„საერთაშორისო სავალუტო ფონდში მონაწილეობისა და ხმის მიცემის უფლების გაზრდის შესახებ" და „საერთაშორისო სავალუტო ფონდის საინვესტიციო უფლებამოსილების გაფართოების შესახებ" საერთაშორისო სავალუტო ფონდის სადამფუძნებლო შეთანხმების ცვლილებების რატიფიცირების თაობაზე"

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/β″ θ だ双 ″ PROPOSED AMENI'I\If,NT O! T}I [i ARTICI-IJ OT ACREEITTE\I OT TII!: ISTERNATI(INAL MO)iETARt FUNT' 1O ENH,\NCt: VOIC}: AND PANTI(-IP/ITIOT IN IUONUTAR\ FUND Tt t T: INTI:I'NATIONA I' The Covcrnnlcnts on $hosc behalflhc prcscnt Agrccrncnt i\ signcd agrce I as lblloNs: fhc lex( ofArticlc xll. Seclion .l(c) shall bc anrendtd to rcad as tbllorvs: powcr to aci fbr him "rpl l.-ach Erecutivc Director shall appoint an Alrcrnate witlr li'lladopl rulcs cnabling an ,ri.n t't" i, nnt pr.r"nt. Pt(,vidcd lhat tlt Board of Covcrnors may i*.crtiue Direiror elecicd by nrorc than a spccilied nutnbcr of rncmbcrs ro appoint lwo ntr"rn",... Su"h ,ut"a. ifldopted. mal onll hc modificd in lhc contcrt of thc rcgrrlar clection t*o Altcmalcs to of llxqcutiye Dircctors and shall rcquire an Ex'culivc l)ircclor upPoirrting i".irnarcl f it rhe elrcmalt 1!ho shail nct tbr lhc Ex€culiYc Dircctor *hen hc is Dot prescnt powcrs oflhe ,"J"f.ift il,"-^"t ar" prclcnl onJ (ii) thc Allcrnatc \tho shrll cxcrcisc lhe thcn lrc appoirrting Li"auti"* Di.."rn* undir (f) below. Whcn thc Exaiutive l)i&'ctors" rolc pr.'icnr, Alrcrnltes ntuy parlicipalc in mee(ings hut rnay not 2. lhctcxrolAnicleXll,Scclion5(a)shall bc amtndcd to rea<i as follovvs: "(a) Ihe total votcs t)fcach n'lcmbcr shall bc cqual to thc sum of its basic votcs end its quola-hascd \ otes numhcr of votcs lhal o[5 502 [xrccnt of thc mctnr(rs all re'sults from rhc cqual dislriburion among provid'd that mrmbers. ifr.l'ogg."go,a .r. of,hc tolal \olinE polrcr ofall lhe therc shatl bc no f(actional basic votes' (i) (ii) I hc basic voles of eiroh mcmr(r shall hc thc bc thc numhcr ol'votes parr ol'ils quota cquivalent ,.sutts tiom ltrc allocn(ion ofonc volc for cach I hc quota-based votes ol'csch memhcr shall itrat ' to one hundrcd {housnnd spcci'l dra*ing rights J. The lext ofParagruplr 2 otschcdulc L shallbe amcndsd to rcad as tbllou': organ ol'thc The number ofvotcs allottcd l('thc mcnrber shall nolbccastilian) voting tolal ofthe Po*cr' cxccpt lor iiciudea in the calculalion rr"a. the cxcltrsivel)--lt) pcrt-aining nrtr,rt"t "'t1rf ,fr" ""ccPtancc ofa prog)scd:rmcndrncnt nnd th; thc ualculation ofhnsrc volcs pursuant !o Anicle ''2 ri., ti"il'""i* iip"!i"iili"*l,ig nigr,ts bepanmtnl Xll. Sccrion 5(a)(i)." '1 TIII: INTT:RNATIONAI. PnoP(,SED AITTENDME)T.OF T}If ARI ICLF:S OF ACREEAIEYI.OF MONETAN,Y FUND TO EXPANO TIII:INVESTNTEN,I ALT HORI-I.Y OT fHE INTEI\ATIONAL IT,IONETAR\ FTINO 'fhc Covcnlnrcnts on *'hosc behalfthc prescn! Agrccment is signcd agrce as fbllo\s: L 'l'lrc rex! of Arlictc xll. Scction 5(0(iii) shsll bc amended rc read as follows: "(iii) Thc und may use a m.mbcr's cutrenc)-, held in thc lnve$tmcol l- A."ornr fui in""*t."n( lts itma} dclcrrninc in accordancs \r'irh rulcs lnd rcgulations [hc uloolcd bv thc Funlt br a \cvcrrty pcrccnt majt'rit1 ol-lhc lolal lolirlg pr)!ver' tvrlh (t ii)' hc consistcnl shlll pui*r'anr rt: rhii prot isron t"*rfrrio"t ,r'.'! "iopte.l ' (viii). "ra and (ix) belo*' 2. 