Chapter

Reports of the Fund-Bank Procedures Committee1

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1960
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ChairmanAustralia
Vice-ChairmenMexico and Pakistan
Reporting MemberLibya

Other Members: Canada, China, Dominican Republic, France, Federal Republic of Germany, Ghana, India, Ireland, Korea, Lebanon, Norway, United Kingdom, United States, Uruguay, and Viet-Nam

Report I

September 24, 1960

Sir:

The Fund-Bank Procedures Committee, at its first meeting at 4:00 p.m. on September 24, 1960, considered the matters of business which had been proposed for the 1960 Annual Meetings of the Boards of Governors of the Fund and the Bank.

I have the honor to submit the following recommendations of the Committee:

1. Schedule of Meeting

The Committee recommends that the provisional schedule set forth in Annex I be adopted, and that the Secretaries of the Fund and the Bank, in consultation with the Chairman, be authorized to modify it as necessary.

2. Conduct of Meeting

The Committee recommends that the provisions relating to the conduct of the Meeting, as contained in Annex II, be approved.

3. Fund Agenda

The Committee recommends that the agenda set forth in Annex III be adopted by the Board of Governors of the Fund and that any proposed additions to the agenda be submitted in writing to the Fund-Bank Procedures Committee, through the Chairman, for its recommendations.

4. Eighth Regular Election of Executive Directors

The Committee considered the Report of the Executive Directors of the Fund regarding the Eighth Regular Election of Executive Directors (Annex IV). The Committee recommends the adoption of the draft resolution relating to this election and the proposed rules for its conduct attached to the said Report.

5. Later Reports of the Committee

The Committee also considered the other individual items of business on the proposed agendas of the Fund and the Bank and will make recommendations as to their disposition in separate Committee reports to the two Boards. The report on the Bank items will be given at the meeting of the Bank Board on Tuesday morning. The report on the Fund items will be presented at the meeting of the Fund Governors on Wednesday morning. At these meetings any Governor who wishes to speak will have an opportunity to be heard on any item of business before the Governors.

The Committee will make a later report to the Boards of Governors on:

  • a. Place and Date of Next Annual Meeting.

  • b. Election of Officers and Fund-Bank Procedures Committee for 1960-61.

Approved:

/s/ Harold Holt/s/ A. N. Aneizi
(Australia)/s/ Faraj Bugrara
Chairman(Libya)
Reporting Member

The Report was adopted by the Boards of Governors of the Fund and the Bank in Joint Session on September 26, 1960. The results of the Eighth Regular Election of Executive Directors of the Fund, which was held on September 30, I960, are shown on pages 145-48.

Annex I to Report I. Schedule

Saturday,September 24 4:00 p.m.Procedures Committees
Monday,September 26 10:00 a.m.Fund-Bank Boards
Address by the Chairman and Responses
Fund-Bank Procedures Committee Report I
Annual Address, Managing Director of Fund
Tuesday,September 27 10:00 a.m.Bank Board
Fund-Bank Procedures Committee Report II
Annual Address, President of Bank
Bank Annual Discussion
3:00 p.m.Bank Board
Bank Annual Discussion (cont.)
Wednesday,September 28 10:00 a.m.Fund Board
Fund-Bank Procedures Committee Report III
Fund Annual Discussion
3:00 p.m.Fund Board
Fund Annual Discussion (cont.)
Thursday,September 29 10:00 a.m.IFC Board
IFC Procedures Committee Report
Annual Address, President of IFC IFC Annual Discussion
5:00 p.m.Fund-Bank Procedures Committee
Friday,September 30 9:45 a.m.Fund-Bank Boards
Election of Executive Directors—Fund
Election of Executive Directors—Bank
Fund-Bank Procedures Committee Report IV
Comments by Heads of Organizations
Conclusion

Annex II to Report I. Provisions Relating to the Conduct of the Meeting

Attendance

  • 1. All Sessions of the Boards of Governors of the Fund and the Bank, including Joint Sessions, shall be open to the press and invited guests, unless otherwise decided. Committee meetings shall be closed.

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

  • 3. Committee meetings, if any, with the exception of Procedures Committee Meetings, shall be open to Delegates who are not Committee Members.

  • 4. Accredited observers may attend all Sessions of the Boards of Governors and their Committees, other than the Procedures Committee, unless decided otherwise.

