Chapter

Reports of the Procedures Committees

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1962
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Chairman……Saudi Arabia
Vice Chairman……Chile
Reporting Member……Italy

Other Members: Burma, Canada, China, Costa Rica, Ecuador, Finland, France, Germany, India, Japan, Netherlands, Nigeria, Tunisia, United Arab Republic, United Kingdom, and United States

Report I1

September 15, 1962

Mr. Chairman:

The Procedures Committees of the Fund and Bank, the Corporation, and the Association, meeting jointly on Saturday, September 15, 1962, considered the matters of business which had been proposed for the 1962 Annual Meetings of the Boards of Governors.

I have the honor to submit the following report and recommendations:

1. Schedule of Meetings

It is recommended that the provisional schedule set forth in Joint Document No. 1 [Annex I] be adopted, and that the Secretaries, in consultation with the Chairman, be authorized to change it as necessary.

2. Conduct of Meetings

It is recommended that the provisions relating to the conduct of the Meetings, as contained in Joint Document No. 2 [Annex II], be approved.

3. Agendas

It is recommended that the agendas set forth in Fund Document No. 1 [Annex III], Bank Document No. 1, IFC Document No. 1, and IDA Document No. 1 be adopted by the respective Boards of Governors and that proposed additions to any agenda be submitted in writing through the Secretaries to the Procedures Committees for their recommendations.

4. Elections of Executive Directors

The Committees considered the reports of the Executive Directors of the Fund and Bank regarding the Elections of Executive Directors set forth in Fund Document No. 17 [Annex IV] and Bank Document No. 17. The Committees recommend the adoption of the draft resolutions attached to these Reports.

5. Later Reports

The Committees also considered the other individual items of business on the proposed agendas of the Fund, Bank, IFC, and IDA, and will make recommendations as to their disposition in separate reports. The report concerning Bank, IFC, and IDA matters will be presented at the meeting on Tuesday morning. The report on matters concerning the Fund will be presented at the meeting on Wednesday morning.

The Committees will report later on:

  • a. Place and Date of 1963 and 1964 Annual Meetings.

  • b. Election of Officers and Procedures Committees for 1962–63.

Approved:

/s/ A. Z. Saad/s/ Sergio Siglienti
(Saudi Arabia)(Italy)
ChairmanReporting Member
/s/ Fernando Maira
(Chile)
Vice Chairman

Annex I to Report I Schedule of Meetings

Monday,September 17
10:00 A.M.Joint Boards
Address by Chairman Procedures Committees Report I Annual Address, Managing Director of IMF
Tuesday,September 18
10:00 A.M.IBRD, IFC, and IDA Boards
Annual Address, President of IBRD, IFC, and IDA
Procedures Committees Report II Annual Discussion
3:00 P.M.IBRD, IFC, and IDA Boards Annual Discussion (cont.)
Wednesday,September 19
10:00 A.M.IMF Board
Procedures Committees Report III
Annual Discussion
3:00 P.M.IMF Board
Annual Discussion (cont.)
Thursday,September 20
10:00 A.M.Procedures Committees
11:00 A.M.Joint Boards
Address by the President of the United States
IMF Election of Executive Directors
IBRD Election of Executive Directors
IBRD, IFC, and IDA Annual Discussion (cont.)
IMF Annual Discussion (cont.)
Friday,September 21
10:00 A.M.Joint Boards
Procedures Committees Report IV
Comments by Heads of Organizations
Concluding Remarks Adjournment by Chairman

Annex II to Report 1 Provisions Relating to the Conduct of the Meetings

Attendance

  • 1. Sessions of the full Boards of Governors of the Fund, the Bank, the Corporation and the Association, including joint sessions, shall be open to accredited observers, the press and invited guests.

  • 2. Meetings of the Procedures Committees shall be open only to Governors who are members of the Committees and their advisers.

  • 3. Sessions of the Boards of Governors and meetings of the Procedures Committees shall be open to Secretariat and technical staff as may be necessary.

