Abstract

The Executive Board resolved on October 3,1962 that action on the amendment should not be postponed until the next regular meeting of the Board of Governors.

Resolution No. 18-1. Amendment of Section 14(e) of the By-Laws

The Executive Board resolved on October 3,1962 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 October 8, 1962 for a vote without meeting:

Resolved:

Effective September 1, 1962, the figure of $20,000 in Section 14(e) of the By-Laws shall be changed to $25,000 and the figure $17,000 shall be changed to $20,000.

The Board of Governors adopted the foregoing Resolution, effective November 7, 1962.

Resolution No. 18-2. Amendment of Membership Resolutions

The Executive Board resolved on March 8, 1963 that action on the amendment of membership resolutions 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 13, 1963 for a vote without meeting:

Resolved:

1. That the respective paragraphs 6, Exchange Transactions with the Fund, in the Resolutions No. 9-6 (Korea), No. 11-1 (Viet-Nam), No. 12-11 (Tunisia), No. 14-8 (Laos), No. 15-9 (Nepal), No. 15-10 (Nigeria), No. 16-8 (Liberia), No. 16-10 (Sierra Leone), No. 16-11 (Togo), No. 17-1 (Somalia), No. 17-3 (Kuwait), No. 17-4 (Tanganyika), No. 17-10 (Cameroon), No. 17-11 (Central African Republic), No. 17-12 (Chad), No. 17-13 (Congo [Brazzaville]), No. 17-14 (Gabon), No. 17-15 (Guinea), No. 17-16 (Ivory Coast), No. 17-17 (Jamaica), No. 17-18 (Niger), No. 17-19 (Upper Volta), and No. 17-20 (Dahomey) are amended to read as appropriate in each case: 1

“6. Exchange Transactions with the Fund:

[Member] may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.”

2. That paragraphs (3) and (5) of Resolution No. 3-4 (Siam [Thailand]),2 as amended by Resolution No. 8-5,2 are amended to read:

“(3) That the portion of the subscription to be paid in gold shall be paid on or before the date on which the Articles of Agreement shall have been signed on behalf of Siam, and 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 Siam has been agreed in accordance with (4) below;”

“(5) That Siam may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with (4) above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before such day the Executive Directors are authorized to permit exchange transactions with Siam on the same terms and conditions as those prescribed by Article XX, Section 4(d) (ii) of the Articles of Agreement;”

3. That paragraph 6 of Resolution No. 7-9 (Indonesia),3 as amended by Resolution No. 8-4,3 be amended to read as follows:

“6. Exchange Transactions with the Fund:

The Republic of Indonesia may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before such day the Executive Directors are authorized to permit exchange transactions with the Republic of Indonesia on the same terms and conditions as those prescribed by Article XX, Section 4(d) (ii) of the Articles of Agreement.”

4. That paragraph 7 of Resolution No. 16-9 (Senegal)4 is amended to read:

“7. Exchange Transactions with the Fund:

Senegal may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 6 above and put into operation and (b) its subscription in respect of the quota in effect at that time has been paid in full.”

The Board of Governors adopted the foregoing Resolution, effective April 12, 1963.

Resolution No. 18-3. Membership for the Republic of Mali

On May 11, 1962, the Government of the Republic of Mali applied for membership in the Fund. The Executive Board resolved on March 8, 1963 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 March 14,1963 for a vote without meeting:

Whereas, the Government of the Republic of Mali on May 11, 1962, 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 Mali 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 Mali 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 Mali shall be US$13 million.

  • 3. Subscription: The subscription of Mali shall be equal to its quota. Mali shall pay the amount of US$1.3 million in gold, but if Mali’s allocated share of the assets and liabilities of the Banque Centrale des Etats de l’Afrique de l’Ouest has been transferred to it prior to the date that Mali makes the representation that it has taken all action necessary to adhere to the Articles of Agreement, it shall pay in gold as a mimimum, the lesser of (1) 25 per cent of its quota, or (2) 10 per cent of its net official holdings of gold and convertible currencies on such date. The balance of the subscription shall be paid in the currency of Mali.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Mali 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, Mali 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 Mali 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, Mali 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: Mali may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Mali 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) Mali 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: Mali 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 April 15, 1963.

The Articles of Agreement were signed by His Excellency Oumar Sow, Ambassador of the Republic of Mali to the United States of America, on behalf of the Government of the Republic of Mali, on September 27, 1963.

Resolution No. 18-4. Membership for the Kingdom of Burundi

On July 18, 1962, the Government of the Kingdom of Burundi applied for membership in the Fund. The Executive Board resolved on March 25, 1963 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 March 27,1963 for a vote without meeting:

Whereas, the Government of the Kingdom of Burundi on July 18, 1962, 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 Burundi 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 Burundi 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 Burundi shall be US$11.25 million.

