Artikel 6

The Fund shall have:
(a) a Governing Council;
(b) an Executive Board;
(c) a President and such staff as shall be necessary for the Fund to carry out its functions.
(a) Each Member shall be represented on the Governing Council and shall appoint one Governor and an alternate. An alternate may vote only in the absence of his principal.
(b) All the powers of the Fund shall be vested in the Governing Council.
(c) The Governing Council may delegate any of its powers to the Executive Board with the exception of the power to: (i) adopt amendments to this Agreement;
(ii) approve membership;
(iii) suspend a Member;
(iv) terminate the operations of the Fund and distribute its assets;
(v) decide appeals from decisions made by the Executive Board concerning the interpretation or application of this Agreement;
(vi) determine the remuneration of the President.
(i) adopt amendments to this Agreement;
(ii) approve membership;
(iii) suspend a Member;
(iv) terminate the operations of the Fund and distribute its assets;
(v) decide appeals from decisions made by the Executive Board concerning the interpretation or application of this Agreement;
(vi) determine the remuneration of the President.
(d) The Governing Council shall hold an annual session, and such special sessions as it may decide, or as are called by Members having at least one fourth of the total number of votes in the Governing Council, or as requested by the Executive Board by a two-thirds majority of the votes cast.
(e) The Governing Council may by regulation establish a procedure whereby the Executive Board may obtain a vote of the Council on a specific question without calling a meeting of the Council.
(f) The Governing Council may, by a two-thirds majority of the total number of votes, adopt such regulations and by-laws not inconsistent with this Agreement as may be appropriate to conduct the business of the Fund.
(g) A quorum for any meeting of the Governing Council shall be constituted by Governors exercising two-thirds of the total votes of all its members.
(a) The total number of votes in the Governing Council shall be comprised of Original Votes and Replenishment Votes. All Members shall have equal access to those votes on the following basis: (i) Original Votes shall consist of a total of one thousand eight hundred (1 800) votes made up of membership votes and contribution votes: (A) membership votes shall be distributed equally among all Members; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s cumulative paid contributions to the resources of the Fund, authorized by the Governing Council prior to 26 January 1995 and made by Members in accordance with Sections 2, 3 and 4 of Article 4 of this Agreement, bear to the aggregate of the total of the said contributions paid by all Members;
(A) membership votes shall be distributed equally among all Members; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s cumulative paid contributions to the resources of the Fund, authorized by the Governing Council prior to 26 January 1995 and made by Members in accordance with Sections 2, 3 and 4 of Article 4 of this Agreement, bear to the aggregate of the total of the said contributions paid by all Members;
(ii) Replenishment Votes shall be made up of membership votes and contribution votes in a total amount of votes to be decided by the Governing Council upon each occasion that it calls for additional contributions under Section 3 of Article 4 of this Agreement (a “replenishment”) commencing with the fourth such replenishment. Except as the Governing Council shall by a two-thirds majority of the total number of votes otherwise decide, the votes for each replenishment shall be established in the ratio of one hundred (100) votes for the equivalent of each one hundred and fifty eight million United States dollars (USD 158 000 000) contributed to the total amount of that replenishment, or a fraction thereof: (A) membership votes shall be distributed equally among all Members on the same basis as that set forth in provision (i)(A) above; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s paid contribution to the resources contributed to the Fund by Members for each replenishment bears to the aggregate of the total contributions paid by all Members to the said replenishment; and
(A) membership votes shall be distributed equally among all Members on the same basis as that set forth in provision (i)(A) above; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s paid contribution to the resources contributed to the Fund by Members for each replenishment bears to the aggregate of the total contributions paid by all Members to the said replenishment; and
(iii) The Governing Council shall decide the total number of votes to be allocated as membership votes and contribution votes under paragraphs (i) and (ii) of this Section. Upon any change in the number of Members of the Fund, the membership votes and contribution votes distributed under paragraphs (i) and (ii) of this Section shall be redistributed in accordance with the principles laid down in the said paragraphs. In the allocation of votes, the Governing Council shall ensure that those Members classified as members of Category III before 26 January 1995 receive one-third of the total votes as membership votes.3)The allocation of votes shall be in accordance with the basic principles approved by the Governing Council in the Report of the Special Committee and, in particular, paragraph 5 thereof. The Governing Council, at each replenishment, will adopt a resolution dealing with the replenishment and the distribution of votes among Members of the Governing Council and the Executive Board for each replenishment period from the Fourth Replenishment onwards. The resolution on the Fourth Replenishment will contain details of the votes distributed to Members up to the end of the Third Replenishment period.
