Page:United States Statutes at Large Volume 60 Part 2.djvu/328

 1416 Board of Governors. Delegation of powers; exceptions. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. (b) The Board of Governors may delegate to the Executive Direc- tors authority to exercise any powers of the Board, except the power to: (i) Admit new members and determine the conditions of their admission. (ii) Approve a revision of quotas. (iii) Approve a uniform change in the par value of the currencies of all members. (iv) Make arrangements to cooperate with other international organizations (other than informal arrangements of a tem- porary or administrative character). (v) Determine the distribution of the net income of the Fund. (vi) Require a member to withdraw. (vii) Decide to liquidate the Fund. (viii) Decide appeals from interpretations of this Agreement given by the Executive Directors. Meetings (c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. Quorum. (d) A quorum for any meeting of the Board of Governors shall be a majority of the governors exercising not less than two-thirds of the total voting power. (e) Each governor shall be entitled to cast the number of votes post, P. 1418. allotted under Section 5 of this Article to the member appointing him. (f) The Board of Governors may by regulation establish a pro- cedure whereby the Executive Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the gov- ernors on a specific question without calling a meeting of the Board. oRules and regula - (g) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Fund. Oompensation. (h) Governors and alternates shall serve as such without compen- sation from the Fund, but the Fund shall pay them reasonable ex- penses incurred in attending meetings. (i) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the Managing Director. Section 3. Executive Directors (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exer- cise all the powers delegated to them by the Board of Governors. (b) There shall be not less than twelve directors who need not be governors, and of whom (i) Five shall be appointed by the five members having the larg- est quotas;

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