(a) The President, by and with
the advice and consent of the Senate, shall appoint a governor of
the Fund who shall also serve as a governor of the Bank, and an executive
director of the Fund and an executive director of the Bank. The executive
directors so appointed shall also serve as provisional executive directors
of the Fund and the Bank for the purposes of the respective Articles
of Agreement. The term of office for the governor of the Fund and
of the Bank shall be five years. The term of office for the executive
directors shall be two years, but the executive directors shall remain
in office until their successors have been appointed.
(b) The President, by and with the advice and consent of the Senate,
shall appoint an alternate for the governor of the Fund who shall
also serve as alternate for the governor of the Bank. The President,
by and with the advice and consent of the Senate, shall appoint an
alternate for each of the executive directors. The alternate for each
executive director shall be appointed from among individuals recommended
to the President by the executive director. The terms of office for
alternates for the governor and the executive directors shall be the
same as the terms specified in subsection (a) for the governor and
executive directors.
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(c) Should the provisions of Schedule
D of the Articles of Agreement of the Fund apply, the Governor of
the Fund shall also serve as councillor, shall designate an alternate
for the councillor, and may designate associates;
(d) (1) No person shall be entitled
to receive any salary or other compensation from the United States
for services as a Governor, executive director, councillor, alternate,
or associate.
(2) The
United States executive director of the Fund shall not be compensated
by the Fund at a rate in excess of the rate provided for an individual
occupying a position at level IV of the Executive Schedule under section
5315 of title 5, United States Code. The United States alternate executive
director of the fund shall not be compensated by the Fund at a rate
in excess of the rate provided for an individual occupying a position
at level V of the Executive Schedule under section 5316 of title 5,
United States Code.
(3) The Secretary of the Treasury shall instruct the United States
executive director of the Fund to present to the Fund’s Executive
Board a comprehensive set of proposals, consistent with maintaining
high levels of competence of Fund personnel and consistent with the Articles of Agreement,
with the objective of assuring that salaries and other compensation
accorded Fund employees do not exceed those received by persons filling
similar levels of responsibility within national government service
or private industry. The Secretary shall report these proposals together
with any measures adopted by the Fund’s Executive Board to the Congress
prior to February 1, 1979.
[22 USC 286a. As amended
by act of Oct. 19, 1976 (90 Stat. 2660) and act of Oct. 10, 1978 (92
Stat. 1051).]
