I-8

    Adopted February 7, 1947:

    “I-8. When any member offers gold to the Fund pursuant to Article V, Section 6(a), the Fund shall levy a charge (unless in particular cases it decides otherwise) to cover the estimated costs that would be incurred by the Fund if it used the gold so acquired to purchase the currency it has sold.”

    Appendix C. Officers of the Board of Governors
    Chairman:China
    Vice-Chairmen:France
    India
    United Kingdom
    United States
    Appendix D. Procedures Committee
    Chairman:China
    Vice Chairman:France
    Reporting Member:Colombia
    Members:AustraliaPeru
    DenmarkPoland
    IndiaTurkey
    ItalyUnited Kingdom
    United States
    Appendix E. Attendance at Second Annual Meeting
    • AUSTRALIA

      • Governor

        • John A. Beasley

      • Alternate Governor

        • J. B. Brigden

      • Advisers

        • J. B. Breden

        • H. C. Coombs

        • E. R. Haslam

        • P. R. Heydon

        • A. H. Lewis

        • H. G. Longmuir

        • J. G. Phillips

        • L. V. Rusden

    • BELGIUM

      • Governor

        • Maurice Frere

      • Advisers

        • Hubert Ansiaux*

        • Ernest de Selliers**

      • Secretary to Delegation

        • Clement A. M. de Bievre

    • BOLIVIA

      • Governor

        • Rene Ballivian Calderon

      • Alternate Governor

        • Jaime Gutierrez Guerra

    • BRAZIL

      • Governor

        • Francisco Alves dos Santos-Filho*

      • Alternate Governor

        • Edgard de Mello

      • Adviser

        • Octavio Paranagua**

    • CANADA

      • Governor

        • Douglas Charles Abbott

      • Advisers

        • Louis Rasminsky*

        • J. F. Parkinson**

    • CHILE

      • Governor

        • Arturo Maschke

      • Alternate Governor

        • Fernando Illanes

      • Advisers

        • Amilcar Chiorrini

        • Vincente Izquierdo

    • CHINA

      • Alternate Governor

        • Te-Mou Hsi

      • Advisers

        • Y. L. Chang**

        • H. H. Chow

        • P. Hsia

        • Y. C. Koo*

      • Technical Assistants

        • Y. C. Hsi

        • E. Hsu

        • M. H. Leung

        • Y. Loh

        • D. Sze

    • COLOMBIA

      • Governor

        • Emilio Toro

      • Alternate Governor

        • Ignacio Copete Lizarralde

    • COSTA RICA

      • Governor

        • Julio Pena Morua

      • Adviser

        • Jose Saenz-Witting

    • CUBA

      • Alternate Governor

        • Jose A. Rodriguez Dod

    • CZECHOSLOVAKIA

      • Governor

        • J. V. Mladek*

      • Alternate Governor

        • Julius Pazman

      • Advisers

        • L. Biel

        • Z. Blazej

        • L. Chmela

    • DENMARK

      • Governor

        • Carl V. Bramsnaes

      • Alternate Governor

        • Einar Dige

      • Adviser

        • Bent Ahlefeldt

    • DOMINICAN REPUBLIC

      • Alternate Governor

        • Jose Calzada

    • ECUADOR

      • Temporary Alternate Governor

        • Homero Viteri Lafronte

    • EGYPT

      • Governor

        • Ahmed Zaki Bey Saad*

      • Alternate Governor

        • Mahmoud Saleh El Falaki**

    • EL SALVADOR

      • Alternate Governor

        • Manuel Melendez Valle

    • ETHIOPIA

      • Governor

        • George A. Blowers

    • FINLAND***

      • Observers

        • Hjalmar Krogius

        • Sakari Tuomioja

    • FRANCE

      • Governor

        • Pierre Mendes-France

      • Alternate Governor

        • Emmanuel Monick

      • Advisers

        • F. Bloch-Laine

        • P. Calvet

        • G. Guindey

        • J. Guyot

        • J. P. Koszul

        • Jean de Largentaye*

        • F. Le Norcy

        • P. Ledoux

    • GREECE

      • Governor

        • Xenophon Zolotas

      • Alternate Governor

        • A. Couclelis

    • GUATEMALA

      • Governor

        • Manuel Noriega Morales

      • Alternate Governor

        • Leonidas Acevedo

    • HONDURAS

      • No attendance

    • ICELAND

      • Governor

        • Asgeir Asgeirsson

    • INDIA

      • Governor

        • Sir Chintaman Deshmukh

      • Alternate Governor

        • N. Sundaresan

      • Advisers