(i) Original Votes shall consist of a total of one thousand eight hundred (1 800) votes made up of membership votes and contribution votes: (A) membership votes shall be distributed equally among all Members; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s cumulative paid contributions to the resources of the Fund, authorized by the Governing Council prior to 26 January 1995 and made by Members in accordance with Sections 2, 3 and 4 of Article 4 of this Agreement, bear to the aggregate of the total of the said contributions paid by all Members;
(A) membership votes shall be distributed equally among all Members; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s cumulative paid contributions to the resources of the Fund, authorized by the Governing Council prior to 26 January 1995 and made by Members in accordance with Sections 2, 3 and 4 of Article 4 of this Agreement, bear to the aggregate of the total of the said contributions paid by all Members;
(ii) Replenishment Votes shall be made up of membership votes and contribution votes in a total amount of votes to be decided by the Governing Council upon each occasion that it calls for additional contributions under Section 3 of Article 4 of this Agreement (a “replenishment”) commencing with the fourth such replenishment. Except as the Governing Council shall by a two-thirds majority of the total number of votes otherwise decide, the votes for each replenishment shall be established in the ratio of one hundred (100) votes for the equivalent of each one hundred and fifty eight million United States dollars (USD 158 000 000) contributed to the total amount of that replenishment, or a fraction thereof: (A) membership votes shall be distributed equally among all Members on the same basis as that set forth in provision (i)(A) above; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s paid contribution to the resources contributed to the Fund by Members for each replenishment bears to the aggregate of the total contributions paid by all Members to the said replenishment; and
(A) membership votes shall be distributed equally among all Members on the same basis as that set forth in provision (i)(A) above; and
(B) contribution votes shall be distributed among all Members in the proportion that each Member’s paid contribution to the resources contributed to the Fund by Members for each replenishment bears to the aggregate of the total contributions paid by all Members to the said replenishment; and
(iii) The Governing Council shall decide the total number of votes to be allocated as membership votes and contribution votes under paragraphs (i) and (ii) of this Section. Upon any change in the number of Members of the Fund, the membership votes and contribution votes distributed under paragraphs (i) and (ii) of this Section shall be redistributed in accordance with the principles laid down in the said paragraphs. In the allocation of votes, the Governing Council shall ensure that those Members classified as members of Category III before 26 January 1995 receive one-third of the total votes as membership votes.3)The allocation of votes shall be in accordance with the basic principles approved by the Governing Council in the Report of the Special Committee and, in particular, paragraph 5 thereof. The Governing Council, at each replenishment, will adopt a resolution dealing with the replenishment and the distribution of votes among Members of the Governing Council and the Executive Board for each replenishment period from the Fourth Replenishment onwards. The resolution on the Fourth Replenishment will contain details of the votes distributed to Members up to the end of the Third Replenishment period.
(b) For the purposes of Section 3 (a)(i)(B) and (ii)(B) above, the grant element of a concessional partner loan and the discount or the credit generated from the early encashment of contributions shall be considered as “paid contributions” and contributions votes shall be distributed accordingly; and
(c) Except as otherwise specified in this Agreement, decisions of the Governing Council shall be taken by a simple majority of the total number of votes.
The Governing Council shall elect a Chairman from among the Governors, who shall serve for two years.