'lhc tcxt of Articlc x ll. Scclion 6(t)(t i) shall bE amcndcd to rcsd as frrllowsr ir the cvcnt ol liquidarion "(ti) fhc lnvcstment Account sh8ll be lcrminatcd may be rcduccd and nray bc tcrminalcd' or thc amount ol-Ihe inlcslmcnl o[ thc Fund -fi*ia"i,. perccnl Dajority ofthc total toting pri.r, a "f rx'wcr. l. thc Fund b]' n sc!cnt)- l hc lcxt ol Articlc V. Scction l2(h) shall bc onrended to rcad as follow s: ''(h) PendillB uses specilicd undcr (f) abovc' thc ljtrlrd may use i nrcmber's investmc l as il nlu-v cuncncl_ hcld in rhc S-pccial liisbursomcnt 'lccounl lor wirh rules onrJ rcgulations adopled l") thc fund.b! a scvcrltt A"i"i,ri'n". in ()t inve:tment and inlcr'sl """or..toncc nerccnt rnaiorilr oflhe totlll v(tting Po\\'rr' fhe income shall [e plLrccrj irr the Spccral l)isbtrrscmenl Ac(ounr"' .i4., iOrl;l i*.i..4 4 "bovc A ne\! Aniclc v. Scctiorl I2(k) shall b€ added lo dlt Articlcs to rcad as follorvs: gold rcquircd by it atbr thc "(k) Whcncvcr under (c) abovc the Fund sctls {mounl ot dlc procecds dulc ofthc sccond amcndlnetrt ofthis Agrccmcnt' lrn pricc ofthc gold shall bc plascd in the Ccncral iquivstcnt ro th" "cq,ti$irion Invcslrlcnt Account tbr usc Risou.ces Account. nnd rn-v exccss shall bc placcd in lhc the p,,..*niL ,1" ptouitions ol Anicle Xll' scction 6(f)' ll an)'gold acquired byApril 7' iund aftcr the iat,i ofthc sccond anrcndmenr ofthis Agrccment is sold alicr (,f.nry rnto force rJf this prov isitrn' thcn uPQrr lhc cntry 20011 hut prior to lhc d{tte in Arliclc Xtl' inio tirrceofrhis pr,rvision. and not$ilhslanding lhe lrmil sct tonh lrom the Generdl f'rtrd shsll translcr ro lhc Inrcstmenl Acc(xrnt i"",ion ftOtiit. ( salc lels i) thc Rcaounccs Account rrn amounr cqull lo thc prorc('ds ol such \uch procccd* in excess ol ac.l,,isiti<,n pri.e ol tlte gold sold' trnJ (ii) iinv amount of ti. I the acquisiti()n pricc that may havc alread!'hccll transfcrrcd lo " Accounr prior ro thc &tc ofcntry into forcc of this pnrrision (hc lnvcttmcnt INTERNAT10NALiИ ONETARY FUND Compendium of Board of covemors Resolutioos SIXTY-THIRD ANNUAL MEETING, 2OO8 Resolutiotr No. 63-l Thirteenth General Review of euotas Article III, Section 2(a) o/the ,A icles ofAgreemeht provides that ,,the Board of _ Governors shall at intervals of not more than five yeors conduct a generol reyiew, dnd if it propose an adjustmenl, ofthe quotas ofthe minbers.,' The .it-appropriate five_yiar period for ,he Thirteenth Review u/ill end on January 28, 2008. The Etecutive Board has established a Committee of the Whole in accordance with Rule D-3. The Comnifiee's report contsined the following proposed Resolutionfor adoption by the Boaftl ofGovernorsdeerns In accordance with Section 13 oflhe gy-Laws, thefollo$,ing Resolution was subrlilted lo lhe Govemors on January 2, 2008 for a vote without ,heeting: RESOLVED: THAT the Board ofGovemors, having noted the reporr ofthe Executive Board enlitled Thirteenth General Review ofQuotqs-Repo ofthe Executiye Board to the Boad ofGovenors,hqcby rcsolves to corclude this review urder Article III, Section 2(a) with no proposal to increase quotas. It notes the intention ofthe Executive Board during the period of the Fouteenth General Review, which thc Articlcs ofAgreement provide comi,c.,ces upon completion of thc prcscnt rcyicw, to mooitor closely and assess th€ adequacy of Fund rcsources. The Board ofGovernors adopted theforegoing Resolution, eflectiee Januory 28, 2008. Resolution No. 63-2 Reform ofQuota