By-Laws, Rules and Regulations : November 2019

International Monetary Fund. Legal Dept.

• Publisher: INTERNATIONAL MONETARY FUND
• Year: 2019
• eBook ISBN: 9781513520186

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• I. By-Laws of the International Monetary Fund
• 1. Places of Business
• 2. General Department and Special Drawing Rights Department
• 3. Meetings of the Board of Governors
• 4. Notice of Meetings of the Board of Governors
• 5. Attendance at Meetings
• 6. Agenda of Meetings of the Board of Governors
• 7. Selection of Chairman and Vice-Chairmen
• 8. Secretary
• 9. Minutes
• 10. Report of Executive Board
• 11. Voting
• 12. Proxies
• 13. Voting Without Meeting
• 14. Terms of Service
• 15. Delegation of Authority
• 16. Rules and Regulations
• 17. Vacant Directorships
• 18. {Abrogated Effective January 26, 2016}
• 19. Representation of Members at Meetings of Fund Organs
• 20. Budget and Audits
• 21. Applications for Membership
• 22. Compulsory Withdrawal
• 23. Settlement of Disagreements with Withdrawing Member
• 24. Amendment of By-Laws
• II. Rules and Regulations of the International Monetary Fund
• A. Scope of Rules and Regulations
• B. Terms and Definitions
• C. The Executive Board
  • Meetings
  • Agenda
  • Voting
  • Language
  • Minutes
• D. Application for Membership and Change in Quota
  • Application for Membership
  • Quotas
• E. Substitution of Securities for Currency
• F. Gold
• G. Operations and Transactions
• H. Exchange Controls, Currency Practices, Agreements, and Information
• I. Charges in Respect of General Resources Account Transactions and Remuneration
• J. Accounting and Reporting
  • Accounts
  • Annual Administrative Budget
  • Annual Report
  • Audit
  • Financial Year
• K. Limitation, Ineligibility, and Suspension of Voting Rights
• L. Capital Transfers
• M. Relations with Non-Members
• N. Staff Regulations
• O. Valuation of the SDR, Valuation of Currencies in Terms of the SDR, Freely Usable Currency, Procedures for Exchange of Currency, and Operational Budget
  • Valuation of the SDR
  • Valuation of Currencies in Terms of the SDR
  • Freely Usable Currency
  • Procedures for Exchange of Currency
  • Operational Budget
• P. Procedures for Operations and Transactions Involving SDRs
  • Transactions with Designation
  • Designation of Participants to Provide Currency
  • Transactions by Agreement Between Participants
  • Prescribed Operations
  • Recording
• Q. Other Holders
• R. {Abrogated effective April 30, 1981}
• S. Suspension of Use of SDRs
• T. Interest, Charges, and Assessments in Respect of SDRs

CERTIFICATE

I hereby certify that this is a full and true copy of the By-Laws and of the Rules and Regulations of the International Monetary Fund, as amended to November 26, 2019.

Jianhai Lin

Secretary of the Fund

Washington, DC

November 26, 2019

I. By-laws of the International Monetary Fund

These By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the International Monetary Fund; and they shall be construed accordingly. In the event of a conflict between anything in these By-Laws and any provision or requirement of the Articles of Agreement, the Articles of Agreement shall prevail.

Section 1. Places of Business

The principal office of the Fund shall be located within the metropolitan area of Washington, DC, United States of America.

The Executive Board may establish and maintain agencies or branch offices at any place in the territories of other members, whenever it is necessary to do so in order to facilitate the efficient conduct of the business of the Fund.

Adopted March 16, 1946, amended June 13, 1978

Section 2. General Department and Special Drawing Rights Department

In matters pertaining exclusively to the Special Drawing Rights Department references in these By-Laws, other than in Sections 4, 5, 6, and 13(b), to members of the Fund or to Governors and Executive Directors shall be understood to refer only to members that are participants or to Governors appointed by members that are participants and Executive Directors elected or designated by at least one member that is a participant.

Adopted October 2, 1969, amended June 13, 1978, amended March 26, 2013, effective January 26, 2016

Section 3. Meetings of the Board of Governors

(a) The Board of Governors shall hold regular meetings, which shall be at annual intervals unless the Board of Governors decides otherwise. The Board of Governors shall determine the time and place of a regular meeting, but the Executive Board may change the time and place of such a meeting if it deems it necessary to do so because of special circumstances. “Regular meetings” of the Board of Governors shall mean meetings subject to this Section 3(a).

