The twelve-nation Preparatory Committee of IMCO met at Lake Success on November 30, 1948. The session was devoted essentially to preparatory work, since the organization would not become a fully operative agency of the United Nations until twenty-one nations ratified its convention. The Committee voted unanimously that the future agency should keep its activities within a budget of $80,500 yearly for the first two years of operation, since it was pointed out that during that time its work would be largely of an organizational nature. This budget was to be laid before a Maritime Assembly, which would be summoned within three months after twenty-one nations had signed the agency's convention; the Assembly would also review work accomplished by the Preparatory Committee. The Committee agreed to recommend to the Assembly that all nations contribute equal shares to the agency's budget, although it coupled the recommendation with a compromise formula. The Committee also agreed that the budget estimates should be made in pounds rather than at the dollar exchange since permanent headquarters of the organization would be in London.