and Voice in the Intemational Monetary Fund ln accordance with Sec,ion l3 ofrhe By-l,a$/s, the following Resolution u,as submifled to the Goyernors on March 28, 2008 for a eote $'ithoul meeting. Considering that the Resolution is also ptoposing adjustments in the quotas of members lhat hove requested such adjusrment ond whose names are listed in A achment I of the Resolutioh, the adoplion ofthe Resolufion requires posilite tesponses from Goternors hat'ing an eighty-fve percenl ,najority of the totol wring power'. WHEREAS in responsc to thc r€quest ofthe Board ofGovemors set forth in Rcsolurion 61-5, thc Executivc Board has submitted to the Board ofGovemors a repon entitlcd ,,Reform ofQuota and Voicc in the IntematiotBl Monetary Fund: Repon ofthc Exccutive Board to the Board ofGovernors", hereinaher the "Report"; and 610 INTERNAT10NAL MoNETARY FUND Competrdium of Board of Govemors Resoturions WHEREAS the Executive Board has recornrnended increases in the quotas of a number of Fund members, all ofwhom have rcquested that their quotas be increased; and WHEREAS in response to the request ofthe Board ofGovemors set forth in Resolution 6l-5, the Executive Board has proposed al amendmeirt ofthe Articles of Agreement that (a) would have the effect ofincreasing the number ofbasic votes ofmembers and establish a mechanism to ensure that the ratio ofthe sum ofthe basic votes ofall members to the sum of the total voting power ofall membsrs remains constant and (b) would enable each Executive Dircctor elected by a large number ofmembers to appoint a second AlterrBte Executive Director; and WHEREAS the Chairman ofthe Board of Govemors has requested thc Secretary ofthe Fund to bring the proposal ofthe Executive Board beforc the Board ofGovemors; and WHEREAS the Repon ofthc Exccutivc Board sclting forth its proposal bas bcen submincd to the Bo0rd of Govemols by the Secretary of thc Fund; and WHEREAS thc Executive Board has rcqucstcd thc Board ofGovemors to vote on ths following Resolution without meeting, pursuant to Section l3 ofthe By-Laws ofthe Fund: NOW THEREFORE, the Board ofcovcmors, noting the recommendation snd the said Report ofthe Executive Board, hereby RESOLVES that: A. l. lncreas€ in Quotos ofMeDberr The Intemational Monetary Fund proposes that, subject to the provisions ofthis Resolution, the quotas ofmembers ofthe Fund listed in Attacturent I to this Rcsolution shall be increas€d to the amounts shown against their names in Attachmeirt [. 2. A member's increase in quota shall not become effective unless the mcmber in question has consented irt writing to the increase and has paid to the Fund the full amount of such increase. Each member shall pay 25 perccnt ofits ircrease either in special drawing ghts or in the currencies ofother members sp€cified, with their concurence, by thc Fund, or in any combination ofspecial &awing rights and such cunencies. The balance ofthc incrcase shsll be paid by each member in its own currency. 3 Each mcmbcr shall conrnt to the proposed irtcrease of its quota no latrr than Octob€r 31, 2008; provided that the Executive Board may extend this period as it may determioe, taking into sccouot" in particular, thc necd ofmemb€rs to obtain domestic legislative approval. 