Chapter

III. Appendices

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1946
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Appendix A. By-Laws of the International Monetary Fund

As amended by the Board of Governors at the first annual meeting

These By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the International Monetary Fund; and they shall be construed accordingly. In the event of a conflict between anything in these By-Laws and any provision or requirement of the Articles of Agreement, the Articles of Agreement shall prevail.

Sec. 1. Places of Business

The principal office of the Fund shall be located within the metropolitan area of Washington, D. C, United States of America.

The Executive Directors may establish and maintain agencies or branch offices at any place in the territories of other members, whenever it is necessary to do so in order to facilitate the efficient conduct of the business of the Fund.

Sec. 2. Bank Represented

The Executive Direcotrs are authorized to invite the International Bank for Reconstruction and Development to send a representative of the Bank to meetings of the Board of Governors and Executive Directors who may participate in such meetings, but shall have no vote.

The Executive Directors are authorized to accept invitations from the Bank to send a representative of the Fund to participate in meetings of the Board of Governors or Executive Directors of the Bank.

Sec. 3. Meetings of the Board of Governors

(a) The annual meeting of the Board of Governors shall be held at such time and place as the Board of Governors shall determine; provided, however, that, if the Executive Directors shall, because of special circumstances, deem it necessary to do so, the Executive Directors may change the time and place of such annual meeting.

(b) Special meetings of the Board of Governors may be called at any time by the Board of Governors or the Executive Directors and shall be called upon the request of five members of the Fund or of members of the Fund having in the aggregate one-fourth of the total voting power. Whenever any member of the Fund shall request the Executive Directors to call a special meeting of the Board of Governors, the Managing Director shall notify all members of the Fund of such request and of the reasons which shall have been given therefor.

(c) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power.

Sec. 4. Notice of Meetings of the Board of Governors

The Managing Director shall cause notice of the time and place of each meeting of the Board of Governors to be given to each member of the Fund by telegram or cable which shall be dispatched not less than 42 days prior to the date set for such meeting, except that in urgent cases such notice shall be sufficient if dispatched by telegram or cable not less than ten days prior to the date set for such meeting.

Sec. 5. Attendance of Executive Directors and Observers at Meetings of the Board of Governors

(a) The Executive Directors and their alternates may attend all meetings of the Board of Governors and may participate in such meetings, but an Executive Director or his alternate shall not be entitled to vote at any such meeting unless he shall be entitled to vote as a Governor or an alternate or temporary alternate of a Governor.

(b) The Chairman of the Board of Governors in consultation with the Executive Directors, may invite observers to attend any meeting of the Board of Governors.

Sec. 6. Agenda of Meetings of the Board of Governors

(a) Under the direction of the Executive Directors, the Managing Director shall prepare a brief agenda for each meeting of the Board of Governors and shall cause such agenda to be transmitted to each member of the Fund with the notice of such meeting.

(b) Additional subjects may be placed on the agenda for any meeting of the Board of Governors by any Governor provided that he shall give notice thereof to the Managing Director not less than seven days prior to the date set for such meeting. In special circumstances the Managing Director, by direction of the Executive Directors, may at any time place additional subject on the agenda for any meeting of the Board of Governors. The Managing Director shall cause notice of the addition of any subjects to the agenda for any meeting of the Board of Governors to be given as promptly as possible to each member of the Fund.

(c) The Board of Governors may at any time authorize any subject to be placed on the agenda for any meeting of such Board even though the notice required by this section shall not have been given.

(d) Except as otherwise specifically directed by the Board of Governors, the Chairman of the Board of Governors jointly with the Managing Director, shall have charge of all arrangements for the holding of meetings of the Board of Governors.

Sec. 7. Election of Chairman and Vice-chairmen

At each annual meeting the Board of Governors shall select a Governor to act as Chairman and at least two other Governors to act as Vice-Chairmen until the next annual meeting.

In the absence of the Chairman, the Vice-Chairman designated by the Chairman shall act in his place.

Sec. 8. Secretary

The Secretary of the Fund shall serve as Secretary of the Board of Governors.

Sec. 9. Minutes

The Board shall keep a summary record of its proceedings which shall be available to all members and which shall be filed with the Executive Directors for their guidance.

Sec. 10. Report of Executive Directors

The Executive Directors shall have prepared for presentation at the annual meeting of the Board of Governors an annual report in which shall be discussed the operations and policies of the Fund and which shall make recommendations to the Board of Governors on the problems confronting the Fund.

Sec. 11. Voting

Except as otherwise specifically provided in the Articles of Agreement, all decisions of the Board shall be made by a majority of the votes cast. At any meeting the Chairman may ascertain the sense of the meeting in lieu of a formal vote but he shall require a formal vote upon the request of any Governor. Whenever a formal vote is required the written text of the motion shall be distributed to the voting members.

Sec. 12. Proxies

No Governor or Alternate may vote at any meeting by proxy or by any other method than in person, but a member may make provision for the designation of a Temporary Alternate to vote for the Governor at any Board session at which the regularly designated Alternate is unable to be present.

Sec, 13. Voting Without Meeting

Whenever, in the judgment of the Executive Directors, any action by the Fund must be taken by the Board of Governors which should not be postponed until the next regular meeting of the Board and does not warrant the calling of a special meeting of the Board, the Executive Directors shall present to each member by any rapid means of communication a motion embodying the proposed action with a request for a vote by its Governor. Votes shall be cast during such period as the Executive Directors may prescribe, provided that no Governor shall vote on any such motion until 7 days after dispatch of the motion, unless he is notified that the Executive Directors have waived this requirement. At the expiration of the period prescribed for voting, the Executive Directors shall record the results and the Managing Director shall notify all members. If the replies received do not include a majority of the Governors exercising two-thirds of the total voting power, which is usually required for a quorum of the Board of Governors, the motion shall be considered lost.

Sec. 14. Terms of Service

(a) Governors and Alternates shall receive their actual transport expenses to and from the place of meeting in attending meetings, including the inaugural meeting, and $50 for each night which attendance at such meetings requires them to spend away from their normal place of residence, this amount being reduced to $ 10 for each night when accommodation is included in the price of transportation.

(b) Pending the necessary action being taken by members to exempt from national taxation salaries and allowances paid out of the budget of the Fund, the Governors and the Executive Directors, and their Alternates, the Managing Director and the staff members shall be reimbursed by the Fund for the taxes which they are required to pay on such salaries and allowances.

In computing the amount of tax adjustment to be made with respect to any individual, it shall be presumed for the purposes of the computation that the income received from the Fund is his total income. All salary scales and expense allowances prescribed by this section are stated as net on the above basis.

(c) The salary of the Managing Director shall be $30,000 per annum. The Fund shall also pay any reasonable expenses incurred by the Managing Director in the interest of the Fund (including travel and transportation expenses for himself, and expenses for his family, and his personal effects in moving once to the seat of the Fund during or immediately before his term of office and in moving once from the seat during or immediately after his term of office). The terms of contract of the Managing Director shall be five years.

(d) It shall be the duty of an Executive Director and his Alternate to devote all the time and attention to the business of the Fund that its interests require, and, between them, to be continuously available at the principal office of the Fund.

(e) The maximum salary and expense allowance [including housing, entertainment and all other expenses except those specified in subsection (f)] shall be $17,000 for Executive Directors and $11,500 for Alternates. It will be the duty of each Executive Director and each Alternate to state how much of these amounts he intends to draw whether as salary or as expense allowance.

