Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1962
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Resolution No, 17-1 Membership for the Republic of Somalia

On July 22, 1961, the Government of the Republic of Somalia applied for membership in the Fund. The Executive Board resolved on February 21, 1962 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 February 26, 1962 for a vote without meeting:

Whereas, the Government of the Republic of Somalia on July 22, 1961, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Somalia shall be US$11.25 million.

  • 3. Subscription: The subscription of Somalia shall be equal to its quota. Somalia shall pay in gold, as a minimum, the lesser of (1) 25 per cent of its quota, or (2) 10 per cent of its net official holdings of gold and convertible currencies as at the date that Somalia makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. With the representation provided for in (2) of this paragraph 3, Somalia shall furnish to the Fund the data necessary to determine its net official holdings of gold and convertible currencies. The balance of the subscription shall be paid in the currency of Somalia.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Somalia. In case Somalia does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Somalia has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Somalia shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Somalia and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Somalia shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Somalia shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Somalia may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Somalia shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Somalia shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Somalia may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

The Board of Governors adopted the foregoing Resolution, effective March 30, 1962.

The Articles of Agreement were signed by His Excellency Dr. Omar Mohallim Mohamed, Ambassador of Somalia to the United States, on behalf of the Government of Somalia, on August 31, 1962.

Resolution No. 17-2 Increase in the Quota of the United Arab Republic

On April 23, 1962, the Fund received from the Government of the United Arab Republic a request for an increase in its quota in the Fund from $90 million to $120 million. The Executive Board resolved on May 23, 1962 that action on the request 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 May 24, 1962 for a vote without meeting:

Resolved:

That the quota of the United Arab Republic shall be changed to $120 million, provided that the United Arab Republic consents to the change on or before November 16, 1962, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of the United Arab Republic. The change shall become effective on the date the Fund receives notice in writing that the United Arab Republic consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective June 22, 1962. On October 10, 1962, the Executive Directors, at the request of the United Arab Republic and in accordance with the provisions of the above Resolution, extended the period in which the United Arab Republic might give its consent to this increase in its quota to May 16, 1963.

Resolution No. 17-3 Membership for the State of Kuwait

On January 25, 1962, the Government of the State of Kuwait applied for membership in the Fund. The Executive Board resolved on June 6, 1962 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 June 11, 1962 for a vote without meeting:

Whereas, the Government of the State of Kuwait on January 25, 1962, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Kuwait shall be US$50 million.

  • 3. Subscription: The subscription of Kuwait shall be equal to its quota and not less than 25 per cent of the subscription shall be paid in gold and the balance in the currency of Kuwait.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Kuwait. In case Kuwait does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Kuwait has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Kuwait shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Kuwait and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Kuwait shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Kuwait shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Kuwait may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Kuwait shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Kuwait shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Kuwait may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

The Board of Governors adopted the foregoing Resolution, effective July 9, 1962.

The Articles of Agreement were signed by Mr. Talaat Al-Ghoussein, Minister Counselor of the Embassy of Kuwait in the United States, on behalf of the Government of Kuwait, on September 13, 1962.

Resolution No. 17-4 Membership for Tanganyika

On August 16,1961, the Government of Tanganyika applied for membership in the Fund. The Executive Board resolved on July 5, 1962 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 July 6, 1962 for a vote without meeting:

Whereas, the Government of Tanganyika on August 16, 1961, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Tanganyika shall be US$25 million.

  • 3. Subscription: The subscription of Tanganyika shall be equal to its quota. Tanganyika shall pay in gold, as a minimum, the lesser of (1) 25 per cent of its quota, or (2) (a) 10 per cent of its net official holdings of gold and convertible currencies as at the date that Tanganyika makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, if at such date its allocated share of the assets of the East African Currency Board shall have been transferred to Tanganyika, or (b) $2,244,200 if its allocated share of the assets of the East African Currency Board shall not have been transferred to Tanganyika at the aforementioned date. With the representation provided for in (2) (a) above Tanganyika shall furnish to the Fund the data necessary to determine its net official holdings of gold and convertible currencies. The balance of the subscription shall be paid in the currency of Tanganyika.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Tanganyika. In case Tanganyika does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Tanganyika has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Tanganyika shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Tanganyika and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Tanganyika shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Tanganyika shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Tanganyika may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Tanganyika shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Tanganyika shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Kuwait may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

The Board of Governors adopted the foregoing Resolution, effective August 6, 1962.

The Articles of Agreement were signed by Mr. C. P. Ngaiza, Counsellor at the Office of the Tanganyika Permanent Representative at the United Nations’, on behalf of the Government of Tanganyika, on September 10, 1962.

