appointment is made.No Alternate may vote except in the absence of his principal.The Board of Govemors shall select one of the Govemors as Chairman (b)The Board of Govemors may delegate to the Executive Board authority to exercise any powers of the Board of Govemors,except the powers conferred directly by this Agreement on the Board of Govemnors. (c)The Board of Govemors shall hold suc meetings as ma called by the Executive Bo e provided for by the Board of Gove Meetings of the Board of Govemors shall be called whenever requested by fifteen 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 maiority of the Gove os two-hrdsoftetotal voing power. (e)Each G hall be entitled to cast the num of votes allotted unde ection 5 of this Article to the member appointing him (fThe Board of Govemors may by regulation establish a procedure whereby the Executive Board,when it deems such action to be in the best interests of the Fund,may obtain a vote of the Govemors on a specific question without alling a of the Bo ard of Go R8eoadO8CoteneasradSe'ExeaneBoardoheexentauhotized may adopt such rules and requlations as may be necessary or appropriate to conduct the business of the Fund. (h)govemors and alternates shall serve as such without compensation from the Fund,but the Fund may pay them reasonable expenses incurred in attending meeti (i)The Board of Governors shall determine the remuneration to be paid to the Executive directors and their alternates and the salary and terms of the contract of service of the Managing Director. ()The Board of Govemnors and the Executive Board may appointsuch ommittees as they de n advisable.Memb rship of committees need not be limited to Govemors or Executive Directors or their Altemnates Executive Board (a)The Executive Board shall be responsible for conducting the business of the Fund,and for this purpose shall exercise all the powers delegated to it by (b)The Exe cutive Boar I shall consist of Executive Director with the Managing Director as chairman.Of the Executive Directors (i)five shall be appointed by the five members having the largest quotas;and (ii)fifteen shall be elected by the other members For the purpose of each regular election of Executive Directors,the Board of Govemors,by an eighty-five p majority of the total voting power may increase or decrease the number of Executive Directors in(ii)above.The number of Executive Directors in(ii)above shall be reduced by one or two,as the case may be,if Executive Directors are appointed under(c)below,unless the Board of Govemors decides,by an eighty-five percentmajority of the total8 appointment is made. No Alternate may vote except in the absence of his principal. The Board of Governors shall select one of the Governors as Chairman. (b) The Board of Governors may delegate to the Executive Board authority to exercise any powers of the Board of Governors, except the powers conferred directly by this Agreement on the Board of Governors. (c) The Board of Governors shall hold such meetings as may be provided for by the Board of Governors or called by the Executive Board. Meetings of the Board of Governors shall be called whenever requested by fifteen 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 having not less than two-thirds of the total voting power. (e) Each Governor shall be entitled to cast the number of votes allotted 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 Board, when it deems 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 of Governors. (g) The Board of Governors, and the Executive Board 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 the Fund, but the Fund may 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 their Alternates and the salary and terms of the contract of service of the Managing Director. (j) The Board of Governors and the Executive Board may appoint such committees as they deem advisable. Membership of committees need not be limited to Governors or Executive Directors or their Alternates. Executive Board (a) The Executive Board shall be responsible for conducting the business of the Fund, and for this purpose shall exercise all the powers delegated to it by the Board of Governors. (b) The Executive Board shall consist of Executive Directors with the Managing Director as chairman. Of the Executive Directors: (i)five shall be appointed by the five members having the largest quotas; and (ii)fifteen shall be elected by the other members. For the purpose of each regular election of Executive Directors, the Board of Governors, by an eighty-five percent majority of the total voting power, may increase or decrease the number of Executive Directors in (ii) above. The number of Executive Directors in (ii) above shall be reduced by one or two, as the case may be, if Executive Directors are appointed under (c) below, unless the Board of Governors decides, by an eighty-five percent majority of the total