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L 6r66o6ob 3 (c) 3r6r66rgob jgqo Ego63rqob qrr tsrOogrq,obeglt ts30q[6o 6gq9,rjgoctor: {c) Sca6,ob 0ogvr rt6fugqo rqdsk+rgqg0gqn qnt6gl$o6o rE 3ob 16866908o9 0o6o$oq,gcr0r 0ooq,or 96t60.r, qg\SogCbu eoJr&103qr or6rAeC0tn0rtJ, oIC drCoo .:qArb6i,Jq,C0Cq,o qn6ftlgo6,o ,x6 oj690.r ggq,C0.)Aoboqn oA SCSOCOtC Ar0rngcgoqrl bOgbob 0oh:60rqr, t6o0qp0ts6 0gBf60oro bOob 0o6g0ob UBq,COc, Alr6ot J6Cq, Eg0ob3gg,:Bo:" Resolution No. 662 Fourte€nih General Rwicw of Quotas and Reform ofthe Executive Board In accordance with Section l3 of the By-Lows, the following Resolution wos submined rc the (iov em ors on Nove n ber I 0, 2 0 I 0 a vote w i I hour me e I ingi ltr RESOLVED: WHEREAS the Executive Board has submited to the Board of GovcmoB a report entitled "Fourtecnth General Review ofQuotas and Reform of the Executive Board: Report of the Executive Board to the Board of Covemors," hereinafter the "Report"; and WHEREAS the Intemational MoneEry and Financial Committee in its April 2009 V Communiqud called on t}te Executive Board to bring forward the de€dline lor completion of the Fourteenth General Review ofQuotas by trro years, to January 201 I ; and WHEREAS the Executive Board hus recommendid increases in the quotas of members of the Fund as a result ofthe Fourteenth General Review ofQuotos; and WHEREAS the Exccutive Board has recommended an amendment of the Articlcs of Agre€m€trt to cstablish an Exccutive Board consisting solely of elected Executive Directors; and WFIEREAS the Executive Board has recommended that, following the first regular election ofExecutive Directors aftEr entry into force ofthe proposed amendnrent ofthe Articles of Agreement approved undor Board ofGovsmors Resolution No. 63-2, an Executive Director clected by 7 or morc mcmbcrs should be entitled to appoint two Altemate Executive Directors; and WHEREAS the Chairman of the Board of Govemors has requested the Secrctary of the Fund to bring the proposal ofthe Executive Board before the Board ofGovernors; and WHEREAS thc Report of the Executive Board setting forth its proposal has been submined to the Board of Govcmors by lhc Secrctary of the Fund; and WHEREAS the Executive Board has requested the Boad of Govemors to yote on rhc following Resolution without meeting, pursusnt to Section l3 of the By-Laws of the Fund: NOW, THEREFORE, the B<iard of Govenrors, noting the recommendations and the said Report ofthe Executive Board, hereby RESOLVES that: Increases in Quotas of Memben The lntemational Monetary Fund proposes that, subjoct to the provisions ofthis Resolution, the quotas of members of Ore Fund shall be incressed to the amounts shown against their names in Attachmclt I to this Resolution. A member's increase in quota as proposed by this Resolution shall nor become ellective unless that member has consented in writing o the increase not later than the date prescribed by or under paragraph 4 below and has paid the increase in full within the period prescribcd by or under paragraph 5 below, provided that no member with overdue repurchases, charges or assessments to the Ceneral Resources Account may coDsenl to or pay for dte incressc in its quota until it becomes current in respect ofthose obligations. ). No increase il quotas proposed by this Resolution shall become effective until: the Executive Board has determined that members having not less than 70 pcrccnt of thc total ofquotas on November 5, 2010 have consented in writing to tlre incrcases in tlrcir quotas; the proposed amendment ofthc Articl€s ofAgre€ment set out in Attachment Il of this Resolution has entered into force: and (iii) the proposcd amcndmenl ofthc Articles ofAgrcement approved under Board of Covemors Resolution No. 63-2 has enterEd into forc€. Each mcmber commib to use its best efforts to complete these steps no later than the Annual Meetings in 2012. The Executive Board is requested to monitor, on a quarterly basis, the progrcss made in the implementation ofthese steps. 4 V Notices in socordanoe with paragraph 2 above shall be executed by a duly authorizcd official of the mcmber and must be received in the Fund before 6:00 p.m., Washington tirne, December 31, 201 l, provided thrt the Executive Board may extend this period as it may determine. Each membcr shall pay to fre Fund the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its conscnt, or (b) the date on which all ofthe conditions sct forth in paragraph 3 above are met, provided that the Executive Board may extend the payment period as it may determine. when deciding on an extension ofthe pcriod for consent to or paymenr for the increase in quotas, the Executive Board shall give particular consideration to the situation of members 4 that msy srill wish to consent'1o or pay for the increase in quota, including members with protracted afiears to dte General Resources Accounl, consisting of overdue repurchases, charges or assessments to the General Resources Account that, in its judgment, are coopersting with the Fund roward the settlement ofthese obligations. 7. 8. For members that have not yet consenled to their increases in quotas under the Elevcnth General Review and under Board of Govemors Resolution No. 63-2, the deadline for consent lo such quota increases shall be the date determined by or under paragraph 4 above. Each member shall pay 25 percent of its increase either in special drawing rights or in thc currencies of otler members specificd, with their concurrence, by the Fund, or in any combination ofspecial drawing rights and such currencies. The balance ofdre incrcasc shall be paid by the membcr in its own currcncy. Quota Formula and Fifaeenth General Review of Quotas 9. The Executive Board is requested to complete a comprchensive review ofthe formula by January 2013. 10. The Executive Board is requested to bring forward the timetable for completion ofthe Fifteenth ceueral Review ofQuotas to January 2014. Any realignment is expected tro result in increases in the quota shares nf dynamic economies in line with their relative positions in the world economy, and hence likely in the share ofemerging market and devcloping countries as a whole. Steps shall be taken to protect the voice and representation of the poorcst members. Review of NAB Credil Arrengements I l. In light ofthe proposed increases in quotas under the Fourteenth General Review, the Executive Board and participants in the New Arrangements to Borrow (NAB) are rcquosted !o undenake a review ofNAB credit anangements by November 201 l, with a corresponding roll-back ofthe NAB, preserving relative shares, to become effective when thc condiiions set fonh in pamgraph 3 ofthis Resolution are met and the quou payments associated widr thc participation dlreshold in paragraph 3(i) of this Resotution have been made. Proposed Amendment of the Articles ofAgrecment of ihe Internrtional Monetary Foud on the Reform of the Erecutive Board 12. The proposed amendment ofthe Articres ofAgreement ofthe Internationar Moneury Fund set forth in Attachment II to this Resolution (the "proposed Amendment on the the Exccutive Board") is approved. Reform of 5 The Secretsry is directed to &ik all members of the Fund, by circular lettir or teleg"ram, or other rapid means of communication, whether they acccpt, in accordancf with thc provisions of Article XXVIII of the Articles, the Proposed Anrendment on the Ref'di:n olthe Executivc Board. 14. The communication to b€ sent to all membcrs in accordance with paragraph l3 of this Resolution shall sp€ciry that the hoposed Amendment on the Reform ofthe Executive Board shall enter into force for all mcmbers on the date on which the Fund certifieg by a formal communication addressed to all members, that three-fifths ofthe members, having eighty-five pcrcent of tho total voting power, have accepted the Proposed Amendment on the Reform of the Executive Board. Additional Alternate Ereculivc Dircctors Following the first regular election of Executive Directors after the entry inO force ofthe amendment ofthe Articles of Agreernent approved under Board of Govemors Resolution No. 53-2, an Executive Director elected by seven or more members shall be entitled !o appoint two Altemate Executive Dircctors. 16 As a condition for appointing two Alternate Executive Directors, an Executivo Direclor is required to designate by notificstion to the Secretary of the Fund: (i) the Altemate who shsu act for the Execulive Director rihen he is not prcsent a.od both Altemates are present; and (ii) the Altemat€ who shall exercise the powers of the Exe.utive Director pursuant to Article xII, Section 3(f). By notification to thc Secretary of the Fund, an Executive Dircctor may change these designations at any time. Size and Composition of the Exerutive Board 't7. The Board of Govemors takes note of: (i) the commitment to reduc€, as a means of achicving grcater representstion of cmcrging miukct and dcvolopirrg countrics, tho numbor ofExecutive Dirgctors rcpresenting advanced European countries by two no later 6an the first regular election of Executive Directors after the conditions set forth in paragraph 3 of this Resolution are met, and (ii) the commitment of the Fund's membership to maintain an Exccutive Board consisting of24 Executive Directors, and to review thd composition ofthe Executive Board every eight years following the date the conditions set forth in paragraph 3 of this Resolution ore met. 6 Attbchment I. Proposed Quotas Prcpo..d Ol,ot Prorotd OlDlr [n mil!(.)r oISOR!) ,.ftfi.ni.|,m, blrma Rqrbac d Ahab AnetL Ar{i,lr .rd grb{n. ArD.nUir A!!tlria AJauh A!obir.n Eah.maa, Tt 8lltlln Bdtl-..n Brb.do! 6€ErJ! B.liJn' 8dts Bdin Blltn B.5r! E6r& rn H{taFYlr. (h mflocr orSOR!) !:?3.l Els.$do. 139.1 EqEb.a, GL*i. 8utodh 8uth. F.ro Aurrrd CarnEda GBtgwr C$da C.F Vrd. C..lld Atb.n R.psbIc Ch.d ChL chha Colo.nl*r ComqEa Cqlgo, oricr.ac RenDe d tI. ConF. Raprrblc d Co.b Rts Cd. drrdr Crd ql,.ur C.dt R.Fah Oanmart DIFJt 0o irt Doanlnlc-r R.9rJb[c Eqrdor EcyF 1570 l.9te.9 ErtrE 740.1 EtEiia 20 0 Eflropi. SI I 2400 300' 3.10.3 F,i l2l.l Fhhrn 6.5724 FnrE6 !,En 0 C.br 381 7 G.rnta.Ilr tALa GdlE 303 0 Gmn rt l.G6 6 GiE ga.l G,!e. 6E1.5 Gr.r* t.410 7 Giu6aarnaL 2O7 GuiE 123.t GdreBbtd, 2O.a O+rrr. 1 tbtt 2t5 2 l-bod/rc 24o 1e7.2 itungEry Bmzl Brurd Odurarhra 2072 t1,042.0 lcdrid 984 24100 201551 2100 022 2104 21● 144 7300 2.4200 104 4200 "42 204 1010 1031 2401 10400 3210 30t.3 Ht 8S3 l6ar.h 13.1144 120.4 Ir{. bhmic R.gJartc o( 154.0 ttrl 175.0 tdrts S,5071 1.6111 zlc 0 bld 1r,@3I t ry 23 7 Jdr|do. 1l1a JaP!.| t40.2 Jo(!n r.7{4.1 loz*rti1 10,4t2 9 K,lr. a0+r.5 l(i$di r7.! xd-, R.aD& d 1,6.0 K6orc t!20 KuYr.n $e.a KyrgE Re(* c50 a Lo Pqb'! o.m R.puHc 7't7,.t L6i. 303,0 t..t.rElr Z L!.dD 2,100 3,439 a Lb.rh 31.1 LiR€ 11.5 Uthrna an4 L'r.nt r.rg 697.7 i/lidqlh, Formra yu!6t v Rrpuba 2.0:,7.1 I'hdeg..car 40414 34411 10200 150700 3020 ".￨"5 343 , 11504 5421 112 3.引 "27 "e 19005 1770 1050 0023 ‐ 5 010 つ‐ 4 15732 11 13211 1403 ν● 4 7 Prop̲d ou● ●●(CondudOd) Propccd OLdr Cn 出 21 2 Slmk Repdlc 100 6 St″ oに ● 躙 100 3 Solomon bl"劇 b hd b喘 49 o … ― IB F… S― Or M…O■●10 ¨ Loc∞ 畦 muqu. ¨ 輌 暉 ¨ 珈 ●● 72 3 SL M― andoO Madl■ ● 00 5 St● an 227 2 Sw23a 1.252, ' S山抑 。 20 0 131 0 0画 … Pakletm 2.031 0 40 Pallma Pr" Gu巨 鰤 PHp̲ P― P岬 0山 Roanarla Rurlkr Fcdcotixr Rw'ldr Slnoq S€n A,brho SorJdl Arrl*r Sgrogal SdU! Soychd.s Tm● d tt TObelo Tttb 1.鋼 5 嚇 4.0054 呻 噛 け aα ,1 7351 1,0114 120037 1002 medA● ゎ曰mhtOI κぃ9o・ m su。 3 117喘 tぃ V̲lu 山 .Re do :02 ‑ 40 2 Mttm,Rぃ 劇に 14 0 99920 3230 0548 229 2mu● ゐ bab"e ■211,o 280 1400 138 4000 4.0680 2386 25 3010 20110 2.311 2 20,1551 029042 4291 "呵 睡 1740 3978 ● 2 Tu■ 376 0 Tu― " 鮨n 2032 7‑ 2014 的 2.0420 11098 55:2 238 3,7227 11531 487o ８ ７ ∞ S{o TonO ard PrhcDo 5,7711 ￨● Than T中 544 4 4.4300 hort● 3t0 Tall● papu● 蜘 785 晰 T"日 日し 3,754 7 214 117 6302 1280 Tep 2.4545 u 125 St Lucb 0,租 5 2‑ o′ こ8 h4o 172 5 3944 N‑Oua pal● 1634 3.0512 9螂 5 5168 ‑ 1"1 鋭 erlmd i500 3mmtt R● ●t● NI● い 5005 200 80127 … ar 1,0010 s.m´ 嗜七● 1422 "‐ 馴 tan 72 ,Kntl … 2074 30019 Somalb la e 商 ― ― Leom 鍮 Sng… 叫 口 臨 ―― ― (il mllqn ol SDRS) 1300 3.国 e M出 ●●la ー Prcp6d QtEta mlir3 ot SOR!) E ' AttachDeDt II Proposed Amendment of the A rticles ofAgreemcnt of the International on the Reform of the Executive Fund The Govemments on whose behalfthe present Agreement is signed agree as follows: L The tert ofArticle XlI, Section 3(b) ohell be emended to read es follows: "(D) Subject to (c) below, rhe Executive Board shall consist of tweoty Executive Directors elected by the menrbers, with the Managing Dircctor as chairman." The text of Article XIl, Section 3(c) shall be amended to read as follows: "(c) For the purpose ofcach regular election ofExecutive Dircctors, the Boand ofGovernors, by an eighty-five percent majocity of the lotal voting power, may increase or decreasc the number of Executiye Dir€ctors specified in (D) above." 3, The tert ofArticle XII, Section 3(d) sball be amended to read as follows: "(d) Elections ofExecutive Directois shall be conducted at intervals oftwo years in accordance with regulations which shall be adopted by the Board ofGovernors. Such regulations shall include a limit on the total number of votes that more than one member may cast for the same candidate.,' 4. The text ofArticle XII, Section 3(Q shall be amended ro read as followr: "A Executive Directors shall continue in oflice until their succcssors are elected. Ifthe oftice of an Executive Director becomes vacant more than ninety days before the end of his term, another Executive Direclor shall be elected for the remainder ofthe rerm by the members that elected the fonner Exccutive Dircctor. A majority of the votes cast shall be required for eleclion. While thc office remains vacant, the Alternale of the former Executive Director shall exercise his powers, exc€pt that of appointing an Altemate." 5. The text ofArticle XII, Section 3(i) shrll be amended to read es fotlows: の (1) (ii) Each Executive Director shall be entitled to cast the numbcr ofvotes which counted towards his election. When the provisions of Scction 5(6) of this Article are applicable, the votes which an Executive Director would otherwis€ be entitled to cast shall be increased.or decreased correspondingly. AII the votes which an Executive DirectDr is €rtitled to cast shall be cast as a unit. (iii) when the suspension of the voting righa of a membcr is terminared under Anicle XXVI, Section 2(6), thc mernber may agrec with all the members that have elected an Executive Director that the number ofvotes allotted to that member shall bc cast by such Execurive Directoq provided thar, if no regular clection of Executive Directors has bcen conducted during the pcriod of the suspcnsion, the Executive Director in whose election the membcr had psrticipated prior to the suspension, or his successor elected in accordane wirh paragraph 3(c{i) of Schedule L or wit}r (/) above, shall be entitled to cast the number ofvotes alloned to the member. Tho member shall be deemed to have participated in the election ofthe Executive Direclor entitled to cast thc number of votes allotted to the member.,, 6. The tert ofArticle XII, Section 3(j) rhall be smended to r€ad as follows: ^A The Board ofGovemors shall adopt regulations under which a mernber may send a representative to attend any meeting of th€ Executive Board when a request made by, or a matter particularly affecting, that member is under consideration." 7. Tbe tert of Article )OI, Section E shaU be amended to reed !s followr: "The Fund shall at all times have the right to commuaicat€ its vi€ws informalty to any member on any matter arising under this Agrcemeht. The Fund may, by a seventy percent majority ofthe totsl voting power, decide to publish a report m8dc to a member rcgarding its monetary or economic conditions and developments which dircctly tend to producc a scrious disequilibrium in the intemational balancc of payments ofmembers. The relevant member shall be entitled to representation in accordancc with Section 3(/ of this Article. The Fuod shall nor publish a report involving changes in the fundamental structure ofthe economic organization of members." 8. The text of Anicle XXI(r)(ii) shell bc emended to rerd ss follows: "(a) (iD For decisions by the Executive Board on matters pertaining exclusivety to the special Drawing Rights Depaflmsnt only Executive Directors electld by at least ono member that is a participant shal bc entitred to vote. Each of lhese Executive Dircctors shall be entitlcd to c&st the number ofvotes aflotted to the membors 6at are participants whose votes counted tow8rds his election. Only lhe presence of Executive Directors el€cted by m€mbeN that are participants and the votes allotted to members that are participants shall be counted for the purpose of determining whether a quorum exists or whether a decision is made.by the required majoity," l0 9. The t€xt of Article XXIX(o) shall be amended to resd as follows: "(a) Any question of interpretstion of thc provisions of this Agrecment arising between any member and the Fund or beween any members ofthc Fund shall bc submittcd to the Executive Board for its dccision. [fthe qucstion particularly affects any member, it shall be entitled to rcpresentation in accordance witl Arlicle XII, Section 3(7)." 10 The text of paragraph l(a) ofSchedule D shall be smended to reed as follows: "(u) Each member or group ofmenbers that has the number ofvotes allotted to il or them cast by an Executive Director shall appoint to the Council one Councillor, who shall be a Govemor, Minister in thc government ofa member, or person ofcomparable rank, and may appoint not more than seven Associates, The Board ofGovernors may change, by an eighty-fivc percent majority of the total voting power, the number of Associates who may be appointed. A Councillor or Associate shall servc until a new appointment is rnade or untilthc nexr rcgular election of Exccutive Dircctors, whichever shall occur sooner." I I, Th€ text of psragrapb 5(e) of Schedule D shall be deleted. 12, Paregraph 5(Q ofSchedule D shall be renumbered 5(e) ofSchcdule D and the tert of the new paregraph 5(e) shell be amend€d to reld es follows: "(e) When al Executive Director is entitled to cast the number ofvotes allotted to I member pursuant to Article XII, Section 3(i)(iii), the Councillor appointcd by the group whose members elected such Executivs Director shall be entitlei to vote and cast the number of votes allottcd to such membcr. The member shall be deerned to have participated in the appointnent of the Councillor entitled to vote and cast the nunrber ofvotes allotted to the member." 13, The text of Schedulc E shall be amended to read as follows; "Transitional Provisions with Respecl to Executive Directors Upon the entry inio forc€ of this Schedule: (a) Each Exccutive Director who was appointed pursuant to former Article )(II, Seotions 3(D[i) or 3(c), and was in office immediately prior to the ontry into forc.€ of this Schedule, shall be deemed to have been elected by rhe member who appointed him; and (b) Each Executive Director who cast the number ofvotes ofa mcmber pursuant to former Article XJI, Section 3(rlii) immediately prior to the cnrry into forcc of thjs Schedule, shall be deemed to have been elected by such a member." 14 The te■ 1 0f paragrapb l(り o『 Schedule L ghali be amended tOに nd● ● fOl10ws: 盤ndi:尾 ゝllttlc常 鷺出罵ll留 ノ 『 瀾冨 :lよ i鵡器蹴 『 l:「 15 The tex10fthe chapeau orPBngmph 3(o OFScLedule L sbali be amended tO rend as Fo1lows: e) ￢he Execujve Director clccted by the menibcL Orin whose clccuOn thc mcmbcr has particiPatcd,sha‖ cease to hold Of「 lce,unlcss such Executive DirectOr was entitled to castthe number of vOtes a‖ otted to other members whOse voting rights have nOt been suspended ln the latter case:'' V V ル ο ″ググGbッ ο ぉ翻9′ ″グルθ ん′ ゎれジレ ヵ″gο ttg R̀∫ ο Cri´ Dθ σ b′ ′ ノ a ̀θ ,2θ ノ ̀″ ̀″ Codex 2007 R2 brjs6or3gq,erb 3s6qr;096$olt qgrqg696oq,gbr "lng6cns0o6obo brgrq,ggo go6qEo 0o6rSoqpobolro qr.: b0olt 0o6g0ob ggq,gbob 6rb<6qgob tsglrrbgO'qr "brg6orrBo6olro br3,rqrygcr gobqrolr bro6ggb6o6oer ggq,gbr0oboq,gbob 6rgr6oxngbob tlgbtbgb" brg6ottlo6oltrn br3rqrggo go6qrotr brqrrOggd6gbq,er 0gorr6b0gbob 6gq,oq,g0g0ob t6rgogo6o{6gbob orsrnbrtg brjst6cn3gq,erb J,r6q,r0g6go sqr6gbU: 6r6ogo6o63bgqr oifub lrsg6cn.r8rn6oUer br3rq136rn grnbqrolr bsqg,l0ggdEgbq,o tsgor,:6bOgbolr 93q,oqr36gbo ,,brg6orrBo6olrrn tt3tqrggo gobqrotso 0o6r$oq,go6obr qrr b0oU 6ogg0ob ggq,gbob 6sb6qnb tsglr,:bgb" q.o,: ,,br36orrtso6olro bs3rq,pgo go6q.oob bro63gbgo6oo ggqSbr0erlroq,gbol.r Srg.r6orrgbob tsgblbgb". brjr6or33qrolr J.:6qrr0g6gob gsgoot BsXlt6sdX or,:361q-orn0.>69 o[oqrolro, 2010 $q,oU 23 orgbX63rq,o. N2648-Il, 23Ⅲ Ⅲ り ゛ 2010慟 N26● (q ●がい … ● P蓼 ヽ 12‐ ― ") Codex 2007 R2 b.l jot6or g3q roL Jc6q.r0X66oL q.tq0X6oqXb.: 'LcXt6or.r8or6Lrn bogoqX6ro gro6qoL SXoro6bOXboL OXbqXbSo 0X0rnorogoEabaq t6ogoor OXroorbX 8Xb[ro163boL' 6o6ogo6ot6X]ob orcrobcEX L.:j.r6o33qrnL Jrt6q.r0X65o .rq536L: t616o9o6ot6XbXq ojGgl-r "L,:gt6o.:tlrnt6Lro L.r3.rqX6o gcn6qolr 33ol6b03doL OXbq3btlo tsgOrnor.r3rSXdXqo t6o5oor OXrnorbX 33L$ot63d.t'. U.r j.r6or33qrnL Jlt6q.r0X66oL or.r303cqrn0,:6oL SrorqgoqS v ordoqoLo, 2000 Sqob 11 rnj6rn8d3r6o N549-lb r| -*)n&c6.2(m \'r<"q6on asc6o6.{$r N t e ( qN.dtx\qs I D qaJaaaln',0l? ) 6oot65o fXt4Xoryqo IMF Quota and Govemance Publications http;//w\ryw. imf.org/extemal/np/fi n/quotas/pubs/index.htn International Monetary Fund IMF Quota and Governance Publications Last Updated; October 9, 2012 On December 75, 2OlO, the Board of Governors of the International Monetary Fund (IMF) approved a package of far-reaching reforms of the Fund's quotas and governance. These reforms represent a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund's legitimacy and effectiveness. o This completes the 14th General Review of euotas with an unprecedented doubling of quotas and a major realignment of quota shares-a shift of more than 5 percent from over-represented to under-represented members and a more than 6 percent quota shift to dynamic emerging market and developing countries. . The reforms also protect the quota shares and voting power of the poorest members. . The Board of Governors also supported an amendment to the Articles of Agreement that would facilitate a move to a more representative, all-elected Executive Board. I Rclated I山 湿 ￨ IMF Executive Board Begins Review of Quota Formula Reforming Global Govemance Factsheet: IMF Quotas Members will make best efforts to complete their domestic approval processes of these reforms by the Annual Meeting of the Board of Governors in October IMF― Respondngto the C● sis 20L2. Factsheet:How theIMF Makes Factsheet: A Chanting Declslons The 2010 reforms build on an earlier set of reforms that were approved by the Board of Governors in April 2008 and came into effect on March 3,2OLL, with the acceptance of the 'Voice and Participation' amendment to the Articles of Agreement by 117 member countries representing 85 percent of the total voting power. (The requirement for amendments to the Articles to enter into force is acceptance of at least three-fifths of member, representing 85 percent of the total voting power.) The 2008 reforms strengthen the representatlon of dynamic economies, many of which are emerging market countries, through ad hoc quota increases for 54 member countries, They also enhance the voice and partlcipation of low-income countries through (i) an almost tripling of basic votes-the first increase since the IMF s creation in L945, (ii) a mechanism that, going forward, will keep constant the ratio of basic votes to total IMF voting power, and (iii) enabling Executive Directors representing 7 or more members to each appoint a second Alternate Executive Director following the 2012 regular elections of Executive Director. For the 14th General Review and associated reforms to also come into effect, (i) the proposed amendment to the Articles of Agreement on reform of the Executive Board needs to be accepted by at least three-fifths of IMF members representing 85 percent of the total voting power, and (ii) members representing at least 70 percent of the total quotas on November 5, 2010 must consent in writing to their quota increases. Many member countries will need the approval of domestic legislatures to accept the proposed amendments to the Articles of Agreement. Reaching agreement on these reforms involved substantial deliberation by the IMF's Executive l of4 12/12/201211:28Aヽ IMF Quota and Govcmance pubHca● ons http://www. im lorg/extemaUnp/fn/quotas/pubVirdex.htn Board, with key documents associated with these discussions listed below. Quota Formula Review (August 2ou-Augnst 2012) 2lJ12 . IMF Executlve Board Dlscusses Quota Formula Review-October 2012 (October 9, 20L2) r Quota Formula Review - Additional Considerations-September 2012 (September 4, 20t2) t Updated IMF Quota Data-August 2012 (August 8,20L2) . Public Information Notlce: IMF Executive Board Discusses Quota Formula Review (August 2, 2012) r IMF Pollcy Paper: Quota Formula Review - Data Update and Further Considerations Statistical Appendix (June 29, 2Ot2) . IMF Policy Paper: Quota Formula Review - Data Update and Further Considerations Supplementary Information Summary (June 29, 2012) . IMF Policy Paper: Quota Formula Review - Data Update and Further Considerations (June 28, 2012) t Updated IMF Quota Data-May zoLz (May 7l,2OL2) . Quota Formula Review - Initial Considerations (February lO,2OL2) r Quota Formula Revlew - Initial Considerations - Supplement (February LO,2Ol2) 2011 t Quota Formula Review-Data Update and Issues (August 17,20tl) . Quota Formula Review: Data Update and Issues--Statistical Appendlx (August 17, 2011) zoro Reforms: Documents (August zoog-July 2or2) 20t2 Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas - Status of Acceptances and Consents (July 13, 2012) ■ Updated IMF Quota Data-lune 2010 (June 18, 2012) ■ Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas-Status of Acceptances and Consents (June 12, 2012) Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Revlew of Quotas-Status of Acceptances and Consents (March 14, 2012) 2 of4 12/12/2012H:28 AM IMF Quota and Govemance Publications http://www. im f.org/extemaUnp/fin/quotas/pubyindex.ht 2011 r Proposed Amendment to the Articles of Agreement on the Reform of the IMF Executive Board and Fourteenth General Revlew of Quotas-Status of Acceptances and Consents (December 13,2011) 2010 r IMF Quota and Governance Reform-Elements of an Agreement (october 31, 2010) . Fourteenth General Review of Quotas-posstble Elements of a Compromise, Additional Simulatlons, and The Chairman's Concluding Remarks (October 5, 20l0) . Fourteenth General Review of Quotas: Further Considerations and The Chairman's Concludlng Remarks (September 2, ZOLO) . Fourteenth General Review of Quotas-Realigning euota Shares: Further Consideratlons, Statlstical Appendix, Simulation Requests, and The Chairman,s Concludlng Remarks (lune 22, 2010) . Fourteenth General Review of Quotas-updated Data set and euota calculations (June 3,2010) t Fourteenth General Review of Quotas-The size of the Fund: Initial considerations and The Chairman's Concluding Remarks (March 12,2010) . Fourteenth General Review of Quotas-Realignlng euota shares: Initial conslderations, Supplement, Statistical Appendix, and The Chalrman,s Concluding Remarks (March 4, 2010) 2009 . Quotas-Updated Calculations and Quota Variables, Statistical Appendix, and The Acting Chair's Summing Up of the Board Meeting (August 27, 2OO9) 2oo8 Reforma: Docurnenta (June eoo6April zooS) 2008 . Quota and Voice Reform-Key Elements of a Potential Package of Reforms, Statistical Appendix, and Summing of the Board Meetlng (February 26, 2008) t IMF Executive Board Recommends Reforms to Overhaul Quota and Voice, Press Release No. 08/54 (March 28, 2008) . Report of the Managing Director to the International Monetary and Financial Committee on IMF Quota and Voice Reform (April 8, 2008) 3 of4 12/12/2012H:28 AⅣ http://www. imf.org/extemaUnp/fi n/quotaypubdindex.hb IMF Quota and Govemance Publications IMF Board of Governors Adopts Quota and Volce Reforms by Large Margin, Press Release No. 08/93 (April 29,2OO8) 2007 ■A New Quota Formula― Additional Considerations,Statistical Appendix′ by the Managlng Director(MarCh 14′ 2007) and Statement ・ QuOtas― updated Calculations and Data AdJustments(」 uly ll,2007).The data are ava‖ able in Excel Format at: 2007 Quota Data Update Updated PPP data as of December 2007 are also ava‖ able at: PPP GDP Data. ・ QuOta and voice Reform― Stocktaking and Further Considerations,Statistical Appendlces l and II′ Statement by the Managlng Director′ and Summing up oFthe Board Meeting(Ju:y ll,2007) ● QuOta and Voice Reform― Elements of a Posslble Approach′ statistical Appendices l and II′ ー Request For Additional Simulations′ Statement by the Managing Director,and Sunlmlng up oFthe Board Meetlng(September 14′ 2007) ■ RepOrt oFthe Executive Board to the Board of Governors― Quota and Voice Refo‖ ― Progress Since the 2006 Annua:Meetings(OCtOber 16′ [: 2007) 2006 ■ QuOtas― updated Calculations(August 4′ 2006).The data are availab!e in Excel Fo‖ ‖at at:2006 Quota Data Quota and Voice-Further Thoughts on Approaches to Reform (June 23, 2006) Quotas and Voice-A Possible Package of ReForms, and the Chalrman's Concluding Remarks (August 4. 2006) V Report of the Managing Director to the Intemational Monetary and Financial Committee on IMF Quota and Voice Reform (September 14, 2006) Quotas-Further Thoughts on a New Quota Formula. and Statistical Appendices I and II (November 22, 2006) Proposed Amendment of the Articles of Agreement Regarding Basic Votes-Preliminary Considerations and Chairman's Summing Up (December 22,2006) 4 of4 12/1272012H:28Aヽ PRoPoSED DEcIsroN Pursuant to pamgaph 4 of Resolution No.66-2, Fourteenth General Review of Quolas and Reform of the Executive Board, the Executive Board decides that notices of consent from members to increases in their quotas must be received in the Fund by 6:00 p.m., Washington time, on December 31,2012. APPENDIX I Members' Consents to Increases in Quotas Under the Fourteenth General Quota Review of Quotas in the International Monetary Fund (as ofJune 18,2012) The 80 members listed below have not yet consented to their respective increases under the Board of Govemors' Resolution No. 66-2: Islamic Republic of Afghanistan ttungary Slovak Republic Albania ArBentina haq Solonpn Islands Israel Sonalia Anrrnia Jordan South Sudan Austria Kazalfistan St. Kitts and Nevis Aarbaijan Kinbati St. lxcia Bahrain Bos n ia-Herzegov in a Kosovo Kuwait KyrgyzRepublic Switrcrland Syrian Arab Republic Bulgaria [.ebanon Tajkistan Canada Lithuania Tifipr-t€ste Bolivia Sudan Cape Verde Macedonia, FYR Togo Central Afiican Rcpublic Madagascsr Tunis ia Chile MaI Turkrpn istan Congo, Dem Republic of Marshall Islands Tuvalu Congo, Republic of Mauricania Ljkraine Costa Rica Micronesi4 Fed. States of Mongolia United Arab Emirates United States Montenegro Morocco Vanuatu Ecuador F.svpt New Zealand Fritrca Estonia Niger Olran Fiii Palau, Republic of Gorgia Senegal Ghana @tar Genada GratefiEla Gtinea Rnianda Grinea-Bissau Sao TorE and Principe Clprus Cach Republic Sanpa San Marino Veneanela 4 Table 2. Membera that Have Accepted thE Proposed Boa rd Reform I,iad1't2,2012 Acceptance o, Proposed Amendment ftrcent of rb,,ber HT i&nber 0.73 O.24 i,bnlenegro 0.07 0.04 0.26 1 Austria 0 Banglades h Behrus Belgium Belize Benin Bhutan Brazil 0.08 lrlauritius 0.18 irbrocco 1 86 i,rannE. 0.04 l,lanbia 0.05 ibpal 0.03 l€therlands 1.72 l',licaragua Central Af rican Republic China 0.11 l.,lorw ay 0.06 l%kblan 0.10 funarE 0.05 Epua lGw Guinea 3.81 FhtrFpines Qoath 0.17 hland Brunei Darussalam Cartodia CarIEroon CYprus DenrBrk Dorfinica Dordnican R8public #:: 31 llblaysb 87 iihHives Australia BahanEs, The furcent of 09 SarDa 0 78 Sao Tond and fthcipe 0 03 Seychelles 0 0.12 Sierra Leone 003 0.13 008 0.06 2.08 0.08 0.78 o44 0.11 0.08 0.43 0.70 0.03 0.03 0.03 007 B Satvador 0.10 Singapore 0.59 Finland France Gabon 0 014 0.09 SriLanka G.eece O Guinea-Bbsau GJyana 0.04 Surina(E 0.07 Sweden 0.07 l-laili 0 l'hnduras hdkr 0.08 Trinirad and Tobago 2.34 l,rtited Kingdom 003 [aly 3.16 Vbinam JanEica 014 623 137 Japan Korea Lao FDR 53 Slovenia 429 Spain 47 St Vincent and the Grenadhes 06 Tonga 1.63 0.19 0.03 0.98 0.16 429 0.21 0.05 Total:66 4536 5 Table 3. Membens that Have Consented to Their Quota lncrcase Llarch 1 2,2012 Conse nt to Quota lncrease llbnber furcent of 口o「 cent of t&Y.5,2010 Nov 5.2010 QJota lrbfiter Angola 013 Antlrua and Barbuda Australa BaharBs, The 0 01 006 Bangladesh 0 25 Earbados 003 師 ● o lo mpa: Belarus 1 49 Benin Bhutan 001 003 O∞ 3 Botsw ana 0 03 Brazil 1 40 Betre Ⅳbbysla ⅣLU"es Ⅳbb 貶 ar● lue Ⅳyanr口 r 断 臓 dands,The ragua 0uota 068 0004 005 005 012 006 003 237 006 Nber● 081 Non″ ay FbttStan 077 048 010 006 005 &unei Oarussalam Burhna Faso Burundi 010 Fbnam Canbodh Chad China 004 Fし ru 0 03 Rl]lphes 3 72 Fbhnd Colorbia 0 36 Ror● nla Cote d'tuoire 0 15 RIsslan Federatbn 029 040 063 047 273 Goatia 0 17 Saudi Arab● 321 bnrrrk 0 76 Serbb 022 Dorinica Dorinican Fbpublic 0 004 Seycheibs 0004 010 SO「aL∞ ne Euatorbl Guinea 0 01 Shgapore 005 040 Ethiopb 0 06 Sbven● 011 Finland South Afrta Spain 086 France 0 58 4 94 Garbb, Th€ 0 01 Sri Lan睦 019 C{eece 0 38 St Vhcentand● e Grenadhes 0004 Guyana 0 04 Surha,,. 0 04 Swa2鯰 nd 1 91 Sweden 0 39 Tan2anla 3 24 Thabnd 003 陽 pua ttw Ounea 0 04 Paraguay tbiti hdia leland rary Jatlraica Japan l<enya 0 13 Tonga 612 Trhdad and Tobag。 0 12 Uuanda lGrea 1 35 Lao FDR 0 02 thu κngdorn Lttuguay Latvia O l16 レ beに しn 002 Vわ tnam ２ ０ ９ ０ ∝ ０ ︲ ０ ５ ０ ０ １ ０ ０ V 140 0003 015 008 494 014 Lesotho Lberia 0 06 Zaibb Luxertourg 0 13 Zhも abw e i/blaw i 003 013 015 022 016 Tota!:89 5314 lMF Articles of AgreEment ndOpted at tte urPrted″ ariO″ s MO■ etary α o■ 昴α′conferencer Bretto″ ИИ ood5 ″ew Hampshire J ″ 2ろ 19 .Frteredわ"dFわ oo fOrce December 2ろ 194'ハ merded V ere゛tJury 23■ 万3bソ めe mο daη tiD approved bソ 働e Bο αrd of GOveraο rs h Resο J」 :′ο Л″0。 23‐ 島 αdopted″ 31′ 1960 omerded ere"′ ve Apri1 1′ 197ι by ttθ "ソ 用odiJFcatiors approved by tte Bο ard of 6oν emors h Resoru 0"lv..314 αJopted ハpri1 3o 197● a17ご αme"ded eredive″ 。vember ll′ 1992わ y trle mod ο″S approved by tte Boardorcovernο rsわ ResortJf′ 。 ″″o.45‐ 3α 」optedノ υne 2ι 1990. t′ Table of ContenEs h-rrposes II. Membership III. 1. Original members 2. Ot.her members ii. Quotas and SubEcripEions .! 