A.—B

greatest number of votes shall be directors, provided that no person who received less than 19 per cent, of the total number of votes that can lie cast (eligible votes) shall be considered elected. 3. When five persons are not elected in the first ballot, a second ballot shall be held in which the person who received the lowest number of votes shall be ineligible for election and in which there shall vote only (a) those Governors who voted in the first ballot for a person not elected, and (6) those Governors whose votes for a person elected are deemed under 4 below to have raised the votes cast for that person above 20 per cent, of the eligible votes. 4. In determining whether the votes cast by a Governor are to be deemed to have raised the total of any person above 20 per cent, of the eligible votes the 20 per cent, shall be deemed to include, first, the votes of the Governor casting the largest number of votes for such person, then the votes of the Governor casting the next largest number, and so on until 20 per cent, is reached. 5. Any Governor part of whose votes must be counted in order to raise the total of any person above 19 per cent, shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed 20 per cent, 6. If, after the second ballot, five persons have not been elected, further ballots shall be held on the same principles until five persons have been elected, provided that, after four persons are elected, the fifth may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes. 7. The Directors to be elected by the American Republics under Article XII, Section 3 (b) (iv), shall be elected, as follows:— (a) Each of the Directors shall be elected separately: (b) In the election of the first Director, each Governor representing an American Republic eligible to participate in the election shall cast for one person all the votes to which he is entitled. The person receiving the largest number of votes shall be elected, provided that he has received not less than 45 per cent, of the total votes: (c) If no person is elected on the first ballot, further ballots shall be held, in each of which the person receiving the lowest number of votes shall be eliminated, until one person receives a number of votes sufficient for election under (b) above: {d) Governors whose votes contributed to the election of the first Director shall take no part in the election of the second Director: (e) Persons who did not succeed in the first election shall not be ineligible for election as the second Director: (/) A majority of the votes which can be cast shall be required for election of the second Director. If at the first ballot no person receives a majority, further ballots shall be held in each of which the person receiving the lowest number of votes shall be eliminated, until some person obtains a majority. (g) The second Director shall be deemed to have been elected by all the votes which could have been cast in the ballot securing his election. SCHEDULE D.—SETTLEMENT OF ACCOUNTS WITH MEMBERS WITHDRAWING 1. The Fund shall be obligated to pay to a member withdrawing an amount equal to its quota, plus any other amounts due to it from the Fund, less any amounts due to the Fund, including charges accruing after the date of its withdrawal; but no payment shall be made until six months after the date of withdrawal. Payments shall be made in the currency of the withdrawing member. 2. If the Fund's holdings of the currency of the withdrawing member are not sufficient to pay the net amount due from the Fund, the balance shall be paid in gold, or in such other manner as may be agreed. If the Fund and the withdrawing member do not reach agreement within six months of the date of withdrawal, the currency in question held by the Fund shall be paid forthwith to the withdrawing member. Any balance due shall be paid in ten half-yearly instalments during the ensuing five years. Each such instalment shall be paid, at the option of the Fund, either in the currency of the withdrawing member acquired after its withdrawal or by the delivery of gold. 3. If the Fund fails to meet any instalment which is due in accordance with the preceding paragraphs, the withdrawing member shall be entitled to require the Fund to pay the instalment in any currency held by the Fund, with the exception of any currency which has been declared scarce under Article VII, Section 3. 4. If the Fund's holdings of the currency of a withdrawing member exceed the amount due to it, and if agreement on the method of settling accounts is not reached within six months of the date of withdrawal, the former member shall be obligated to redeem such excess currency in gold or, at its option, in the currencies of members which at the time of redemption are convertible. Redemption shall be made at the parity existing at the time of withdrawal from the Fund. The withdrawing member shall complete redemption within five years of the date of withdrawal, or within such longer period as may be fixed by the Fund, but shall not be required to redeem in any half-yearly

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