(f) The Executive Directors and their Alternates are to be reimbursed, in addition, for all reasonable expenses incurred during absence from the seat of the Fund while on the designated service of the Fund. They shall also be reimbursed for travel and transportation expenses for themeslves, their families, and their personal effects in moving once to the seat of the Fund during or immediately before their terms of office and in moving once from the seat during or immediately after their terms of office.

(g) Where not specified, it is assumed that the Director and Alternate will be a full-time Director and Alternate. Where it is intended that he shall not devote his full time, it shall be so indicated. Where an Executive Director or Alternate indicates that he intends to devote only part of his time to the Fund, his remuneration shall be pro-rated on the basis of a representation by him of the proportion of his time he has devoted to the interests of the Fund. He may make such representation each month.

(h) Where an individual is serving both Fund and Bank, the aggregate of salary received from both shall not exceed the full annual single salary indicated above.

In all cases of salaries or expenses involving dual offices in the Fund or Bank, or both, the individual affected is entitled to take his choice as to which salary or expense he elects, but he shall not be entitled to both.

(i) An individual putting forward a claim for reimbursement for any expenses incurred by him shall include therewith a representation that he has not received and will not claim reimbursement in respect to those expenses from any other source.

(j) Secretarial, staff services, office space, and other services incidental to the performance of the duties of the Executive Directors and Alternates shall be provided by the Fund.

Sec. 15. Delegation of Authority

The Executive Directors are authorized by the Board of Governors to exercise all the powers of the Fund except those reserved to the Board by Article XII, Section 2 (b) and other provisions of the Articles of Agreement. The Executive Directors shall not take any action pursuant to powers delegated by the Board of Governors which is inconsistent with any action taken by the Board.

Sec. 16. Rules and Regulations

The Executive Directors are authorized by the Board of Governors to adopt such Rules and Regulations, including financial regulations, as may be necessary or appropriate to conduct the business of the Fund. Any Rules and Regulations so adopted, and any amendments thereof, shall be subject to review by the Board of Governors at their next annual meeting.

Sec. 17. Vacant Directorships

Whenever a new Director mvist be elected because of a vacancy requiring an election, the Managing Director shall notify the members who elected the former Director of the existence of the vacancy. He may convene a meeting of the Governors of such countries exclusively for the purpose of electing a new Director; or he may request nominations by mail or telegraph and conduct ballots by mail or telegraph. Successive ballots shall be cast until one candidate has a majority; and after each ballot, the candidate with the smallest number of votes shall be dropped from the next ballot.

When a new elective Director is named, the office of Alternate shall be deemed to be vacant and an Alternate shall be named by the newly-elected Director.

Sec. 18. Additional Directors

At least one month before the second and subsequent regular elections of Directors, the Managing Director shall notify all members of the two members whose currencies held by the Fund have been, on the average over the preceding two years, reduced below their quotas by the largest absolute amounts. He shall state whether either or both are entitled to appoint a Director in accordance with Article XII, Section 3 (c) of the Articles of Agreement.

When a member becomes entitled to appoint a Director in accordance with Article XII, Section 3 (b) (i) and 3 (c) of the Articles of Agreement, it shall not participate in the election of any Director.

Sec. 19. Representation of Members Not Entitled to Appoint a Director

Whenever the Executive Directors are to consider a request made by, or a matter particularly affecting a member not entitled to appoint a Director, the member shall be promptly informed in writing of the date set for its consideration. No final action shall be taken by the Executive Directors, nor any question affecting the member submitted to the Board of Governors, until the member has been offered a reasonable opportunity to present its views and to be heard at a meeting of the Executive Directors, of which the member has had reasonable notice. Any member, so electing, may waive this provision.

Sec. 20. Budget and Audits

The Executive Directors shall instruct the Managing Director to prepare an annual administrative budget to be presented to them for approval. The budget so approved shall be incorporated in the annual report to be presented to the Board of Governors at their annual meeting.

The Executive Directors shall have an audit of the accounts of the Fund made at least once each year and on the basis of this audit shall submit a balance sheet and a statement of operations of the Fund to the Board of Governors to be considered by them at their annual meeting.

Sec. 21. Applications for Membership

Subject to any special provisions that may be made for countries listed in Schedule A of the Articles of Agreement, any country may apply for membership in the Fund by filing with the Fund an application setting forth all relevant facts.

When submitting an application to the Board of Governors, the Executive Directors after consultation with the applicant country shall recommend to the Board the amount of the quota, the form of payment, the parity of the currency, conditions regarding exchange restrictions, and such other conditions as, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe.

Sec. 22. Compulsory Withdrawal

Before any member is required to withdraw from membership in the Fund, the matter shall be considered by the Executive Directors who shall inform the member in reasonable time of the complaint against it and allow the member an adequate opportunity for stating its case both orally and in writing, The Executive Directors shall recommend to the Board of Governors the action they deem appropriate. The member shall be informed of the recommendation and the date on which its case will be considered by the Board and shall be given a reasonable time within which to present its case to the Board both orally and in writing. Any member so electing may waive this provision.

Sec. 23. Settlement of Disagreements

The President of the International Court of Justice is prescribed as the authority to appoint an umpire whenever there arises a disagreement of the type referred to in Article XVIII (c) of the Articles of Agreement.

Sec. 24. Amendment of By-Laws

These By-Laws may be amended by the Board of Governors at any meeting thereof or by vote without a meeting as provided in Section 13.

Appendix B. International Monetary Fund Rules and Regulations

As adopted by the Executive Directors and reviewed by the Board of Governors at the first annual meeting

A—Scope of Rules and Regulations

A-1. These Rules and Regulations supplement the Fund Agreement and the By-Laws adopted by the Board of Governors. They are not intended to replace any provision of either the Agreement or the By-Laws. The Rules and Regulations attempt to provide such operating rules, procedures, regulations, and interpretation as are necessary and desirable to carry out the puposes and powers contained in the Agreement, as supplemented by the By-Laws. If any provision in the Rules and Regulations is found to be in conflict with any provision in the Agreement or in the By-Laws, the Agreement and By-Laws shall prevail and an appropriate amendment should be made to these Rules and Regulations.

A-2. Additions to, and changes of, the Rules and Regulations will be made as experience brings to light new problems or suggests modifications in procedures already adopted.

B—Terms, Definitions, and Symbols Employed in this Document

B-1. Executive Director, except where otherwise specified, shall include the Alternate.

B-2. Executive Board refers to the Executive Directors presided over by the Chairman.

B-3. Chairman, except where otherwise specified, shall refer to the Chairman or Acting Chairman of the Executive Board.

B-4. Agenda ordinarily refers to both the list of items to be considered at a meeting and the supplemntary documents pertinent thereto.

B-5. Fund Agreement refers to the Articles of Agreement of the International Monetary Fund and, where the context is clear, Agreement shall also refer to the Articles of Agreement.

B-6. FA refers to the Fund Agreement.

BL refers to the By-Laws of the International Monetary Fund as adopted by the Board of Governors.

RR refers to these Rules and Regulations.

B-7. Executive Session refers to a Meeting of the Executive Directors in which no person is present except the Executive Directors, Managing Director, and, with the approval of the Board granted separately for each Executive Session, the Secretary of the Board.

C—Meetings of the Executive Board

Meetings

C-1. 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.

C-2. The Chairman shall call a meeting at the request of any Executive Director.

C-3. Except by consent of the Executive Directors present, meetings shall be open to attendance only by Executive Directors, the Managing Director, the Secretary and such members of the secretariat as the Chairman indicates.

