Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

INTERNATIONAL MONETARY FUND

SUMMARY PROCEEDINGS

OF THE THIRTY-FIRST ANNUAL MEETING OF THE BOARD OF GOVERNORS

OCTOBER 4-8, 1976

SUPPLEMENT

PROPOSED SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND

A Report by the Executive Directors to the Board of Governors

WASHINGTON, D.C.

Introductory Note

This Supplement to the Summary Proceedings of the Thirty-First Annual Meeting of the Board of Governors reproduces the text of the Proposed Second Amendment to the Articles of Agreement of the International Monetary Fund: A Report by the Executive Directors to the Board of Governors, initially issued by the Fund in March 1976. It presents the text of the Report, including the proposed Articles of Agreement, and an index to the proposed Articles; the Appendix to Part II of the Report, which contains a comparison of the present and the proposed Articles of Agreement, has not been included in the Supplement.

W. Lawrence Hebbard

Secretary

International Monetary Fund

Washington, D.C.

November 16, 1976

Table of Contents

  • PART I: INTRODUCTION

  • PART II: COMMENTARY ON THE PROPOSED AMENDMENT OF THE ARTICLES OF AGREEMENT

    • A. Structure of the Fund (Introductory Article and Article I)

    • B. Membership and Subscriptions (Articles II and III)

    • C. Exchange Arrangements (Article IV and Schedule C; Article VIII, Sections 2(a) and 4)

    • D. Use of Fund’s General Resources (Article V, Sections 2, 3, 4, 5, and 6; Article XXX(c))

    • E. Repurchase (Article V, Section 7, and Schedule B, Paragraphs 1 to 5)

    • F. Charges (Article V, Section 8)

    • G. Remuneration (Article V, Section 9)

    • H. Rates for Computations and Maintenance of Value (Article V, Sections 10 and 11)

    • I. Gold (Article V, Sections 11 and 12; Article VIII, Section 7; Schedule B, Paragraphs 2, 3, and 7; Schedule C, Paragraph 1 ; Schedule K, Paragraphs 1 and 2)

    • J. Replenishment (Article VII, Section 1)

    • K. Immunities and Privileges (Article IX, Section 8)

    • L. Distribution of Net Income, Reserves, and Investment (Article XII, Section 6)

    • M. Distribution and Delegation of Powers in the Fund (Article XII and Schedule D)

    • N. Special Majorities for Adoption of Decisions and for Amendment

    • O. Organizational Matters (Article XII and Schedules D and E)

    • P. The Council (Article XII, Section 1, and Schedule D)

    • Q. Special Drawing Rights (Articles XV, XVII, XIX, XX, XXI, and XXII)

    • R. Temporary Suspension of Operation of Provisions (Articles XXIII and XXVII)

    • S. Transitional Provisions (Schedule B)

    • T. Settlement of Accounts with Members Withdrawing (Schedule J)

      • Annex to Commentary on Proposed Amendment: Special Majorities

  • PART III: PROCEDURE

  • PART IV: RESOLUTION

    • Proposed Second Amendment

  • INDEX TO THE PROPOSED SECOND AMENDMENT