  • 5. Sessions of the Boards of Governors and Committee meetings shall be open to such members of the Joint Secretariat and the technical staffs as may be necessary.

Public Information

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

Records

  • 7. The Secretaries of the Fund and the Bank are authorized to prepare verbatim transcripts of the proceedings of Sessions of the Boards of Governors and their Committees. The transcripts of Committee proceedings, and any summary records thereof, will be confidential and available only to the Chairman, the Managing Director of the Fund and the President of the Bank, and the Secretaries, unless otherwise decided.

  • 8. Reports of Committees shall be signed by the respective Committee Chairman and Reporting Member.

Annex III to Report I. Agenda

  • 1. Fifteenth Annual Report

  • 2. Financial Statements and Audit Report

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

  • 3. Administrative Budget for Fiscal Year Ending April 30, 1961

    (Appendix VIII of Fifteenth Annual Report and Fund Documents Nos. 3 and 4)

  • 4. General Reserve

    (Fund Document No. 5)

  • 5. Changes in Rules and Regulations

    (Fund Document No. 6)

  • 6. Application for Membership—Nepal

    (Fund Document No. 7)

  • 7. Application for Membership—Nigeria

    (Fund Document No. 8)

  • 8. Increase in the Quota of Yugoslavia

    (Fund Document No. 9)

  • 9. Eighth Regular Election of Executive Directors

    (Fund Document No. 10)

  • 10. Place and Date of Next Annual Meeting

  • 11. Election of Officers and Procedures Committee for 1960-61

Annex IV to Report I. Eighth Regular Election of Executive Directors

September 24, 1960

Dear Mr. Chairman:

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

Submitted herewith for the Board of Governors are:

  • A report of the Executive Directors to the Board of Governors regarding the Eighth Regular Election of Executive Directors.

  • Proposed Rules for the Conduct of the Election.

  • Proposed Resolution to the Board of Governors regarding this Election.1

Yours very truly,

/s/

Per Jacobsson

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

Fifteenth Annual Meeting

International Monetary Fund

Report of the Executive Directors to the Board of Governors

Eighth Regular Election of Executive Directors

  • Section 3(d) of Article XII of the Articles of Agreement of the Fund provides that elections of Executive Directors shall be conducted at intervals of two years. The Seventh Regular Election of Executive Directors was held at the Thirteenth Annual Meeting of the Board of Governors in October 1958.

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

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

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

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

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

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

  • The Executive Directors have noted that at the Seventh Regular Election the total number of Executive Directors was increased to a total of 18. Accordingly, pursuant to Article XII, five were appointed under Section 3(b)(i) (by the five members having the largest quotas); one was appointed under Section 3 (b) (ii) (in application of the provision of Section 3(c)); nine were elected under Section 3(b)(iii) (by members other than the American Republics); and three were elected under Section 3(b) (iv) (by the American Republics).

    It was also noted that in the forthcoming Regular Election no member not already entitled to appoint an Executive Director shall be entitled to appoint an Executive Director pursuant to Article XII, Section 3(c). Accordingly, in order to retain in the forthcoming election the same number of Executive Directors as was set for the Seventh Regular Election, the number to be elected under Article XII, Section 3(b) (iii) would be ten instead of nine.

  • In view of the foregoing, it is recommended that the number of Executive Directors to be elected under Article XII, Section 3(b) (iii) should be ten and that the maximum and minimum percentages of eligible votes required for the election of these ten Executive Directors should be 13 and 9 per cent, respectively; for the three Executive Directors to be elected under Article XII, Section 3(b) (iv) the maximum and minimum percentages should be 38 and 28 per cent, respectively.

  • It is also recommended that the effective date of the Eighth Regular Election should be November 1, 1960.

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

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

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

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

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

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

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

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

  • Date of Election: The election shall be held during the 1960 Annual Meeting at a time to be fixed by the Board.

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

  • Executive Directors to be Elected Under Article XII, Section 3(b) (iii):

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

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

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

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

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

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

    • (b) The maximum percentage of eligible votes for any one nominee for the purposes of paragraph 14 below shall be thirty-eight per cent.

  • Nominations:

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

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

    • (c) A Governor may nominate not more than one person.

    • (d) Nominations may be made until twelve o’clock noon on the day preceding the election. The Secretary shall post and distribute a list of the persons nominated.