1. Quot.as and paymtnt of rubscript.ione 2. Adjustment. of quocas 3. payments when quoEaa are changed 4. Substit.uEion of eecuriEies for currency ５ Obligat.ions Regarding Exchange Arrangements l. General obligaEions of meldsers 2. General exchange arrangemenEs 3. Surveillance over exchange arrangemenEs 4. Par values 5. SeparaEe currencies wiEhin a member,B t.errit.ories ５ Iv. ■２ ３３３ ３３３４５ I. ｅ Ｐ fnEroduct.ory Art icle r ０ ・ ０ １ １ １ ３ ■ ４ １ ５ ■ ５ １ ６ １ 19 ９ ・ ９ ・ ９ ・ ９ ・ ９ ・ ０ ２ ０ ２ ２． ２ ． ２． ２ ． ２ ． ２ ２ ２ ２ ３ ２ 2. ceneral Ecarcity of currency 3. Scarcit.y of Ehe Fund,s holdlngs 4. AdminisEration of reaEricE ion6 5. Effect. oE oEher inEernat.ional agreement.a on reatricLiona ceneraL Obligatsions of Memberg 1. Introduct, ion 2. Avoidance of reatricEionsr on currenE pa).mentEl 3. Avoidance of di8criminaEory currency pract.ices 4. Convertibility of foreign-held balances 5. Furnishing of informat ion ０ ・ VIII. Replenishmene and Scarce Currencies 1. Measure8 t.o repLenish the Fund,s holdings of currencies ８ vII. ７ 2. special provisions for capital t.ranafers 3. Controle of capiE.aI Eranafers ７ CapiEaI Trans fers 1. Use of Ehe Fund's general resources for capiEal transfera ７ vI . ７ 12. Other operat,iong and EransacEions ７ drawing right8 by the Fund 7. Repurchase by a member of it.s currency held by the Fund 8. Charges 9. RemuneraEion 10. ComputaE.ions 1.1. Maintenance of value ６ Operat.ions and Tranaactions of Ehe Fund 1. Agencies dealing wiEh the Fund 2. LimiEat.ion on Ehe Fund's operaEions and t,ranaact,iona 3. CondiEione governing use of tshe Fund,s geieral reaourcea 4. Waiver of condiEiona 5. IneligibiliEy Eo use the Fund,a general. resourcea 6. Other purchases and salea of spe-ial I ' ６ V. 5. Consult.aEion beEween members regarding exisiEing internaEional agreemenEa 7. Obligation to coLl-aboraEe regardj.n policie3 on reaerve asset.6 ５ ２ ５ ２ ５ ２ 27 non-mernber count.ries 28 ８ ２ Organizat.ion and Management 1. St.rucEure of the Fund 2. Board of Governors ８ ２ ８ ２ ２ ３ ３ ３ ５ ３ ５ ３ Special drawing RighE s 1. Aut.horiEy t.o alLocate special drawing righEs 2. Valuation of the apecial drawing righE ceneral Department and Special Drawing RighEs DepartmenE 1. Separation of operaEione and Eransactions 2. Separation of asseEs and properEy 3. Record j.ng and information １ ３ xV. 1, Notification Eo t.he Fund 2. Exchange reaEricEions 3. AcEion of tshe Fund relaEing to resEricEiona ９ ２ 3. Executive Board 4. Managing DirecEor and staff 5. VoEing 5. Reaervee, disEribution of net. income, and inveaEmenE 7. Publication of reporEs 8. CommunicaEion of views to membere Offices and Depoaitories 1. IJocaE ion of offices 2. Depos i tories 3. Guarantee of the Fund,6 asseEs Tran6iEional Arrangement.s x\rI L ７ ２ non-member countries XIv. xW. ６ ２ XIII. ６ ２ 27 2. Rest.ricEionEl on Eransact,ions wiCh XII. ５ ２ ReIaEions wiEh Non-Mernber CounEries L. Undert,akings regarding relat.ions with ５ ２ 5. Imnunity of archives 6. Freedom of asseE6 from restrictions 7. Privilege for communicaEions L fmmunit.ies and privileges of officers and employees 9. Immunities from Eaxae ion 10. Applicacion of A.rt.icLe Relationg with other fnternaEional OrganizatiOns ５ ２ xI . SEaEus, Immunities, and Privileges 1. Purpoges of ArE icle 2. StaEus of t.he Fund 3. Immunity from judicial process 4- Immunj.ty from other acEion ５ ２ X. 24 ５ ２ IX. 24 35 35 35 36 36 36 36 37 37 37 20 38 38 t Part.icipants and Other Holders of Special drawing Righ七 日 1. Part icipanEs 2. Fund ae a hoLder 3. Ot.her holders 39 39 39 39 ３ ４ ４ ４ ４ ４ ５ ４ ５ ４ ６ ４ ６ ４ ６ ４ ６ ４ ６ ４ ６ ４ 47 ９ ４ ９ ４ ０ ５ ０ ５ ０ ５ １ ５ １ ５ ２ ５ ︻ Ｚ Ｅυ XXV. ３ ４ XXIV ３ ４ XXIIII̲ ３ ４ XXII ２ ４ XXI １ ４ V ０ ４ xx. ０ ４ XIX Allocation and Cance]l.aEion of Special Drat{ing RightB 1. Principles and con€j.deraEions governing 'l allocation and cancellacion 2. Allocation and cancellatlon 'I 3. UnexpecEed major developmenEs 4. Decisions on allocat.ione and cancellaEions Operat.ions and Transactions in Specj,al drawing Righcs 1. Use of special drawing right,B 2. Operat.ions and Eransact.iong beEween part.iEipant.s 3. Requirement of need 4. ObligaEion Eo provide currency 5. Designaeion of participanEs E.o provlde 6. ReconsE.iEuEiorr 7. Exchange raEes Special Drawing Rights Deparcment fntereat 1. InLeresE 2. Charges 3. Rate of inEeresE and chargea 4. AasesamenEa 5. PaymenE of inEerest., chargea, and asaesafienEs Adminiatrat.ion of t.he General DeparEmenE and the Special Drawing Righta Depart.menE ceneral ObligaEionB of ParLicipants Suspension of OperaEions and TransacEions in Special Drawing Rlght s49 1. Emergency provieions 2. Failure to fulfill obligaeions TerminaEion of Part icipaEion 1. RighE. Eo terminate parEicipat.ion 2. SettlemenE on EerminaEion 3. Intereat arrd chargeg 4. Settlement of obligaEion t.o the Fund 51 5. SeEElenent. of obligaEion Eo a terminaEing participanE 6- General Reaource6 AccounE transacEions LiquidaEion of the Special drawing RighEs DeparEment ０ ４ XVIII V 》 C〉 EX ExplanaLion of Terms ´ ｂ ５ InterpreEat i.on ¨ ５ ５ XXIX ５ ５ )O(WII. AmendmenEs ４ ５ 1. Temporary suspension 2. Liguldat.ion of Ehe Fund ４ ５ Emergency Provisions ４ ５ I ― ３ ５ vliEhdrawal from Membership 1. Right. of members Eo wiEhdraw 2. Compulsory wi t.hdrawal 3. seLElemenE of accounts with members wiEhdrawing ３ ５ I ３ ５ ― 57 )oO(I . Fi-nal Provis ions 1. En!ry inEo force 2. gignature so{muI,Es OperaEional Ma Et.ers ５ ６ ７ ６ ８ ６ ９ ６ ０ ７ Drawing RighEs DepartmenE ３ ６ C. Par VaLues D. Council E. Elect.ion of ExecuEive Directors F. Des igna E ion G. ReconstituE ion H. TerminaEion of Participat. ion L Administration of Liquidat.ion of the special 60 １ ６ A. Quotas B. TransiEional Provisions witsh RespecE t.o Repurchase, Payment. of Addit,ional subscript.ions, cold, and cert.ain 71 \T. Set.E1ement of Accounts wiEh Members wiEhdrawing 73 K. Administration of Liquidat ion 75 L. Suspension of voEing RighEs ８ ＾ ７ Index ＾ Ｊ ８ Articles of Agreement. of the InEernaEj,onal MoneEary pund The covernmenEs on whose beha1E the present. AgreemenE is signed agree as foLlows: Int.roduct.ory Art. j.cle (i) The InEernaEional MoneEary Fund is established and shall operaEe in accordance wit.h Ehe provisions of t.his AgreemenE as originally adopted and subsequenEly amended. (ii) To enable t.he Fund Eo conduct irs operat.ione and t.ranaact.ions, t.he Fund Bhall mainEain a General Depart.menE and a Special Drawing RighLs DeparEmenE. Membership in the Fund shal1 give the righE to part.icj.pation in the Special Drawing Right.s DepartmenE. (iii) Operat j.ons and Eransactions auEhorized by chi6 Agreement shalI be conducted Ehrough Lhe ceneral DeparEment, consist.i.ng in accordance wiEh Ehe provisions of this Agreement of t.he ceneral Resourcea Account., Ehe Special Diebursement Account, and Ehe fnvest.ment AccounEi except EhaE operaEions and EransacEions involving gpecial drawing righEs shall be conducted Ehrough Ehe Special Drawing Right.s Depart.menE. Art.icIe I Purposes 'lhe purposes of Ehe InEernational MoneLary Fund are: (i) To promote inEernaEional moneEary cooperaEion Ehrough a permanent instiEution which providee the machinery for consulEation and collaboraEion on inEernational moneLary problems . (ii) To facilitat,e the expansj.on and balanced growt,h of int.ernat.ional t.rade, and Eo contribuEe t.hereby Eo Ehe PromoEion and mainEenance of high levels of employmenE and real- income and Eo Ehe devel-opmenE of Ehe producEive resources of aIt members as prl.mary object.ives of economic policy. (iii) To promote exchange st.abilit.y, Eo maintain older]y exchange arrangements among members, and Eo awoid compeEiEiwe exchange dePreciation. (iv) To assisE in Ehe establishment. of a multilateraL sysEem of paymenEs in respecE of currenE Eranaactions betrdeen members and j-n Ehe eliminaEion of foreign exchange restrict.iona which hamper the growEh of world trade. (v) To give confidence Eo members by making the general reBources of che Fund temporarily awailable Eo Ehem under adequaEe aafeguards, thus providing Ehem wit.h opporEuniEy t.o correct maladjuEtments in t.heir balance of paymenEs wiEhouE reaorEing Eo measures desErucEive of naEional or inEernaEional prosperiEy. (vi) In accordance with t,he above, Eo shorEen the duraEion and ]essen the degree of disequilibrium in Ehe inEernaEional' baLances of PaymenEs of rlEib€rs The Fund shall be guided in aI] iEs policies and decision6 by t.he PurPoses seE forEh in E.his Article. Article II . t lenrbership secEion 1. original members V The original mem-bers of the Fund shall be t,hose of the counEries represenEed ats Ehe UniEed NaE.ions MoneEary and Financial conference whose governments accept membership before December 31, 1945. SecEion 2. OEher members Membership shall be open Eo oEher count.ries at such Eimes and in accordance wiEh such Eerms as may be preecribed by Ehe Board of covernors. These Eerma, including Ehe Eerms for BubeclipEj.ons, shall be based on principles consiatent wiEh those applied Eo oEher countries t.haE are already members. Art. i cI e III Quotas and Subscript ions SecEion 1. QuoEas and pa)ment. of subscriptions Each member shall be assigned a quoEa expressed in special drawing rj.ghts. The quoEas of the members represent.ed at. Ehe Unit.ed NaEions Monetary and Financial conference which accept membership before December 31, 1945 shall be Ehose seE forth 1n schedure A. The g,]ocas of oEher members shalI be deEermined by t.he Board of covernora. Thi subecription of each member shall be equal t.o i-t6 quota and sharr be paid in furr to the Fund at Ehe appropriaEe deposiEory. Section 2. Adjust.ment of quot.aa (a) The Board of covernors gharr at intervars of noE more t.han five years conducE a general revie!^,, and if i! deema iE. appropriat.e propose an adjust_ menE, of the quoEaa of E.he members. It. may also, if iE Elij,nfs fit, coisider aE any oLher t.ime the adjustmenc of any pirticular quoLa aE Ehe requesE of t.he mernlcer concerned . (b) The-Fund may_at- any Cime propose an increase in t.he guot.as of Ehose members of t.he Fund that. were members on AugusE 31, 19?S i-n proportion Eo Eheir guotas on thaE date in a cumuraEive aiount. noE in u*ceis 6f amounts transferred under ArEicLe V, Section 12(f) (i) and (j) from the Special DisbursemenE Account Eo Ehe General Resources accounE (c) An eight,y-f ive percent. majorlty of Ehe toEal voEing power shall be required for any change in quot.as. (d) of a member shall not be changed unEil Ehe member has consented_The-quot.a and. until paymenE. has been made unleas paymenc is d.eemed to have been made in accordance with section 3(b) of tni6 article. Section 3. Pa)ments when quot.as are changed (a) Each member which consents to an increaee in iEs guota under secti-on 2(a) of Ehis Article shall, wirhin a period deEermineal 6y the Fund, pay to the Fund ive percenE of Ehe increase in special d-rawing rigtrtl,'uut. Ehe Board-tvrenEy-f of Governors- may prescribe thaE chis ptymenE may be -madd, on Ehe same basis for atr members, in whore ,r in parc :-n ttre cuirenci.es of oEher members Bpecified, wlEh their concurrence. by the Fund, or in t.he member,B ohrn currency. A non-parEicipanE shalI pay in lhe currencies of oEher members epecified by the Funal, with cheir concurrence, a proportion of Ehe increase corresponding rights by participants. he member in i.t.s own curre shall noE be increased Eo chargea under Art.icle v i), as a resulE of payment.s by other membera under Ehie provision. \r, (b) Each member which consenEs Lo an increaae in iEB quota under SecEion 2 (b) of t,his Art.ic1e 6ha11 be deemed to have paid Eo th! Fund an amount of subscription equal Eo euch increase. (c) If a member consents Eo a reduct.ion in itB guoEa. Ehe Fund shal1, within aixly days, pay to Ehe member an amount equal to the reducEion. The payment shall be made in Lhe member,s currency and in such amounE of speci.al drawing righEs or the currencies of oEher members specified, wiEh Eheir concurrence, by the Fund as is necessary to prevenu the reduction of t.he Fund's holdings of Ehe currency below Ehe new quoEa, provided EhaE in exceptional circumstances Ehe Fund may reduce iEs holdj-ngs of the currency below Lhe new quoEa by payment. to the member in its own currency. (d) A sevenEy percenE majority of the total voEing power shalt be requiled for any decision under (a) above, excepq for t.he det.erminaEion of a period and Ehe specificaEion of currencies under Ehat. provision. Section 4. SubstiEuEion of securities for currency The Fund shafl accept from any member, in ptace of any parE of the member's currency in Ehe General Resourcea AccounE which in the judgmenE of t.he Fund is not needed for iEa operaEions and transact.ions, noCei or similar obligations issued by t.he mernber or Ehe depo6iEory designat.ed by the member under Article XIII, Section 2, which shall be non-negoEiable, noninEerest bearing and payable aE their face value on demand by credit.ing Ehe account of Ehe Fund in the designated deposiEory. This Section shaIl apply noE only to currency subgcribed by members buE alao to any currency othefuise due to, or acquired by, Ehe Fund and Eo be placed in t.he Geniral Resources Account.. Article Iv Obl igauions Regarding Exchange Arrangement.s Section 1. ceneral obligaEions of members Recognizing thaE t.he easenEial purpose of t.he inEernaEionaL monet.ary syst.o provide a framework t.hat faciliEaEes t.he exchange of goods, serviceg, and capital among counEries, and thaE sustains sound economic glowEh, and EhaE a principaL objective is t.he continuing dewelopment of rhe orderly underlying conditions Ehat are necessary for financiaf and economic stabilj"ty, each member underEakea Eo colLaborat.e wiEh Ehe Fund and oEher members Eo a96ure orderly exchange arrangemenEs and t.o promoEe a sEable sysEem of exchange raues. fn part.icular, each member shal]: Eem is (i) endeavor co direct. iEs economi,c and financial policies toward Ehe objectiwe of fostering orderly economic arowEh wiEh reaaonable price stabiliEy, wich due regard t.o it.s circumscancea,. (ii) seek Eo promoEe stabiliEy by foauering orderly underlying economic and financial conditionB and a moneEary sysEem thaE does noE tend to produce erraEic disrupEions ; (iii) avoid manipulating exchange raEes or the inEernaEional moneEary sysEem in order Eo prevenC effective balance of paymentE adjust.ment or Eo gain an unfair compeEiEive advantage over oEher members,. and (iv) follow exchange policies compat.ible wit.h the underEakings under E.his SecE ion . SecEion 2. General exchange arrangement.s (a) Each member shalf notify Ehe Fund, wiEhin thj.rt.y days afeer E.he d.ate of t,he second amendmenE of EhiE Agreement, of Ehe exchangC arrangementa iE intends t.o appry in furfillment of iEa obligaEions undei section- r of chis Arlicle, and ;hall- noEify t.he Fund promprly of any changes in iis exchange arrangeflEnts. (b) Under an inEernaEional moneLary January 7, 1976, exchange member of a value for its anoEher denominaEor, oEher erat.ive arrangemenEs by wh cies in relati-on to Ehe value of the currency or currencies of other members, or (iii) other exchange arrangemenEs of a member,a choice. (c) To accord with E.he developmenE of Che internat.ional monetary system, the Fund, by an eighcy-five percent. majority of Ehe Lotat voCing power, may make proviaion for general exchange arrangements wit.hout Iimieing Lhe rightof mem.bers to have exchange arrangemenEs of Eheir cholce conBisc;nt with Ehe purposes of Ehe Fund and Ehe obligations under SecEion 1of this Ar!icIe. SecEion 3. Surveillance over exchange arrangemenEs (a) The Fund shall oversee Che internaEional moneEary Eystem in order Lo ensure iEs eEfective operaE j.on, and shall oversee Ehe compliance of each member wit.h it,s obligaEions under SecEion 1 of thiB nrUicle. (b) In order Eo fulfill it.s functions under (a) above, lhe Fund shall exerciee firm surveillance over Ehe exchange rat.e policies of members, and shall adopE specific principles for Ehe guidance of atl members with respecE Eo Ehose policies. Each member shall provide Ehe Fund wiEh Ehe information necessary.for such surveillance, and, when request.ed by Ehe Fund, shall consulL with iE on the member,s exchange rat.e policies. The principles adopEed by the Fund 6hall be consistent, wit.h cooperaLive \/ arrangementa by which members maintain the val.r.ie of Eheir currenciee in relaEion Eo the value of t.he currency or currencies of oEher members, as well as wiEh ot.her exchange arrangemenEs of a rilember, s choice consistenE wiEh the_purposes or. Ehe Fund and SecEion L of Ehi6 ArCicIe. The6e principles ehall respecE t.he domescic 6ocia1 and political policies of memters, and in applying these principLes the Fund shall pay due regard Eo the circumsEanceg of membera . Section 4 Par values The Fund may determine, by ar eighcy-f j,ve percent. majoriEy of t.he EoEal voEing power, EhaE inEernat,ional economic condiEiona permit ihe inEroducLion of a widespread system of exchange arrangement.s based on sEab1e buE adjust.able par walues. The Fund shall make Ehe deeerminaEion on Ehe basis underlying sEabilit.y of the world economy, and for t.his purpose !!e take "! shall into accounE price movemenEs and rat.es of expanaion :,n ltre economies of member8. The det.erminaEion shall be made in light of Ehe evoluEion of Ehe int.ernaEional moneEary sysEem, wiEh parcicular reference Eo sources of liguidiEy, and. i-n order Eo enaure Ehe effective operation of a sysEem of par val.ues, Eo arrangemenes under which bot.h mefl$ers in surplus and membere j.n deficit in their baLances of pa)menEa Eake prompt, effective, and Bymmet.rical action Eo achieve adjusEmenE, as weLl as Eo arrangements for intervenfion and Ehe t.reaEment. of imbalanceB. Upon making auch determinaEion, Ehe Fund shal-I noEify members Ehat the provisions of Schedule C app)-y. section 5. SeparaEe currencieg wit.hin a member's Eerritories (a) Act.ion by a member erit.h respect. Eo its currency under Ehis ArEicle shall be deemed to apply t.o the separate currencies of all territories in respect. of which the member has accepted thig AgreemenE under ArEicIe XXXf, Sect.ion 2 (g) unlese Ehe member declares Ehat iEs acEion rel.ates eiEher to the meEropollEan currency a1one, or only to one or more specified separaEe currencieg, or tso t.he meEropoliEan currency and one or more gpecified separate currencies. (b) Act.ion by the Fund under this ArEicIe shall be deemed t.o relaEe to aI1 currencies of a member referred to in (a) above unless Ehe Fund declares otherwise. ArEicIe v operaLion6 and Transactions of Ehe Fund SecEion 1. Agenciea dealing wiEh t.he Fund Each member shatL deal wiEh the Fund only Ehrough it.a Treasury, cenEral bank, st.abilizaEion fund. or oEher similar fiscal agency, and Ehe Fund shall deal only wit.h or through Ehe same agencies. secEion 2. Limit.aEion on t.he Fund'a operaEiona and t.ransacEions (a) ExcepE a6 otherwiae provided. in Ehis AgreemenE, EransacEions on the accounE of Ehe Fund shall- be limiled Eo transacEiona for Che purpoae of supplying a member, on the init.iative of such member, wit.h special drawing righEg or the currencies of ot.her members from the general resources of the Fund, which shall be held ln Ehe General Resources Account, in exchange for Ehe currency of t.he member desiring Eo make t.he purcha6e. (b) If reguested, t.he Fund may decide to perform f inancj-al and Eechnica] eerwices, including t.he administ.raEion of resources contribut.ed by members, t.hat are consiaEenE with Ehe purposes of the Fund. OperaE.ions involved in Ehe performance of such financial Eervices shall noE be on t.he accounE of lhe Fund. Servicea under Ehi-s subsecEion shall not impose any obligaEion on a member wit,houE iEs consenE. section 3. CondiEions governing use of Ehe Fund'a general resources ″ (a) The Fund shall adopE policiea on the uae of iEa general resources, including policies on sEand-by or si.milar arrangement,s, and may adopE special poticiea for special batance of pa).menEs problems, that. wiI] assisE members Eo Bolve E.heir balance of paymenta probfema in a manner consigtent wit.h the provisions of thie Agreement and EhaE will e8tablish adeguat.e safeguards for Ehe temporary use of t.he general resources of Ehe Fund. (b) A member shall be enE.it.led Eo purchase Ehe currencies of oEher membere from Ehe Fund j.n exchange for an equivalent amount. of iEe own currency subject t.o the following condiEions: (i) Ehe member's use of the general resourcea of Ehe Fund would be in accordance wiEh t.he provieions of this AgreemenE and the pol,icies adopEed under Ehem; (ii) Ehe member represenEs Ehat iE has a need Eo make t.he purchase becauae of ils balance of payment,s or iEs regerve position or developmenE.s in its reeerves; (iii) Ehe propoaed purchase would be a reserve Eranche purchase, or wouLd not cause Ehe Fund's holdings of Ehe purchasing member,s currency to exceed t.wo hundred percenE of its quot.a; (iv) t.he Pund has not. previously declared under SecE.ion 5 of t.his Article, Article VI , SecEion 1, or Art.icle XXVI , SecEion 2(a) that. Ehe member desiring Eo purchase is ineligj.ble to use t.he general resources of the Eund. ‐ ● (c) The Fund shall examine a requeat for a purchade Eo deEermine v.rhet.her Ehe proposed purchaae would be consistent wiCh ttrh provisions of this AgreemenE and Ehe policiee adopted under Ehem, provided t.hat requeeEs for reserve Eranche purchasea shal1 not be eubject t.o challenge. (d) The Fund shall adopE policie6 and procedures'on Che selection of currencies to be sold that t.ake inEo account, in consultation wiEh memberE, the barance of pa).mentss and reserve posiEion of membere and deveropmenEs in the exchange market.a, as well as the desirabi-liEy of promocing ovei cime balanced posit.ions in the Fund, provided t.hat. if a member rep;eaenEs EhaE it ie propoeing Eo purchaae the currency of anoEhgr member b-ecause Ehe purchasing member wistres to obtain an equivalent. amount. of iEs own currency offered by the oEher mernber, it shall be enEiEled Eo purchaee the currency of Ehe other member unless Ehe Fund has given not.ice under ArE.icIe vII, Section 3 thaE it6 holdingg of the currency have become acarce. (e) (i) Each member ehaLL eneure Ehat baLances of it.s currency purchaaed from the Fund are balances of a freely usabLe currency or can-b6 exchanged at the Eime of purchase for a freely usable curfency of iEs choice at an exchange rat.e between Che t.wo currencies equivalenE to t.he exchange rat.e between t.hem on t.he basra of Article XIX, SecEion 7(a). (ii) Eactr member whose currency is purchased from Ehe Fund or is obtained in exchange for currency purchaaed from t.he Fund shall collaboraEe with t.he Fund and oEher members Eo enabte such barancea of iEs currency to be exchanged, at the Eime of purchase, for the freely ugable currenciei of other memlrers. (iij,) An exchange under (i) above of a currency that i.6 not freely usabLe shall be made by Ehe member whose currency ii purchaBed unless ihaE mernber and Ehe purchasing member agree on anoEhef, procedure . (iv) A member purchasing from Ehe Fund t.he freely usable currency of another member and wishing to exchange it at Ehe t.ime of purchase foi another freely usabfe currency shal-I make E.he exchange with Che oLher member- if requeated by thaE member. The exchange ehal1 be made for a freely usabfe curfency BelecLed by the oEher member aE Ehe raEe of exchange referred Eo in (i) above. (f) Under poticies and procedures which it shalI adopE. t.he Fund may agree to provide a parEicipant. making a purchaee in accordance with this SecE-ion with special drawing right8 insEead of Ehe currencies of other members, SecEion 4. Waiver of condit.ion6 The Fund may in its discretj.on, and on terms which safeguard iEs intereata, waive any of t.he conditions prescribed in Section 3(b) (iii) and (iv) of Ehis ArEicle, eepecially in bhe case of membera wit,h a record of avoiding large or continuous uee of Ehe Fund, s general reEources. In making a waj-ver iE Ehall take into consideration periodic or exceptional requirements of Ehe member requegEing t.he waj.ver. The Fund shall also Eake inEo con6ideraEion a member's willingne8s Eo pledge aa colLaEeral securit.y accept.able aseeEs having a value aufficienE in Ehe opinion of Ehe Fund to protecE its inEeresEs and may reguire as a condit.ion of waiver the pledge of such collat.eral securit.y. secEion 5. Ineligibility t.o u6e lhe Fund's general resources Whenever the Fund i6.of Ehe opinion thaE any member is us j.ng Lhe genera] resources of Ehe Pund in a manner conErary Eo the purposes of t.he Firnd, iC ahall pleaenE Eo the member a report set.ti-ng forEh Lhe views of the Fund and preacribing a suiuable t.ime for repIy. AfEer preaenting such a reporE to a member, Ehe Fund may limiL t.he use of iEs general resources by Ehe member. If no reply Eo Ehe reporC is received fr6m the member wiEhin the prescribed Eime, or if t.he repJ.y received is unsatisfact.ory, Ehe Fund may continue Eo limit Ehe member's uae of Ehe generaf resources of Ehe Fund or may, after giving reasonable notice E.o Ehe member, declare iE ineligible Eo use Ehe general resources of the Fund. secLion 5. oEher purchaeee and saleg of special drawing righEs by the Fund (a) The Fund may accepE special drawing righEs otfered by a parEicipant in exchange for an equivalent amounE of Ehe currencies of oeher mernber8. (b) The Fund may provide a parEicipanE, aE its requesE, wiEh special drawing right.s for an equivalenE amounE of Ehe currencies of oEher membera. The Fund's holdings of a member's currency shaIl noE be increased as a reoulE of t.hese transact.ions above Ehe level at. which the holdings would be subjecE to charges under section S(b) (ii) of Ehis ArEicIe. (c) The currencies provided or accepEed by t.he Pund under t.his gect.ion shall be selecEed in accordance with poJ-icles Ehat take inEo accounE. che principles of section 3(d) or z(1) of this Article. The Fund may enEer into Eransactions under Ehis section only j.f a member whose currency j.s provlded or accepted by tbe Fund concura in Ehat use of i.Es currency. SecEion 7. Repurchase by a member of j-Es currency heJ-d by the Fund (a) A member shall be enEit.led Eo repurchase aC any time the Fund's holdings of ita currency EhaE are subjecE Eo charges under secCion 8(b) of this Art.icIe. (b) A member that. has made a purchaBe under Section 3 oE t.hi8 ArEicle trill be expecEed normally, aB its balance of pa).menE€ and reserve position improvee, to repurchaae t,he Fund's holdings of iEB currency t.hat. result from t.he purchaae and are eubjecE to charges unde.r Section I (b) of Ehis Article. A member shall repurchase these holdings'if, in accordance wiEh policies on repurchase Ehat Ehe Fund shall adopE and af t.er consulEaEion wit.h Ehe member, Ehe Fund represents Eo Ehe memb€ir Ehat. ir should repurchase because of an improvement in ic.B balance of paymenEs and reserve position. (c) A member EhaE has made a purchase under SecEion 3 of this ArEicIe shatl repurchase Che Fund's holdings of it.s currency that. resulE from the purchaae and are subject to chargea under SecEion 8(b) of t.his ArEicIe noE IaEer than five years af t.er Ehe date on which chb purchase waa made. The Fund may prescribe EhaE repurchase 6hall be made by a member in insEallmentg during Ehe period beginning Ehree yeara and ending five yearB atEer Ehe daEe of a purchase. The Fund, by an eighty-five percenE majority of the total voEing power, may change t.he periods for repurchase under Ehis subsecEion, and any period so adopEed shalI app)-y to a]1 members. (d) The Fund, by an eight.y-f ive percenE majority of the r.oLal voting power, may adopE periods oEher Ehan thoae t.hat. apply in accordance wiCh (c) above, which shall be Ehe same Eor al.L membere, for the repurchase of holdinge of currency a-cguired by the Fund purauant Eo a special policy on Lhe use of its general regources. (e) A member shal1 repurchase, in accordance wit,h policies t.hat. the Fund shall adopt by a sevent.y percent. majority of Ehe Eot.a1 voLing power, Ehe Fund,s holdingg of its currency EhaE are not. acquired as a result. of purchases and are aubjecE to charges under sect.ion 8(b) (ii) of Ehis ArEicle. (f) A decision prescribing t.hat. under a policy on t.he uae of Ehe general reerourcetr of the Fund the period for repurchase under (c) or (d) above shall be Bhorter t.han the one in effect. under t.he policy ehall appty only to holdings acquired by Ehe Fund subsequent Co t.he effective dale of the decision. (g) The Fund, on E.he requesE of a member, may post.pone Ehe daEe of discharge of a repurchase obligation, buE not. beyond the maximum period under (c) or (d) above or under poJ.icies adopted by Ehe Fund under (e) above, unLeas t.he Fund determineE, by a sevent.y percent, majority of che EoEal voEing power, t.haE. a longer period for repurchase which i6 conslaEenE with Ehe Eemporary uae of Ehe general resources of Ehe Fund ie juet.ltied because diBcharge on Ehe due daEe would reault in exceptiona] hardship for Ehe member. (h) The. Fund's policies under Sect.ion 3(d) of t.hj.B ArE.icIe may be supplemenEed by policies under which the Fund may decide after consultaEion -wiLh r-r a member to sell under Sect.ion 3 (b) of this ArEicle ite holdings of the member's currency EhaE have noE been repurchased in accordance with this SecEion 7, without prejudice to any action that Ehe Fund may be authorized Eo take under any other provision of this AgreemenE. (i) A1I repurchases under Ehis SecEion shall be made with speci-al drawing rights or with the currencies of oEher members specified by Ehe Fund. The Fund shall adopt. pollcies and procedures with regard t.o Ehe currencies t.o be used by members in making repurchases t.hat Eake inEo account. t.he principles in SecEion 3(d) of Ehis Art.icle. The Fund,s holdings of a member's currency Ehat is used in repurchase shall not be increased by the repurchase above Ehe level aE which t.hey would be subject. to charges under sect.ion 8(b) (ii) of thr-s Article. (j) (i) If a member'6 currency specified by Ehe Fund under (i) above is noE a freely ueable currency, the member shall ensure Ehat Ehe repurchasing member can obEain it aE Ehe Eime of Ehe repurchaae in exchange for a freely uaabLe currency selecEed by Ehe member whoee culrency has been specified. An exchange of currency under t.his provis j,on shall E.ake place aE an exchange raEe beEvreen Ehe two currencies equivalenE Eo Ehe exchange raEe between Ehem on the basis of Articte XIX, Section 7(a). (ii) Each member whose currency is specified by Ehe Fund for repur- \, chase shall col,laborate wiCh the Fund and other members Eo enable repurchasing memberg, aE Ehe time of Ehe repurchasle, Eo obtain Ehe specified currency in exchange for the freely usable currencies of oEher memberB. (ii j-) An exchange under (j)(i) above shal1 be made wiEh Ehe member whoEe currency is specified unless thaE member and Ehe repurchasing member agree on anoEher procedure . (iv) If a repurchasing member wishes Eo obtain, at Ehe Eime of Ehe repurchase, Ehe freely usable currency of another member specified by Ehe Fund under (i) above, it. shall, if request.ed by the other member, obEain Ehe currency from the other member in exchange for a freely usable currency at Ehe rate of exchange referred t.o in (j) (i) above. The Fund may adopt regulations on E.he freely usable currency t.o be provi,ded in an exchange. SecEion 8. Charges (a) (i) The Fund shall levy a aervice charge on the purchaae by a member of special drawing righEg or t.he currency oE anoEher member held in the General Reaources AccounE in exchange for its own currency, provided that. the Fund may levy a lower aervice charge on reaerve Eranche purchages Ehan on other purchases- The aervice charge on reaerve tranche purchaseB Bhall noE exceed one-ha1f of one percenE. (ii) The Fund may levy a charge for stand-by or similar arrangemenEs. The Fund may decide that the charge for an arrangement shall be offset again8E the service charge levied under (i) above on purchases under Ehe arramgellenE. (b) The Fund ghal1 lewy charges on its average daily balances of a member'a currency held in the General Reaources Account to t.he extenC Ehat they (i) have been acguired under a policy Ehat. has been the subject of an exclusion under Art.icle xxx (c) , or V (ii) exceed Ehe amounE of t.he mernber'a quoEa afEer excluding any balances referred Eo in (i) above. The ratea of charge normally shall rise aE inEervals during t.he period in which Ehe balances are held. (c) If a mernber fail6 Eo make a repurchase required under sect.ion 7 of Ehis Article, Ehe Fund, afEer conaulbaEion wiEh Ehe member on the reducEion of the Fund's holdings of iEs currency, may impose such charges aa the Fund deems approprj-ate on iEs holdings of Ehe member's currency Ehat. should have been repurcha sed. (d) A sevent.y percenE majorit.y of the toEal voE.ing power shall be required for Ehe det.erminaEion of the raEes of charge under (a) and (b) above, which shall be uniform for all members, and under (c) above. (e) A member Bhall pay all charges in special drawing righLs, provided EhaE j.n excepEiona] circumstances Ehe Fund may permic a member to pay chargea in Ehe currencies of oEher mem.bers specified by Ehe Fund, afEer consultation wiEh t.hem, or in iEs own currency. The Fund's holdings of a member,a currency shall noE be increased as a result of paymenEs by other members under this provision above Ehe level at which they would be subject. to charges under (b) (ii) above. Section 9. RemuneraEion (a) The Fund shall pay remuneraEion on Ehe amount by which the percentage of quota prescribed under (b) or (c) below exceeds Ehe Fund, s average daily balancea of a member'B currency held in the General Resources AccounE ot.her than balances acquired under a policy thaC has been the eubjecE of an exclusion under ArEicIe Xl(x(c). The raEe of remunerat.ion, which shall be deEermined by t.he Fund by a aevenCy percenE majorit.y of the t.ot.al voting power, shalJ. be the same for aLI members and shall be noE more than, nor lese than four-fift.hs of, t.he raEe of inEeresE under ArElcIe XX, Section 3. rn esEabrishi.ng the rate of remuneraEion, Ehe Fund shall take into account the raees of charge under Art.icle v, Section g(b) (b) The percenEage of quoEa appl-yi,ng for Ehe purpoEes of (a) above shaL] . be: (i) for each member Ehat. became a member before Ehe second amendment of Ehj.s_ AgreemenE, a percenEage ,of quot.a corresponding to 6evenEy-live percenE of its quotsa on the date of t.he second amendmenE of this alreement, and for each member t.hat became a member aft.er the daEe of t.he iecond amendment of t.hiE Agreement., a percentage of quoLa calculated by dividing Ehe total of Ehe amounEs corresponding to t.he percenEages of gubEa uhat apply Eo the othe! members on the daEe on which Ehe member became a member by Ehe toEal of lhe quotaa of Ehe oEher members on the 6ame daEe; plus (ii) the amounEa iE haB paid t.o the Fund in currency or special drawrights under Article IfI, Section 3(a) since t.he daCe applicable under 1l!, (b) (i) abowe; and minua (iii) Ehe amounts iE has received from t.he Fund in currency or epecial drawing righEe under ArEicle III, Sect.ion 3(c) since Ehe date ap-plicab-le under (b) (i) above. (c) The_ Fund, by a geventy percent majoriEy of the toEal voE j-ng power, may rai6e the laEesE percenEage of quota applying for the purpoees-oi (a) above Eo each member t.o: (l) a_ percenEage, not. j.n exceas of one hundred percent., that sha1l be\u det.ermined for each member on the basis of the same crit.eria for arl members, or (ii) one hundred percent for atl members. (d) Remunerat.ion 6ha11 be paid in special drawing rightE, provided t.hat eiEher Ehe Fund or Ehe member may decide Ehat the p;ymenE. to t.he member 6hall be made in iEa own currency. Section lo Computat ion s (a) The value of the Fund, a assets held in t.he account.s of t.he ceneral Department. shall be expressed in terms of E.he specia] drawing righE(b) AI1 comput.aEiona relaEing Eo currencies of members for the purpose of applyiiS Ehe proviaions of Ehis Agreement, excepe Art.icle tv and SChedule C, eha1l be at. Ehe rat.ea aE vrhich Ehe Fund accounEs for t.hese currencies in accordance with Section 11 of t.his ArEicle. (c) Computat.ions for Ehe det.erm j.nat.ion of amounEs of currency in reLation Eo quota tor t.he purpose of applyj.ng Ehe provisions of E.his Agreement. sha1l not. include currency held in t.he Special Disbursement AccounE or in the v Investment AccounE. Section 11. MainE.enance of value (a) The value of t.he currencies of members held in Che General Resources AccounE shall be maintained in Eerms of Ehe apeciaL drawing righE j,n accordance with exchange raees under Article xIX, Section ?