Abstract

On October 18, 1956, the Fund received from the Government of Israel a request for an increase in its quota in the Fund from $4.5 million to $18 million. The Executive Board resolved on January 9, 1957, that action on the request should not be postponed until the next regular meeting of the Board of Governors.

Resolution No. 12-1—Increase in Quota for Israel

On October 18, 1956, the Fund received from the Government of Israel a request for an increase in its quota in the Fund from $4.5 million to $18 million. The Executive Board resolved on January 9, 1957, that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on January 18, 1957, for a vote without meeting:

RESOLVED:

That the quota of Israel shall be changed to $7.5 million, provided that Israel consents to the change on or before April 24, 1957. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Israel. The change shall become effective on the date the Fund receives notice in writing that Israel 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 Israel was approved by the Board of Governors on February 18, 1957. The written notice that Israel consented to the increase was received by the Fund on March 6, 1957, at which date the new quota became effective.

Resolution No. 12-2—Membership for Ghana

Under date of August 8, 1956, the Government of the Gold Coast applied for membership in the Fund. The Executive Board resolved on February 27, 1957, 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 7, 1957, for a vote without meeting:

WHEREAS, the Government of the Gold Coast on August 8, 1956, 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, on March 6, 1957, the Gold Coast attained constitutional independence, changing its name to Ghana; 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 Ghana 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 Ghana 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 Ghana shall be $15,000,000.

  • 3. Subscription: The subscription of Ghana 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 Ghana.

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

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

    • (a) Ghana 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) Ghana 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: Ghana may accept membership in the Fund pursuant to this Resolution until October 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 April 4, 1957.

The Articles of Agreement were signed by The Honorable K. A. Gbedemah, Minister of Finance of Ghana, on behalf of the Government of Ghana on September 20, 1957.

Resolution No. 12-3—Increase in Quota for Haiti

On March 8, 1957, the Fund received from the Government of Haiti a request for an increase in its quota in the Fund from $2 million. The Executive Board resolved on March 27, 1957, that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 29, 1957, for a vote without meeting:

RESOLVED:

That the quota of Haiti shall be changed to $7.5 million, provided that Haiti consents to the change on or before June 20,1957. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Haiti. The change shall become effective on the date the Fund receives notice in writing that Haiti 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 Haiti was approved by the Board of Governors on April 18, 1957. The written notice that Haiti consented to the increase was received by the Fund on May 2, 1957, at which date the new quota became effective.

Resolution No. 12-4—Membership for Saudi Arabia

Under date of February 12, 1957, the Government of Saudi Arabia applied for membership in the Fund. The Executive Board resolved on April 24, 1957, 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 24, 1957, for a vote without meeting:

WHEREAS, the Government of Saudi Arabia on February 12, 1957, 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 Saudi Arabia 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 Saudi Arabia 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 Saudi Arabia shall be $10,000,000.

  • 3. Subscription: The subscription of Saudi Arabia 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 Saudi Arabia.

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

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

    • (a) Saudi Arabia 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) Saudi Arabia 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: Saudi Arabia may accept membership in the Fund pursuant to this Resolution until November 29, 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 May 24, 1957.

The Articles of Agreement were signed by His Excellency Sheikh Abdullah Al-Khayyal, Ambassador of Saudi Arabia to the United States of America, on behalf of the Government of Saudi Arabia on August 26, 1957.

Resolution No. 12-5—Membership for Ireland

Under date of April 23, 1957, the Government of Ireland applied for membership in the Fund. The Executive Board resolved on June 5, 1957, 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 6, 1957, for a vote without meeting:

WHEREAS, the Government of Ireland on April 23, 1957, 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 Ireland 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 Ireland shall be admitted to membership in the Fund shall be as follows:

  • 1. Definition: 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 Ireland shall be US$30 million.

  • 3. Subscription: The subscription of Ireland shall be equal to its quota, and not less than 15 per cent of the subscription shall be paid in gold and the balance in the currency of Ireland.

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

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

    • (a) Ireland 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) Ireland 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: Ireland may accept membership in the Fund pursuant to this Resolution until December 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.

The Board of Governors adopted the foregoing Resolution, effective July 5, 1957.

The Articles of Agreement were signed by His Excellency John Joseph Hearne, Ambassador of Ireland to the United States, on behalf of the Government of Ireland on August 8, 1957.

Resolution No. 12-6—Increase in Quota for Paraguay

On June 5, 1957, the Fund received from the Government of Paraguay a request for an increase in its quota in the Fund from $3.5 million. The Executive Board resolved on June 28, 1957, that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 29, 1957, for a vote without meeting:

RESOLVED:

That the quota of Paraguay shall be changed to $7.5 million, provided that Paraguay consents to the change on or before September 30, 1957. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Paraguay. The change shall become effective on the date the Fund receives notice in writing that Paraguay 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 Paraguay was approved by the Board of Governors on July 24, 1957. The written notice that Paraguay consented to the increase was received by the Fund on July 24, 1957, at which date the new quota became effective.

