INTERNATIONAL BANK FOR RECONSTRUCTION AND
                           DEVELOPMENT

                             BOARD OF GOVERNORS




                                 Resolution No. 27

             Election of Officers of Board of Governors for 1947 - 1948


RESOLVED:

   THAT the Governor of China is hereby elected Chairman, and the Governors of
France, India, the United Kingdom and the United States are hereby elected Vice-
Chairmen of the Board of Governors of the International Bank for Reconstruction and
Development, to hold their respective offices until the election of officers of the
International Bank for Reconstruction and Development takes place at the close of the
next annual meeting.



                                                     (Adopted on September 17, 1947)