Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1956
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Resolution No. 11–1—Membership for the Republic of Viet-Nam

Under date of December 21, 1955, the Government of the Republic of Viet-Nam applied for membership in the Fund. The Executive Board resolved on May 23, 1956, 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 28, 1956, for a vote without meeting:

WHEREAS, the Government of the Republic of Viet-Nam on December 21, 1955 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which the Republic of Viet-Nam shall be admitted to membership in the Fund shall be as follows:

  • 1. Definitions: As used in this Resolution:

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

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

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

  • 2. Quota: The quota of the Republic of Viet-Nam shall be $12,500,000.

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

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

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

  • 6. Exchange Transactions with the Fund: The Republic of Viet-Nam 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, the Republic of Viet-Nam shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and the Republic of Viet-Nam 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 Goverment of the United States of America that the Republic of Viet-Nam has complied with the conditions set forth in paragraph 7 of this Resolution, the Republic of Viet-Nam shall become a member of the Fund as of the date when the Republic of Viet-Nam shall have complied with the following requirements:

    • (a) The Republic of Viet-Nam shall deposit with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

    • (b) The Republic of Viet-Nam 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: The Republic of Viet-Nam may accept membership in the Fund pursuant to this Resolution until December 31, 1956; 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 25,1956.

The Articles of Agreement were signed by His Excellency Tran Van Chuong, Ambassador of the Republic of Viet-Nam to the United States of America, on behalf of the Government of the Republic of Viet-Nam on September 21, 1956.

Resolution No. 11–2—Increase in Quota for Ecuador

On April 27, 1956, the Fund received from the Government of Ecuador a request for an increase in its quota in the Fund from $5 million up to $15 million. The Executive Board resolved on June 11, 1956, 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 18, 1956, for a vote without meeting:

RESOLVED:

That the quota of Ecuador shall be changed to $10 million, provided that Ecuador consents to the change on or before September 14, 1956. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Ecuador. The change shall become effective on the date the Fund receives notice in writing that Ecuador 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 increase in the quota of Ecuador was approved by the Board of Governors on July 16, 1956. The written notice that Ecuador consented to the increase was received by the Fund on August 8, 1956, at which date the new quota became effective.

Resolution No. 11–3—Membership for the Argentine Republic

Under date of May 15, 1956, the Government of the Argentine Republic applied for membership in the Fund. The Executive Board resolved on July 2, 1956, that action on the application should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 11, 1956, for a vote without meeting:

WHEREAS, the Government of the Argentine Republic on May 15, 1956, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

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

  • 1. Definitions: As used in this Resolution:

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

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

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

  • 2. Quota: The quota of the Argentine Republic shall be $150,000,000.

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

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

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

  • 6. Exchange Transactions with the Fund: The Argentine Republic 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, the Argentine Republic shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and the Argentine Republic shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) The Argentine Republic shall deposit with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

    • (b) The Argentine Republic shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period for Acceptance of Membership: The Argentine Republic may accept membership in the Fund pursuant to this Resolution until February 15, 1957; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

The Board of Governors adopted the foregoing Resolution, effective August 8,1956.

The Articles of Agreement were signed by His Excellency Adolfo A. Vicchi, Ambassador of the Argentine Republic to the United States of America, on behalf of the Government of the Argentine Republic on September 20,1956.

Resolution No. 11–4—Increase in Quota for Nicaragua

On June 11, 1956, the Fund received from the Government of Nicaragua a request for an increase in its quota in the Fund from $2 million to $8 million. The Executive Board resolved on July 18, 1956, 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 July 24, 1956, for a vote without meeting:

RESOLVED:

That the quota of Nicaragua shall be changed to $7.5 million, provided that Nicaragua consents to the change on or before October 22, 1956. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Nicaragua. The change shall become effective on the date the Fund receives notice in writing that Nicaragua 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 increase in the quota of Nicaragua was approved by the Board of Governors on August 21, 1956, and the new quota of $7.5 million became effective on October 17, 1956, the date on which the consent of the Government of Nicaragua was received by the Fund.

Resolution No. 11–5—Sixth Regular Election of Executive Directors1

RESOLVED:

1. That the Report of the Executive Directors of the Fund, dated September 22, 1956, regarding the Sixth Regular Election of Executive Directors2 is hereby approved.