(a) (b) An adjust.menE in Ehe Fund's holdings of a mernber's currency pursuant to thig SecEion shall be made on Ehe occasion of Ehe use of that. currency in an operation or LranaacE.ion bet.ween the Fund and another member and at. such other times as tshe Fund may decide or the member may requeat. Pa)rmenEs to or by Ehe Fund in respecE of an adjustment shall be made vrithin a reasonable time, as determined by Ehe Fund, afLer the dat.e of adju8tmenE, and at any other Eime requesEed by the member. . SecEion 12. OEher operatsj-on8 and Eransact.ions V (a) The Fund sha11 be guided in all it.s policies and decisions under t.his Seclion by the objectives set. f ort.h in Arricle VIII, SecE.ion 7 and by the objecEive of avoidi.ng Ehe managemenE of the price, or the establishmehc of a fixed prj-ce, in the gold markeE.. (b) Decieions of Ehe Fund Eo engage in operat.ions or t.ranaacEiorre under (c), (d), and (e) below shall be made by an eighty-fiwe percenE majorit.y of the toEal voEing power . (c) The Fund may sell gold for Ehe currency of any member afEer consult.ing t.he member for whose currency t.he gold is eold, provided that the Fund,s holdings of a member's currency held in the ceneral Resources Accoune ahaLl noE be increased by Ehe sale above the ]evel at which they wouLd be subjecE t.o chargeB under Section 8(b) (ii) of t.his Art.icle wiEhouE t.he concurrence of Ehe member, and provided t.hae, aC Ehe request of the member, Ehe Fund at Ehe Eime of sale shaLl exchange for Ehe currency of anot.her member such parc of Ehe currency received as would prevent such an increase. The exchange of a currency for the currency of anoEher member eha1l be made afEer consuLtation wit.h EhaE member, and shall not. increase t.he Fund,s holdings ot EhaE member's currency above the l-evel aE which t.hey would be subjecE t.o charges under SecEion 8(b) (ii) of Ehis Article. The Fund sha1l adopt policiee and procedures wit.h regard Eo exchanges that t.ake int,o accounE the principles applied under SecEion 7(i) of Ehis ArEicle. Sales under Ehig provision Eo a member shall be aE a price agreed for each transaction on t.he basia of prices in Ehe market.. (d) The Fund may accepE paymenEs from a member in gold instead of Bpecial drawing righEs or currency in any operaEions or trangact.iona under t.his AgreemenE. Payment.s Eo Ehe Fund under Ehisprovision sha]I be at a price agreed for each operaEion or t.rangact,ion on Ehe basi6 of prices in Ehe market. . V (e) The Fund may sell gold held by iE on E.he dat.e of Ehe second amendmenE of Ehis Agreement. Eo Ehose membera thaE were members on AugusE 31, 1925 and EhaE agree Lo buy iE, in proporEion Eo cheir quot.as on EhaE daEe. If the Fund intends to seI1 goJ.d under (c) above for Ehe purpose of (f) (ii) below, iu may sell Eo each developing member EhaE agrees Eo buy iE that. porEion of Ehe gold which, if sold under (c) above, would have produced the excess Ehat could hawe been dist.ributed Eo iE under (f) (iii) below. The gold t.hat would be sold under t.hie provision to a member EhaE has been decllred ineligible to use Ehe general reaourcee of the Fund under Section 5 of t.his Art.icle shall be sold t.o iE when the ineligibiliEy ceaees, unless Ehe Fund decides Eo make t.he sale aooner. The sale of gold Eo a member under Ehig subsecEion (e) shal] be made in exchange for its currency and aE a price equivalenE at. Ehe t.ime of sale Eo one special drawing right per O.ggB 671 gram of fine gold. (f) whenever under (c) above t.he Fund sells gold held by iE on the dace of Ehe second amendment of Ehis AgreemenE, an amounE of tshe proceeda equivaIenE aE the time of sale Eo one special drawing right. per O.8BS 6?1 gram of fine gold shall be placed in the General Reaources AccounE and, except a6 the Fund may decide oEherwise under (g) below, any exce8s shall be held !n Ehe Special Disbursement Account.. The assets held in Ehe Special Disbursement. Account shall be held Eepalately from t.he ot.her account.s of the General Department., and may be used at any Eime: (i) Eo make transfers t.o Ehe ceneral Resourcea AccounE for immediat.e use in operations and CransacEions auEhorized by piowieions of this Agreement other Ehan Ehis SecEion; (ii) for operations and EranaacEions EhaE are noE authorized by other provisiona of Ehis AgreemenE buE are consisEenE wir$.h Ehe purpoaes ot the Fund. Under Chis subaecrion (f) (ii) balance of payiienEa aesisCance may be made available on special Eerms Eo developing members j.n ditficulE ciicumat.ances, and for this purpose the Fund shall take inEo account t.he level of per capiEa income; (iii) for disEribution Eo tshose developing membera EhaE were members on August. 37, 1975, in propoltion Eo Eheir quoEas on Ehat. date, of such parE of t.he asaet,s Ehat the Fund decides t,o use for the purposes of (ii) above as correeponds to t.he proporEion of the quoEas of thes; members on the daEe of distribut.ion to Ehe Eotal of Ehe quoras of all members on the same daEe, provided thaE the disEribuCion under t.hd,a provieion Eo a member Ehat ha6 been declared ineligible to use t.he general resources of E.he Fund under Sect.ion 5 of thls Article sha]I be made when Ehe ineligj.bilit.y ceases, unless the Fund decides Eo make Ehe dlsEribuEion aooner. Decisions Eo use asaeta pursuant. Eo (i) above shall be taken by a sevent.y pefcg!! maj ori t.y of Ehe Eor.al voting power, and decieions pursuanE Eo (iil and (iii) above ahall be Eaken by an eight.y-f ive percenr mljoriEy of t.he v . toEaL voEing power. (g) .The Fund may decide, by an eight.y-f iwe percent majoriEy of t.he EoEal voE.ing power, to tranafer a parE of the excess referrLd Eo in (f) above t.o Uhe InvesEmenE Account. for use purEuant. to Ehe provision8 of Article XII, Section 5 (f) . (h) Pendiag uses specified under (f) above, t.he Fund may invesE a member,s currency held in Ehe special Disbursement AccounE in market.able obrigations of EhaE member or j-n market.able obligaEions of int.ernat.ional financiil organizaEions. The income of invesEmenE and lnEereaE received unde, (f) (ii) above shall be placed in the Specia] DisbursemenE Account. No invesLment shall be made wiEhouE. Ehe concurrence of the member whose currency is used Lo make t.he inveatmenE. The Fund shall inwest only in obligaEiona denominated in special drawing ri-ghts or in the currency used foi invest.ment. (i) The General Resourcea Account. ghal-I be reimburaed from Eime Lo time in respecE of Ehe expenees of administration of t.he Special DisbursemenL AccounE paid from Ehe General Resources AccounE by Eransfers from Ehe Special DiabursemenE AccounE on the basis of a reasonable esEimate of such expenseg. (j) fne Special DisburaemenE Account shalI be t.erminated in Ehe event. of E.he liquidation of the Fund and may be t.erminaeed prior Eo IiquidaEion of the Fund by a aevent.y percent majorit.y of t.he toLal. vot.ing power. Upon cermination of t.he account. becauae of t.he liguj.dation of Ehe Fund, any asaet.s in Ehis account shall be disEribut.ed in accordance wit.h t.he prowisiona of Schedule K. Upon EerminaE.ion prior Eo liguidaEion of Ehe Fund, any aaseca in Ehis accounts shall be Eransferred t.o Ehe ceneral Regources Account for immediaEe uee in operaEions and Eranaactions. The Fund, by a sevenEy percent. majority of Ehe EoEaI vot,ing povrer, 6ha11 adopE rulea and regula!ions for Ehe adminisErat.ion of the Special Disbursement Account. Article VI Capital Transfers Sectsion 1. Use of the Fund's genera] resources for capital E.rangfers (a) A member may not. use the Fund's general reaources Eo meeE a large or susEained outsflow of capiEal. excepE aa provided in SecEion 2 of Ehis Article, and the Fund may request. a member t.o exercise cont.rols to prevent such use of Ehe general resources of t.he Fund. If, afEer receiving euch a r.equesE, a member fails Eo exercise appropriat.e conEroLs, Ehe Fund may declare the memlcer ineligible Eo uBe t.he general resources of E.he Fund. (b) Not.hing in Ehis secEion shall be deemed: (i) to prevent Ehe use of tshe generaL resourceE of Ehe Fund for capitaL- tranaact.ions of reasonable amounE required for Ehe expansion of expo;Es or in the ordinary courae of Erade, banking, or oEher businegs,. or (ii) to affect capiEal movemenEs which are met. out. of a member,s own resourceg, buE members underEake Ehat such capit.al movemenEs will be in accordance vrlth the purposes of t.he Fund. Sect.ion 2. Special provisions for capit.at transfers A member sha]I be enEit.led Lo make reserve Eranche purchases Eo meet capit.al transfers. Section 3. ConLrols of capiEal tranafers Member6 may exercise such conErola as are nece66ary t.o regulat.e internat.ional capit.al movemenEa, buE no member may exercise Ehese conErols in a manner which wilI resErj-cE payments for current Eransact.ions or which wiIl unduly delay Eransfers of funde in seEtlemenE of commiEment,s. excepE as provided in ArEicle VII, SecEion 3(b) and in Art.icle XIV, Sect.ion 2. Article VII Replenishment. and scarce Currencies SecEion 1. Measures Eo replenish Ehe F\rnd's holdinga of currencies The Fund may, if lE deems such act,ion appropriace t.o replenish it.s holdings of any member's currency in the Generaf Resourceg. Replenishment. and Scarce CurrencieaAccounE needed in connecEion wiEh iEs EransacEions, take either or both of Ehe following st.epe: (i) propose t.o t.he member that., on t.erms and condi.Eions agreed bethreen Ehe Fund and Ehe member, t.he laEEer lend its currency to Ehe Fund or t.hat,, wit,h the concurrence of Ehe member, Ehe Fund borrow such currency from aome oLher source eiEher wit,hin or ouEside t.he t.errit.ories of Ehe member, buE no member shall be under any obligat.i.on Eo make such l-oane Eo t.he Fund or t.o concur in t.he borrowing of iEs currency by Ehe Fund from any other gource; (ii) require Ehe member, if it is a parEicipant, to sell its currency Eo the Fund for speclal drawing right.s held in the cenera] Resource6 Account. subject. to Art.icle XIX, Section 4. In replenishing wlt,h special drawing right.s, Ehe Fund shal} pay due regard Eo Ehe principles of designat.ion under ArEicle xlx, Sect.ion 5. SecLion 2. General scarciEy of currency If Ehe Fund flnds Ehat. a general acarcicy of a parEicular currency is developing, Ehe Fund may so inform members and may iaaue a reporE seEEing forth t.he cauees of Etre scarcit.y and containing recommendaEion; deaigned -to bring iE. to an end. A representat.ive of the mJmber whoee currency i-s involved shall participate in t.he preparaEion of Ehe reporE. Section 3. Scarclt.y of the Fund,s holdings (a) If iE becomes evident Eo tshe Fund that Ehe demand for a member,a currency serioualy t.hreat.ena the Fund,s abilitsy to euppLy t.hat. currency, Ehe Fund, whecher or noc iE haa iseued a report under Settion 2 of Ehi; Articre, shalr formally declare such currency scarce and sharr t.henceforth apporEion it8 exisEing and accruing euppry of che scarce currency with due regard Eo t.he reLative needs of members, the general internaEionir economic ait.uat.ion, and any ot.her perEinenE con6 iderat. ions . The Funal shall also issue a report. concerning its action. (b) A formal declaration under (a) above shal1 operat.e as an auEhorizaEion to any member, aft,er consuLEaEion wiEh t.he Fund, Eemporarily Eo impose lim_ itations on tshe freedom of exchange operaEi.ons in thE scarci crrr.r,"y. Subject. to the provisions of ArEicle Iv and Schedule C, t.he member ihaII have compleEe juriediction in detetmining t.he naEure of 6uch limit.ations, but t.hey shall be no more resErictive than is necessary t,o rimiE Ehe demani for the scarce currency Co the supply held by, or accr-uing to, Ehe member v in queBtion, and they shall be relixed and removed as rapildly as condiEions permiL . (c) The aut.horization under (b) above sharl expire whenever Ehe Fund formally declares the currency in quesEion to be no longer scarce. Section 4. AdminisEration of reaErict.ions Any member imposing resEri-ct.ions i.n re6pect. of the currency of any ot.her member pursuanE to the provisions of secrion 3 (b) of chie arlicle slall give sympathetic con6ideration Eo any repre sent.a! ions by the other member regarding the administ.ration of such iescriccions. section 5. EffecE of other international- agreements on resErictions agree not Eo invoke Ehe obrigat.ions or any engagemenEs . Mem.lcers into wit.h ot.her members- prior to Ehie l,greemenc in -eucti r-"nner aaenEered wirl prevenE Che operaEion of the provisions of -this ArEicle. Art icle VIII General ObI j.ga! ions of Mernbers Section 1 Int roducE ion In addition t.o Ehe obligations assumed under ot.her art.iclea of t.his AgreemenE, each member underEakes the obligationa set. ouE in Ehie Arti-cre. Sect.ion 2. Avoidance of reslrictions on current. pal.menta (a). Subject Eo the provieions of ArEicle VfI, Sect.ion 3(b) and Article XIV, secEion 2, no member sIal], without. t.he approval of the Fund, imlose 'inE"rr,rresErict.ions on t.he making of payment. s and-Eransfera for current. tional t.ransactions. (b) Exchange contract.s which invorve t.he currency of any member and which V are contrary Eo Ehe exchange cont.rol regulations of EhaE member maint.ained or imposed conai6Eent.ly wit.h t.his Agreement shall be unenforceable in t.he terriEories of any member. In addit.ion, memberE may, by muEual accord, cooperat.e in measurea for the purpose of making Ehe exchange conErol reguIaEiona of either member more effective, provided tshaE such meaaures and regufat.iona are consistsent. wit.h Lhia Agreemene. SecEion 3. Avoidance of discriminaEory currency pract.ices No member shall engage j-n, or permit. any of its fiscal agencies referred Eo in Art.icle V, Sect.ion t to engage in, any discriminaEory currency arrangemenEs or multiple currency pracEices, wheEher wiEhin or ouE6ide margins under ArEicle fv or preacribed by or under Schedule C, excepE as auEhorized under t,hiE Agreement or approved by the Fund. If such arrangementa and pracEices are engaged in aE Ehe daEe when t.his Agreement. enEers inco force, Ehe member concerned shal} consult. wit.h t.he Fund aE Eo Eheir progressive removal unless they are mainEained or imposed under Article XIv, secEion 2, in lrhich caae t.he provisions of secEion 3 of t.hat Arlicle shall apply. Sectsion 4. Convert ib j.1i E.y of foreign-held balances (a) Each member shaIl buy balances of itE currency held by anoEher member if the l-aLter, in requesEing Ehe pulchase, repreaenEs: (i) Ehat. t.he balances t.o be boughE have been recenEly acquired as a result of currenE t.ransacEions; or (ii) thats tsheir conversion ig needed for making paymenEs for currenE transactions. The buying member shall have the opEion t.o pay eiEher in epecial drawing righEs, subject to Art.icle XIX, Section 4, or in the currency of the member making Ehe requesE. (b) The obligation in (a) above shall noE apply when: (i) the convert,ibility of Ehe balances has been restricEed consietentLy with SecEion 2 of this ArEicle or ArEicIe VI , SecLion 3; (ii) Ehe balances have accumulated as a re6ulE of EransacEiona effectbefore Ehe removal by a member of re8tsrictions mainEained or imposed ed under Article xlv, SecLion 2, (iii) Ehe balances have been acquired contrary co Ehe exchange regulaEions of Ehe member which iB aaked to buy them; the currency of Ehe member request.ing Che purchase has been declared scarce under ArEicle VII, SecEion 3 (a); or (iv) Ehe currency of Ehe member requesEing E.he purchase has been declared scarce under Article vII, Section 3(a); or (v) Ehe member requested Eo make Ehe purchase is for any reaaon noE enEitled to buy currencies of oLher memberg from Ehe Fund for ita own currency. sect.ion 5. Furnishing of informat. ion (a) The Fund may require members Eo furnish it. wiEh such informaEion as ic deems necessary for its activitie6, including, as the minj-mum necessary for the effecEive discharge of t.he Fund, a duEies, natj.onal daEa on the fo11owing matters: (i) officlal holdings ar home and abroad of (1) gold, (2) foreign exctrange; (ii) holding8 aE home and abroad by banking and financial other than official agencies, of (1) goId, (2) iorej.gn exchange;agencies, (iii) producEion of goId,. (iv) gold exporEs and imporEs according t.o countries of deBt,ination and ori-gin; (v) toEal exporEs and imporEs of merchandise, in t.erms of local currency values, according to counEries of de6Einat.ion and origin; (vi) internationar balance of paymenLs, including (1) trade in goods -and and services, (2) gold transactionB, ll) Xnorrn capLtal transacEions, (4) oEher items; (vii) inEernaEionat inve6EmenE po'ition, i.e., invesEmenEB wit.hin t.he Eerri.t.ories of Ehe member owned abroad and inveat,menEs abroad owneil by pereons in its Eerritories so far as iE is posaible Eo furnish Ehls inforriat ion; (viii) naEional income; (ix) price indi,ces, i.e., indices of commodiEy pri-ces in wholesale and ret.ail markets and of export and import prices; (x) buying and selling raLes for foreign currencies; ({i) .exchange conErols,. i.e., a comprehensive sEaEement of exchange control's in effect. aE Ehe time of assuming membership in Ehe Fund and det.ails of subsequenE changes as Ehey occu-r; and (xii) where offlcial clearing arrangement.s exist., details of amounr.s awaiEing cLearance in respecE of commercl-al and tlnanciar crangictions, of the lengEh of t.ime during which such arreara have been ortsiirrairrg. and (b) rn requesting informaEion Ehe Fund shalr Eake int.o conei,deraEion Ehe varying ability of membere t.o furnish t.he dat.a requesEed. Members be under no. obligat.ion ro furnish information in such deEail Ehat Eheshalt affairs of individuals o-r corp-orations are disctosed. Mernbera underEake, trowerer, \r/ to furniEh Ehe desired information in as det.aired and accurate a manner aEi is pracE.icable and, Eo far as posEible. to avoid mere estimates. (c)- The Fund may arrange t.o obtain furEher informat.ion by agreemenE wiEh members. rt. sharr act ag a centre for t.he coltecEion and ex-change of information on monetary and f-inancial probrems, thus faciriEat.ing the-preparaLion. of aEudies designed t.o asai.st. members in developing poiicies' whict, furEher Ehe purposes of the Fund. section 6. consult.aEion beLween members regarding exiscing inEernat.ional agreernent s where under t.hia AgreemenE a member ie aut.horized in the special or t.emporary circumstances specified in Ehe Agreement to maintain oi esEablish rest.rictions on exchange tranEact.iona, and there are olher engagements beEween members enEered inEo prior t.o t.his Agreement which conflicE wiEh the applicaEion of such reaEricEions, Ehe part.iea Eo auch engagemenEs shalL consult rrith one another wit.h a view Eo making Buch muEually accepLable adjusEmenEs as may be neces8ary. The provisions of Chi6 ArEicl.e shalI be wit.hout prejudice Eo Ehe operation of ArEicle VII, Sect,ion 5. Section 7. ObI j.gat.ion to collaboraEe regarding polj.cieB on reaerve assets Each member undert.akes !o collaboraEe wit.h Ehe Fund and wit.h other members in order to ensure Ehat. the policies of t.he member wiEh respecE Eo reaerve aesets shalI be conBisEent. wiEh Ehe objecEives of promoEj.ng beEter inLernational surveillance of internat.ional liguidity and making the special drawing rlght Ehe principal reserve aaseE in Ehe int.ernaEional monetary sysEem- Art.icle IX. SEaEus, ImmuniEies, and Priwilegee Section 1. Ilurposes of ArEicIe the funcEions wit.h which iL is enErusced, To enabte Ehe Fund Eo fulfill t.he stacus, immunities, and privileges set fort.h in thie ArEicle shall be accorded to Ehe Fund in Ehe t.erricories of each member. Secti-on 2. SEatus of Ehe Fund The Fund shall possess fu1l caPacity: (i) to conEracc; juridical personaliEy, and in parEicular, Ehe (ii) co acquire and dispose of immovable and mowable property; and (iii) Eo insEitutse lega1 proceedings. section 3. Immunity from judicial process The Fund, it.s propert.y and its asBeEs. wherever located and by whomgoever he1d, shall enjoy immunit.y from every form of judicial process excepE to t.he exEenE thaE. it. expreasly waives iEs immuniEy for Ehe purpose of any proceedingB or by the Eerms o! any contracE. Sect.ion 4. Immunit.y from other act.ion Propert.y and asaeEa of tshe Fund, hrherever located and by whomBoever held, shall be immune from aearch, requiBici.on, confiacation, expropriation, or any other form of seizure by executive or legislaEive acEion. secEion 5. ImmuniEy of archives The archives of Ehe Fund shall be inviolable. SecEion 6. Freedom of assets from restricti.onE To the exEent. necessary to carry ouE Ehe acEivities provided for in t.his Agreement, all property and asseEa of Ehe Fund ahall be free from re6!rictj-ons, regulationa, conErols, and moratoria of any nature. Section 7. privilege for communications The official communicat.ionE of the Fund shall be accorded by membera the communicaEions of ot.her membera. same treatmenE aa the official ｙ ｙ ｂ ｔ Section 8. ImmuniEiee and privileges of officers and employees A1l. covernors, ExecuEive Direct.ors, AIternat.es, members of commitEees, repre senE at. i ves appoint.ed under ArEicle XII, section 3(j), advisorB of any of the foregoing persone, officers, and employees of Ehe Fund: (i) sha1I be immune from lega1 proceaa wit.h reapecE Co acta performed them in Eheir official capacit.y excepE when Ehe Fund waivea this immunj-- (ii) not being locaI nationals, shall be granEed Ehe same immunit.ies from immigraEion restricEions, alien registration reguirements, and national service obligations and the same facilities as regards exchange resErictions as are accorded by memberB Eo the representlEives, offi-cial6, and employees of comparable rank of other members,. and be granted lhe same EreaEmenE in respect of Eraveling - ._(iii) shall facilj-tieg as is accorded by members to representsa t ive s , officials, an-d v employeee of comparable rank of oEher membera. SecEi,on 9. ImmuniE.ies from Eaxat.ion (a) The Fund, iUs asseEei properEy, income, and iEs operaEions and EransacEions authorized by tshis Agreement sharr be immune from arr caxation and from arr cusEoms duties. The pund shalr also be immune from liabiriEy for t.he collect.ion or payment of any tax or duEy. (b) No t.ax shall be levied on or in respecE of sal.aries and, emolument,s paid by Ehe Fund to Executive Directors, AlEernatses, offi-cers, or emp).oyees of Ehe Fund who are noc tocal cit.izens, loca1 subjects, or other localnat.ionals. (c) No taxation of any kind shatl be levied on any obligation or security issued by the Fund, including any divi lend or intereLE t.heleon, by whomso- ' ever held: (i.) whi.ch discriminat.es against. such obligat.ion or Becurity solely because of it.6 orj.gin; or (ii) if the sol-e jurisdictional basie for such taxaEion ie Ehe place v or currency in which it. is issued, made payable or paid, or ghe locition of any office or place of business maintained by t.he Eund. SecEion 1.0. Applicat.ion of Art.icle Each member sha}l Eake such act j"on as is necessary in iEs own EerriLories for Ehe purpose of making effecEive in cerms of its own 1aw Ehe princlples seE fort.h in this Articleand shaIl inform t.he Fund of the detailed action which it. has t.aken. Art.icle X Relat.ion8 wit.h Ot.her International OrganizaEions The Fund ahaLl cooperaEe wiEhin tshe Eerms of t.his Agreement. wit.h any general inEernaEional organizat.ion and wit.h public internaEional organizations hawing specialized responsibil-ities in relat.ed fie1d8. Any arrangement.s for such cooperation which would involve a modificaEion of any provision of t.his AgreemenE may be effecEed only after amendmenE Eo Ehis AgreemenE under ArEicle XXVIII. ArEicIe XI Rel,aEion6 wiEh Non-Member CounEries Section 1. UnderEakings regarding relaEj.ons wit.h non-member counEries Each mernber undert.akea : (i) not. Eo engage in, nor Eo permiE any of iEs fiscal agenciea referred Eo in Article v, secEion 1 Eo engage in, any EranaacEions with a non-member or with persons in a non-member's EerriEories whj.ch would be conErary to Ehe provisions of Ehis AgreemenE or Ehe purposes of the Fund; (ii) not Eo cooperace wiE.h a non-member or with persona in a non-member's E,erriEories in pracEices whj.ch would be cont.rary to t.he provisions of t.his Agreement. or Ehe purposes of t.he Fund; and (iii) to cooperate wiEh tshe Fund wiEh a view to Ehe applicacion in it.s EerriEories of appropriaEe measures Eo prevent EransacEions wit.h non-mernJcerE or with persons in their t.erritories which would be contrary Eo Ehe provi6ions of Ehia Agreements or t.he purposes of Ehe Fund. section 2. ResErictions on Eransactions wit.h non-medser countries Not.hing in Ehis Agreement shall affect. t.he right. of any member to impoee resErict.ions on exchange transacEions with non-mernber8 or wiEh persons in Eheir EerriEories unLess Ehe Fund finds t.hat such resEricEions prejudice the intereat.s of membera and are contrary Eo the purposea of Ehe Fund. Art.icle xII organizat ion and ManagemenE Section 1. SErucEure of Ehe Fund The Fund shall have a Board of Governors, an Executive Board, a Managing Direct.or, and a stafE, and a Council if the Board of covernors decides, by an eight.y-f ive percenC majoriEy of the total voting power, Ehat. the provisions of Schedule D shall be applied. SecEion 2. Board of covernors (a) AIl powera under Ehis AgreemenE not. conferred direcEly on the Board of Governors, t.he Execut.ive Board, or the l'(anaging Dj-rector sha]1 be veated j.n t.he Board of covernorg. The Board of Governors shaLl consigE of one covernor and one AIEernaEe appoinEed by each member j.n such manner as iE may det.ermine. Each Governor and each Alt.ernaee shall serve unEil a new appoinEment ia made. No AlternaEe may vot.e excepE in the absence of his principal . The Board of covernors sha1l 6e1ect. one of Ehe covernors as chairnEn, (b) The Board of covernors may delegate Eo Che Executj.ve Board auEhority Eo ＜ ｔ ｉ ｅ ｇ Ｄ ｈ ｎ exercise any powers of Ehe Board of Governors, except. Ehe powers conferred dj-rectly by t.hi.s AgreemenE on the Board of covernors. (c) 'fhe Board of covernora Ehall hold such meetings aE may be provided for by Ehe Board ot covernors or called by t.he ExecuEive Board. MeeEings of t.he Board of covernors sha]1 be called whenever requeat.ed by f ifE.een members or by members hawing one-quart.er of Ehe toEal voEing power. (d) A quorum for any meeLing of the Board of covernors shall be a majorit.y of t.he covernors having noE less t.han Ewo-thirds of the toEa1 voging power. (e) Each covernor shalL be enEit.led Eo casE Ehe number of vot.es alloEt.ed under Section 5 of Ehis Art.icle to Ehe member appoinEing him. (f) The Board of covernors may by regulaEion esEablish a procedure whereby the ExecuCi-ve Board, when it. deem6 such acEion Eo be in the best. inlerests of Ehe Pund, may obtain a voEe of the covernors on a specific quegtion withouE calling a meet j.ng of Ehe Board of covernors. (g) The Board of Governors, and E.he ExecuEive Board to Ehe exEenE authorized, may adopE such rulee and regufations as may be neceseary or appropriate Eo conducE the business of Ehe Fund. Governors and Alternates sha}l. serve as such wit.houE compensaEion from Fund, but. t.he Fund may pay t.hem reasonable expensee incurred j.n attendmeet ings . ｔ ｔ ｅ ｏｈ (i) The Board of covernors shall deEermine the remuneraEion t.o be paid Ehe ExecuEive Direct.ors and their ALEernaEes and the salary and t.erms of contracE of service of t.he Managing DirecEor. (j) The Board of covernora and the ExecuEive Board may appoint auch commiEEees a6 t.hey deem adviaabl.e. Membership of committ.eea need noE be limit.ed !o Governors or ExecuEive DirecEors or Eheir AIEernat.es. SecEion 3. ExecuEive Board (a) The ExecuE j.ve Board shall be reaponsible for conducEing Ehe buainess of tshe Fund, and for Ehis purpose shaIl exercise all t.he powera delegat.ed Eo it by the Board of covernors. (b) The Execut.ive Board shall consi8t, of Executive Direct.ors wit.h Ehe l4anaging DirecEor as chairman. Of the Executive DirecEors: (i) five shalt be appointed by Ehe five mernbers having rhe ]argeBE \7 quoEasi and (ii) fifEeen shall be elecced by Ehe other members. For Ehe purpose of each regular election of ExecuE j.ve Director6, the Board of covernors, by an eighty-five percenE majoriLy of Ehe toEal voeing porder, may increase or decrease the number of Executive Directors in (ii) above. The number of Execucive DirecEors in (ii) above shall be reduced by one or two, as Ehe caBe may be, if Executive DirecEora are appoint.ed under (c) below, unless the Board of covernors decldes, by an eighty-five percenE majorit.y of the toEa] voEing power, EhaE t.his reduction would hinder Ehe effecEive discharge of Ehe functions of the Executive Board or of ExecuEive DirecEors or would Ehreaten to upsec a desirable balance in the ExecuEive Board. (c) If, at Ehe second regular election of Execut.ive DirecEors and there- ｌ ｙ ︐ Ｏ´ ａ ａ ＜ ｐ ｍ afLer, Ehe membera enEiEled Eo appoinE ExecuEive DirecEors under (b) (i) above do not. include Ehe Ewo members, t.he holdings of whose currenciea by Ehe Fund in t.he General Resourcea AccounE have been, on Ehe average over Ehe preceding t.wo years, reduced below t.heir quot.as by Ehe largeaL absoluEe amounEs in tserms of Ehe special drawing right, either one or bot.h of such memlcerB, as the case may be, may appoint an Executive DirecEor. (d) ElectionB of elective ExecuEive DirecE.ora shall be conducEed at. intervals of Ewo years in accordance with Lhe provisions of schedule E, supplemenEed by such reguJ-ations as Ehe Fund deema appropriat.e. For each regular elecEion of ExecuEive Directors, Lhe Board of Governors may issue regulaEions making changes in Lhe proport.ion of voEes required to elect Executive Directors under the proviaiona of Schedule E. (e) Each Executive DirecEor shall appoints an A1ternaee uit.h full power Eo act for him when he is not present. When t.he Executive Directors appointing Ehem are present, Alternates may participaEe in meeEings buE may not vot.e. (f) ExecuEive DirecEorE shall continue in office unEit E.heir succeasors are appoinEed or elecEed. If Ehe of f j.ce of an elecEed ExecuEi.ve DirecEor becomes vacant. more ttran nineEy days before Ehe end of his Eerm, another ExecuEive DirecEor ehalI be elect.ed for Ehe remainder of the Cerm by ghe mernbers that. elecEed Ehe former Executive DirecEor. A majority of Ehe votes casE Bhall be required for elec!ion. while Ehe office remains vacanC, the AlternaEe of Ehe former ExecuEive Director shall exercise his powers, excepL Ehat of appoinEing an Al.ternaEe. The ExecuEive Board shall funcEion in conEinuous aession at t.he princioffice of Ehe Fund and sha11 meeE aE ofEen as Ehe busi-nese of the Fund require . (h) A quorum for any meeting of Ehe Executive Board shall be a majoriEy of the Execucive DirecEors having not. less Ehan one-half of Ehe t.ot.a] vot.ing power . (i) (i) Each appoint.ed ExecuEj-ve DirecEor ehaIl be entlEled t.o cast. t.he number of voEea allot,Eed under Section 5 of Ehi6 Article t.o Ehe member appoinEing him. (ii) If the votses allot.tsed Eo a mernber EhaE. appoints an ExecuEive Dj.receor under (c) above were cast. by an ExecuEive DirecEor EogeEher wit,h Ehe voE.es allot.ted Eo oEher membera as a result of t.he 1aaE. regular elecEion of ExecuEive DirecEor6, che member may agree with each of t.he other members t.haE t.he number of vot.es alLotEed to it. shall be cast, by Ehe appoint.ed Execut.ive Direct,or. A member making such an agreemenE shall noE part.icipat.e in the elecEion of Execut j,ve Direct.ors, (iii) Each elecEed ExecuEive Dj.rector shall be enEiEled Eo cas! the number of votes which counted t.owarde his e1ect.i.on. (lr) wt"n Ehe provisions of SecElon 5(b) of Ehis ArEicle are applicable, E.he votes which an Execut.ive DirecEor would otherwise be ent.it.lea Co caaE shaLL be increased or decreased corre spond i ngly . AII lhe voEe6 which an Execut.ive Director i9 entiEled t.o cast. shall be casE as a unit.. (v) when Ehe suspension of Ehe voEing righEs of a member is terminated under ArEicle xxvl, Sect.ion 2(b) , and Ehe member is noE ent.itled to appoinE. an ExecuEive Director, Ehe member may agree wit.h all E.he members that have elect.ed an Execut.ive Director t.hat Ehe number of voEes atlotLed Eo thaE member shalL be cast by such Executlve DirecEor, provided Ehat, if no regu-of Lar el.ection of Executive DirecEors has been condicted during t.he period Ehe euspension, Ehe Bxecut.ive DirecEor in whose el.ect.ion Ehe-membe; had part.icipaEed prior E.o the suapension, or hig successor eLecEed in accordance_with paragraph 3(c) (i) of Schedule L or wiEh (f) above, shall be enE.igred to casE Ehe number of votea alroEted Eo Ehe member- ihe member shalr be deemed to have participaEed in t.he erection of Ehe ExecuEive Director ent.ieled t.o cast. Ehe number of voE.es allott.ed Eo Ehe member. (j) The Board of Governors sharl adopt. regulaEions under which a member noE enEit.led t.o appoint an