Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1958
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Resolution No. 13-1—Amendment to Section 14(e) of the By-Laws

The Executive Board resolved on October 30, 1957, 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 1, 1957, for a vote without meeting:

RESOLVED:

Effective November 1, 1957, the figure $17,000 in Section 14(e) of the By-Laws shall be changed to $20,000 and the figure $14,000 to $15,500.

The Board of Governors adopted the foregoing Resolution, effective December 2, 1957.

Resolution No. 13-2—Increase in the Quota of the United Kingdom of Libya

On December 2, 1957, the Fund received from the Government of the United Kingdom of Libya a request for an increase in its quota in the Fund from $3 million to $5 million. The Executive Board resolved on December 23, 1957, 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 December 27, 1957, for a vote without meeting:

RESOLVED:

That Section 2 of Resolution No. 12-9 be amended to read as follows:

2. Quota: The quota of the United Kingdom of Libya shall be $5,000,000.

The Board of Governors adopted the foregoing Resolution, effective January 24, 1958.

The Articles of Agreement were signed by Mr. Abdurrazak O. Missallati, Chargé d’Affaires of Libya in the United States, on September 17, 1958.

Resolution No. 13-3—Increase in the Quota of the Philippines

On December 17, 1957, the Fund received from the Government of the Philippines a request for an increase in its quota in the Fund from $15 million to $50 million. The Executive Board resolved on January 13, 1958, 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 January 14, 1958, for a vote without meeting:

RESOLVED:

That the quota of the Philippines shall be changed to $50 million, provided that the Philippines consents to the change on or before April 7, 1958.1 Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of the Philippines. The change shall become effective on the date the Fund receives notice in writing that the Philippines 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 February 7, 1958.

Resolution No. 13-4—Increase in the Quota of the Philippines

On March 26, 1958, the Fund received from the Government of the Philippines a request for an extension of time for consent to the increase in quota. The Executive Board resolved on March 28, 1958, 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 28, 1958, for a vote without meeting:

RESOLVED:

That the Board of Governors hereby renews its Resolution No. 13-3 on the Increase in the Quota of the Philippines, adopted February 7, 1958, except that the date “April 7, 1958” shall be deleted and the following substituted: “July 7, 1958, and further provided 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 as they may determine.”

The Board of Governors adopted the foregoing Resolution, effective April 21, 1958.

On July 3, 1958, the Executive Directors, at the request of the Philippines and in accordance with the provisions of the above Resolution, extended the period in which the Philippines might consent to the increase in quota until September 30, 1958. The period was further extended until March 30, 1959, by the Executive Directors at the request of the Philippines.

Resolution No. 13-5—Membership for Spain

Under date of January 18, 1958, the Government of Spain applied for membership in the Fund. The Executive Board re-solved on April 14, 1958, 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 April 16, 1958, for a vote without meeting:

WHEREAS, the Government of Spain on January 18, 1958, 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 Spain 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 Spain 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 Spain shall be US$100 million.

  • 3. Subscription: The subscription of Spain 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 Spain.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Spain 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, Spain 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 Spain 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, Spain 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: Spain may not engage in exchange transactions with the Fund before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 5 above and its subscription has been fully paid.

  • 7. Representation and Information: Before accepting membership in the Fund, Spain 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 Spain 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 Spain has complied with the conditions set forth in paragraph 7 of this Resolution, Spain shall become a member of the Fund as of the date when Spain shall have complied with the following requirements:

    • (a) Spain 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) Spain 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 for Acceptance of Membership: Spain may accept membership in the Fund pursuant to this Resolution on or before November 12, 1958; 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 May 12, 1958. The Articles of Agreement were signed by Señor Don Jaime Alba, Chargé d’Affaires of Spain in Washington, on September 15,1958.

Resolution No. 13-6: Seventh Regular Election of Executive Directors 2

RESOLVED:

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

  • (b) That the Eighth Regular Election of Executive Directors shall take place at the Annual Meeting of the Board of Governors in 1960.

Resolution No. 13-7: Financial Statements, Report on Audit, and Administrative Budget3

RESOLVED:

That the Board of Governors of the Fund considers the Report on Audit for the Fiscal Year ended April 30, 1958, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1959, as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 13-8: General Reserve 3

RESOLVED:

The Board of Governors notes with approval the establishment of a General Reserve and the allocation to such reserve of $5,991,691.89, the net income for the fiscal year ended April 30, 1958.

Resolution No. 13-9: Amendments to Rules and Regulations 4

RESOLVED:

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

Resolution No. 13-10: Resources of the Fund4

RESOLVED:

That the Executive Directors promptly consider the question of enlarging the resources of the Fund through increases in quotas and that, if, having regard to views expressed by Governors and considering all other aspects of the matter, they find that action to carry out such increases would be desirable, they submit an appropriate proposal to the Board of Governors for action either at a meeting of the Board or by vote without a meeting, as the Executive Directors may determine.

Resolution No. 13-11: Place and Date of Fourteenth Annual Meeting 5

RESOLVED:

That the Chairman shall convene the Fourteenth Annual Meeting of the Board of Governors in Washington, preferably during the second half of September, 1959.

Resolution No. 13-12: Officers of the Board of Governors5

RESOLVED:

That the Governor for Peru is hereby elected Chairman of the Board of Governors and the Governors for the United States, the United Kingdom, China, France, and India are hereby elected Vice-Chairmen to hold their respective offices until the election of officers at the close of the next Annual Meeting.

Resolution No. 13-13: Composition of Joint Procedures Committee5

RESOLVED:

That a Joint Procedures Committee is hereby established to be available after the termination of this Meeting, and until the selection of a new Joint Procedures Committee at the next Annual Meeting, for consultation at the discretion of the Chairman, normally by correspondence, and also, if occasion requires, by convening immediately before the Annual Meeting of the Board. The Joint Procedures Committee shall be composed of the Governors for the following members:

Australia, Brazil, Ceylon, China, Colombia, France, Germany, India, Japan, Nicaragua, Pakistan, Peru, Saudi Arabia, Sudan, Sweden, the United Kingdom, the United States, and Yugoslavia.

The Chairman, Vice-Chairman, and Reporting Member shall be the Governors for Peru, Sweden, and Ceylon, respectively.

Resolution No. 13-14: Appreciation6

RESOLVED:

That the Governors of the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation express their deep and sincere appreciation to the Government and people of India for their gracious hospitality; and

That they express their particular appreciation to the Governor and Alternate Governors for India and their assistants for their effective arrangements and outstanding contributions to the success of this Thirteenth Annual Meeting.

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