Rządowy projekt ustawy o ratyfikacji Poprawki do Umowy o Międzynarodowym Funduszu Walutowym dotyczącej reformy Rady Wykonawczej, przyjętej przez Radę Gubernatorów Międzynarodowego Funduszu Walutowego Rezolucją Nr 66-2 w dniu 15 grudnia 2010 r.

(iii) to cooperate with the Fund with a view to the application in its territories of appropriate
measures to prevent transactions with non-members or with persons in their territories which
would be contrary to the provisions of this Agreement or the purposes of the Fund.

Section 2. Restrictions on transactions with non-member countries
Nothing in this Agreement shall affect the right of any member to impose restrictions on exchange
transactions with non-members or with persons in their territories unless the Fund finds that such
restrictions prejudice the interests of members and are contrary to the purposes of the Fund.

Article XII
Organization and Management

Section 1. Structure of the Fund
The Fund shall have a Board of Governors, an Executive Board, a Managing Director, and a staff, and
a Council if the Board of Governors decides, by an eighty-five percent majority of the total voting
power, that the provisions of Schedule D shall be applied.

Section 2. Board of Governors
(a) All powers under this Agreement not conferred directly on the Board of Governors, the
Executive Board, or the Managing Director shall be vested in the Board of Governors. The Board of
Governors shall consist of one Governor and one Alternate appointed by each member in such manner
as it may determine. Each Governor and each Alternate shall serve until a new appointment is made.
No Alternate may vote except in the absence of his principal. The Board of Governors shall select one
of the Governors as Chairman.

(b) The Board of Governors may delegate to the Executive Board authority to exercise any powers
of the Board of Governors, except the powers conferred directly by this Agreement on the Board of
Governors.

(c) The Board of Governors shall hold such meetings as may be provided for by the Board of
Governors or called by the Executive Board. Meetings of the Board of Governors shall be called
whenever requested by fifteen members or by members having one-quarter of the total voting power.

(d) A quorum for any meeting of the Board of Governors shall be a majority of the Governors
having not less than two-thirds of the total voting power.

(e) Each Governor shall be entitled to cast the number of votes allotted under Section 5 of this
Article to the member appointing him.

(f) The Board of Governors may by regulation establish a procedure whereby the Executive Board,
when it deems such action to be in the best interests of the Fund, may obtain a vote of the Governors
on a specific question without calling a meeting of the Board of Governors.

(g) The Board of Governors, and the Executive Board to the extent authorized, may adopt such
rules and regulations as may be necessary or appropriate to conduct the business of the Fund.

(h) Governors and Alternates shall serve as such without compensation from the Fund, but the Fund
may pay them reasonable expenses incurred in attending meetings.

(i) The Board of Governors shall determine the remuneration to be paid to the Executive Directors
and their Alternates and the salary and terms of the contract of service of the Managing Director.

(j) The Board of Governors and the Executive Board may appoint such committees as they deem
advisable. Membership of committees need not be limited to Governors or Executive Directors or their
Alternates.


Section 3. Executive Board
(a) The Executive Board shall be responsible for conducting the business of the Fund, and for this
purpose shall exercise all the powers delegated to it by the Board of Governors.

(b) The Executive Board shall consist of Executive Directors with the Managing Director as
chairman. Of the Executive Directors:

(i) five shall be appointed by the five members having the largest quotas; and

(ii) fifteen shall be elected by the other members.

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 in (ii) above. The number of Executive Directors in (ii) above shall be reduced by one or
two, as the case may be, if Executive Directors are appointed under (c) below, unless the Board of
Governors decides, by an eighty-five percent majority of the total voting power, that this reduction
would hinder the effective discharge of the functions of the Executive Board or of Executive Directors
or would threaten to upset a desirable balance in the Executive Board.

(c) If, at the second regular election of Executive Directors and thereafter, the members entitled to
appoint Executive Directors under (b)(i) above do not include the two members, the holdings of whose
currencies by the Fund in the General Resources Account have been, on the average over the
preceding two years, reduced below their quotas by the largest absolute amounts in terms of the
special drawing right, either one or both of such members, as the case may be, may appoint an
Executive Director.

