Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1961
Share
  • ShareShare
Show Summary Details

Resolution No. 16-1 Amendment to Section 14(c) of the By-Laws

The Executive Board resolved on November 18, 1960 that action on the amendment 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 November 18, 1960 for a vote without meeting:

Resolved:

That effective December 1, 1960, the figure “$30,000” in Section 14(c) of the By-Laws of the Fund shall be changed to “$40,000”.

The Board of Governors adopted the foregoing Resolution, effective December 14, I960.

Resolution No. 16-2 Membership for the Republic of Cyprus

On August 16, 1960, the Government of Cyprus applied for membership in the Fund. The Executive Board resolved on May 12, 1961 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 May 17, 1961 for a vote without meeting:

Whereas, the Government of the Republic of Cyprus on August 16, 1960, 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 the representative 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 Cyprus 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 Cyprus shall be admitted to membership in the Fund shall be as follows:

  • 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.

  • Quota: The quota of Cyprus shall be $11,250,000.

  • Subscription: The subscription of Cyprus shall be equal to its quota, and not less than $1,952,500 of the subscription shall be paid in gold and the balance in the currency of Cyprus.

  • 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 Cyprus. In case Cyprus 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 Cyprus has been agreed in accordance with paragraph 5 below.

  • Determination of Par Value: Within 30 days after the Fund so requests, Cyprus 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, Cyprus 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 Cyprus 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, Cyprus shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • Exchange Transactions with the Fund: Cyprus 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.

  • Representation and Information: Before accepting membership in the Fund, Cyprus 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 Cyprus shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Cyprus 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) Cyprus shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Limitation on Period for Acceptance of Membership: Cyprus may accept membership in the Fund pursuant to this Resolution on or before December 15, 1961; 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 June 16, 1961.

Resolution No. 16-3 Membership for New Zealand

On April 17, 1961, the Government of New Zealand applied for membership in the Fund. The Executive Board resolved on June 16, 1961 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 19, 1961 for a vote without meeting:

Whereas, the Government of New Zealand on April 17, 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 New Zealand 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 New Zealand shall be admitted to membership in the Fund shall be as follows:

  • 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.

  • Quota: The quota of New Zealand shall be $125 million.

  • Subscription: The subscription of New Zealand shall be equal to its quota, and not less than $18 million of the subscription shall be paid in gold and the balance in the currency of New Zealand.

  • Payment and 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 New Zealand. In case New Zealand 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 New Zealand has been agreed in accordance with paragraph 5 below.

  • Determination of Par Value: Within 30 days after the Fund so requests, New Zealand 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, New Zealand 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 New Zealand 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, New Zealand shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • Exchange Transactions with the Fund: New Zealand 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.

  • Representation and Information: Before accepting membership in the Fund, New Zealand 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 New Zealand shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) New Zealand 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) New Zealand shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Limitation on Period for Acceptance of Membership: New Zealand 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 19, 1961.

The Articles of Agreement were signed by His Excellency G. R. Laking, Ambassador of New Zealand to the United States, on behalf of the Government of New Zealand, on August 31,1961.

Resolution No. 16-4 Amendment to Section 14(f) of the By-Laws

The Executive Board resolved on July 14, 1961 that action on the amendment 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 18, 1961 for a vote without meeting:

Resolved:

That the second paragraph of Section 14(f) of the By-Laws be amended to read as follows:

In addition, any Executive Director or Alternate shall in the third year of continuous full-time service in either capacity and in every second year of such service thereafter be entitled to reimbursement for the cost of transportation expenses for his family in traveling once to and from the country of which he is a national. For home leave travel more frequent than every third year, reimbursement shall be made on the basis of cabin- or economy-class accommodations.

The Board of Governors adopted the foregoing Resolution, effective August 18, 1961.

Resolution No. 16-51 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, 1961, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1962, as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 16-61 General Reserve

Resolved:

The Board of Governors approves the allocation to the General Reserve of $7,194,493.38, the net income for the fiscal year ended April 30, 1961.

Resolution No. 16-72 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 1-2 and 1-4(f) of the Rules and Regulations adopted by the Executive Board since the Fifteenth Annual Meeting and has no changes to suggest.

Resolution No. 16-82 Membership for Liberia

Whereas, the Government of Liberia on February 23, 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 Liberia 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 Liberia shall be admitted to membership in the Fund shall be as follows:

  • 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.

  • Quota: The quota of Liberia shall be $11.25 million.

  • Subscription: The subscription of Liberia shall be equal to its quota. Liberia shall pay in gold, as a minimum, the smaller of (i) 25 per cent of its quota; or (ii) 10 per cent of its official holdings of gold and convertible currencies as of May 1, 1961. The balance of the subscription shall be paid in the currency of Liberia.

  • 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 Liberia. In case Liberia 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 Liberia has been agreed in accordance with paragraph 5 below.

  • Determination of Par Value: Within 30 days after the Fund so requests, Liberia 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, Liberia 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 Liberia 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, Liberia shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • Exchange Transactions with the Fund: Liberia 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.

  • Representation and Information: Before accepting membership in the Fund, Liberia 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 Liberia shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Liberia 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) Liberia shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Limitation on Period for Acceptance of Membership: Liberia 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. 16-93 Membership for the Republic of Senegal

Whereas, the Government of the Republic of Senegal on December 16, 1960, 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 Senegal 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 Senegal shall be admitted to membership in the Fund shall be as follows:

  • 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.