Public Information

  • 4. The Chairman of the Boards of Governors, the Managing Director of the Fund and the President of the Bank are authorized to communicate to the press such information concerning the proceedings of the Annual Meetings as they may deem suitable. Copies of such communications shall be available to any Governor on his request.

Procedure and Records

  • 5. The Chairman of the Boards of Governors will establish the order of speaking at each Session.

  • 6. The Secretaries will prepare verbatim transcripts of the proceedings of sessions of the Boards of Governors and the Procedures Committees. The transcripts of committee proceedings, and any summary records thereof, will be confidential and available only to the Chairman, the Managing Director of the Fund, the President of the Bank, and the Secretaries.

  • 7. Reports of the Procedures Committees shall be signed by the respective Committee Chairmen and Reporting Members.

Annex III to Report I Agenda

1. 1962 Annual Report

2. Financial Statements and Audit Report

  • (Appendix IX of 1962 Annual Report and Fund Documents Nos. 2 and 3)

3. Administrative Budget for Fiscal Year Ending April 30, 1963

  • (Appendix VII of 1962 Annual Report and Fund Documents Nos. 3 and 4)

4. General Reserve

  • (Fund Document No. 5)

5. Changes in Rules and Regulations

  • (Fund Document No. 6)

6. Applications for Membership

  • a. Cameroon (Fund Document No. 7)

  • b. Central African Republic (Fund Document No. 8)

  • c. Chad (Fund Document No. 9)

  • d. Congo (Brazzaville) (Fund Document No. 10)

  • e. Gabon (Fund Document No. 11)

  • f. Guinea (Fund Document No. 12)

  • g. Ivory Coast (Fund Document No. 13) h. Jamaica (Fund Document No. 14)

  • i. Niger (Fund Document No. 15)

  • j. Upper Volta (Fund Document No. 16)

  • k. Dahomey (Fund Document No. 19)2

7. 1962 Regular Election of Executive Directors

  • (Fund Document No. 17)

8. Place and Date of 1963 and 1964 Annual Meetings

9. Election of Officers and Procedures Committee for 1962–63

Annex IV to Report I: 1962 Regular Election of Executive Directors

September 15, 1962

Dear Mr. Chairman:

At the 1962 Annual Meeting it will be necessary for the Board of Governors to adopt Rules for the Conduct of the 1962 Regular Election of Executive Directors.

Submitted herewith for the consideration of the Board of Governors are:

  • 1. Report of the Executive Directors to the Board of Governors regarding the Election of Executive Directors.

  • 2. Proposed Resolution regarding an Interim Election.3

  • 3. Proposed Rules for the Conduct of the 1962 Regular Election.

  • 4. Proposed Resolution regarding the 1962 Regular Election.4

Yours very truly,
/s/
Per Jacobsson
Managing Director
and
Chairman of the Executive Board

Chairman of the Board of Governors

1962 Annual Meeting

International Monetary Fund

Report of the Executive Directors to the Board of Governors

Election of Executive Directors

  • 1. Section 3(d) of Article XII of the Articles of Agreement of the Fund provides that elections of Executive Directors shall be conducted at intervals of two years. The 1960 Regular Election of Executive Directors was held at the Fifteenth Annual Meeting of the Board of Governors in September 1960.

  • 2. Section 3(b) of Article XII provides that there shall not be less than twelve Executive Directors, of whom

    • (i) five shall be appointed by the five members having the largest quotas;

    • (ii) not more than two shall be appointed when the provisions of Article XII, Section 3(c) apply;

    • (iii) five shall be elected by the members not entitled to appoint Directors, other than the American Republics; and

    • (iv) two shall be elected by the American Republics not entitled to appoint Directors.

  • 3. It is further provided in Section 3(b) that, “When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the number of Directors to be elected.”

  • 4. The Executive Directors have noted that at the 1958 Regular Election the number of Executive Directors was increased to the present total of 18. Of this number five are presently appointed under Article XII, Section 3(b) (i) by the five members having the largest quotas; ten are elected under Section 3(b) (iii) by members other than the American Republics; and three are elected under Section 3(b) (iv) by the American Republics. It was also noted that in the 1962 Regular Election no member not already entitled to appoint an Executive Director will be entitled to appoint an Executive Director pursuant to Article XII, Section 3(c).