C-4. The Executive Directors shall meet at the principal office of the Fund unless it is decided that a particular meeting shall be held elsewhere.

C-5. In the absence of the Managing Director, the Executive Director selected by the Executive Board shall act as Chairman. An Executive Director shall retain his right to vote when serving as Acting Chairman.

Agenda

C-6. The Agenda for each meeting shall be prepared by the Chairman. The Agenda shall include any item requested by an Executive Director.

C-7. 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.

C-8. Matters not on the agenda for a meeting may be considered at that meeting only by unanimous consent of the Executive Directors present.

C-9. Any item of the agenda for a meeting, consideration of which has not been completed at that meeting, shall, unless the Executive Directors decide otherwise, be automatically included in the agenda of the next meeting.

Voting

C-10. The Chairman will ordinarily ascertain the sense of the meeting in lieu of a formal vote. Any Executive Director may require a formal vote to be taken with votes cast as prescribed in Article XII, Section 3 (i).

C.-11. There shall be no formal voting in committees and subcommittees. The Chairman of the committee or subcommittee shall determine the sense of the meeting (including alternative points of view) which shall be reported.

C-12. No Executive Director may vote at any meeting by proxy or by any other method than in person.

Language

C-13. The working language of the Fund will be English. The discussion, documents, and reports of meetings will ordinarily be in English. Speeches or papers presented in other languages shall be translated into English.

Minutes

C-14. Under the direction of the Managing Director, the Secretary shall be responsible for the preparation of a summary record of the proceedings of the Executive Board.

C-15. Verbatim records will be taken only if the Chairman, the Executive Board or an Executive Director so requests. In such case, the Secretariat shall be given advance notice of the desire for verbatim recording.

C-16. 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 appoval at the next meeting.

D—Application for Membership and Quotas

D-1. When a country applies for membership in the Fund, and the application is placed before the Executive Board, the Chairman shall announce a reasonable time to be allowed for discussion and preliminary investigation by the Executive Board before a decision is reached to proceed with the formal investigation. If this decision is in the affirmative the Fund may proceed to obtain all relevant information and discuss with the applicant any matters relating to its application. Any Executive Director may request such information to be added to the list requested of the applicant as in his opinion is relevant to the decision to be made. The Executive Board shall then decide whether to submit an application for membership with its views to the Board of Governors for a telegraphic vote or hold the application until the next meeting of the Board of Governors. (FA II-2; BL 21 )

D-2. 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. (FA III-2 and 4)

D-3. At least one year prior to the time when a review of quotas must be undertaken by the Fund, the Executive Board shall appoint a committee to study the problem and to prepare a written report. (FA III-2)

E—Subscriptions

E-1. Gold depositories of the Fund shall be established in New York, London, Shanghai, Paris, and Bombay. The gold of the Fund shall be held with the depositories designated by the members in whose territories they are located. A member may pay its gold subscription to the Fund at one or more of the specified gold depositories, within the terms of Article XIII, Section 2. (FAXIII-2)

E-2. A member shall pay its currency subscription to the Fund at the designated depository. Each member is authorized to substitute in accordance with Article III, Section 5, nonnegotiable, noninterest bearing notes payable to the Fund on demand for that part of the currency holdings of the Fund which exceed 10 per cent of the member’s quota, and the depository shall hold such notes for the account of the Fund. Such notes shall not be accepted until the Fund is satisfied that they are in proper form and that their issue has been authorized. (FA III- 5)

E-3. The Executive Board may agree to alter the 10 per cent requirement in the case of any member should circumstances in the opinion of the Executive Board warrant a different percentage.

E-4. The member is allowed 24 hours in which to deposit the currency necessary to maintain the amount required under E-2 and E-3.

E-5. For purposes of Article III, Section 3, initial gold payments in excess of the minimum shall be accepted on the same basis as the minimum payment.

F—Par Values

F-1. The Fund shall arrange through the fiscal agencies of members that frequent and regular information as to the market rates of members’ currencies bought and sold in their territories is made available to the Fund.

F-2. Members shall notify the Fund whether for the settlement of international transactions they, in fact, freely buy and sell gold within the prescribed limits of price and shall notify the Fund of any changes in such policy. (FA IV-4 (b))

F-3. A member desiring to change the par value of its currency shall give the Fund as much notice as the circumstances allow, and shall submit a full and reasoned statement why, in its opinion, such a change is necessary to correct a fundamental disequilibrium. (FA IV-5)

G—Fund Transactions

General

G-1. Each member shall designate a fiscal agency for its transactions with the Fund, in accordance with Article V, Section 1, before its subscription becomes due, and may change the agency after notifying the Fund. (FA V-1)

Foreign Exchange

G-2. The Fund shall sell foreign exchange for gold or currency only on an 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.

G-3. 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.

G-4. When a member expects to purchase from the Fund, in a single transaction or a series of transactions, an unusually large sum of any other member’s currency (unusually large relative to the quota of that other member), the member shall give the Fund as much notice of the proposed transaction or transactions as can reasonably be effected.

H—Exchange Controls, Currency Practices, and Agreements

H-1. The Fund shall keep all exchange controls under review and shall consult with members with a view to the progressive removal of exchange restrictions in accordance with the Fund Agreement. (FAXIV-2)

H-2. If a member complains to the Executive Board that another member is not complying with its obligations concerning exchange controls, discriminatory currency arrangements, or multiple currency practices, the complaint shall give all facts petinent to an examination. (FA VIII-2 and 3)

H-3. Upon receipt of a complaint from a member, the Executive Board shall make arrangements promptly for consultation with the members directly involved.

H-4. All requests by a member under Article VIII, Sections 2 and 3, that the Fund approve the imposition of restrictions on the making of payments and transfers for current international transactions, or the use of discriminatory currency arrangements or multiple currency practices, shall be submitted to the Executive Board in writing, with a statement of the reasons for making the request. (FA VIII-2 and 3)

H-5. The Executive Board shall decide each request for approval expeditiously.

I—Repurchases and Charges

I–1. The first time that a member has to make a gold payment to the Fund it shall deliver gold of designated weight and fineness at least sufficient in value to meet the payment. Any surplus balance of gold shall be held by the Fund under earmark at the disposal of the member and may be used to meet other payments incurred in the future.

I–2. The service charge payable by a member buying the currency of another member in exchange for its own currency shall be paid at the time the transaction is consummated. (FAV-8(a))

I–3. Gold due to the Fund may be delivered at any gold depository of the Fund. The Fund may accept gold situated elsewhere and in such cases shall levy an appropriate charge to cover the cost of moving the gold to its nearest gold depository. (FA V-8 (b) and (f))

I–4. At quarterly intervals the Fund shall notify each member of the charges due to the Fund pursuant to Article V, Section 8(c) or (d) on the balance of its currency held by the Fund in excess of its quota. These charges shall be paid within ten days after receipt of such notice. (FA V-8 (c) and (d))

I–5. 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. (FA V-8 (f))

I–6. At the end of each financial year of the Fund each member shall furnish to the Fund the data necessary to calculate its repurchase obligations pursuant to Article V, Section 7. All repurchases shall be made within thirty days after the receipt of notice from the Fund of the amount of its currency to be repurchased by the member and the extent to which payment is to be made in gold and in each convertible currency. (FA V-7 and Schedule B)

J—Accounts and Reports

J-1. The accounts of the Fund shall be kept in terms of the currencies held by the Fund, and United States dollars on the basis of the established parities. (FA IV-1; BL-20)

J-2. The accounts of the Fund shall be kept in a manner that will show clearly the nature of each transaction, the position of the Fund, and results of its operations.