  • 3. Subscription: The subscription of Burundi shall be equal to its quota. Burundi shall pay in gold, as a minimum, the lesser of 25 per cent of its quota or an amount equal to 5 per cent of the combined net gold and convertible currency holdings of Burundi and Rwanda as of the date Burundi makes the representations to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of Burundi.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Burundi 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, Burundi 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 Burundi 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, Burundi 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: Burundi may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Burundi 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) Burundi 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: Burundi 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 April 26, 1963.

The Articles of Agreement were signed by Mr. M. Nyangoma G., Chargé d’Affaires ad interim of the Kingdom of Burundi at the United Nations, on behalf of the Government of the Kingdom of Burundi, on September 28,1963.

Resolution No. 18-5. Membership for the Republic of Rwanda

On July 16, 1962, the Government of the Republic of Rwanda applied for membership in the Fund. The Executive Board resolved on March 25, 1963 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 March 27,1963 for a vote without meeting:

Whereas, the Government of the Republic of Rwanda on July 16, 1962, 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 Rwanda 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 Rwanda 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 Rwanda shall be US$11.25 million.

  • 3. Subscription: The subscription of Rwanda shall be equal to its quota. Rwanda shall pay in gold, as a minimum, the lesser of 25 per cent of its quota or an amount equal to 5 per cent of the combined net gold and convertible currency holdings of Rwanda and Burundi as of the date Rwanda makes the representations to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of Rwanda.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Rwanda 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, Rwanda 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 Rwanda 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, Rwanda 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: Rwanda may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Rwanda 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) Rwanda 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: Rwanda 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 April 26,1963.

The Articles of Agreement were signed by His Excellency Lazare Mpakaniye, Ambassador of the Republic of Rwanda to the United States of America, on behalf of the Government of the Republic of Rwanda, on September 30, 1963.

Resolution No. 18-6. Membership for the Islamic Republic of Mauritania

On October 15, 1962, the Government of the Islamic Republic of Mauritania applied for membership in the Fund. The Executive Board resolved on April 24, 1963 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 30, 1963 for a vote without meeting:

Whereas, the Government of the Islamic Republic of Mauritania on October 15, 1962, 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 Mauritania 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 Mauritania 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 Mauritania shall be $7.5 million.

  • 3. Subscription: The subscription of Mauritania shall be equal to its quota and not less than $750,000 of the subscription shall be paid in gold. The balance of the subscription shall be paid in the currency of Mauritania.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Mauritania 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, Mauritania 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 Mauritania 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, Mauritania 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: Mauritania may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Mauritania 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) Mauritania 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: Mauritania 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 May 31, 1963.

The Articles of Agreement were signed by Mr. Mohamed Nassim Kochman, Charge d’Affaires ad interim of Mauritania in Washington, on behalf of the Government of Mauritania, on September 10, 1963.

Resolution No. 18-7. Amendment of Resolution No. 17-51 on the Election of an Additional Executive Director

The Executive Board resolved on May 29, 1963 that action on the following amendment should be recommended to the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 3, 1963 for a vote without meeting:

Resolved:

The Executive Directors hereby recommend to the Board of Governors that Resolution No. 17-5 be amended by deleting from the text of the Resolution the number “90” and substituting therefor the number “165” and by deleting the sentence which reads “In exceptional circumstances the Executive Directors may extend this period to 120 days.”

The Board of Governors adopted the foregoing Resolution, effective June 20,1963.

The election of an additional (19th) Executive Director under Resolution No. 17-5, as amended above, took place on October 3, 1963.

Resolution No. 18-8. Membership for Trinidad and Tobago

On September 4,1962, the Government of Trinidad and Tobago applied for membership in the Fund. The Executive Board resolved on June 14, 1963 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 14, 1963 for a vote without meeting:

Whereas, the Government of Trinidad and Tobago on September 4, 1962, 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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago shall be $20.0 million.

  • 3. Subscription: The subscription of Trinidad and Tobago shall be equal to its quota and not less than $540,000 of the subscription shall be paid in gold and the balance in the currency of Trinidad and Tobago.

  • 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 Trinidad and Tobago. In case Trinidad and Tobago 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 Trinidad and Tobago has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Trinidad and Tobago 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, Trinidad and Tobago 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 Trinidad and Tobago 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, Trinidad and Tobago 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: Trinidad and Tobago may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Trinidad and Tobago 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) Trinidad and Tobago 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: Trinidad and Tobago 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 15, 1963.

The Articles of Agreement were signed by His Excellency Sir Ellis Clarke, Ambassador of Trinidad and Tobago to the United States of America, on behalf of the Government of Trinidad and Tobago, on September 16, 1963.

