Common use of Executive Directors Clause in Contracts

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors who need not be Governors, and of whom: (i) Five shall be appointed by the five members having the largest quotas; (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. International Finance Agreements 19 (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 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 Directors 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.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve directors who need not be Governorsgovernors, and of whom: (i) Five shall be appointed by the five members having the largest quotas; (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 Directorsdirectors. International Finance Agreements 19For 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 directors and thereafter, the members entitled to appoint Directors 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 Directordirector. (d) Subject to Article XX, section Section 3 (b), ) elections of elective Directors directors 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 directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect Directors 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 appointed 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 director would otherwise be entitled to cast shall be increased or decreased 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 member is under consideration. (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.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve directors who need not be Governorsgovernors, and of whom: (i) Five shall be appointed by the five members having the largest quotas; (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 The American Republics not entitled to appoint Directorsdirectors. International Finance Agreements 19For 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 11, 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 directors and thereafter, the members entitled to appoint Directors 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 Directordirector. (d) Subject to Article XX, section Section 3 (b), ) elections of elective Directors directors 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 directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect Directors directors under the provisions of Schedule C.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the FundBank, and for this purpose purpose, shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve Executive Directors, who need not be Governorsgovernors, and of whom: (i) Five five shall be appointed appointed, one by each of the five members having the largest quotasnumber of shares; (ii) Not more seven shall be elected according to Schedule B by all the Governors other than two those appointed by the five members referred to in (i) above. For the purpose of this paragraph, "members" means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article II, Section 1 (b). When governments of other countries become members, the Board of Governors may, by a four fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected. Executive directors shall be appointed when the provisions of (c) below apply; (iii) Five shall be or 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. International Finance Agreements 19every two years. (c) IfEach executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, at the second regular election of Directors and thereafter, the members entitled to appoint Directors under (b) (i) above do alternates may participate in meetings but shall 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 such members, as the case may be, shall be entitled to appoint a Directorvote. (d) Subject to Article XXDirectors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, section 3 another director shall be elected for the remainder of the term by the governors 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. (b), elections e) The Executive Directors shall function in continuous session at the principal office of elective the Bank and shall meet as often as the business of the Bank may require. (f) A quorum for any meeting of the Executive Directors shall be conducted at intervals a majority of two years in accordance with the provisions Directors, exercising not less than one half of Schedule C, supplemented by such regulations the total voting power. (g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as the Fund deems appropriate, Whenever the a unit. (h) The Board of Governors increases the number of Directors shall adopt regulations under which a member not entitled to be elected appoint a director under (b) aboveabove may send a representative to attend any meeting of the Executive Directors when a request made by, it shall issue regulations making appropriate changes in the proportion or a matter particularly affecting, that member is under consideration. (i) The Executive Directors may appoint such committees as they deem advisable. Membership of votes required such committees need not be limited to elect Directors under the provisions of Schedule C.governors or directors or their alternates.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the FundBank, and for this purpose purpose, shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve Executive Directors, who need not be Governorsgovernors, and of whom: (i) Five five shall be appointed appointed, one by each of the five members having the largest quotasnumber of shares; (ii) Not more seven shall be elected according to Schedule B by all the Governors other than two those appointed by the five members referred to in (i) above. For the purpose of this paragraph, "members" means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article II, Section 1 (b). When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected. Executive directors shall be appointed when the provisions of (c) below apply; (iii) Five shall be or 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. International Finance Agreements 19every two years. (c) IfEach executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, at the second regular election of Directors and thereafter, the members entitled to appoint Directors under (b) (i) above do alternates may participate in meetings but shall 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 such members, as the case may be, shall be entitled to appoint a Directorvote. (d) Subject to Article XXDirectors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, section 3 another director shall be elected for the remainder of the term by the governors 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. (b), elections e) The Executive Directors shall function in continuos session at the principal office of elective the Bank and shall meet as often as the business of the Bank may require. (f) A quorum for any meeting of the Executive Directors shall be conducted at intervals a majority of two years in accordance with the provisions Directors, exercising not less than one-half of Schedule C, supplemented by such regulations the total voting payer. (g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as the Fund deems appropriate, Whenever the a unit. (h) The Board of Governors increases the number of Directors shall adopt regulations under which a member not entitled to be elected appoint a director under (b) aboveabove may send a representative to attend any meeting of the Executive Directors when a request made by, it shall issue regulations making appropriate changes in the proportion or a matter particularly affecting, that member is under consideration. (i) The Executive Director may appoint such committees as they deem advisable. Membership of votes required such committees need not be limited to elect Directors under the provisions of Schedule C.governors or directors or their alternates.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve directors who need not be Governorsgovernors, and of whom: (i) Five shall be appointed by the five members having the largest quotas; (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 The American Republics not entitled to appoint Directorsdirectors. International Finance Agreements 19For 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 11, 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 directors and thereafter, the members entitled to appoint Directors 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 Directordirector. (d) Subject to Article XX, section Section 3 (b), ) elections of elective Directors directors 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 directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect Directors 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 appointed 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 director would otherwise be entitled to cast shall be increased or decreased 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 member is under consideration. (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.