60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 are set forth in Schedule A shall appoint provisional executive direc- Po, p.1432 tors. If one or more of such governments have not become members, the executive directorships they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, which- ever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of Schedule C and shall Pos, p . 434 . remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946. (c) The Board of Governors may delegate to the provisional execu- tive directors any powers except those which may not be delegated to the Executive Directors. Section 4. Initial determinationof par values (a) When the Fund is of the opinion that it will shortly be in a position to begin exchange transactions, it shall so notify the members and shall request each member to communicate within thirty days the par value of its currency based on the rates of exchange prevailing on the sixtieth day before the entry into force of this Agreement. No member whose metropolitan territory has been occupied by the enemy shall be required to make such a communication while that territory is a theater of major hostilities or for such period thereafter as the Fund may determine. When such a member communicates the par value of its currency the provisions of (d) below shall apply. (b) The par value communicated by a member whose metropolitan territory has not been occupied by the enemy shall be the par value of that member's currency for the purposes of this Agreement unless, within ninety days after the request referred to in (a) above has been received, (i) the member notifies the Fund that it regards the par value as unsatisfactory, or (ii) the Fund notifies the member that in its opinion the par value cannot be maintained without causing recourse to the Fund on the part of that member or others on a scale prejudicial to the Fund and to members. When notification is given under (i) or (ii) above, the Fund and the member shall, within a period determined by the Fund in the light of all relevant circum- stances, agree upon a suitable par value for that currency. If the Fund and the member do not agree within the period so determined, the member shall be deemed to have withdrawn from the Fund on the date when the period expires. (c) When the par value of a member's currency has been established under (b) above, either by the expiration of ninety days without notification, or by agreement after notification, the member shall be eligible to buy from the Fund the currencies of other members to the full extent permitted in this Agreement, provided that the Fund has begun exchange transactions. (d) In the case of a member whose metropolitan territory has been occupied by the enemy, the provisions of (b) above shall apply, sub- ject to the following modifications: Territory occupied by enemy. 1427
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