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

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

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

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

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

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

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

  • Election of Executive Directors Under Article XII, Section 3(b) (iii): When on any ballot the number of nominees shall not exceed the number of Executive Directors to be elected, each nominee shall be deemed to be elected by the number of votes received by him on such ballot; provided, however, that if on such ballot the votes of any Governor shall be deemed under paragraph 4 of Schedule C to have raised the votes cast for any nominee above thirteen per cent of the eligible votes, no nominee shall be deemed to have been elected who shall not have received on such ballot nine per cent of the eligible votes and a succeeding ballot shall be taken on which any nominee not elected shall be eligible.

  • Election of Executive Directors Under Article XII, Section 3(b) (iv):

    • (a) These Rules shall in place of paragraph 7 of Schedule C govern the election of the Directors to be elected by the American Republics under Article XII, Section 3 (b) (iv).

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

    • (c) If there are more than three nominees, the three nominees receiving the greatest number of votes shall be elected, provided that no nominee shall be elected who receives less than twenty-eight per cent of the eligible votes.

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

  • Balloting—Succeeding Ballots for Election of Executive Directors Under Article XII, Section 3(b) (iii):

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

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

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

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

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

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

    • (c) If a Governor shall abstain from voting on any of the ballots held for the election of three Executive Directors to be elected under Article XII, Section 3(b) (iv), he shall remain entitled to vote on subsequent ballots.

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

  • Announcement of Results: After the last ballot of the election, the Chairman shall cause to be distributed a statement setting forth the results of the election.

  • Effective Date of Election of Executive Directors: The effective date of the election shall be November 1, 1960. Incumbent elected Executive Directors shall serve through the day preceding such date.

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

Statement of Results of Eighth Regular Election of Executive Directors, September 30, 1960

Candidates Elected Under Article XII, Section 3(b) (iii)
Candidate ElectedMembers Whose

Votes Counted

Toward Election
Number of

Votes
Thorhallur Asgeirsson (Iceland)Denmark1,550
Finland820
Iceland362
Norway1,250
Sweden1,750
5,732
J. M. Garland (Australia)Australia4,250
Union of South Africa1,750
Viet-Nam395
6,395
Pieter Lieftinck (Netherlands)Israel500
Netherlands4,375
Yugoslavia910
5,785
Louis Rasminsky (Canada)Canada5,750
Ireland700
6,450
Ahmed Zaki Saad (United Arab Republic)Afghanistan350
Ethiopia328
Iran950
Iraq400
Jordan295
Lebanon295
Pakistan1,750
Philippines1,000
Saudi Arabia800
Sudan400
United Arab Republic1,300
7,868
Sergio Siglienti (Italy)Greece850
Italy2,950
Spain1,750
5,550
Soetikno Slamet (Indonesia)Ghana600
Indonesia1,900
Libya340
Malaya550
Morocco775
Tunisia391
4,556
Gengo Suzuki (Japan)Burma400
Ceylon700
Japan5,250
Thailand700
7,050
Beue Tann (China)China5,750
5,750
Andre van Campenhout (Belgium)Austria1,000
Belgium3,625
Korea437
Luxembourg360
Turkey1,110
6,532
Candidates Elected Under Article XII, Section 3(b) (iv)
Candidate ElectedMembers Whose

Votes Counted

Toward Election
Number of

Votes
Maurício C. Bicalho (Brazil)Brazil3,050
Colombia1,250
Dominican Republic400
Haiti362
Panama255
Peru525
5,842
Guillermo Walter Klein (Argentina)Argentina3,050
Bolivia475
Chile1,000
Ecuador400
Paraguay337
Uruguay400
5,662
José Antonio Mayobre (Venezuela)Costa Rica305
Cuba750
El Salvador362
Guatemala400
Honduras362
Mexico2,050
Nicaragua362
Venezuela400
4,991
/s/ Ekrem Alican/s/ Carlos J. Canessa
(Turkey)(El Salvador)
TellerTeller

Report III1

September 24, 1960

Sir:

The Fund-Bank Procedures Committee, at its first meeting at 4:00 p.m., on September 24, 1960, considered the matters of business on the agenda of the Board of Governors of the Fund.