2. That the proposed Rules for the Conduct of the Sixth Regular Election of Executive Directors, attached as Appendix II3 to said Report of the Executive Directors, are hereby adopted as the Rules for the Conduct of the Election.

3. That the Seventh Regular Election of Executive Directors shall take place at the Annual Meeting of the Board of Governors in 1958.

Resolution No. 11–6—Increase in Quota for the Dominican Republic1

RESOLVED:

That the quota of the Dominican Republic shall be changed to US$10 million, provided that the Dominican Republic consents to the change on or before November 27, 1956. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of the Dominican Republic. The change shall become effective at the time the Fund receives notice in writing that the Dominican Republic consents to the change but not sooner than the adoption of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The new quota of $10 million became effective on September 25, 1956, the date on which the consent of the Government of the Dominican Republic was received by the Fund.

Resolution No. 11–7—Financial Statements, Report on Audit and Administrative Budget1

RESOLVED:

That the Board of Governors of the Fund considers the Report on Audit for the Fiscal Year ended April 30, 1956, the Financial Statements contained therein,2 and the Administrative Budget for the Fiscal Year ending April 30, 1957,3 as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 11–8—Amendments to Rules and Regulations1

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 Regulations4 adopted by the Executive Board since the Tenth Annual Meeting and has no changes to suggest.

Resolution No. 11–9—Membership for the Republic of the Sudan1

WHEREAS, the Government of the Republic of the Sudan on June 20, 1956, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors,2 hereby resolves that the terms and conditions upon which the Republic of the Sudan shall be admitted to membership in the Fund shall be as follows:

  • 1. Definitions: As used in this Resolution:

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

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

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

  • 2. Quota: The quota of the Republic of the Sudan shall be $10,000,000.

  • 3. Subscription: The subscription of the Republic of the Sudan shall be equal to its quota, and not less than 3.5 per cent of the subscription shall be paid in gold and the balance in the currency of the Republic of the Sudan.

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

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

  • 6. Exchange Transactions with the Fund: The Republic of the Sudan 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, the Republic of the Sudan shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and the Republic of the Sudan shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) The Republic of the Sudan shall deposit with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

    • (b) The Republic of the Sudan 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: The Republic of the Sudan may accept membership in the Fund pursuant to this Resolution until March 31, 1957; 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. 11–10—Place and Date of Twelfth Annual Meeting1

RESOLVED:

That the Chairman shall convene the Twelfth Annual Meeting of the Board of Governors of the International Monetary Fund in Washington, D. C, preferably in the second half of September 1957.

Resolution No. 11–11—Officers of Board of Governors1

RESOLVED:

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

Resolution No. 11–12—Composition of Procedures Committee1

RESOLVED:

That a Procedures Committee be hereby established, to be available after the termination of this Meeting and until the selection of officers of the International Monetary Fund takes place 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 Procedures Committee shall consist of the Governors for the following members:

Austria, China, Ecuador, Finland, France, India, Panama, the Philippines, Syria, the Union of South Africa, the United Kingdom, and the United States.

The Chairman, Vice-Chairman and Reporting Member shall be the Governors for the Philippines, Panama and Austria, respectively.

Recommended by the Procedures Committee (Report No. 1, page 121) and adopted by the Board of Governors at Session No. 1, September 24, 1956. The election was held at Session No. 5, September 27, 1956. The names of the elected Executive Directors appear on page 115.

Page 104.

Page 107.

Recommended by the Procedures Committee (Report No. 1, page 121) and adopted by the Board of Governors at Session No. 1, September 24, 1956. The recommendations of the Executive Board may be found on page 117.

Recommended by the Committee on Finance and Organization (page 130) and adopted by the Board of Governors at Session No. 5, September 27, 1956.

Fund Document No. 2 and Appendix IX of the Eleventh Annual Report.

Appendix VIII (ii) of the Eleventh Annual Report and Committee on Finance and Organization Document No. 1.

Page 118.

Recommended by the Committee on Finance and Organization (page 130) and adopted by the Board of Governors at Session No. 5, September 27, 1956.

Page 120.

Recommended by the Procedures Committee (Report No. 2, page 128) and adopted by the Board of Governors at Session No. 6, September 28,1956.

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