4 Esch memb€r shall pay to thc Fund rhe incrcase in its quota within 30 days ofthe later of(a) the date on which it notifics thc Fund ofits consent or (b) thc date on which rhe rcquircmcnt for the cfcctiv€ness ofthe i[crease in quota under pamgraph 5 below has been met; provided that the Executive Board may cxtcnd the payment period as it may determine. 631 INTERNATIONAL MONETARY FUND Compendium of Board ofGovemors Resolurions 5. No increase in quota shall become effective before the entry into force ofthe proposed amendment of the Articles ofAgreement approved by this Resolution. B. Future Quoaa Reviews To ensure that members' quota shares continue to reflect their relative positions in the world economy, the Executive Board is requested to recommend further realignments ofmembers' quota shares in the context of fulure general quota reviews, beginning with the Fourteenth General Review of Quotas. C. l. Amendmcnt ofthe Articles of Agreement The proposed amendment ofthe Articles ofAgreement ofthe Intemational Monetary Fund set forth in Attachment II to this Resolution (the Proposed Amendment to Enhance Voice and Panicipation in the lnternational Monetary Fund) is approved. 2. \r The Secretary is directed to ask all members ofthe Fund, by circular letter or telegram, or other rapid means of communication, whether they acccpt, in accordance with the provisions ofArticle )O(VIII ofthe Anicles, the Proposed Amcndnrent to Enhance Voice and Paflicipation in the Intemational Monetary Fund. 3. The communication to be sent to all members in accordance with the previous paragraph shall specify that the Proposed Amendment to Enhance Voice and Participation in the htemational Monetary Fund shall enter into force for all members as ofthe date on which the Fuod certifies, by formal communication addressed ro all members, that threefifths ofthc members, having eighty-five percent ofthe total voting power, have accepted the Proposed Amendment to Enhallce Voice and Participation in the Intemational Monetary Fund. D, 1. MembeB Entitled to Appoint Two Alaernate Executive Directors Following the first regular election of Executive Directors after crltry into force of the Proposed Amendment to Enhance Voice and Participation in the Intematiolal Monetary Fund, an Exccutive Director elected by at least 19 members shall be entitled to appoint two Altemate Executive Directors. 2. As a condition for appointing two Altemate Executive Directors, ao Executive Director is required to designate by rotification to the Secrctary ofthc Fund: (i) the Altemate who shall act for the Executive Director when he is not present and both Altemates are present and (ii) the Altemate who shall exercise the powers ofthe Executive Director pursuant to Article XII, Section 3(f). By notification to the Secretary ofthe Fund, an Executive Dircctor may change these designations at any time. 632 lNTERNAT10NAL MoNETARY FuND Compendium oF BOard ofGovemors Resolutions ATTACHMENTI んbanほ ∞ 0 Austha 21,39 Bahraい 1764 Bhutan Botぃ″an3 078 8razl Ca"Verde Cha0 Chna Ma a"■ 間a"〜 es 饉 x Non″ ay 35 Oman 425115 112 Paい u Republに 。