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PROVISIONS FOR APPOINTMENT AND DISMISSAL OF FOREIGN CENTRAL BANK GOVERNORS AUSTRALIA The Governor of the Commonwealth Bank of Australia is designated by the Governor-General of Australia. He is one of the seven directors who are all appointed by the Governor-General, The stock of the bank is ovmed entirely by the Government. BELGIUM The National Bank of Belgium lv privately owned. The Governor is appointed by the Crown for a five-year term and serves at the pleasure of the Crown. He is also a director of the bank. CANADA The first Governor of the Bank of Canada was appointed by the Governor-General in Council. Hereafter, the governors shall be appointed for a terra of xewn years by the directors of the bank, with the approval of the Governor-General in Council. The governors shall hold office for the aforesaid term during good behavior* ENGLAND The Bank of England is a privately owned corporation managed by its stockholders. The governor and the directors are elected annually at the general stockholderb meeting. FRANCE While the Bank of France is privately owned, the Governor is appointed by the President of France on the proposal of the Finance Minister. The governor is not appointed for &ny definite term and the law does not specifically provide for his removal. —2— Apparently, the governor can be effectively replaced as was the ease recently when Governor Moret was succeed d by Jean Tannery. The Reichsbank is privately owned. Recent amendments to the lav; gave the President o" tie Reich the right to select and remove t .e President of the Reichsb&nk, as well as the members of the managing board of the bank. ITALY The Bank of Italy is privately owned. The board of directors elects and dismisses the governor, two-thirds majoritv being required for election while only a simple majority is required for dismissal. JAPAN Although the shares of the Bank of Je. o&n are owned ori— Vcjtely, the Government controls all the operrtions of the bank. The governor is appointed by the Government for a term of five years one while the law docs not £ ic-cificslly provide for prior removal, the Government, under its present set-up, co i d undoubtedly replace the governor at any time. The Netherlands Bank is privately owned. The president of the bank is appointed try the Crown for e term of seven years from nominations made by the Board of Management, and the Commissaries (which consist of net less than fifteen members elected for terms of five years by the shareholder:- from among their ov/n number, for the purpose of supervising the management) The Crown nicy also dismiss the president of th< beni upon the proposal of the management and the Commissaries* SWEDEN The President of" the Riksbank is appointed by the King for B terra of three yeevz which may be renewed. The stock of th£ bank is entirely owned by the Government* inucr
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