J-3. A summary statement of the Fund’s transactions and its holdings of gold and currencies of members shall be issued at intervals of three months or less, and a monthly statement of balances shall be sent to all members. (FA XII-7)

J-4. The Managing Director shall prepare an annual administrative budget for presentation to the Executive Board for approval not later than June 1 of each year. (BL-20)

J-5. Not later than June 30 of each year, the Managing Director shall present to the Executive Board a summary of the matters which in his opinion should be included in the Annual Report to the Board of Governors. At least one month before the annual meeting of the Board of Governors, the Managing Director shall submit to the Executive Board for its consideration, a draft of the annual report. (BL-10)

J-6. At least one month before the annual meeting of the Board of Governors, the audited accounts of the Fund shall be submitted to the Executive Board for its consideration. (BL-20)

K—Limitation and Ineligibility

K-1. The Managing Director shall report to the Executive Board any case in which it appears to him that a member is not fulfilling its obligations under the Fund Agreement.

K-2. Whenever the Executive Board would be authorized to declare a member ineligible to use the resources of the Fund it may refrain from making the declaration and indicate the circumstances under which, and/or the extent to which, the member may make use of the resources. (FA V-5, VI-1, XV-2(a))

K-3. When a member has changed the par value of its currency despite the objection of the Fund, in cases where the Fund is entitled to object, the Executive Board may determine the circumstances under which, and the extent to which, a member may use the resources of the Fund.

K-4. Before any member is declared, pursuant to Article XV, Section 2(a), ineligible to use the resources of the Fund, the matter shall be considered by the Executive Board, who shall inform the member in reasonable time of the complaint against it and allow the member an adequate opportunity for stating its case both orally and in writing. (FA XV-2(a), BL-22)

K-5. When any member that is ineligible to use the resources of the Fund, or whose use of the resources has been limited, according to K-1 or K-2 above, requests the Executive Board to permit the resumption of exchange transactions with or without special limitations and the Executive Board decides not to permit such resumption, a written report shall be made to the member stating what further action is required before such resumption will be permitted.

L—Capital Transfers

L-1. If there is taking place a large or sustained outflow of capital from a member country:

  • (a) that member or any other member may notify the Fund, presenting such information as it deems necessary; and may request the Fund’s views with respect to such capital movement; and

  • (b) the Fund may present to the member or members concernod a report setting forth its views, and may request the member or members to report on the situation within a suitable time.

L-2. Whenever the Fund has requested a member to exercise controls to prevent use of the resources of the Fund to meet a large or sustained outflow of capital, the Fund shall request the member to notify it promptly and in detail of the measures taken. (FA VI-1 (a))

L-3. Each member shall inform the Fund in detail of the measures it is taking to regulate international capital movements and of changes made in such measures.

L-4. If the Fund is of the opinion that the controls exercised by a member to regulate international capital movements are restrictive of payments for current transactions, or unduly delay transfers of funds in settlement of commitment, the Fund shall, subject to the provisions of Article VII, Section 3 (b) and Article XIV, Section 2, consult with the member on the manner in which the controls are exercised. If, after consultation, the Fund is not satisfied that the controls are exercised in a manner consistent with the Fund Agreement, it shall so inform the member in a written report and request it to modify the controls. (FA VI-3)

M—Relations with Non-Members

M-1. The Fund may request the cooperation of any member with a view to the application of appropriate measures to prevent transactions with non-members or with persons in their territories, contrary to the provisions of the Agreement or the purposes of the Fund. (FA XI-1 (iii))

M-2. When the Fund finds that a member or any of its fiscal agencies referred to in Article V, Section 1, engages in any transaction with or cooperates in practices with a non-member or with persons in a non-member’s territory, contrary to the provisions of the Agreement or the puposes of the Fund, it shall pesent to the member a report setting forth its views and may request the cessation or modification of the transactions or practices. (FAXI-1(i) and (ii))

M-3. A member shall inform the Fund promptly and in detail of any restrictions which it imposes on exchange transactions with non-members or with persons in their territories. (FA VIII-5(a)(xi))

M-4. Any member may notify the Fund of restrictions imposed by a member on exchange transactions with non-members or with persons in their territories which are deemed to prejudice the interests of members and to be contrary to the purposes of the Fund. (FA XI-2)

M-5. When the Fund finds that the restrictions imposed by a member on exchange transactions with non-members or with persons in their territories are prejudicial to the interests of members and contrary to the purposes of the Fund, it shall present to the member a report setting forth its views and may request the abolition or modification of the restrictions. (FA XI-2)

N—Staff Regulations

Personnel

N-1. The employment, classification, promotion, and assignment of personnel in the Fund shall be made without discriminating against any person because of sex, race or creed.

N-2. Persons on the staff of the Fund shall be nationals of members of the Fund unless the Executive Board authorizes exceptions in particular cases.

N-3. In the discharge of their functions, the persons on the staff shall owe their duty entirely to the Fund and to no other authority.

N-4. All persons on the staff must avoid any action, and in particular any kind of pronouncement, which may reflect unfavorably upon their position as employees of an international organization, either in their own country or elsewhere. They should always bear in mind the reserve and tact incumbent upon them by reason of their international functions, and they are required to exercise the utmost discretion in regard to matters of official business. At no time should they in any way use to private advantage information known to them by reason of their official position.

N-5. Except in the course of his official duties or by express authorization of the Managing Director, no person on the staff may, during the term of his appointment of service, publish, cause to be published, or assist in the publication of any book, pamphlet, article, letter, or other document relative to the policies or activities of the Fund or to any national politcal questions; deliver any speech, lecture, or radio broadcast, or grant any press interview on such policies, activities, or questions; or communicate to any person any unpublished information known to him by reason of his official position. After termination of his period of service with the Fund, a person formerly on the staff may not, without the express authorization of the Managing Director, disclose any confidential information he has received during his service with the Fund by reason of his official position.

N-6. No person on the staff shall hold other public or private employment or engage in any occupation or profession which in the Fund’s opinion is incompatible with the proper performance of his official duties.

N-7. A person on the staff may retain reemployment rights or pension rights acquired in the service of a public or private organization.

N-8. Any person on the staff who accepts a public office of a political character shall immediately resign from the Fund.

N-9. No person on the staff may accept any honor, decoration, favor, gift, or bonus from any government, or from any other authority or person external to the Fund, for services rendered during the period of his appointment or service with the Fund.

N-10. Upon appointment, each person on the staff will subscribe in writing to the following affirmation:

I solemnly affirm:

That, to the best of my ability, I will carry out my responsibilities in a manner that will further the purposes of the International Monetary Fund;

That I will refrain from communicating confidential information to persons outside the Fund;

That I will not use to private advantage information known to me by reason of my official position; and

That I will accept no instruction in regard to the performance of my duties from any government or authority external to the Fund.

N-11. All persons appointed to permanent positions on the staff shall be classified by grades or positions according to the nature of their duties and responsibilities. Salary increases within each grade will be progressively available upon the successful completion of successive periods of work or upon the recommendation of supervisors.

N-12. The salary scale for permanent employees of the Fund shall, so far as practicable, conform to the salary scale of United Nations.

