26 DE OUTUBRO DE 1977 64-(67)

allotted to the member which is a participant that appointed him or to the members that are participants in the group of members that appointed him, and may cast the votes allotted to a participant with which arrangements have been made pursuant to the last sentence of 3-6) above;

c) The Council may by regulation establish a

procedure whereby the Executive Board may obtain a vote of the Councillors on a specific question without a meeting of the Council when in the judgment of the Executive Board an action must be taken by the Council which should not be postponed until the next meeting of the Council and which does not warrant the calling of a special meeting;

d) Article ix, section 8, shall apply to Councillors,

their Alternates, and Associates, and to any other person entitled to attend a meeting of the Council;

e) For the purposes of 6) and 3-6) above, an

agreement under article xii, section 3-0, ii), by a member, or by a member that is a participant, shall entitle a Councillor to vote and cast the number of votes allotted to the member.

6 — The first sentence of article xii, section 2-a), shall be deemed to include a reference to the Council.

SCHEDULE E Election of executive directors

1. The election of the elective Executive Directors shall be by ballot of the Governors eligible to vote.

2. In balloting for the Executive Directors to be elected, each of the Governors eligible to vote shall cast for one person all of the votes to which he is entitled under article xii, section 5-a). The fifteen persons receiving the greatest number of votes shall be Executive Directors, provided that no person who received less than four percent of the total number of votes that can be cast (eligible votes) shall be considered elected.

3. When fifteen persons are not elected in the first ballot, a second ballot shall be held 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 nine percent of the eligible votes. If in the second ballot there are more candidates than the number of Executive Directors to be elected, the parson who received the lowest number of votes in the first ballot shall be ineligible for election.

4. In determining whether the votes cast by a Governor are to be deemed to have raised the total of any person above nine percent of the eligible votes the nine percent 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 nine percent is reached.

5. Any Governor part of whose votes must be counted in order to raise the total of any person above four percent shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed nine percent.

6. If, after the second ballot, fifteen persons have not been elected, further ballots shall be held on the same principles until fifteen persons have been elected, provided that after fourteen persons are elected, the fifteenth may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes.

SCHEDULE F Designation

During the first basic period the rules for designation shall be as follows:

a) Participants subject to designation under article xix, section 5-a), i), shall be designated for such amounts as will promote over time equality in the ratios of the participants holdings of special drawing rights in excess of their net cumulative allocations to their official holdings of gold and foreign exchange;

b) The formula to give effect to a) above shall be such that participants subject to designation shall be designated:

i) In proportion to their official holdings of gold and foreign exchange when the ratios described in a) above are equal; and

ii) In such manner as gradually to reduce the difference between the ratios described in c) above that are low and the ratios that are high.

SCHEDULE G Reconstitution

1. During the first basic period the rules for re-constitution shall be as follows: a):

i) A participant shall so use and reconstitute its holdings of special drawing rights that, five years after the first allocation and at the end of each calendar quarter thereafter, the average of its total daily holdings of special drawing rights over the most recent five-year period will be not less than thirty percent of the average of its daily net cumulative allocation of special drawing rights over the same period; ii) Two wears after the first allocation and at the end of each calendar month thereafter the Fund shall make calculations for each participant so as to ascertain whether and to what extent the participant would need to acquire special drawing rights between the date of the calculation and the end of any