        • Mumtaz Hasan

        • J. V. Joshi*

        • B. K. Madan**

        • Ram Nath

    • IRAN

      • Governor

        • A. H. Ebtehaj

      • Advisers

        • Hossein Ahari

        • Abolghassem Kherad-djou

        • Ahmad Majidian

    • IRAQ

      • Governor

        • Saifullah Khandan

      • Alternate Governor

        • A. M. Gailani

      • Adviser

        • Ahmed Kashif Alghita

    • ITALY

      • Governor

        • Luigi Einaudi

      • Alternate Governor

        • Ugo La Malfa

      • Advisers

        • G. Bolaffi

        • Guido Carli*

        • G. Cigliana-Piazza**

        • A. d’Aroma

        • L. A. Jaschi

        • V. Paretti

    • LEBANON

      • Alternate Governor

        • George Hakim

    • LUXEMBOURG

      • Governor

        • P. Dupong

      • Alternate Governor

        • Hugues Le Gallais

    • MEXICO

      • Governor

        • Antonio Espinosa de los

        • Monteros

      • Temporary Alternate Governor

        • Rodrigo Gomez*

      • Advisers

        • Raul Martinez-Ostos**

        • Julian Saenz

        • Enrique Sosa

    • NETHERLANDS

        • Governor

        • P. Lieftinck

      • Alternate Governor

        • M. W. Holtrop

        • Advisers

        • G. W. J. Bruins*

        • W. Koster**

        • H. Riemens

        • L. R. W. Soutendyk

    • NICARAGUA

      • Alternate Governor

        • R. A. Huezo

      • Advisers

        • A. Baca

        • J. J. Sanchez

    • NORWAY

      • Governor

        • Gunnar Jahn

      • Alternate Governor

        • Ole Colbjornsen

      • Adviser

        • Alf Eriksen

    • PANAMA

      • Governor

        • Joaquin Jose Vallarino

      • Alternate Governor

        • Roberto Heurtematte

    • PARAGUAY

      • Governor

        • Juan Plate

      • Alternate Governor

        • Ruben Benitez

    • PERU

      • Governor

        • Francisco Tudela-Varela

      • Alternate Governor

        • Emilio Barreto

    • PHILIPPINE REPUBLIC

      • Governor

        • Joaquin M. EJizalde

      • Advisers

        • T. Benitez

        • Eduardo Quintero

    • POLAND

      • Governor

        • Edward Drozniak

      • Alternate Governor

        • Janusz Zoltowski

      • Advisers

        • K. Aleksandrowicz

        • J. Karpf

        • Z. Karpinski

        • S. Roland

        • J. Woloszyn

    • SYRIA

      • Alternate Governor

        • Husni A. Sawwaf

    • TURKEY

      • Governor

        • Nurullah Esat Sumer

      • Alternate Governor

        • Bulent Yazici

      • Adviser

        • Resat Aksan

      • Secretary to Delegation

        • Muzaffer Gursel

    • UNION OF SOUTH AFRICA

      • Alternate Governor

        • M., H. de Kock

      • Adviser

        • C. R. de Villiers

    • UNITED KINGDOM

      • Governor

        • Hugh Dalton

      • Alternate Governor

        • E. Rowe-Dutton

      • Advisers

        • G. L. F. Bolton*

        • H. E. Brooks

        • G. R. Brown

        • H. H. Eggers

        • A. S. Gambling

        • C. T. Gandy

        • A. P. Grafftey-Smith

        • A. T. K. Grant

        • E. Hall-Patch

        • R. M. Makins

        • E. W. Maude

        • H. C. B. Mynors

        • M. H. Parsons**

        • E. W. Playfair

        • H. E. Rees

        • D. H. F. Rickett

        • J. St. J. Rootham

        • C. G. L. Syers

        • B. F. St. J. Trend

        • Sir David Waley

        • G. R. Young

    • UNITED STATES

      • Governor

        • John W. Snyder

      • Alternate Governor

        • William L. Clayton

      • Advisers

        • J. J. Caffrey

        • L. W. Douglas

        • J. B. Friedman

        • J. Burke Knapp

        • G. F. Luthringer**

        • W. McChesney Martin

        • A. N. Overby*

        • L. M. Pumphrey

        • W. Sauer

        • J. J. Saxon

        • A. Sproul

        • J. Parke Young

    • URUGUAY

      • Alternate Governor

        • M. La Gamma Acevedo

      • Adviser

        • H. Garcia

    • VENEZUELA

      • Governor

        • C. D’Ascoli

      • Alternate Governor

        • J. A. Mayobre

    • YUGOSLAVIA

      • Governor

        • Obren Blagojevic

