be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as chairman.
(b) The Board of Governors may delegate to the Executive Directors authority to exercise any powers to the Board, except the power to:
- (I) Admit new members and determine the conditions of their admission.
- (II) Approve a revision of quotas.
- (III) Approve a uniform change in the par value of the currencies of all members.
- (IV) Make arrangements to co-operate with other international organizations (other than informal arrangements of a temporary or administrative character).
- (V) Determine the distribution of the net income of the Fund.
- (VI) Require a member to withdraw.
- (VII) Decide to liquidate the Fund.
- (VIII) Decide appeals from interpretations of this Agreement given by the Executive Directors.
(c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five 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 exercising not less than two-thirds of the total voting power.
(e) Each governor shall be entitled to cast the number of votes alloted 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 Directors, when they deem 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.
(g) The Board of Governors, and the Executive Directors 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
