Page:United States Statutes at Large Volume 60 Part 2.djvu/330

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. correspondingly. All the votes which a director is entitled to cast shall be cast as a unit. (j) The Board of Governors shall adopt regulations under which a member not entitled to appoint a director under (b) above may send a representative to attend any meeting of the Executive Directors when a request made by, or a matter particularly affecting, that mem- ber is under consideration. Committees. (k) The Executive Directors may appoint such committees as they deem advisable. Membership of committees need not be limited to governors or directors or their alternates. Section 4. ManagingDirectorand staff (a) The Executive Directors shall select a Managing Director who shall not be a governor or an executive director. The Managing Direc- tor shall be chairman of the Executive Directors, but shall have no vote except a deciding vote in case of an equal division. He may par- ticipate in meetings of the Board of Governors, but shall not vote at such meetings. The Managing Director shall cease to hold office when the Executive Directors so decide. (b) The Managing Director shall be chief of the operating staff of the Fund and shall conduct, under the direction of the Executive Directors, the ordinary business of the Fund. Subject to the general control of the Executive Directors, he shall be responsible for the organization, appointment and dismissal of the staff of the Fund. (c) The Managing Director and the staff of the Fund, in the dis- charge of their functions, shall owe their duty entirely to the Fund and to no other authority. Each member of the Fund shall respect the international character of this duty and shall refrain from all attempts to influence any of the staff in the discharge of his functions. (d) In appointing the staff the Managing Director shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the impor- tance of recruiting personnel on as wide a geographical basis as possible. Section 5. Voting (a) Each member shall have two hundred fifty votes plus one additional vote for each part of its quota equivalent to one hundred thousand United States dollars. Antl, Pp. 14F,. 1407. (b) Whenever voting is required under Article V, Section 4 or 5, each member shall have the number of votes to which it is entitled under (a) above, adjusted: (i) by the addition of one vote for the equivalent of each four hundred thousand United States dollars of net sales of its currency up to the date when the vote is taken, or (ii) by the subtraction of one vote for the equivalent of each four hundred thousand United States dollars of its net purchases of the currencies of other members up to the date when the vote is taken 1418

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