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16 JANVIER 2012. - An Act to approve the fourteenth general revision of the assessed contributions of members of the International Monetary Fund and the amendments to the statutes of the International Monetary Fund, as provided for in Resolution No. 66-2 of 15 December 2010 of the Board of Governors of the International Monetary Fund (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
Article 1^er. This Act regulates a matter referred to in Article 77 of the Constitution.
Art. 2. Resolution No. 66-2 of the Board of Governors of the International Monetary Fund of 15 December 2010, the text of which is reproduced in the annex, will come out of its full effect.
Art. 3. The King is authorized to consent, on behalf of Belgium, to the increase to 6,410.7 million Special Drawing Rights (SDR) of the current quota of 4,605.2 million Special Drawing Rights (SDR) from Belgium to the International Monetary Fund, as provided for in Resolution No. 66-2 of the Board of Governors of the International Monetary Fund of 15 December 2010.
Promulgation of this law, let us order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 16 January 2012.
ALBERT
By the King:
Deputy Prime Minister and Minister of Finance,
S. VANACKERE
Deputy Prime Minister and Minister for Foreign Affairs,
D. REYNDERS
Seal of the state seal:
The Minister of Justice,
Ms. A. TURTELBOOM
____
Note
(1) Session 2011-2012.
Senate
Parliamentary documents. - Bill No. 5-1285/1, Report, No. 5-1285/2. - Text adopted in plenary and transmitted to the Chamber, No. 53-1888/1.
Annales. - 17 November 2011.
House of Representatives
Parliamentary documents. - Bill No. 53-1888/1. - Report No. 53-1888/2. - Text adopted in plenary session, No. 53-1888/3, and subject to Royal Assent.
Full report. - 15 December 2011.

Annex
International Monetary Fund
Resolution No. 66-2 of the Board of Governors
Increase in the assessed contributions of the Fund member countries (fourteenth general revision) and amendments to the statutes relating to the reform of the Board of Directors
Considering that the Board of Directors has submitted to the Board of Governors a report entitled "Fourteenth General Review of Assessments and the Reform of the Board of Directors: Report of the Board of Directors to the Board of Governors, as indicated in the Report, and
Considering that the International and Financial Committee, in its communiqué of 29 April, invited the Board of Directors to move forward by two years, and thus in January 2011, the deadline for the finalization of the Fourteenth General Revision of Quotas, and
Considering that the Board of Directors has, following the Fourteenth General Revision of Quotas, recommended to increase the quotas of the Member States of the Fund, and
Considering that the Board of Directors has recommended that an amendment of the statutes be made to establish a Board of Directors consisting solely of elected managers, and
Considering that the Board of Directors has recommended that a manager, elected by 7 or more Member States, be given the right to designate two alternate managers, after the first regular election of managers following the entry into force of the proposed Statute Amendment and approved by Resolution No. 63-2 of the Board of Governors, and
Considering that the President of the Board of Governors has requested the Fund Secretariat to submit the proposal of the Board of Directors to the Board of Governors, and
Considering that the Fund Secretariat has submitted the Report of the Board of Directors, explaining the proposal to the Board of Governors, and
Considering that the Board of Directors has requested the Board of Governors to vote, without meeting, on the following Resolution in accordance with Section 13 of the Fund's General Regulation:
Decision of the Board of Governors that takes note of the recommendations and the Report referred to the Board of Directors. Therefore:
1. The International Monetary Fund proposes that the provisions of this Resolution shall be applied, and the assessments of the member countries of the Fund shall be applied to the amounts set out next to their name in annex 1 attached to this Resolution.
2. An increase in the assessment of a member country as proposed by this Resolution shall only take effect at the time of notification of its consent to the Fund, by the date set out in paragraph 4 below, and where the full increase in the assessment of the member's share may be paid, within the time limit set out in paragraph 5 below, on the understanding that no member country shall have paid any increase in the amount of the interest paid,
3. No increase in quotas, as proposed in this Resolution, will come into force before:
(i) that the Board of Directors found that Member States whose quotas were at least 70% of the total quotas as of 5 November 2010, accepted the proposed increase in their quotas;
(ii) that the proposed amendment of the statutes, as explained in Appendix 2 to this Resolution, has not entered into force; and
(iii) that the proposed amendment of the statutes, approved by Resolution No. 63-2 of the Board of Governors, has not entered into force.
Each Member State undertakes to make every effort to finalize these measures by the date of the 2012 Annual Meetings. The Board of Directors has been invited to verify quarterly that progress has been made in implementing these measures.
