The paper studies the motion of an electro-conductive non-viscous incompressible fluid in a generator of rectangular section having finite electrodes and the rest of its walls being insulating. It is assumed that in the electrodes region a homogeneous magnetic field is applied, whose orientation is normal to the plane of the motion. If the induced magnetic field is neglected, the current function ψ(x, y) and the electrical potential ϕ(x, y) satisfy a system of equations with partial derivatives of the second order, with distributions. Since the system depends upon the parameter λ = RM RH a method of successive approximations is developed, which permits one to obtain the exact solution of the problem. In the last paragraph the results are extended to the case of a generator with N pairs of symmetrical electrodes.