Voting majorities in the fund : effects of second amendment of the articles

This pamphlet employs the nomenclature and style of the proposed second amendment of the Articles of Agreement of the International Monetary Fund. In order to avoid confusion, this nomenclature and style are followed whenever possible, even in discussion of the original Articles or the first amendment of them. Under the second amendment, the General Account becomes the General Department, consisting of the General Resources Account, the Special Disbursement Account, and the Investment Account. The Special Drawing Account becomes the Special Drawing Rights Department. The Board of Governors consists of Governors (instead of governors). The Executive Directors become the Executive Board, which consists of "Executive Directors" (instead of "executive directors" or "directors").

In the notes (see pages 63-77), the word original, first, or second in italics following the reference to a provision of the Articles shows whether the reference is to the original Articles, or to the first amendment, or to the proposed second amendment.

As explained in the body of the pamphlet, all references to a percentage of voting power are to a proportion of the total voting power of members of the International Monetary Fund, or, if the decision pertains ex clusively to the Special Drawing Rights Department, to the total voting power of participants in that Department.

The opinions expressed in this articl are those of the author, who is the General Counsel and Director of the Legal Department of the International Monetary Fund, and not necessarily those of the Fund.