′ Phi ppines 666 Po饉 nd ●5259 PO● 0981 C03ta Rica 1871 0atar C"ru8 1382 San M8ano Czech Rooυ Olc Denmark Ecuedor 22 10914 Equator el Gulnea 3470 523 Ertre8 Estonia 180 939 Coimany S7ee∞ lndb Singapor● Slov,k Rooloic So● ln Sy78n A78b Republc Th8鮨 nd Timo子 ― Lo61e 5021 5 Tvは ●y relarld ,2570 10311 7● 323 T● 市ηen itan 15ra01 11● ly 155205 Korea 33664 1421 tebanon 2004 ,339 4187 tuxembouり un10d states 4271 La〜 ia tthuani3 untet Arabこ m rates VIItn■ 633 37 1 2370 35 '0193 16884 10297 224 109 14080 4275 2750 Slovenl● ,45055 1,010 」8,3● К3Z8khSlan 100 36257 0026 Seyche138 1 ∞ 1″ 39 m 40234 0408 05 1 103 14558 086 7521 421224 ‐ 7 NTERNAT10NAL MONETARY FuND Compendium Of BOard or Covemors Resolutions ATTACHMENT H proposed Amendment ofthe Articles of Agreement ofthe Intemational Monetary Fund to Enhance Voice and participation in the tntemational Monetary Fund The Govemments on whose behalfthe present Agreement is signed agree as follows: l. The text of Anicle Xll, Seclion 3(e) shall be amended to read as follows: "(e) Each Executive Director shall appoint an Altemate with filll power to act for him when he is ー not present, provided that the Board ofcovemors may adopt rules enabling an Executive Dir€ctor elccledby more than a specified number ofmernbers to appoint two Altem-ates. Such rules, if adopted, may only be modified in the context ofthe regular election ofExecltive Directors and sha require an Executive Director appointing two Altemates to designatei (i) the Ahemate who shall act for the Executive Director when he is not pres€nl and both Alle;ates arc present and (ii) the Allemate who sh.ll excrcisc thc powcrs ofthe Excculive Direclor under 1i) betow. Wtren tlc Executive Dircctors appointing thcm are prcsent, Altemates may panicipate in meetings but may nol 2. The text ofArticle Xll, Section 5(a) shall be amended to .ead as follows: "(a) The total votes of each member shall bc cqual to thc sum of its basic votes and its uota_ q bssed votes. (i) The basic votes ofeach member shall be the number ofvotes that results from the equal disrribution among all the members of5.502 p€rcent ofthe aggr.egate sum ofthe total voting power ofall the members, provided that there shall be no fractional basic votes. (ii) The quota-based votes ofeach member shall be the number ofvotes that results fiom the allocation of one vote for each part of its quota equivalent to one hundr€d thousand special drawing rights." 3. The text of paragraph 2 of Schedule L shall be amended to read as follows: "2 The number ofvotes allotted to the memb€r shall not be cast in any organ ofthe Fund. They shall not b€ included in thc calcularion ofthe totsl vorinS power, except for purposes of: (a) thc acccptancc ofa proposed emendment pertaining exclusively to the Spccial Drawing Rights Department and (b) the calculaiion ofbasic votcs pursuanrlo Article , Seclion 5(axi).., X The Boord ofGovernors adopted theforcgoing Resolution, e,//ective Aprit 2E, 200E. 634 INTERNAT10NAL MONETARY FUND Compendiun of Board of cov€mors R.solutions Resoluiioo No. 63-3 Proposed Amendment ofthe Articles ofAgreement ofthe Intemational Monetary Fund to Expand the Investrnent Authority ofthe Intemalional Monctary Fund In accordance *ith Section 13 ofthe By-Ldws, the following Resolution u/os submitted to the Governors on April 7, 2008lor a vote without meeting.. WHEREAS the Intemational Monetary and Financial Committee has asked the Executive Board to develop specific proposals for a new income model and a new expenditule framework by the time ofthc 2008 Spring Meeting ofthe Intemational Monetary and Financial Corilmittee, and the Executive Board has put forward such a proposal; and WHEREAS the imptemeirtarion of cenail asf,ects of this prof,osal requires an amendment ofthe