  • 5. Since the last increase in the total number of Executive Directors at the 1958 Regular Election, the Executive Directors noted that the following members have been admitted with a combined voting strength of 7,135:

    Cyprus362
    Kuwait750
    Laos325
    Liberia362
    Nepal325
    New Zealand1,500
    Nigeria750
    Portugal850
    Senegal325
    Sierra Leone362
    Somalia362
    Tanganyika500
    Togo362
    7,135

    Applications from Burundi, Cameroon, Central African Republic, Chad, Congo (Brazzaville), Congo (Leopoldville), Dahomey, Gabon, Guinea, Ivory Coast, Jamaica, Malagasy Republic, Mali, Niger, Rwanda, Trinidad and Tobago, and Upper Volta are in various stages of the process toward membership.

  • 6. The Executive Directors considered the possibility that some of these applicant countries may become members after the 1962 Regular Election and before the 1964 Regular Election. This possible increase in membership, together with the increase in membership that has occurred since the last addition to the number of Executive Directors, in their opinion warrants the making of arrangements to increase at an appropriate time the number of Directors to be elected under Article XII, Section 3(b) (hi).

  • 7. In view of the foregoing, the Executive Directors recommend that an interim election be authorized to elect an additional Executive Director, who shall hold office until the 1964 Regular Election, if before September 16, 1963 there shall have been admitted to membership, since the last addition to the total number of Executive Directors, countries having votes totalling at least 8,000.

  • 8. With regard to the rules for the conduct of the 1962 Regular Election, in the light of the foregoing considerations the Executive Directors see no reason to propose any change of substance in the Election Rules as they were applied to the 1960 Regular Election, except to lower the minimum percentage to 8 in respect of the election under Article XII, Section 3(b) (iii). Accordingly, the Committee recommends that in the 1962 Regular Election ten Directors be elected under Article XII, Section 3(b) (iii); the maximum and minimum percentages of eligible votes required for their election should be 13 and 8 per cent, respectively, and for the three Executive Directors elected under Article XII, Section 3(b) (iv), 38 and 28 per cent, respectively.

  • 9. It is also recommended that the effective date of the 1962 Regular Election be November 1, 1962.

Proposed Rules for the Conduct of the 1962 Regular Election of Executive Directors of the Fund

  • 1. Definitions: In these Rules, unless the context shall otherwise require:

    • (a) “Articles” means the Articles of Agreement of the Fund.

    • (b) “Board” means the Board of Governors of the Fund.

    • (c) “Chairman” means the Chairman of the Board or a Vice Chairman acting as Chairman.

    • (d) “Governor” includes the Alternate Governor or any temporary Alternate Governor when acting for the Governor.

    • (e) “Secretary” means the Secretary or any acting Secretary of the Fund.

    • (f) “Election” means the 1962 Regular Election of Executive Directors.

  • 2. Date of Election: The election shall be held during the 1962 Annual Meeting at a time to be feed by the Board.

  • 3. Basic Rules—Schedule C: Subject to the adjustments set forth herein, the provisions of Schedule C of the Articles shall apply to the conduct of the election.

  • 4. Executive Directors to Be Elected Under Article XII, Section 3(b) (Hi):

    • (a) Ten Executive Directors shall be elected under Article XII, Section 3(b) (iii).

    • (b) In view of the number of Executive Directors to be elected under Article XII, Section 3(b)(iii):

      • (i) Eight per cent shall be substituted for “nineteen per cent” in paragraphs 2 and 5 of Schedule C.

      • (ii) Thirteen per cent shall be substituted for “twenty per cent” in paragraphs 3, 4 and 5 of Schedule C.

  • 5. Executive Directors to Be Elected Under Article XII, Section 3(b) (iv): Three Executive Directors shall be elected under Article XII, Section 3(b) (iv): and

    • (a) The minimum percentage of the eligible votes required for election under this subparagraph shall be twenty-eight per cent.