N-13. The Managing Director shall inform the Executive Board at least two weeks in advance of any action to appoint or initiate the dismissal of the Directors and Assistant Directors of departments and offices of the Fund, the heads of divisions within departments and offices, and all persons to be paid $8,000 or more per year. All other appointments to the staff shall be made by the Managing Director or his designated representative.

N-14. The Managing Director is authorized to issue General Orders, with the approval of the Executive Board, concerning the general personnel policies which shall apply to the operating staff of the Fund.

Travel

N-15. Official travel will be undertaken by staff members only with the approval of the Managing Director or officials designated by him. Official travel outside the continental limits of the United States will be undertaken only with the further approval of the Executive Board.

Adopted by the Executive Directors of the International Monetary Fund September 25, 1946.

Appendix C. Interpretations of the Fund Agreement Made by the Executive Directors Prior to the First Annual Meeting

Fundamental Disequilibrium

In Resolution No. 5 of the Inaugural Meeting the Board of Governors requested an interpretation of Articles of Agreement as to Question of Fundamental Disequilibrium. The Resolution reads as follows:

Resolved:

That the Executive Directors of the International Monetary Fund are invited, at the request of the Governor for the United Kingdom, pursuant to Article XVIII (a), to interpret Article IV, Section 5 (f), as to whether, having regard to the intention of the Government of the United Kingdom to maintain full employment and to the terms of Article I(ii) and (v) of the Articles of Agreement, steps necessary to protect a member from unemployment of a chronic or persistent character, arising from pressure on its balance of payments, shall be measures necessary to correct a fundamental disequilibrium.

In accordance with Article XVIII of the Articles of Agreement, the Executive Board made the following interpretation on September 26, 1946:

“The Government of the United Kingdom has stated its intention to maintain full employment and has requested an interpretation of the Articles of Agreement as to whether steps necessary to protect a member from unemployment of a chronic or persistent character, arising from pressure on its balance of payments, shall be measures necessary to correct a fundamental disequilibrium.

“The Executive Directors interpret the Articles of Agreement to mean that steps which are necessary to protect a member from unemployment of a chronic or persistent character, arising from pressure on its balance of payments, are among the measures necessary to correct a fundamental disequilibrium; and that in each instance in which a member proposes a change in the par value of its currency to correct a fundamental disequilibrium the Fund will be required to determine, in the light of all relevant circumstances, whether in its opinion the pro-proposed change is necessary to correct the fundamental disequilibrium.”

Use of Fund’s Resources

In Resolution No. 6 of the Inaugural Meeting the Board of Governors requested an interpretation of Articles of Agreement as to Authority of Fund to Use its Resources. The Resolution reads as follows:

Resolved:

That the Executive Directors of the International Monetary Fund are invited, at the request of the Governor for the United States of America, to interpret the Articles of Agreement, pursuant to Article XVIII (a), as to whether the authority of the Fund to use its resources extends beyond current monetary stabilization operations to afford temporary assistance to members in connection with seasonal, cyclical, and emergency fluctuations in the balance of payments of any member for current transactions, and whether the Fund has authority to use its resources to provide facilities for relief, reconstruction, or armaments, or to meet a large or sustained outflow of capital on the part of any member.

In accordance with Article XVIII of the Articles of Agreement, the Executive Board made the following interpretation on September 26, 1946:

“The Executive Directors of the International Monetary Fund interpret the Articles of Agreement to mean that authority to use the resources of the Fund is limited to use in accordance with its purposes to give temporary assistance in financing balance of payments deficits on current account for monetary stabilization operations.”

Appointment of Executive Director

In Resolution No. 7 of the Inaugural Meeting the Board of Governors reqtiested an interpretation of Articles of Agreement as to Appointment of Executive Director. The Resolutions reads as follows:

Resolved:

That the following point of interpretation raised by the Governor for India in regard to Article XII, Section 3 (b) (i) and Section 3 (f) be referred to the Executive Directors for their decision in pursuance of Article XVIII (a) of the Articles of the International Monetary Fund namely:

That with reference to the Ad Hoc Committee’s report on the position of the Executive Director for India adopted by your Governors at their meeting on the 15 th of March and in view of the inconsistency between Section 3 (b) (i) and Section 3 (f) of Article XII that these Sections be interpreted to mean that any member having one of the five largest quotas at the date of a regular election or at any date between regular elections shall be entitled to appoint an Executive Director who shall 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.

In accordance with Article XVIII of the Fund Agreement, the Executive Directors made the following interpretation on May 8:

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.

Appendix D. Relations with United Nations

There is given below the text of a letter dated March 12, 1946, from the President of the Economic and Social Council of the United Nations to the Chairman of the Board of Governors of the International Monetary Fund, which led to discussions and correspondence between the two organizations looking toward a formal agreement. There is also given the text of the letter of September 10 from the Managing Director to the Secretary General of the United Nations, which states the Fund’s views on this matter.

March 12, 1946.

Fred M. Vinson, ESQ.,

President, Board of Governors, International Monetary Fund, General Oglethorpe Hotel, Savannah, Ga.

Dear Sir: As you are aware, the Charter of the United Nations provides that intergovernmental organizations may be brought into relationship with the General Assembly of the United Nations through the Economic and Social Council. The Council at its meeting in February appointed a committee called the Negotiating Committee to enter into negotiations with certain intergovernmental organizations, and prepared an agreement for submission to the General Assembly at its next session in September.

Among the organizations which the Economic and Social Council desires to establish relationship with, are the International Monetary Fund and the Bank. The Secretary General of the United Nations will shortly be sending you a communication indicating the points which the Negotiating Committee of the Economic Council would like to discuss with the authorities of the Fund and Bank.

I am anxious that these negotiations should take place at the next session of the Economic and Social Council, which will be held in New York from the 2 5th of May to probably the 20th of June. It is highly desirable that the negotiations should be completed during that period, as the Council will then be in a position to report to the September session of the General Assembly when the agreement may be adopted. Otherwise, the draft agreement will have to be held over till the second session of the Assembly in September of the following year, 1947. I would, therefore, request you as Chairman and your Board to consider the desirability of authorizing an individual or a committee to meet the Negotiating Committee and discuss with them the terms of an agreement on the nature of the relationship between your organization and the General Assembly. I would also like to have an indication of the time when your Committee can meet the Negotiating Committee so that I can arrange that the Committee is convened for that date.

I shall be thankful for a reply at your convenience.

Yours sincerely,

(S) A. Ramaswami Mudaliar,

President, Economic and Social Council.

September 10, 1946.

Dear Mr. Lie: In the course of the past few months representatives of the International Monetary Fund have had an opportunity of exploring with the Assistant Secretary General in charge of the Economic Department and his colleagues certain of the problems involved in the relationship between the United Nations and the International Monetary Fund. These exchanges of views have been very useful in clarifying the issues involved and they have revealed a wide measure of agreement on the practical methods by which this relationship can be strengthened.

In addition to these discussions the Fund has had the further advantage of frequent participation in activities of the United Nations. We were represented by an observer at the meeting of the Economic and Social Council in New York last June, and propose to be similarly represented at the next meeting of the Council. We were pleased to have an observer from the Economic and Social Council present at the Inaugural Meeting of the Board of Governors of the Fund last March, and hope that the United Nations will be similarly represented at the first annual meeting of Governors to be held in Washington later this month.

Moreover, in various specific fields a large measure of practical cooperation has already been established between the Fund and the United Nations. Representatives of the Fund attended the United Nations Conference with Specialized Agencies on Personnel Matters last month, and have also on numerous occasions conferred separately with officials of the United Nations on these problems. Informal discussions have already taken place regarding statistical information and methods of dealing with public information.