Executive Director'under (b) above may send a representat.ive Eo aEEend any meeEing of Ehe ExecuEive Board when requese mide by, or a maEter part.icular]y affecting, thaE member is under iconsideration. Section 4. Managing Direct.or and sEaff (a) The Execut.ive Board sharl serect a Managing DirecEor who shall noE be a Governor or an Execut.ive Director. The Managing Direct.or shalr be chairman of E.he Execullve Board, buL shall have no vote excepE a deciding voEe in case of an equar division. He may part.icipat.e in meltings of uhi Board of Governors, but. sharr noE voEe aE such meecings. The Manaling Director sharl cea6e Lo hold otfice when the Executire Board so decidesl (b) The- Managing Director shalr be chief of the operat.ing 6Eaff of the Fund and shall conducE, under Ehe direction of tshe Exeiutive B;ard, Ehe ordinary busi-ness of Ehe Fund. Subject. E.o the general cont.rol of the g*at,]tiru Board, he shall be responsible for the organization, appoinEment, and d.ismissa] of Lhe staff of the Fund. (c).The Managing Direct.or and E.he staff of the Fund., Ehe discharge of their functions, shall owe t.heir duty enEirely co Eheinr.und anJ io no other authority. Each member of t.he Fund shal 1 respetu the inEernationaL characEer of Ehis duty and shatt refrain from aIl aEEempEs to influence any of Ehe staff in Ehe discharge of Chese funcEiona. (d) In appointing the sCaft the Mana 1, subjecE Eo the paramount import.ance of securing the of efficiency and of technical compeEence, pay dye r-gard of recruiting per_ sonnel on as wide a geographical bas Section 5. Vot,ing (a) Each member shall hawe Ewo hundred f if t.y vot.es prua one addit.ional vote for each parE of it.E quot.a equivarenE t.o oni hundrei Ehouaand sfeciar draw.. ing righE.s. (b) Whelever voEing is required under Article V, SecEion 4 or 5, each mem_ ber sharr have t.he number of vot.ea to which iE is ent.iEled under (a) above adjus!ed (i) by t,he addit.ion of one voEe for E.he equivalenE of each four hundred t.hou8and Epecial drawing righEs of neE sales of iEs currency from t.he generaL resources of t.he Fund up t.o lhe daEe when t.he voLe is tiken, or (ii) by Ehe subtraction of one voEe for Ehe equivalent of each four -hundred speciaL drawing right.s of iEs net purchaees under Art.icle .t.housand V, Section 3 (b) and ( f ) up t.o Ehe date when Ehe vot.e is Eaken, provided t.haE neiEher net. purchases nor neC sales shalt be deemed a! any Eime Eo exceed an amount equaL to E.he quota of the member involved. (c) ExcepE as otherwise specifically provided, all. decisions of t.he Fund ahall be made by a majoriEy of the vot.es casE. section 5 - Reserves, disEribuEion of neE income, and inves E.ment. (a) The Fund shaI1 deEermine annually what part of its neE income sball be pLaced to general reaerve or special reserve, and ehaE part, if any, sha1 I be dist.ribured. (b) The Fund may use Ehe special reserve for any purpose for which iE may use the genera] reserve, excepE disEribution. (c) If any distribut.ion is made of t.he net income of any year, it made Eo all members in proporEion Eo their quot.as. shall be (d ) The Fund, by a sevenEy percent. majorit.y of Ehe t,oE.a1 vot.ing power, may decide at any time t.o disEribuLe any parL of the general re6erve. Any such diat.ribuEion shall be made Eo all members in proportion t.o t.heir quoLas . (e) PaymenEs under (c) and (d ) above 6haII be made in special drawing righEs, provided Ehat. eiEher Ehe Fund or Ehe member may decide that. the payment to Ehe member shall be made in its own currency. (f) (i) The Fund may est.ablish an Investment AccounE for t.he purposes of t.hi,s aubaecEion ( f ) . The asset.s of Ehe fnvest.menE Account shall. be held separaEely from Ehe other accounEs of Ehe General DeparEmenE. (ii) The Fund may decide to t,ransfer Eo E,he Investment AccounE a part of t.he proceeds of Ehe sale of gold in accordance wit.h ArEicle v, section 12 (g) and, by a sevenE.y percenE majoriEy of t.he t.otal vot.ing pov,rer, may decide to Eransfer Eo the fnveatmenL AccounE, for immediate inveatment, currencies held i,n Ehe General Resources Account. The amount of these Eransfers shall noE exceed Ehe Eot.al amounE of t.he general reserve and Ehe special reserve at the t.ime of the decision. (iii) The Fund may invesE a member's currency held in the InvesEment AccounE in markeEable obligaEions of that member or in marketable obliga!ions of inEernat.ional financial organizaEions. No investment shall be made without the concurrence of Ehe member whose currency is used Eo make Ehe invesEmenE. The Fund shall invesE only in obligat.ions denominated in special drauing righCe or in the currency used for j.nvesEmenE. (iv) The income of inveatmenE may be invegEed i-n accordance wit.h the provisions of Ehis subsect.ion ( f ), Income not inveat.ed 6ha11 be held in the InvesEment. Account. or may be used for meet.ing Ehe expenses of conducting t.he business of the Fund. (v) The Fund may use a member'9 currency held in Ehe InvestmenE AccounE Eo obEain the currencies needed to meeE Ehe expenses of conducEing t.he busineas of the Fund. (vi) The Invest.ment Account shaLl be EerminaEed in t.he event of liquidation of Ehe Fund and may be Eerminated, or the amounE of Ehe investmenE may be reduced, prior to liquidaEion of Ehe Fund by a sevenEy percenE majority of che EoEal v oEing power. The Fund, by a seventy percenE majoriEy of Ehe CoEal voting power, shal] adopt. rulea and regul.aEions regarding adminisEraEion of the Investment. AccounE, which shall be congisbent. with (vii), (wiii), and (ix) below. (vii) Upon Eermination of the InvesEment. AccounE because of Iiquidation of t.he Fund, any asseEs in t.his account. sha1l be disEributed in accordance wiBh Ehe provisiona of Schedule K, provided thaE. a portion of Ehese asset.a corresponding Eo Ehe proporEion of tshe aEseEs transferred to this accounE under Art.icle V, SecEion 12 (g) Eo t.he t.oEal of the aagets Eransferred t.o Ehis accounE shaIl be deemed to be aBaeEa held in the Specia] Disbursement AccounE and shall be distribut.ed in accordance with sihedure K, paragraph 2 (a) (li) (viii) Upon termination of Ehe InvesEment Account. prior Eo liguidation of- the Fund, a porEion of t.he asseEs held in this accounu corresponding to the proporEion of Ehe asseta tranEiferred Eo Ehis account under aiticle V, Sect.ion 12 (g) Eo the t.oEal of Ehe aaaeEa tranaferred to the account ehall be transferred to the Special Disburgement AccounE if iE has not, been Eerminated, and t.he balance of the asseta hel-d in the InvestmenE Account shal1 be transferred to the General- Reaources Account for immediat.e uBe in operations and Eransact. ions (ix) On a reductlon of Ehe amounL of the invest.ment by the Fund, a portion of Lhe reduction corresponding Eo Ehe proportion of Ehe asseEa transferred to t.he rnvesEment Account l nder ArEicre v, secE j.on 12(g) Eo t.hev EoEal 0f Ehe assets t.ransferred to Ehis account. shaI1 be transferrld Eo the specia] DisbursemenE Account. if it hae noE been EerminaE.ed, and t.he baLance of the reducEion sharl be Eransferred t.o Ehe Generar Resources Account for immediaLe uge in operations and EransacEions. Section 7. Publication of reports (a) The Fund shall publish an annual report conEaining an audit.ed aEatemenE of iEs account.s, and shall ig6ue, aE intervals of Ehree monEhs or 1ess. a summary st.aEement of iEs operaEions and Eran6acEions and its holdings of special drawing righEs, 9o1d, and currencies of mernberg. (b) The Fund may pubrish such oEher reports as it deems desirable for carrying ouE i ts purposea SecEion L CommunicaEion of views Eo members The Fund shall at. all Eimes have the righE t.o communicat.e itg views informally Eo any member on any maEEer arising under t.his Agreement.. The Fund may, by a sevenEy percene majoriEy of Ehe t.oE.a1 vot.int power, decide t.o publish a reporE made Eo a member regarding iEs moneEary or economic condiEions and dewelopment.s which direct.ly t.end Eo produce I eerious disequil j.brium in t.he inEernaEional balance of paymentJ of members. If Ehe mem-ber is not enE.it.led Eo appoint an ExecuEive Di-recEor, it shal] be enEitled Eo repre6ent,aEion in accordance with SecEion 3(j) of this ArEicle. The Fund shall not. publish a report involving changes in t.he fundament.al sEructure of t.he economic organi,zation of members. Article XIII office6 and Depositorie6 SecEion 1. IJocaEion of offices The principal office of Ehe Fund shall be locaEed in Ehe EerriEory of the member having t.he largest quota, and agencies or branch offices may be est.ablished in the EerriEories of other members. . - . Sect.ion 2. Depos iEories (a) Each member shall designate it.s cenEral bank as a depository for all t.he Fund's holdinge of iEs currency, or if it has no cent.ral bank iE eha}I deaignat.e such other instiEuEion as may be acceptable Eo the Fund. (b) The Fund may hold oEher asaeEs, incl.uding gold, in Ehe deposiEories designat.ed by Ehe five members having Ehe largesE quotaa and in such oEher designat,ed deposiEories as the Fund may 6e1ecE. Init.ialJ,y, aE leaat. onehalf of Ehe holdings of Ehe Fund shal] be held j.n Ehe deposit.ory designat.ed by the member in whose Eerritories the Fund has iEB principal office and aE. Ieast forEy percenE shall be held in Ehe deposit.ories designaEed by the remaining four members referred to above. However, alI t.ransters of gold by the Fund 6haII be made vritsh due regard t.o t.he coats of EransporE and anticipated requiremenEa of the Fund. In an emergency Ehe Executive Board may tranafer aII or any part. of Ehe Fund's gold holdings Eo any pface where Ehey can be adequaEety ProEecEed. Section 3. GuaranEee of the Fund's as6eEs Each member guarantees all asseEs of the Fund against loss resulEing from failure or default on the parL of Ehe depository designaLed by iE. ArCicle XIV Transit.ional ArrangemenEs secEion 1. NoEificat,ion Eo the Fund Each member shalt noEify Ehe Fund whether j.E inEends to avail itself of t.he transiEional arrangemenEs in secEion 2 of Ehis Article, or whether it. is prepared to accept. Ehe obligation6 of ArEicle VIII, Seccion6 2, 3, and 4. A member availing iEself of the EransiEionaL arrangements shall noEify t.he Fund as soon thereaft.er as it ig prepared Eo accepE theee obligaEions. section 2. Exchange resErict ions A member thaE has noEified the Fund that it intends to avaiL itself of t.ransit.ional arrangemenEs under t.hiB provisj-on may, notwiEhstanding Ehe provisj-ons of any ot.her articles of Ehis AgreemenE., mainEaj.n and adapt. to changing circumsEances the reaEricEions on payments and Eransfers for currenE inEernaEionaL tranBacEions Ehat were in effecE on Ehe daEe on which it became a member. Members aha]I, however, have conEinuous regard in t.heir foreign exchange policies t.o Ehe purposes of Ehe Fund, and, as soon as conditions permit, Ehey shall Eake all possible measures t.o develop such commercia] and financial arrangemenEs with other members as will faciliEaEe inEernational pa].ment.s and Ehe promoEion of a sEable sysCem of exchange raEes. In particular, memberg shall withdraw resErictions mainEained under t.hia Sect. j.on a6 soon as they are satisfied thaE they will be able, in the abeence of euch restricEions, Eo seEtle their balance of paymenEe in a manner which wilI noE unduly encumber their access Eo Ehe general resources of the Fund. Section 3. AcEion of Ehe Fund relating Eo resericEions The Fund shall make annua] reporEs on Ehe resErict.ions in force under section 2 of this ArEicle. Any member reEaining any rest.ricE.ions inconsist.ents wit.h Art.icle VIfI, SecEior,s 2, 3, or 4 shall consulE the Fund annually a6 to t.heir further retenLion. The Fund may, if iE deems such action neces- sary ir' excepEional. circumst.ances, make repres ent at. ions Eo any member Ehat conditions are favorable for the withdrawal of any particular resEricEion, or for the general abandonment of restrict.j.ons, inconsiatent urieh t.he p!ovi6ion6 of any ot.her articlea oE thia Agreement.. The member shal] be given a suiEable Eime Eo reply Eo such represenEaEions. If Ehe Fund flnde that the mernller persists in mainEaining restrict.ions which are inconsieLent with Ehe purposes of Ehe Fund, Ehe member shaLl be subjecE t.o ArEicIe XXVI , Sect.ion 2 (a) . Art.icle xv Special Drawing RighE.s Section 1. AuEhority Eo allocate specj.al drawing righEs To meet Ehe need, as and when iE arises, for a supplement. Eo exlsEing reserve asset8, the Fund is authorized Eo aLlocate special drawj,ng righEs Eo membera that are part.icipanEs in Ehe Speciat Drawing Rights DeparEmenE. SecEion 2. valuation of Ehe special drawing righE The meEhod of valuaEion of the special drawing righE shall be determined by t.he Fund by a aeventy percenL majority of t.he t.oEa} voEing power, provided, however, thaE an eighEy-five percenE majoriEy of Ehe CoCII voting power shall be reguired for a change in the pri.nciple of valuaEion or a fundament.al change in the application of t.he principle in effecE. Article xvl ceneral DeparEmenc and Special Drawing Right.s DeparE.ment. SecEion l. SeparaEion of operationg and tranaacEionB AII operat.ions and Eransactions invo].ving special dravring rj-ghca shalI be conducEed Ehrough the Specia] Drawing Right.s DeparEment. AII oEher operat.ion8 and Eransactions on the accounE of the Fund auEhorized by or under thia AgreemenE shall be conducEed t.hrough the ceneral oepart.meni. OperaEions and tranaactions pur6uanE to ArEicle XVII, SecEion 2 shatl be conducEed t.hrough the General Department as well as Ehe Special Drawing RighEs Department,. SecEion 2. Separati.on of asseEs and properEy A11 aasets and property of E.he Fund, excepE reaources administ.ered under Art.ic1e V, Section 2(b), shall be held in t.he General Department., provided that. asseEs and properEy acquired under Art.icIe XX, SecEion 2 and Articles xxrv and XXV and Schedules H and I ahalt be held in Ehe Special Drawing Rights Depart.ment.. Any assets or properEy held in one DeparEmenE sha11 not be available t.o discharge or meet che liabiliCiea, obligations, or losses of Ehe Fund incurred in Ehe conduc! of the operaEiong and E.ransactions of the oEher Department, excepE t.hat the expenaeg of conducEing the business of t.he Special Drawing RighEs DepartmenE shall be paid by the Fund from the General DeparEment which shal] be reimbursed in special drawing righEs from time to t.ime by assessments under ArEicle XX, Sect.ion 4 made on the basis of a reasonabl,e esEimate of such expen6e6. SecEion 3. Recording and information A11 changes in holdings of special drawing right.s shal] Eake effect. only when recorded by Ehe Fund in Ehe special Drawing Right.6 DeparEmenE. Participants shall notsify E.he Fund of Ehe provisions of this AgreemenE under which special drawing rights are uEed. The Fund may require parLicipant.s t.o furnieh j.C wit.h such oEher information as iE deems neceseary for iEs funcEions. Art.icle XVI I ParE.icipanEs and Other Holders of Special Drawing RighEs SecEion 1. ParE i c j.pant.s Each member of the Fund thac- deposits hrit.h the Fund an inat.rument aetting fort.h t.haE j,t. undert.akea a}l Ehe obli3aEions of a participanE in rhe Special Drawing RighEs Depart.ment, in accordance wiEh its law and Ehat. i! haa taken all atsepE necessary Eo enable iE t.o carry ouE all of Ehese obligat.ion6 Ehall become a parEicipant in the Special Driwing Rights DepartmenE as of t,he dat.e the insErumenE is depot j.Eed, excepE !hat. no member shalt become a part.icipanE before Ehe provisions of t.hie AgreemenE. pertaining excluaively Eo Ehe Special Drawing Right.s Department have enEered into force and inst.rumenta have been depoaj.Eed under Ehis Sect.ion by members thaE have aE leasE sevenEy-five percenE of t.he t.ot.a1 of quoEas. section 2. Fund as a holder The Fund may hold special drawing rights in Ehe GeneraL Reaources Accoun! and may accepE and use t.hem in operaEions and t.raneacEiona conducCed through Ehe General Resources AccounC wiLh parEicipants in accordance wiEh the provisions of Ehis AgreemenE or wiLh prescribed holders in accordance wiEh the Lerms and condi.Eions prescribed under SecEion 3 of Ehis ArEicle. section 3. Otsher holders The F\rnd may preacribe: (i) as holtlers, non-members, members E.haE are non-part.icipants, instiLuEionB tha! perform functions of a cenEral bank for more Ehan one member, and ocher official enEiEiee; (ii) the Eerms and condiEiong on which prescribed holders may be permiEEed Eo hold Epecial drawing rights and may accept. and use thed in opera- tions and t.ranBactj-ons vrith parEicipant,s and oEher prescribed holders; and (iii) Ehe Eerms and condiEions on which parEicipanEe and Ehe Fund Ehrough the ceneraL Resourcea Account may enEer int.o operations and EransacEions in special drawing righEs with prescribed holdera. An eight.y-f ive percenE majoriEy of Lhe t,otal vot,ing power shal-] be required for prescripEions under (i) above. The t.erm6 and condiEions prescribed by the Fund shall be consisEent. wit.h t.he provisions of Ehis agieement. and ihe effecEive funcEioning of t.he Special D: awing Right.E Departmant. Art i- cl e XVIII Allocation and Cancellation of Special Drawing Right.s sect.ion 1. Principlea and considerations governing alrocaEion and canceLraE ion (a) rn all i.Es decisions vrith respect Eo Ehe allocation and cancertaEion of special drawing right.s Che Fund sha]l seek Eo meeE Ehe long-term global need, as and when iE arises, Eo supplemenE exist.ing reserve aaseEs in auch manner as wilr promote the actainmlnr of its purpoies and will avoid economic stagnaEion and deflaEion aa weLr as exciee-demand and infiation Ehe wor1d. in (b) The first decision t.o alrocat.e speciar drawing righEs sharr Eake into account, as special cons ide rat. ions , i coltective j-udgr;enE t.here i-a a global need to suppLement reserves, and Ehe atrai;me;E of thae a better bal.ance of pal.ments equilibrium, aa weLl as Lhe 1ikelihood of a Ueitlr wlrking of the adjusE.menE process in Ehe fuEure. Section 2. AllocaEion and cancellation (a) Decisions shaLl be made five years i.n the first deci may be specifi Eake place aE ate o! cancel special drawing rights ich shaIl run consecut.ively and shalt be baeic period sh;i1-L;;i;;;;; daEe of cial diawing rights oi euctr, f"ler daEe as Any aLlocatlonJ or cancellatlons shall (b) The rat.es aE which allocaEions are t.o be made sha]r be expressed as perc9nEeges of quoEas on the dat.e of :ach decision arr.ocat.6. ine rates at which speciar drawin_g rights are co be cancerledtosharr be expressed as percentages of neE cumulative aI1ocat.ion6 of special drawing rigits on t.he daEe of each decision to cancel . The percentages 6hal} be the same for all participanEs. (c) In iEs decision fo-r any basic period the Fund may provide, sE.anding (a) and (b) above, EhaE: or \/ not.with_ (i) utre duration of Ehe basic period shatl be oEher t.han five years; (ii) gh. allocations or cancellat.ions shalr take place at oEher than yearly interval.s,. or (iiiI the basis for alr.ocationa or cancerr.ations shalr be the quot.as or neE cumulaEive arr.ocations on daEes ot.her than the dat.ea of decigi.ons to allocate or cancel (d) A member t.haE becomes a partic receive allocat.ions beginning wit.h Eions are made afEer 1t becomes a t Ehe new participanE shall sEarE t.o next. a]locat.ion after it. becomes a parEici mernber thaE becomes a parEicipant. driring a basic peri.od aharl receive arto" cations during the remainder of that baiic period- and Ehe participant noE a member on the dar.es eatablished undei (b) or (c) abdve, Jnl punowas shall determine rhe basiB on which r.hese arrocaiions r; L;; lir[i"ip""t shall be made. (e) A participant sha]] receive arlocations of special draeing righEs made purauant. Eo any decision Eo allocate u less: (i) Ehe covernor for the parbi.cipant. d.id. not vot.e in favor ot lhe dec j. s ion; and (ii) Ehe participanE has notified Ehe Fund in writing prior t.o t.he first. allocaEion of special drawing rights under Ehat decision that i.E does noE wi6h special drawing righEs Eo be allocaEed to it under Ehe decision. On Ehe requesE of a parEicipanE, t.he Fund may decide to Eerminat.e Ehe effecE of Ehe noEice wit.h respect to a]]ocations of special drawing rights subsequent Eo the terminaEion. (f) If on Ehe effecEive daEe of any cancellation Ehe amounc of 6pecj.al drawing righLs held by a parcicipant iE less Ehan iEs share of Ehe Bpecia] drawing righEs t.haE are Eo be cancelled, Ehe part.icipant shall eliminate iEs negative balance as prompEly a9 iEs gross reserve posiEion permiEs and shalt lemain in consulEation wiEh Ehe Fund for Ehis purpose. Special drawing rights acquired by che participant after the effecLive daLe of Ehe cance]lat.ion shall be applied against its negaEive balance and cancelled. Section 3. Unexpected major developmenE6 The Fund may change Ehe raEeB or inEervals of allocaEion or canceffation during Ehe resE of a basicj.fperlod or change Ehe lergt,h of a basic period or at any time Che Fund finds iE desirable Eo do starE a new basic perj.od, so because of unexpecEed major developmenEs. secEion 4- Decision6 on aLlocat,ions and cancelLaEions (a) Decisions under SecEion 2 (a) , (b) , and (c) or Sect.ion 3 of t.his ArEicle shall be made by the Board of Governora on t.he basis of proposals of Ehe Managing DirecLor concurred in by Ehe Executive Board. (b) Before making any proposal, t.he Managing Director. aftser having saEiefied himself EhaE it. will be consisEent. with t.he provisione of SecE.ion 1(a) of t.his ArLicle, ahall conducE such consultsations as will enable him Eo ascertain that Ehere is broad support among parEicipanEe for the proposal. In addition, before making a proPosal for Lhe firsE allocation, t.he Managing Director shall aaEr.Bfy himeelf thaE the provisions of SecEion 1(b) of t.his Article have been met and Ehat Lhere is broad supporE among participants Eo begin allocat.ions; he shall make a proposal for the first. allocaEion as soon afEer Ehe escablishmenE of t.he SpeciaL Drawing Righls DeparEment as he is so sat.j,sfied. (c) The Managing Director shall make proposals: (i) not. Iater Ehan six mont.ha before Ehe end of each basic period; (ii) if no decision has been Eaken wiEh resPecc to allocat.ion or cancellat.ion for a basic period, whenever he is sati6fied thaE the provlsions of (b) above have been meE; (iij-) when, in accordance wit.h section 3 of Ehis Article, he considers t.haE il would be desirable !o change Ehe raEe or intserva]8 of allocaEion or cancellation or change t.he Iength of a basic period or at.art, a new basic period; or (iv) within six months of a requesL by Ehe Board of Governors or rhe Execut ive Board provided thaE, if under (i), (iii), or (iv) above Ehe Managing Director ascercaine EhaL Ehere is no propo6al whlch he considers Eo be coneiaEent wj.Eh the prowisions of section 1of Ehis Article Ehat. has broad supporE among parEicipantE in accordance wiEh (b) above, he shalI rePorE t.o the Board of covernors and to Ehe ExecuEive Board. (d) An eighLy-five percenE majorit.y of the EoE.al voting power shaIl be ,' required for decisionE under SecEion 2 (a) , (b) , and (c) or SecE.ion 3 of Ehis Article excepl for decisions under SecEion 3 with respect. t.o a decrease in the raEes of allocation. ArEicle xlx Operat.ions and TransacEions in Special Drawing RighLs Section 1- Use of special drawing rights Special drawing rights may be used in E.he operat.ions and EransacEiona authorized by or under t.his Agreement.. SecEion 2. Operations and LransacEiona beEween parElcipants (a) A parEicipant shall be enEitLed co use iEs special drawj.ng rlghEs Eo obtain an equivalent. amount of currency from a partsicipant designaEed under SecEion 5 of this Art.icle. (b) A part.icipanE, in agreemenE with anot.her participanE, may use its special drawing righEs to obEain an equivalent. amount of curreniy from Ehe oEher participanE. (c) The Funal, by a seventy percent. majoriEy of Ehe EoEal- voting Oo*"r, *r, prescribe operaEions in which a part.icipanE is auEhorized to engage in agreement. with anoEher parEicipant on such lerms and conditions as the Fund deems appropriaEe. 'fhe t.erms and condiEions Bhall be consistenE with t.he effecEive funcEioning of Ehe Special Drawing Right.s DeparEment and Ehe proper use of special drawing righLs in accordance with t.his Agreement. (d) The Fund may make representaEions t.o a part.icipanE t.hat entere inEo any operaE j.on or Eransaction under (b) or (c) above t.hat. in t.he j udgment. of t.hL Fund may be prejudicial to t.he process of designaEion according to the principles of Section 5 of this Article or is otherwise inconsisEenE vriEh Article XXII- A participanE t.hat persisEs in enEering into guch operaEions or tranaactions 6hall be subject to ArEicle XXIII, Section 2(b) . Section 3. Requirement of need (a) In Eransactions under SecCion 2(a) of Ehis Art.ic1e, except as ot.herwise provided in (c) below, a parEicipant. will be expected Eo use it6 speclal drawing righEs only if iE haE a need because of i.Es balance of payments or it.s reserve posit.ion or developmenEB in its regerves, and nob for -Ehe sole purpose of changing the compoaiEion of iEs reserves (b) The use of special drawing righEs shalt noE be Bubject to challenge on the baeis of Ehe expectaE.ion in (a) above, buE t.he Fund may make representations to a participant. chat failB t.o futfill Ehis expect.rtion. A participant thaE persisEs in failing Eo fu]fiII t.his expecEaEion shall be eubjecE Eo ArEicLe XXIfI, Section 2(b). (c) The Fund may waive Ehe expecEaEion in (a) abowe in any transacEions in which a parEicipant uses special drawing righEs Eo obt.ain an equival-ent amount of currency from a parE.icj.panE deEignaE.ed under Section S of chis Art.icle t.hat. wouLd promote recon8tit,uEion by Che oEher participanE under SecEion 6(a) of this Art.i.cle; prevent or reduce a negati.ve balance of Che oEher parEicipant,. or offset Ehe ettect of a failure by Ehe ot.her parEicipant t.o fulfilt Ehe expectati-on in (a) abowe. Sect.ion 4. ObligaEion Eo provide currency (a) A parE.icipanE designaEed by t.he Fund under Sect.ion 5 of this ArElcle shall provide on demand a freely usable currency Eo a parllcipanE u6lng special drawing rights under Section 2(a) of EhiB Art.icle. A part.icipant,s obligation Eo plovide currency shal.l noE exEend beyond tshe point at. which iEs holdingg of special drawing right.s in excesa of iEs net. cumulat.ive alLocation are equal to twice iEs neL cumul.aEive a}]ocaEion or such higher limiE as may be agreed betrreen a part.icipant and the Fund. (b) A parEicipanE may provide currency in exceas of the obl igat.ory lj.mj,E or any agreed higher limiE. SecEion 5. DesignaEion of parEicipanEs to provide currency (a) The Fund sha]] ensure EhaE a parEicipanE wil] be able Eo use iEs special drawing rightss by designating part.icipanEs Lo provide currency for specified amounEs of special drawing righEs for the purpoaes of sections 2(a) and 4 of Ehis ArEicle. DesignaEions shall be made in accordance wiEh t.he following general principles supplemenEed by €uch ot.her principles as E.he Fund may adopt from Lime Eo t.ime: (i) A parEicipanE shall be subject Eo designation if it.B balance of payment.s and gross reserve posit.ion ig suffj,ciently strong, buE this wiII nou preclude Ehe pos8ibilj.Ey EhaE a participanE with a strong reserve posiEion wiII be designaEed even Ehough iE has a moderaEe balance of paymenEs deficit.. ParEicipanEs shall be designaEed in such manner as wil] promote over Eime a balanced disEribuEion of holdings of special drawing rights among t.hem . (ii) Part.icipantss shall be subjecE t.o deBignaEion in order Eo PromoEe reconstsiEuEion under SecEion 5(a) of this ArticIe, Eo reduce negative bal- ances in holdings of special drawing right.6, or to off6eE the effecE of failures Eo fulfil] Ehe expecEaEion in Sectsion 3(a) of t,hle ArEicle, (iii) In designating participanEs, the Fund normally sha]l give priority Eo t.hose thaE need ro acguire special drawing righEs to meet Ehe obiect.ives of designaEion under (ii) above. (b) In order Eo promote over time a bal.anced dist.ribuEion of holdings of special drawing righEs under (a) (i) above, E.he Fund sha11 apply Ehe rules for designaEion in Schedule F or such rules as may be adopt.ed under (c) below. V (6) The rules for designaEion may be reviewed aE any Eime and new rules shall be adopted if necessary. Unleas new rules are adopt.ed, Ehe rules in force aE t.he t.ime of Ehe review shall conlinue Eo apply. SecEion 6. ReconsEiEueion (a) Part.icipant.s thaE use Eheir aPecial drawing rights shatl reconsEit,uEe Eheir holdings of Ehem in accordance wit,h t.he rules(b)for reconstiLuEj'on !n beIow. schedule c or such rules ae may be adoPEed under (b) The rules for reconsEiE.uEion may be reviewed at any t ime and new rules shatl be adopEed if necessary. UnIeBs new rules are adopEed or a deciBion is made to a-brogaEe rules for reconsEiEuEion, the rules in force aE the time of rewiew ;hall conEinue Eo aPply' A sewenEy percent majoricy of Ehe toEa} voting power shall be required for decisions to adopt., modify, or abrogaEe t.he rules for reconstitution. SecEion 7. Exchange raEes (a) Except as oEherwise provided in (b) below, Ehe exchange rat.es for Eransact.ionB between partsicipanEs under SecEion 2(a) and (-b) of thi" Art.icle shall, be such E.haE part.icipants usj-ng special drawing lights shalI receive Ehe 6ame value what.ever currencies might be provided-and-whichever part.icipants provide Ehose currencies, and the Fund ihal-I adopt regulaEions Eo give effect. Eo Ehis principle. (b) The Fund, by an eighty-five percent may adopE pollcie8 under which in except sevenEy percent majority of t.he toEa1 vo power, -by t.iii- a pants enEering into transacEions under S o agree on exchange rates oEher t.han t.hose applicable under (a) above. (c) The Fund shall consult a participanE on the procedure for determining rates of exchange for ite currency. (d) For the purpose of thi-s provisi.on the term parEicipanE includes a Eer- minating parLicipanE. Article XX Special Drawing RighEs DeparEment Int.ereaE and Chargea Section 1, fnteresE rnEereat at the 6ame rate for all holders sharr be paid by the Fund each horder on E.he amount. of it.s holdings of epecial arawlng rights. TheEo Fund shall pay the amounE due Eo each holder whet.her or not sufiicient charges are received to meet Ehe paymenE of int.eresE. Sect.ion 2. Charges at Ehe same raEe for all part j.cj-pant.s shall be paid t.o Ehe Fund .byCharges each part.icipanE on the amount oi its n6t cumurative ailocat.ion of specj.al drawing right.s plus any negative balance of the participant. or unp;id charges . SecE.ion 3. RaEe of j.nt.eresE. and charges The Fund shall derermine the rate of inEerest. by sevenEy percenE maioriEy oE the rotaL voE.ing power. The rate of chargei asharr. bJ G ;t;- rat.e of interest. "'q"-J SecEion 4. Assesaments when it is decided under Articre xvr, section 2 that. reimburgement ahall be made, the Fund sharl tevy assessnents for Ehis p,rrpor" same rate for aI] participants on their net. cumul-ative allocalioi:s. .tih. SecEion 5. PaymenE of inEerest, charges, and assessmenE.s . fnterest, chargeg, and assessment.s shalt be paid in special drawing right.s. A participant that.needs specj.al drawi-ng rightj co piy any cnarge or asseaament sharl be obligat.ed and ent.i.tled co ob[ain their, ' for- currency' acceptabre Eo the Fund, in a t.raneaction wiEh t.he Fund conducted t.hrough Ehe General Resources AccounE. If sufficient. 6pecial drawing righcs cannoE be obtained in Ehis way, the parEicipant ehall be obligated and ent.itled to obtain them wiEh a freely ueabLe currency from a part.icipant. which Ehe Fund shall specify. Special drawing rights acquired by a participanE afEer the daEe for pa).menE shaII be applied againsE iE.a unpaid chargee and cancelled. Article XXI Administrat.ion of t.he General Department and the Special Drawing Rights DepartmenL (a) The General DeparEmenE and t.he Special Drawing RighEs Depart,menc shal1 be admini6Eered in accordance wit.h Ehe provisions of Art.icle xII, Bubject. -/ to Ehe following provisions: (i) For meeEings of or decisions by tshe Board of Governors on maEEers perEaining exclusively Eo Ehe Special Drawing RightE DeparEmenE only requesEa by, or tshe presence and t.he votes of, Governors appoint,ed by members EhaE are parEicipant.s shall be counEed for Ehe purpose of calling meetings and deEermining whet.her a quorum exiscs or whet.her a decision is made by the required majority. (ii) For decisions by Ehe ExecuEive Board on maEEers perEaining exclusively to Ehe Special Drawing Rights Depart.menE only Execut.ive DirecEors appoinEed or efecEed by aL leasL one member tha! i9 a part.icipant ghalL be enEiEled t.o vot.e. Each of Ehese ExecuEive DirecEors shall be entiLled to ca6L Ehe number of voEes allotsEed Eo Ehe member which is a part.icipant Ehat appoinLed hj.m or Eo the members that are parEicipanEs whose votea counEed towarde his elecEion. OnIy Ehe presence of ExecuEive Directors appointed or elected by members EhaE are participanEs and the voEes alloEt.ed Eo members that are parEicipanEs shall be counEed for uhe purposre of determining whether a quorum exi-sEs or wheLher a decision is made by the required majoriEy. For Ehe purposes of t.hie provision, an agreemenE under ArEicle xII, Section 3(i ) (ii) by a member t.hat iB a parEicipants shaIl enEiEle an appoinEed Execuej.ve Director to voEe and ca6E Ehe number of vot.es alloEEed Eo Ehe member. \/ (iii) Questions of the general adminisEration of Ehe Fund, including reimbursement under Article xvI, Sect.ion 2, and any question whether a mat.Eer perEains to boEh DeparEmenEs or excfuE ively t.o the Special Drawing RighEs DeparEmenE. shall be decided as if Ehey perEained exclusively t.o t.he ceneral Department. Decisions wit,h re6pecE to Ehe meEhod of valuaEion of Lhe special drawing right, t.he accepEance and holding of specia] drawing righEs in Ehe General Resources AccounE of t.he General Depart.menE and Ehe use of them, and other decisions affect.ing Ehe operaEions and EransacEions conducted through both t.he General Re6ources Account of Ehe General Department and the SpeciaL Drawing Right.s DepartmenL sha]l be made by Ehe majorities required for decieions on maEEers pert.ai.ning excJ.ueively Eo each Department, A decj,sion on a maEEer perEaining to Ehe Special Drawing RighEs Department shalI ao indicat.e. (b) In addit.ion Eo Ehe privileges and immuniEieB t.haE are accorded under ArticLe IX ot Ehis Agreement, no Eax of any kind Bhall be levied on special drau,ing righEs or on operat.iona or tranaacEions in special drawing right,s. (c) A question of inEerpreEaEion of the provisi.ons of Ehis AgreemenE on mat.Eer6 pertaining excLusively Eo the Special Drawing Righcs DeparEment shall be submitted to Ehe ExecuEive Board purauant. t.o Art.icle XXIX(a) only on E.he requeat of a participanE. In any ca6e r.rhere the ExecuEive Board has given a decieion on a.quescion of lnt.erpreEation pertaining exclusively to the special Drawing Rights DeparEmenE onty a participant miy require clat t.he quescion be referred co the Board of -Governore urrder ariicra xxrx(u). The Board of Governors shall decide whecher a Governor appoi-nted by a member that is noE a parEicipanE shaLl be enEiEred. to voEe -iln ttre commiEcee on Int.erpret.aEion on quest.ions perEaining exclusiwely to Ehe Special Drah,ing Righta Department. (d) whenever a d has Eerminated i or be t.we en Ehe F Special Drawing gively from parE disagreemenE sha cedures in Art.icle XxrX(c) . ArE.icIe XXf I ceneraL Obligations of parE icipants rn addit.ion co rhe obr-igat.ions aa.umed lvith respecE to speciar d.rawing right.s under oEher arEicles of thia Agreement, eaci participani undertakEs t.o collaboraEe wiEh the Fund and with oEher parEiciiante iir order Eo facir-v it.aEe t.he effect.ive Right.s DeparEment and Ehe proper use anae wiEh thls AgreemenE and wit.h drawing righE Ehe principaJ. reserve a ystem. Areicle XXIII Suspension of operat.ions and Transactions in special Drawing Right.s Section 1. Emergency provi s ions fn Ehe event of an emergency or t.he development. of unforeeeen circum_ sEances thre Drawing Righ ma j ori.Ey of E.han one yea s and t.ranaacE XXVII, SecE i SecEion 2. Failure to fulfiIl obligaEions (a) rf Ehe Fund finda thar a part.icipanr has failed fulfill obtiqations under Article xrx,- sccEion 4, the ri.ght of rhetoparticilinu ir6t"-u".