Resolution No. 1. Membership for Liberia1
Under date of June 7, 1948, the Republic of Liberia applied for membership in the Fund. The Executive Board resolved on October 6, 1948, 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 October 8, 1948, for a vote without meeting:
RESOLVED:
(1) That the Board of Governors hereby approves the admission of Liberia to membership in the International Monetary Fund under Article II, Section 2, of the Articles of Agreement on the following terms and conditions:
(2) That the quota of Liberia shall be $500,000;
(3) That its subscription shall be equal to its quota, and that not less than 25 per cent of the subscription shall be paid in gold and the balance in the currency of Liberia;
(4) 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 Liberia;
(5) That within thirty days after the Fund so requests, Liberia shall communicate to the Fund the par value of its currency based on the rates of exchange prevailing on the date Liberia becomes a member of the Fund, and within sixty days following the Fund’s receipt of the communicated par value Liberia and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of sixty days, and that Liberia shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires;
(6) That Liberia 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 (5) above and its subscription shall be paid in full before such thirtieth day;
(7) That Liberia shall become a member of the Fund subject to the terms and conditions set forth in this resolution as from the date when Liberia has complied with both of the following requirements:
a. Liberia 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 of Agreement 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 of Agreement and this resolution; and
b. Liberia shall sign the original copy of the Articles of Agreement held in the Archives of the Government of the United States of America.
(8) That Liberia may accept membership in the Fund pursuant to this resolution until March 31, 1949, provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which Liberia may accept membership pursuant to this resolution, the Executive Directors may extend such period until such later date as they may determine, but in no event beyond October 1, 1949.
The Board of Governors adopted the foregoing resolution and, in accordance therewith, the Chairman of the Executive Board on November 1, 1948, extended a formal invitation to the Republic of Liberia to become a member of the International Monetary Fund.
At the request of Liberia, the Executive Directors on March 21, 1949, extended the period in which Liberia might accept membership in the Fund until October 1, 1949.
Resolution No. 2. Report on Audit for the Fiscal Year ended April 30, 1949 and Administrative Budget for the Fiscal Year ending April 30, 19501
RESOLVED:
That the Board of Governors of the Fund considers the Report on Audit for the fiscal year ended April 30, 1949, the Financial Statements contained therein and the Administrative Budget for the fiscal year ending April 30, 1950, as fulfilling the requirements of Article XII, Section 7, of the Articles of Agreement and Section 20 of the By-Laws.
Resolution No. 3. Rules and Regulations 2
RESOLVED:
That the Board of Governors of the Fund hereby notifies the Executive Directors that it has reviewed the following amendment to the Rules and Regulations adopted by the Executive Directors since the Third Annual Meeting and has no modifications to suggest:
Section C-5.
“In the absence of the Managing Director, the Deputy Managing Director shall act as Chairman and shall have a deciding vote in case of an equal division. In the absence of both the Managing Director and the Deputy Managing Director, the Executive Director selected by the Executive Board shall act as Chairman. An Executive Director shall retain his right to vote when serving as Acting Chairman.”
Resolution No. 4. Membership for Haiti1
WHEREAS, the Government of the Republic of Haiti has 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 Board has consulted with representatives of that Government and has agreed upon the terms and conditions which, in the opinion of the Executive Board, the Board of Governors might wish to prescribe;
NOW THEREFORE, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the Government of the Republic of Haiti shall be admitted to membership in the International Monetary Fund under Article II, Section 2, of the Articles of Agreement on the following terms and conditions:
(1) That the quota of Haiti shall be $2,000,000;
(2) That its subscription shall be equal to its quota, and that not less than 25 per cent of the subscription shall be paid in gold and the balance in the currency of Haiti;
(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 Haiti;
(4) That within thirty days after the Fund so requests, Haiti shall communicate to the Fund the par value of its currency based on the rates of exchange prevailing on the date Haiti becomes a member of the Fund, and within sixty days following the Fund’s receipt of the communicated par value Haiti and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of sixty days, and that Haiti shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires;
(5) That Haiti 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 (4) above and its subscription shall be paid in full before such thirtieth day;
(6) That Haiti shall become a member of the Fund subject to the terms and conditions set forth in this resolution as from the date when Haiti has complied with both of the following requirements:
a. Haiti 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 of Agreement 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 of Agreement and this resolution; and
b. Haiti shall sign the original copy of the Articles of Agreement held in the Archives of the Government of the United States of America.
