Article XII, Section 3: Executive Directors
Author: International Monetary Fund
Language:
English
Keywords:
SELD; Japanese yen; allocations of special drawing rights; capital transfer; decision No. 1238; SDR equivalent; Currencies; Multiple currency practices; Loans; Credit; Personal income; Global; Caribbean; West Africa; election of director; quota of a member; elected executive director; adjustment of quota; Reserve assets

Abstract

The request for interpretation of the Articles of Agreement referred to the Executive Directors by Resolution No. 7 of the Board of Governors was considered.… It was unanimously agreed that Sections 3(b)(i) and 3(f) of Article XII should be interpreted to mean that any member having one of the five largest quotas at the date of the regular election or at any date between regular elections shall be entitled to appoint an Executive Director who will hold office until the next regular election without prejudice to the right of a subsequently admitted member to appoint a Director if it has one of the five largest quotas.

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Cover Selected Decisions, 15th Edition
Selected Decisions, 15th Edition
Author: International Monetary Fund
ISBN:
9781451970852
ISSN:
1087-4275
Publication Date:
30 Apr 1990
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781451970852.014
Pages:
601