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A European Monetary Cooperation Fund, hereinafter referred to as "the Fund", is hereby established ; it shall have legal personality.

The Fund shall be directed and managed by a Board of Governors. The members of the Board of Governors shall be the members of the Committee of Governors of the Central Banks of the Member States of the European Economic Community established by the Council Decision (1) of 8 May 1964 on collaboration between the Central Banks of the Member States of the European Economic Community. If unable to attend they may be represented by another member of the governing body of their Central Bank. A member of the Luxembourg currency authorities shall sit on the Board of Governors. He shall take part in decisions whenever the rights and obligations of the Grand Duchy of Luxembourg are not exercised by the National Bank of Belgium on behalf of the two Member States of the Belgo-Luxembourg Economic Union. A member of the Commission shall take part in the proceedings of the Board of Governors. He may appoint an alternate.