SPECIALIZED ORGANIZATION OF THE OAS 

EXTRAORDINARY MEETING
OF THE DIRECTING COUNCIL OF THE IIN

November 17 - 18, 2003
Washington, D.C. 

Español

CD/RES. 04 (E / 03)

PATRIMONIAL FUNDS OF THE IIN [1] 

THE DIRECTING COUNCIL, 

HAVING SEEN:

The report on the patrimonial funds of the IIN and the proposal for their utilization submitted by the Directing General at the 78^th Meeting of the Directing Council held in Santiago, Chile, on June 2003.  

CONSIDERING: 

The views stated by the Delegates in the sense of preserving as possible the IIN patrimonial funds and restricting their use to those works that involve high investment levels. 

The opinion of the Legal Advisor to the Organization of American States (OAS) on the non existence of legal obstacles to the partial use of the patrimonial funds by the Office of the Director General, subject to the approval of the Directing Council, for the enhancement of the building and general infrastructure of the IIN.  

 RESOLVES: 

1. To divide the patrimonial fund into two sub-funds: one sub-fund for the maintenance of the IIN headquarters consisting of 30 percent of existing assets; and, the basic patrimonial sub-fund formed by the remaining 70 percent.

2. To authorize the Office of the Director General of the IIN to use the patrimonial funds for building maintenance and urgent improvements in the physical plant of the headquarters, and to request the Office of the Director General of the IIN to inform the member states every six months on such use. Prior to beginning those improvements, the Office of the Director General of the IIN shall consult with the President of the Directing Council and shall inform the member states as to what they include.

3. To request the Office of the Director General of the IIN to take the appropriate measures with the General Secretariat for the investment of the patrimonial basic sub-fund in long-term instruments for the purpose of preserving capital, while also generating a return consistent with long-term return rates, such as those earned by the OAS Retirement Fund, the Rowe Fund and other similar funds managed by the Organization.

4. To establish that the patrimonial basic fund shall be invested for ten years and that its interest shall not be used during that period, following which the Directing Council shall consider the options available for its utilization or reinvestment.  Nevertheless, the Directing Council may authorize the use of these funds to afford essential expenditures arising as a consequence of unforeseen or emergency situations.

5. To instruct the Director General to inform the Directing Council every six months on the status of the investments to which the patrimonial basic fund has been allocated, so as to allow for their assessment according to their purposes.