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

1. Annual Report

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

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

The Committee considered the Report on Audit for the Fiscal Year ended April 30, 1960, the Financial Statements contained therein (Fund Document No. 2 and Appendix IX of the Annual Report), and the Administrative Budget for the Fiscal Year ending April 30, 1961 (Appendix VIII of the Annual Report and Fund Document No. 4).

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

3. General Reserve

The Committee also considered the recommendation of the Executive Directors with respect to the allocation to the General Reserve of the Fund’s net income for the fiscal year ended April 30, 1960 [Annex I].

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

4. Rules and Regulations

The Committee reviewed the amendments to Rules 1-2 and 1-4 (f) of the Rules and Regulations as submitted by the Executive Directors [Annex II] and recommends adoption by the Board of Governors of the draft resolution set forth in Fund Document No. 6.4

5. Applications for Membership

a. Nepal

The Committee considered the recommendations of the Executive Directors concerning the application of the Government of Nepal for membership in the Fund [Annex III] and recommends the adoption by the Board of Governors of the draft resolution submitted in Fund Document No. 7.5

b. Federation of Nigeria

The Committee then considered the recommendations of the Executive Directors regarding the application of the Government of the Federation of Nigeria for membership in the Fund [Annex IV] and recommends the adoption by the Board of Governors of the draft resolution set forth in Fund Document No. 8.6

6. Application for Increase in Quota—Yugoslavia

Finally, the Committee considered the recommendations of the Executive Directors on the application of Yugoslavia for an increase in quota [Annex V] and recommends that the Board of Governors adopt the draft resolution set forth in Fund Document No. 9.7

Approved:

/s/ Harold Holt/s/ Faraj Bugrara
(Australia)(Libya)
ChairmanReporting Member

Annex I to Report III

September 24, 1960

Dear Mr. Chairman:

For the fiscal year ended April 30, 1960, the Fund had net income of $14,123,958.43. Under the Articles of Agreement it must be determined annually what part of the Fund’s income shall be placed to reserve and what part, if any, shall be distributed.

At the Fourteenth Annual Meeting, the Board of Governors approved the allocation to the General Reserve of the net income for the fiscal year ended April 30, 1959 (Resolution No. 14-6).

Pursuant to the decision taken by the Executive Board on April 14, 1958, the net income of the Fund subsequent to April 30,1959 has been transferred provisionally at the end of each month to the General Reserve. The total amount thus transferred for the fiscal year ended April 30, 1960 is $14,123,958.43.

The Executive Directors recommend that the Board of Governors adopt the attached draft resolution8 approving this allocation to the General Reserve.

Yours very truly,

/s/

Per Jacobsson

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

Fifteenth Annual Meeting

International Monetary Fund

Annex II to Report III

September 24, 1960

Dear Mr. Chairman:

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

On April 19, 1960, Rules 1-2 and 1-4 (f) were amended to extend until April 30, 1961 the then prevailing service charge on transactions and charges on the Fund’s holdings of member currencies in excess of quotas.

These rules as last amended are set forth in Attachment 1. A proposed resolution for consideration by the Board of Governors is attached as Attachment 2.9

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

Yours very truly,

/s/

Per Jacobsson

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

Fifteenth Annual Meeting

International Monetary Fund

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

Rule 1-2. Text as amended on April 19, 1960 (the part affected by the amendment is shown in brackets):

The service charge payable by a member buying the currency of another member in exchange for its own currency shall be paid at the time the transaction is consummated. The service charge payable for such transactions taking place from December 1, 1951 through [April 30, 1960] April 30, 1961, shall be ½ of 1 per cent.

Former text adopted September 25, 1946, amended November 19, 1951, November 14, 1952, June 26, 1953, October 14, 1953, December 23, 1953, December 15, 1954, December 27, 1955, May 23, 1956, December 21, 1956, December 9, 1957, December 12, 1958, March 20, 1959, April 20, 1959, and April 19, 1960.

Rule I-4(f). Text as amended on April 19, 1960 (the part affected by the amendment is shown in brackets):

With respect to each segment of the holdings of a member’s currency to the extent that it represents the acquisition of that currency by the Fund from January 1, 1954 through [April 30, 1960] April 30, 1961:

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

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

  • (iii) The charge to be levied on each segment to the extent that it is within the third bracket of more than 75 per cent and not more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next three months, and an additional ½ per cent per annum for each subsequent six months.