The Fund is desirous of continuing close cooperation with the United Nations and will take all practical steps, consistent with the Fund Agreement by which its activities are governed, to broaden and intensify the working relationships already established.

The Fund recognizes that the Economic and Social Council is responsible under the authority of the General Assembly for the discharge of the functions set forth in Article IX of the Charter, and that it has for this purpose the powers set forth in Article X of the Charter. For its part the International Monetary Fund is a specialized agency with wide international responsibilities as defined in its basic instrument, and is responsible to its appropriate authorities for the discharge of the functions set forth in that instrument.

The governments which have signed the United Nations Charter and the Articles of Agreement of the International Monetary Fund have clearly expressed their intention that whilst the authority and full responsibility of each of the respective organizations for the discharge of its functions under its basic instrument should be maintained and safeguarded, the organizations should consider it their duty to combine their efforts for the attainment of the common aims of the United Nations and for establishing the broad lines of concerted policies and actions.

The International Monetary Fund is fully prepared to collaborate with the United Nations along these lines. We have given careful thought to the question whether this collaboration can best be furthered by the negotiation of a legal instrument such as the Economic and Social Council has negotiated with certain other specialized agencies. As the result of these deliberations we have reached the conclusion that the precise nature of the collaboration to be established and the modalities which should govern it can only be determined in the light of practical experience and that it would therefore be premature to attempt to crystallize these relationships into the form of a legal contract at the present time. In reaching this conclusion we have had in mind the fact that the Fund is at the very beginning of its work and that the precise character of its working relationships with the United Nations is necessarily unknown. Moreover, in view of the fact that membership in the Fund is so largely coterminous with membership in the United Nations we feel that there is little likelihood of insuperable conflicts of interest arising which can only be settled by reference to a legal contract.

As I have indicated above, the Fund wishes to strengthen in every practical way the effective working relationships with the United Nations. Steps have already been taken to arrange for reciprocal representation at certain meetings and it is our hope that these steps will be continued. The Fund believes that detailed discussions should take place regarding the avoidance of duplication in the collection and analysis of statistical information and is prepared to accept responsibility for the statistics within its special sphere while recognizing the United Nations as the central agency for the collection and analysis of statistics serving the general purposes of international organizations. The Fund is prepared to continue the consultations which have already been negotiated with the United Nations concerning the recruitment and employment of staff including conditions of service, salary scales and allowances, staff regulations and rules, etc., with a view to securing as much uniformity in these matters as is practical. In general the Fund is prepared to collaborate with the United Nations to achieve the common purpose of the two organizations through such consultations and arrangements as seem necessary from time to time to the appropriate authorities of the United Nations and the International Monetary Fund.

If, in the course of time, it appears desirable to the appropriate authorities of the two institutions to place their relationship on a more formal and legalistic basis, the Fund will, of course, be prepared to give renewed consideration to this question. For the reasons indicated, however, it would appear to us that for the time being a more expedient course is to concentrate on the working relationships and not attempt to negotiate a legal contract.

Yours very truly,

Camille Gutt,

Chairman of the Executive Board and Managing Director.

Mr. Trygve Lie,

Secretary General, United Nations, Lake Success, N. Y.

Appendix E. Report to the Board of Governors Concerning Financial Statement

In accordance with Section 20 of the By-Laws I am submitting, on behalf of the Executive Directors, the attached Statement of Receipts and Payments for the International Monetary Fund from its inception to June 30, 1946. This statement is for the consideration of the Board of Governors at its annual meeting in September.

Since Operations have not yet commenced, the financial presentation which is being made at this time is limited to the receipts from member’ countries as provided in Section 2(d) of Article XX of the Fund Agreement and to payments for administrative expenses.

As required by Section 20 of the By-Laws, an audit of the accounts of the Fund to June 30, 1946, was made by the Assistant Comptroller, Mr. C. M. Powell. The attached Statement of Receipts and Payments was prepared on the basis of this audit, certified correct by the Assistant Comptroller, Mr. C. M. Powell, approved by the Managing Director and ordered by the Executive Directors to be submitted to the Board of Governors.

(S) Camille Gutt,

Chairman of the Executive Board and Managing Director.

Remarks

1. Net receipts in Suspense Account made up as follows:
Taxes withheld$837.95
Less: Petty cash imprest fund$63.62
Advances against traveling expenses465.80
529.42
Net receipts$308.53
2. Cash balance deposited in following banks:
Federal Reserve Bank of New York$618,957.40
Riggs National Bank of Washington21,219.25
Balance$640,176.65
3. Obligations outstanding on June 30, 1946:
Office Supplies and Equipment$54,000.00
Alterations to Office Building9,000.00
$63,000.00
4. Subscriptions from Member Countries exclude the sum of $2,500.00 due from Peru, which amount was not credited by the Federal Reserve Bank of New York until July 1, 1946.
International Monetary Fund: Statement of receipts and payments from inception to June 30, 1946
ReceiptsU. S. dollarsPaymentsU. S. dollars
Subscriptions

from member

for meeting administrative

expenses
$737,250.001. Personal services$48,060.80
Salaries and wages…… $47,060.80
Expense allowances…… 1,000.00
2. Travel4,335.26
Travel on orders…… $341.95
Removal travel…… 3,993.31
3. Freight68.00
Freight on personal effects…… $68.00
4. Communication724.44
Postage…… $247.00
Telephone…… 385.98
Telegraph…… 91.46
5. Rents and utilities6,874.00
Rents, maintenance and building alterations…… $6,874.00
6. Books and printing2,011.58
Books, newspapers and periodicals…… $4.00
Printing and binding…… 2,007.58
7. Supplies and equipment4,664.42
Expendable supplies…… $1,470.34
Office equipment…… 33.50
Office furnishings…… 3,160.5 8
8. Miscellaneous0
9. Pension provisions0
Total 1 to 9$66,738.50
10. Meeting of Governors30,643.38
11. Suspense account—308.53
Total 1 to 11$97,073.35
Balance carried forward640,176.65
$737,250.00$737,250.00

Certified correct:

(s) CM. POWELL,

Assistant Comptroller.

Appendix F. Changes of Governors and Executive Directors

1. Governors

Changes in the composition of the Board of Governors since the Inaugural Meeting have been as follows:

Einar Dige appointed as Alternate Governor for Denmark March 30, 1946.

N. Sundaresan succeeded Sir A. Ramaswami Mudaliar as Alternate Governor for India April 22, 1946.

Hugh Dalton succeeded the late Lord Keynes as Governor for the United Kingdom April 30, 1946.

Maurice Frere succeeded Camille Gutt who resigned as Governor for Belgium on Miay 6, 1946.

Carlos P. Romulo vacated the Philippine Republic Alternate Governorship July 26, 1946.

Manuel Melendez V. appointed as Alternate Governor for El Salvador June 27, 1946.

Federico Vides S. appointed as Governor for El Salvador June 27, 1946.

John W. Snyder succeeded Fred M. Vinson as Governor for the United States July 2, 1946.

Sir James Grigg succeeded R. H. Brand as Alternate Governor for the United Kingdom July 4, 1946.

Joaquin M. Elizalde succeeded Jaime Hernandez who resigned as Governor for the Philippine Republic on July 26, 1946.

Luis Ocampo Crespo vacated the Bolivian Alternate Governorship August 14, 1946.

Franklin Antezana Paz vacated the Bolivian Governorship August 14, 1946.