4. The notifications referred to in paragraph 2 above shall be made by a duly authorized representative of the member country and shall be sent to the Fund no later than 31 December 2011, at 18.00 p.m. in Washington, D.C., on the understanding that the Administrative Council may extend that period if it considers it necessary.
5. Each member country will pay the Fund an increase in its quota within 30 days of the furthest of the following dates:
(a) the date on which the Fund has notified its consent, or
(b) the date set out in paragraph 3 above, provided that the Board of Directors may extend this period if it considers it necessary.
6. In its decision to extend the time limit for consent to an increase in the amount or payment of that increment, the Board of Directors will pay particular attention to the situation of members who may still wish to consent to an increase in their share or to pay that increment, including those members with persistent arrears in the General Resources Account, whether they are paid for redemptions, fees or commitments in the General Resources Account.
7. With respect to Member States that have not yet approved the increase in their quotas under the Eleventh General Revision and Resolution No.63-2 of the Board of Governors, the ultimate date on which they must approve these increases in quotas is the date referred to in paragraph 4 above.
8. Each member country will have to pay 25 p.c. of the increase in special drawing rights, in currencies of other member countries specified with their approval by the Fund or in any combination of special drawing fees and such currencies. The member country will have to pay the balance of the increase in its own currency.
9. The Board was invited to conduct a detailed review of the formula for the month of January 2013.
10. The Board of Directors was invited to advance the completion deadline for the Fifteenth General Quota Review in January 2014. According to forecasts, each redistribution will result in an increase in the share of dynamic economies in quotas, proportionally to their relative position in the world economy, and therefore probably in the share of emerging economies and developing countries considered globally. The necessary measures will be taken to protect the right to vote and the representation of the poorest member States.
11. Given the proposed increase in the quotas under the Fourteenth General Revision, the Board of Directors and the participants in the New Borrowing Agreements (NAE) are invited to carry out, for the month of November 2011, a revision of the NAE credit contracts under which the NAEs will be reduced by a corresponding amount, with the retention of the relative shares, which will actually enter into force as soon as it is satisfied with the terms and conditions referred to in paragraph 3
12. The proposed amendment to the Statutes of the International Monetary Fund, as set out in annex II to this Resolution ("Proposal to amend the statutes of the International Monetary Fund relating to the reform of the Board of Directors") is approved.
13. The Secretariat was invited to request all member States of the Fund, by a circular or telegram or any other means of rapid communication, if they accepted the proposal to amend the statutes of the International Monetary Fund relating to the reform of the Board of Directors, in accordance with the provisions referred to in Article XXVII of the statutes.
14. The communication to be sent to all Member States, in accordance with paragraph 13 of this Resolution, will state that the proposal to amend the statutes of the International Monetary Fund relating to the reform of the Board of Directors will apply to all Member States as soon as the Fund has confirmed, through a formal communication, to all Member States that three-fifths of all Member States, having more than eighty-five per cent of the total of the voting rights
15. Following the first regular election of directors following the entry into force of the amendment of the statutes in accordance with Resolution No. 63-2 approved by the Board of Governors, a director elected by seven or more Member States shall be entitled to designate two alternate directors.
16. The requirement sine qua non to the designation of two alternate directors implies that a director shall inform the Secretariat of the Fund of the designation:
(i) an alternate who will intervene for the administrator if the director is absent and the two alternates are present; and
(ii) an alternate who, under Article XII, section 3(f), shall exercise the competence of the administrator.
A director may at any time inform the Fund Secretariat of an amendment to these designations.
17. The Board of Governors takes note of:
(i) the commitment to reduce by two units the number of directors that represent the industrialized European States in order to authorize a better representation of emerging and developing countries, by no later than the date of the first regular election of directors to be held when it has been satisfied with the conditions listed in paragraph 3 of this Resolution, and
(ii) the commitment of the members of the Fund to retain a Board of Directors consisting of 24 directors and to review the composition of the Board of Directors after a period of eight years after the date on which it has been satisfied with the conditions set out in paragraph 3 of this Resolution.



