LIMITED
E/CN-.14/-AMA/3?4
27 Apia.:. 1971 English
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UNITED NATIONS
ECONOMIC AND SOCIAL COUNCIL
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ECONOMIC COMMISSION FOR AFRICA
SECflND REGULAR MEETING OF THE ASSOCIATION . ©F AFRICAN CENTRAL BABKS
Rabat, 13-17 September 1971
ESTABLISHMENT OF A COMMON FUND FOR THE ASSOCIATION AND A SPECIAL FUND FOR EACH SUB-REGIONAL COMMITTEE
1. The Articles of the Association have no provision for the advance establishment of a permanent fund to defray the expenses involved in the various activities of the Association. They did, howeverr provide that:
(a) The expenses involved in running the Secretariat and other
"bodies of the Association should "be shared according to an
agreed formula (Article 5P paragraph 9);
("b) The expenses involved in running meetings of the Association^
the Executive Committee9 and any other Committee of the Association should "be shared equally among the members
(Article 6E paragraph 9)j
(c) Hie expenses involved in running meetings of the Sub-regional Committees or subsidiary "bodies thereto should "be shared according to a formula agreed upon "by the members concerned
(Article 6t paragraph 10).
2. This wording implies that the Association or its organs will share the expenses foreseen or already incurred according to one of the above formulas.
In practicet it has always been found that it would have been desirable to have advance provision for future expenses involved in the activities of the Association and its organs*
3. The activities of the Association during the past period give some idea of the expenses that will have to be met. To organize a Regular Meeting of the Association costs from ten to twelve thousand US dollars in expert and secretariat perscnnelr not counting the various financial commitments assumed by the Central Bank of the host country. To organize a five or six weeks' bilingual training course cost a from twenty-five to thirty thousand US dollars under the same headsr over and above the-considerable amounts paid locally by
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the Central Bank of the host country. A bilingual Sub-regional Committee meeting costs at least five thousand US dollars in secretariat expenses, 4» It would therefore be both advantageous and practical to provide for the prior establishment of a common fund to meet expenses involved in the Associa tion's activities, and a special fund to cover part of the expenses involved
in the activities of the Sub-regional Committees- Both should consist of sub scriptions on the part of members. Under Article 6P paragraph 6t of the
Articles of the Association such funds may be established either by a consensus of the Assembly of Governors or by a Sub-regional Committee.
5, So far as the cemmon fund for the Association is concerned,, the decision
•f the Assembly of Governors could cover the following: .
(a) Notwithstanding the provisions of Article 5E paragraph 9B and
Article 6, .paragraphs 9- and 10, of the Articles of the Association, a common fund for the Association will be established and will consist of annual contributions from members*
(b) The amount of the annual contribution will be one thousand US dollars per member "bank or institution. This amount will be subject to revision- if rea^iired,. at meetings of the
Association*
(c) The annual contribution will be paid at latest during the last charter of the preceding year. The first payment will be made during the last cruarter of 1971 and will represent the subscription for 1972.
(d) The amounts available in the common fund will help to defray the expenses involved in organizing meetings of the Associa tion the Executive Committeer or any other Committees of the Association and also contribute towards training courses.
If the available funds do not suffice to cover the expenses foreseen or incurred, -the balance outstanding will >e shared
equally among the members.
(e) The Assembly of Governors will designate among the Association's other fields of activity those which may perhaps benefit by the ' money available in the Association's common fund. In no case
may the money available in the common fund be used to cover travelling expenses or subsistence allowances for members of
the Association.
0..''
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(f) The accounts of the common fund will "be kept by the Central Bank of the Chairman of the Association. The Chairman will
"be the administrator, treasurer and general disbursing
official of the fund. He will present a statement of account and transactions at meetings of the Association.
6. She problem of establishing a special fund for the Sub-regional Committees could be discussed either at the plenary meeting of the Association or at the first meeting of the Committees, The latter may decide to follow the same lines
as those adopted in establishing the common fund for the Association.
