MULTILATERAL INVESTMENT GUARANTEE AGENCY

                                 COUNCIL OF GOVERNORS



                                      Resolution No. 52

                                     Election of Directors


RESOLVED:

(a) That the 1996 Regular Election of Directors shall take place in accordance with the attached
Rules.

(b) That the 1988 Regular Election of Directors shall take place during the 1998 Annual Meeting
of the Council of Governors.



                                                               (Adopted on September 17, 1996)