Minutes of the forty-ninth special meeting of the Executive Directors held in the board room of the bank on December 17, 1952

 INTERNATIONAL BANK FOR CONFIDENTIAL RECONSTRUCTION AND DEVELOPMENT (For consideration by the Executive Directors on January 13, 1953.) minutes of the Forty4linth Special Meeting of the Executive Directors held ' the Board Room of the Bank on December 17, 1952, at 3:00 p.m. L. There were present: (a) Chairman Eugene R. Black, President 64901 (b) Executive Directors and Alternates acting as Executive Directors Thomas Basyn L. H. E. Bury (Alternate) Y. L. Chang Alfonso Fernandez Julio E. Heurtematte (Alternate) Roger Hoppenot B. K. Nehru Andrew N. Overby G. Neil Perry (Alternate) Felice Pick (Alternate) Nenad D.Popovic (Alternate) Mohammad Shoaib E. Sveinbj$rnsson Takeo Yumoto H. M. H. A. van der Valk (Temporary Alternate) (c) Alternates not acting as Executive Directors Jorge del Canto John S. Hooker Ali-Asghar Nasser Reino Rossi B. R. Shenoy Boonma Wongswan (d) Staff W. A. B. Iliff, Assistant to President M. M. Mendels, Secretary D. Sommers, General Counsel A. S. G. Hoar, Director of Operations, Europe, etc. Leonard B. Rist, Director, Economic Staff Richard H. Demuth, Director, Technical Assistance and Liaison Staff William F. Howell, Director of Administration Harold N. Graves, Jr., Director of Public Relations Henry W. Riley, Assistant Treasurer Joeeph Rucinski, Assistant Director of Operations, Asia, etc. S. Aldewereld, Assistant Director of Technical Operations Antonin Basch, Department of Operations, Asia, etc. Ian P. Cargill, Department of Operations, Asia, etc. Ellsworth z. Clark, Legal Department Carl Flesher, Department of Technical Operations Dwight S. Mallon, Office of Public Relations R. B. J. Richards, Legal Department K. Varvaressos, Economic Staff Lyell Doucet Office of the Secretary (e) Others Donald B. Macurda, Assistant Vice President, The First Boston Corn.  -2- SM-49 St_SMIVE DIRECTCRS AND ALTERNATES 2 The Chairman welcomed Mr. Nenad D. Popovic from Yugoslavia who had been ,ppointed Alternate Executive Director. oLe_TO INDIAN IRON AND STEEL COMPANY, LIMITED - APFROVAL 30 The Executive Directors considered the President's Report and Recommendations nd related documents (R-647) on the proposed loan to The Indian Iron and Steel *opany, Limited (Iron and Steel Project), to be guaranteed by India' and, on motion duly made and seconded, adopted the following resolution: RESOLUTION NO. 239 Approval of Loan to The Indian Iron and Steel Company, Limited (Iron and Steel Project) in the amount of $31,500,000, to be guaranteed by India. (See Annex "An attached) 4) The Chairman stated that the Alternate Executive Director from the United Kingdom had requested that he, be recorded as supporting the loan. 5. Mr. Nehru expressed appreciation to the Executive Directors for the approval of the loan, and to the Management and Staff, as well as to hears. Woods and Macurda of The First Boston Corporation for the efficient b2ndling of the negotiations. _ ON JOIIIT BANK-FUND SERVICES =TTEE 6. The Chairman announced that a committee consisting of Mr. Richard Brenner Ot tbe Fund and Mr. W. A. B. Iliff of the Bank had been established to explore *0 Rport on possible joint Bank-Fund activities. tM!TION BULLETIN 7. The Chairman stated that the Semi-monthly Reports to the Executive Directors ro being expanded and the weekly Information Bulletin discontinued. There being no further business, the meeting adjourned at 4:02 p.m.  Annex "A" IiTiIMiTIOKAL BANK FaR FRECOMMSTRUCTION AND rE-ELOVWEPT RESOLUTION NO. 239 Approval of Loan to The Indian Iron and Steel Company, Limited (Iron and Steel Project) in tuhe amount of 6$31,500,000, to be guaranteed by India. RFEOLVED: 1. THAT, in accordance with the reconmendations of the Presidert, dated December l, 1952, the Bank shall grant a loan to The Ine.1ian Iron and Steel Company, Liaited, to be guara.nteed by India, in the principal amount of 31,500,000 (or the equivalent in currencies other than dollars), to mature on and prior to October 15, 1967, to bear interest (including commission) at the rate of 4.-3/4% per annum, and to be upon other terms and coniditiorns substanitially in accorcance with the terms and conditions set forth in the form of Loar Agreement (Iron aned Steel Project) between the Bank and The Indian Iron anda Steel Company, Limited ancd the form of Guarantee Agreement (Iron and Steel Project) between India and the Bank which have been presented to this meeting. 2. THAT the rate of commission to be charged in connection with said loan shall be 1% per annml of the :-.rincipal amount of said. loan from time to time outstanding and held or guaranteed by the Bank; that said cOmmission shall be included as pert of the interest and service charge on said loan and shall be payable semi-annually on the dates for the Peyment of said interest and service charge, anid that the amount of said COrflission so paid to the Banl shall be set aside in the special reserve as Provided in &ction 6 of Article IV of the Articles of Agreement of the Bank.