Document ID: chunk:federal_register_of_legislation:C2004A01728:section:6:p23
Version: federal_register_of_legislation:C2004A01728
Segment Type: section
Provision Reference: s 6 (pt 23/24)
Character Range: 63860–66396

category III shall be distributed equally among the Members of that category.
B. Election of members of the Executive Board and their alternates
1. Of the six members and six alternate members of the Executive Board elected from among Members in category III, two members and two alternate members shall be from each of the following regions: Africa, Asia and Latin America, as these are recognized in the practice followed in the United Nations Conference on Trade and Development.
2. The procedures for electing members and alternate members of the Executive Board from category III pursuant to Section 5(a) of Article 6 of the Agreement and, pursuant to Section 5(b) of that Article, the term of service of such members and alternate members elected at the first election, shall be adopted either before the entry into force of the Agreement by a simple majority of the States listed in Part I of Schedule I as prospective Members in category III or after the entry into force of the Agreement by a simple majority of the Members in category III.
C. Distribution of votes in the Executive Board
Each member of the Executive Board from category III shall have 100 votes.
D. Amendments
Sub-part B may be amended from time to time by a two‑thirds majority of the Members in category III. The President shall be informed of any amendments.

[1] With reference to Article 7, Section 1(b) on the use of resources of the Fund for "developing countries", this country will not be included under this Section and will not seek or receive financing from the Fund.
[3] Special Drawing Rights (SDRs) of the International Monetary Fund valued as of 10 June 1976. These equivalent values are stated merely for information in the light of Section 2(a) of Article 5 of the Agreement, with the understanding that the initial contributions pledged will be payable in accordance with Section 2(a) of Article 4 of the Agreement in the amount and currency specified by the State concerned.
(a) Payable in three instalments.
(b) This amount includes an additional pledge of $US 3 million, which was made subject to the necessary budgetary arrangements in the fiscal year 1977.
(c) Payable in two instalments.
(d) To be spent within the territory of Argentina for goods or services required by the Fund.
(e) Usable for technical assistance.
(f) $US200,000 of this pledge was stated to be subject to confirmation, including the terms of payment and the type of currency. This amount has consequently been entered in the "not freely convertible" column.
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