-it"special drawing rights shal] be suspended u-nIess Ehe F-und othlrwise decides. (b) rf Ehe Fund finds EhaE. a parricipanr. has failed ro fulf il.l any orher obligation. wi.t.h respecE Eo special diawing rightB, the Fund miy suipena righE of Ehe parEicipant. to use special diawing rights it. acguires after the the suspension. (c) Regulationa shal1 be adopted t.o enaure that before action j-s taken againat any parEiciparrE under (a) or (b) above, the part.icipant sha1l be informed immediaEely of the complaint. against it and'given in adequare opportunity for st.ating its case, bot.h orally and in ;riting. Wheriever Ehe participant ia Ehus informed of a compl,ainE lelating t.o (a) above, i-r shaLr noE use special drawing righE.s pending the disposition ot Ehe complainL. (d) Suspension under (a) or (b) above or ]imit.ation under (c) above 6ha11 noE affecE a parEicipant.'s obligat.ion Eo pr.ovide currency in accordance wiEh ArEicIe xlx, sect.ion 4. (e) The Fund may aE any time Eerminate a suspensj.on under (a) or (b) above, provided t.hat. a suapeneion impoaed on a part.icipanE under (b) above for failure t.o fulfilL t.he obligaEions under Article xIX, SecEion 5 (a) shall noE be t.erminaEed unEil one hundred eighEy days afcer t.he end of t.he first. calendar quarter durj.ng whj.ch Ehe participant compliee wiEh t.he ruleB for reconsEiEuEion, (f) The right of a parEicipanE Eo use ics special drawing righEs shall not be suEpended because iE has become ineligible Eo use Ehe Fund's general resources under ArEicle V, secEion 5, Art.icLe vI, SecEion 1, or ArEj,cIe xxvl , SeeEion 2(a) . Article xxvl , Section 2 sha1l not. apply becauae a parLicipant has failed Eo fuIfill any obligat.ions wlt.h respect Eo apecial drawing righEs. Art.icle xxfv TerminaEion of Part icipaE ion secEion 1. RighL to Eermj-nat.e parEj.cipation (a) Any part.icipanE may t.erminaEe iEs parEicipaEion in Ehe Special Drawing Rights DepartmenE aE any Eime by EransmiEting a notice in wriEing Eo Ehe Fund at it.s principal office. TerminaEion shal] become effecEive on the dat.e the not.i.ce is received. (b) A parEicipant Ehat withdraws from membership in Ehe Fund ahalI be deemed Eo have simulEaneously EerminaEed itE participaEion in Ehe sPecial Drawing RighEs Department . section 2. settLemenL on termination (a) when a participanE EerminaEea iEs parEicipaEion in t.he special Drawing Rights DeparEment, aII operaEions and Eransact,ions by Ehe terminaEing participanE in special drawing righEs shall cease except as oEherwi6e permiEted under an agreenenE made pursuanE to (c) below in order co faciliLaEe a seEtlement or as provided in SecEions 3. 5, and 5 of Ehis ArEicle or in schedule H. rnt.eresE and charges EhaE accrued Eo E.he date of termination and assegsmenEa levied before Ehat date but not paid shall be paid in special drawi.ng right.s. (b) The Fund sha]l be obligated t.o redeem all special drawing right.s held by the terminat.ing parEicipanE, and Ehe terminating parEicipant shall be obligated Eo pay Eo Ehe Fund an amounE equaL to iEe neE cumulative allocation and any oEher amounEE that, may be due and payable because of it.s parEicipation in t.he special Drawing RighEs DepartmenE. These obligations shalt be set off against each oEher and t.he amounE of special drawj.ng righEs held by Ehe Eerminat.ing partsicipanE Ehat. is used in the setoff t.o extinguj.sh iE9 obligaEion Eo Ehe fund shall be cancelled. (c) A seittement shall be made wiEh reasonable despatch by agreement. beEween the EerminaEing participanE and lhe Fund wiEh respect t.o any obli9ation of t.he EerminaEing parEicipant or t.he Fund afcer t.he setoff in (b) above. If agreemenE on a aeEELemen! ia not. reached promPtly Ehe provisions of schedule H shall app1y. SecEj,on 3. InEereaE and charges After the daEe of t.ermination the Fund BhaI] pay inEeresE on any ouEst.anding balance of specj.al- drawing right.s held by a terminat.ing part.icipant and the terminatsing parEicipant shall pay charges on any outs;t.anding obrigaEion owed t.o the Fund at Ehe Eimes and rates prescribed under ArEilte XX. Payment. shall be made in apecial drawing right.si A terminat.ing participant. shall be entit.led Eo obtain special drawing righEs with a fr;ely usable currency Eo pay charges or asaessmenEs in a Lransac!ion wiEh L participant specified by Ehe Fund or by agreement. from any other holder, -or to dispo6e of Epecial drawing right.B received as inEeresE in a Eransaction with any. part.icipanE designaEed under ArEicLe XIX, Sect.ion 5 or by agreement. with any oEher holder. SecEion 4. Settlement. of obligat.ion Eo Che Fund Currency received by t.he Fund from a terminat.ing part.icipane shall be used by the Fund to redeem special drawing rightJ nLf a ly -parEicipants in proportion Eo Ehe amount. by which each parEicipanE, s holdiJ.ngs of slpecial drawing rights exceed itE net, cumuLati' e alloclti.on at the lime the currency is receiveal by Ehe Fund. speciar drah'ing righEs so redeemed and special drawing rights obEained by a terminaEing palticipanE under Ehe provisions -; of this Agreement Eo meeE any instalLmenC due under an .g.e"rneirt on set.tlement or under schedule H and seE off againsE that. inetarlment. shall be canceLled. Section 5. SeEt.lement. of obligation Co a rerminating parEicipant. whenever the Fund is reguired Eo redeem special drawing right.s held by a terminat.ing part.icipant.-, redemption shall be made wit.h cuireniy provided by participants specified by rhe Fund. Theae part.icipanEs ghall bL lpecified ' in accordance with the. principles in Article xfx, Section S. Eacli specified parEicipanE shalr provide at _its oprion t.he currency of t.he cerminaling part.icipant. or a freely usable currenct t.o Ehe Fund and shall receive an equi-varent amounE of sp-ec-iaL drawing righEs. However, a EerminaEing parEicipant may use iEs special drawing ;ighas to obEain it.s own currency, a f ree.ly usable currency, or any oE.her asset. from any holder, if the Fund Bo permits. Section 6. General- Resources AccounC t.ransact.ions In order t.o facilitate EetElement with a terminaEing parEicipant., Ehe Fund may decide t.haE a terminaEing partj.cipant shall:- (i) use any epecial drawing rights held by iE afEer che aetoff in section 2(bl of thi,s ArEicle, when they are Eo be redeemed, in a Eransacti.on r.ri.Eh Ehe Fund conducted through t.he ceneral Resources Account t.o obtain it8 own currency or a freely usable currency aE. Ehe opEion of the Fund; or (ii) obEain speciaL drawj-ng right.s in a transact.ion wit.h Ehe Fund conduct.ed Ehrough Lhe General Regourcea AccounE for a currency acceptable Eo the Fund to meet. any charges or ingtallmenE due under an igreemenE or the provisions of ScheduLe H. Art i.cle XXv Liquidation of Che Special Drawing Rights Depart.ment (a) The Special Dravring Righes Depart.ment. may noE be liguidated excepE by decigion of Ehe Board of Governors. In an emergency, if the ExecuEive Board decides that. liquialaEion of Ehe Special Drawing Rights Department may be necesaary, it. may temporarily suspend allocaEions or cancel.lations and al.I operaEions and EranaacEions in special drawing righEs pending decieion by Ehe Board of Governors. A decieion by t.he Board of Governors to LiquidaEe the Fund ghall be a decision to liquidate boEh Ehe ceneral Depart,menE and Ehe Special Drawing Rights DeparEment.. (b) If Ehe Board of Governors decides Eo IiquidaEe Ehe Special Drawing RighEB DeparEmenE, all allocaEions o! cancell.aEions and alI operat.ions and t.ransacEiona in special drawing right.6 and t.he act.j-viEies of Ehe Fund wiEh respecE to t.he Special Drawing Right.6 DeparEment shalI ceaae excepE Ehose incidenEa] Eo Ehe orderly discharge of the obligaE.ions of parEicipant.s and of t.he Fund wiEh reapecE Eo special drauing right.s, and all obligacions of the Fund and of parEicipant.s under this Agreement wit.h respecE Eo specj-al drawing righta shall cease except Ehose seE out in t.his ArEicle, ArEicle xx, ArticLe xxl (d ), Art.icle xxlv, Art.icle xxlx(c), and Schedule H, or any agreemenE reached under Art.ic1e xXIv subject. to paragraph 4 of Schedule H, and Schedul- e I. (c) Upon IiquidaEion of Ehe Special Drawing Right,s Depart.menE, interest. and chargeB EhaE accrued Eo Ehe date of IiquidaEion and assessmencs levied before Ehat. date but. nou paid shall be paid in special drawj-ng right.s. The Fund shall be obligaced tso redeem aII EpeciaL drawing righEe held by holders, and each part.icipanE shall be oblj.gaEed to pay the Fund an amount. equal Eo iEs neE cumulat,ive aflocaEion of special. drawing rights and such oLher amounEs as may be due and payable because of iEs parEicipat.ion in Ehe Special Drawing RighEs DeparEment. (d) Liguidat.ion of Ehe Special. Drawing RighEB Departmenc sha1l be adminj.stered in accordance with Ehe provi.eions of schedule r. Article xXvI Withdrawal f rom Mernbership SecEion L. Right. of members Eo withdraw Any member may withdraw from the Fund at any time by transmit.ting a not.ice in writ.ing Eo the Fund at iEe principal office. wit.hdrawal shall become effective on t.he daE.e such notice is received. Sect.lon 2. Compul sory wiEhdrawal (a) If a member fails fo fulfill any of iEs obl j.gat j-ons under this Agreement., Ehe Fund may declare Ehe member ineligible Eo use the general resources of Ehe Fund. NoEhing in this SecCion shall be deemed t.o limit the provisions of ArEj.cIe V, SecEion 5 or ArLicle VI , SecCion 1. (b) If, afEer Ehe expirat.ion of a reasonable perj.od folJ.owj-ng a declaraEion of ineligibiliEy under (a) above, t.he member persist.s in j.ts failure E.o fulfill any of it.s obligat.ion8 under t.hie AgreemenE, Ehe Fund may, by a seventy percenE majority of t.he Eot.a1 voEing power, suE,pend the voEing right.s of t.he member. During Ehe period of Ehe suapension, Ehe provisiona of Schedule L shaLl appl-y. The Fund may, by a sevenEy percenE majoriEy of t.he EoEal voEing power, tserminaEe the suspension aE any t.ime. (c) If, aft.er Ehe expiraEion of a reasonable period following a decision of suspension under (b) above, the member persist.s in iEs fairure t.o fulfirl any- of iEs obligaEiona.under t.hia agreemenE, t,haE member may be required Eo wit.hdraw from membership in Ehe Fund ty a decision of Ehe B-oard of covernora carried by a majori.ty of t.he covernors hawing eighEy-five percenE of t.he toEal voting por{er - (d) RegulaEions sha1l be adopEed Eo ensule Ehat before accion is taken againsE any member under (a) , (b), or (c) above, Ehe member ahall. be informed in reasonabre t.ime of Ehe compLaint againsE it and given an guate opportunity for sEat.ing it.a case, bofh oial-1y and in wr:!,eing. adeSecEion 3. SeEtlement of accounts with members withdrawing !{hen a member wichdraws from Ehe Fund, normar operat.ions and E.ransactions of the Fund in iEs currency shall cease and settlemenE of atr accounts between iE and Ehe Fund 6harr be made wit.h reasonabre despatch by agreemenE. bet.ween iE and the Fund_.- rf agreemenE is noE reached promitty. t.'he lrovisiona of Schedule ,J shaIl apply Eo Ehe set.Element of accointi. Art icle xxvlI Emergency Prowi s i ons Section 1. Temporary suspens ion (a) rn the event of an emergency or Ehe developmenE of unforeaeen circumsEances threaEening the activities of Ehe Fund, Ehe Execut.i.ve Board, by an eighEy-five percenE majorj-t.y of the t.ot.a1 voting power, may suepend fo-r a period of noE more than one year E.he operaLion of any of the f5l1owing provisione: (i) ArEicle v, SecEions 2, 3, 't , I (a) (i) and (e) ; (ii) Aruicle vr, Secr.ion 2; (iii) Article xI. Sect.ion t; (iv) Schedule C, paragraph 5. (b) A suepension of t.he operation of a provision under (a) above may noE. be extended. beyond one year except by the Board of Governors which, by'an eighty-five percent. majorit.y of the EotaL vot.ing power, may ext,end a auspension for an addiEional period of noE more Ehan Er,i,o yeais if iE finds that. Ehe emergency or unforeseen circum6Eances referred Eo j-n (a) above conE.inue Eo exis!. (c) The Executive Board may, by a majoriEy of the toEa] voEing power, terminaEe such suepension at any time. (d) The Fund may adopE rules wiEh respecE Eo the 6ubjec! matter of a provision during Ehe period in which it.s operat.ion is suspended. SecEion 2. Liquidalion of t.he Fund (a) The Fund may not be liquidaEed except by decision of Ehe Board of Governors. In an emergency, if the Execut.ive Board decides thaE I j.quidat.ion of the Fund may be necessary, it may lemporarily suspend all operations and tranaacEions. pending decision by the Board of Governors. (b) If Ehe Board of Governors decides Eo liquidaEe Ehe Fund, Ehe Fund sha]} f orEhwit.h cease Eo engage in any acEiviEi.es excepE Ehose incidental to Ehe order).y collecEion and liquidaEion oE iEs asseEs and Ehe sett.Iement of its and aII obligaEion8 of members under Ehis Agreement Bhall liabilities, cease except tshose seE ouE in t.his ArEicle, in ArEicIe XxIx(c), in Schedule .1, paragraph 7, and in Schedule K. (c) Liquidation shall be adminisEered in accordance wit.h Ehe proviEions of Schedule K. ArLicle XXVI I I ArnendnenEs (a) Any proposal Eo inEroduce modificaEions in this Agreement, wheEher emanaEing from a member, a Governor, or the ExecuEive Board, 6hall be communicaEed to the chairman of Ehe Board of Governors who shall bring the proposal before Ehe Board of Governors. If Ehe proposed amendmenE i5 aPProved by Ehe Board of covernors, the Fund shall, by circular letEer or ceLegram, ask all members whether they accept. Ehe proposed amendment.. when three-fifEhs of the members, having eighty-five percent of Ehe EoEal vot.ing Power, have accepEed the proposed amendmenE, Ehe Fund 6ha]l- certify Ehe fact by a formal communicaEion addresEed to alI merDera. (b) NoEwiEhsEanding (a) above, accePLance by a1I members is required in Ehe case of any amendmenE modifying: (i) E.he righE Eo wiE.hdraw from the Fund (Article xxvr, sect.ion 1)i (ii) the provision that no change in a mernber's quota shall be made withouE iEs conaent (Article rrr, secEion 2(d )); and (iii) Ehe provision Lhat no change may be made in t.he par value of a member's currency excepE on Ehe proposal of EhaE member (Schedule C, paragraph 5) . (c) AnendmenEs shall enEer into force for all members t,hree months afEer Ehe date of the formal communicaEj.on unfess a shorter period is specified in lhe circular letter or Eelegram. ArEicle XXIX InEerpreEat.ion (a) Any quesEion of interpreEation of Ehe provieione of t.hie AgreemenE arising beEween any member and Ehe Fund or between any memberg of Ehe Fund shall be su.bmiEt.ed co t.he Execut.ive Board for its decieion. If Ehe quesEion particularly af fect.s any member noE enLiEled Eo apPoinE an Executive DirecEor, iE shall be entiEled to representat.ion in accordance wiEh Article XII, SecEion 3 j ) (b) In any case where t.he Execut.ive Board haa given a deci-sion under (a) above, any member may requi,re, f,,it.hin Ehree monEhs from Ehe date of the decision, EhaE Ehe quesEion be referred Eo Ehe Board of Governore, whose decision sha1l be tinal. Any quesEion referred Eo the Board of Governors shall be considered by a commit.t.ee on InEerpretation of t.he Board of ( . covernors. Each CommiEtee member shalL have one voEe. The Board of Governors ahall establish the membership, procedures, and voEing majorities of the committee. A decision of Ehe commitree ahalr be the dec-ision of the Board of Governors unresa the Board of covernors, by an eighEy-five percenb majorlEy of t.he t.otal voting power, decides ot.hert^ri;e. pendind the rasulE of the reference Eo t.he Board of covernore the Fund may, ao tar as it deems necessary, acts on t.he ba6ls of t.he decision of the Executive Board. (c) whenever a disagreement arises between t.he Fund and. a member which withdrawn, or belween t.he Fund and any member during riqui.dat.ion of the has Fund, such di8agreement 6hat1 be submicted t.o arbitiaLioln by a tribunal of three arbiErators, one-appoint.ed by t.he Eund, anot.her by thl member or withdrawing member, and-an umpire who, unless uhe parEies oEherwige agree, shall be appoint.ed by Ehe preeident of Ehe rnEernati.onal court. of ,Justice or such oEher auEhorit.y as fly.have,been preecribed by regulaclon adopted by the Fund- The umpire- sha1l have fuII piower to seE;Ie JII quesej.onj p:ocedure in any case where t,he parties ire in disagreement wiEh respectof Ehereto. ArEicle XXX ExplanaEion of Terms rn interpreEing t.he provisions of this Agreement the Fund and iEs members shall be guided by the following provisions: (a) The Fund,s holdings of a member,s currency in the ceneral Resources AccounE sharl i.nclude any securities accepEed by Ehe Fund under Article IfI, Section 4. (b) sEand-by arrangement. means a decision of Ehe Fund by which a member is assured Ehat iE will be able !o make purchases from Ehe General. Reaources Account in accordance with Ehe Eerna or the decision during a specified period and up Eo a epecified amount.. (c) Reserve t.ranche purctrase mean€, a purchase by a member of d.rawing right. or the currency of anothef member iri exchange for special fts own currency which does noE cause t.he Fund's holdings of the riember. s currency in Ehe ceneral Resources Account t.o exceed it.s {uota, provided thaE for the purposes of t.his definiLion Ehe Fund r ay exclude puichases and holdings under: on the use of iEs general resources for compenaatory _. (i) policies financing of exporE fluctuat. iona; (ii) poLicies on Ehe use of its genera] resources in connecEion wiEh the_financing of contribuEions Eo inEernational buffer 6Eocks of primary producEs; and (iii)_oEhel pol_icies on Ehe use of iE9 general resources in respecE of _. . which t.he Fund decides, by an eight.y-f j.ve peicenr majoriEy of the t.otal voEing power, t.haE an exclusion shall be made. (d) Payments for current t.ransact.ions means payments which are not. for Ehe purpose of Eransferring capital , and includes, without. limitat.ion: (1) all paymenEs due in connecEion with foreign Erade, ot.her currenE . business, including services, and normal shorE-term banking and credit facillEi-es; (2) payment.s due aa int.eresE on I'oans and as nets income from other inweaEmenE6; (3) payment.s of moderaEe amounE for amortizaEion of loans or for depreciaEi.on of directs inveatment.g; and (4) moderaEe remiEEances for family living expenses ' The Fund may, after consulEaEion wit.h the members concerned, deEermine whet.her cerlain BpecifiC transacEions are Eo be con8idered curlenE EransacEions or capiEal transacEions ' (e) NeE cumulaEive allocaEion of special drawing rights means Ehe -total amounE Of special drawing righEs allocaEed Eo a- ParLicipane le_s6 ils share of special irawing righEJ EhiE have been cancelled under ArEicle xvlII, SecEion 2 (a) . (f) A freely usable currency meana a member's currency EhaE Ehe Fund deEermines (i) ii, in fact, widely used to make paymenEs for inEernaEional riansacUione, and (ii) is widely Eraded in t.he prtncipal exchange markets. (g) Members that were members on AugusE 3\, a975 shalI be deemed to include EhaE accepted membership aft.er thaE daEe PursuanE t.o a resolution "-.".b"r of Governors adoPEed before that' daEe ' Board of Ehe (h) TransacEions of Ehe Fund means exchangea of moneEary asseEs by Ehe Fund for ot.her moneEary asseEs. oPerationa of Ehe Fund meana other usea or receipEs of moneEary asaeEs by Ehe Fund. (i) Transact.ions in special drawing righEs means exchanges of special drawing righEs for oEher moneEary assets . operations in special drawing righEs meins oEher uses of special drawing righEs. v ArEicle xxxl FinaI Provisions secElon 1. Entry inEo force This Agreement shal1 enEer into force when it has been signed on behalf sixty-five percenE of the EoEaI of the quotas 6et of goveriment.s having -and whLn Ehe ingErumenEg referred Eo in section 2(a) of in a Schedule forEh Ehis Article have been deposiEed on Eheir behal,f , buE in no event ehaIl this AgreemenE entser inEo force before May L. L945' sect i,on 2 SigrraEure (a) Each government. on whose behalf Ehis Agreement is signed shall deposit set.ting witn tfre 6o.r..n*errE of Ehe UniEed St.aEes of America an instrumenE law and wiEh its accordance in Agreement. forth lhat it. hae accepted Ehis iEs of obligacarry ouE a1l. to enabLe it neiessary to ateps all has taken Eions under Ehis AgreemenE . (b) Each country ehalL become a member of t.he Fund aa from the daEe of the depoBrE on it6 behalf of the in6crument referred t.o in (a) above, excePE thit. no counEry shall become a member before Ehj.g Agreement enEers into force under SecEion 1 of Ehis ArEicle. (c) The Government. of Ehe Unit.ed State6 of America shall inform Ehe government.6 of aII counEries whose names are set forth in Schedule A, and the governments of all countrieg whose mernbership is approved in accordance wllh Article II, Section 2, of al1 signaEur;s of ![:is AgreemenE and of che deposj.E of all instrumenEs referred t.o in (a) above. (d) At t.he time rhi6 Agreement. is signed on iEs behalf, each government shal-l cransmit. to t.he Government. of ihe unit.ed states of Amerlca one onehundredt.! of one percenE of iEs EoEar subscrj-pt.ion j-n gold or uniEed st.at.es do]rars for the purpose of meeEing administrative expen-ses of t.he punal. The covernment. of che united statea of America sharr hold such funda in a epeciar deposit. account and shall t.ransmiE t.hem Eo Ehe Board of Governors of the Fund when the iniEiaL meeEing has been called. rf bhis Agreement. has not come inEo force by December 31, 1945, Che GovernmenE of ihe UniEed st.ates of Ameri-ca shal] return such funds Eo the governmenEs chat transmi-t.- ted Ehem. (e) This AgreemenE shal.l remain open for signaEure at washingt.on behalf of the governments of the councries whose nimes are set. fort-h in on schedule A until DecernJf,er 31, 1945. Afcer Decernber 3Lt L94s I t.his Agreement. Eha11 be open for aignaEure on _(f) behalf of the government.- of-any councry whose membership has been- approved in accordance wiEh Article II, Section 2. (g) .By Eheir signature of r I pt, it. borh on their own behalf and in res 6 Eerrito_ ries, aII territories under Ehorit.y, and all t.erritories in respecE r (h) subsecEion (d ) above shall come inEo force wiEh regard to each signat.ory governmenE as from the date of it.s signature. [The signaEure and depositary clause reproduced. below followed the Eext of Article XX in Ehe original Art.icles of AgreemenEl Done aE wasringt.on, in a single copy which sharr remain deposited in the archives or the Government of the unlEed st.aEes of America, ihich shalt t.ransmit. cerEi.fied copi.es Eo all governments whose names are set forEh in schedule A and to aIr governments whose membership is approwed in accordance with Article II, Section 2. Schedule A QuOtaS (In nlilllons of united state8 d。 1lar8) Australia 200 Belgium 225 Bolivia lo Braz± 1 150 Canada 300 Chile 50 China 550 Colombia 50 Costa Rica 5 Cuba 50 CZeCh0810Vakia 125 Denmark★ ★ Dominican Republic Ecuador 5 Egypt 45 El SalVador 2.5 5 Ethiopia 6 France 450 Greece 40 GuaEemala 5 Hait.i 5 Iceland 1 rndia 400 Iran 25 Iraq I Liberia .5 Luxembourg 10 Mexico 90 NetherlandB 2'15 New zealand 50 HonduraE 2.5 Nicaragrua 2 Norway 50 Panama .5 Paraguay 2 V Peru 25 Philippine commonwealth 15 Poland L25 Union of souEh Africa 100 Union of Soviet Social ist Republics 1200 uniEed Kingdom 13 00 United SEaEes 2750 Uruguay 15 venezuela 15 Yugoslavia 50 *The quoEa of Denmark shall be deEermined by t.he Fund after Ehe Danish Government haa declared itss readiness Eo sign thia Agreement but before BignaEure takeE place . Schedule B Transitional Provisiona wit.h Respect Eo Repurchage, Payment of Additional Subgcriptlons, Gold, and Certain Operational MaEEers 1. Repurchase obligafion8 t.hae have accrued pursuant to Article V, SecEion ?(b) before t.he dat.e of Che Eecond amendment. of Ehia AgreemenE and EhaE remain undiacharged at that daEe shalL be diecharged not. IaEer than t.he daEe or dates aE lrhich Ehe obligaEions had t.o be discharged in accordance wlEh Ehe provielons of t.his AgreemenE before Ehe second amendment.. 2. A member shall diecharge wiEh special drawing righEE any obligation to pay gold Eo Ehe Fund in repurchaEe or aE a eubscripEion EhaE is ouEsCanding aE the daEe of Elre second amendmenE of this Agreement, buE Ehe Fund may preecribe Ehat, Ehese payment.E may be made in whol.e or in parE in Ehe currencies of ot.her members specified by Ehe Fund. A non-participant ahal1 diacharge an obligaEion Ehat. musE be paid in special drarring righEs purauanE Eo Ehis provision with the currencies of oEher members specified by the Fund. 3. For Ehe purpoaea of 2 above 0.888 671 gram of fine gold ehall be equivalenE to one special drawing right, and Ehe amount of currency payable under 2 above Ehall be deE.ermined on Ehat basis and on Ehe basis of Ehe walue of Ehe currency in t.erm6 of t.he Epeci-al drawing right ac t.he dat.e of discharge. 4. A member'a currency held by t.he Fund in excesg of seventy-five percenE of the member's quoEa at. the daEe of Ehe second amendment of t,his Agreement and noE subjecE. Eo repurchase under 1 above shall be repurchased in accordance wiLh the following rules: (i) Holdj.ngs Ehat. resuLted from a purchase shall be repurchaaed in accordance wiEh lhe policy on the use of Ehe Fund,s general resources under which the purchase wa6 made. (ii) Other holdings shall be repurchased noE LaEer t.han four years afEer Ehe daCe of Ehe second amendment. of Ehis Agreement.. 5. Repurchases under 1 above that are not subject. t.o 2 above. repurchases under 4 above, and any specificatj-on of currencies under 2 above shall be in accordance h,ith ArEicle V, SecEion 7(i ). 5. A1I rules and regulaEion6, raEes, procedures, and decisions 1n effecE aE the daee of Ehe second amendmenE of EhiB AgreemenE ahalf remain in effect until Ehey are changed in accordance wiEh the provisions of t.his AgreerrEnt . 7. To the ext.enE t.hat arrangements equivalenE in effecE to (a) and (b) below have noE been compleEed before t.he daEe of Ehe second amendment of thj-s AgreemenE, t.he Fund sha11 v (a) sel] up to 25 million ounces of fine gold held by iE on AugusE 31, 1975 Eo t.hose memberg that. were members on Ehat. daEe and Ehat agree Eo buy it, in proportion Eo their quoEas on ChaE dat.e. The sale Eo a member under this sub-paragraph (a) shall be made in exchange for iEs currency and aE a price equivalenE aE Lhe Eime of sale Eo one special drawing right per 0.888 571 gram of fine gold, and (b) seII up to 25 million ounces of fine gold held by ir on AuguBE 31, 1975 for the benefit. of developing members t.haE were membera on Ehat date, provided, however, that t.he parE of any profits or surplus value of t.he gold Ehat corresponds to Ehe proportion of such a member,e quoEa on August 31, 1975 to Ehe EotsaI of the quotas of all memberS on thaE daLe sha1l be transferred direcEly to each such mernber. The requirement.s under ArEicle V, SecEion 12(c) t.hat Ehe Fund consult a member, obgain a member's concurrence, or exchange a member's currency for E.he currencieg of other members in certain circumsEances shall apply wit.h respect t.o currency received by Ehe Fund as a resulE of sales of gold under Ehis provieion, oEher than sales Eo a member in retsurn for its o\dn currency, and placed in Lhe General Resources Account. . Upon Ehe sale of go).d under Ehis paragraph 7, an amount. of t.he proceeds in the currencles received eguivalent aE. E.he t.ime of sale Eo one special drawing right per 0.888 671 gram of fine gold shalI be placed in Ehe ceneral Resources AccounL and other asseEs held by t.he Fund under arrangements purauant to (b) above shall be held separaEely from t.he general resources of Ehe Fund. AsseEs that remain subject to disposition by t.he Fund upon Eermination of arrangemenEs pursuanE Eo (b) above shall be Eransferred to Ehe Special DiabursemenE Account. schedule C Par Valuea 1. The Fund shal1 notsify membera EhaE par valuea may be blished for Ehe purpoaee of t.his Agreemene, in accordance wiLh Arficle IV. Sect.iono 1, 3, 4, and 5 and Ehis Schedule, in lerms of Ehe special drawing right., or in Eerma of such oEher common denominaEor as is preacribed by t.he Pund. The common denominat.or ahall not. be gold or a currency. 2. A member that lnEends Eo esEablish a par value for iEs currency shall propose a par value Eo Ehe Fund wit.hin a reasonabLe t.ime af t.er noEice is given under 1 above. 3.Any member EhaE does not. int.end t.o esEablish a par value for iEs currency under 1 above 6hall conaulE wiEh the Fund and ensure Ehats it8 exchange arrangemenEs are conEisEenE wiEh the purposes of t.he Fund and are it,e obligat.ions under ArEicle fv, Sect.j.on 1. adequaLe to fulfill 4. The Fund shaIl concur in or objecE Eo a propoaed par value within a reasonable period after receipE of the proposal . A proposed par value shall noE Eake effect for Ehe purpoaea of Ehis AgreemenE if the Fund objects to it., and the member shall be subject Eo 3 above. The Fund shall noE object because of the domestic social or poliEical policies of Ehe member proposing Ehe par va1ue. 5. Each member thaE has a par value for iue currency undert.akes Eo apply appropriate meaaures consj.sEenE wiEh t.his Agreement in order Eo en8ure Eha! Ehe maximum and t.he minimum raEes for apot exchange Eransact.ions Eaking place wiEhin its EerriEories beEween j,ts currency and Ehe currencies of other members mainEa j-ning par values shall not. differ from pariCy by more Ehan four and one-half percenE or by such oEher margin or margins aa che Fund may adopE by an eighEy-five percenE majoriEy of t.he toEal voting Porrer , 6. A member shafl noE propose a change in the par value of it.s currency excepE Eo correcE, or prevent the emergence of, a fundament.al diEequilibrium. A change may be made only on Ehe proposal of Ehe member and only afEer consulEaEion wiEh Ehe Fund. 7. when a change j.s propoeed, tshe Fund ahall concur in or objecE to the proposed par value within a reaeonable period after receipt. of t.he proposal. The Fund shall concur if it. is saEistied EhaE che change ie irecessary E,o correcE, or prevenE t.he emergence of, a fundamenEal diseguilibrium. The Fund shall not object because of t,he domesEic social or political policies of the member proposing Ehe change. A proposed change in par value shall noE Eake effecE for t.he purposes of Ehis AgreemenE if Ehe Fund objects t.o it.. If a member changea t,he par val.ue of its currency despit.e t.he object.ion of the Fund, Ehe member shal1 be subjecE Eo ArEicIe XXVI , SecEion 2, MainEenance of an unrealisEic par value by a member shall be diecouraged by Ehe Ftnd . 8. The par value of a member's currency egt.ab] j.shed under Ehis AgreemenE shall ceaee Eo exisE for Ehe purposes of Ehis AgreemenE if Ehe member informe Ehe Fund Ehat, it. inEends Eo CerminaEe Ehe par value. The Fund may object Eo the Eermination of a par value by a decision taken by an eighLyfive percenE majoriEy of the total vot.ing power. If a member t.erminates a par vaLue for iEs currency deapiEe lhe objecEion of t.he Fund, Ehe member shall be subjecE Eo ArEicIe XXVI , Section 2. A par value est.ablished under Ehis AgreemenE shall ceaae t.o exi6E for Ehe purpoaea of t.his Agreement if the member EerminaLea Ehe par value despiEe the objection of E.he Fund, or if Ehe Fund finds thaE t.he member does noE mainEain rat.es for a subsEantial volume of exchange tranaactions in accordance wit.h 5 above, provided that. t.he Fund may not. make such finding unless iE has consulted t.he mernber and given it. sixEy days noEice of the Fund,s int.encion to consider whether Eo make a finding. 9. If t.he par value of t.he currency of a member has ceased Eo exigE under I above, the member sha1l consult. h,it.h the Fund and ensure Ehat iEs exchange arrangemenEs are consiatent. wit.h the purposea of Ehe Fund and are adeguaEe t.o fu1fi11 its obligat.ion8 under ArEicle IV, Sectioh 1. 