Resolution No. 17-51 Election of an Additional Executive Director

Resolved:

There shall be one additional Executive Director who shall hold office until the 1964 Regular Election of Executive Directors if at any time 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.

Those countries that became members after the 1958 Regular Election, and whose votes are not included in those entitled to be cast by Executive Directors holding office when ballots are cast for the additional Executive Director, shall be eligible to participate in an interim election which shall be held within 90 days after such minimum of 8,000 additional votes has been reached, provided, however, that at least 3,500 votes are eligible to be cast in such interim election. In exceptional circumstances the Executive Directors may extend this period to 120 days. The Executive Directors shall establish such rules as may be appropriate for the conduct of an interim election.

Resolution No. 17-61 1962 Regular Election of Executive Directors

Resolved:

(a) That the proposed Rules for the Conduct of the 1962 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 1964.

Resolution No. 17-72 Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Fiscal Year ended April 30, 1962, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1963, as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 17-8 2 General Reserve

Resolved:

The Board of Governors approves the allocation to the General Reserve of $24,950,966.38, the net income for the fiscal year ended April 30, 1962.

Resolution No. I7–91 Amendments to Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Directors that it has reviewed the amendments to Rules B-8, I–2 and I–4(f) of the Rules and Regulations adopted by the Executive Board since the Sixteenth Annual Meeting and has no changes to suggest.

Resolution No. 17-101 Membership for the Federal Republic of Cameroon

Whereas, the Government of the Federal Republic of Cameroon on November 21, 1961 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Cameroon shall be US$15 million.

  • 3. Subscription: The subscription of Cameroon shall be equal to its quota. Cameroon shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota, or (ii) an amount equal to 10 per cent of the net gold and convertible currency holdings of Cameroon as of the date that Cameroon makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of Cameroon.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Cameroon. In case Cameroon does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Cameroon has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Cameroon shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Cameroon and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Cameroon shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Cameroon shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Cameroon may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Cameroon shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Cameroon shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Cameroon may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-111 Membership for the Central African Republic

Whereas, the Government of the Central African Republic on March 26, 1962 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

Now, Therefore, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which the Central African 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 International Monetary Fund.

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of the Central African Republic shall be US$7.5 million.

  • 3. Subscription: The subscription of the Central African Republic shall be equal to its quota. The Central African Republic shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota; or (ii)(a) an amount equal to 2.5 per cent of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon as of the date that the Central African Republic makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, or (b) if its share of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon, has been allocated to the Central African Republic prior to the date mentioned in (ii) (a) above, 10 per cent of the Central African Republic’s net official holdings of gold and convertible currency on such date. The balance of the subscription shall be paid in the currency of the Central African Republic.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of the Central African Republic. In case the Central African Republic does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of the Central African Republic has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, the Central African Republic shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, the Central African Republic and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that the Central African Republic shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, the Central African Republic shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: The Central African Republic may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) The Central African Republic shall deposit with the Government of the United States of America an instrument stating that it has accepted 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 Central African Republic shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: The Central African Republic may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-121 Membership for the Republic of Chad

Whereas, the Government of the Republic of Chad on March 30, 1962 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Chad shall be US$7.5 million.

  • 3. Subscription: The subscription of Chad shall be equal to its quota. Chad shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota; or (ii)(a) an amount equal to 2.5 per cent of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon as of the date that Chad makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, or (b) if its share of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon, has been allocated to Chad prior to the date mentioned in (ii) (a) above, 10 per cent of Chad’s net official holdings of gold and convertible currency on such date. The balance of the subscription shall be paid in the currency of Chad.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Chad. In case Chad does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Chad has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Chad shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Chad and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Chad shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Chad shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Chad may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Chad shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Chad shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Chad may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-131 Membership for the Republic of the Congo (Brazzaville)

Whereas, the Government of the Republic of the Congo (Brazzaville) on November 2, 1961 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of the Congo (Brazzaville) shall be US$7.5 million.

  • 3. Subscription: The subscription of the Congo (Brazzaville) shall be equal to its quota. The Congo (Brazzaville) shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota; or (ii) (a) an amount equal to 2.5 per cent of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon as of the date that the Congo (Brazzaville) makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, or (b) if its share of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon, has been allocated to the Congo (Brazzaville) prior to the date mentioned in (ii) (a) above, 10 per cent of the net official holdings of gold and convertible currency of the Congo (Brazzaville) on such date. The balance of the subscription shall be paid in the currency of the Congo (Brazzaville).

