Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1960
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Resolution No. 15-1 Amendment to Section 14(e) of the By-Laws

The Executive Board resolved on November 6, 1959 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 25,1959 for a vote without meeting:

Resolved:

Effective November 1, 1959, the figure of $15,500 in Section 14(e) of the By-Laws shall be changed to $17,000.

The Board of Governors adopted the foregoing Resolution, effective December 28, 1959.

For previous amendments to Section 14(e) of the By-Laws, see Resolutions Nos. 6-1 and 13-1.

Resolution No. 15-2 Increase in the Quota of Australia

On January 25, 1960, the Fund received from the Government of Australia a request for an increase in its quota in the Fund from $300 million to $400 million. The Executive Board resolved on February 29, 1960 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 March 3, 1960 for a vote without meeting:

Resolved:

That the quota of Australia shall be changed to $400 million, provided that Australia consents to the change on or before June 6, 1960, 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 Australia. The change shall become effective on the date the Fund receives notice in writing that Australia 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 April 6, 1960. The written notice that Australia consented to the increase was received by the Fund on May 31, 1960, on which date the new quota became effective.

Resolution No. 15-3 Increase in the Quota of Colombia

On May 2, 1960, the Fund received from the Government of Colombia a request for an increase in its quota in the Fund from $75 million to $100 million. The Executive Board resolved on June 15, 1960 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 June 17, 1960 for a vote without meeting:

Resolved:

That the quota of Colombia shall be changed to $100 million, provided that Colombia consents to the change on or before September 15, 1960, 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 Colombia. The change shall become effective on the date the Fund receives notice in writing that Colombia 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 July 18, 1960. The written notice that Colombia consented to the increase was received by the Fund on August 22, I960, on which date the new quota became effective.

Resolution No. 15-4 Increase in the Quota of Chile

On June 10, 1960, the Fund received from the Government of Chile a request for an increase in its quota in the Fund from $75 million to $100 million. The Executive Board resolved on June 29, 1960 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 June 30, 1960 for a vote without meeting:

Resolved:

That the quota of Chile shall be changed to $100 million, provided that Chile consents to the change on or before September 15, 1960, 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 Chile. The change shall become effective on the date the Fund receives notice in writing that Chile 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 August 1, 1960. On September 9, 1960, the Executive Directors, at the request of Chile and in accordance with the provisions of the above Resolution, extended the period in which Chile might give its consent to this increase in its quota to October 15, 1960. On October 12, 1960, at the request of Chile, the period was further extended to December 31, 1960.

Resolution No. 15-51 Eighth Regular Election of Executive Directors

Resolved:

(a) That the proposed Rules for the Conduct of the Eighth Regular Election of Executive Directors are hereby adopted; and

(b) That the Ninth Regular Election of Executive Directors shall take place at the Annual Meeting of the Board of Governors in 1962.

Resolution No. 15-62 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, 1960, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1961, as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 15-72 General Reserve

Resolved:

The Board of Governors approves the allocation to the General Reserve of $14,123,958.43, the net income for the fiscal year ended April 30, 1960.

Resolution No. 15-82 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 Fourteenth Annual Meeting and has no changes to suggest.

Resolution No. 15-93 Membership for Nepal

Whereas, His Majesty’s Government of Nepal4 on April 13, 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 Nepal 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 Nepal 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 Nepal shall be $7.5 million.

  • Subscription: The subscription of Nepal shall be equal to its quota, and not less than 3½ per cent of the subscription shall be paid in gold and the balance in the currency of Nepal.

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

  • Determination of Par Value: Within 30 days after the Fund so requests, Nepal 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, Nepal 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 Nepal 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, Nepal 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: Nepal 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, Nepal 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 Nepal 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 Nepal has complied with the conditions set forth in paragraph 7 of this Resolution, Nepal shall become a member of the Fund as of the date when Nepal shall have complied with the following requirements:

    • (a) Nepal 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) Nepal 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: Nepal 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. 15-105 Membership for Nigeria

Whereas, the Government of the Federation of Nigeria on August 17, 1959, applied for admission, on the attainment by that country of constitutional independence, 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, it is expected that the Federation of Nigeria will attain constitutional independence in October 1960; 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 Nigeria 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 Nigeria shall be admitted to membership in the Fund upon attainment of constitutional independence 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 Nigeria shall be $50 million.

  • Subscription: The subscription of Nigeria shall be equal to its quota, and not less than 10 per cent of the subscription shall be paid in gold and the balance in the currency of Nigeria.

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

  • Determination of Par Value: Within 30 days after the Fund so requests, Nigeria 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, Nigeria 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 Nigeria 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, Nigeria 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: Nigeria 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, Nigeria 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 Nigeria 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 Nigeria has complied with the conditions set forth in paragraph 7 of this Resolution, Nigeria shall become a member of the Fund as of the date when Nigeria shall have complied with the following requirements:

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

  • Period for Acceptance of Membership: Nigeria may accept membership in the Fund pursuant to this Resolution on or subsequent to the date on which it attains constitutional independence but not later than March 31, 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.

Resolution No. 15-116 Increase in the Quota of Yugoslavia

Resolved:

That the quota of Yugoslavia shall be changed to $120 million, provided that Yugoslavia consents to the change on or before December 31, 1960, 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 above the present quota shall be paid in gold and the balance in the currency of Yugoslavia. The change shall become effective on the date the Fund receives notice in writing that Yugoslavia 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.

* * * *

[In previous issues of Summary Proceedings, Board decisions on the place and date of the next Annual Meeting, officers of the Board of Governors, and composition of the Procedures Committee for the ensuing year were published in the form of Resolutions. Decisions on matters of this nature at the Fifteenth Annual Meeting were made by the Board of Governors when they approved Report IV of the Fund-Bank Procedures Committee (see page 157)].

Adopted by the Board of Governors of the Fund in Joint Session with the Board of Governors of the Bank on September 26, 1960.

Adopted by the Board of Governors on September 28, 1960.

Adopted by the Board of Governors on September 28, 1960.

Changed from “the Royal Government of Nepal,” as in the original Resolution, at the request of the Government of Nepal.

Adopted by the Board of Governors on September 28, 1960.

Adopted by the Board of Governors on September 28, 1960.

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