Annex 2
Proposal to amend the Statutes of the International Monetary Fund on the reform of the Board of Directors
The Governments on whose behalf the present Statutes have been signed agree that:
1. The wording of section XII, section 3(b), is amended to read:
“(b) Subject to the provisions of paragraph (c) below, the Governing Council shall be composed of twenty directors elected by the Member States and chaired by the Director-General. »
2. The wording of section XII, section 3(c), is amended to read:
"(c) For each regular election of directors, the Board of Governors may, by a majority of eighty-five per cent of the total number of votes cast, increase or decrease the number of directors referred to in paragraph (b) above. »
3. The wording of section XII, section 3(d), is amended to read:
"(d) The election of directors is held every two years, in accordance with the rules adopted by the Board of Governors. These rules provide a limit to the total number of votes that may be expressed in favour of the same candidate by more than one Member State. »
4. The wording of section XII, section 3(f), is amended to read:
“(f) The administrators remain in office until the election of their successors. If the position of a director becomes vacant more than nonante days before the expiry of his term, another director shall be elected for the remaining period by the Member States that had elected the previous administrator. The election shall be held by a majority of the votes cast. As long as the position remains vacant, the deputy of the previous administrator shall exercise the powers of the latter, except that of appointing an alternate. »
5. The wording of section XII, section 3(i), is amended to read:
“(i) (i) Each administrator has the number of votes that counted for their election.
(ii) When the provisions of section 5, paragraph (b), of this article apply, the number of votes to be disposed of by a director shall be increased or decreased accordingly. Every administrator must express the voices he has.
(iii) When the suspension of the voting rights of a Member State is revoked under section 2, paragraph (b), of article XXVI, that Member State may agree with all Member States that have elected a director that the votes attributed to it shall be expressed by that administrator, provided that, if no ordinary election of directors has taken place during the period of suspension, the administrator to whom the member State had elected The Member State shall be deemed to have participated in the election of the authorized administrator to express the votes attributed to that Member State. »
6. The wording of section XII, section 3(j), is amended to read:
“(j) The Board of Governors shall adopt rules allowing a Member State to send a representative to any meeting of the Board of Directors where an application by that Member State is examined or a matter of particular concern to it. »
7. The wording of section XII, section 8, is amended to read:
"The Fund may, at any time, make known to a Member State its views on any matter that arises in connection with the application of these Statutes. The Fund may, by a majority of seventy per cent of the total number of votes allocated, decide to issue a report to a Member State on the monetary situation or its economic situation and their evolution, if they directly tend to cause a serious imbalance in the international balance of payments by Member States. The Member State concerned has the right to be represented in accordance with section 3 (j), of this article. The Fund does not publish a report that would involve changes in the fundamental structure of the economic organization of the Member States. »
8. The wording of Article XXI (a) (ii) is amended to read:
“(a) (ii) For the decisions of the Governing Council on matters relating exclusively to the Department of Special Drawing Rights, only directors elected by at least one Member State having the status of a participant have the right to vote. Each of these administrators may express the number of votes cast to participating Member States whose votes have contributed to their election. To determine whether the quorum is reached or whether a decision is taken by the required majority, it is taken into account only the presence of the directors elected by the Member States with the quality of participants and the votes attributed to the Member States with that quality. »
9. The wording of Article XXIX(a) is amended to read:
“(a) Any question of interpretation of the provisions of these Regulations that would arise between a Member State and the Fund or between Member States shall be submitted to the Governing Council for decision. If the issue particularly affects a Member State, that Member State has the capacity to be represented in accordance with Section 3 (j), of Article XII. »
10. The wording of subsection 1(a) of Schedule D is amended to read:
“(a) Each Member State or group of Member States that directs a director to express the number of votes assigned to it shall appoint to the College an advisor, who shall be a governor, a minister of the government of a Member State or a person of comparable rank, and may appoint not more than seven associates. With a majority of eighty-five per cent of the total number of votes cast, the Board of Governors may change the number of associates eligible to be appointed. The advisor or associate sits until the appointment of his successor or until the next ordinary election of directors is held before the appointment. »