Resolution No. 18-9. Place and Date of the 1964 Annual Meeting

The Executive Board resolved on July 5,1963 that action on the place of the 1964 Annual Meeting 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 5, 1963 for a vote without meeting:

Resolved:

That the 1964 Annual Meeting shall be convened in Tokyo, Japan, in September 1964.

The Board of Governors adopted the foregoing Resolution, effective July 31, 1963.

Resolution No. 18-10. Membership for the Democratic and Popular Republic of Algeria

On October 26, 1962, the Government of the Democratic and Popular Republic of Algeria applied for membership in the Fund. The Executive Board resolved on July 19, 1963 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 22, 1963 for a vote without meeting:

Whereas, the Government of the Democratic and Popular Republic of Algeria on October 26, 1962, 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 Algeria 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 Algeria 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 Algeria shall be US$60 million.

  • 3. Subscription: The subscription of Algeria shall be equal to its quota. Algeria shall pay in gold, as a minimum, the smaller of (i) 25 per cent of its quota; or (ii) 10 per cent of its net official holdings of gold and convertible currencies as of the date Algeria makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of Algeria.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Algeria 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, Algeria 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 Algeria 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, Algeria 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: Algeria may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Algeria 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) Algeria 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: Algeria 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 August 20, 1963.

The Articles of Agreement were signed by His Excellency Cherif Guellal, Ambassador of Algeria to the United States of America, on behalf of the Government of Algeria, on September 26, 1963.

Resolution No. 18-11. Membership for the Malagasy Republic

On August 1, 1962, the Government of the Malagasy Republic applied for membership in the Fund. The Executive Board resolved on July 19,1963 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 22, 1963 for a vote without meeting:

Whereas, the Government of the Malagasy Republic on August 1, 1962, 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 Malagasy 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 Malagasy 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 Malagasy Republic shall be US$15 million.

  • 3. Subscription: The subscription of the Malagasy Republic shall be equal to its quota. The Malagasy Republic shall pay in gold, as a minimum, the smaller of (i) 25 per cent of its quota; or (ii) 10 per cent of its net official holdings of gold and convertible currencies as of the date the Malagasy Republic makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of the Malagasy 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 Malagasy Republic. In case the Malagasy 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 Malagasy Republic has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, the Malagasy 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 Malagasy 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 Malagasy 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 Malagasy 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 Malagasy Republic may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) The Malagasy 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 Malagasy 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 Malagasy Republic 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 August 20, 1963.

The Articles of Agreement were signed by His Excellency Louis Rakotomalala, Ambassador of the Malagasy Republic to the United States of America, on behalf of the Government of the Malagasy Republic, on September 25,1963.

Resolution No. 18-12. Membership for the Republic of Congo (Leopoldville)

On July 15, 1960, the Government of the Republic of Congo {Leopoldville) applied for membership in the Fund. The Executive Board resolved on August 12, 1963 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 August 16, 1963 for a vote without meeting:

Whereas, the Government of the Republic of the Congo (Leopoldville) on July 15, 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 the Congo 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 Congo 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 Congo shall be US$45 million.

  • 3. Subscription: The subscription of the Congo shall be equal to its quota. The Congo shall pay in gold, as a minimum, the smaller of (i) 25 per cent of its quota; or (ii) 10 per cent of its net official holdings of gold and convertible currencies as of the date the Congo makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of the Congo.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, the Congo 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 Congo 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 Congo 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 Congo 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 Congo may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) The Congo 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 Congo 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 Congo 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 September 11, 1963.

The Articles of Agreement were signed by Mr. Joseph Pongo, Acting Chargé d’Affaires ad interim of the Republic of Congo (Leopoldville) in Washington, on behalf of the Government of the Republic of Congo (Leopoldville), on September 28, 1963.

Resolution No. 18-13. Membership for Uganda

On September 15, 1962, the Government of Uganda applied for membership in the Fund. The Executive Board resolved on August 16, 1963 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 August 16,1963 for a vote without meeting:

Whereas, the Government of Uganda on September 15, 1962, 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 Uganda 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 Uganda 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 Uganda shall be US$25 million.

  • 3. Subscription: The subscription of Uganda shall be equal to its quota. Uganda shall pay in gold, as a minimum, the lesser of (1) 25 per cent of its quota, or (2) the sum of (a) 10 per cent of the net official holdings of gold and convertible currency of Uganda as at the date that Uganda makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, (b) 10 per cent of the gold and convertible currency holdings of the East African Currency Board earmarked for Uganda as of that date, and (c) 2.81 per cent of the gold and convertible currency holdings of the East African Currency Board (excluding those earmarked for constituent countries) as of that date. The balance of the subscription shall be paid in the currency of Uganda.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Uganda 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, Uganda 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 Uganda 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, Uganda 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: Uganda may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

    • (a) Uganda 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) Uganda 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: Uganda 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 September 11, 1963.