Anicles ofAgreement and the Executive Board has proposed and recommended that the Board ofcovemors approve such an amendment, and has prepared a Repon on the same; and WHEREAS rhe Chairman ofthc Board ofGovemors has requested thc Secrelary of the Fund to bring the proposal oflhe Executive Board before the Board ofGovernors; and WHEREAS the Report ofthe Executive Boad setting fonh its proposal has been submittcd to thc Board of Govcmors by the Secretary of the Fund; and WHEREAS the Executive Board has requested the Boad ofOovemors to vote on the following Rcsolution without mccting, pursuant ro Scction l3 ofthe By-Laws ofthc Fuad; NOW, THEREFORE, the Board ofGovemors, noting the recommendation and fie said Report oflhe Executive Board, hereby RESOLVES that: l. The proposed amendment ofthe Anicles ofAgreemeni of the Intemational Monetary Fund (Proposed Amendment of the Articles of Agree&ent of the Intemational Monetary Fund to Expand the lnvcstment Authority ofthe lltemational Monckry Fund) that is anachcd to this Resolutio[ is approved. 2. The Secretary ofthe Fund is directed to ask all members ofthe Fund, by circular lener, telegram or other mpid means of communication, whether they accept, in accordance with the provisions ofArticle XXVIII ofthe Articles, the Proposed Amendment ofthe Articles of Agreement ofthe International Monetary Fund to Expand the Investnent Authority ofthe Intcmational Monetary Fund. 3. The communication to be sent to all members in accordance with 2 above shall spcciry that thc Proposcd Amcndmcnt ofthe Articles ofAgccmcnt ofthc lntemational Monetary Fund to Expand the lnvcstmcnt Authority ofthc Intemational Monctary Fuod shall enter into force for all members as of the date on which the Fund certifies, by a formal communication addressed to all members, that threc-fifths ofthe membcrs, having eighty-five percent ofthe total voting power, havc acccptcd the Proposed Amendment ofthe Ｊ Ｄ ︐Ｕ nlTERNAT10NAL MONETARY FUND Compendium oFBoard ofGovemOrs Resolutions Articlcs oFAgrccmcnt oFthc intcmational Monctary Fund to ExPand thc lnvcstlncnt Aumity oFthe intematlonal Moneロ リ Fund 636 NTERNAT10NAL MONETARY FUND Compendium of Board of Oovemors Resolurion. ATTACHMf,NT PRoPoSED AMENDMENT oF THE ARTICLES oF AGREEMENT oTTHE INTER]IATIoNAL MoNETARY FUND To EXPAND THE INVESTMENT AUTHoRITY oF THE INTERNATIoNAL MoNETARY FUND The Governments on whose behalfthe present Agreement is signed agree as foltows: l. follows: The text ofArricle XII, Section 6(0(iii) shall be amended to read as "(iii) The Fund may use a member's currency held in rhe Investment Account forinvestment as it may determile, in accordance with rules and regulations adopted by the Fund by a seventy perccnt majority ofrhc total voting power. The rulcs and rcgulations adopted pursuanl lo lhis provision shall be conai;ie.t with (vii), (viii), aod (ix) below." 