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Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1982
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Resolution No. 37-1—Membership for Antigua and Barbuda

On February 2, 1981 the Government of Antigua and Barbuda applied for admission to membership in the International Monetary Fund. The Executive Board resolved on November 13, 1981 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 Governors on November 16, 1981 for a vote without meeting:

Whereas, Antigua and Barbuda on February 2, 1981 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 Antigua and Barbuda 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 Antigua and Barbuda 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 Antigua and Barbuda 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 Antigua and Barbuda shall be SDR 3.6 million.

  • 3. Payment of Subscription: The subscription of Antigua and Barbuda shall be equal to its quota. Antigua and Barbuda shall pay 18.75 per cent 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 Antigua and Barbuda.

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

  • 5. Exchange Transactions with the Fund and Remuneration: Antigua and Barbuda 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, Antigua and Barbuda 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, Antigua and Barbuda 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 Antigua and Barbuda 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 Antigua and Barbuda has complied with the conditions set forth in paragraph 7 of this Resolution, Antigua and Barbuda shall become a member of the Fund on the date when Antigua and Barbuda shall have complied with the following requirements:

    • (a) Antigua and Barbuda 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) Antigua and Barbuda 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: Antigua and Barbuda 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 Antigua and Barbuda are deemed by the Executive Board to warrant an extension of the period during which Antigua and Barbuda 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 December 16, 1981. The Articles of Agreement were signed by the Honorable Edmund Hawkins Lake, Ambassador Designate of Antigua and Barbuda to the United States, on behalf of the Government of Antigua and Barbuda, on February 25, 1982.

Resolution No. 37-2—Membership for Belize

On July 13, 1981 the Government of Belize applied for admission to membership in the International Monetary Fund. The Executive Board resolved on January 11, 1982 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 Governors on January 14, 1982 for a vote without meeting:

Whereas, Belize on July 13, 1981 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 Belize 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 Belize 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 Belize 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 Belize shall be SDR 7.2 million.

  • 3. Payment of Subscription: The subscription of Belize shall be equal to its quota. Belize shall pay 18.3 per cent 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 Belize.

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

  • 5. Exchange Transactions with the Fund and Remuneration: Belize 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, Belize shall notify the Fund of the exchange arrangements it intends to apply in fulfillment of its obligation under Article IV, Section 1 of the Articles.

  • 7. Representation and Information: Before accepting membership in the Fund, Belize 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 Belize 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 Belize has complied with the conditions set forth in paragraph 7 of this Resolution, Belize shall become a member of the Fund on the date when Belize shall have complied with the following requirements:

    • (a) Belize 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) Belize 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: Belize 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 Belize are deemed by the Executive Board to warrant an extension of the period during which Belize 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 February 11, 1982. The Articles of Agreement were signed by the Honorable Edmund Marshalleck, Financial Secretary, on behalf of the Government of Belize, on March 16, 1982.

Resolution No. 37-3—Forthcoming Annual Meetings

The Executive Board decided on February 9, 1982 that action in connection with the places and dates of forthcoming Annual Meetings from 1985 through 1987 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 February 10, 1982 for a vote without meeting:

Resolved:

That the invitation of the Government of Korea to hold the Annual Meetings in Seoul in 1985 be accepted;

That the 1985 Annual Meetings be convened on Tuesday, October 8, 1985; and

That the 1986 and 1987 Annual Meetings be convened, respectively, on Tuesday, September 30, and September 29, in Washington, D.C.

The Board of Governors adopted the foregoing Resolution, effective March 11, 1982.

Resolution No. 37-4—Membership for the Hungarian People’s Republic

On November 4, 1981 the Government of the Hungarian People’s Republic applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 2, 1982 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 April 5, 1982 for a vote without meeting:

Whereas, the Hungarian People’s Republic on November 4, 1981 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 the Hungarian People’s Republic 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 Hungarian People’s Republic 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 Hungarian People’s Republic 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 the Hungarian People’s Republic shall be SDR 375 million.

  • 3. Payment of Subscription: The subscription of the Hungarian People’s Republic shall be equal to its quota. The Hungarian People’s Republic shall pay 21.7 per cent 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 the Hungarian People’s Republic.

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

  • 5. Exchange Transactions with the Fund and Remuneration: The Hungarian People’s Republic 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 Hungarian People’s Republic 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 Hungarian People’s Republic 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 Hungarian People’s Republic 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 Hungarian People’s Republic has complied with the conditions set forth in paragraph 7 of this Resolution, the Hungarian People’s Republic shall become a member of the Fund on the date when the Hungarian People’s Republic shall have complied with the following requirements:

    • (a) The Hungarian People’s Republic 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 Hungarian People’s Republic shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Period of Acceptance of Membership: The Hungarian People’s Republic 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 Hungarian People’s Republic are deemed by the Executive Board to warrant an extension of the period during which the Hungarian People’s Republic 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 May 3, 1982. The Articles of Agreement were signed by Mr. János Fekete, First Deputy President of the National Bank of Hungary, on behalf of the Government of the Hungarian People’s Republic, on May 6, 1982.

Resolution No. 37-5—Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1982 Joint Committee on the Remuneration of Executive Directors and Their Alternates on May 18, 1982 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the Executive Board on May 26, 1982 requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on May 27, 1982:

Resolved:

That, effective July 1, 1982, 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, $69,200 per year for Executive Directors and $57,900 per year for their Alternates;

  • (ii) As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(f) of the By-Laws), $8,000 per year for Executive Directors and $6,400 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective June 25, 1982.

Resolution No. 37-6—1982 Regular Election of Executive Directors

The Executive Board resolved on July 13, 1982 that action in connection with the regulations for the conduct of the 1982 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 14, 1982 for a vote without meeting:

Resolved:

  • (a) That the proposed Regulations for the Conduct of the 1982 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 1984.

The Board of Governors adopted the foregoing Resolution, effective August 16, 1982.

Resolution No. 37-71—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, 1982, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1983 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 37-81—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 G-4(b) and (c), I-2, and I-6(4)(a) and (d), which have been made since the 1981 Annual Meeting, and has no changes to suggest.

Resolution No. 37-91—Resolution of Appreciation

Resolved:

That the Governors of the International Monetary Fund, the International Bank for Reconstruction and Development, and the Bank’s affiliates express their deep appreciation to Prime Minister Trudeau of Canada and to the Government and people of Canada, of Ontario, and of Toronto for their gracious reception and hospitality;

That they express their warm congratulations and gratitude for the fine facilities made available for the Meetings in Toronto; and

That they express particular appreciation to the Governor and Alternate Governors for Canada and to their associates for the efforts which they made toward ensuring the success of the 1982 Annual Meetings.

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 9, 1982.

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 9, 1982.

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