(d) Elections of elective Executive Directors shall be conducted at intervals of two years in
accordance with the provisions of Schedule E, supplemented by such regulations as the Fund deems
appropriate. For each regular election of Executive Directors, the Board of Governors may issue
regulations making changes in the proportion of votes required to elect Executive Directors under the
provisions of Schedule E.

(e) Each Executive Director shall appoint an Alternate with full power to act for him when he is not
present. When the Executive Directors appointing them are present, Alternates may participate in
meetings but may not vote.

(f) Executive Directors shall continue in office until their successors are appointed or elected. If the
office of an elected 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.

(g) The Executive Board shall function in continuous session at the principal office of the Fund and
shall meet as often as the business of the Fund may require.

(h) A quorum for any meeting of the Executive Board shall be a majority of the Executive Directors
having not less than one-half of the total voting power.

(i)
(i) Each appointed Executive Director shall be entitled to cast the number of votes allotted
under Section 5 of this Article to the member appointing him.


(ii) If the votes allotted to a member that appoints an Executive Director under (c) above
were cast by an Executive Director together with the votes allotted to other members as a
result of the last regular election of Executive Directors, the member may agree with each of
the other members that the number of votes allotted to it shall be cast by the appointed
Executive Director. A member making such an agreement shall not participate in the election
of Executive Directors.

(iii) Each elected Executive Director shall be entitled to cast the number of votes which
counted towards his election.

(iv) 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.

(j) The Board of Governors shall adopt regulations under which a member not entitled to appoint an
Executive Director under (b) above 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.

Section 4. Managing Director and staff
(a) The Executive Board shall select a Managing Director who shall not be a Governor or an
Executive Director. The Managing Director shall be chairman of the Executive Board, but shall have
no vote except a deciding vote in case of an equal division. He may participate in meetings of the
Board of Governors, but shall not vote at such meetings. The Managing Director shall cease to hold
office when the Executive Board so decides.

(b) The Managing Director shall be chief of the operating staff of the Fund and shall conduct, under
the direction of the Executive Board, the ordinary business of the Fund. Subject to the general control
of the Executive Board, he shall be responsible for the organization, appointment, and dismissal of the
staff of the Fund.

(c) The Managing Director and the staff of the Fund, in the discharge of their functions, shall owe
their duty entirely to the Fund and to no other authority. Each member of the Fund shall respect the
international character of this duty and shall refrain from all attempts to influence any of the staff in
the discharge of these functions.

(d) In appointing the staff the Managing Director shall, subject to the paramount importance of
securing the highest standards of efficiency and of technical competence, pay due regard to the
importance of recruiting personnel on as wide a geographical basis as possible.

Section 5. Voting
(a) Each member shall have two hundred fifty votes plus one additional vote for each part of its
quota equivalent to one hundred thousand special drawing rights.

(b) Whenever voting is required under Article V, Section 4 or 5, each member shall have the
number of votes to which it is entitled under (a) above adjusted

(i) by the addition of one vote for the equivalent of each four hundred thousand special
drawing rights of net sales of its currency from the general resources of the Fund up to the
date when the vote is taken, or

(ii) by the subtraction of one vote for the equivalent of each four hundred thousand special
drawing rights of its net purchases under Article V, Section 3(b) and (f) up to the date when
the vote is taken,


provided that neither net purchases nor net sales shall be deemed at any time to exceed an amount
equal to the quota of the member involved.

(c) Except as otherwise specifically provided, all decisions of the Fund shall be made by a majority
of the votes cast.

Section 6. Reserves, distribution of net income, and investment
(a) The Fund shall determine annually what part of its net income shall be placed to general reserve
or special reserve, and what part, if any, shall be distributed.

(b) The Fund may use the special reserve for any purpose for which it may use the general reserve,
except distribution.

(c) If any distribution is made of the net income of any year, it shall be made to all members in
proportion to their quotas.

(d) The Fund, by a seventy percent majority of the total voting power, may decide at any time to
distribute any part of the general reserve. Any such distribution shall be made to all members in
proportion to their quotas.