11. The content of paragraph 5 (e) of Appendix D is deleted.
12. Paragraph 5 (f) of Appendix D becomes paragraph 5 (e) of Appendix D and the wording of new paragraph 5 (e) is amended as follows:
"(e) Where a director is authorized to express the votes attributed to a Member State under section 3(i) (iii) of Article XIII, the councillor appointed by the group whose members elected the administrator shall be entitled to vote and to express the votes attributed to that Member State. The State shall be deemed to have participated in the appointment of the councillor authorized to vote and to express the votes attributed to that Member State. »
13. The wording of Appendix E is amended to read:
"Provisional arrangements for directors"
1. As soon as the provisions of this Schedule come into force:
(a) Any director appointed in accordance with the former provisions of section 3, paragraph (b) (i), or section 3, paragraph (c), of section XII and acting immediately before the entry into force of this annex shall be deemed to have been elected by the Member State having appointed it; and
(b) Any administrator who expresses the number of votes of a Member State in accordance with the former provisions of section 3, paragraph (i) (ii), of section XII immediately before the entry into force of this annex shall be deemed to have been elected by that Member State. »
14. The wording of subsection 1(b) of Schedule L is amended to read:
"(b) appoint a governor or alternate governor, appoint an adviser or alternate adviser, or participate in their appointment, elect a director, or participate in his election. »
15. The wording of the chapeau of subsection 3(c) of Schedule L is amended to read:
"(c) The administrator elected by the Member State, or in the election of which the Member State participated, ceases to exercise its functions, unless that administrator was authorized to express the votes attributed to other Member States whose voting rights were not suspended. In the latter case: »

International Monetary Fund
Resolution No. 66-2 of the Board of Governors
Fourteenth General Review of Quotas and Reform of the Executive Board
Whereas the Executive Board has submitted tot the Board of Governors a Report entiteld " Fourteenth General Review of Quotas and Reform of the Executive Board: Report of the Executive Board to the Board of Governors", hereinafterh the "Report"; and
Whereas the Monetary International and Financial Committee in its April 2009 Press release called on the Executive Board to bring forward the deadline for completion of the Fourteenth General Review of Quotas by two years, to January 2011; and
Whereas the Executive Board has recommended increases in the quotas of members of the Fund as a result of the Fourteenth General Review of Quotas; and
Whereas the Executive Board has recommended an amendment of the Articles of Agreement to establish an Executive Board consisting solely of elected Executive Directors; and
Whereas the Executive Board has recommended that, following the first regular election of Executive Directors after entry into force of the proposed amendment of the Articles of Agreement approved udner Board of Governors Resolution No. 63-2, an Executive Director elected by 7 or more members should be entitled to appoint two Alternate Executive Directors; and
Wheras the Chairman of the Board of Governors has requested the Secretary of the Fund to bring the proposal of the Executive Board before the Board of Governors; and
Whereas the Report of the Executive Board forth setting its proposal has been submitted to the Board of Governors by the Secretary of the Fund; and
Whereas the Executive Board has requested the Board of Governors to vote on the following Resolution without meeting, pursuant to Section 13 of the By-Laws of the Fund:
Now, therefore, the Board of Governors, noting the recommendations and the said Report of the Executive Board, hereby resolves that:
1. The International Monetary Fund proposes that, subject to the provisions of this Resolution, the quotas of members of the Fund shall be increased to the amounts shown against tehir names in Attachment I to this Resolution.
2. A member's increase in quota as proposed by this Resolution shall not become effective unless that member has consented in writing to the increase not later than the date prescribed by or under paragraph 4 below and has paid the increase in full within the period prescribed by or under paragraph 5 below, provided that no member with overdue repurchases, charges or assessments to the General Resources Account may consent to or pay for the increase in its quota until it becomes current in respect of those obligations.
3. No increase in quotas proposed by this Resolution shall become effective until:
(i) the Executive Board has determined that members having not less than 70 percent of the total of quotas on November 5, 2010 have consented in writing to the increases in their quotas;
(ii) the proposed amendment of the Articles of Agreement set out in Attachment II of this Resolution has entered into force; and
(iii) the proposed amendment of the Articles of Agreement approved under Board of Governors Resolution No. 63-2 had entered into force.
Each member commits to use its best efforts to complete these steps no later than the Annual Meetings in 2012. The Executive Board is requested to monitor, on a quarterly basis, the progress made in the implementation of these steps.
4. Notices in accordance with paragraph 2 shall be executed by a duly authorized official of the member and must be received in the Fund before 6 :00 p.m., Washington time, December 31, 2011, provided that the Executive Board may extend this period as it may determine.
5. Each member shall pay to the Fund the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its consent, or (b) the date on which all of the conditions set forth in paragraph 3 above are met, provided that the Executive Board may extend the payment period as it may determine.
6. When deciding on an extension of the period for consent or of payment for the increase in quotas, the Executive Board shall give particular consideration to the situation of members that may still wish to consent to or pay for the increase in quota, including members with protracted arrears to the General Resources Account, consisting of overdue repurchases, charges or assessments to the General Resources Account that, in its judgment, are cooperating with the Fund toward the settlement of these obligations.