    • (b) The maximum percentage of eligible votes for any one nominee for the purposes of paragraph 13 below shall be thirty-eight per cent.

  • 6. Nominations:

    • (a) Any person nominated by one or more Governors entitled to vote in the election shall be eligible for election as Executive Director.

    • (b) Each nomination shall be made on a Nomination Form furnished by the Secretary, signed by the Governor or Governors making the nomination and deposited with the Secretary.

    • (c) A Governor may nominate only one person.

    • (d) Nominations may be made until 12 o’clock noon on the day before the day on which the election is scheduled to be held. The Secretary shall post and distribute a list of the persons nominated.

  • 7. Supervision of the Election: The Chairman shall appoint such tellers and other assistants and take such other action as he deems necessary for the conduct of the election.

  • 8. Ballots: One ballot form shall be furnished before a ballot is taken to each Governor entitled to vote. On any particular ballot only ballot forms distributed for that ballot shall be counted.

  • 9. Balloting—Order: The first ballot shall be simultaneous balloting of all the Governors entitled to participate in the election of Executive Directors under Article XII, Section 3(b) (iii), and all of the American Republics entitled to participate in the election of Executive Directors under Article XII, Section 3(b) (iv). The balloting for the Executive Directors elected under Article XII, Section 3(b) (iii), shall then be concluded before any further ballots are taken for the Executive Directors to be elected by the American Republics.

  • 10. Balloting—General: Each ballot shall be taken as follows:

    • (a) The roll of members whose Governors are entitled to vote shall be called in alphabetical order. After a member’s name is called the Governor for such member shall deposit his signed ballot in the ballot box.

    • (b) When a ballot shall have been completed, the Chairman shall cause the ballots to be counted and shall announce the names of the persons elected before the end of the session at which the election is held. If a succeeding ballot is necessary, the Chairman shall announce the names of the nominees to be voted on and the members whose Governors are entitled to vote.

    • (c) If the tellers shall be of the opinion that any particular ballot form is not properly executed, they shall, if possible, afford the Governor concerned an opportunity to correct it before tallying the results; and such ballot form if so corrected, shall be deemed valid.

  • 11. Balloting and Election of Executive Directors Under Article XII, Section 3(b) (Hi):

    • (a) When on any ballot the number of nominees shall not exceed the number of Executive Directors to be elected, each nominee shall be deemed to be elected by the number of votes received by him on such ballot; provided, however, that if on such ballot the votes of any Governor shall be deemed under paragraph 4 of Schedule C to have raised the votes cast for any nominee above 13 per cent of the eligible votes, no nominee shall be deemed to have been elected who shall not have received on such ballot a minimum of 8 per cent of the eligible votes and a succeeding ballot shall be taken for which any nominee not elected shall be eligible.

    • (b) If, as a result of the first ballot, the number of Executive Directors to be elected in accordance with paragraph 4 above shall not have been elected, a second and, if necessary, further ballots shall be taken. The Governors entitled to vote on such succeeding ballots shall be only (i) those Governors who voted on the preceding ballot for any nominee not elected, and (ii) those Governors whose votes for a nominee elected on the preceding ballot are deemed under paragraph 4 of Schedule C to have raised the votes cast for such nominee above 13 per cent of the eligible votes.

    • (c) The votes of a Governor shall not be deemed under paragraph 4 of Schedule C to have raised the total votes for a nominee above 13 per cent of the eligible votes if without the votes of such Governor such total would be more than 8 per cent but not more than 13 per cent of the eligible votes.

    • (d) If on any ballot two or more Governors having an equal number of votes shall have voted for the same nominee and the votes of one or more, but not all, of such Governors could be deemed under paragraph 4 of Schedule C to have raised the total votes received by such nominee above 13 per cent of the eligible votes, the Chairman shall determine by lot the Governor or Governors, as the case may be, who shall be entitled to vote on the next ballot.