Dr. Nicholas B. Kaskarelis succeeded Alexander Loverdos, Alternate Governor for Greece August 31, 1946.

Composition of the Board of Governors in September 1946 was therefore, as follows:

CountryGovernorAlternate Governor
BelgiumMaurice FrereVacant.
BoliviaVacantVacant.
BrazilFrancisco Alves dos Santos-Filho.Edgard de Mello.
CanadaJames L. IlsleyGraham F. Towers.
ChileArturo MaschkeLuis Davila.
ChinaO. K. YuiTe-Mou Hsi.
ColombiaEmilio ToroVacant.
Costa RicaJulio Pena MoruaAngel Coronas Guardia.
CubaJoaquin E. MeyerVacant.
CzechoslovakiaJ. V. MladekJulius Pazman.
DenmarkCarl Valdemar Bramsnaes.Einar Dige.
Dominican RepublicJesus Maria TroncosoJose Calzada.
EcuadorEsteban F. CarboVacant.
EgyptAhmed Zaki Bey SaadM. S. El Falaki.
El SalvadorFederico Vides SManuel Melendez V.
EthiopiaGeorge A. BlowersVacant.
FrancePierre Mendes-FranceEmmanuel Monick.
GreeceXenophon ZolotasDr. Nicholas B. Kaskarelis.
GuatemalaManuel Noriega MoralesLeonidas Acevedo.
HondurasJulian R. CaceresJorge Fidel Duron.
IcelandAsgeir AsgeirssonThor Thors.
IndiaSir Chintaman DeshmukhN. Sundaresan.
IranA. H. EbtehajDr. Taghi Nassr.
IraqAli JawdatA. M. Gailani.
LuxembourgPierre DupongHugues Le Gallais.
MexicoAntonio Espinosa de I05 Monteros.Luciano Wiechers.
NetherlandsP. LieftinckA. M. de Jong.
NicaraguaGuillermo Sevilla SacasaRafael A. Huezo.
NorwayGunnar JahnOle Colbjornsen.
PanamaDr. Joaquin Jose VallarinoVacant.
ParaguayHarmodio GonzalesRuben Benitez.
PeruFrancisco Tudela VarelaEmilio Barreto.
Philippine RepublicJoaquin M. ElizaldeVacant.
PolandEdward DrozniakJanusz Zoltowski.
Union of South AfricaJan Hendrik HofmeyrM. H. de Kock.
United KingdomHugh DaltonSir James Grigg.
United StatesJohn W. SnyderWilliam L. Clayton.
UruguayVacantHugo Garcia.
YugoslaviaLavoslav DolinsekIvan Randic.

2. Executive Directors

Changes in the composition of the Executive Board since the First Meeting have been as follows:

Jean de Largentaye was appointed Executive Director by France July 1, 1946, succeeding Pierre Mendes-France.

Hubert Ansiaux was elected Executive Director by Belgium, Iceland, and Luxembourg June 19, 1946, succeeding Camille Gutt who resigned May 6, 1946.

Ernest de Selliers was appointed Alternate Executive Director to Mr. Ansiaux June 24, 1946, succeeding Louis Goffin.

B. K. Madan was appointed Alternate Executive Director to Mr. Joshi August 10, 1946, succeeding N. Sundaresan.

George F. Luthringer was appointed Alternate Executive Director to Mr. White June 17, 1946.

Mihailo Kolovic was appointed Alternate Executive Director to Mr. Mladek June 27, 1946.

Mahmoud Saleh El Falaki was appointed Alternate Executive Director to Mr. Saad September 5, 1946.

T. de Clermont-Tonnerre was appointed Alternate Executive Director to Mr. de Largentaye on September 17, 1946.

Composition of the Executive Board on September 1 was therefore, as follows:

Camille Gutt (Belgium), Chairman

Executive DirectorAlternate Executive Director
Hubertansiaux (Belgium)Ernest de Selliers (Belgium)
G. L. F. Bolton (United Kingdom)A. P. Grafftey-Smith (United Kingdom)
G. W. J. Bruins (Netherlands)D. Crena de Iongh (Netherlands)
Jean de Largentaye (France)T. de Clermont-Tonnerre (France)
Rodrigo Gomez (Mexico)Raul Martinez-Ostos (Mexico)
J. V. Joshi (India)B. K. Madan (India)
Yee-Chun Koo (China)Vacant
J. V. Mladek (Czechoslovakia)Milhailo Kolovic (Yugoslavia)
Louis Rasminsky (Canada)Vacant
Ahmed Zaki Bey Saad (Egypt)M. S. El Falaki (Egypt)
Francisco Alves dos Santosfilho (Brazil)Octavio Bulhoes (Brazil)
Harry D. White (United States of America)George F. Luthringer (United States of America)

Appendix G. Membership, Quotas, and Voting Power

(as of October 3, 1946)

(In millions of United States dollars)

CountryQuota (Millions of US dollars)Percent of TotalNumber of VotesPercent of Total
Belgium2253.012,5002.96
Bolivia100.13350.41
Brazil1502.011,7502.07
Canada3004.013,2503.85
Chile50.67750.89
China5507.365,7506.81
Colombia50.67750.89
Costa Rica5.07300.36
Cuba50.67750.89
Czechoslovakia1251.671,5001.78
Denmark68.919301.10
Dominican Republic5.07300.36
Ecuador5.07300.36
Egypt45.60700.83
El Salvador2.5.03275.33
Ethiopia6.08310.37
France5257.025,5006.51
Greece40.54650.77
Guatemala5.07300.36
Honduras2.5.03275.33
Iceland1.01260.31
India4005.354,2505.03
Iran25.33500.59
Iraq8.11330.39
Luxembourg10.13350.41
Mexico901.201,1501.36
Netherlands2753.683,0003.55
Nicaragua2.03270.32
Norway50.67750.89
Panama5.01255.30
Paraguay2.03270.32
Peru25.33500.59
Philippine Republic15.20400.47
Poland1251.671,5001.78
Union of South Africa1001.341,2501.48
United Kingdom1,30017.4013,25015,69
United States2,75036.8027,75032.85
Uruguay15.20400.47
Yugoslavia60.808501.01
Totals7,472100.002284,475100.0022

Appendix H. Officers of the Board of Governors

Chairman:United Kingdom
Vice-Chairmen:China
France
India
United States

Appendix I. Voting Power of Executive Directors

Appointed Executive Directors
VotesPercent Total
J. V. JoshiIndia4,2505.09
Yee-Chun KooChina5,7506.88
Jean de LargentayeFrance5,5006.58
Harry D. WhiteUnited States27,75033.22
G. L. F. BoltonUnited Kingdom13,25015.86
Elected Executive Directors
G. W. J. BruinsNetherlands3,000
Union of South Africa1,250
4,2505.09
Rodrigo GomezColombia750
Costa Rica300
Cuba750
Dominican Republic300
El Salvador275
Guatemala300
Honduras275
Mexico1,150
Nicaragua270
4,3705.23
Hubert AnsiauxBelgium2,500
Iceland260
Luxembourg350
3,1103.72
J. V. MladekCzechoslovakia1,500
Poland1,500
Yugoslavia850
3,8504.61
Louis RasminskyCanada3,250
Norway750
4,0004.79
Ahmed Zaki Bey SaadEgypt700
Ethiopia310
Greece650
Iran500
Iraq330
Philippine Republic400
2,8903.46
Francisco Alves dos Santos-FilhoBolivia350
Brazil1,750
Chile750
Ecuador300
Panama255
Paraguay270
Peru500
Uruguay400
4,5755.48
Totals83,545100.0022