(7) That Haiti may accept membership in the Fund pursuant to this resolution until March 31, 1950, provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which Haiti may accept membership pursuant to this resolution, the Executive Directors may extend such period until such later date as they may determine, but in no event beyond September 30, 1950.
Resolution No. 5. Extension of Time for Liberia’s Acceptance of Membership1
RESOLVED:
That the period in which the Republic of Liberia may accept membership in the Fund upon the terms and conditions set forth in Resolution No. 4-1 of the Board of Governors shall be extended until March 31, 1950, provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant the extension of the period during which Liberia may accept membership, the Executive Directors may extend such period until such later date as they may determine, but in no event beyond October 1, 1950.
Resolution No. 6. Proposal of Union of South Africa Concerning Gold Sales at Premium Prices2
WHEREAS, the Governor for the Union of South Africa has proposed the attached resolution ;3
WHEREAS, the Committee has considered the resolution of the Governor for South Africa and has explored the related problems of the gold-producing countries; and
WHEREAS, the resolution proposes a basic modification of the policy respecting sales of gold at premium prices which has been adopted by the International Monetary Fund and may involve questions of interpretation of several provisions of the Articles of Agreement; and
WHEREAS, the considerations which are raised are so complex and important as to require extensive study;
BE IT RESOLVED, that the said resolution of the Governor for the Union of South Africa be referred to the Executive Directors of the Fund for study of all relevant considerations and report to the Board of Governors.
Resolution No. 7. Site and Date of Fifth Annual Meeting1
RESOLVED:
That the Chairman shall convene the Fifth Annual Meeting of the Board of Governors of the International Monetary Fund in Paris in the month of September, 1950.
Resolution No. 8. Election of Officers of the Board of Governors for Ensuing Year2
RESOLVED:
That the Governor for India is hereby elected Chairman, and the Governors for China, France, United Kingdom and United States are hereby elected Vice-Chairmen of the Board of Governors of the International Monetary Fund, to hold their respective offices until the election of officers of the International Monetary Fund takes place at the close of the next annual meeting.
Resolution No. 9. Establishment and Composition of the Procedures Committee for Ensuing Year1
RESOLVED:
That a Procedures Committee be hereby established, to be available after the termination of this meeting, and until the election of officers of the International Monetary Fund takes place at the next annual meeting, for consultation at the discretion of the Chairman, normally by correspondence, and also if occasion requires by convening immediately before the annual meeting of the Board. The Procedures Committee shall consist of the Governors for the following members:
Brazil, Canada, China, Colombia, Czechoslovakia, Egypt, France, India, Mexico, Netherlands, United Kingdom, United States.
The Chairman, Vice-Chairman and Reporting Member shall be the Governors for India, Canada and Netherlands, respectively.
A further Resolution relating to Membership for Liberia was adopted by the Board of Governors at Session No. 4, September 16, 1949 (Resolution No. 5) and is reproduced on page 46.
Recommended by Committee on Organization and Administration and adopted by the Board of Governors at Session No. 4, September 16, 1949.
Recommended by Committee on Organization and Administration and adopted by the Board of Governors at Session No. 4, September 16, 1949. For explanation of the amendment and former text of Section C-5, see Appendix A.
Recommended by Committee on Organization and Administration and adopted by the Board of Governors at Session No. 4, September 16, 1949.
Recommended by Committee on Organization and Administration at the request of the Republic of Liberia, and adopted by the Board of Governors at Session No. 4, September 16, 1949. Resolution No. 4-1, adopted by the Board of Governors by telegraphic poll on November 1, 1948, is reproduced on page 41.
Recommended by Committee on Gold and adopted by the Board of Governors at Session No. 4, September 16, 1949.
The text of the resolution proposed by the Union of South Africa is reproduced on page 34. For a statement delivered by the Governor for the Union of South Africa in support of the motion, see Appendix C.
Recommended by the Procedures Committee and adopted by the Board of Governors at Session No. 5 (Joint), September 16, 1949.
Recommended by the Procedures Committee and adopted by the Board of Governors at Session No. 5 (Joint), September 16, 1949.
Recommended by the Procedures Committee and adopted by the Board of Governors at Session No. 5 (Joint), September 16, 1949.