the Fund, but the Fund shall 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 the salary and terms of the contract of service of the Managing Director.
Section 3. Executive Directors
(a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors.
(b) There shall be not less than twelve directors who need not be governors, and of whom
- (I) Five shall be appointed by the five members having the largest quotas;
- (II) Not more than two shall be appointed when the provisions of (c) below apply;
- (III) Five shall be elected by the members not entitled to appoint directors, other than the American Republics; and
- (IV) Two shall be elected by the American Republics not entitled to appoint directors.
For the purposes of this paragraph, members means governments of countries whose names are set forth in Schedule A, whether they become members in accordance with Article XX or in accordance with Article II, Section 2. When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the number of directors to be elected.
(c) If, at the second regular election of directors and thereafter, the members entitled to appoint directors under (b) (I) above do not include the two members, the holdings of whose currencies by the Fund have been, on the average over the preceding two years, reduced below their quotas by the largest absolute amounts in terms of gold as a common denominator, either one or both of such members, as the case may be, shall be entitled to appoint a director.
(d) Subject to Article XX, section 3 (b), elections of elective directors shall be conducted at intervals of two years in accordance with the provisions of