      • Alternate Governor

        • Lavoslav Dolinsek

      • Advisers

        • Dragoslav Avramovic

        • Mihailo Kolovic**

    International Organizations

    • UNITED NATIONS

      • Observers

        • Walter Chudson

        • Nicholas Kaldor

        • Gunnar Myrdal

    • INTERNATIONAL LABOUR ORGANIZATION

      • Observer

        • Donald Kingsley

    Read by the Right Honorable Hugh Dalton, M. P., Chairman, at Session No. 1 (Joint), September 11, 1947.

    Delivered at Session No. 1 (Joint), September 11, 1947.

    Delivered at Session No. 2, September 12, 1947.

    The Procedures Committee held meetings jointly with the Bank.

    This agenda was adopted by the Board of Governors at Session No. 1 (Joint), September 11, 1947.

    The business of the second meeting related to the Bank only, and, therefore, has not been included in the Summary Proceedings of the Fund.

    Resolution No. 13.

    Resolution No. 14.

    Resolution No. 15.

    The meeting of the Committee on Membership was held jointly with the Bank.

    Resolution No. 2.

    Resolution No. 3.

    Resolution No. 4.

    The meeting of the Committee on Liaison was held jointly with the Bank.

    Resolution No. 5.

    Resolution No. 6.

    Resolution No. 7; see alsoAppendix B.

    Resolution No. 8.

    Resolution No. 9.

    See Annual Report (1947), page 68 and Resolution No. 12.

    Resolution No. 10.

    Resolution No. 11.

    Resolution No. 12.

    Recommended by Committee on Membership and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Membership and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Membership and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Liaison and adopted by the Board of Governors at Session No. 4, September 17, 1947. (For text of the Agreement, seeAppendix A.)

    Recommended by Committee on Rules and Regulations and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Rules and Regulations and adopted by the Board of Governors at Session No. 4, September 17, 1947. See alsoAppendix B.

    Recommended by Committee on Rules and Regulations and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Rules and Regulations and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Finance and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Finance and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Committee on Finance and adopted by the Board of Governors at Session No. 4, September 17, 1947.

    Recommended by Procedures Committee and adopted by the Board of Governors at Session No. 5 (Joint), September 17, 1947.

    Recommended by Procedures Committee and adopted by the Board of Governors at Session No. 5 (Joint), September 17, 1947.

    Recommended by Procedures Committee and adopted by the Board of Governors at Session No. 5 (Joint), September 17, 1947.

    Approved by the Board of Governors at Session No. 4, September 17, 1947.

    It was agreed in the Committee that any recommendations received by the Fund under this Article shall be communicated immediately to the Board of Governors.

    Reviewed and adopted as Resolution No. 7.

    See under Additions below.

    This Section was subsequently revised by the Executive Directors on May 28, 1947 and the amended text was to be substituted upon the adoption by the Board of Governors of a resolution changing the fiscal year. Therefore, in accordance with Resolution No. 12, see page 43, the present text of Section 1–7 reads as follows:

    “For the purposes of Article V, Section 7, the term ‘financial year’ shall be defined as beginning on May 1 and ending on the succeeding April 30; provided, however, that the first financial year shall begin on March 1, 1947 and end on April 30, 1948.

    “For purposes of the Fund’s accounts and reports, its fiscal year shall begin on May 1 and end on the succeeding April 30; provided, however, that the fiscal year 1946–47 shall begin on July 1, 1946 and end on June 30, 1947, and the fiscal year 1947–48 shall begin on July 1, 1947 and end on April 30, 1948.”

    Executive Director

    Alternate Executive Director

    Non-member country

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