    • (e) If a Governor shall abstain from voting on any ballot taken under Article XII, Section 3(b)(iii), he shall not be entitled to vote on any subsequent ballot and his votes shall not be counted within the meaning of Article XII, Section 3(i), toward the election of any Executive Director; provided, however, that if such abstention shall have first occurred on the last of several ballots, the votes of such Governor shall be deemed to have been cast for the election of the Executive Director elected on such ballot by the least number of votes. If at the time and place of any ballot a member shall not be represented by a Governor, such member and its Governor, if any, shall be deemed to have abstained from voting on that ballot.

  • 12. Election of Executive Directors Under Article XII, Section 3(b) (iv): These Rules supplement paragraph 7 of Schedule C.

    • (a) Each Governor eligible to participate in the election shall cast for one person all the votes to which he is entitled.

    • (b) The three nominees receiving the greatest number of votes shall be elected, provided that no nominee shall be elected who receives less than twenty-eight per cent of the eligible votes. The person elected with the least number of votes cast for the three elected nominees shall be deemed to have been elected by all the votes cast for him, all the votes not cast in the ballot through abstention from voting and all those cast for such other nominee or nominees as were not elected.

    • (c) When on any ballot two or more Executive Directors remain to be elected and there are the same number of nominees, each nominee shall be elected by the number of votes received by him; provided, that if the votes of any Governor shall be deemed to have raised the votes cast for any nominee above thirty-eight per cent of the eligible votes, no nominee shall be elected on that ballot who shall not have received twenty-eight per cent of the eligible votes and a succeeding ballot shall be taken for which any nominee not elected on the preceding ballot shall be eligible.

  • 13. Succeeding Ballots for Election of Executive Directors Under Article XII, Section 3(b) (iv):

    • (a) If, as a result of the first ballot, the number of Executive Directors to be elected in accordance with paragraph 5 above shall not have been elected, a second and, if necessary, further ballots shall be taken. The Governors entitled to vote on such succeeding ballots shall be only (i) those Governors who voted on the preceding ballot for any nominee not elected or who abstained from voting on the preceding ballot and (ii) those Governors whose votes for a nominee elected on the preceding ballot are deemed to have raised the votes cast for such nominee above thirty-eight per cent of the eligible votes. In determining whether the votes cast by a Governor are to be deemed to have raised the total of any nominee above thirty-eight per cent of the eligible votes, the thirty-eight per cent shall be deemed to include, first, the votes of the Governor casting the largest number of votes for such nominee, then the votes of the Governor casting the next largest number of votes and so on until thirty-eight per cent is reached.

    • (b) The votes of a Governor under subparagraph (a) above shall not be deemed to have raised the total votes for a nominee above thirty-eight per cent of the eligible votes if without the votes of such Governor such total would be more than twenty-eight per cent but not more than thirty-eight per cent of the eligible votes.

    • (c) If on any ballot two or more Governors having an equal number of votes shall have voted for the same nominee and the votes of one or more, but not all of such Governors, could be deemed under subparagraph (a) above to have raised the total votes received by such nominee above thirty-eight per cent of the eligible votes, the Chairman shall determine by lot the Governor or Governors, as the case may be, who shall be entitled to vote on the next ballot.

  • 14. Elimination of Nominees: If on any ballot two or more nominees shall receive the lowest number of votes, no nominee shall be dropped from the next succeeding ballot, but if the same situation is repeated on such succeeding ballot, the Chairman shall eliminate by lot one of the nominees from the following ballot.

  • 15. Announcement of Result: After the last ballot the Chairman shall cause to be distributed a statement setting forth the result of the election.

  • 16. Effective Date of Election of Executive Directors: The effective date of election shall be November 1, 1962. Incumbent elected Executive Directors shall serve through the day preceding such date.

  • 17. General: Any question arising in connection with the conduct of the election shall be resolved by the tellers, subject to appeal, at the request of any Governor, to the Chairman and from him to the Board. Whenever possible, any such question shall be put without identifying the members or Governors concerned.