10. A member for whose currency Ehe par value has ceaeed to exiaE under g above may, aL any Eime, prepg5e a neu par value for it.s currency. NotwithEtanding 6 above, t.he Fund, by a aevent.y percenE majorit.y of - 11. the t.oEal vot.ing powgr, may make uniform proportionaae changea in all-par values if the special drawing righE is the common denominaror and t.he changes wil} not. affects Ehe value of t.he special drawing righL. The par value of a member,E currency sha1l, howewer, noE be changed under Ehis provision if, wiEhin seven days after Ehe Fund,s action, t.he member informs Ehe Fund Ehat. it. does noE wi8h the par value of its currency Eo be changed by such acEion. schedule D Council 1, (a) Each member Ehat appoinEs an Execut.ive Director and each group of members thaE has Ehe number of vot.es alLoEted t.o t.hem ca8t by an elected ExecuEive Direceor shalI appoint. to Ehe CounciL one CounciLloi, who shall be a Governor, Minister in Ehe government. of a member, or person of compa- rabl-e rank, and may appoint noE more Ehan seven Associat.es. The Board oi Governors may change, by an eighty-five percent. majorit.y of Ehe t.ot.a1 voting power, Ehe number of AssociaLee who may be appointed. A CounciJ.Ior or AsBociaEe ahall 6erve untiL a new appoinEment is made or unEil Ehe next. regular eleccion of ExecuEive DirecEorg, whichever shalI occur gooner. (b) Executive Directors, or in Ehei.r absence t.heir AlEernaEes, and Associat.es shall be entiEled Eo att.end meeEings of the council, unless Ehe Council decides Eo hold a resErict.ed gession. Each member and each group of members EhaE. appolntss a Councillor shall appoinE an AlEernat.e who shal1 be entitled Eo at.Eend a meeEing of the Council when the Councillor iE not present, and sha1l have full power to act for the Councillor. (a) The Council shall superviee t.he management. and adapEation of 2. Ehe inEernational moneEary ayaEern, j.ncluding the continuing operat.ion of Ehe adjusEmenE process and developmenEs in global IiguidiEy, and in Ehis connection shall review deveLopmenls in Ehe transfer of real. reeources Eo developing counEries. (b) The Council shall consider proposals pur8uanE to ArEic1e xxvlII (a) to amend the ArEic1es of Agreement. 3. (a) The Board of Governors may delegate to Ehe Council authoriEy t.o exerci.se any powers of t.he Board of Governors excepL Ehe powera conferred direcEly by t.his Agreement on the Board of covernors(b) Each Councillor sha]I be enEiE1ed to cast Ehe number of voEes allotEed under Article XII, Sectsion 5 Eo the member or group of membera appoint.ing him. A Councillor appointed by a group of members may cast. separaEety the vot.es alloEt.ed to each member in Ehe group. If Ehe number of voEes alloEted Eo a member cannoE be case by an ExecuEive DirecEor, Ehe member may make arrangemenEa triEh a CounclLlor for castsing Ehe number of votes alIoEEed Lo the member. (c) The Council ehall not t.ake any accion pursuant Co powers delegaEed by Ehe Board of covernors Ehat. is inconsistenE wiEh any acEion Eaken by the Board of covernors and Ehe Executive Board ahall noE Cake any action pursuanE Eo porrerB delegaEed by t.he Board of Governors thaE is inconsistanE with any acEion taken by eiEher the Board of Governors or Ehe Council. 4. The Council shall select a Councillor as chairman, shall adopt reguta!ions as may be necessary or appropriaE.e Lo perform it.s funcEions, and shall determine any aspect of j-Es procedure. The Council ehall hold such meeElngs as may be provided for by the council or called by t.he Executive Board. 5. (a) The Council shall have powers corre8ponding t,o Ehose of the ExecuE.ive Board under the following provisiona: ArEicle XII, Section 2(c), ( f ), (9), and (j); ArEicle xvrrr, secE.ion 4(a) and secEion 4(c) (iv); Art.icle XXIII, SecEion 1; and Art.ic1e XXVII, Sect.ion I(a) . (b) For decisions by tshe Council on maEters pert.aining exclusively to Ehe Special Drawing RighEs Depart.menE only Councillors appointed by a member Ehat is a pareicipant. or a group of members at. ]easE one member of which is a part.icipanE shall be enEiEled Eo vot.e. Each of Ehese Councillors shall be entiEled t.o casE Ehe number of votea allot.Eed Eo Ehe member hrhich iB a parEicipanE thats appoint.ed him or t.o the membere EhaE are parEicipanLB in t.he group of mernbers EhaE appoint.ed him, and may caaE Ehe voEes alloEEed Eo a parEicipant. with which arrangemenE6 have been made pursuanE Eo Ehe last. senEence of 3 (b) above. (c) The Counci] may by regulation esEablish a procedure whereby the Execut.ive Board may obt.ain a voEe of the Councillors on a specific quesEion wiEhouE a meeEing of t.he Council when in t.he j udgment. of Ehe Execut,ive Board an acEion musE be t.aken by Ehe Council which should not. be posEponed unEil Ehe nexE meeEing of E.he CounciL and which does noE warrant. Ete Lafting of a special meeting. (d) Article IX, SecEion I shalL apply Co Councillors, t.heir AIt.ernaEes, and Associat.es, and t.o any oEher person enEiEled t.o aEEend a meet.ing of Ehe Cor:.nci L (e) For the purposes of (b) and 3(b) above, an agreemenE under ArEicle xII, sect.ion 3 (i) (ii) by a member, or by a member Ehat iE a part.icipant, shall ent.iEIe a Councillor Co vot.e and casE t.he number of voLes alloE.t.ed Eo Ehe member . (f) when an Execut.ive Director is entitled to casE Ehe number of votes allotEed to a member pursuanE to Art j.cle xlf, Section 3(i) (v) , Ehe Councillor appointed by t,he group whoee memberg elected auch Executive Di-rector shall be entitled Eo voEe and casE Ehe nurnber of vo!.es alloEted to such member. The member shalL be deemed to have part.icipat.ed in t.he appointmenb of the Councillor entitled Co voE.e and cast Ehe number of voEes alloEted to Ehe member . 6- The firsE senEence of ArEj-c1e XII, Seclion 2(a) shall be deemed t.o include a reference to t.he Council . schedule E Election of Execut.ive Directors 1. The election of Ehe elective ExecuEive Direct.ora shall be by baIIot of the Governors eligible Eo vote. 2. In balloting for Ehe Executive Direct.ors Eo be elecEed, each of t.he covernors eligible Eo vote shall cast. for one person all of. Ehe vot.es to which he is enti-tled under ArEicLe xrr, secEion s(a). The fifteen persons receiving t.he great.est. nurnlcer of votes shall be ExecuEive DirecEors, provided thaE no person who received less Ehan four percenc oE t.he Eotar number of voEes t.hat. can be casE (eligible votes) shtll. be considered erected. 3. when fifteen persons are not elected in t.he first balloE, a gecond. .ballot shall be hetd in which there shall vote only (a) those covernors who voted in Ehe firsE baIlot. for a person not eLect.ed; and (b) Ehoae covernors whose voEes for a person elecEed are deemed under 4 beroh, Eo have raised the voEes casE for that person above nine percenE of t.he eligibre voEes. rf in t.he second ba1loE Ehere are more candidit.es Ehan Ehe numbir of Executive DirecEors Eo be eLecged, Ehe person who received the LowegE number of votes in Ehe firsE balIot. shal1 be ineligible for eLecEion. 4. rn deEermining whether the votea ca6E by a Governor are t.o be deemed .to have raised the total of any person above nine percent of the eLigibre voEea Ehe nine percent shal1 be deemed Eo incl-ude, first., Ehe voEea 6t the covernor casEing Ehe largesE number of voles for such person, Ehen the voEes of Ehe Governor casting the next. ]argest number, and ao on unEir nine percent is reached. 5. Any Governor part of whose voEes must. be count.ed ln order to raise Ehe total of any person above four percent sharl be considered as casEing all of his vot.ea for such person even if Ehe lot.ar votes ror euch person thereby exceed nine percent. 6. If, after the second baLlot, f ift.een persons have not been elecEed, furcher bal-lot.s shall be -herd on the same principres unti-1 fifteen persons have been elecE.ed, provided that afEer fourteen persons are elecEed; Che fif Eeent.h -may be electsed by a sj.mple majoriEy of Ehe remainlng vot.es and shalI be deemed Eo have been elected by aII luch vot.ee Schedule F De6ignaEion During E.he first. basic period Ehe rules for designat.ion shall be as fo1- \, lors : (a) Part.icipants subjecE Eo designaEion under ArEicIe XIX, Section 5(a) (i) shalI be designaEed for such amounEE as wj.I] promoEe over Eime equalit.y in Ehe ratios of Ehe parEicipants, holdings of special drawing rightl in excess of Ehej.r neE cumuLative allocat.ions to Eheir offici;I holdings of gold and foreign exchange. (b) The formula Eo give effecL to (a) above sha1l be auch t.hat parEicipants subject to designation shal] be designat.ed: (i) in proportion to Eheir official holdings of gold and foreign exchange when Che ratios described in (a) above are egual,; and (ii) in auch manner ae gradually Eo reduce Lhe difference beEween Ehe rat.ios degcribed in (a) above EhaE are low and the rat.ios Ehat are high. Schedule G ReconsEiEuEion 1. During Ehe first follows: baaic period Ehe rules for reconsEiCuEion shall be as (a) (i) A parEicipanE Bhall so use and reconsEiEuEe it.s holdings of special drawing righEs thaE, five years afEer che first aI]ocat.ion and at Ehe end of each calendar quarter t.hereaf t,er, Ehe average of it.e tot.al daily holdings of special drawj.ng righEs over Ehe mosE recent. five-year period will be noE 1e6s Ehan EhirEy percenE of the average of ita daily net. cumulative allocaEion of special drawing rights over Ehe same period. (ii) Two years afEer Ehe first. allocation and at Ehe end of each calendar monEh EhereafEer Ehe Fund shall make calculaEions for each participanE so a6 Eo ascerEain vrhet.her and to what. exEenE t.he part.icipane vrould need t,o acguire special drawing righcs beEhreen Ehe daEe of Ehe calculaEion and Ehe end of any five-year period in order Eo comply wiEh t.he requiremenE in (a) (i) abowe. The Pund shall adopt. regulations v{iEh respect, Eo Ehe bases on which Ehese calculaEiona shalL be made and with reapect. Eo Ehe t.iming of Ehe designat,ion of parElcipanEs under Art.icle XIX, Section 5(a) (li), in order Eo assiaE Ehem Eo comply wiEh t.he requi.rement in (a) (i) above. (iii) fhe Fund shall give special noEice t.o a parEicipanE when Lhe calcuLaEions under (a) (ii) abowe indicaEe Ehat it. is unlikely that Ehe part.icipant. wilL be able Eo comply wit.h t.he requirement in (a) (i) above unless ic ceases Eo use special drawing right.B for the resE of Ehe period for which Ehe calculaEion wag made under (a) (ii) above. (iv) A paruicipant thaL needs t.o acguire special drawing rights Eo fulfill this obligaEion sha]l be obligaEed and enE j,t.l.ed Eo obEain Ehem, for currency acceptable Eo Ehe Fund, in a EransacEion wit.h Ehe Fund conducted through Ehe ceneraf Resourcea Account - If eufficienE speciaL drawing rights Eo fulfill t.his obllgaEion cannot be obEained in this way, the parEicipanE shall be obligaEed and enciEled t.o oblain Ehem wiEh a f reel.y usable currency from a parEicipane which Ehe Fund shall specify. (b) PartlcipanEs shalI aleo pay due regard t.o Ehe desirabiliEy of pursuing over Eime a balanced relaEionship between their holdings of special drawing right.s and Eheir ocher reserves. 2. If a parEicipant fails t.o comply wiEh Ehe rules for reconstiEut.ion, the Fund shall determine wheE.her or not Ehe circumstancee jueEify suspension under ArEicle xxlII, section 2(b). Schedule H TerminaE.ion of ParEic ipaE ion I. If the obligat.ion remaining after Ehe seEoff under Art.icle XXIV, SecEion 2(b) iE to fhe terminating participanE and agreemenE on seEElemenE beEween Ehe Fund and Ehe EerminaEing parEicipant j-s noE reached within six monEhs of Ehe dace of Eerminat.ion, Ehe Fund ghalL redeem Ehia balance of Bpecial drawj.ng righEs in egual half-yearly inst.allment.s within a maximum of five years of Ehe dat.e of Eermination. The Fund shall redeem Ehis ba]- ance aB it. may deEermine, either -(a) by Ehe payment. Eo Ehe t.erminaEing participanE of Ehe amounts provided by t.he remaining part.icipant.s t.o the Fund in accordance wiEh Article xxIv, Sect.ion 5, or {U)- Uy per'mtcting the uermi_ naEing parEicipant to use it.s special drawing righEs t.6 obtain IE" o*r, .,..,rrency or a freery usabre currency from a participanE epecified by Ehe Fund, t.he ceneral Resources Account, or any r ther holdCr. 2. If Ehe obligahion remaining af t.er the set.of f sect. j-on 2 (b) is to the Fund and agreement on aeEE rrrithin six monE.hs of the daEe of Eermination, Ehe t shall discharge Ehis obligat.ion in equal half-year three years of Ehe date of Eerminat.ion or within such longer period as may be- fixed by Lhe Fund. Ttle teflninating participant sha11 diicharge this obl j.gat.ion, as Ehe Fund may deEermini,- eiEhe; (a) by Ehe paymeni to the Fund of a freely usable currency, or (b) by obt.aining speiiit drawing rights, in accordance with ArEicle XXIV, Saction g, irorir the General Resourcea Account. or i_n agreement. with a participanE specified by the Fund or from any oEher holder, and Ehe 6et.of f ;f EhesL speCial drawing righte against Ehe inst.allment. due. 3 ' rnst.aLlmenEs under either 1 or 2 above shalr fat] due six monEhs afLer t.he dat.e of t.erminaEion and at. inEervals of six months EhereafEer. 4. In Ehe event. of rh: Drawing R1ghE6 DeparEment going int.o liquidation under Arricle xxvlpeciat wi.thin six r 6nthi of thi date a iarcicipane ceirminates its participation, Ehe seEtLemenE beEween Ehe Fund utrr governmenE shall be made in accordance with ArEicle XXV and Schedule "'nd I. Schedule I Admi.nist,ration of Liqui-dation ot t.he Speclal Drawing Rights DeparEmenE 1. In t.he event. of 1i-quidaEion of the SpeciaL Dralring RighEs DepartmenE, participanta sha]I discharge their obligaiione Eo the F-und in Een halfyearly inata11ment.6, or_ ]n such longer period as Ehe Fund may decide is in a.freely usable currency and Ehe currencies of pariicipant.e Ir"gqgd, holding special drawing rights Eo be redeemed in any inst.ailment. io ttre ext,ent of- such redempt.ion, as deLermined by t.he Fund. The firsE half-yearLy payment. shall be made s j.x mont.hs afler the decision to liquidaEe the Special Drawing RighEs DepartmenL. 2. If it is decided t.o li-quidaEe t.he Fund wit.hin six monEha of Ehe daEe of Ehe decision to liquidate Lhe Specj-al Drawing RighEs Department., t.he liquidation of Ehe special Drawing Rights Deparimenf shall-noE proceed untir special drawing righEs herd in Lhe Genlral Resources Acco-unt have been distribuEed in accordance with t.he following rule: After the dieEribuEions made under 2 (a) and (b) of Schedule K, Uhe Fund shall apport.ion it.s specj-al drawing rights held in Ehe General Resourcea Account among all members ttrat arC participantE in proportion to the amount.a due to each parEicipant af t.er t.hs dist.ribution unldei 2(b) . To deEermine the amount due Eo each member for Ehe purpose of apport.ioni,ng the remainder of its holdings of each currency undei z id ) ot s-iheoute rc,- the Fund shall deduct. Ehe dj-srributi.on of specj.al drawing right.s macle under this ruIe. 3. Wit.h the amounEs received under 1 above, t.he Fund shatl redeem special drawing right.B held by holders in the following manner and order: (a) special drawing righLs held by governmenEs EhaE have terminat.ed t.heir parcicipation more Ehan six mont.hs before Ehe daEe Lhe Board of covernors decides Eo liquidat.e the Special Drawing Right.s Department shal1 be redeemed in accordance with Ehe Eerms of any agreemenE under ArEicle xxlv or schedule H. (b) special drawing righEs held by holders EbaE are noE participancs shall be redeemed before those held by parElcipants, and sha1l be redeemed in proportion to Ehe amount held by each holder. (c) The Fund shalI deEermine Ehe ProPorEion of special drah,ing rlghEs held by each particj.panE in re1aE.ion Eo iEs neE cumulative allocaEion. The Fund shall first redeem special drawing righEs from the participanta with the highest proporEion untit t.his proporEion is reduced to E.hat of t.he second highest proport.ion; Ehe Fund sha1l Ehen redeem Ehe special drawing righEs held by Ehese parEicipanEs i"n accordance wit.h Eheir neE cumulative allocation6 until Lhe proporEiona are reduced to EhaE of Ehe Ehird highest proporEion; and Ehis process shall be conEinued unEil Ehe amounL available ?or' redemption is exhalusted. 4. Any amounE thaE a parEiciPant. wi}l be entj'Eled Eo receive in redempEion under 3 above shall be set off againsE any amount Eo be paid under 1 above. 5. During lj-quidaEion Ehe Fund shaIl pay inEeresE on Ehe amount of sPecial drawing right.s held by holders, and each parEj,cipant shall Pay charges on Ehe neE cumulaEive aflocaEion of special drawing righEs Eo iE less Ehe amounE of any pay.menEs made in accordance wit.h 1 above. The raEes of intereeE and chargee and tshe Eime of payment shall be deEermined by Ehe FundPaymenEs of interesE and charges shall be made in special drawing right.s to t.he exEenE possibfe. A parEiciPanE Ehat does not hold suffiiient. special drawing righEs Eo meeE any chargea ehall make Ehe Payment. wiE.h a currency specified by the Fund. special drawing rights received aE charges in amounEs needed for adminj.straEive expenses 6haII not be used for the paymenE of inLeresE, but. sha1l be transferred t.o Ehe Fund and shall be redeemed first and with the currencies ueed by t.he Fund Lo meet iEs expensea. 6. while a part.icipanE is ln defaulE with respecE Eo any PaymenE required by 1 or 5 above, no amounEB shall be Paid Eo it. in accordance with 3 or 5 above . ?. If afler Ehe final paymenEs have been made Eo part.icipant.s each parti-cipant. noc in defaulc does noE hold sPecial drawing right.s j-n Ehe same proportion t.o its neE cumulat.ive allocacion, Ehose parEicipanEs holding a lower proporEion shall purchase from t.hose holding a higher proportion euch amounts in accordance wiEh arrangemenEs made by t.he Fund as will make Ehe proportion of their holdings of apecial drawing righEs Ehe same. Each Participant in defautL shall pay to Ehe Fund its own currency in an amounE equal Eo ils defaulE, The Fund shall apporEion Ehis currency and reeidual claims among parEicipanEs in propor!ion Eo t.he amounE of special drawing righEs held by each and t.hese apecial drawing right,s ehall be cancelled. The Fund EhalL then cloae the books of the sPecial Drawing Right.e Depart.ment and all of Ehe Fund'a liabiliEies arising from Ehe allocaEions of special drawing righE8 and the adminisEraE.ion of Ehe Special Drawing RighEs DeparEmenE shaff cease. 8. Each participant whose currency is disEributed Eo oEher participanEs under Ehis schedule guarantees the unrestricted use of guch currency aE al.] Eimes for Ehe purchase of goods or for paymenEs of suma due to iE or Eo perBons in it.s territories. Each_ part i c ipant. so obligaEed agrees Eo compensaLe ot.her part.icipanEs for any lose resulting from [tr. difierence beEwEen the varue aE which Ehe Fund diarributed its c-urrency und.er this schedule and Ehe value rearized by such parEicipants on disp6sal of it6 currency. Schedule,J SettlemenE of AccounEs with Members WiEhdrawing 1. The setElemenE of accounEs wit.h respect to the GeneraL Resources Account shall be made according t.o l t.o G of Ehis schedure. The Fund sharl be obligaEed t.o pay to a membei wiEhdrawing an amounE equaf Eo iEs quoEa, plus any oEher amount.s due Eo iE from che -pund, Iess an'y amounts due to Ehe Fund, including charges accruing afEer the date of its wit.hdrawal; buE no paymene shal} be made unt.il six monEhs after the daEe of wiE.hdrawal . palrmenEa shalL be made in the currency of the withdrawing member, and for Ehis purpose t.he Fund may tranafer t.o jhe Generar Resour&s Account holdings of the member's currency in t.he special DisbursemenE Account. or in Lhe rnvest.ment. Account in exchange for an eguivalent. amounE of Ehe currencies of other members in the General ResourcLs AccounE serected by t.he Fund wiEh t.he i. r concurrence . 2. If the Fund, € holdings of Ehe currency of t.he wit.hdrawing member are noc sufficient t.o pay t.he net amount due from Ehe Fund, the bilance be paid in a_ freely usable currency, or in Buch ot,her manner as may shall agreed. rr Ehe Fund and the wiEhdrawing member do not. reach agreemencbewiEhin six monEhs of Ehe daEe of withdrawal, Ehe currency in quesiion helar by the-Fund ahall- be paid forLhwith Eo Ehe withdrawing riemuei. Any due shall be paid in t.en half-yearly inst.allments duri;g ehe ensuing balance five year6. Each such installment shall be paid, at the tpbion of clie Fund, either in Ehe currency of Ehe withdrawing member acqu-ired af t.er its withdrawal or in a freely usable currency. 3. rf the Fund rai.ts Eo meeE any inst.allmenE which is due in accordance wit.h.t.he preceding paragraphe, the wiEhdrawing member shall be ent.itled t.o require Ehe Fund Eo pay the installment. in any currency held by t.he Fund with the exception of any currency which has been declired acarce und.er Art.icle VII, Section 3. 4. If t.he Fund, s holdings of lhe currency of a withdrawing member exceed Ehe amounE due to iE, and if agreemenE on the method ot setlling accounts is not reached wiEhin six monthB of t.he daEe of withdrawal t.he former member shall be obrigaEed Eo redeem such excege currency in a, freely ueabre currency. RedempEion shall be made at. t.he raEes at wlich the Fun-d would seLL such currencies at t.he Eime of withdrawal from the Fund. The wiEhdrawing member shalr compleEe redempEion wiEhin five years of Ehe d.ate of wiEhdrawal, or vrithj-n such longer period as may be fixed by the Fund, buE shal] not be required Eo redeem in any harf-yearry period moie than one-Eent.h of the Fund's excess hold-ings of it.s currency it the daEe of wit.hdrawal plus further acquisit.ions of the currency during such half-yearly period. It Ehe withdrawing member does not fulfill Ehjs obligation, t.he Fund- may in an orderl'y manner li.quidaEe in any market. t.he amount of currency which should have been redeemed. 5. Any member deeiring to obtain the currency of a member which has wieh_ drawn shall acquire it by purchaae from Ehe Fund, Eo the exEent thaE such member haE access to Ehe general resources of E.he Fund and that. such currency is available under 4 above. \/ 6. The withdrasring member guarantees Ehe unreatricted use at. aI1 timea of t.he currency dispoged of under 4 and 5 above for Ehe purchase of goods or for payment ot sums due Eo iE or Eo persona wiEhin iEs EerriEories. IE shatl compeneaEe Ehe Fund for any loss resulEing from Ehe difference becween the value of its currency in Eerms of t.he speciaf drawing righE on Ehe dat.e of withdrawal and lhe value reaLized in terms of Ehe special drawing right. by the Fund on disPosal under 4 and 5 above. ?. If Ehe withdrawing member is indebted Eo Ehe Fund as Ehe result of EransacEions conduct.ed through the special Disbursement AccounE under ArEicle v, section 12(f) (ii), Ehe indebEedness shall be discharged in accordance wiEh the Eerms of the indebEednesa. 8. If tshe Fund holds Ehe wit.hdrawing member's currency in Ehe special DisbursemenE AccounE or in Ehe Inve8tmenE Account. Ehe Fund may in an orderty manner exchange in any markeE for the currenciea of member8 the amounL of tshe currency of Ehe wit.hdrawing member remaining in each accounE afEer use under 1 above, and the Proceeds of t,he exchange of t.he amounE in eactr accounE shal} be kePL in Ehat. accounE. Paragraph 5 above and Ehe firsts sentence of 6 above shaIl apply t.o Ehe wit.hdrawing member'sl currency. 9. If t.he Fund holds obligaEions of Ehe withdrawing member in Ehe SPeciaI DisbursemenE AccounE pursuanE to Article V, SecEion 12 (h) , or in the InvestmenE AccounE, the Fund may hold Ehem uncil the daEe of maEuriEy or dispose of tshem sooner. Paragraph 8 above shall apply Eo Ehe proceeds of such diai.nvestmenE. 10. In the evenE of the Fund going into liquidation under Article XXVII, SecEion 2 wiEhin six monEhs of Ehe date on whj-ch Ehe member withdraws, the accounEs between the Fund and thaE government shall be settLed in accordance with ArEicIe xxvrI, SecEion 2 and Schedule K. Schedule K AdminisEraEion of LiquidaEion 1. In Ehe evenE of LiquidaEion Ehe liabiliciea of Ehe Fund oEher than Ehe in the diEcribuEion of the E.he Fund shalL use iEs asseEs of Ehe Fund. In meeting each such liability assels in Ehe foLlowing order: (a) Ehe currency in which Ehe liability is payable,' (b) gold; (c) all other currencies in proporEion, so far as may be practicable, Eo Ehe quotaa of Ehe members. 2. AfEer Ehe discharge of Ehe Pund's liabiliEies in accordance wiEh 1 above, the balance of lhe Fund's asEeEs shal1 be distribuEed and apporEioned as follows: (a) (1) The Fund shall calculate Ehe value of gold held on Augus! 31, 1975 that iE confinues to hol-d on Ehe date of Ehe decision to liguidaEe. The calculation shall be made in accordance wi,Eh 9 below and also on E.he ba6is of one speciat drawing right per 0.888 57I gram of fine gold on Ehe daEe of liguidaElon. Gold equivalenE Eo Ehe excess of Ehe former value over Ehe l-aEter shal] be dieEributed to t.ho8e members thaE were members on August 31, 1975 in proporEion to their quoEas on that. date. repa).menE of subscripEions shall have Prioricy (ii) The Fund sha1l disrri.buEe any assecs held in t.he Special Disbursement AccounE on the date of t.he decision Eo ]iguidaEe to Ehose membera t.haE were members on August 31 , 1975 in proporEion Eo Cheir guot.as on that daEe. Each Eype of asseE shall be dist.ribuEed proporLionately to members . (b) The Fund shall distribute it.s remaining holdings of gold among Ehe members whose currencies are held by Ehe Fund in amounEs Leis chan cheir quoeas in Ehe proport.iona, but. not in excess of, Ehe amounts by which t.heir guotas exceed Ehe Fund, s holdj-nge of E.heir currencj.eg (c) The Fund shall disEribuEe Eo each member one-harf t.he Fund,s holdings of iEs currency buE such disEribution shal] not. exceed fifEy percenc of iEs quoEa. (d) The Fund shat] apportion the remainder of it.s holdings of gold and each currency (i) _among all members j.n proportion Eo, buE not in excess of. Lhe amounts due to each mernber afEer Ehe distribuEions under (b) and (c) above, provided thaE dist.ribution under 2 (a) above ehall not. be taken into accounE for determining Ehe amounta due, and \-/ (ii) any excess hordings of gold and currency among arr Ehe members in proportion Eo Lheir quot.as. 3. Each member sha1l Ehe holdings of its currency apporEioned to other membere under 2 (d-redeem ) above, and shal] agree wiLh tlie prlnal within three months afEer a decision to liguidaEe upon an oralerly proced.ure for such redemption. 4. rf a mernber has not reached agreement with Ehe Fund wit.hin t.he Ehreemonth period referred Eo in 3 above, E.he Fund sharr use Ehe currencies of other members apport.ioned t.o t.hat member under 2 (d ) above Eo redeem Ehe currency of that member apporEioned !o other memberg. Each currency apportioned to a member which has not reached agreemenE. sharl be used,- so--far as possible, t.o redeem ite currency apport.ione-cl Eo the members lrhich have made agreements wiEh the Fund under 3 above. 5. If a member has reached agreement. with Ehe Fund in accordance wit,h 3 above, the Fund shall use che currencies of oE.her membere apporEioned Eo that. member under 2 (d ) above co redeem t.he currency of Eli;E member apportioned Eo oEher members which have made agreements wiEh Ehe Fund under -j above. Each amounE so redeemed shall be rEdeemed in the currency of t.he 'v mernber Lo which it. was apport.ioned. ter carrying out the ateps in the preceding paragraphs, Lhe Fund - 6_._ Afpay shal1 to each member the remaining currenciee-treta ior-its account. 7. Each member whoge currency has been disEribuEed t.o oEher members under 6 above shall redeem such currency in t.he currency of t.he member requesting redempEion, or in such oEber manner as may be agrled bet.ween them. If Ehe members involved do not oEherwise agree, the member obligat.ed Eo redeem €ha1I compleLe redemp!ion wiEhin five years of the date ot dist.ribut.ion, but shal.L not. be required to redeem in any half-yearly period more than one-t.enEh of t.he amount disEributed Eo each oEher membei. If Ehe member does not. fulfill Ehis obligation, Ehe amounE of currency uhich should have been redeemed may be liquidated j.n an orderly manner in- any market. 8 ' Each member whoae currency haa been distribuEed t.o other mernbero under 6 above guaranEees t.he unrest.ricted use of such currency at. all. t.imes for the purchase of goods or for payment. of suma due Eo iE or to persons in its Eerritories. Each member so obligat.ed agreea Eo compenaat.e othei members for any 1o6s result.ing from Ehe difference beEween the value of ita currency in Eerms of Ehe special drawing righE on Ehe dat.e of the decision Eo Iiquidate the Fund and Ehe value in Eerma of Ehe special drawing right. realized by such members on dispoeal of iE6 currency. 9. The Fund sha1l deEermine Ehe value of gold under t.his ScheduJe on the ba6is of prices in t.he markeE. 10. For Ehe purposes of this Schedule, guoEas ehall be deemed Eo have been increased t.o the fu1] exEenE Eo which Ehey couLd have been increased in accordance wiuh ArEicle III, SecEion 2(b) of t.his AgreemenE. schedule L Suspension of voEing Right s In Ehe case of a suspension of voEing right.s of a member under Article Xxvf, section 2(b), Ehe foLlowing provisions shaII apply: L. The member shal] noE: (a) parEicipaEe in t.he adopt.ion of a proposed amendmenE of Ehis Agreement, or be counEed in Ehe total number of memberg for that. purpose, except in Ehe caae of an amendment requiring accept.ance by all members under ArEicle XXVIII (b) or pertaining exclusively t.o the Special Drawing Rights DeparEment; (b) appoint a Governor or AlternaEe covetnor, appoint or part.icipate j.n t.he appoinEmenE of a CouncllIor or AlternaEe CouncilLor, or appoint, elecE, or partsicipat.e in t.he elecEion of an ExecuEive Direct.or. 2. The number of vot.es alloEEed to Ehe member sha11 not be caaE in any organ of Ehe Fund. They shall not be included in t.he calculatj-on of Ehe tot.al vot.ing power, excepE for purposes of the acceptance of a proposed amendmenE perEaining exclusively to the Special Drawing Right.s DaparEment,. 3- (a) The covernor and AIEernaEe covernor appointed by the member shall cease to hold office. (b) The Councillor and Alternat.e Councillor appoinEed by Ehe member, or in whose appointmenE the mendcer has parEicipaCed, shall cease Eo hold. office, provided that, if such Councillor was ent,it.Ied Eo cast. Ehe nurnlcer of voEes alloEEed Eo oEher members whose voting rj.ghtss have noE been euspended, another Councillor and AICernaEe Councillor shal-I be appoinEed by such ot.her membere under Schedule D, and. pending auch appoint.menE, the Councillor and Alternate CouncilLor shall. cont.inue t.o hold office, buE for a maximum of EhirEy days from t.he daee oE suspension. (c) The Executive DirecEor appoint.ed or elected by Ehe member, or in whose el-ect.ion Ehe member has participaEed, shalI cease to hold office, unless such ExecuEive Direct.or was ent.itled to casl t.he number of votes allotted to other members whose voting righEs have noE been suspended. In Ehe latter case: (i) if more t.han nlnet.y days remain before Ehe next regular el.ect.ion of ExecuEive Direct.ors, another ExecuEive Director shalr be erecEed for Ehe remainder of Ehe t.erm by such ot.her members by a majorit.y oE Ehe votea cast.; pendj.ng 6uch election, the Execut.ive Dir;ct.or ihalI-continue to hold office, but for a maximum of thirt.y days from Ehe daEe of suspension; (ii) if noE more t.han ninely daya remain before t.he nexE regular elecEion of Executive DirecEors, t.he ExecuEive Dj-rector shal1 conEinue t.o hold offrce for E.he remainder of t.he t.erm. 4- The member shall be ent.itled to send a represenEative to aEEend any meeEing of t.he Board of Governors, t.he Council, or Ehe ExecuEive Board, buc noE. any- meeting of Eheir commj-Et.ees, when a request. made by, or a matEer parE.lcularly affecEing, the member is under conslderacion. Index Accounts (see also General Resources AccounE; InvesCmenE AccounE,. Speci.al. Disbursement. Account) : AudiEed staEement.s, annual, Art.. XII, Sec. 7(a) Names of′ Introd Art Settlement with withdrawing member日 ′ Art XXVI′ Sec. 3, Sched 」 Adjustment process, Art IV, sec. 4′ Art XVエ ェェ′ Sec. ■ (b)′ Sched. D′ par 2 (a) Agencies of members deal ing with Fund′ Art V′ sec ■ AIternates,. see Board of Governors, councillors, Executive Directors Amendment s : Acceptance by all mernloers in certain cases, Art.. XXVIII (b) ArrangemenEs wit.h oeher inLernaEional organizations which necessiEate amendmenEa, Art . x Considerat.ion of proposals by CounciI, Sched. D, par. 2(b) Ent.ry inEo f orce, Art. )GVIII (c) Proposal, Art. XXVIII (a) Rules and regulations, rates, procedures and decisions in effect. aE daEe of second amendment t.o remain unEil changed, Sched. B, par. 6 Suspension of participaEion in adopEion of proposed amendmenE, Sched. L, par. 1 Voting power reguired for acceptance, Art.. XXVIII(a), (b) Annual ReporE.; eee Reports Arbitrati-on: DisagreemenE ariBing during LiquidaEion of Fund or upon wichdrawal of member, Art . XXIX(c) Disagreement. arising from t.erminaEion of part.icipation in Special Drawing Rights Department or during liquidaEion of that. beparEmenL,xxl (d) - Art. Articles of Agreement. (see also Amendments; InterpreEation of Che AgreenEnt ) AccepEance, Art.. IV, Sec.5(a) ; ArE. XXXI, Sec.2(a), (b), (g) Advice t.o al1 members by covernmen! of Unit.ed States of signitures Eo AgreemenE and deposiE of inst.rument.s of accepEance, ArE. XXXI , Sec, 2(c) Ent.ry ineo force, ArE. XXXI , Sec. 1 Instrument6 of accepEance Eo be deposiCed wit.h covernment of Ehe Unit.ed SEaEes, Art. XXXI, Sec. 1, 2(a) SignaEure, ArE. XXXI, Sec. 2 Assessments for expenses of conduct.ing business of Special Drawing Rights Deparcment Levy by Fund, ArE. XX, Sec. 4 PaymenE in special drawing rj-ghls, Arf. XVI , Sec. 2 SeEtlement on Eermination of part.icipation in Special Drawing RighEs Department., Art.. XXIV, Sec. 2 Archives of Fund, immuniEy, Art. IX, Sec. 5 : : V AsaeEs of Fund (see also fnvesEmenE of Fund'a asseEs,' Reserves of Fund): cerEain proceeds from sale of gold for benef j.t. of developing counEries Eo be held separaEely from general reaources of Fund, sched. B, pat. 