7. For members that have not yet consented to their increases in quotas under the Eleventh General Review and under Board of Governors Resolution No. 63-2, the deadline for consent to such quota increases shall be the date determined by or under paragraph 4 above.
8. Each member shall pay 25 percent of its increase either in special drawing rights or in the currencies of other members specified, with their competition, by the Fund, or in any combination of special drawing rights and such currencies. The balance of the increase shall be paid by the member in its own currency.
9. The Executive Board is requested to complete a comprehensive review of the formula by January 2013.
10. The Executive Board is requested to bring forward the timetable for completion of the Fifteenth General Review of Quotas to January 2014. Any realignment is expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. Steps shall be taken to protect the voice and representation of the poorest members.
11. In light of the proposed increases in quotas under the Fourteenth General Review, the Executive Board and participants in the New Arrangements to Borrow (NAB) are requested to undertake a review of NAB credit arrangements by November 2011, with a corresponding roll-back of the NAB, preserving relative shares, to become effective when the conditions set forth in paragraph 3 of this Resolution are met and the quota payments associated with the participation threshold in paragrah 3(i) of this Resolution have
12. The proposed amendment of the Articles of Agreement of the International Monetary Fund set forth in Attachment II to this Resolution (the " Proposed Amendment of the Reform of the Executive Board") is approved.
13. The Secretary is directed to ask all members of the Fund, by circular letter or telegram, or other rapid means of communication, whether they accept, in accordance with the provisions of Article XXVIII of the Articles, the Proposed Amendment on the Reform of the Executive Board.
14. The communication to be sent to all members in accordance with paragraph 13 of this Resolution shall specify that the Proposed Amendment on the Reform of the Executive Board shall enter into force for all members on the date on which the Fund certifies, by a formal communication addressed to all members, that three-fifths of the members, having eighty-five percent of the total voting power, have accepted the Proposed Amendment on the Reform of the Executive Board.
15. Following the first regular election of Executive Directors after the entry into force of the amendment of the Articles of Agreement approved under Board of Governors Resolution No. 63-2, an executive Director elected by seven or more members shall be entitled to appoint two Alternate Executive Directors.
16. As a condition for appointing two Alternate Executive Directors, an Executive Director is required to designate by notification to the Secretary to the Fund : (i) the Alternate who shall act for the Executive director when he is not present and both Alternates are present; and (ii) the Alternate who shall exercise the powers of the Executive Director pursuant to Article XII, section 3(f). By notification to the Secretary of the Fund, an Executive Director may change these designations at any time.
17. The Board of Governors takes note of : (i) the commitment to reduce, as a means of achieving greater representation of emerging market and developing countries, the number of Executive Directors representing advanced European countries by two no later than the first regular election of Executive Directors after the conditions set forth in paragraph 3 of the Resolution are met, and (ii) the commitment of the Fund's membership to maintain an Executive paragraph Board consisting of 24 Executive Directors, and to review the composition of following Executive Board every eight years

Attachment 1
Proposed Quotas
(in millions of SDRs)


Attachment 2
Proposed Amendment of the Articles of Agreement of the International Fund on the Reform of the Executive Board
The Governments on whose behalf the present Agreement is signed agree as follows:
1. The text of Article XII, Section 3(b) shall be amended to read as follows:
“(b) Subject to (c) below, the Executive Board shall consist of twenty Executive Directors elected by the members, with the Managing Director as chairman. »
2. The text of Article XII, Section 3(c) shall be amended to read as follows:
"(c) For the purpose of each regular election of Executive Directors, the Board of Governors, by an eighty-five percent majority of the total voting power, may increase or decrease the number of Executive Directors specified in (b) above. »
3. The text of Article XII, Section 3(d) shall be amended to read as follows:
"(d) Elections of Executive Directors shall be conducted at intervals of two years in accordance with regulations which shall be adopted by the Board of Governors. Such regulations shall include a limit on the total number of votes that more than one member may cast for the same candidate. »
4. The text of Article XII, Section 3(f) shall be amended to read as follows:
“(f) Executive Directors shall continue until their estates are elected. If the office of an Executive Director becomes vacant more than ninety days before the end of his term, another Executive Director shall be elected for the remainder of the term by the members that elected the former Executive Director. A majority of the votes cast shall be required for election. While the office remains vacant, the Alternate of the former Executive Director shall exercise his powers, except that of appointing an Alternate. »
5. The text of Article XII, Section 3(i) shall be amended to read as follows:
" (i) (i) Each Executive Director shall be entitled to cast the number of votes which counted towards his election.