Statement of Results of 1962 Regular Election of Executive Directors, September 20, 1962

Candidates Elected Under Article XII, Section 3(b) (iii)
Candidate ElectedMembers Whose Votes Counted Toward ElectionNumber of Votes
John M. Garland (Australia)Australia4,250
New Zealand1,500
South Africa1,750
Viet-Nam435
7,935
Pieter Lieftinck (Netherlands)Cyprus362
Israel500
Netherlands4,375
Yugoslavia1,450
6,687
A. F. W. Plumptre (Canada)Canada5,750
Ireland700
6,450
Ahmed Zaki Saad (United Arab Republic)Afghanistan475
Ethiopia382
Iran950
Iraq400
Jordan329
Kuwait750
Lebanon317
Pakistan1,750
Philippines1,000
Saudi Arabia800
Sudan400
Syrian Arab Republic400
United Arab Republic1,150
9,103
Sergio Siglienti (Italy)Greece850
Italy2,950
Portugal850
Spain1,750
6,400
Karl Skjæveland (Norway)Denmark1,550
Finland820
Iceland362
Norway1,250
Sweden1,750
5,732
Sumanang (Indonesia)Ghana600
Indonesia1,900
Laos325
Libya380
Malaya575
Morocco775
Tunisia433
4,988
Gengo Suzuki (Japan)Burma550
Ceylon700
Japan5,250
Nepal325
Thailand700
7,525
Beue Tann (China)China5,750
André van Campenhout (Belgium)Austria1,000
Belgium3,625
Korea437
Luxembourg370
Turkey1,110
6,542
Maurício Chagas Bicalho (Brazil)Brazil3,050
Colombia1,250
Dominican Republic400
Haiti362
Panama255
Peru575
5,892
Guillermo Walter Klein (Argentina)Argentina3,050
Bolivia475
Chile1,250
Ecuador400
Paraguay362
Uruguay550
6,087
Práxedes Reina Hermosillo (Mexico)Costa Rica400
Cuba750
El Salvador362
Guatemala400
Honduras362
Mexico2,050
Nicaragua362
Venezuela1,750
6,436
/s/ Erik Brofoss/s/ Jorge Bueso Arias
(Norway)(Honduras)
TellerTeller

Report III1

September 15, 1962

Mr. Chairman:

At the joint meeting of the Procedures Committees held on September 15, 1962, the matters of business on the agenda of the Board of Governors of the Fund were considered.

I have the honor to submit the following report and recommendations:

1. Annual Report

The Committee noted that provision has been made for the annual discussion of the business of the Fund at this meeting.

2. Financial Statements, Report on Audit, and Administrative Budget

The Committee considered the Report on Audit for the Fiscal Year ended April 30, 1962, the Financial Statements contained therein (Fund Document No. 2 and Appendix IX of the 1962 Annual Report), and the Administrative Budget for the Fiscal Year ending April 30, 1963 (Appendix VII of the Annual Report and Fund Document No. 4).

The Committee recommends to the Board of Governors the adoption of the draft resolution set forth in Fund Document No. 3.2

3. General Reserve

The Committee also considered the recommendation of the Executive Directors with respect to the allocation to the General Reserve of the Fund’s net income for the Fiscal Year ended April 30, 1962 [Annex I].

The Committee recommends that the Board of Governors adopt the draft resolution contained in Fund Document No. 5.3

4. Rules and Regulations

The Committee reviewed the amendments to Rule B-8 and to Rules I–2 and I–4(f) of the Rules and Regulations as submitted by the Executive Directors [Annex II] and recommends adoption by the Board of Governors of the draft resolution set forth in Fund Document No. 6.4

5. Applications for Membership

The Committee considered the recommendations of the Executive Directors concerning the applications by Cameroon, Central African Republic, Chad, Congo (Brazzaville), Gabon, Guinea, Ivory Coast, Jamaica, Niger, and Upper Volta for membership in the Fund [Annex III] and recommends the adoption by the Board of Governors of the draft resolutions set forth in Fund Documents No. 7 through No. 16.5

Approved:

/s/ A. Z. Saad/s/ Sergio Siglienti
(Saudi Arabia)(Italy)
ChairmanReporting Member

Annex I to Report III

September 15, 1962

Dear Mr. Chairman:

For the fiscal year ended April 30, 1962, the Fund had net income of $24,950,966.38. Under the Articles of Agreement it must be determined annually what part of the Fund’s income shall be placed to reserve and what part, if any, shall be distributed.