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of the Congo (Brazzaville). In case the Congo (Brazzaville) does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of the Congo (Brazzaville) has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, the Congo (Brazzaville) shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, the Congo (Brazzaville) and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that the Congo (Brazzaville) shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, the Congo (Brazzaville) shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: The Congo (Brazzaville) may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) The Congo (Brazzaville) shall deposit with the Government of the United States of America an instrument stating that it has accepted 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 Congo (Brazzaville) shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: The Congo (Brazzaville) may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-141 Membership for the Republic of Gabon

Whereas, the Government of the Republic of Gabon on December 28, 1961 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Gabon shall be US$7.5 million.

  • 3. Subscription: The subscription of Gabon shall be equal to its quota. Gabon shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota; or (ii) (a) an amount equal to 2.5 per cent of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon as of the date that Gabon makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, or (b) if its share of the combined net gold and convertible currency holdings of the Central African Republic, Chad, the Congo (Brazzaville), and Gabon, has been allocated to Gabon prior to the date mentioned in (ii) (a) above, 10 per cent of Gabon’s net official holdings of gold and convertible currency on such date. The balance of the subscription shall be paid in the currency of Gabon.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Gabon. In case Gabon does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Gabon has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Gabon shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Gabon and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Gabon shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Gabon shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Gabon may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Gabon shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Gabon shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Gabon may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-151 Membership for the Republic of Guinea

Whereas, the Government of the Republic of Guinea on March 1, 1962, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Guinea shall be US$15 million.

  • 3. Subscription: The subscription of Guinea shall be equal to its quota. Guinea shall pay in gold, as a minimum, the smaller of (i) 25 per cent of its quota; or (ii) 10 per cent of its net official holdings of gold and convertible currencies as at the date Guinea makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of Guinea.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Guinea. In case Guinea does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Guinea has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Guinea shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Guinea and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Guinea shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Guinea shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Guinea may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Guinea shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Guinea shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Guinea may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-161 Membership for the Republic of the Ivory Coast

Whereas, the Government of the Republic of the Ivory Coast on December 27, 1961 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of the Ivory Coast shall be US$15 million.

  • 3. Subscription: The subscription of the Ivory Coast shall be equal to its quota and not less than US$1,500,000 of the subscription shall be paid in gold and the balance in the currency of the Ivory Coast.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of the Ivory Coast. In case the Ivory Coast does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of the Ivory Coast has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, the Ivory Coast shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, the Ivory Coast and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that the Ivory Coast shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, the Ivory Coast shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: The Ivory Coast may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) The Ivory Coast shall deposit with the Government of the United States of America an instrument stating that it has accepted 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 Ivory Coast shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: The Ivory Coast may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-171 Membership for Jamaica

Whereas, the Government of Jamaica on June 29, 1962 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Jamaica shall be US$20 million.

  • 3. Subscription: The subscription of Jamaica shall be equal to its quota. Jamaica shall pay in gold, as a minimum, the smaller of (i) 25 per cent of its quota, or (ii) 10 per cent of its net official holdings of gold and convertible currencies as of June 30, 1962. The balance of the subscription shall be paid in the currency of Jamaica.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Jamaica. In case Jamaica does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Jamaica has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Jamaica shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Jamaica and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Jamaica shall be deemed to have with-drawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Jamaica shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Jamaica may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Jamaica shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Jamaica shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Jamaica may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-181 Membership for the Republic of Niger

Whereas, the Government of the Republic of Niger on February 21, 1962, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Niger shall be US$7.5 million.

  • 3. Subscription: The subscription of Niger shall be equal to its quota and not less than US$750,000 of the subscription shall be paid in gold and the balance in the currency of Niger.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Niger. In case Niger does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Niger has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Niger shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Niger and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Niger shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Niger shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Niger may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Niger shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Niger shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Niger may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-191 Membership for Upper Volta

Whereas, the Government of Upper Volta on April 9, 1962 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Upper Volta shall be US$7.5 million.

  • 3. Subscription: The subscription of Upper Volta shall be equal to its quota and not less than US$750,000 of the subscription shall be paid in gold and the balance in the currency of Upper Volta.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Upper Volta. In case Upper Volta does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Upper Volta has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Upper Volta shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Upper Volta and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Upper Volta shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Upper Volta shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Upper Volta may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Upper Volta shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Upper Volta shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Upper Volta may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 17-201 Membership for the Republic of Dahomey

Whereas, the Government of Dahomey on August 17, 1962 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Dahomey shall be US$7.5 million.

  • 3. Subscription: The subscription of Dahomey shall be equal to its quota and not less than US$750,000 of the subscription shall be paid in gold and the balance in the currency of Dahomey.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Dahomey. In case Dahomey does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Dahomey has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Dahomey shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Dahomey and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Dahomey shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Dahomey shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Daliomey may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and (b) before its subscription has been fully paid.

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

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

    • (a) Dahomey shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Dahomey shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: Dahomey may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

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