  • Quota:

    • (a) The maximum quota, upon payment in full of the gold subscription pursuant to paragraph 4 below, shall be $25 million.

    • (b) The initial quota shall be $7.5 million.

    • (c) Thereafter the quota shall be:

      • (i) $11,875,000 one year after the initial payment of gold has been made pursuant to paragraph 4(a) below;

      • (ii) $16,250,000 two years after such date;

      • (iii) $20,625,000 three years after such date;

      • (iv) $25 million four years after such date.

        The quotas mentioned in this paragraph 2(c) shall be effective on the dates the payments are made in gold as prescribed in paragraph 4(a) (ii) below.

  • Subscription: The subscription of Senegal shall be equal to its quota. The portions of the subscription which shall be paid respectively in gold and in the currency of Senegal shall be those set forth in paragraph 4 below.

  • Payment of Subscription:

    • (a) Gold

      • (i) The amount of $750,000 in gold shall be paid to the Fund not later than the day the Articles of Agreement are signed on behalf of Senegal. In case Senegal does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund.

      • (ii) Annual gold payments of $437,500 shall be made on each of the dates prescribed in paragraph 2(c).

    • (b) Currency of Senegal

      • (i) Before the thirtieth day after the initial par value of the currency of Senegal has been agreed in accordance with paragraph 6 below, the remaining portion of the quota effective at that date shall be paid in the currency of Senegal.

      • (ii) After the initial par value of the currency of Senegal has been agreed, as each quota takes effect pursuant to paragraph 2(c) above, the portion of the subscription which is not paid in gold shall be paid in the currency of Senegal.

  • Anticipation of Gold Payments and Quota Adjustments: Notwithstanding any other provision in this Resolution, Senegal may elect (a) at any time to pay in gold the unpaid balance of the total gold subscription of $2.5 million, at which time the quota shall be $25 million, or (b) on any date specified in paragraph 2(c) above to anticipate one or more payments of gold prescribed in paragraph 4(a) (ii) above, upon which payment the corresponding quota prescribed in paragraph 2(c) above shall become effective.

  • Determination of Par Value: Within 30 days after the Fund so requests, Senegal 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, Senegal 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 Senegal 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, Senegal shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • Exchange Transactions with the Fund: Senegal 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 6 above, and (b) its subscription in respect of the quota in effect at that time has been paid.

  • Representation and Information: Before accepting membership in the Fund, Senegal 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 9(a) and (b) of this Resolution, and Senegal shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Senegal 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) Senegal shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Limitation on Period of Acceptance of Membership: Senegal 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. 16-104 Membership for Sierra Leone

Whereas, the Government of Sierra Leone on March 7, 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 Sierra Leone 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 Sierra Leone shall be admitted to membership in the Fund shall be as follows:

  • 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.

  • Quota: The quota of Sierra Leone shall be $11.25 million.

  • Subscription: The subscription of Sierra Leone shall be equal to its quota. Sierra Leone shall pay in gold, as a minimum, the lesser of (1) 25 per cent of its quota, or (2) (a) $1,233,100 plus 10 per cent of its net official holdings of gold and convertible currencies as at the date that Sierra Leone makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, or (b) if its allocated share of the assets of the West African Currency Board has been transferred to Sierra Leone prior to the date mentioned in (2) (a) above, 10 per cent of Sierra Leone’s net official holdings of gold and convertible currencies on such date. With the representation provided for in (2) (a) above, Sierra Leone 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 Sierra Leone.

  • 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 Sierra Leone. In case Sierra Leone 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 Sierra Leone has been agreed in accordance with paragraph 5 below.

  • Determination of Par Value: Within 30 days after the Fund so requests, Sierra Leone 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, Sierra Leone 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 Sierra Leone 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, Sierra Leone shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • Exchange Transactions with the Fund: Sierra Leone 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.

  • Representation and Information: Before accepting membership in the Fund, Sierra Leone 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 Sierra Leone shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Sierra Leone 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) Sierra Leone shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Limitation on Period of Acceptance of Membership: Sierra Leone 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. 16-115 Membership for the Republic of Togo

Whereas, the Government of the Republic of Togo on July 8, 1960, 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 Togo 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 Togo shall be admitted to membership in the Fund shall be as follows:

  • 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.

  • Quota: The quota of Togo shall be $11.25 million.

  • Subscription: The subscription of Togo shall be equal to its quota and not less than $1,125,000 of the subscription shall be paid in gold and the balance in the currency of Togo.

  • 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 Togo. In case Togo 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 Togo has been agreed in accordance with paragraph 5 below.

  • Determination of Par Value: Within 30 days after the Fund so requests, Togo 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, Togo 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 Togo 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, Togo shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • Exchange Transactions with the Fund: Togo 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.

  • Representation and Information: Before accepting membership in the Fund, Togo 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 Togo shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Togo 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) Togo shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Limitation on Period of Acceptance of Membership: Togo 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.

Adopted by the Board of Governors on September 20, 1961.

Adopted by the Board of Governors on September 20, 1961.

Adopted by the Board of Governors on September 20, 1961.

Adopted by the Board of Governors on September 20, 1961.

Adopted by the Board of Governors on September 20, 1961.

    Other Resources Citing This Publication