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the FundBank, and for this purpose purpose, shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve Executive Directors, who need not be Governorsgovernors, and of whom: (i) Five five shall be appointed appointed, one by each of the five members having the largest quotasnumber of shares; (ii) Not more seven shall be elected according to Schedule B by all the Governors other than two those appointed by the five members referred to in (i) above. For the purpose of this paragraph, "members" means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article II, Section 1 (b). When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected. Executive Directors shall be appointed when the provisions of (c) below apply; (iii) Five shall be or 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. International Finance Agreements 19every two years. (c) IfEach executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, at the second regular election of Directors and thereafter, the members entitled to appoint Directors under (b) (i) above do alternates may participate in meetings but shall 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 such members, as the case may be, shall be entitled to appoint a Directorvote. (d) Subject to Article XXDirectors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, section 3 another director shall be elected for the remainder of the term by the governors 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. (b), elections e) The Executive Directors shall function in continuous session at the principal office of elective the Bank and shall meet as often as the business of the Bank may require. (f) A quorum for any meeting of the Executive Directors shall be conducted at intervals a majority of two years in accordance with the provisions Directors, exercising not less than one-half of Schedule C, supplemented by such regulations the total voting power. (g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as the Fund deems appropriate, Whenever the a unit. (h) The Board of Governors increases the number of Directors shall adopt regulations under which a member not entitled to be elected appoint a director under (b) aboveabove may send a representative to attend any meeting of the Executive Directors when a request made by, it shall issue regulations making appropriate changes in the proportion or a matter particularly affecting, that member is under consideration. (i) The Executive Directors may appoint such committees as they deem advisable. Membership of votes required such committees need not be limited to elect Directors under the provisions of Schedule C.governors or directors or their alternates.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the FundBank, and for this purpose purpose, shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve Executive Directors, who need not be Governorsgovernors, and of whom: (i) Five five shall be appointed appointed, one by each of the five members having the largest quotasnumber of shares; (ii) Not more than two shall be appointed when the provisions of (c) below apply; (iii) Five seven shall be elected according to Schedule B by all the Governors other than those appointed by the five members not entitled referred to appoint directorsin (i) above. For the purpose of this paragraph, "members" means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article 11, Section I (b). When governments of other than countries become members, the American Republics; and (iv) Two shall Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected by the American Republics not entitled to appoint Directors. International Finance Agreements 19elected. (c) IfEach executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, at the second regular election of Directors and thereafter, the members entitled to appoint Directors under (b) (i) above do alternates may participate in meetings but shall 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 such members, as the case may be, shall be entitled to appoint a Directorvote. (d) Subject to Article XXDirectors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, section 3 another director shall be elected for the remainder of the term by the governors 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. (b), elections e) The Executive Directors shall function in continuous session at the principal office of elective the Bank and shall meet as often as the business ofthe Bank may require. (f) A quorum for any meeting of the Executive Directors shall be conducted at intervals a majority of two years in accordance with the provisions Directors, exercising not less than one-half of Schedule C, supplemented by such regulations the total voting power. (g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as the Fund deems appropriate, Whenever the a unit. (h) The Board of Governors increases the number of Directors shall adopt regulations under which a member not entitled to be elected appoint a director under (b) aboveabove may send a representative to attend any meeting of the Executive Directors when a request made by, it shall issue regulations making appropriate changes in the proportion or a matter particularly affecting, that member is under consideration. (i) The Executive Directors may appoint such committees as they deem advisable. Membership of votes required such committees need not be limited to elect Directors under the provisions of Schedule C.governors or directors or their alternates.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve directors who need not be Governorsgovernors, and of whom: (i) Five shall be appointed by the five members having the largest quotas; (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 Directorsdirectors. International Finance Agreements 19For 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 directors and thereafter, the members entitled to appoint Directors directors under (b) (i) above do not include the two members, members3 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 Directordirector. (d) Subject to Article XX, section 3 (b), Section 3(b) elections of elective Directors directors 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 directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect Directors 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 appointed 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 director would otherwise be entitled to cast shall be increased or decreased 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 member is under consideration. (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.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the FundBank, and for this purpose purpose, shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve Executive Directors, who need not be Governorsgovernors, and of whom: (i) Five five shall be appointed appointed, one by each of the five members having the largest quotas; number of shares; (ii) Not more seven shall be elected according to Schedule B by all the Governors other than two those appointed by the five members referred to in (i) above. For the purpose of this paragraph, "members" means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article 11, Section I (b). When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected. Executive Directors shall be appointed when the provisions of (c) below apply; (iii) Five shall be or 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. International Finance Agreements 19every two years. (c) IfEach executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, at the second regular election of Directors and thereafter, the members entitled to appoint Directors under (b) (i) above do alternates may participate in meetings but shall 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 such members, as the case may be, shall be entitled to appoint a Directorvote. (d) Subject to Article XXDirectors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, section 3 another director shall be elected for the remainder of the term by the governors 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. (b), elections e) The Executive Directors shall function in continuous session at the principal office of elective the Bank and shall meet as often as the business of the Bank may require. (f) A quorum for any meeting of the Executive Directors shall be conducted at intervals a majority of two years in accordance with the provisions Directors, exercising not less than one- half of Schedule C, supplemented by such regulations the total voting power. (g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as the Fund deems appropriate, Whenever the a unit. (h) The Board of Governors increases the number of Directors shall adopt regulations under which a member not entitled to be elected appoint a director under (b) aboveabove may send a representative to attend any meeting of the Executive Directors when a request made by, it shall issue regulations making appropriate changes in the proportion or a matter particularly affecting, that member is under consideration. (i) The Executive Directors may appoint such committees as they deem advisable. Membership of votes required such committees need not be limited to elect Directors under the provisions of Schedule C.governors or directors or their alternates.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated ▇▇▇▇▇▇ ▇▇▇▇ gated to them by the Board of Governors. (b) There shall be not less than 12 Directors twelve directors who need not be Governorsgovernors, and of whom: (i) Five shall be appointed by the five members having the largest quotas; (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 The American Republics not entitled to appoint Directorsdirectors. International Finance Agreements 19For 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 11, 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 directors and thereafter, the members entitled to appoint Directors 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 Directordirector. (d) Subject to Article XX, section Section 3 (b), ) elections of elective Directors directors 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 directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect Directors directors under the provisions of Schedule C.