(ii) When the provisions of Section 5(b) of this Article are applicable, the votes which an Executive Director would otherwise be entitled to cast shall be increased or decreased correspondingly. All the votes which an Executive Director is entitled to cast shall be cast as a unit.
(iii) When the suspension of the voting rights of a member is terminated under Article XXVI, Section 2(b), the member may agree with all the members that have elected an Executive Director that the number of votes allotted to that member shall be cast by such Executive Director, provided that, if no regular election of Executive Directors has been conducted during the period of the suspension, the Executive Director in whose election the member had participated prior to the suspension, or his successor elected The member shall be deemed to have participated in the election of the Executive Director entitled to cast the number of votes allotted to the member. »
6. The text of Article XII, Section 3(j) will be amended to read as follows:
“(j) The Board of Governors shall adopt regulations under which a member may send a representative to attend any meeting of the Executive Board when a request made by, or a matter particularly affecting, that member is under consideration. »
7. The text of Article XII, Section 8 shall be amended to read as follows:
"The Fund shall at all times have the right to communicate its views informally to any member on any matter arising under this Agreement. The Fund may, by a seventy percent majority of the total voting power, decide to publish a report made to a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibrium in the international balance of payments of members. The relevant member shall be entitled to representation in accordance with Section 3(f) of this Article. The Fund shall not publish a report involving changes in the fundamental structure of the economic organization of members. »
8. The text of Article XXII(a)(ii) shall be amended to read as follows:
"(a) (ii) For decisions by the Executive Board on matters pertaining exclusively to the Special Drawing Rights Department only Executive Directors elected by at least one member that is participant shall be entitled to vote. Each of these Executive Directors shall be entitled to cast the number of votes allotted to the members that are participants whose votes counted towards his election. Only the presence of Executive Directors elected by members that are participants and the votes allotted to members that are participants shall be counted for the purpose of determining whether a quorum exists or whether a decision is made by the required majority. »
9. The text of Article XXIX(a) shall be amended to read as follows:
“(a) Any question of interpretation of the provisions of this Agreement arising between any member and the Fund or between any members of the Fund shall be submitted to the Executive Board for its decision. If the question particularly affects any member, it shall be entitled to representation in accordance with Article XII, Section 3(j). »
10. The text of paragraph 1(a) of Schedule D will be amended to read as follows:
“(a) Each member or group of members that has the number of votes allotted to it or them cast by an Executive Director shall appoint to the Council one Councillor, who shall be a Governor, Minister in the government of a member, or person of comparable rank, and may appoint not more than seven Associates. The Board of Governors may change, by an eighty-five majority of the total voting power, the number of Associates who may be appointed. A Councillor or Associate shall serve until a new appointment is made or until the next regular election of Executive Directors, whichever shall occur sooner. »
11. The text of paragraph 5(e) of Schedule D shall be deleted.
12. Paragraph 5(f) of schedule D shall be renumbered 5(e) of Schedule D and the text of the new
paragraph 5(e) shall be amended to read as follows:
"(e) When an Executive Director is entitled to cast the number of votes allotted to a member pursuant to Article XII, Section 3 (i) (iii), the Councillor appointed by the group whose members elected such Executive Director shall be entitled to vote and cast the number of votes allotted to such member. The member shall be deemed to have participated in the appointment of the Councillor entitled to vote and cast the number of votes allotted to the member. »
13. The text of Schedule E shall be amended to read as follows:
« Provisions Transitional with Respect to Executive Directors
1. Upon the entry into force of this Schedule :
(a) Each Executive Director who was appointed pursuant to former Article XII, Sections 3(b)(i) or 3(c), and was in office immediately prior to the entry into force of this Schedule, shall be deemed to have been elected by the member who appointed him; and
(b) Each Executive Director who cast the number of votes of a member pursuant to former Article XII, Section 3 (i) (ii) immediately prior to the entry into force of this Schedule, shall be deemed to have been elected by such a member. »
14. The text of paragraph 1(b) of Schedule L shall be amended to read as follows:
"(b) appoint a Governor or Alternate Governor, appoint or participate in the appointment of a Councillor or Alternate Councillor, or elect or participate in the election of the Executive Director. »
15. The text of the chapeau of paragraph 3(c) of Schedule L shall be amended to read as follows:
"(c) The Executive Director elected by the member, on in whose election the member has participated, shall cease to hold office, unless such Executive Director was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended. In the latter case: »