Former text adopted December 23, 1953, amended December 15, 1954, December 27, 1955, May 23, 1956, December 21, 1956, December 9, 1957, December 12, 1958, March 20, 1959, April 20,1959, and April 19,1960.

Annex III to Report III

September 24, 1960

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Board a proposed resolution,10 which is recommended for adoption by the Board of Governors, on the admission of Nepal to membership in the Fund.

Yours very truly, /s/

Per Jacobsson

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

Fifteenth Annual Meeting

International Monetary Fund

Annex IV to Report III

September 24, 1960

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Board a proposed resolution,11 which is recommended for adoption by the Board of Governors, on the admission of the Federation of Nigeria, upon the attainment of constitutional independence, to membership in the Fund.

Yours very truly,

/s/

Per Jacobsson

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

Fifteenth Annual Meeting

International Monetary Fund

Annex V to Report III

September 24, 1960

Dear Mr. Chairman:

In a communication received by the Fund on September 8, 1960, the Government of the Federative People’s Republic of Yugoslavia requested a special increase in their quota to bring it to a total amount of $120 million.

The Executive Directors, having considered this request and found it justified, recommend the adoption of the attached draft resolution12 by the Board of Governors. In view of the request of the Yugoslav Government for an early decision and the proximity of the Annual Meeting for 1960, they have directed me to add this resolution to the agenda in accordance with Section 6(b) of the By-Laws.

In accordance with the same provision of the By-Laws, I have caused notice of the addition of this subject to the agenda to be given promptly to each member of the Fund.

Yours very truly,

/s/

Per Jacobsson

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

Fifteenth Annual Meeting

International Monetary Fund

Report IV1

September 29, 1960

Sir:

The Fund-Bank Procedures Committee held its second meeting on September 29, and submits the following report:

1. Mr. Black

The Committee recommends that the Board of Governors express their regret over Mr. Black’s inability to attend the 1960 Annual Meetings, extend their wishes for his rapid recovery, and request the Chairman to convey these expressions to Mr. Black.

2. Place and Date of the Next Annual Meetings

The Committee recommends that the 1961 Annual Meetings be convened in Vienna, in September 1961. The Committee further suggests that for planning purposes Washington, D.C. be considered the place of the 1962 and 1963 Annual Meetings.

3. Officers and Procedures Committee of Fund and Bank

The Committee recommends that the Governor for Thailand be elected Chairman and that the Governor for India be elected Vice-Chairman of the Boards of Governors, to hold office until the close of the next Annual Meetings.

The Committee further recommends that a Procedures Committee of the Fund and Bank be established to be available after the termination of this Meeting, and until the close of the next Annual Meetings, for consultation at the discretion of the Chairman, normally by correspondence, and also if occasion requires, by convening when necessary. This Committee shall be comprised of the Governors for the following members: Argentina, Austria, China, Denmark, Ethiopia, France, Germany, Guatemala, India, Jordan, Luxembourg, Malaya, Morocco, Spain, Thailand, Turkey, United Kingdom, United States, and Venezuela. It is further recommended that the Chairman and the Vice-Chairman of this Committee shall be the Governors for Thailand and India, respectively, and that the Governor for Argentina shall serve as Reporting Member.

Approved:

/s/ Harold Holt/s/ A.N. Aneizi
(Australia)Omar M. Muntasser
Chairman(Libya)

Reporting Member

The Fund-Bank Procedures Committee reported also on the items concerning the Bank Agenda and the Eighth Regular Election of Bank Executive Directors. These references have been omitted. The numbering of the Annexes to this Report have been adjusted to take account of this omission.

Resolution No. 15-5; see page 161.

Report II dealt with the business of the Board of Governors of the Bank. Report III and the Resolutions recommended therein were adopted by the Board of Governors of the Fund on September 28, 1960.

Resolution No. 15-6; see page 162.

Resolution No. 15-7; see page 162.

Resolution No. 15-8; see page 162.

Resolution No. 15-9; see page 163.

Resolution No. 15-10; see page 166.

Resolution No. 15-11; see page 169.

Resolution No. 15-7; see page 162.

Resolution No. 15-8; see page 162.

Resolution No. 15-9; see page 163.

Resolution No. 15-10; see page 166.

Resolution No. 15-11; see page 169.

Report IV was adopted by the Board of Governors of the Fund on September 30, 1960.

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