'l DisEribution in event of liquidat.ion of Fund, Sched. K Freedom from resErictions, Art. Ix, Sec. 6 cuarantee by each mer cer, Art. XIII, sec. 3 Holdingg in deposiEories, Art. XIII, sec. 2 Immunity, ArE. fX, sec.3,4,6,9(al MainEenance of value, ArE. v, sec. 11 separaEion of assets held in General. DeparEmenE and Special Drawing Rightss Department., ArE. XVI , Sec. 2 Separation of asseEs in Special DisbursemenE Account from oEher accounts in General. DeparEmenE, ArE. V, Sec. 12(f) SeparaEion- of asseEa of InveBtmenE Account. from oEher accounE.s of General DeparEment, ArE. XII, Sec. 6(f) (i) sec. 10 value expressed in speciat drawing righEs, Art. v, (b), par. 5(d) D, 1(a), Sched. associatLs of t.he Council, AudiE; see AccounEB Balance of paymenEg: AdjusEmenE, acEj.on by members Eo achieve, Art. IV, Sec. 4 AdjuBt.menE, supervision by council, Sched. D, par' 2(a) Criterion for designarion of ParEicipanE to provide currency for special drawj.ng righEs, Art. xIX, sec. 5(a) (i) rurnishing-of informaEion concerning, ArE. vIII, sec. 5(a) (vi) Improvement, repurchaae obligaEion, ArE. V, Sec. 7(b) Putlication of ieporu Eo member on condiEions tending Eo produce serious diseguilibrium in international balance of pa).ments, lrc. xII, Sec' I eurpose of Fund Eo correcc maladju6LmenEs and lesaen disequilibrium, ArE. I(V)′ (Vi) Requirement 3(b)(ii) of need for purchase of currencies of memberg, Art. v, sec. RequiremenE of need for use of special drawing righEE, ArE. xlx, sec. 3(a) Special policies for special balance of paymenEs problema, Art. v, sec' 3 (a) 8′ Taken into account in first decision to allocate special drawing righし Art XVIII′ Sec l(b) Art V′ Sec 3(d) Taken into account in selection of currencies to be sold′ Withdrawal of exchange restriction3 by members when balance of paymente is satisfactory′ Art XIV′ Sec 2 Bagic periods for allocation and cancellation of special drawing rights, see Special drawing rights Board of Governors (gee also Governor8): b:[ ::[e「 1]:338:ef:曽 :tli:::ti8e :::1:tm:曽 :鑓 IIirt. tT;習 3霊 ::::] :: ::景 XI工 ′Sec 3(j) decision8 on′ Art Allocation and cancellation of special drawing rights′ XVIエ エ′ Sec 4(a), (C)̀ (d) Alternate Covernorg′ appointment by members′ Art XIÌ Sec. 2(a) Appointment by memberB′ Art. Xエ エ′ Sec 2(a) Art. XXVIII(a)′ (b) ApproVal of amendments to Articles of Agreement′ Authority to increase or decrease number of ExeCutive Directors to be elected′ Art̲ XI工 ′ Sec. 3(b) par 3(a) Ce88atiOn of office after 8uttpension of voting rights, Sched. L′ Chairman, se■ ection′ Art XI工 , Sec 2{a) Comlnittee on lnterpretation′ Art XX工 (c), Art. XXIX(b) Committees, Art XII′ Sec 2(j) Compulsory withdrawal of members by decision of′ Arじ XXVÌ Sec 2(c) consistency of Council′ s or Executive Board′ s actions wiし h Board of GOVernors′ actions′ Sched D′ par 3(c) は DeciEion not to have number of elect.ed direcEors reduced when Art.. XII, Sec. 3 (c) applies, ArE. xrI, sec. 3 (b) Decision Eo esEablish CounciI, Art. XII, Sec. 1 Decisions on maCters pertaining exclusively Eo Special Dra\ding Rights DeparEmenE, Art . XXI (a) (i) DelegaEion of aut.horit.y Eo Counci], Sched. D, par. 3(a) DelegaEion of authority to Executive Board, Art. XII, Sec. 2(b) Determinatj-on of quotas of members, Art. III, Sec. 1 Determi.naEion of remuneraEion paid Eo ExecuCive DirecEors and t.heir Aft.ernaEes, Art. XII, Sec. 2(i) DeEerminat.ion of salary and t.erms of aervice conEract of Managing Dj.rector, Art. . XI I. Sec. 2 (i ) Elect.ion of Execut.ive DirecEors, Art. XII, Sec. 3(b) , (d) ; Sched. B Expenses incurred in att.endlng meetings, Art. XII, Sec- Z(h) General review of guoEas and adjustments of quot.as, ArE. III, Sec. 2(a) ImmuniEie6, Art.. IX, Sec. 8 Initial subscription paymenEs EransmiEEed Eo, Arts. XXxI, Sec. 2(d) fnEerpretat.ion of Fund Agreement, ArE. XXIX(b) Interpret.aLion perEaining exclusively to Special Drawing RighEs Departnent, Art - XXI (c) LiquidaEion of Fund, decision, ArE, XXV(a); Art XXVII, Sec. 2(a) , (b) LiquidaEion of Special Drawing Rights DeparEment., decision, Art. XXV(a), (b) Meetings, ArE. XrI, Sec. 2(c); Arr. XXI (a) (i) Number of voEes of each covernor, ArE. XII, Sec. 2(e) Powers, Art. XII, Sec.2(a), (b); Sched. D, par.6 Prescription for payment. of 25 percenE of increase in quota in currencies rather Ehan Epecial drawing righEs, ArE. III, Sec. 3(a) PrescripEion of times and Eerme for mernlcership and subscript.ion, Art. II, Sec. 2 Provision for in Fund st.ructure, ArE. XII, Sec. 1 Quorum for meet.ings, Art.. XII, Sec. 2(d) ; Art.. XXI (a) (i) Representation of member whose voting righEs have been suspended, Sched. L, par. 4 RuLes and regulations, adoption, ArE. XII, Sec. 2(g) Servj-ce pending new appoinLment., ArE. XII. Sec. 2(a) Service wiEhout. compensat.ion, Art. XII, Sec. 2(h) Suspension of member.s right. Eo appoint. a covernor, Sched, L, par. l(b) Temporary suspension of cerEain provisions, ext.ension, Art.. XXVII, Sec. 1(b) Vot.e wit.houE meeEing, Art. XII, Sec. 2(f); Sched. D, par- 5(a) Borrowing of currency by Fund Eo repleniBh holdj-ngs, Art. VII, Sec. L Buffer st.ocks, inE.ernaEionaI, of primary producta, financing of conEribuEion6 Lo, Art. XXX(c) (ii) CapiEal transactions: DeterminaEion by Fund wheEher tranaact.ions to be cons■ dered current or cap― ital transactions, Art.. XXX (d) Furniahing of information concerning, Art. VII工 ′ Sec 5(a)(vi) PaFnents for, definiEion, Art. XXX(d) Use of Fund's general regources for, Art.- V工 , sec l(b)(■ ) Capital transfers: Contro19′ Art VI′ sec. ■, 3 Reserve tranche purchases for̀ Art VI′ Sec 2, Art XXVII′ sec l(a)(ii) Use of Fund's genera■ resources for′ Art VI′ Sec l′ 2, Art XXVI′ sec 2 (a) Use of member' o own resourcee for′ しo be in accordance with purpo日 Fund, Art . vI , SeC ■ (b)(ii) Central banks: Agency deal ing with Fund′ Art.V′ sec. 1 e6 0f DesignaEj,on a6 depoErit.ory for Fund,e holdings of currency, ArE. XIII, SeC 2 Ir,sEitutions t.hat. perform such funct.ions for more t.han one member, etigibiIiEy for prescription as hol.ders of special drawing rights, ArE. )CVIi, Sec. 3 (i) ctlarges : Accruing after dat.e of member's wit.hdrawal, Sched. J, par. 1 Failure of member Eo make required repurchase, Art. v, Sec, 8(c) Levy by Fund, Art. v, Sec. 8(a), (b); ArE. xxvlI, Sec. 1(a) (i) Levy on average daily balances held in ceneral Resources Account. of Fund, ArE. v, Sec. 8 (b) NeE cumulat.ive allocat.ion of special drawing rights, Art. XX, Sec. 2, 3, 5; sched. f, par. 5 OutsEanding obligaEion held by E.erminating part.icipant., Art.. XXIV, Sec 2 (a) , 3 Payabfe during l iguidat ion of Special Drawing Rights Department, ArE. XXV(c) ; sched. I, par. 5 PaymenE in special drawing righcs, and in excepEional circumatances in specified members' currencies or in member,a own currency, ArE, V, Sec. I (e) i ArE. XX, Sec - 5,. Art . XXVII, Sec. I (a) RaEe Eo be equal Co raEe of int.erest. in Special Drawing RighEs DeparEmenE, ArE. XX, Sec. 3 Rate6, majoriEy reguired for det.erminaE.ion, Art. V, Sec. 8(d) RaEes, relaEionship to rat.e of remunerat.ion, Art.. V, Sec. 9(a) Rise at inEerwals during period currency balancee are held, ArE. V, Sec. I (b) Service, on purchase of special drawi,ng righEs or currency of anot.her member, ArE. V, Sec. 8(a) (i) Service, on reserve t.ranche purchasea, ArE. V, Sec. 8(a) (i) SEand-by or similar arrangement.a, Art.. v, Sec. 8(a) (ii) Clearlng arrangement.s, furnishing of information, ArE. VIII, Sec. 5(a) (xj-j") CoIIaEeral security, pledge, ArC. V, Sec. 4 CoIonies,. see Terri Eories Corunj.EEee on Interpretation; see Board of Governors ccmniEtees: AppoinEment by Board of Governora, Council, and Executive Board, ArE. XII, Sec.2(j); Sched. D, par. 5 (a) Immunilies of members, ArE. IX, Sec. I common denominaEor, apecial drawing right or ot.her but not. gold or a currency, Sched. C, par. 1 privilege for, ArE. IX, Sec. ? Communications, official, Compensat.ory financing of export fIucEuaEions, ArL. XXX(c) (i) Compulsory wiEhdrawal from membership, ArE. XIV, Sec. 3; ArE. XXVI, Sec. 2(c); Sched. C, par. 7, I Consul.Eation6: Annual, with membere reEaining cerEaj.n exchange rest.ricEiona, ArE. XIV, Sec. 3 Bet.ween members regarding exisEing inEernaEional agreemenEg, Art. VIII, Sec. 6 By Managing Director to ascertain if E.here is broad support. for proposal on allocaEion or cancellaEion of special drawing righEs, Art.. XVIII. Sec. 4(b) Charge6 on delinquent repurchases, ArE. V, Sec. 8(c) Currencies Eo be sold, sel.ect,ion, ArE, V, Sec. 3(d) Current or capit.al, transacEions, decerminaEion, ArE. XXx(d) Exchange rat.es of part.icipanE's currency, Art.. XIX, Sec. ?(c) Fund eale of gold for member's currency, ArE, V, Sec. 12(c) ; Sched. B, par. ? (b) Member wit.hout par value, Sched. C, par. 3, 9 Members' exchange rate policies, ArE. IV, Sec. 3(b) Par value ceaaing Eo exist., Sched. C, par. 8 Art. V, Sec. ? (bl Sale of currency not repurchased, Art. v, Sec. 7(h) Convertibil.ity,. foreign-heId balances, Art.. VIII, Sec. 4 (see also Free]y usable currency) cooperative arrangements for mainEenance of value of currencies, ArE. rv, Sec. 2(b), 3(b) Repurchaae obligation, co\rncil: Adopt. ion of re$rlaEions and determinaEion of procedures, Sched. D, par. 4 Authority t.o adopt. rules and regulations Eo conducE buainess of Fund, Art.. XII′ Sec 2(g)′ sched. D, par 5(a) Authority to appoint cOmmittees, Art AuthOrity to call Board of GovernOr8 D, par. 5 (a) XII′ Sec 2(j), Sched. D′ par. 5(a) meeting, Art. XIェ , sec. 2(c)′ Sched AuEhoriEy t.o obtain voEe of Governorg wit.hout meeEing, Art.. XII, Sec.2(f); Sched. D, par. 5 (a) Chairman, selection, Sched. D, par.4 ComposiEion, Sched. D, par. 1(a) Concurrence in proposals of Managing DirecEor on allocaEions and cancel La Eions of special drawing righE.s, nrE. XVtft, sec. 4(a) ; Sched. D, par. 5(a) Consistency of acE.ion wiEh acEion of Board of Governors, Sched. D, par. 3(c) DecisiOns on matters D′ par 5(b) relat.ing t.o Special Drawing Rights Department., Sched. Establishment. by decision of Board of covernors, ArE. xII, Sec. 1; Sched. D Immunities and privileges, Sched. D, par. 5(d) Meehings, Sched. D, par. 4 Powers, ArE. XII, Sec. 2 (a), (c), (f), (g), (j ); Art.. XVIII. sec. 4 (a), (c) (iv) ; ArE. XXIII, Sec. 1; Art.. XXVII. Sec. 1(a) ; Sched. D, par. 5(a), 6 Representation of member whoae voEing right.s have been suspendei, sched. r,, par. 4 RequesE for pr:oposar by Managing Director for alrocaEion or canceLlaEion of speclal drawing right.s, Art. XVIII, Sec. 4(c) (iv) ; Sched. D, par. 5(a) Temporary suspension of certain provisions of Agreement, arc. iXVII, Sec. 1(a); Sched. D, par. 5(a) Temporary suspension of provisions relaEing to operaEions and transact.ions in special drawing righEs, ArE. xxIfI, Se-. t; -sched. D, par.5(a) Councillors: Appointment. and atEendance at meeti-ng of Council, Sched. D, par. 1(a), (b) AlEernaEes, Sched. D, par. 1(b) Casting of voE.es, Sched. D, par. 3(b), 5(b), (e) Cessat.ion of office afLer suspengion of vot.ing right.s, Sched. L, par. 3(b) ImmuniEie6 and privileges, Sched. D, par. 5(d) Suspension of member,s right to appoint. or parEicipate in appoinEmenL, Sched. L, par, 1(b) Currencies (see also Freely usable currency; Holdings; Maincenance of value . . . ,. Scarce currencies) Accept.able to Fund, uae t.o obtain apecial drawing rights, ArE. XX, Sec. 5; Sched. G, par. 1(a) (iv) AcquisiEion of currency of member that has wiEhdrawn, Sched. ,r, par. 5 Acquisition of own currency wiEh special drawing rights by t.ermin;tlng parEicipanEs, Sched. H, par. L AdjustmenE of Fund's holdings, Art.. V, Sec. 11(b) Borrowing by Fund, Art.. VII, Sec. 1(j.) ComputaEions, ArE. V, Sec. 1O Desj.gnation-of part.icipanEa to provide for specified amounf. of gpecial drawing rights, Art., XIX, Sec. 5; Sc )ed. F Discharge of obligations Eo Fund by participants in event. of liquidation of Special Drawing Rights DepartmenE, Sched. I, par. 1 : Discharge of repurchase obligaEion or au-bacripEion payable in gold by non- part. icipants, Sched. B Exchange for freely usable currency, Art. v, sec. 3(e), z(j) Exchange raEes, tsransacEionE in special drawing righEs, ArE. v, sec. 10(b), 11(a); ArE. XIx, sec. 7 Fund's holdings, Art.. III, Sec. 3; Art.. V, Sec,6(b) , 7(i), 8(e); ArE. xIII, Sec. 2la'); Art. XXX(a), (c); Sched. B, par. 4 Invescment Account holdings, use to meeE expense6 of conducE.ing business of Fund, ArE. xII, sec. 6(f) (iv), (v) Invest.menE in obligaEions denominaEed in currency uaed, Art. XII, Sec. 5 (f ) (iii ) MainEenance of a value by membera in Eerms of special drawing righE or anoEher denominator otsher Ehan gold, Art. Iv, sec. 2(b) Maintenance of value by Fund, Art. v, Sec. 11 MainEenance of value by mernberE, cooperatiwe arrangemenEs by members, ArEIv, Sec. 3 (b) obligaEion of parEic j,pant. Eo provj.de, ArE. xlx, sec. 4 Pa)rment by Fund Eo member consentsing to quoEa reduction, ArE. III, Sec. 3 (c) Payment. of charges. Art.. V, Sec. 8(e) eayment of distribuEion of neE income or part of general reaerve in member's own currency, ArE. XII, Sec. 5(e) PaymenE of quota increase, ArE. III, sec' 3(a) Pa)rmenE of remuneraEion in member's own currency, Art.. v, Sec. 9(d) Payment. Eo wit.hdrawing member, sched. J Purchase from Fund for apecial drawing righEs, Art.. V, sec. 6 Purchase of currency held by anoEher member, ArE. vIII, sec. 4 RedempEion of holdings apporEioned Eo oEher members in liguidalion of Fund, Sched. K, par. 3-8 ReplenishmenE of Fund's holdings, Art,. vII, Sec. 1 Repurchase by member of currency held by Fund, Art. v, sec. 7; Sched. B, par. 1-5 scarciEy, Art.. VII, sec. 2, 3 selection by Fund to be provided or accepted for transact.ions in special drawing righEs, Art. V, Sec- 6(c) Selection for repurchase, ArE. V, Sec. 7(i) Selection for aa1e, policies and procedure, Art. v, Sec. 3(d) SeparaEe currencies wiEhin men f,er's Eerritories, ArE ' IV, Sec. 5 SetElemenE with EerminaEing particiPanE, Art. XXIV, Sec. 4-6 specified by Fund, discharge of obligaEion by non-participant. payable j.n special drawing right.B, Sched. B, Par. 2 Specified by Fund, use in repurchases, ArE. v, Sec. 7(i), (j) subBEiEuEion of securiEiea, ArE. III, Sec. 4i ArE. XXX(a) CurrenE transacEions: converuibiliEy of foreign-held balances acquired as re8ul,t of or needed for making pa).ments for, ArE. vfII, Sec. 4 DeEermination by Fund wheEher transactions Eo be conaidered current or cap iEaI t.ransacEions, Art. xxx (d) MuItilateral system of pa).ments, Art. I(iv) Pa).menEs for, definition, Art. xxx(d) Re6tricEions on payments and EransferB, ArE. vI , Sec' 3, Art.. vrl, Sec. 3(b), (c); ArE. VIII, Sec.2; ArE. XIV, Sec.2 CusEoms duEies, Fund's immuniEy from, ArE. Ix, sec. 9(a) DaEa; see fnformaEion DefiniEion of Eerms: Freely usable currency, Art.. y\xx(f ) Mernbers on AugusE 3L, L975, ArE. xxx (9) NeE cumulaEive allocaEion of special drawing right.s, Art.. xxx(e) OperaEions in special drawing righEs, Art. xXX(i) Operat.ions of Fund, Art. Pa).ment.s for XXX (h) current transact.iona, Art. XXX (d) Reserve tranche purchase, Art.. XXX(c) SEanal-by arrangement, Art. X)(x (b) Tranaactj-ona in special drawj-ng right.s, Art. XXx(i) TransacEions of Fund, Art. xXX(h) DeparEmenEs and AccounEs, Introd. ArE. DeposiEary for instruments of acceptance of t.he Agreement., Art XXXI′ Sec 2 DeposiEories: Currency, designation by each member, Art. XIIl, Sec. 2(a) GoLd, to be held in designat.ed depo6it.ories, Art. XIII, Sec. 2(b) Guarantee of Fund assets against. Loss from failure or default., ArE. XIII, Sec. l Subscription payment.s Eo appropriaEe depository, ArE. III, Sec. 1 Developing members : Balance of payment.s assistance on special- Eerms from asseEs in Special DisbursemenE Account, Art.. V, Sec. 12(f)(ii) Diatribution of part of assees from sale of gold in Special DisbursemenL Account, ArE. v, Sec- 12(f) (iii); Sched. B, par. 7(b) cont. inuetl) Transfer of real resources, review of d evelopments by Council, Sched. D, par. 2 (a) DisagreefiEnts: Arising bet.ween Fund and terminaEing participant. or any parEicipant during liquidation of Special Drawing Right.s Depart.ment, Art.. xXI (d) Arising between Fund and withdrawn member or any member durLng liguidaEion of Fund, Art.. XXVII, Sec.2(b); Arr. XXIX(c) Discriminatory currency arrangement.a, avoidance, Ar! - VIlf. Sec. 3 Diseguilibrium (see also Balance of paymenLs) Fundament.al , change in par value to correcE or prevent., Sched. C, par. 6, Purpose of Fund Eo lessen in inEernationaL balances of paymenEs of members. Arr. r (vi) Report. to members regarding condiEions tending to produce serious disequilibrium in balance of paymenEs, Ar!. xfl, sec. 8 Economic growth, orderly, obligaEion of members to fosEer, ArE. Iv, Sec. 1 ( : ElecEion; see ExecuEive DirecE.ors Emergency provisions: LiquidaEion of lhe Fund, Art- XXVII, Sec. 2 ArE. XXVII, Sec. Ii Sched. D, par.5(a) Temporary suspension of operaEion of certain prowisions of t.he AgreemenE, Temporary suEpenEion of provisions relaLing to special drawing right.s, ArE. XXIIf , Sec. l; ArL. XXV(a),. Sched. D, par. 5 (a) Employment., promoEion and maint.enance of hj.gh Levels, ArE. I(ii) Ent.ry into force of t.he Agreement, Ar!. XXXI, Sec- 1 EsEablishmenE of InternaLional Monetary Fund, InErod. ArE - (i) ExcepE ional circumatances : AuEhority for parEicipanEs t.o agree on olher exchange raEes for Eransac- tiona, ArL. XIX, Sec. 7 (b) Fund representaEions to mernber on withdrawal of re6EricEions, Art, XIV, Sec. 3 PaymenE of charges in currencies of other members specified by Fund or in member's oh,n currency, Art. V, Sec. 8(e) ; Ar!. XXVII, Sec. 1(a)(i) Reduct j-on of quoLa, payment., ArE. IIf, Sec. 3(c) Exchange arrangemenEs Changes, notificaEion of Fund by member, ArE. Iv, Sec. 2(a) Consistency \dith purposes of Fund, Sched. C, par. 3 ConsulLation with Fund by member not inEending to establish par value or whose par value has ceased Eo exisE, Sched. C, par. 3, 9 : GeneraL, Fund may make provision for, Art. IV, Sec. 2(c) Kind prevalllng on ,January L, L976, ArE, IV. Sec. 2(b) NoEificat.ion by member of arrangement.a t.o be applied and of changeB, Art.. IV, Sec. 2 (a) obligat.ions of members, ArE. IV,. Sched. c, par. 3, 9 Orderly, maj.nEenance among medbers, Art.. I(iii) SeparaEe currencies vrit.hin a mernber's Eerrit.ories, ArE. IV, Sec. 5 Surveillance, ArE. Iv, sec. 3 Exchange contracEs, unenforceabi 1i t.y, Art. vIII, Sec. 2(b) Exchange conErol6 (see aleo Exchange restricEions): Capital Eransfers, ArE. VI , Sec. 1(a), 3 Cooperation beEween members Eo make regulaEions more effecEiwe, Art.. VIII, \J Sec. 2 (b) Furnishing of informaEion, Ar!. VIII, Sec. 5(a) (xi) Exchange depreciaEion, competit.ive, avoidance, ArE. I(iii) Exchange margina, spoE exchange EraneactionB of mernbers having par values, ArE. xxVII, Sec. 1(a) (iv),' Sched. C, par. 5 Exchange rat.es (see alao Exchange arrangemenEs, Par values): Avoidance of manipulaEing, Art.. IV, Sec. 1(iii) Buyj.ng and selling raEes for foreign currencieg. turnishing of informaEion concerning, Art. VIII, Sec. 5(a) (x) CompuEaEions for applying provisions of Ehe Agreement, Art.. v, Sec. 10 Policies, consul.EaEions with members, ArE. Iv, Sec. 3(b) Policies, principlee for guidance, ArE. Iv, sec. 3(b) Promot.ion of sLable system, Art. Iv, Sec. 1, ArE. xlv, sec. 2 TerminaEion of par value, sched. c, par. 8 TransacEione in special drawing right.s, Art.. xrx, sec. 7 value of currencies held in General ResourceB AccounE, Art. v, Sec. 11(a) Exchange restrictions : AdapEation to changing circumsEancea, ArE. xlv, Sec. 2 AdminisEraEion wiEh respecE Eo scarce currency, ArE. Vff, Sec. 4 Approval by Eund, ArE, VIII, Sec. 2(a) Avoidance on currenE paymenEs, Arts. VIII, Sec. 2 ConsulEation6 between members Eo make adjusEment. for applicaEion of auEho- rized re6trictions, ArE. VIII, Sec. 6 CongultaEions wit.h Fund as Eo furEher reE.enEion, ArC, XIV, Sec. 3 CooperaEion beEween members in making exchange conErol regu]ations more v effective, Art. VfII, Sec. 2 (b) Effect. of oEher inEernaEionaL agreemenEs on, ArE. VII, Sec. 5 Elimination of foreign exchange restsricEions which hamper growEh of world t.rade, Art.. I ( iv) MainEenance, ArE. XIv, sec. 1 Member persisEing in maintaining resEric!ions inconsisEent with Fund'6 purposes, ArE. XIv, Sec. 3i ArE. xxvl, Sec. 2 obligalion Eo wit.hdraw, Art.. xlv, sec. 2 On EransacEions wiE.h non-member counErieE,, Art,. XI , Sec. 2 Report, annual, ArE. XIV, Sec. 3 RepresenEation as to wiEhdrawal, ArE. XIV, Sec. 3 Ret.ent.ion, ArE. XfV, Sec. 3 scarce currency, formal declaraEion authorizing temporary exchange reaEricEions, Art. VII, Sec. 3(b) TransiEional arrangemenEs, ArE . XIV Exchange sEabi 1i t.y: Promotion of sEable sy6Eem of exchange raEes, ArC. IV, Sec. 1,' ArE. XIV, Sec. 2 Purpose of Fund Eo promoEe, Art. I(iii) Exchange EransacEions; see OperaEions and tranBacEiona ExecuEive Board: Aut.hority to call meetings of Board of Governora, Art. XII, Sec. 2(c) Aut.horiEy to call meetings of Council, Sched. D, par. 4 Committeea, Art. XrI, Sec.2(j); Art. IX, Sec. B concurrence in proposals for alrocation and cancellaEion of speciar drawing rj.ght,s, Arr. XvIIf, Sec, 4 (a), (d) Decisiona on mat.ters perta.ining excluaj.vely t.o Special Drawing RighEs Department, Art. XXI (a) (il) DelegaEion of powers by Board of covernors, Art. XII, Sec. 2(b), 3(a) Funct.ion in continuous session, ArE. XII, Sec. 3(g) fnterpretatj.on of t.he Agreement, decision, Art. XX-I (c); Art. XXIX(a) Managing Directsor, selecEion of, ArE. XII. Sec. 4(a) Managing Director Eo be Chairman, ArE. XII, Sec. 4(a) Meet.ings, Art.. Xf I, Sec. 3 (g) No- inconsisEency of actions with those of Board of Governors or councir, Sched. D, par. 3 (c) Powers corresponding Eo those of Councll, Sched. D, par. S(a) Provision for, Art. XfI, Sec. 1 ouorum for meeEings. Art. XII, Sec. 3(h); ArE. XXI(a) (ii) RemuneraEion, determinaLion by Board of covernors, Art.. XII, Sec. 2(i) Representation of member not enEitred to appoint. an Executive Director, Art.. XII, Sec. 3(j) Representation of member whoae voting rights have been suspended, sched. L, par. 4 Requesl for allocaEion or cancellation of special drawing righEs, Art. XvIr I, Sec. a(c) (iv) ResponsibiliEy for conducEing busj.ness of Fund, Art. XII, Sec. 3(a) RuLes and regulations, adopE j-on, ArE. XII, Sec. 2(g) Temporary suspension of arrocaEions or cancerrations of special drawing rights, ArE . XXV (a) Temporary suspension of certain prowisions of t.he Agreement, ArE. XXvrI, Sec. 1(a), (c) Temporary suspension of operaEions and Eransact.ions in special drawing righEs, ArE. XXIII, Sec. 1,. Art. XXV(a) Temporary suspengion of transact.ions i-n an emergency, Art. XXVII, Sec. 2(a) Execut.ive Di,recEors AddiEional appointed, Art. XII, Sec. 3(c) Advisors, immunit.ies and privileges, Art. Ix. sec. 8 AlEernat.e, appointment. and powers, Art. XII, Sec. 3(e) Alternat.e, authoriEy t.o exercise por,ver6 of former Executi-ve Director while office i6 vacanE, ArE. XfI, Sec. 3(f) Alt.ernaEe, det.erminat.ion of remuneration by Board of covernors, ArE. XII, Sec . 2 (i) AlEernat.e, enEiLIement. Eo at.Eend meeEings of CounciL, Sched. D, par. 1(b) AlternaEe, immunities and privileges, Ait.. fx, Sec. 8, 9(b) Appoinred, Arr. xII, sec. 3 (b) (i). 3 (c), 3 (j.) Attendance at Council meeEinga, Sched. D, par. 1(b) Ceasation of office af E,er suspenslon of vouing right.s, Sched- L, par. 3(c) Elect.ion, Art. xII, Sec. 3(b) (ii), (d); Sched. e Elective, ArL. XII, Sec. 3 (b) (ii) Immunit.ies and privileges, Art.. fx, Sec. I Immunit.y from E.ax on salaries, Art. IX, Sec. 9(b) fncrease or decrease in number Eo be elected, Art.. XII, Sec. 3(b) Number, ArE. XII, Sec.3(b), (c) RemuneraEion, determinaEion by Board of Governor6, Art. XfI, Sec. 2(i) Suspension of member,s right t.o appoinE or parEicipaLe in etecEion, Sched. L, par. 1(b) Vacancy in office of el-ect.ed Executive Director, Art. XII, Sec. 3(f) VoEes, number for each ExecuEive DirecEor, ArE. XII, Sec.3(i), 5 Explanation of Eerms, Art,. XXX (see also Defj.nit.ion of Eerms) Financial and technical services, performance by Fund, Art.. v, Sec. 2(b) : FiecaI agencies: Dealing wiEh Fund, ArE. v, Sec. 1 Not to engage in discriminaEory currency arrangemenEs or mulEip1e currency PracEices, Art. vIII, Sec. 3 UnderEakings with respecE Eo transactions vriEh non-member, Art. XI , Sec. 1(i); Art. xxvlI, Sec. 1(a) (iii) Foreign exchange, data members may be required t.o furnish, Art. VIII, sec. s (a) (i), \J (ii) Freely usable currency : Conversion inEo by member whose currency haa been purchased from Fund, ArE. V, Sec. 3 (e) Definition, ArE.. xxx (f ) Exchange for currency specifi.ed for repurchaae, ArE. V, Sec. 7(i) obligaEion Eo prowide on demand to parEicipanc using special drawing righEs, Art,. XIX, Sec. 4 SeEElemenE wj-t.h members wj-thdrawing, Sched. J, par. 2, 4 SetEfement with EerminaEing parti.cipanE, ArE. xxlv, Sec- 5, 6; Sched. H Use Eo acquire special drawing righEs for Pa).menE of charge or asBeEsmenE, ArE. XX, Sec. 5; Art. XXIV, Sec. 3 Use Eo discharge obligations to Fund by part.icipanEa in event of liguidaEion of special Drawing RighEs DepartmenE, Sched. I, par. 1 reconatitution obligation, Use uo obt.ain special drawing righEs Eo fulfill sched. G, par. 1. (a) (iv) Fundamentsal disequilibrium; see Dieeguilibrium ceneral Depart.ment. (see aLso General Resourcea Account.i Invest.ment Accounl; special DisbursemenE Account.) AdminisEraEion, ArE. xII, sec.6; ArE. XXI ConsisEing of General Resourcea AccounE, Special Digbursements Account, and InvesEmenE AccounE, rnErod. Art. (iii) (1ii) EsEablishmenE and operation, InErod. Art.. (ii), Holding of aseeEs and propert.y of Fund, ArE. XvI , Sec. 2 LiquidaEion, ArE. xxvII. sec.2; Sched. K OperaEions and EransacEionB, ArE. XvI, Sec. 1; ArE. XVII, Sec. 2 Purchase and sale of special drawlng right.s by parEicipanE, ArE. v, Sec. : 5 (a) , (b) Reimlcursement in special drawing righE.s for expenges of conduct.ing business of Special Drawing RighEs DeparEmenE, Art. XVI, Sec. 2; Art. XXI(a) (iii) separat.ion from special Drawing Right,s DeparEment., Introd. Art.. (ii), (iii), Art. xvr, sec. 1, 2 vaLue of asseEB Eo be expressed in special drawing righEs, Art. v, Sec. 10 (a) v General reserve; see Reserveg of Fund General Resources AccounE : AccepEance and holdings of special drawing righEs, Art. xxl (a) (iii) AcqulgiEion of mernber's own currency or freely usable currency by Cerminating parEicj.pant, Sched. H, par. L AcquisiEion of epecia] drawing right.s by participanE to pay charge or assessmenL, Art. XX, Sec. 5 Acquisition of special drawing righEs by Lerminating participanE, Sched. H, par. 2 Acqui6iLion of special drawing righEs Eo fulfill recons t. i tut. ion obligaEion, Sched. c, par. 1(a) (iw) Charges on balances of currency held, ArE. V, Sec. 8(b) Conduct. of operaEj-ons and EranEacEions, InErod. ArE. (iii) DisEribuEion of special drawing righls if decision E.o liquidaCe Fund wit.hin six monEhs of decision Eo liquidaEe Special Drawing Right8 DeparEmen!, Sched. I, par.2 Holding of general resources of Fund, ArE. v, Sec. 2(a) Holdings of a member's currency, effect. of gold sales, ArE. v, Sec. 12(c) Holdings of special drawing rights, Art.. XVII, Sec. 2 fncreaae in quoEaa of members aa of AugusE 31, 1975 in amounEB not exceeding amounEs Eransferred from Special Disbursement. AccounE, Art. III, Sec. 2 (b) OperaEions and EransacEions in special drawing rights wiCh prescribed hoLd- ers, ArE. XVII, Sec. 2, 3 (iii) Placement. of proceeds of sale of gold, ArE.. v, sec. L2(f); Sched. B, par.7 Replenishment of Fund's holdings of currencies, ArE. VII, Sec. 1 Transactions to facilitate settlement wj.t.h t.erminaEing part.icipant., Art. XXIV, Sec. 6 Tranefer of assets upon terminaEion of Special DisbursemenE AccounE, ArE. v, Sec. 12(j) Transfer of holdings of withdrawing member's currency in Special Disbursement, AccounE or InvesEmenE Account, Sched. .I, par- 1 Transfer of parE of Invest.menE AccounE upon EerminaEion or reducEion of invesEmenE, Art.. XII, Sec. 5 (f) (viii) , (ix) Globa1 liguidiEy; see Liquidity, int.ernat.ionaL clobal need Eo supplement exisEing reserve as6eEs; see Reaerves GoId: AccepEance of paymenEa by Fund, Art. V, Sec. 12(d) ApportionmenE of gold holdings in caee of liguidaEion of Fund, Sched. K, (vi)v Dat.a members may be reguired t.o furniEh, ArE. vfII, Sec. 5(a) (i)-(iv), Depoeitories, Art.. XIII, Sec- 2(b) Distribut.ion in evenE. of liquidat.ion of Fund, Sched. K, pat. L, 2 ObligaEion Eo pay in repurchaEe or as subscrj-pEion, payment, in special drawing righEs, sched. B, par. 2 Price, fixed markeE, avoidance of managemenE or esEablishmenE of, ArE. V, sec. J.z {4, Price for sales Eo be agreed on basia of markeE prices, Art.. V, Sec. 12(c) Price for sales to mernbers on daEe of second amendmenE of Ehe AgreemenE, ArE. V, Sec. 12 (e) SaIe by Fund, ArE. v, Sec. 12(c), (d); Sched. B, par. 7 Sale by Fund on daEe of aecond amendmenE of Ehe Agreement, Art. V, Sec. 12 (e) , (f ) Sale of up to 25 million ouncea held as of AugusE 31, 1975 for benefiE of developing counEriea, Sched. B, par. 7(b) Sale of up to 25 mil]ion ounce8 held as of AugusE 3l , L975 to members of tha! date j-n proportion t.o their quoEa6, Sched. B, par. 7(a) Transfer in an emergency, Art.. XIII, Sec. 2(b) Transfer of parts of proceeds of sale to InveBEmenE Account, ArE. xII, sec. 5 (f) (ii) Transfer with due regard Eo cosEs and requiremenEs of Fund, ArC. XIII, Sec. 2 (b) Transitional prowisions, Sched. B val.uaLion in case of liquidaEion of Fund, Sched, K, par. 9 Governors (see also Board of Governora) AlternaEe, appointment and powerE, Art. XII, Sec. 2(a) Appoint.ment., ArE - xII, Sec. 2(a) ceasat j,on of office after suspension of votsing rights, sched. L, par. 3(a) Expenses, Art. XII, Sec. 2(h) Immunit.ies and privileges, ArE. Ix, sec. 8 suspension of member's righ! co appoinE a Governor af t.er suspenaion of vocing right.s, Sched. L, par. 1(b) voEes, number for each Governor, ArE. XII, Sec. 2(e) Holdings (see also AsseEs of Fund) Adjustment in Fund'e holdj.ngs of member'a currency, Art. v, Sec. 11(b) (cont inued) Balanced distribuEion of participant.s' special drawing righEs, ArE. xIx, : : Sec. 5 (b) Balanced relaEionship beEween parEicipants, special drawing righta and oEher reserves, Sched. G, par. 1(b) DisEribuEion in evenE of liguj-dation of Fund, Sched. K Fund'g holding8 of a member'a currency, Art. III, sec. 3(a) , (c); Art.. v, Sec. 7, 8(b), 9, 11,. Art,. XIII, Sec. 2; ArE. XXX(a), (c) Inclusion of securj-E j.es accept.ed by Fund, Art. XXX(a) Member's currency not Eo be increased abowe Level aL which Fund, s holdings would be subjecE to charges, Art.. III, sec. 3(a),' Art.. v, Sec. 6(b), 7(i) , 8 (e) , 12 (c) PublicaEion of Eummary st.at.ement, Art. XII, Sec. 7(a) Ratea of compuEaEion of member's currency, Art. V, Sec, 10(b) Recording of changes in holdings of special drawing right.s, ArE. XVI , sec. 3 Repurchaae, Sched. B, par. 4 Sale by Fund of member's currency noE repurchased, Art. v, Sec. 7(h) ScarciEy of menber'9 currency, ArE. VII, Sec. 3 Special drawing righEs in ceneral Reaourcea Account, Art.. XVII, Sec. 2 Value of Fund's asseEs, maintenance, Art. V, Sec. 11 ImmuniEies; see SEaEus, irffiiunit. j-es, and privileges Income, neE, disEribution, ArE. XII, Sec.6 Income of inveatmenE, Art.. V, Sec- 12(h) ; Art.. XfI, Sec. 5(f) (iv) Ineli.gibility; oee Use of Fund's general resources Inforlnation: Fund to act as centser for collecEi.on and exchange of informaEion on monetary and financial problems, Art. vIII, Sec. 5(c) Members may be required Co furnigh, Art. vIIf, Sec. 5 Necesaary for surveillance over exchange rat.e policies of members, provision to Fund, Art. IV, Sec. 3(b) No disclosure of atfaira ot individuala or corporations, ArE.. vIII, Sec. s (b) InEereaE on special drawing rights: Accrued, pa).menE upon liquidation of Special Drawing Rj-ghts DepartmenE, ArE . XXV(c) Accrued, seEClemenE on Cermination of part.icj,paEion in Special Dralring Rights Depart.menE, Art. XXIV, Sec. 2(a) OuEsEanding balance held by terminat.ing parEicipanE, Art. XXIV, Sec. 3 Payment. by Fund during IlquidaEion oE special Drawing RighEs DeparEment., Sched. I, par, 5, 6 payment. in epecial drawing right.s, Art. XX, Sec. 5 Pa).ment. Eo holders, ArE. XX, Sec. 1 Rate, deEermination, Art.. XX, Sec. 3 Rate, relation Eo remuneraEion rat.e, ArE. V, Sec. 9(a) Internat ional agreemenEs ConsulEaEion between members regardl,ng, Art. VIII, Sec. 5 Effect on reeErict.ions, ArE. vII, Sec. 5 Mutual accord for cooperation in exchange conErols, Art.. VIII, Sec. 2(b) Internat.ional CourE of .fustice, appoinEment of umpire of arbiEraEion Eribunal, Art. XXIX (c) InEernaEionaI IiguidiEy; Bee Liquidit.y, inEernational International moneEary sysEem, purpo8e, general obligat.ions of members, Art.. fV, Sec. 1 InEernaciona} organizaEion6, arrangemenEs for cooperaLion wit.h, ArE. X Int.ernaEional, surveillance of internat.ional liguidit.y, Art. vIIf, Sec. 7 InterpretaEj.on of t.he AgreemenE: ArbiE.raE.ion of disagreemenE between Fund and wit.hdrawing mernber or memlcer during Liquidat. j.on of Fr.rnd, Art . XXIX (c) Commit.t.ee on Int. erpret. at. ion of Board of Governors, Art. XXI(c); ArE. : )o(rx (b) Deci,sion, fina1, by Board of covernora, Art. xxIX (b) ExplanaLion of term6, ArE. XXX MaEEers relaEing exclusively Eo Special Drawj.ng Rj-ght.s Department, Art, )o(I (c) Quest.ion arising between Fund and member or beEh,een members to be submiEEed to ExecuEive Board, ArE. XXIX (a) InLervenEion arrangemenEs, Art. Iv, Sec. 4 InvegEment Accounts: ConducE of operations and tranaacEions in ceneral DeparEmenE, Inerod. ArE. (iii) Currency held not. included in comput.ations relating Eo quoEa, Art, V, Sec. 10 (c) DisEribuEion of asaeta on Eermination or reducEion, ArE. XII,Sec. 6 (f) (vii) - (ix) Est.ablishmenE and procedures, Art.. XII, Sec. 6(f) Holdings of currency or obJ.igaEions of withdrawing member, Sched. ,J, par. a, 9 Termination, Art. XrI, Sec. 5 (f) (vi) - (viii) Transfer 9f. part of excess from sale of gold, Art. V, Sec. 12(g); Art. Xff. Sec. 6 (f) (ii) , (ix) Transfer Of wit.hdrawing member,s currency to General Resourcea AccOUnE, Sched . ,J, par . 