Page:United States Statutes at Large Volume 60 Part 2.djvu/329

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1417 (ii) Not more than two shall be appointed when the provisions of (c) below apply; (iii) Five shall be elected by the members not entitled to appoint directors, other than the American Republics; and (iv) Two shall be elected by the American Republics not entitled to appoint directors. For the purposes of this paragraph, members means governments of countries whose names are set forth in Schedule A, whether they become members in accordance with Article XX or in accordance with Article II, Section 2. When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the number of directors to be elected. (c) If, at the second regular election of directors and thereafter, the members entitled to appoint directors under (b) (i) above do not include the two members, the holdings of whose currencies by the Fund have been, on the average over the preceding two years, reduced below their quotas by the largest absolute amounts in terms of gold as a common denominator, either one or both of such members, as the case may be, shall be entitled to appoint a director. (d) Subject to Article XX, Section 3(b) elections of elective direc- tors shall be conducted at intervals of two years in accordance with the provisions of Schedule C, supplemented by such regulations as the Fund deems appropriate. Whenever the Board of Governors increases the number of directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect directors under the provisions of Schedule C. (e) Each director shall appoint an alternate with full power to act for him when he is not present. When the directors appointing them are present, alternates may participate in meetings but may not vote. (f) Directors shall continue in office until their successors are ap- pointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the members who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate. (g) The Executive Directors shall function in continuous session at the principal office of the Fund and shall meet as often as the business of the Fund may require. (h) A quorum for any meeting of the Executive Directors shall be a majority of the directors representing not less than one-half of the voting power. (i) Each appointed director shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted towards his election. When the provisions of Section 5 (b) of this Article are applicable, the votes which a direc- tor would otherwise be entitled to cast shall be increased or decreased Members. Post, p. 1432. Post, p. 1425. Ante, p. 1402. Post, p. 1426. Post, p. 1434. Alternates. Term of office of directors. Meetings. Quorum. Post, p. 148.

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