(b) Special meetings of the Board of Governors may be called at any time by the Board of Governors or the Executive Board and shall be called upon the request of fifteen members of the Fund or of members of the Fund having in the aggregate one-quarter of the total voting power. Whenever any member of the Fund requests the Executive Board to call a special meeting of the Board of Governors, the member shall state the reasons therefor. The Managing Director shall notify all members of the Fund of the request and of the reasons given therefor.

(c) Arrangements shall be made for meetings of the Board of Governors in the territory of a member only if the Fund has received written assurances with respect to immunities and privileges and other facilities for holding meetings that are satisfactory to it.

Adopted March 16, 1946, amended October 2, 1946, and June 13, 1978

Section 4. Notice of Meetings of the Board of Governors

The Managing Director shall cause notice of the time and place of each meeting of the Board of Governors to be given to each member of the Fund by rapid means of communication not less than 42 days prior to the date set for such meeting, except that in urgent cases notice shall be sufficient if dispatched by rapid means of communication not less than ten days prior to the date set for the meeting.

Adopted March 16, 1946, amended October 2, 1946, and June 13, 1978

Section 5. Attendance at Meetings

(a) An Executive Director and his Alternate may attend all meetings of the Board of Governors and may participate in such meetings, but an Executive Director or his Alternate shall not be entitled to vote at any such meeting unless he shall be entitled to vote as a Governor or an Alternate or temporary Alternate of a Governor.

(b) The Chairman of the Board of Governors, in consultation with the Executive Board, may invite observers to attend any meeting of the Board of Governors.

(c) The Executive Board is authorized to invite the International Bank for Reconstruction and Development to send a representative of the Bank to meetings of the Board of Governors and the Executive Board who may participate in such meetings, but shall have no vote.

(d) The Executive Board is authorized to accept invitations from the Bank to send a representative of the Fund to participate in meetings of the Board of Governors or Executive Directors of the Bank.

(e) The World Trade Organization shall be entitled to send a member of the Secretariat as an observer to meetings of the Board of Governors.

Adopted March 16, 1946, amended June 13, 1978; paragraphs (a) and (b) amended October 2, 1946; paragraphs (c) and (d) were adopted as Section 2 on March 16, 1946; paragraph (e) adopted on January 8, 1997

Section 6. Agenda of Meetings of the Board of Governors

(a) Under the direction of the Executive Board, the Managing Director shall prepare an agenda for each meeting of the Board of Governors and shall cause the agenda to be transmitted to each member of the Fund with the notice of the meeting.

(b) Additional subjects may be placed on the agenda for any meeting of the Board of Governors by any Governor provided that he shall give notice thereof to the Managing Director not less than seven days prior to the date set for the meeting. In special circumstances the Managing Director, by direction of the Executive Board, may at any time place additional subjects on the agenda for any meeting of the Board of Governors. The Managing Director shall cause notice of the addition of any subjects to the agenda for any meeting of the Board of Governors to be given as promptly as possible to each member of the Fund.

(c) Any Governor or Governors may request the Board of Governors at any time to place a subject on the agenda for any meeting of the Board of Governors even though the notice required by this Section has not been given. The Board of Governors may at any time place any subject on the agenda for any meeting of the Board of Governors even though the notice required by this Section has not been given.

(d) Except as otherwise specifically directed by the Board of Governors, the Chairman of the Board of Governors jointly with the Managing Director shall have charge of all arrangements for the holding of meetings of the Board of Governors.

Adopted March 16, 1946, amended October 2, 1946, and June 13, 1978

Section 7. Selection of Chairman and Vice-Chairmen

At each regular meeting the Board of Governors shall select a Governor to act as Chairman and at least two other Governors to act as Vice-Chairmen until the end of the next regular meeting.

In the absence of the Chairman, the Vice-Chairman designated by the Chairman shall act in his place.

Adopted March 16, 1946, amended June 13, 1978

Section 8. Secretary

The Secretary of the Fund shall serve as Secretary of the Board of Governors.

Adopted March 16, 1946

Section 9. Minutes

The Board of Governors shall keep a summary record of its proceedings, which shall be available to all members and which shall be filed with the Executive Board for its guidance.

Adopted March 16, 1946, amended June 13, 1978

Section 10. Report of Executive Board

The Executive Board shall have prepared for presentation to the Board of Governors an annual report in which shall be discussed the policies and activities of the Fund and which shall make recommendations to the Board of Governors on the problems confronting the Fund. The Executive Board shall review, as part of the annual report, the functioning of...

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