Artikel XI

Section 1. - Functions of the Governor
The Governor shall conduct the current administration of the Fund under the instructions and supervision of the Administrative Council.
He shall represent the Fund in all its transactions. He shall not contract any financial obligations, in accordance with the terms of Articles V and VI of the Articles of Agreement, without the express authorisation of the Administrative Council.
He shall incur administrative expenses within the limits of the budgetary credits allocated to him.
He shall take all necessary steps to keep these expenses at a strict minimum. In particular, he shall avail himself of such services as may be offered by the Council of Europe, in dealing with financial matters he shall enlist the co-operation of the central banks of the Members and the Bank for International Settlements, and, in dealing with problems incidental to resettlement and absorption of surplus population, that of agencies and individuals experienced in the field.
He shall hold the property and assets of the Fund and shall keep adequate accounts.
Section 2. - Reports to the Administrative Council
The Governor shall submit to the Administrative Council regular reports on the position of the Fund and on proposed operations and shall supply it with any information it may request.
The Governor shall draw up a full annual report on all operations effected throughout the year.
This report shall be accompanied by the balance-sheet of the Fund and the operational accounts, together with the Auditors' Report on these documents.
Section 3. - Appointment and Salary of the Governor
The Governor shall be appointed for a period of 3 years and may be re-elected on the expiry of his term of office. The amount of his salary shall be fixed by the Administrative Council.