Artikel 20

1. All the powers of the Fund shall be vested in the Governing Council.
2. Each Member shall appoint one Governor and one alternate to serve on the Governing Council at the pleasure of the appointing Member. The alternate may participate in meetings but may vote only in the absence of his principal.
3. The Governing Council may delegate to the Executive Board authority to exercise any powers of the Governing Council, except the power:
a) To determine the fundamental policy of the Fund;
b) To agree on terms and conditions for accession to this Agreement in accordance with article 56;
c) To suspend a Member;
d) To increase or decrease the Shares of Capital;
e) To decide on encashment of promissory notes under article 10;
f) To adopt amendments to this Agreement;
g) To terminate the operations of the Fund and to distribute the Fund's assets in accordance with chapter VIII;
h) To appoint the Managing Director;
i) To decide appeals by Members on decisions made by the Executive Board concerning the interpretation or application of this Agreement;
j) To approve the audited annual statement of accounts of the Fund;
k) To take decisions pursuant to article 13, paragraph 3, relating to net earnings after provision for the Collateral Reserve;
l) To approve proposed agreements with other international organizations in accordance with article 29, paragraphs 1 and 2, with the exception of agreements governing singular Financial Interventions;
m) To decide on replenishments of the Operations Account in accordance with article 12.
4. The Governing Council shall hold an annual meeting and such special meetings as it may decide, or as are called for by 15 Governors holding at least one fourth of the total voting power, or as requested by the Executive Board.
5. A quorum for any meeting of the Governing Council shall be constituted by a majority of the Governors holding not less than two thirds of the total voting power.
6. The Governing Council shall by a Highly Qualified Majority establish such rules and regulations consistent with this Agreement as it deems necessary for the conduct of the business of the Fund.
7. Governors and alternates shall serve as such without compensation from the Fund, unless the Governing Council decides by a Qualified Majority to pay them reasonable per diem and travel expenses incurred in attending meetings.
8. At each annual meeting, the Governing Council shall elect a Chairman from among the Governors.
The Chairman shall hold office until the election of his successor. He may be re-elected for one successive term.