(e) Payments under (c) and (d) above shall be made in special drawing rights, provided that either
the Fund or the member may decide that the payment to the member shall be made in its own
currency.

(f)
(i) The Fund may establish an Investment Account for the purposes of this subsection (f).
The assets of the Investment Account shall be held separately from the other accounts of the
General Department.

(ii) The Fund may decide to transfer to the Investment Account a part of the proceeds of the
sale of gold in accordance with Article V, Section 12(g) and, by a seventy percent majority
of the total voting power, may decide to transfer to the Investment Account, for immediate
investment, currencies held in the General Resources Account. The amount of these transfers
shall not exceed the total amount of the general reserve and the special reserve at the time of
the decision.

(iii) The Fund may invest a member's currency held in the Investment Account in
marketable obligations of that member or in marketable obligations of international financial
organizations. No investment shall be made without the concurrence of the member whose
currency is used to make the investment. The Fund shall invest only in obligations
denominated in special drawing rights or in the currency used for investment.

(iv) The income of investment may be invested in accordance with the provisions of this
subsection (f). Income not invested shall be held in the Investment Account or may be used
for meeting the expenses of conducting the business of the Fund.

(v) The Fund may use a member's currency held in the Investment Account to obtain the
currencies needed to meet the expenses of conducting the business of the Fund.

(vi) The Investment Account shall be terminated in the event of liquidation of the Fund and
may be terminated, or the amount of the investment may be reduced, prior to liquidation of
the Fund by a seventy percent majority of the total voting power. The Fund, by a seventy
percent majority of the total voting power, shall adopt rules and regulations regarding
administration of the Investment Account, which shall be consistent with (vii), (viii), and (ix)
below.


(vii) Upon termination of the Investment Account because of liquidation of the Fund, any
assets in this account shall be distributed in accordance with the provisions of Schedule K,
provided that a portion of these assets corresponding to the proportion of the assets
transferred to this account under Article V, Section 12(g) to the total of the assets transferred
to this account shall be deemed to be assets held in the Special Disbursement Account and
shall be distributed in accordance with Schedule K, paragraph 2(a)(ii).

(viii) Upon termination of the Investment Account prior to liquidation of the Fund, a portion
of the assets held in this account corresponding to the proportion of the assets transferred to
this account under Article V, Section 12(g) to the total of the assets transferred to the account
shall be transferred to the Special Disbursement Account if it has not been terminated, and
the balance of the assets held in the Investment Account shall be transferred to the General
Resources Account for immediate use in operations and transactions.

(ix) On a reduction of the amount of the investment by the Fund, a portion of the reduction
corresponding to the proportion of the assets transferred to the Investment Account under
Article V, Section 12(g) to the total of the assets transferred to this account shall be
transferred to the Special Disbursement Account if it has not been terminated, and the
balance of the reduction shall be transferred to the General Resources Account for immediate
use in operations and transactions.

Section 7. Publication of reports
(a) The Fund shall publish an annual report containing an audited statement of its accounts, and
shall issue, at intervals of three months or less, a summary statement of its operations and transactions
and its holdings of special drawing rights, gold, and currencies of members.

(b) The Fund may publish such other reports as it deems desirable for carrying out its purposes.

Section 8. Communication of views to members
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. If the member is not entitled to appoint an Executive Director, it shall be
entitled to representation in accordance 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.

Article XIII
Offices and Depositories

Section 1. Location of offices
The principal office of the Fund shall be located in the territory of the member having the largest
quota, and agencies or branch offices may be established in the territories of other members.

Section 2. Depositories
(a) Each member shall designate its central bank as a depository for all the Fund's holdings of its
currency, or if it has no central bank it shall designate such other institution as may be acceptable to
the Fund.

(b) The Fund may hold other assets, including gold, in the depositories designated by the five
members having the largest quotas and in such other designated depositories as the Fund may select.
Initially, at least one-half of the holdings of the Fund shall be held in the depository designated by the
member in whose territories the Fund has its principal office and at least forty percent shall be held in
the depositories designated by the remaining four members referred to above. However, all transfers of