2. V follows: Thc tcxt ofAnicle XII, Scction 6(f;(vi) shsll be amended to reed as "(vi) The Investlent Account shall be termiruted in the event ofliquidation ofthc Fund and may be terminated, or the amount ofthe investment may be rcduced, prior to-liquidation ofthe Fund by a scvenry percent majority ofthe totai voting powar," 3. The text ofArticle V, Section l2O) shall be ameqded to rcad as follows: "(h) Pending uses specified under (f) above, the Fund may use a member,s currency held in the Special Disbursement Account for investment as it may determine, in accordance with rules and regulations adopted by the Fund by a seventy percent majority ofthe total voting power. The income of investrnent and interest received under (f)(ii) above shall be placed in the Special Disbursement Account.,, ‐ 4. as follows: A new Article V, Section l2(k) shall be added to the Articles to read "(k) Whenever under (c) above the Fund sclls gold acquired by it aner the date ofthe second amcndment ofthis Agreement, an anount ofthe proceedi equiralent to the acquisition priceof the gold shall be placed in the Cencril Resources .A,ccount, and any excess shall be placed in the lnvesrne[t Account for use pursuant to Lhe provisions ofArticle xJI, scction 6(0 lfany gord acquired by the Funrr af,er the datc otthe sicond amcndment of this Aglecment is sold after April 7, 2008 but prior to the date ofe.fy inlo forcc ofthis proyisioo, the& upon the entry into force of this provision, and notwiitrstanaing rhe limit set forth in Article XII, Section 6(fxii), the Fund shill transfer to thc tnr"s."oi-i"ro*t f.o, 637 INTERNATIONAL MONETARY FUND Compendium of Board of covemors Resolutions the General Resources Account an amount equal to the proceeds ofsuch sale less (i) the acquisition price ofthe gold sold, and (ii) an, amount oisuch proceeds in excess ofrle acquisition price that may have already been transferred to the [avestment eccount prior to the date ofentry into force ofthis provision." The Board ofGovernors adopted the foregoing Resolutioh, effective ],lay 5, 200g. Resolution No. 63-4 Direct Remuneration ofExecutive Directors and their Altemates Pursua to Section l l(e) of the By-Laws, the 2O0g Joint Committee on the Remunerqtion of Erccutiye Directors and theil Ahernates oh Juhe 25, 200g dirccted lhe Se.cft? F:nd to transmit its rcport qnd rccommendations h the Bodrd olcoeernors oflhe Fund. The Commi ee s report contdined the follo\9ing proposed Resolulionfor adoptioh by lhe Board ofGovernors. ol* V ln accordahce with Section 13 ofthe By-I"ows, the following Resolution was submi ed to the Governors on June 26, 2008for a vote without meetihgl RESOLVED: THAT, effcctive July l, 2008, the rcmuoeration of the Executive Directors of the -Fund ard their Altemates pulsuant to Section l4(e) ofthe By-Laws shall be paid in the form ofsalary withluta separate supplemental allowance, and suih salary shall be paid at the annual rate of $230,790 per year for Executive Directors and $ I 99,650 per ycar for their Alternates. The Board ofGovernors adopted the foregoing Resolution, elfective July 25, 200g. . Resoluaion No,63-s 2008 Regular Election ofExecutive Diredors The Etecutive Board decided on July 25, 200g, to propose a draft Resolution of lhe Board ofGov*non, bywhich the Board of Governors wiuli adopt (nS the draft Regulatiohs.for the Conduct of the 2008 Regular Election of Exec*iv)e'Directors: dnd (b) the recom.mendations relatihg to the timing ofthe next regular election_ The rccommendation thdt there should cohtinue to be nineteen electiee Exe;uhe Direclors requires that the drufl Reto!:tto! q adoltg! by an eighty-live percent mdjotity ofthe total ,oting pi*"r, speciJied in Afiicle Xll, Section 3(b). ^ lj tn occordance with Seclion of the By-Laws, the lollowing Resoluti.)n wo, tubmitted lo the Uove ors oh July 28, 2008lot a vote without eetingi 638