INTERNATIONAL DEVELOPMENT ASSOCIATION

                                  BOARD OF GOVERNORS



                                      Resolution No. 40

                     Financial Statements, Auditors’ Report and Budget


RESOLVED:

   THAT the Board of Governors of the Association consider the Financial Statements, Auditors’
Report and the Administrative Budget, included in the 1962-63 Annual Report, as fulfilling the
requirements of Article VI, Section 11, of the Articles of Agreement and of Section 8 of the By-
Laws of the Association.



                                                               (Adopted on September 30, 1963)