At the Sixteenth Annual Meeting, the Board of Governors approved the allocation to the General Reserve of the net income for the fiscal year ended April 30, 1961 (Resolution No. 16–6).

Pursuant to the decision taken by the Executive Board on April 14, 1958, the net income of the Fund subsequent to April 30,

1961 has been transferred provisionally at the end of each month to the General Reserve. The total amount thus transferred for the fiscal year ended April 30, 1962 is $24,950,966.38.

The Executive Directors recommend that the Board of Governors adopt the attached draft resolution6 approving this allocation to the General Reserve.

Yours very truly,
/s/
Per Jacobsson
Managing Director
and
Chairman of the Executive Board

Chairman of the Board of Governors

1962 Annual Meeting

International Monetary Fund

Annex II to Report III

September 15, 1962

Dear Mr. Chairman:

In accordance with Section 16 of the By-Laws, the attached amendments to the Rules and Regulations are submitted for review by the Board of Governors.

On October 27, 1961, Rule B-8 was amended to provide that when a Fund holiday falls on Saturday the preceding Friday will be observed.

On April 25, 1962, Rules I–2 and I–4(f) were amended to extend until April 30, 1963, the then prevailing service charge on transactions and charges on the Fund’s holdings of member currencies in excess of quotas.

These rules as last amended are set forth in Attachment 1. A proposed Resolution for consideration by the Board of Governors is attached.7

The Executive Directors have made no other changes in the Rules and Regulations since the last Annual Meeting.

Yours very truly,
/s/
Per Jacobsson
Managing Director
and
Chairman of the Executive Board

Chairman of the Board of Governors

1962 Annual Meeting

International Monetary Fund

Attachment 1. Amendments to the Rules and Regulations Since the Sixteenth Annual Meeting

Rule B-8. Text as amended on October 27, 1961:

Business day1 refers to the normal working hours of the Fund, 9:00 a.m. to 5:30 p.m. at the official time for the District of Columbia, on Monday through Friday of each week with the following exceptions (which will include the preceding Friday whenever one of the dates below falls on a Saturday and the following Monday whenever one falls on a Sunday):

  • January 1

  • February 22

  • May 30

  • July 4

  • First Monday in September

  • November 11

  • Fourth Thursday in November

  • December 25

Rule I–2. Text as amended on April 25, 1962:

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. The service charge payable for such transactions taking place from December 1, 1951 through April 30, 1963, shall be ½ of 1 per cent.

Rule I–4(f). Text as amended on April 25, 1962:

With respect to each segment of the holdings of a member’s currency to the extent that it represents the acquisition of that currency by the Fund from January 1, 1954 through April 30, 1963:

  • (i) The charge to be levied on each segment to the extent that it is within the first bracket of 50 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next fifteen months, and an additional ½ per cent per annum for each subsequent six months.

  • (ii) The charge to be levied on each segment to the extent that it is within the second bracket of more than 50 per cent and not more than 75 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next nine months, and an additional ½ per cent per annum for each subsequent six months.

  • (iii) The charge to be levied on each segment to the extent that is within the third bracket of more than 75 per cent and not more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next three months, and an additional i per cent per annum for each subsequent six months.

Annex III to Report III

September 15, 1962

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Directors a draft resolution,8 which is recommended for adoption by the Board of Governors, on the admission of the Federal Republic of Cameroon to membership in the Fund.

