Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1977
Share
  • ShareShare
Show Summary Details

Resolution No. 32-1. Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14 (e) of the By-Laws, the 1976 Joint Committee on the Remuneration of Executive Directors and their Alternates directed the Secretary of the Fund to transmit its second report and recommendations to the Board of Governors, following the Governors’ defeat of the draft resolution on Direct Remuneration of Executive Directors and their Alternates, recommended for adoption in the Joint Committee’s first report, which had been submitted to the Governors on July 2, 1976. The Joint Committee’s second report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the Executive Directors requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on October 28, 1976:

Resolved:

That, effective July 1, 1976, the annual rates of remuneration of Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:

  • (i) As salary, $40,700 per year for Executive Directors and $31,900 per year for their Alternates.

  • (ii) As supplemental allowance for expenses (including housing and entertainment), except those specified in Section 14(f) of the By-Laws, $5,000 per year for Executive Directors and $4,000 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective November 29, 1976.

Resolution No. 32-2. Amendment of Section 14(a) of the By-Laws

The Executive Directors resolved on April 14, 1977 that action on the amendment should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on April 19, 1977for a vote without meeting:

Resolved:

That Section 14(a) of the By-Laws of the Fund shall be amended to read as follows:

Governors and Alternates shall receive their actual transport expenses to and from the place of meeting in attending meetings, and $100 for each night which attendance at such meetings requires them to spend away from their normal place of residence, this amount being reduced to $25 for each night when accommodation is included in the price of transportation.

The Board of Governors adopted the foregoing Resolution, effective May 17, 1977.

Resolution No. 32-31. Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Fiscal Year ended April 30, 1977, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1978 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 32-41

Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Directors that it has reviewed the amendments of Rules I-4(a), I-4(f) (3) (i), and I-4 (g) (4) since the 1976 Annual Meeting and has no changes to suggest.

Resolution No. 32-51. Membership for Maldives

Whereas, the Government of Maldives on April 17, 1976 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with the representative of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting Maldives to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which Maldives shall be admitted to membership in the Fund shall be as follows:

  • 1. Definitions: As used in this Resolution:

    • (a) The term “Fund” means the International Monetary Fund.

    • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

    • (c) The term “SDR” means the special drawing right.

    • (d) The term “date of the second amendment” means the date on which the second amendment of the Articles enters into force.

  • 2. Quota: The initial quota of Maldives shall be the equivalent of SDR 0.7 million, which shall be increased to SDR 0.9 million on the date on which quota increases become effective under the Sixth General Review of Quotas, provided that, if Maldives becomes a member after that date, the initial quota of Maldives shall be SDR 0.9 million.

  • 3. Subscription: The subscription of Maldives shall be equal to its quota.

  • 4. Payment of Subscription: Maldives shall pay its initial subscription, equal to the initial quota, in the currency of Maldives within three months after becoming a member, and if the initial quota of Maldives is increased to SDR 0.9 million, Maldives shall pay the increased subscription on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976, for increases in quotas under the Sixth General Review of Quotas. For the purpose of these payments, Maldives shall agree with the Fund on a rate of exchange for the currency of Maldives. Within three months after the payment of the initial subscription, Maldives shall repurchase an amount of its currency equivalent to 25 per cent of SDR 0.7 million with assets acceptable to the Fund, in accordance with the Fund’s policies and practices at the time of repurchase.

  • 5. Exchange Arrangements: In the period between accepting membership and the date of the second amendment of the Articles, Maldives shall notify the Fund of any changes in its exchange rates prevailing at the time of accepting membership and shall consult with the Fund with respect to its exchange rates whenever the Fund so requests. After the date of the second amendment the exchange arrangements of Maldives shall be in accordance with the Articles as amended.

  • 6. Exchange Transactions with the Fund: Maldives may not engage in exchange transactions with the Fund until its subscription has been paid in full and the repurchase mentioned in paragraph 4 has been made.

  • 7. Representation and Information: Before accepting membership in the Fund Maldives shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and Maldives shall furnish to the Fund such information in respect of such action as the Fund may request.

  • 8. Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that Maldives has complied with the conditions set forth in paragraph 7 of this Resolution, Maldives shall become a member of the Fund on the date when Maldives shall have complied with the following requirements:

    • (a) Maldives shall deposit with the Government of the United States of America an instrument stating that it accepts in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

    • (b) Maldives shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Period for Acceptance of Membership: Maldives may accept membership in the Fund pursuant to this Resolution not later than six months after the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 32-61. Membership for São Tomé and Principe

Whereas, the Government of São Tomé and Principe on August 27, 1976 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with the representative of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting São Tomé and Principe to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which São Tomé and Principe shall be admitted to membership in the Fund shall be as follows:

  • 1. Definitions: As used in this Resolution:

    • (a) The term “Fund” means the International Monetary Fund.

    • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

    • (c) The term “SDR” means the special drawing right.

    • (d) The term “date of the second amendment” means the date on which the second amendment of the Articles enters into force.

  • 2. Quota: The initial quota of São Tomé and Principe shall be the equivalent of SDR 1.6 million, which shall be increased to SDR 2.0 million on the date on which quota increases become effective under the Sixth General Review of Quotas, provided that, if São Tomé and Principe becomes a member after that date, the initial quota of São Tomé and Principe shall be SDR 2.0 million.

  • 3. Subscription: The subscription of São Tomé and Principe shall be equal to its quota.

  • 4. Payment of Subscription: São Tomé and Principe shall pay its initial subscription, equal to the initial quota, in the currency of São Tomé and Principe within three months after becoming a member, and if the initial quota of São Tomé and Principe is increased to SDR 2.0 million, São Tomé and Principe shall pay the increased subscription on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976, for increases in quotas under the Sixth General Review of Quotas. For the purpose of these payments, São Tomé and Principe shall agree with the Fund on a rate of exchange for the currency of São Tomé and Principe. Within three months after the payment of the initial subscription, São Tomé” and Principe shall repurchase an amount of its currency equivalent to 25 per cent of SDR 1.6 million with assets acceptable to the Fund, in accordance with its policies and practices at the time of repurchase.

  • 5. Exchange Arrangements: In the period between accepting membership and the date of the second amendment of the Articles, São Tomé and Principe shall notify the Fund of any changes in its exchange rates prevailing at the time of accepting membership and shall consult with the Fund with respect to its exchange rates whenever the Fund so requests. After the date of the second amendment the exchange arrangements of São Tomé and Principe shall be in accordance with the Articles as amended.

  • 6. Exchange Transactions with the Fund: São Tomé and Principe may not engage in exchange transactions with the Fund until its subscription has been paid in full and the repurchase mentioned in paragraph 4 has been made.

  • 7. Representation and Information: Before accepting membership in the Fund São Tomé and Principe shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and São Tomé and Principe shall furnish to the Fund such information in respect of such action as the Fund may request.

  • 8. Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that São Tomé and Principe has complied with the conditions set forth in paragraph 7 of this Resolution, São Tomé and Principe shall become a member of the Fund on the date when São Tomé and Principe shall have complied with the following requirements:

    • (a) São Tomé and Principe shall deposit with the Government of the United States of America an instrument stating that it accepts in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

    • (b) São Tomé and Principe shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Period for Acceptance of Membership: São Tomé and Principe may accept membership in the Fund pursuant to this Resolution not later than six months after the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on September 30, 1977.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on September 30, 1977.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on September 30, 1977. The Articles of Agreement were signed by His Excellency Leonel Mario d’Alva, Minister of Foreign Affairs of São Tomé and Principe, on behalf of the Government of São Tomé and Principe, on September 30, 1977.

    Other Resources Citing This Publication