The Articles of Agreement were signed by His Excellency Apollo Kadumukasa Kironde, Ambassador and Permanent Representative of Uganda to the United Nations, on behalf of the Government of Uganda, on September 27, 1963.

Resolution No. 18-141. Per Jacobsson

The Boards of Governors wish to record their sense of the profound loss suffered by the international financial community as a consequence of the death, on May 5, 1963, of Per Jacobsson, the former Managing Director of the International Monetary Fund. For over forty years, he served the world selflessly and wholeheartedly with all of his great resources of intellectual strength, courage, enthusiasm, and statesmanship. Under his leadership the Fund became better equipped than ever to realize the great ideals for which it was formed. His friendship, humanity and charm enriched the lives and experience of all who came in contact with him. He will be remembered with admiration and affection by all who knew him.

Resolution No. 18-151. 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, 1963, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30,1964, as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 18-161. General Reserve

Resolved:

The Board of Governors approves the allocation to the General Reserve of $21,474,712.96, the net income for the fiscal year ended April 30, 1963.

Resolution No. 18-171. Amendments of the 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 I-2, I-4 (f), and I-4 (g) of the Rules and Regulations adopted by the Executive Board since the 1962 Annual Meeting and has no changes to suggest.

Resolution No. 18-181. Membership for Kenya

Whereas, the Government of Kenya on July 29, 1963, 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 Kenya will attain constitutional independence in December 1963; 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 Kenya to membership to 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 Kenya shall be admitted to membership in the Fund upon attainment of constitutional independence 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 Kenya shall be US$25 million.

  • 3. Subscription: The subscription of Kenya shall be equal to its quota. Kenya shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota; or (ii) the sum of (a) 10 per cent of the net official holdings of gold and convertible currency of Kenya as at the date that Kenya makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement, (b) 10 per cent of the gold and convertible currency holdings of the East African Currency Board earmarked for Kenya as of that date, and (c) 2.81 per cent of the gold and convertible currency holdings of the East African Currency Board (excluding those earmarked for constituent countries) as of that date. The balance of the subscription shall be paid in the currency of Kenya.

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

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Kenya 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, Kenya 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 Kenya 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, Kenya 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: Kenya may not engage in exchange transactions with the Fund until both (a)the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full.

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

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

  • 9. Period for Acceptance of Membership: Kenya 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, 1964; 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. 18-191. Increase in the Quota of El Salvador

Resolved:

That the quota of El Salvador shall be changed to $20 million, provided that El Salvador consents to the change on or before March 31,1964, 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 El Salvador. The change shall become effective on the date the Fund receives notice in writing that El Salvador 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.

Resolution No. 18-202. Increase in the Quota of Honduras

Resolved:

That the quota of Honduras shall be changed to $15 million, provided that Honduras consents to the change on or before March 31,1964, 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 Honduras. The change shall become effective on the date the Fund receives notice in writing that Honduras 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.

Resolution No. 18-211. Increase in the Quota of the Syrian Arab Republic

Resolved:

That the quota of the Syrian Arab Republic shall be changed to $25 million, provided that the Syrian Arab Republic consents to the change on or before March 31, 1964, 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 the Syrian Arab Republic. The change shall become effective on the date the Fund receives notice in writing that the Syrian Arab Republic 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.

1

The Resolutions have been published in Summary Proceedings as follows: Resolution 9-6 in Summary Proceedings, 1954, pp. 110-12; Resolution 11-1, 1956, pp. 133-36; Resolution 12-11, 1957, pp. 129-32; Resolution 14-8, 1959, pp. 164-66; Resolutions 15-9, 15-10, 1960, pp. 163-68; Resolutions 16-8, 16-10, 16-11, 1961, pp. 196-99, 203-08; Resolutions 17-1, 17-3, 17-4, 17-10 through 17-20, 1962, pp. 218-21, 222-28, 230-60.

2

Ibid., 1948, pp. 46-48; 1953, p. 97.

3

Ibid., 1952, pp. 171-74; 1953, pp. 96-97.

4

Ibid., 1961, pp. 199-202.

1

Summary Proceedings, 1962, p. 228.

1

Adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA, in Joint Session, September 30, 1963.

1

Adopted by the Board of Governors on September 30, 1963.

1

Adopted by the Board of Governors on September 30, 1963.

1

Adopted by the Board of Governors on September 30, 1963. The written notice that El Salvador consented to the increase was received by the Fund on November 18, 1963, on which date the new quota became effective.

2

Adopted by the Board of Governors on September 30, 1963. The written notice that Honduras consented to the increase was received by the Fund on October 10, 1963, on which date the new quota became effective.

1

Adopted by the Board of Governors on September 30, 1963.