Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1993
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Resolution No. 48-1—Establishment of the Administrative Tribunal of the International Monetary Fund

The Executive Board approved on October 15, 1992 the transmittal to the Board of Governors of a report and other documentation on the establishment of an administrative tribunal for the Fund.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on November 13, 1992 for a vote without meeting:

WHEREAS, the Executive Board has considered the establishment of an administrative tribunal to serve the Fund; and

WHEREAS, the Executive Board has proposed a statute for the establishment of such a tribunal and prepared a Report on the same; and

WHEREAS, the Chairman of the Board of Governors has requested the Secretary of the Fund to bring the proposal of the Executive Board before the Board of Governors; and

WHEREAS, the Report of the Executive Board setting forth its proposal has been submitted to the Board of Governors by the Secretary of the Fund; and

WHEREAS, the Executive Board has requested the Board of Governors to vote on the following resolution without meeting, pursuant to Section 13 of the By-Laws of the Fund;

NOW, THEREFORE, the Board of Governors, noting the said Report of the Executive Board, hereby RESOLVES that the proposed Statute of the Administrative Tribunal of the International Monetary Fund is hereby adopted.

The Board of Governors adopted the foregoing Resolution, effective December 21, 1992.

Resolution No. 48-2—Amendment of the By-Laws of the International Monetary Fund and Board of Governors Resolution No. 29-8

The Executive Board approved on March 10, 1993 a report to the Board of Governors on modifications of the By-Laws of the Fund and Board of Governors Resolution No. 29-8 necessitated by the entry into force of the Third Amendment of the Articles of Agreement.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 15,1993 for a vote without meeting:

Resolved:

  • (a) That a new paragraph be added as a second paragraph in Section 17 of the By-Laws as follows:

    “If a member’s voting rights have been suspended, that member shall not participate in the election of the new Executive Director.”

  • (b) That the title of Section 19 of the By-Laws be amended to read as follows:

    “Representation of Members at Meetings of Fund Organs”

  • (c) That the following heading be inserted before paragraph (a) of Section 19:

    “1. Representation of Members Not Entitled To Appoint an Executive Director”

  • (d) That the following provision be added at the end of Section 19, after paragraph (c):

    “2. Representation of Members whose Voting Rights have been Suspended

    • The provisions of subsection 1 above shall apply, mutatis mutandis, to the representation of members whose voting rights have been suspended pursuant to Article XXVI, Section 2(b), at meetings of the Board of Governors and the Executive Board.”

  • (e) That Resolution No. 29-8 on the Establishment of an Interim Committee of the Board of Governors on the International Monetary System, be amended as follows:

    • (i) the third sentence of paragraph 1(a) shall be amended as follows:

      “Each member of the Fund that appoints an executive director and each member or group of members of the Fund that elected an executive director on or after the date on which the last regular election took place shall appoint: …”;

    • (ii) a new subparagraph (e) shall be added at the end of paragraph 1 as follows:

      “(e) A member of the Fund whose voting rights are suspended pursuant to Article XXVI, Section 2(b) shall not appoint, or participate in the appointment of, a member of the Committee and his associates. When the voting rights of a member are suspended, the rules in Schedule L, paragraph 3(c) on the termination of office and replacement of executive directors shall apply to the member of the Committee and associates appointed by the member or in whose appointment the member has participated.”

The Board of Governors adopted the foregoing Resolution, effective April 12, 1993.

Resolution No. 48-3—Increases in Quotas of Members—Tenth General Review

Article III, Section 2(a) of the Articles of Agreement provides that “[t]he Board of Governors shall at intervals of not more than five years conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members. “The five-year period for the Tenth Review ended on March 31, 1993. The Executive Board decided on March 12, 1993, since it was not in a position to undertake a substantive review of the issues relating to the Tenth General Review, to submit a report entitled “Increases in Quotas of Members—Tenth General Review” to the Governors, recommending adoption of a proposed Resolution to extend the date for completing work on the Tenth General Review until December 31, 1994.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 17, 1993 for a vote without meeting:

Resolved:

That the Board of Governors, having noted the report of the Executive Board entitled “Increases in Quotas of Members—Tenth General Review,” hereby resolves to continue its review under Article III, Section 2(a) and requests the Executive Board to complete its work on this matter and to submit a report, together with appropriate proposals, to the Board of Governors not later than December 31, 1994.

The Board of Governors adopted the foregoing Resolution, effective April 14, 1993.

Resolution No. 48-4—Amendment of Board of Governors Resolution No. 29-9

The Executive Board approved on March 10, 1993 a report to the Board of Governors on modification of Board of Governors Resolution No. 29-9 necessitated by the entry into force of the Third Amendment of the Articles of Agreement.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 23,1993 for a vote without meeting:

Resolved:

  • 1. That Resolution No. 29-9 on the Establishment of a Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (the “Development Committee”), be amended by

    • (a) inserting the words “or elects” after the word “appoints” in the second line of paragraph (1)(d);

    • (b) adding the following new subparagraphs (f) and (g) at the end of paragraph 1 as follows:

      • “(f) During the periods when appointments are made by members of the Bank, a member of the Bank whose membership has been suspended pursuant to Article VI, Section 2 of the Articles of Agreement of the Bank shall not appoint or participate in the appointment of a member of the Committee, his alternate and associates. When the membership of a member of the Bank is suspended, and when a suspended member is restored to good standing, the consequences on the Executive Director of the Bank appointed or elected by such member, or in whose election such member participated, shall apply to the member of the Committee, his alternate and associates appointed by that member of the Bank, or in whose appointment such member participated.

      • (g) During the periods when appointments are made by members of the Fund, a member of the Fund whose voting rights are suspended pursuant to Article XXVI, Section 2(b) of the Articles of Agreement of the Fund shall not appoint, or participate in the appointment of, a member of the Committee, his alternate and associates. When the voting rights of a member of the Fund are suspended, the rules in Schedule L, paragraph 3(c) of the Articles of Agreement of the Fund on the termination of office and replacement of executive directors shall apply to the member of the Committee, his alternate and associates appointed by that member of the Fund, or in whose appointment such member participated.”

  • 2. The amendments of Resolution No. 29-9 set out in paragraph 1 above shall come into force on the date this Resolution is adopted or the date amendments in identical terms of Resolution No. 294 of the Board of Governors of the Bank are adopted, whichever is later.

The Board of Governors adopted the foregoing Resolution, effective April 23, 1993.

Resolution No. 48-5—Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1993 Joint Committee on the Remuneration of Executive Directors and Their Alternates on May 22, 1993 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on May 28, 1993 for a vote without meeting:

Resolved:

That, effective July 1,1993, the annual rates of remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:

  • (i) As salary, $123,190 per year for Executive Directors and $105,160 per year for their Alternates;

  • (ii) As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(f) of the By-Laws), $9,000 per year for Executive Directors and $7,200 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective July 12, 1993.

Resolution No. 48-6—Amendment of Section 14(d) of the By-Laws of the Fund

Resolved:

That Section 14(d) of the By-Laws is amended by adding the following before the last sentence:

“When the positions of both the Executive Director and his Alternate become vacant, a temporary Alternate may continue to act until the effective date of the appointment or election of the successor Executive Director or the end of a six-month period, whichever is earlier.”

The Board of Governors adopted the foregoing Resolution, effective September 20, 1993.

Resolution No. 48-7—Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 30, 1993, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1994 and the Capital Budget for capital projects beginning in Financial Year 1994 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1993.

Resolution No. 48-8—Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed the amendments of Rule 1-6(4) and Rule K which have been made since the 1992 Annual Meeting, and has no changes to suggest.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1993.

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