Appendix J. Attendance at First Annual Meeting

  • Australia23

    • Observers

      • J. B. Brigden

      • D. Munro

      • A. Tange

  • Belgium

    • Governor

      • Maurice Frere

    • Alternate Governor

      • C. Duquesne de la Vinelle

    • Observers

      • Hubert Ansiaux24

      • Ernest de Selliers25

  • Bolivia

    • Governor

      • Rene Ballivian Calderon

    • Alternate Governor

      • Jaime Gutierrez Guerra

  • Brazil

    • Governor

      • Francisco Alves dos Santos-Filho 24

    • Alternate Governor

      • Edgard de Mello

    • Secretary to the Delegation

      • Zeuxis Ferreira Neves

  • Canada

    • Governor

      • James L. Ilsley

    • Alternate Governor

      • Graham F. Towers

    • Observers

      • Louis Rasminsky 24

  • Chile

    • Alternate Governor

      • Luis Davila

  • China

    • Alternate Governor

      • Hsi Te-Mou

    • Advisers

      • Y. L. Chang

      • Yih Loh

      • Deson Sze

      • Fred Sze

    • Observer

      • Yee-Chun Koo 24

  • Colombia

    • Governor

      • Emilio Toro

  • Costa Rica

    • Governor

      • Julio Pena Morua

    • Alternate Governor

      • Angel Coronas Guardia

  • Cuba

    • Governor

      • Joaquin E. Meyer

  • Czechoslovakia

    • Governor

      • Jan Viktor Mladek

    • Alternate Governor

      • Julius Pazman

    • Adviser

      • Dr. K. Czesany

  • Denmark

    • Governor

      • Carl Valdemar Bramsnaes

    • Temporary Alternate Governor

      • Count Bent Ahlefeldt

  • Dominican Republic

    • Temporary Alternate Governor

      • Jose Rodriguez

  • Ecuador

    • Governor

      • Esteban F. Carbo

  • Egypt

    • Governor

      • Ahmed Zaki Bey Saad 24

    • Alternate Governor

      • Mahmoud Saleh El Falaki 25

  • El Salvador

    • Governor

      • Federico Vides S.

  • Ethiopia

    • Governor

      • George A. Blowers

  • France

    • Governor

      • Pierre Mendes-France

    • Alternate Governor

      • Emmanuel Monick

    • Advisers

      • Francois Bloch-Laine

      • Guillaume Guindey

      • Christian Valensi

      • Wilfred Baumgartner

    • Observers

      • Jean de Largentaye 24

      • T. de Clermont-Tonnerre 25

  • Greece

    • Governor

      • Xenophon Zolotas

    • Alternate Governor

      • Nicholas B. Kaskarelis

  • Guatemala

    • Governor

      • Manuel Noriega Morales

    • Alternate Governor

      • Carlos Leonidas Acevedo

  • Haiti24

    • Observer

      • Daniel Theard

  • Honduras

    • Governor

      • Julian R. Caceres

    • Alternate Governor

      • Jorge Fidel Duron

  • Iceland

    • Alternate Governor

      • Thor Thors

  • India

    • Alternate Governor

      • N. Sundaresan

    • Observers

      • J. V. Joshi 24

      • B. K. Madan 25

  • Iran

    • Temporary Alternate Governor

      • Hussein Ala

      • Mohammed Nemazee

  • Iraq

    • Governor

      • Ali Jawdat

    • Alternate Governor

      • A. M. Gailani

  • Liberia24

    • Observers

      • James F. Cooper

      • Frederick A. Price

  • Luxembourg

    • Governor

      • Pierre Dupong

    • Adviser

      • Pierre Werner

  • Mexico

    • Governor

      • Antonio Espinosa de los Monteros

    • Temporary Alternate Governor

      • Rodrigo Gomez 24

    • Adviser

      • Javier Marquez

    • Observer

      • Raul Martinez-Ostos 25

    • Secretary

      • Francisco R. Saenz

  • Netherlands

    • Governor

      • P. Lieftinck

    • Alternate Governor

      • A. M. de Jong

    • Adviser

      • Dr. L. R. W. Soutendijk

    • Observers

      • G. W. J. Bruins 24

      • D. Crena de Iongh 25

  • Nicaragua

    • Governor

      • Guillermo S. Sacasa

    • Alternate Governor

      • Rafael A. Huezo

    • Adviser

      • J. A. Montealegre

  • Norway

    • Governor

      • Gunnar Jahn

    • Alternate Governor

      • Ole Colbjornsen

    • Advisers

      • Hallvard Hillestad

      • Gabriel Keilland

  • Panama

    • Governor

      • J J. Vallarino

  • Paraguay

    • Governor

      • Harmodio Gonzalez

    • Alternate Governor

      • Ruben Benitez

  • Peru

    • Alternate Governor

      • Emilio Barreto

    • Adviser

      • Juan Chavez

    • Secretary

      • Enrique Lulli

  • Philippine Republic

    • Governor

      • Joaquin M. Elizalde

    • Alternate Governor

      • Joseph Foley

    • Adviser

      • Morrison Tucker

  • Poland

    • Governor

      • Edward Drozniak

    • Alternate Governor

      • Janusz Zoltowski

    • Advisers

      • Zygmunt Karpinski

      • Jozef Swidrowski

      • Marcin Wyczalkowski

  • Union of South Africa

    • Temporary Governor

      • J. E. Hollow ay

    • Secretary

      • M. I. Botha

  • United Kingdom

    • Governor

      • Hugh Dalton

    • Temporary Alternate Governor

      • E. Rowe-Dutton

    • Advisers

      • Alec T. K. Grant

      • G. H. Tansley

      • G. R. Young

    • Observers

      • G. L. F. Bolton 24

      • A. P. Grafftey-Smith 25

    • Secretary

      • Burke Trend

  • United States

    • Governor

      • John W. Snyder

    • Alternate Governor

      • William L. Clayton

    • Advisers

      • James J. Caffrey

      • Marriner S. Eccles

      • Joseph B. Friedman

      • Walter R. Gardner

      • Herbert E. Gaston

      • Harold Glasser

      • J. Burke Knapp

      • L. W. Knoke

      • August Maffry

      • William McMartin, Jr.

      • Norman T. Ness

      • A. N. Overby

      • Arthur Paul

      • Charles J. Shields

      • Brent Spence

      • Ivan B. White

      • Jesse P. Wolcott

    • Observers

      • Harry D. White 24

      • George F. Luthringer 25

  • Uruguay

    • Alternate Governor

      • Hugo Garcia

  • Yugoslavia

    • Governor

      • Stane Krasovec

    • Alternate Governor

      • Vaso Srzentic

    • Observer

      • Mihailo Kolovic 25

  • Venezuela 23

    • Observers

      • Jose A. Mayobre

      • Hector Santaella

International Organizations

  • Economic and Social Council

    • Observers

      • Walter A. Chudson

      • David Weintraub

  • Food and Agriculture Organization

    • Observers

      • Karl Olsen

      • Marc Veillet-Lavallee

  • International Labor Organization

    • Observer

      • E. J. Riches

  • Provisional International Civil Aviation Organization

    • Observers

      • E. R. Marlin

      • Dr. van Hasselt

  • United Nations Relief and Rehabilitation Administration

    • Observers

      • Ping Wen Kuo

      • J. J. Polak

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