A.—B

LIST OF ARTICLES AND SECTIONS PAGE ( PAGE Introductory Article .. .. .. 3S V. Organization and Management—cont'nunl I. Purposes .. .. .. 38 5. President and Staff .. .. 45 IT. Membership tn and Capital of the Bank .. 39 6. Advisory Council .. .. . . 4(j 1. Membership . . .. .. 39 7. Loan Committees .. .. . . 40 2. Authorized Capital . . .. 39 8. Relationship to other International 3. Subscription of Shares .. . . 39 Organizations . . .. . . 46 4. Issue Price of Shares .. . . 39 9. Location of Offices . . . . 46 5. Division and Calls of Subscribed Capital 39 10. Regional Offices and Councils .. 40 0. Limitation on Liability .. ..39 11. Depositories .. .. ..46 7. Method of Payment of Subscriptions 12. Form of Holdings of Currency .. 47 for Shares .. .. . . 40 13. Publication of Reports and Provision 8. Time of Payment of Subscriptions .. 40 of Information .. .. 47 9. Maintenance of Value of certain Cur- 14. Allocation o! Net Income . . 47 rency Holdings of the Bank . . 40 VI. Withdrawal and Suspension of Member--10. Restriction on Disposal of Shares .. 40 ship: Suspension oe Operations .. 47 111. General Provisions relating to Loans and 1. Right of Members to Withdraw .. 47 Guarantees .. .. .. 40 2. Suspension of Membership .. .. 47 1. Use of Resources .. .. .. 40 3. Cessation •of Membership in Intcr2. Dealings between Members and the national Monetary Fund . . 47 Bank .. . . . . 41 4. Settlement of Accounts witli Govern3. Limitations on Guarantees and Borrow- ments ceasing to be Members .. 47 ings of the Bank . . .. 41 5. Suspension of Operations and Settle4. Conditions on which the Bank may ment of Obligations . . 48 guarantee or make Loans . . 41 VIT. Status, Immunities, and Privileges .. 49 5. Use of Loans guaranteed, participated 1. Purposes of Article .. ..49 in or made by the Bank 41 2. Status of the Bank . . 49 IV. Operations .. . . .. .. 41 3. Position of the Bank with regard to 1. Methods of making or facilitating Loans 41 Judicial Process .. ..49 2. Availability and Transferability of 4. Immunity of Assets from Seizure .. 49 Currencies .. . . 41 5. Immunity of Archives . . . • 49 •3. Provision of Currencies for Direct Loans 42 0. Freedom of Assets from Restrictions .. 49 4. Payment Provisions for Direct Loans 42 7. Privilege for Communications .. 49 5. Guarantees .. .. .. 43 8. Immunities and Privileges of Officers 6. Special Reserve .. .. .. 43 and Employees . . .. 49 7. Methods of meeting Liabilities of the 9. Immunities from Taxation .. .. 50 Bank in ease of Defaults . . 43 10. Application of Article .. .. 50 8. Miscellaneous Operations .. . . 44 VIII. Amendments . . .. .. .. 50 9. Warning to be placed on Securities .. 44 IX. Interpretation .. .. .. 50 10. Political activity prohibited .. 44 X. Approval deemed given .. .. 51 V. Organization and Management .. .. 44 XI. Final Provisions .. . . .. 51 1. Structure of the Bank .. ..44 1. Entry into Force .. .. ..51 2. Board of Governors .. .. 44 2. Signature . . .. . . 51 3. Voting .. .. . . .. 45 3. Inauguration of the Bank .. .. 51 4. Executive Directors .. . . 45 SCHEDULES Schedule A. —Subscriptions .. .. .. .. • • ■ • • ■ • • .. 52 Schedule B.—Election of Executive Directors .. .. .. .. • • • • .. 52 ANNEX C. -SUMMARY OF AGREEMENTS OF BRETTON WOODS CONFERENCE This Conference at Bretton Woods, representing nearly all the peoples of the world, has considered matters of international money and finance which are important for peace and prosperity. The Conference has agreed on the problems needing attention, the _ measures which should be taken, and the forms of international co-operation or organization which are required. The agreement reached on these large and complex matters is without precedent in the history of international economic relations. I. THE INTERNATIONAL MONETARY FUND Since foreign trade affects the standard of life of every people, all countries have a vital interest in the system of exchange of national currencies and the regulations and conditions which govern its working. Because these monetary transactions are international exchanges, the nations must agree on the basic rules which govern the exchanges if the system is to work smoothly. When they do not agree, and when single nations and small groups of nations attempt by special and different regulations of the foreign exchanges to gain trade advantages, the result is instability, a reduced volume of foreign trade, and damage to national economies. This course of action is likely to lead to economic warfare and to endanger the world's peace. The Conference has therefore agreed that broad international action is necessary to maintain an international monetary system which will promote foreign trade. The nations should consult and agree on international monetary changes which affect each other. They should outlaw practices which are agreed to be harmful to world prosperity, and they should assist each other to overcome short-term exchange difficulties. The Conference has agreed that the nations here represented should establish for these purposes a permanent international body, The International Monetary Fund, with powers and resources adequate to perform the tasks assigned to it. Agreement has been reached concerning these powers and resources and the additional obligations which the member countries should undertake. Draft Articles of Agreement on these points have been prepared.

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