Abstract

July 10, 1957

Report No. I—Amendments to the Rules and Regulations

July 10, 1957

Dear Mr. Chairman:

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

On December 21, 1956, Rules I-2 and I-4(f) were amended to extend until December 31, 1957, the then prevailing service charge on transactions and charges on the Fund’s holdings of member currencies in excess of quotas.

On November 29, 1956, Rule E-l was amended to provide for greater flexibility in the location of the Fund’s gold held with designated depositories.

These Rules as last amended are set forth in Annex I. A proposed Resolution for consideration by the Board of Governors is attached as Annex II.1

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

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Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No. II, page 107) and approved at Fund Session No. 1, September 24, 1957.

Annex I—Amendments to the Rules and Regulations Since the Eleventh Annual Meeting

Rule E-1. Text as amended on November 29, 1956 (The part affected by the amendment is shown in brackets.):

Gold depositories of the Fund shall be established in the United States, United Kingdom, France, and India [New York, London, Shanghai, Paris, and Bombay], The gold of the Fund shall be held with the depositories designated by the members in whose territories they are located [end of sentence in former text] at places agreed with the Fund. A member may pay its gold subscription to the Fund at one or more of the specified gold depositories within the terms of Article XIII, Section 2.

[Former text adopted September 25,1946, amended November 29, 1956]

Rule I-2. Text as amended on December 21, 1956 (The part affected by the amendment is shown in brackets.):

The service charge payable by a member buying the currency of another member in exchange for its own currency shall be paid at the time the transaction is consummated. The service charge payable for such transactions taking place from December 1, 1951 through [December 31, 1956] December 31, 1957, shall be ½ of 1 per cent.

[Former text adopted September 25,1946, amended November 19, 1951, November 14, 1952, June 26, 1953, October 14, 1953, December 23, 1953, December 15, 1954, December 27, 1955, May 23, 1956, and December 21, 1956]

Rule I-4(f). Text as amended on December 21, 1956 (The part affected by the amendment is shown in brackets.):

With respect to each segment of the holdings of a member’s currency to the extent that it represents the acquisition of that currency by the Fund from January 1, 1954 through [December 31, 1956] December 31, 1957:

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

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

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

[Former text adopted December 23,1953, amended December 15, 1954, December 27,1955, May 23,1956, and December 21,1956]

Report No. II—Membership for the United Kingdom of Libya

August 14, 1957

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Board a proposed resolution,1 which is recommended for adoption by the Board of Governors, on the admission of the United Kingdom of Libya to membership in the Fund.

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Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No, II, page 107) and approved at Fund Session No, 1, September 24, 1957.

Report No. III—Membership for the Federation of Malaya

September 18, 1957

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Board a proposed resolution,1 which is recommended for adoption by the Board of Governors, on the admission of the Federation of Malaya to membership in the Fund.

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The Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No, II, page 107) and approved at Fund Session No, 1, September 24, 1957.

Report No. IV—Membership for Tunisia

August 14, 1957

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Board a proposed resolution,1 which is recommended for adoption by the Board of Governors, on the admission of Tunisia to membership in the Fund.

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Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No. II, page 107) and approved at Fund Session No. 1, September 24,1957.

Report No. V—Membership for Morocco

September 23, 1957

Dear Mr. Chairman:

I am transmitting herewith on behalf of the Executive Board a proposed resolution,1 which is recommended for adoption by the Board of Governors, on the admission of Morocco to membership in the Fund.

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Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No. II, page 107) and approved at Fund Session No. 1, September 24, 1957.

Report No. VI—Increase in the Quota of El Salvador

September 19, 1957

Dear Mr. Chairman:

On behalf of the Executive Board, I submit herewith a resolution1 on an increase in the quota of El Salvador for adoption by the Board of Governors.

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Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No. II, page 107) and approved at Fund Session No. 1, September 24, 1957.

Report No. VII—Increase in the Quota of Honduras

September 19, 1957

Dear Mr. Chairman:

On behalf of the Executive Board, I submit herewith a resolution1 on an increase in the quota of Honduras for adoption by the Board of Governors.

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Chairman of the Board of Governors

Twelfth Annual Meeting

International Monetary Fund

Recommended for approval by the Joint Procedures Committee (Report No. II, page 107) and approved at Fund Session No. 1, September 24,1957.

1

Resolution No. 12-8, page 123.

1

Resolution No. 12-9, page 124.

1

Resolution No. 12-10, page 126.

1

Resolution No. 12-11, page 129.

1

Resolution No. 12-12, page 132.

1

Resolution No. 12-13, page 134.

1

Resolution No. 12-14, page 135.