(a) The Executive Board shall be composed of 18 members and up to 18 alternate members, elected from the Members of the Fund at the annual session of the Governing Council. The seats in the Executive Board shall be distributed by the Governing Council from time to time and specified in Schedule II to this Agreement. The members of the Executive Board and their alternates, who may vote only in the absence of a member, shall be elected and appointed in accordance with the procedures set forth in Schedule II hereto, which forms an integral part of this Agreement.
(b) Members of the Executive Board shall serve for a term of three years.
(c) The Executive Board shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise the powers given to it by this Agreement or delegated to it by the Governing Council.
(d) The Executive Board shall meet as often as the business of the Fund may require.
(e) The representatives of a member or of an alternate member of the Executive Board shall serve without remuneration from the Fund. However, the Governing Council may decide the basis on which reasonable travel and subsistence expenses may be granted to one such representative of each member and of each alternate member.
(f) A quorum for any meeting of the Executive Board shall be constituted by members exercising two-thirds of the total votes of all its members.
(a) The Governing Council shall, from time to time, decide the distribution of votes among the members of the Executive Board in accordance with the principles established in Section 3(a) of Article 6 of this Agreement.4)The allocation of votes shall be in accordance with the basic principles approved by the Governing Council in the Report of the Special Committee and, in particular, paragraph 5 thereof. The Governing Council, at each replenishment, will adopt a resolution dealing with the replenishment and the distribution of votes among Members in the Governing Council and the Executive Board for each replenishment period from the Fourth Replenishment onwards. The resolution on the Fourth Replenishment will contain details of the votes distributed to Members up to the end of the Third Replenishment period.
(b) Except as otherwise specified in this Agreement, decisions of the Executive Board shall be taken by a majority of three fifths of the votes cast, provided that such majority is more than one half of the total number of votes of all members of the Executive Board.
The President of the Fund shall be the Chairman of the Executive Board and shall participate in its meetings without the right to vote.
(a) The Governing Council shall appoint the President by a two-thirds majority of the total number of votes. He shall be appointed for a term of four years and shall be eligible for reappointment for only one further term. The appointment of the President may be terminated by the Governing Council by a two-thirds majority of the total number of votes.
(b) Notwithstanding the restriction on the term of office of the President of four years, contained in paragraph (a) of this Section, the Governing Council may, under special circumstances, on the recommendation of the Executive Board, extend the term of office of the President beyond the duration prescribed in paragraph (a) above. Any such extension shall be for no more than six months.
(c) The President may appoint a Vice-President, who shall perform such duties as shall be assigned to him by the President.
(d) The President shall head the staff and, under the control and direction of the Governing Council and the Executive Board, shall be responsible for conducting the business of the Fund. The President shall organize the staff and shall appoint and dismiss members of the staff in accordance with regulations adopted by the Executive Board.
(e) In the employment of the staff and in the determination of the conditions of service consideration shall be given to the necessity of securing the highest standards of efficiency, competence and integrity as well as to the importance of observing the criterion of equitable geographical distribution.
(f) The President and the staff, in the discharge of their functions, owe their duty exclusively to the Fund and shall neither seek nor receive instructions in regard to the discharge thereof from any authority external to the Fund. Each Member of the Fund shall respect the international character of this duty and shall refrain from any attempt to influence them in the discharge of their duties.
(g) The President and the staff shall not interfere in the political affairs of any Member. Only development policy considerations shall be relevant to their decisions and these considerations shall be weighed impartially in order to achieve the objective for which the Fund was established.
(h) The President shall be the legal representative of the Fund.
(i) The President, or a representative designated by him, may participate, without the right to vote, in all meetings of the Governing Council.
The Governing Council shall determine the permanent seat of the Fund by a two-thirds majority of the total number of votes. The provisional seat of the Fund shall be in Rome.
The President shall prepare an annual administrative budget which he shall submit to the Executive Board for transmission to the Governing Council for approval by a two-thirds majority of the total number of votes.
The Fund shall publish an annual report containing an audited statement of its accounts and, at appropriate intervals, a summary statement of its financial position and of the results of its operations. Copies of such reports, statements and other publications connected therewith shall be distributed to all Members.