Yours very truly,
/s/
Per Jacobsson
Managing Director
and
Chairman of the Executive Board

Chairman of the Board of Governors

1962 Annual Meeting

International Monetary Fund

Note

Letters in identical terms to the above, except for the name of the country, were sent on the same date recommending the admission of the following:

Central African Republic(Resolution No. 17–11; see page 233)
Republic of Chad(Resolution No. 17–12; see page 236)
Republic of the Congo (Brazzaville)(Resolution No. 17–13; see page 239)
Republic of Gabon(Resolution No. 17–14; see page 242)
Republic of Guinea(Resolution No. 17–15; see page 245)
Republic of the Ivory Coast(Resolution No. 17–16; see page 248)
Jamaica(Resolution No. 17–17; see page 250)
Republic of Niger(Resolution No. 17–18; see page 253)
Upper Volta(Resolution No. 17–19; see page 255)

Report IV1

September 20, 1962

Mr. Chairman:

I have the honor to submit the following report of the meeting of the Procedures Committees held on September 20:

1. Membership of Dahomey

The Committees considered the reports of the Executive Directors of the Fund [Annex I], Bank and IDA, dated September 18, 1962, concerning the applications of Dahomey for membership and recommend the adoption of the draft resolutions2 attached to those reports. The Committees further recommend that the agendas of the Fund, Bank and IDA be amended accordingly.

2. Officers and Procedures Committee

The Committees recommend that the Governor for Italy be elected Chairman, and that the Governors for Peru and the Philippines be elected Vice Chairmen, of the Boards of Governors to hold office until the close of the next Annual Meetings.

It is further recommended that a Joint Procedures Committee of the Fund, Bank, IFC and IDA be established to be available after the termination of these Meetings, and until the close of the next Annual Meetings, for consultation at the discretion of the Chairman normally by correspondence and, if occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Ceylon, Colombia, El Salvador, France, Germany, Ghana, Iceland, India, Indonesia, Iran, Italy, New Zealand, Paraguay, Peru, Philippines, Sudan, Syrian Arab Republic, United Kingdom and United States.

It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Italy, that the Vice Chairmen shall be the Governors for Peru and the Philippines, and that the Governor for Iran shall serve as Reporting Member.

3. Place and Date of the 1963 and 1964 Annual Meetings

The Committees recommend that the 1963 Annual Meetings be convened in Washington, D.C., in September 1963. The Committees noted that the Boards of Governors had received invitations from the Governments of Argentina and Morocco to hold their 1964 Annual Meetings in those countries; the Committees recommend that the selection of a site for the 1964 Annual Meetings, whether in Argentina, Morocco or elsewhere, be deferred until the 1963 Annual Meetings.

4. Future Annual Meetings

The Committees considered the difficulties of accommodating all activities of the Annual Meetings and directed the Secretaries of the Fund and Bank to review various aspects of the Annual Meetings and submit a report before the next Annual Meetings.

Approved:

/s/ A. Z. Saad/s/ Sergio Siglienti
(Saudi Arabia)(Italy)
ChairmanReporting Member

Annex I to Report IV

September 18, 1962

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Directors a draft resolution,3 which is recommended for adoption by the Board of Governors, on the admission of the Republic of Dahomey to membership in the Fund.

Yours very truly,
/s/
Per Jacobsson
Managing Director
and
Chairman of the Executive Board

Chairman of the Board of Governors

1962 Annual Meeting

International Monetary Fund

The Report was adopted by the Boards of Governors of the Fund, the Bank, IFC, and IDA, in Joint Session, on September 17, 1962.

Item added on September 21, 1962; see Report IV, page 215.

Resolution No. 17–5; see page 228.

Resolution No. 17–6; see page 229.

Report II dealt with the business of the Boards of Governors of the Bank, IFC, and IDA. Report III and the Resolutions recommended therein were adopted by the Board of Governors of the Fund on September 19, 1962.

Resolution No. 17–7; see page 229.

Resolution No. 17–8; see page 229.

Resolution No. 17–9; see page 230.

Resolutions No. 17–10 through No. 17–19; see pages 230–58.

Resolution No. 17–8; see page 229.

Resolution No. 17–9; see page 230.

The definition of “business day” does not affect in any way the arrangements which have been made for the receipt of messages at all times and for prompt action upon them as required by circumstances and the Fund Agreement, By-Laws and Rules and Regulations.

Resolution No. 17–10; see page 230.

The Report was adopted by the Boards of Governors of the Fund, the Bank, IFC, and IDA, in Joint Session, on September 21, 1962.

For the Fund the Resolution was No. 17–20; see page 258.

Resolution No. 17–20; see page 258.

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