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Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1984
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Resolution No. 39-1. Membership for St. Christopher and Nevis

On August 2, 1983, the Government of St. Christopher and Nevis applied for admission to membership in the International Monetary Fund. The Executive Board resolved on March 5, 1984 that action on the application 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 March 7, 1984 for a vote without meeting:

Whereas, St. Christopher and Nevis on August 2, 1983 requested admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund;

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Board has consulted with the representative of St. Christopher and Nevis and has agreed upon the terms and conditions which, in the opinion of the Executive Board, the Board of Governors may wish to prescribe for admitting St. Christopher and Nevis to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the terms and conditions upon which St. Christopher and Nevis 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, as amended;

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

  • 2. Quota: The quota of St. Christopher and Nevis shall be SDR 4.5 million.

  • 3. Payment of Subscription: The subscription of St. Christopher and Nevis shall be equal to its quota. St. Christopher and Nevis shall pay 21.7 percent of its subscription in SDRs or in the currencies of other members selected by the Managing Director from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment. The balance of the subscription shall be paid in the currency of St. Christopher and Nevis.

  • 4. Timing of Payment of Subscription: St. Christopher and Nevis shall pay its subscription within six months after accepting membership in the Fund.

  • 5. Exchange Transactions with the Fund and Remuneration: St. Christopher and Nevis may not engage in transactions under Article V, Section 3, or receive remuneration under Article V, Section 9, until its subscription has been paid in full.

  • 6. Exchange Arrangements: Within 30 days after accepting membership in the Fund, St. Christopher and Nevis shall notify the Fund of the exchange arrangements it intends to apply in fulfillment of its obligations under Article IV, Section 1 of the Articles.

  • 7. Representation and Information: Before accepting membership in the Fund, St. Christopher and Nevis 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 8(b) of this Resolution, and St. Christopher and Nevis shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) St. Christopher and Nevis 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) St. Christopher and Nevis 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: St. Christopher and Nevis 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 the circumstances of St. Christopher and Nevis are deemed by the Executive Board to warrant an extension of the period during which St. Christopher and Nevis may accept membership pursuant to this Resolution, the Executive Board may extend such period until such later date as it may determine.

The Board of Governors adopted the foregoing Resolution, effective April 4, 1984. The Articles of Agreement were signed by the Honorable Erstein Edwards, Chargé d’ Affaires, on behalf of the Government of St. Christopher and Nevis, on August 15, 1984.

Resolution No. 39-2. 1984 Regular Election of Executive Directors

The Executive Board resolved on July 20, 1984 that action in connection with the regulations for the conduct of the 1984 regular election of Executive Directors should not be postponed until the time of the next regular meeting of the Board of Governors, at which the election would take place.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 25, 1984 for a vote without meeting:

Resolved:

  • (a) That the proposed Regulations for the Conduct of the 1984 Regular Election of Executive Directors are hereby adopted; and

  • (b) That a Regular Election of Executive Directors shall take place at the Annual Meeting of the Board of Governors in 1986.

The Board of Governors adopted the foregoing Resolution, effective September 4, 1984.

Resolution No. 39-3. Forthcoming Annual Meetings

The Executive Board decided on August 3, 1984 that action in connection with the places and dates of forthcoming Annual Meetings from 1988 through 1990 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 August 7, 1984 for a vote without meeting:

Resolved:

That the invitation of the Government of the Federal Republic of Germany and of the Senat to hold the Annual Meetings in Berlin (West) in 1988 be accepted;

That the 1988 Annual Meetings be convened on Tuesday, September 27, 1988; and

That the 1989 and 1990 Annual Meetings be convened, respectively, on Tuesday, September 26 and September 25, in Washington, D.C.

The Board of Governors adopted the foregoing Resolution, effective September 11, 1984.

Resolution No. 39-41. Membership for the People’s Republic of Mozambique

Whereas, the People’s Republic of Mozambique on May 3, 1984 requested admission to membership in the International Monetary Fund in accordance with Article II, Section 2 of the Articles of Agreement of the Fund;

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Board has consulted with the representative of the People’s Republic of Mozambique and has agreed upon the terms and conditions which, in the opinion of the Executive Board, the Board of Governors may wish to prescribe for admitting the People’s Republic of Mozambique to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the terms and conditions upon which the People’s Republic of Mozambique 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, as amended;

  • 2. Quota: The quota of the People’s Republic of Mozambique shall be SDR 61 million.

  • 3. Payment of Subscription: The subscription of the People’s Republic of Mozambique shall be equal to its quota. The People’s Republic of Mozambique shall pay 21.7 percent of its subscription in SDRs or in the currencies of other members selected from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment. The balance of the subscription shall be paid in the currency of the People’s Republic of Mozambique.

  • 4. Timing of Payment of Subscription: The People’s Republic of Mozambique shall pay its subscription within six months after accepting membership in the Fund.

  • 5. Exchange Transactions with the Fund and Remuneration: The People’s Republic of Mozambique may not engage in transactions under Article V, Section 3, or receive remuneration under Article V, Section 9, until its subscription has been paid in full.

  • 6. Exchange Arrangements: Within 30 days after accepting membership in the Fund, the People’s Republic of Mozambique shall notify the Fund of the exchange arrangements it intends to apply in fulfillment of its obligations under Article IV, Section 1 of the Articles.

  • 7. Representation and Information: Before accepting membership in the Fund, the People’s Republic of Mozambique 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 8(b) of this Resolution, and the People’s Republic of Mozambique shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) The People’s Republic of Mozambique 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) The People’s Republic of Mozambique 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: The People’s Republic of Mozambique 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 the circumstances of the People’s Republic of Mozambique are deemed by the Executive Board to warrant an extension of the period during which the People’s Republic of Mozambique may accept membership pursuant to this Resolution, the Executive Board may extend such period until such later date as it may determine.

The Articles of Agreement were signed by the Honorable Rui Baltazar dos Santos Alves, Minister of Finance of the People’s Republic of Mozambique, on behalf of the Government of the People’s Republic of Mozambique, on September 24, 1984.

Resolution No. 39-52. 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, 1984, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1985 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 39-62. 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 Rules I-10, G-4(b) and I-6(5), which have been made since the 1983 Annual Meeting, and has no changes to suggest.

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 24, 1984.

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 27, 1984.

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 27, 1984.

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