Resolution No. 12-7—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, 1957, the Financial Statements contained therein,2 and the Administrative Budget for the Fiscal Year ending April 30, 1958,3 as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 12-8—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 E-l, I-2, and I-4(f) of the Rules and Regulations4 adopted by the Executive Board since the Eleventh Annual Meeting and has no changes to suggest.

Resolution No. 12-9—Membership for the United Kindgom of Libya1

WHEREAS, the Government of the United Kingdom of Libya on February 6, 1957, 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 United Kingdom of Libya 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 United Kingdom of Libya 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 United Kingdom of Libya shall be $3,000,000.

  • 3. Subscription: The subscription of the United Kingdom of Libya 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 United Kingdom of Libya.

  • 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 United Kingdom of Libya. In case the United Kingdom of Libya 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 United Kingdom of Libya has been agreed in accordance with paragraph 5 below.

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

    • (a) The United Kingdom of Libya 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 United Kingdom of Libya 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 United Kingdom of Libya may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 12-10—Membership for the Federation of Malaya1

WHEREAS, the Government of the Federation of Malaya on May 29, 1957, 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 Federation of Malaya to membership in the Fund;

NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors,1 hereby resolves that the terms and conditions upon which the Federation of Malaya 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 Federation of Malaya shall be $25 million.

  • 3. Subscription: The subscription of the Federation of Malaya 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 Federation of Malaya.

  • 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 Federation of Malaya. In case the Federation of Malaya 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 Federation of Malaya has been agreed in accordance with paragraph 5 below.

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

    • (a) The Federation of Malaya 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 Federation of Malaya 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 Federation of Malaya may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 12-11—Membership for Tunisia1

WHEREAS, the Government of Tunisia on November 27, 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 Tunisia to membership in the Fund;

NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors,1 hereby resolves that the terms and conditions upon which Tunisia 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 Tunisia shall be $12,000,000.

  • 3. Subscription: The subscription of Tunisia 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 Tunisia.

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

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

    • (a) Tunisia 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) Tunisia 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: Tunisia may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 12-12—Membership for Morocco1

WHEREAS, the Government of Morocco on March 26, 1957, 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 Morocco 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 Morocco 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 Morocco shall be $35 million.

  • 3. Subscription: The subscription of Morocco 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 Morocco.

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

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

    • (a) Morocco 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) Morocco 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: Morocco may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 12-13—Increase in the Quota of El Salvador1

RESOLVED:

That the quota of El Salvador shall be changed to US$7.5 million, provided that El Salvador consents to the change on or before November 26, 1957. 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 at the time the Fund receives notice in writing that El Salvador 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 written notice that El Salvador consented to the increase was received by the Fund on October 23, 1957, at which date the new quota became effective.

Resolution No. 12-14—Increase in the Quota of Honduras1

RESOLVED:

That the quota of Honduras shall be changed to US$7.5 million, provided that Honduras consents to the change on or before November 26, 1957. 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 at the time the Fund receives notice in writing that Honduras 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 written notice that Honduras consented to the increase was received by the Fund on September 30, 1957, at which date the new quota became effective.

Resolution No. 12-15—Place and Date of Thirteenth Annual Meeting1

RESOLVED:

That the Chairman shall convene the Thirteenth Annual Meeting of the Board of Governors of the International Monetary Fund in New Delhi, India, preferably late in September or early in October 1958.

Resolution No. 12-16—Officers of Board of Governors1

RESOLVED:

That the Governor for Belgium is hereby elected Chairman and the Governors for the United States, the United Kingdom, China, France and India 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. 12-17—Composition of Joint Procedures Committee1

RESOLVED:

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

Afghanistan, Argentina, Belgium, China, France, Greece, Haiti, Honduras, Iceland, India, Indonesia, Iran, Israel, Thailand, the United Kingdom and the United States.

The Chairman, Vice-Chairman and Reporting Member shall be the Governors for Belgium, Honduras and Thailand, respectively.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957.

2

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

3

Appendix VIII (i) and (ii) of the Twelfth Annual Report and Fund Document No. 4.

4

Page 93.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957.

2

Page 96.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957.

1

Page 97.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957.

1

Page 98.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957.

2

Page 99.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957. The recommendations of the Executive Board may be found on page 100.

1

Recommended by the Joint Procedures Committee (Report No. II, page 107) and adopted by the Board of Governors at Fund Session No. 1, September 24, 1957. The recommendations of the Executive Board may be found on page 101.

1

Recommended by the Joint Procedures Committee (Report No. IV, page 110) and adopted by the Board of Governors at Joint Session No. 2, September 26, 1957.