The International Monetary Fund Agreed Amendments To The Agreement On The Reform Of The Board Of Executive Directors

Original Language Title: Par Starptautiskā Valūtas fonda Vienošanās līguma grozījumiem par izpilddirektoru valdes reformu

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/247437


The Saeima has adopted and the President promulgated the following laws: The International Monetary Fund agreed amendments to the agreement on the reform of the Executive Board article 1. The International Monetary Fund agreement contract (hereinafter-the agreement) amended the Executive Board reform (hereinafter referred to as the amendment on reform of the Board of Executive Directors) with this law is adopted and approved.
2. article. Amendments on the reform of the Board of Executive Directors for the fulfillment of obligations coordinate the Ministry of finance.
3. article. Amendment of Executive Board of the reform treaty enters into force for the period specified in Article XXVIII and in order, and the Ministry of Foreign Affairs shall notify the newspaper "journal".
4. article. The law will enter into force at the time of its promulgation. With the law on the amendment put Executive Board reforms in English and their translation into Latvian language.
The Parliament adopted the law in 2012 on April 19.
The President a. Smith in 2012 on May 9 Proposed amendment of the articles of agreement of the International Monetary 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 consis of twenty Executive Director 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) Election of the Executive Director shall be conducted at intervals of two years in accordanc 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) the Executive Director shall continue in Office until their successors are elected. If the Office of an Executive Director become vacant for 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 to that of appointing an alternate. " 5. The text of article XII, Section 3 (i) shall be amended to read as follows: "(i) (i) Each shall be Executive Director entitled to cast the number of votes which counted towards his election. (ii) When the provision of Section 5 (b) of this article with the applicable, the votes which an Executive Director would otherwise be entitled shall be increased or the cast 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 from the regular election of Executive Director has been conducted during the period of the suspension the Executive Director, in whose election the members had participated prior to the suspension, or his successors elected in accordanc with paragraph 3 (c) (i) of Schedule L or with (f) above, shall be entitled to cast the number of votes allotted to the members. 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 members. " 6. The text of article XII, Section 3 (j) shall be amended to read as follows: "(j), the Board of Governors shall adop a 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 regimes, that member is under considerations." 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 to any member on any matter informally arising under this agreement. The Fund may, by a majority of seventy percent of the total voting power, decide to publish a report made it a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibri of in the international balance of payments of members. The relevant member shall be entitled to representation in accordanc with Section 3 (j) 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 XX (a) (ii) shall be amended to read as follows: "(a) (ii) For decision by the Executive Board on matters pertaining exclusively to the Special Drawing Rights Department only Executive Director elected by at least one member that is (a) a participant shall be entitled to vote. Each of these Executive Director shall be entitled to cast the number of votes allotted to the members that the participants whose votes counted towards his election. Only the presence of Executive Directors elected by members that with the participants and the votes allotted to their members that the participants shall be counted for the purpose of determining (a) exists or of quor whethers whethers 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 provision 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 questions particularly Lady any member, it shall be entitled to representation in accordanc with article XII, Section 3 (j). " 10. The text of paragraph 1 (a) of Schedule D shall 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 be appoin to the Council by one Councillor, who shall be a Governor, a Minister in the Government of a member, or a person of rank comparabl , and may not be more than seven appoin associates. The Board of Governors may change, by an eighty-five percent 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 Director, whichever shall occure hurricanes. " 11. The text of paragraph 5 (e) of Schedule D shall be deleted.
12. Paragraph 5 (f) of Schedule D shall be renumbered 4 (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 pursuan to article XII, Section 3 (i) (ii), the Councillor appointed by the group whose members shall be elected such Executive Director entitled to vote and cast the number of votes allotted to such members. 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 members. " 13. The text of Schedule E shall be amended to read as follows: "Transitional Provision with respect to Executive Director 1. Upon the entry into force of this schedule: (a) Each Executive Director who was appointed their former pursuan article XII, Section 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 to the former article pursuan 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) a Governor or alternate appoin Governor, appoin or participat in the appointment of a Councillor or alternate Councillor, or elect or participat in the election of an 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 members, or in whose election the member has participated, shall cease to hold such Office, unless the 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: "proposal for the International Monetary Fund agreed amendments to the agreement on the reform of the Executive Director of the Board on behalf of the Government, which has signed the contract in force, agree that: 1. the article XII part 3) item (b) of the text is amended as follows:" (b)) in accordance with the following paragraph (c)) Executive Director Board, twenty-Executive Director elected by the Member States, but its Chairman, is the Managing Director. " 2. Article XII part 3) item (c) of the text is amended as follows: "(c)) the current Executive Director of the election Each time the Board of Governors with eighty-five percent of the total voting power of the majority may increase or reduce the above referred to in paragraph 2 (b)) the number of the Executive." 3. Article XII part 3) item (d) of the text is amended as follows:

"d) Executive Director are elected every two years in accordance with the rules adopted by the Management Board of Governors. These provisions lay down the limit on the total number of votes for the same candidate can put more than one Member State. " 4. Article XII part f) item text is amended as follows: "(f)) Executive Director continues to hold office until their successors are elected. If more than 90 days before the expiration of the term of Office of the Executive Director, free the same Member States elected the previous Executive Director, elected by other Executive Directors to the remaining term of Office. To elect other Executive Director, is a necessary majority. While the position is vacant, the duties of the Executive Director, other than the appointment of the Deputy Executive Director, the Deputy Executive Director in the performance of the former. " 5. Article XII part i) the text of paragraph 2 is amended as follows: "(i)) the Executive Director may each put as votes, how many were cast, electing him. II) where this article is part 5 of the conditions of paragraph (b)), the number of votes that would have entitled the Executive Director is increased or decreased accordingly. All votes, which the Executive Director is entitled to be passed together. (iii)) If, in accordance with Article XXVI part 2) item (b) of the suspension of voting rights of the Member State is suspended, the Member State may agree with other Member States, which is the Executive Director of the elected that this Member State votes allocated to pass the Executive Director provided that, if the break occurred during the current election, the Executive Director, the Executive Director participated in the elections of the Member State before the break, or his successor, who is elected in accordance with part 3 of Annex L) paragraph (c) (i)) or (f) referred to in the above paragraph) is entitled to the number of votes allocated to a Member State. A Member State is considered to have participated in the election of the Executive Director, who shall be entitled to cast the number of votes allocated to a Member State. " 6. Article XII part 3 j) item text is amended by the following: "(j)) Governors Board shall adopt rules under which a Member State may ask the representative to participate in any meeting of the Board of Executive Directors, if it is requested by the Member State, or if it is considered an important issue." 7. Part 8 of article XII, the text is amended as follows: "the Fund shall have the right to not always formally expressing their views any member on any matter relating to this agreement. The Fund with the seventy percent majority of the total voting power of the members may decide to make public the report of the Member States relating to the monetary or economic situation and the events which can directly cause imbalances in the international balance of payments of Member States. The Member State concerned are entitled to representation in accordance with paragraph 3 of part j) item. The Fund shall not make public the message that contains the changes to the basic structure of the economic structure of the Member States. " 8. Article XXI (a)) paragraph ii) point the text is amended as follows: "(a) (ii)) To the Executive Director) Executive Board decisions on questions that relate only to the Special Drawing Rights Department, only that the Chief Executive is elected at least one Member State is a member, are entitled to vote. Each Executive Director is entitled to cast votes as you have been assigned to the members who voted for the election. To determine whether a quorum is present and whether the decision is adopted by the required majority of votes are counted only those Executive Directors that are elected by the Member States, which are members, and votes, which are allocated to Member States which are party to. " 9. Article XXI (a)) item text is amended as follows: "(a)) the issues arising between any member and the Fund or between the Fund's Member States on the interpretation of this Agreement shall be brought to the Executive Board for decision. If the question relates to a specific Member State is entitled to representation under article XII part 3 j) item. " 10. paragraph 1 of Annex D to a) point the text is amended as follows: (a) ") for each Member of the group, which has transferred its voting rights in the Council shall be appointed by the Executive Director, one of which is the proxy Adviser, Minister in the Government of a Member State or to an equivalent post, and may appoint not more than seven members. The Board of Governors with eighty-five percent of the total voting power of the majority can change the allowable number of members to be appointed. Advisor or member shall remain in Office until the next designated advisor or member, or until the next regular election of the Executive Director, whichever occurs first. " 11. in Annex D, paragraph 5 (e)) the text of the paragraph be deleted.
12. Change of Annex D, paragraph 5 (f)) point 5 of Annex D to the numbering of paragraph e) point, and the new Annex D, paragraph 5 (e)) the text of the paragraph is amended as follows: "(e) If the Executive Director is entitled) to cast the votes, which are allocated to the Member State in accordance with article XII part i) item (iii)), Advisor, which is designated by a group elected by the Member States, the Executive Director has the right to vote and put as many voices how much is allocated to that Member State. It is considered that a Member State has contributed to the Advisor, who is entitled to vote and cast votes allocated to a Member State, the appointment. " 13. the text in Annex E is amended as follows: ' transitional provisions in respect of Executive Directors 1. After the entry into force of this Annex: (a)) it is considered that each Executive Director, who was appointed in accordance with paragraph 3 of article XII b) item i) point or part 3) paragraph (c) of the preliminary provisions and took the position directly before the entry into force of this annex, the elected Member State which appointed them. (b)) it is considered that each Executive Director, who handed a Member votes, in accordance with article XII part i) item ii) the preceding provisions of paragraph immediately before the date of entry into force of this annex, that Member was elected. " 14. paragraph 1 of annex b) the text of the paragraph is amended as follows: "(b) to appoint a Trustee or Trustees) Vice-President, appoint the Deputy Advisor or Advisor or attend the appointment, re-election or the Executive Director to participate in the election." 15. in paragraph 3 of Annex L c) point the text is amended as follows: "(c)), which elected the Executive Director or Member States which participated in the election, the member ceases to hold office, if this Executive Director was not granted permission to transfer to the other Member States where voting is not interrupted, the assigned votes. In the latter case: "