1 fnvescmenE, furniohing of information on i.nt.ernational poeition by member, v Art.. vIII, Sec. 5(a) (wii) Inveatment of F\-lnd,a asaets: Income, Art. XII, Sec. 6(f) (iv) Mernber's currency held j-n Inveetment. Account, Art.. XII, Sec. 6(f) (iii) Mernber's currency held in Specia] DisbursemenE AccounE, Art. V, Sec. 12(h) ReducEion of amounE, Art. XII, Sec. 6(f) (ix) LiquidaEion of Fund: AdminisEration, Sched. I, par. 2, Sched. K Decision of Board of Governors, Art. XXV(a) ; Art.. XXVII, Sec. 2 Deci6i.on lrithin six months of decision Eo riquidat.e speciaL Drawing RighE.s Depart.menE, Sched. I, par- 2 Disagreement during, ArE. XXIX (c) SeEELemen! of account.s wit.hin six monEhs of withdrawal from memberahip, Sched. .T, par. 10,. Sched. K Termination of fnveatmenE Account, ArL. xII, Sec. G (f) (vi) - (wiii) Termj,nation of Special Digbursement Account, Art.. V, Sec. 12(j) L,iguidaLion of Special Drawing RighE.s Department.: AdminisEraEion, Sched. I Decision of Board of Governora, Art.. XXV(a) Decision wit.hin six mont.hs of decision Eo liquidat.e Fund, Sched. I, par. 2 DisE.ribuEion of currency paj-d by parEicipant in defaulE, Sched. I, pir. 7, \-, I Payment of j.nEeresE durj-ng liguidation, Sched. I, par. 5 Redempt.ion by Fund of apecial drawing righEs of holders, Art. xxv(c), Sched. I, par. 3, 7 Sett.Iemene wiEh E.erminaEing participant, Sched. H, par. 4 Temporary suspension of allocations or cancellaE.iona and operati,ong and tranaacEions in an emergency, Art. XXV(a) LiguidiEy, internarional : Col]aboraEion of menbers, Art. VIII, Sec. ? InternaLional surveillance, ArE. VfII, Sec,7 Superwieion of, Sched. D, par. 2(a) Maint.enance of value of members' currenci.es: Currencieg held in General Resources Account, ArE. V, Sec, 11 Currency of participanes disEribuEed in evenE of liquidation of Special Drawj.ng Rights Depart.menE, Sched. I, par. I Currency of withdrawing member, Sched. J, par. 6 Management,. see OrganizaEion and management Managing DirecEor I Chairman of ExecuEive Board, ArE. XII, Sec. 4(a) Chief of operat j,ng sEaff, Art.. XII, Sec. 4(b) Duty Eo Fund, ArE. XII, Sec. 4(c) ImmuniEies and privilegeE, ArE. Ix, Sec. 8, 9(b) ParEicipat.ion in meeE j-ngs of Board of Governora, Art.. XII, Sec. 4(a) Proposals for allocat.ion or cancellation of apecial drawing righE.a, ArE. XVIII, Sec. 4 シ Provision for, Art.. XII, Sec. 1 Salary and Eermg of conEracE of servj-ce t,o be determined by Board of covernors, Art.. XII, Sec. 2(i) Sel.ecEion by Executive Board, ArE. XII, Sec. 4(a) SubjecL Eo general conErol of Execut.ive Board, ArE. XII, Sec. 4(b) Vot.e in ExecuEive Board, Art. XII, Sec. 4(a) Margins for spot exchange transact. j.onB, Art.. xxvll, Sec. 1(a) (iv); Sched. C, par. 5 MeetingB : Board of covernors, part.icipation by Managing DirecEor, ArE. XII, Sec. 4(a) Board of covernors, prowisions for, Art. XII, Sec. 2(c), (h); Arf. )o(r (a) (i) Board of Governors, qluorum, Art. XII, Sec. 2(d) i Art.. XXI (a) (i) Council, Sched. D, par. 4, 5(a) ExecuEive Board, aEEendance by member not. enE.iEled Eo appoint an ExecuEive Director, ArE. XII, Sec. 3 (j ) Executive Board, parEicipation by Alternate Executive Direct.ors, Art. XII, Sec. 3 (e) Executive Board, quorum, ArE. XII, Sec. 3 (h); ArE. XXI (a) (ii) Mernbers (see also Ho)-dings; Obligations of members; Territories) : Acceptance of membership, efEecEive daEe, ArE. XXXI, Sec. 2(b) Acceptance of membership in accordance wiEh mernber, s Iaw, Art.. XXXI, Sec. 2lal AcEion by member to make effecEive in Eerms of iLB law Ehe BEaEua, immunities, and privileges of Fund, ArE. IX, Sec. 1O Agenciea deal,ing with Fund, ArE. V, Sec. 1 AllocaEions of special drawing right,B Eo member becoming a part.icipanE af t.er start of basic period, Art. XVIfI, Sec. 2(d) Amendmenta Eo Ehe AgreemenE, acceptance by, ArE. XXVIII(a), (b) AppoinEment of Councillors, AlEernatee, and AssociaEes, Sched. D, par. 1(a) . (b) communication of views of Fund Eo members, ArE. xII, Sec. I Concurrence of member j.n inveatmenE of iEe currency, Art.. V, Sec. 12(h); Art. XII, Sec. 6(f) (iii) concurrence of member in use of ics currency, Art.. III. Sec. 3(a) , (c); ArE. v, Sec.6, r2(c) , (h) ; Art. VII, Sec. 1(i), err. iff, Sec. Oif)(iii); sched. B, par. 7 (b) ConsenE and pa).ment reguired for change of quoEa, Art. III, Sec. 2(d) ConsulEat.ions between members regarding existing inEernaEional agreements, Art.. VIII, Sec. 6 Developing, sale of gold for benefit., ArE. v, Sec. 12(f) (ii), (iii); Sched. B, par. 7 (b) fnformation reguired by Fund, ArE. VIII, Sec. 5 InsErument of accept.ance of t.he Agreement., depoeiE., Art. XXXI,Sec. 1, 2(a)_ (c) New, conditions of admission for, Art.. fI, Sec.2; ArE. XXXI , Sec.2(f) Not.ificaEion t.o Fund of exchange arrangementB to be applied and of any changes in these arrangementa, Art.. IV, Sec. 2(a) On AugusE 31, 1975, definit.ion, ArE. XXX(g) On August 31, 1975, developing membera, gold distrj-bution in proporEion to quotaa, Art. V, Sec- 12(f) (iii) On AugusE 31, L975, gold sales in proportion Eo quoEaa, Art.. V, Sec. 12(e) Sched. B, par. 7 (a) On August. 31, L975, t.ransfer of parE of profiEs of gold Ba1e, Sched. B, par. 7 (b) original members, Arr,. II, sec. 1; ArE. XXXI, sec.2(e); Sched. a RepresenEat.ion aE Executiwe Board meetings of members noE aLlowed to appoint a Direct.or, Art. IX, Sec. 8; Art. XII, Sec. 3(j), 8; Art. XXIX(a) RepresenEaEion of need to use Fund,s general resources, Art.. V, Sec. 3 (b) (ii) Resources contribuEed by, adminigtraEion by Fund, Art. V, Sec. 2(b) Right to participate in Special Drawing Rights Department, Introd. Art. ii) Signature of ArEicles of Agreement., Art.. XXXI , Sec. 1, 2 Withdrawal, compulsory, ArE. XIV, Sec.3; Art. XXVI , Sec.2(c); Sched. C, par. 7, I Withdrawal, righe, ArE. XXVI , Sec. 1; ArE. XXVIII (b) (i) withdrawal, aimultaneouE Eerminatj-on of participaEion in Special Drawing RighEs Depart.ment, Art. XXIV, Sec. 1(b) wi t.hdravring, guaranEee of unrest.ricEed use of currency disposed of, Sched. aI, par. 5 withdrawing, indebEedness Eo Fund, sched. J, par. ?, 1O Withdrawing, seEElemenE of account.s, Art. XXVI , Sec. 3; Sched. .I MultiLat.eral syst.em of paymenEs for current. tranaactions, Fund,s purpose Eo assist in est.abl i shment, , ArE. I(iv) Mult.iple currency pracEices, obligaEion of member to avoid, Art. VIII. Sec 3 Nat.ional income, furnishing of information concerning, Art. VIII, Sec. 5 (a) (viii) NegaEive balances of special drawing righE6i see special drawing righEs Net cumulative allocation of special drawing right.s; see Special drawing rights NeE income, dist.ribueion, ArE. XII, Sec. 5 Non-member countriee: PrescripEion aa other holders of special drawing rights, ArE. XVII, Sec. J (I) ResEricEions on EransacEions wiEh, ArE. XI, Sec. 2 Undert.akings regarding relaeions h,iEh, ArE. XI, Sec. 1; ArE.. XXVII, Sec. 1 (a) (iii) Non- part. i cipanE s in Special Drawing RighEs Depart.ment.: Discharge of obligaEion payable in special drawing righEs wiEh currencies of other memberB specified by Fundf Sched. B, par. 2 Payment of specia] drawing rightB part. of quoEa increase in currencies of oEher mernbers, ArE. IfI, Sec. 3(a) PrescripEion as oCher holders of apecial drawing right.s, Art XVII, Sec 3 (i) Obligations of members : AsseEs of Fund, obligaEion ro guaranEee against. losa, Art.. XIII, Sec. 3 Avoidance of digcrj.minaEory currency pracEices, ArE. vIII, Sec. 3 Avoidance of restrictions on current payment.s, Arl.. VIII, Sec. 2 CollaboraEion regarding policies on reserve asseEs, Art. vIII, sec. 7 Collaboration Eo assure orderly exchange arrangements and promoEe stsab1e sysEem of exchange rates, Art., IV, Sec. 1 Compliance regarding exchange arrangemenEs, surveillance by Fund, Art. IV, Sec. 3 ConsulEaEion between members regarding exist.ing inEernaEional agreements, Art.. vIII, Sec. 5 Conwert.ibiliEy of foreign-held balances, Art. vIII, sec. 4 ( v v \ v- Discriminatory currency arrangemenEa, Fund approval, reguired, Art.. VIII, Sec. 3 Exchange arrangement.s, ArE. IV; Sched. C, par. 9 Failure Eo fu1fill. Art. V, Sec. 5,. Art. Vf , Sec. 1(a),. ArE. XIV, Sec. 3; ArC. XXVI , Sec. 2 Furnishing of informaEion, ArE. VIII, Sec. 5 MulEiple currency pract.icea, Pund approval reguired, ArE. Vfff, Sec. 3 NoEitication Eo Fund concerning t.ransiEional arrangement.s or accepEance of ArEicLe VIII, Sec.2,3, and 4, Art. XIV, Sec. 1 Re1aEions wiEh non-member counEries, Art.. xI Repurchase, ArE. V, Sec. 7 Reaerve asaeLs, policies regarding, ArE. vIII, Sec. 7 Restrictions on payments and t.ransferg for current t.ranaact.ions, Fund approval required, ArE. vIII, Sec. 2(a) Obligations of participant.s in Special Drawing Right.E Department.: Failure Eo fuIfi11, ArE. xxlIr, Sec. 2 ceneral obligat.ions, ArE. XXI I Liquidat.ion of Special Drawing Rights DeparEmenE, sched. I, par. 1, 5, 7, I Palment of interesE, charges, and aGaessment.a, Art,. XX, Sec. 5 Reconstitution of holdings, Arts. XIx, Sec. 6(a); Sched. G RequiremenE. of need, ArE. XIX, Sec. 3(a) Termination of parEicipation, setE1ement., ArE. XXIV, Sec. 4, 5; Sched. H To provide freely usable currency t.o participanE using apecial. drawing righcs on designaEion by Fund, Art. xlx, Sec. 4 To receive allocations of special drarring righEs, ArE. XVIII, Sec. 2(e) Office6, locaLi.on of, Art. xfII, Sec. 1 operaEions and tranaactions : CapiEal Eransactions, ArE - vI , Sec. 1 (b) ; Art . Xxx (d) Conduct, by General DeparEmenE and Special Drawing Right.s DeparEmenE, Int.rod. ArE. (ii) , (iil) i ArE. xxl CurrenE transacEiona, Art. )(](x (d) Decisions affecting, majorities reguired, ArE. xxI (a) (iii) Definit,ions of EransacEions and operations in special drawing rights, ArE. )oo((i) Def j-nitions of transacEions and operaEions of Fund, ArE. XXX(h) Immunitsy from taxes, Art.. IX, Sec. 9i Art.. XXI (b) LimiEations, Art. V, Sec.2; ArE. XxvII Other holdera of special drawing righEs, Art.. XVIf, Sec. 2, 3 Publicati.on of gummary eEaEemenE, ArE. XII, Sec. 7(a) Separatsion of ceneral, Depart,men! and Special Drawing Rights Department., InErod. Art. (ii). (iii); ArE. xvl, sec. 1 Special drawing righEs, ArE. XVII, Sec.2, 3; Art.. XIX, Art.. XXX(i) Temporary suepension of certain provisione of Ehe Agreement, Art.. XXIII, Sec. 1; ArE. XXVII, Sec. 1,. Sched. D, par. 5(a) Temporary Buspension of, in Epecial drawing righEs, Art,. XXIII, Sched. D, par. 5 (a) Temporary suBpension of operationa and transact.ions pending decigj.on to IiquidaEe Fund, Art.. xxvlI, Sec. 2(a) Organization and managemenE : Board of Governora, Art. XII, Sec. 2 Communicat.ion of views Eo memlcers, ArE. XII, Sec. I Executive Board, Arts. XII, Sec. 3 Location of office6, ArE., XfIf, Sec. 1 Managing DirecEor and sLaff, Art. XII, Sec. 4 Publication of reporEs, Alt. xII, Sec. 7 SEaLus, immunit.ies, and privilege6, Art. IX; ArE. XXI (b) Structure of Fund, ArE, XII, Sec. 1 voting of members, ArE. XII, Sec. 5 Par yalues (see also Exchange arrangements; Exchange raLes) : Authorit.y for esEablishmenE, Arr.. IV, Sec. 4; Sched. C, par. 1 Change, Art. XXVIII (b) (iii); Sched. C, par. 6, 7 Concurrence by Fund, Sched. C, par. 4 Failure to fu1fil1 obligaEions. Sched. C, par. ?, I fntroduction of widespread sysEem of sEable buE adjustable par values, Art. IV, Sec. 4 New, proposal by mernlcer for whose currency par value has ceased Eo exisE, Sched. C, par. 10 Spot. exchange Eransact.ions, margins, Art. XXVII, Sec. 1(a) (iv) ; Sched. C, par. 5 Termination, Sched. C, par.8 Uniform proport.ionate changes, sched. C, par. 11 UnrealigEic, maintenance t.o be discouraged, Sched. C, par. 7 ParEicipants in Special Drawi-ng RighEs Department. (see also ObIi.gations of parLicipant.s in Special Drawing Righes DeparEment; Special Drawing RighEs Department): Allocations Eo members Ehat. become participanta after starE of a basic period, Arr.. XvIII, Sec. 2(d) AasessmenEs and payment. of inEereat and charges, ArE. XX, Sec. 4, 5 Broad support for allocaEion and cancell-ation of 6pecial drawing righEe t.o be ascerEained, ArE. XVIII, Sec. 4(b) ConsulEaEion wiEh Fund on procedure for det.ermin ing exchange raEes, ArE. XIx, Sec. 7 (c) Definit.ion, Art.. XVII, Sec- 1 Deposit of instrumenE of undertaking, Art. XVIl, Sec. I Designation and Eiming for acquiring special drawing righEs for reconaEitut.ion, Sched. G, par. I (a) (ii) Designat.ion, due regard to be paid in replenishing currencies wich special drawing righEs, ArE. VII, Sec. 1(ii) Designacion ruIes, revieh,. ArE. XIX, Sec. 5(c) Designat.ion to provide currency for speciat drawing right.s, Art. XJX, Sec. 4(a),5; Sched. F Failure to fulfill expectaEion of requiremenE of need, Art. XIX, Sec. 3(b), (c) , s (a) (ii); Art. XXIII, Sec. 2 (b)- (f ) Failure Eo fulfj.Il obl.igation t.o provide currency, Art.. XXfII, Sec. 2 (a) , (c) - (e) cuaranE.ee of unresEricEed use of currency distsribuEed in IiquidaEion of Special Drawing Right.s Department, Sched. I, par. I Information t.o be prowided Eo Fund, ArE. XVI. Sec. 3 Nonreceipt of allocaEions of special drawing righEs, ArL. XVIII, Sec. 2(e) Obl.igaEion t.o provide currency for special drawing rights, Art.. VII, Sec1(ii) ; ArE. xlx, Sec. 4; Art., XXIII, Sec. 2(d) Operations and t.ranaactions between part.icipant.s, Art.. XIX, Sec. 2 OperaEion6 and EransacEions with prescribed holders, Art. XVIf, Sec. 3(iii) ReconsEit.ution obligation, ArE. XIX, Sec- 6; Sched. c _/ RequiremenE of need, Art.. XIX, Sec. 3 Specified by Fund Lo provide a currency in seLElemenE. of obligaEion Eo Eerminating parEicipanE, ArC. XxIv, Sec. s Termination of part.icipaEion, ArE. XXIV; Sched. H Pa)menta; see Balance of paymenta; Current transacLions Price indices, furnishing of informa!ion concerning, ArE. vIII, Sec. s (a) ( ix) Price movemencs, consideraEion in determination Eo inEroduce par walues, Art. IV, Sec. 4 Price sEabilaEy, obligat j,on of member to direct. policies t.olvard, Art. IV, Sec. 1 (i ) Privilegesi see Stat.us, immuniEies, and privileges Purchase of exchange; see U6e of Fund'g general resourceB Purposes of Fund: Allocat.ion and cancellaEion of special drawing right6 to promot.e aEtainment., ArE. XVIII, Sec. 1(a) Cap j.tal movemenE.s in accordance !,{iEh, Art . VI , Sec. L (b) ( ii ) continuous regard by members in foreign exchange policies, ArE. XIv, Sec. 2 Exchange arrangements, consisEenE with, ArE. IV, Sec.2(cl; Sched. C, par. 3, 9 Financial and technica] aervices of Fund, including adminj-strat.ion of resources cont.ributed by members , consistenE wit.h purposes, ArE. V, Sec. 2 (b) PoLicies and decisione to be guided by, ArE. I Statement., ArE, I Uae of Fund's general reaourcea j,n manner cont.rary Eo, ArE. V′ Sec 5 Ouorum; 6ee MeeEings Quot as : AdjusLment., ArL. III, Sec. 2 Amendment, modifying provisions dealing wiEh change in member,a quoEa, ArE. )oorl rr (b) (ii) Baais for allocaEion and cancelLation of special drawing rights, Art. xvlII, sec, 2 (c) (iii) ConsenE of mernber and payment required for change, Art.. III, Sec. 2(d) DistribuEion of neE income in proporEion to, Art. XII, Sec. 6(c) DiEtribuEion of parE of general reserve in proportion Eo, ArE. XfI, Sec. 6 (d) DisEribuEion of parE of proceeds from sale of gold t.o developing mernbers in proporEion E.o, Art. V, Sec. 12lt.) (iii); sched. B, par. 7(b) General review at inEervats of noE more Ehan five years, ArE. III, Sec. 2 (al Increase Eo fulI exEenE possj.ble in evenE of liguidat.ion of Fund, Sched. K, par. 10 Increaseg, pa).menE, ArE. III, Sec. 3(a), (b), (d) Original members, Art. III, Sec. 1; Sched. A OEher membera, Art. III, Sec. 1 PercenEage applying co remuneraEion, Art. v, Sec. 9(a)-(c) Proposal, for increase aE any time for Ehose members Ehat were members on August 31, 1975, Art.. III. Sec. 2 (b) ReducEion, payment by Fund Eo member, Art. III, sec. 3 (c) SaIe of gold Eo members in proport.ion Eo, ArE. v, sec. 12(e); sched. B, Par. 7 (a) ReconsciEution of holdings of special drawing right.s: AcquisiEion of special. drawing righEs from ceneral Resources AccounE to fulfiII obligation, Sched. c, par. 1(a) (iv) Failure to comply with rule8, Sched c, par. 2 Obliga!ion of participanEs, ArE. XIX Sec. 6; Sched. c, par. 1(a) (i), (iv) Part.icipanE6 6ubjecE t.o deEignaEion to promoEe, ArE. XIX, Sec. 3(c), 5(a) (ii); Sched. G, par. 1(a) (if) Rules during first. basic period, sched. c, par. L Ru1es, review at any t.ime, AlE. XIX Sec. 6(b) RemuneraEion on members' crediEor poeiEiona: Pa).ment in special drawing righta or in member,s own currency, ArE. v Sec. e (d) Payment on amount. by which prescribed percentage of a member,s quoEa exceeds averag-e daily balances of Fund,s holdings of t.he member,! currency, Art. V, Sec. 9 PercenLage of quota applying to calculation, ArE. V, Sec. 9 Rate of, det.ermination and relaEion to raLe of interesE and charge6, Art V, Sec. 9 (a) ReplenishmenE of Fund,s holdings of currencyi see Scarce currenc i es Reports: Annual report, Art.. XII, Sec. Z(a) Audited st.aEement. of accounE6, Art. XII, Sec. ?(a) Exchange restricCions, annual. Art.. XIV, Sec. 3 General scarciEy of parEicular currency, Art. VII, Sec. 2 Ot.her report.s deemed desirable, ArE. xiI, Sec. 7(b) PublicaLion of report made to mernber regarding iEs economic conditions which tend to produce disequiribiium in inEernational balance of paymenEg, ArE. XfI, Sec. I summary .catemenE of operaEions and transactions and holdings apecial drawing righEs, gold, and membera, currencies, Art - XII. SeL. of z(a) Repurchases of currency held by Fund: Chaage of periods for repurchase, ArL. V, Sec. 7(c), (d) , (f) repurchaae, ArE. v, sec. 7(b) -(j); Aiu. ixvrr, sec. 99"9+9]""9 -governing 1(a) (i); sched. B Currency no! acquired by purchase and subject to charges, Art,.,, V, sec. ?(e) Entitlement. Eo repurchage aE any Eime holdings subjeci to charges, ArE. v, Sec. ?(a)i Art.. XXVII, Sec. 1(a) (i) Failure to make repurchase required, charges on Fund, s holdings, Art. v, Sec. I (c) InsEaIlmenEs, prescript.ion during 3-t.o-5-year period, Art. V, Not. lat.er Ehan fiwe years afEer purchase, Art . v, Sec. 7 (c) Sec. ?(c) Postponement, Art. V, Sec. 7(g) Pursuant to a special policy on use of Fund' s general resources, adopEion of other periods, Art- V, Sec. ?(d ) ,l f ) Sale of Fund hoJ-dings of currency not repurchased, ArE. V, Sec. 7(h) Temporary suspension, ArE. XXVII, Sec. I (a) (i) Transit.ional provisions, Sched. B With special drawing right.s or currencies specified by Fund, Art. v, Sec. / (L, RequiremenE of need: For purchase of currency from Fund,6 general reaources, ArE. V, Sec. 3 (b) (ii ) For use of special drawing righEs, ArE. xIX, Sec. 3(a) Reserve t.ranche purchases : gg-".dlqlgns governing use of Fund,s general resourcea, Art. v, Sec. 3 (b) (iii) Definition, ArE. xXX (c ) Not. subject t.o challenge, ArE.V, Sec. 3(c) Service charge, Art. V, Sec. 8(a) (i) Use to meet. capiE.a] Cransfers, ArL. vI , Sec. 2; Art.. XXVII. Sec. 1(a) (i-i) ReserveE : Balanced relat.ionship of holdings of special drawing rights and oEher reservea, Sched. G, par. I(b) crobal need Eo suppremenE, consideration in decieions on allocaEion and canceflaEion of apecial drawing righEs, Art.. XVIII, Sec. 1 Objective of making special driwing right, principai reeerve asseE, ArU. VIII, Sec. 7 obligaEion of members Eo corLaborat.e regarding policies on reserve assets, Art. VIII, Sec. 7 t.o part.icipanEs, designation Eo provj.de currency, Art.. -PosiEion, (a) (i) xIX, sec. 5lglaEion PosiEion, taken into account in aelecEion of currencies to be sold, Art. V, Sec. 3 (d) Repurchaae expected as re€rerve poeit.ion improves, Ar!. V, Sec. ?(b) TransacEionB in special drawj-ng righes not. for sole purpoae of changing composj-t j-on, ArE. XIX, Sec. 3 (a) Reserves of Fund: General reserve, dist.ribuEion, Art.. XII, Sec.6(d) P.l-acemenE of net income Lo generaL or speciaL reserve, Art XfI, Sec 6(a) Specj.a] reserve, uae, ArE. XII, Sec. G(b) ResErictions on paymeD,t s and Eransferai aee Exchange resErictions Rulea and Regn:lationE, adopEion by Board of covernZrs, Counqil, ind ExecuEive Board. Art.. xII, Sec.2(g); Sched. D, par. 5(a) Scarce currencies: AdministraEion of reEtrictions, Art. VII, Sec. 4 Effect. of oEher internaEional agreemenEs on rest.rict.iona. Art.. VII, Sec. 5 Exception Eo enEiElemenE of member to purchase currency of anot,her member, Art. V, Sec. 3 (d) Exception Eo Fund pal.menE of inst.alImenE due t.o wit.hdrawing member, Sched. .I, par. 3 V V Exception t.o obrigaEion of member not Eo impose resEricEions on currenE. inLernat,ional t.ransacEions, ArE. VIII, Sec. 2(a) Exception to obligat.ion of member to buy balances of currency held by anoEher member, Art.. vfII, Sec. 4(b) (iv) Formal declaraEion by Fund, ArE. vfl, Sec. 3(a), (b) Measures Lo replenish Fund,s holdings, ArE. vII, Sec. 1 Notificat.ion and reporE t.o members on general scarciEy of a parEicular currency, ArE. VII, Sec. 2 Securities: Inclusion in Fund,s holdinga, Art. XXX(a) InvesEment. in markeEable obligations, Art., V, Sec. 12(h) ; Art. XII, Sec. 6 (f ) (iii) SubsEilution for currency, Art. III, Sec. 4 separaEe currencies wiEhin a member,s territ.oriea, ArE. IV′ Sec. 5 Special DisburgemenE Account. : Currency held noe included in comput.aEiona relating Eo quota, Art.. V, Sec 10 (c) Discharge of indebt.edness of wiEhdrawing member, Art. XXVII, Sec. 2(b); Sched. J, par. 7 DisEribuEion of assets in evenE of liquidaLion of Fund, Sched. K, par. 2 (a) (ii) Est.ablishmenE in General Depart.ment., InErod. Art. (iii); Art. V, Sec. 12(f) ExpenEea, reimbursement, ArE. V, Sec. 12(i) Holdings of currencies or obligaEions of withdrawing member, Sched. \r, par 8, 9 rncrease in quoEag of members aa of AugusE 31, 1975 noE Eo exceed amounts Eransferred t.heref rom to General Resources Account, ArC. III, Sec. 2(b) Investment. of currency held, Art.. V, Sec. 12(h) Termj.naEion, ArE. V, Sec. 12(j) Transfer of asse!6 from rnveaEmenE Account. on reducEion of invesEmenE., Art. XII, Sec. 5 (f) (ix) Transfer of assets from rnvegtmenE Account upon EerminaEion prior to riguidaEion of Fund, ArE. xII, sec. 6(f) (viii) Transfer of asset.s subject, t.o disposiEion afEer sale of gold for benefit of developing members, Sched. B, par. 7 Transfer of wiEhdrawing member's currency Eo General Resources AccounE, Sched. J, par. 1 Special drawin_g rights /s.ee also Charges; Interest on epecial drawing righEs; Special. Drawing Right.s Depart.mEnE ) : Accepcance and ho).ding in ceneral Resources AccounE, Art. XXI (a) (iii) AcquisiEion by EerminaEJ.ng parEicipant. t.o discharge'ob:.igaJi"",'S'"n"a. X, par. 2 Acquisit.ion to fu1fiIl reconsEituEion requirement., Sched.. c, par. l(a) (iv) AllocaEion and cancel,lation, Alt, xVIII; Sched. O, par. 5 (;) ' AuEhoriLy for aIlocaEion, ArE. xv, Sec. 1 Balanced relaEj-onship wit.h ot.her reserves, Sched. G, par. 1(b) BaEic periods for allocaEion and cance1laEion, Art. iVIII , Sec.2, 3, 4; Sched. F, c Exchange rates for Eransact.ions beEween parbicipanEs, ArE. XIX, Sec FirsE decision t.o alIocat.e, Art. XvIII, Sec. 1(b) , 2(a), 4(b) Fund as hol.der, ArE. XVII, Sec. 2 Immunj.ty from Eaxation, Art. XXI (b) InEeresE and charges durj.ng liquidation of Special Drawing RighEs DeparEment, Sched. I, par. 5 Investment. in obligations denominaEed in, Art. xII, Sec. 6(f) (iii) Negative balances, Art - xvlII, Sec. 2(f); Art.- XIX, Sec. 3(c),,S(a)(ii); Art. XX, Sec. 2 NeE cumulative al1ocat. j-on, defj-niEion, ArE. xxx(e) Net. cumulative allocaEions, ArE.. XVIII, Sec. 2(c) (iii); ArE. XIX, Sec. 4(a),. Art.. XX, Sec. 2, 4; ArE. xxv(c); Sched. F(a); Sched. G, par. 1(a) (i) Sched. I, par. 5, 7 Nonaccept.ance of allocat.ion (opEing out), Art. XVIII, Sec. 2(e) Nonaccept.ance of aIlocaLion, terminaEion of effect. of (opting back in), Art. xvrII, Sec. 2(e) (ii) obligation of member Eo se1I its currency t.o Fund for special drawing rights held in cenerat ResourceB Account, ArE. VII, Sec: 1(ii) Operations in, def iniEi,on, ArC. XXX(i) OperaEions or Eranaact.ions prejudic!,at t.o designat.ion process, Art.. xlx, Sec. 2 (d) Other holders, Art- XVII, Sec. 2, 3 Payment by Fund Eo member consenting Eo quota reduct.ion, ArE. fII, Sec. 3 (c) Pa).ment in purchaee of foreign-he1d balances, ArE. VIII, Sec. 4(a) pa)rments for distribution of neE income or part. of general reserve, Art. xII, Sec. 6 (e) Principal reserve asseE, ArE. vIII, Sec. ?,. ArE. XXII Principlee and considerat.iona governing allocaEion and cancellaEion, ArE. XVIII, Sec. 1 Proper use, obligat.ion of parEicipan!s, Art. XXII Provision Eo part.icipanE making purchase inst.ead of currencies of oEher members, Art. V, Sec. 3(f) Purchase and sale by Fund, ArE. V, Sec. 6 RaEes for allocaEion and cancellaEion, Art. XVIII, Sec. 2(b), 3, 4(c) (iii), (d) ReconsEitution of holdings, Art.. XIX, Sec. G; Sched. c Recording of changes in holdings, ArC. xvl , Sec. 3 RedempEion by Fund in evenE of liquldat.ion of Speciat Drawing Right.s Department, Sched. I, par. 1, 3, 4 Redemption by Fund of holdings of terminating parEicipanE, ArE. XXIV, Sec. 2(b), 5; Sched. H, par. 1 Requirement of need, ArE. XIX, Sec. 3(a) Reserve tranche purcha€,e, Art. XXX(c) Summary ataEemenE of operaLions and transacEions and Fund holdings, Art. xII , Sec. 7 (a) Temporary suspension of allocations or cancellaEions and operations and t.ransactions, Art.. XXV (a) Transactions in, definiEion, Art. XXX(i) Use for discharge of obligaEion to pay gold Eo Fund in repurchase or as subscript.ion, Sched- B, par- 2, 3 Use for payment of 25 percenE of quot.a increase, ArE. II1, Sec. 3(a) Use for pa).menE of inEerest., chargea, and aesesement.s, Art.. V, Sec. 8(e); ArE. xx, Sec. 5; ArE. XXIV, Sec. 2(a) , 3 Use for payment of remuneration, ArE. V, Sec. 9(d) Use for replenishing currency holdings, ArE. VII, Sec. l.(ii) Use for repurchases, Art. v, Sec. 7(i) Use in operaEions and EransacEion8, ArE. XVII, Sec. 2; ArE. XIX, Sec. 1 Use in transacEions beEween parEicipanE.s, Art.. XIx, Sec. 2 Use to obEain own currency or freeLy usable currency by EerminaEing part.ic- ipant′ sched. H′ par. ■ ValuatiOn by member Of it, currency in term● of, Art. IV′ sec. 2(b) Valuation in terms of gold̀ Art V′ sec. 12(e), (f), sched B, par 3, 7′ Sched K, par. 2(a)(■ Valuation′ method′ Art. XV, sec 2′ Art XXI(a)(111) Valuation of Fund's a88etS in term● of, Art V̀ sec. ■o, 11 ) n 雷晨 1群講 i=is:』 露::EI BE‖ 11: 員 & (ffft]::=ag::ililよ ξ 増吾 輩 よ ま 『 g』 Fttξ 1『 lifし Administration, Art̲ XVI′ Art. XXI Council decigions, Sched. D′ par. 5(b) Entry into force′ Art XVII′ Sec l E● tablighment and operatioǹ Introd Art (11)′ (lii) Expense8 0f conducting business, reimbursement to Ceneral Department, Art XVI′ Sec 2, Art XX, Sec. 4′ 5 General obligations Of participants′ Art. XXII Indication of decisiong re■ ating tò Art. XXI(a)(ili) Interest and charges′ Art XX, Art XXIV′ sec 3 Liquidation′ Art XXVI sched. I Non― participants′ paymentB when quotas are changed, Art. III′ sec. 3(a) Operatlion8 and trangactions, Introd Art (11), (1li)′ Art. XV工 ′ sec. 1′ ｀ノ Art. XV11, Sec. 2 v Righし 。f members to participate′ Introd. Art. (11) separation from cenera■ Department′ Introd. Art. (ii)̀ (lii)′ Art. XVI′ Sec ■, 2 Temporary suspension of operations in event Of emergency or unforeseen cir― cumstances, Art. XXIII, sec. 1 Termination of participation′ Art. XXIV′ sched H Spec■ a■ reserve, see Reserves of Fund spot exchange trangactions′ Art. XXVII, Sec. 1(a)(iv)′ Sched. C, Par 5 Stability, see Exchange stability stabilization fund′ agency dealing with Fund′ Art. V′ sec l staff: 、 V Appointment and organization′ Art XII, sec. 4(b), (d) Duty to Fund′ Art XII′ Sec. 4(c) Immunities and privileges′ Art IX′ sec 8, 9(b) Managing Director tO be chief of operating staff′ Art. Xll′ sec 4(b) Provision for, Art XII, sec. 1 stand― by arrangements: Charge′ Art. V′ Sec. 8(a)(li) Definitioǹ Art. XXx(b) Policies, adoptiOn, Art. V, sec 3(a) Status′ immunities′ and privileges: 1 l::::le:yt:a:Inlel:elellit:[i:]n° :e:]itoT=、blit AIil[進 t S::・ FreedOm of agsets from restriction8, Art llX, sec 6 1mmunities and privi■ ege8 0f Officer3 and employees′ Art. IX′ sec 8′ Sched D′ par 5(d) IInmunities from taxation, Art IX, sec 9, Art XXI(b) Immunity frOm judicial Proces日 ′Art. IX, sec 3 lmmunity from Other action′ Art IX′ sec. 4 ・ Immunity of archives′ Art. IX′ sec. 5 」uridical per8onality of Fund′ Arに IX′ Sec 2 Privilege for communications′ Art IX, sec 7 Status of Fund′ Art IX, sec 2 Subscripticlns: Arnount to be transmitted tO u s Government when the Agreement itt signed′ Art XXXI, sec 2(d), (h) Discharge with specia■ drawing rights of any Obligation to pay g。 ld, sched B, par. 2, 3 Equal t.o member, s quotar ArE. III, Sec. 1 New members, t.erms to be consist.ent wit.h t.hose of previous members, Art.. II, Sec. 2 PaymenE in fuII to Pund at appropriaEe depository, ArE. IrI. Sec. 1 PaymenE in special drawing rightB, currencies of -other members specified by Fund, or member,6 own currency, ArE. III, Sec. 3(a) Paymenls when quotas are changed, Art.. IfI, Sec. 2(d), 3 Repayment in case of liquidation, Sched. K, par. 1 Survei.Ilance; see Exchange arrangemenEa; InEernat.ional surveillance. . Suspension of transact ions In emergency pending decision on liquidaEion of Fund, Art. XXVII, Sec. 2 (a) In event of emergency or unforeseen circumstances, Art . XXIII, Sec. 1; Art. XXVII, Sec. 1 ParticipanE thaE fails Eo comply wit.h rules for reconsE.iEution, Sched- c, par . 2 Participant EhaE has faired Eo fulf i-II obl-igaEions wiEh respect Eo apeciar drawing right.s, Art.. XXIII, Sec. 2 Special drawing right.s, Art. XXIII Taxat. j.on, immunit.ies from, Art.. Ix, Sec. 9; ArL. XXI (b) Technical servj-ces; Eee Financial and technical aervices Termination of participation in speciar Drawing Ri.ght.s DeparEmenc, ArE. XXIV; Sched. H TerriEories: Acceptance of tshe AgreemenE in respect of, Art.. XXXI, Sec. 2(g) ImmuniEiea of Fund in, ArE. IX, Sec. 10 Margina for spoE exchange t.ransacEions wiuhin EerriEories of meriber having par va.lue, ArL. XXVII, Sec. 1(a) (iv); Sched. C, par, 5 Transact.ions with non-members, Art. Xf, Sec. t, 2; Art. XXVII, Sec. I 1 (a) (iii) Unenforceab i I i Ey of exchange conEracEa in, Trade, inEernaEional , facilitation l. (1r) ArE. VIII, Sec. 2(b) of expansion and baLanced growt.h, Art.. Transactions; see OperaEions and transactions Transitional. arrangemenes : Annua] report. on exchange restricEions, ArE. XIV, Sec. 3 ConsulEaEions, annual, on restricElons in force, ArE. XIV, Sec. 3 Maintenance and adapt.aEion of resEri.cEions on paymenEg and Erangfers, ArE. XIV, Sec. 2 Notification to Fund, ArE. XIV, Sec. 1 RepresenEations by Fund on resErict.ions inconsiat.ent. wiLh purpoaea of Fund, Art. XIV, Sec. 3 Withdrawal of exchange re6t.riction6, ArE. XIV, Sec. 2. 3 TranBit.ional prowisions wiE.h respecE E.o repurchase, payment. of additional subscript.ions, gold, and cerEain operacional maEters, Sched. B Treasury, agency dealing wit.h Fund, ArE. V, Sec. 1 Unexpected major developmenEa, change in rates or inEerval.s for allocat.ion or canceLlaEj-on of special drawing righEs, Art. xvlII, Sec. 3, a(a), (d) Unforeseen circumsEances, ArE. XXIII, Sec. 1,' Art. XXVII, Sec. 1(a); Sched. D, par. 5 (a) United SEates covernment : DeposiE of insLrument. of accepEance with, Art.. XXXI , Sec. 2(a) Obligation to inform al.L members of aignaEures Eo t.he Agreement and deposi-t of instrumenEs of accept.ance, Art.. XXXI, Sec. 2(c) part.ial payment. of subscripLion EransmiEt.ed Eo, for administraEive expenses, ArE, xxxl , Sec. 2(d), (h) Use of Fund's general. resourcea (see also Operat.ions and t.ransactions) : Buffer sLocks, inEernaEional, financing oE contribut.ions to, Art. XXX(c) (ii) Capit.al Eransfers, ArE.. VI, Sec. 1, 2; Art. XXVI, Sec.2(a); ArE. XXVII, Sec. 1(a)(11) charges′ Art̲ V′ sec. 8, Art XXVII′ sec l(a)(1) compensatory financing of export fluctuationg′ Art. XXx(c)(1) Conditione governing use, Art V′ Sec 3′ Art XXVll, sec. 1(a)(1) Currencies to be used in repurchages′ policiee and prOcedureB′ Art V′ Sec 7(1) Ineligibility′ change in par value d瑠 1neligibi■ ity′ di8tribution of proceel I∫ is7 when ineligibility ceases′ Art. V′ sec 12(e), (f)(lii) Ineligibility′ exception to obligation to buy foreign― held balances of cur― rency′ Art VIII′ sec 4(b)(v) Ine■ igibi■ ity, failure to fulfill obligatiOns′ Art V′ Sec 5′ Art VI′ Sec l(a), Arし 。 XXIII′ sec 2(f), Art XXVI, sec 2(a) Ineligibility if member persigts in maintaining restrictions, Arヒ . X工 v′ Sec. 3 1neligibility′ not previou81y deClared by Fund′ Art V, Sec 3(b)(iV) IneligLbility′ teェ :ninaし ion of par value desp■ te Fund objection, sched C̀ par 8 Limitation because of use of resources contrary to Fund′ s purpoges, Art V′ 廿￡留激こ こlftei黒 缶 』誕 Sec. 5 V V PoIicies, Arts. V, sec. 3(a), (c) , (d) Proceeds of sale of gold, ArE. V, Sec. 12(f) Purchase of currency of member which ha6 withdrawn, Sched 」′ par 5 Reque8t for purchaee, examinat.ion, ArE. V, Sec. 3(c) Requirement of need, Art. V, Sec. 3(b) (ii) (c); ArE XXX(c) Reserve tsranche purchase, Art. V, Sec. 3(b)(ili), SelecEion of currencies t.o be sold, Art. V, Sec. 3(d) Special policies for special balance of paymenEe prob1em6, Art V′ Sec 3 (a) , 7(d), (f) stand-by or similar arrangemenE.s, Art. V. sec. 3(a), 8(a) (ii)i ArE. xxx(b) Temporary suspension, ArE. XXVII, Sec. 1 Temporary use under adeguaEe safeguardBi ArE. I(v); Art. V, Sec- 3(a) Waiver of conditions, ArE. V, Sec. 4 ( cont i-nued) Voting: 70 percent majoriEy requiremenE : AuE.horization Eo agree on exchange raEes for certain tranaactionB, Art.. XIX, Sec. 7 (b) Charges, determination of raEes, ArE- V, Sec. 8(a), (b) , (d) Dist.ribuEion from general reserve, ArE. XII, Sec. 6(d) Imposit.ion of charges on failure Eo repurchase, Art.. V, Sec. I (c),(d) Increase in percent.age of guota as Level for remunerat.ion, ArC V′ Sec 9(c) Inveetment Account′ adoption of rules Art. Xエ エ, sec. 6(f)(vi) and regulaE.ions for administraE ion, InvesemenE Account, reducEion of amount or t.ermlnat.ion, ArE 6 (f ) (vi) Post.ponemenE of repurchase, Art.. V, Sec. 7(g) XII′ Sec PrescripEion of medium of pa)menE for additional subscription, Art III′ Sec.3(a) , (d) Prescript.ion of operaE j.ons bet.rreen part.icipanE.s, ArE.. XIX, Sec. 2 (c) Publicat.ion of report on member,s monet.ary conditions and developmenEs, ArE. XII, Sec. I Rat,e of ineeres! and charges on special drawing rights, Art XX′ sec 3 ReconsEiCuEion rules, adopeion, modificaEion, or abrogation′ Art XIX, sec 5 (b) Remunerat.ion rate, deEerminaEion, Art. V, Sec. 9(a) Repurchase of Fund holdings not. acguired as resu]t of purchases, ad,option of poI icies, ArE. V, Sec. 7 (e) Special DiebursemenE Account, rulea and regulationB for adminiaEration and for EerminaEion prior to liquidaE.ion of Fund, Art.. V, Sec. 12(j) Suspension of voting rj.ghts, ArE. XXVI , Sec 2(b) TerminaEion of auspens j.on of voEing rights, Art. XXVf, Sec. 2(b) Tranafer of currencies in General Reaources AccounC tso Invest.menE AccounE, ArE. xII, Sec. 5(f) (ii) Tranafers of aaseEs from Special Di6bursemenE AccounE to ceneral Re6ources AccounE for immediate use, Art. V, Sec. 12(f ) (i) Uniform proporEionaEe changes ln par values, Sched. C, par. 11 VaLuaEion of special drawing righCs, deEerminaEion of meEhod, Art. Xv, sec. 2 85 percent majority requiremenE: AllocaEion and cancell-aEion of special dra\.ring righEs, decisions, ArE. XVIII, Sec. 2 (a) - (c), a (a), (d) Change in ratea or inEervals of allocaEion or cancellation or change in length of a basic period or sEart of a new basic period, ArE. XVIII, Sec. 3, 4 (a), (d) Changes in quoEas, ArE. III, Sec. 2(c) Compulsory withdrawal. of member, decision of Board of Governora carried by majoriEy of covernors, ArE. XXVI , Sec. 2(b) Council, change in number of AssociaEes, Sched. D, par. 1(a) Council, esE.ablishmenE, ArE. XII, Sec. 1 \' 85 percenE majorit.y requirement (conEinued) Decisions Eo engage in certain go).d operaEions or Eransactiona, Art. V, Sec. 12 (b) - (e) Exchange raEes for cerEain Eransact.ions, ArE. XIX, Sec. 7(b) cont. inued fncrease or decrease in nurnber of ExecuEive DirecEors Eo be eLect.ed, Art. XII, Sec. 3 (b) Interpret.aEion of Fund Agreement, overrule of decision of Commietee on InterpretaEion, ArE. XXIX (b) fnEroducEion of par values, Art, fV, Sec. 4 MainLenance of numlcer of elecEive Execut.j.ve Directors, Art. XII, Sec. 3(b) Margins for spoE exchange transactions, adopt.ion, Art.. XXVII, Sec. 1(a) (iv) ,' sched. C, par. 5 Objection Eo terminaLion of par value, Sched. C, par. I Policies on use of Fund'a generaL resourcea, exclusions of purchasea and holdings for purpose of calculaEing member,s reserve tranche, Art. )oo( (c) (iii) Prescription of oEher holders of Bpecial drawing rights, Art.. XVII, Sec. 3 (i) Provision for general exchange arrangemenEs, Art. fv, Sec. 2(c) Repurchase, change of periods or adopLion of oEher periods pursuan! Eo special pol j.cy on u6e of general resources, ArL. V, Sec. 7(c), (d) Temporary suspension of certai-n provisions, ArE. XXVII, Sec. 1(a), (b) v Temporary suspension of operaEions and transactions in specia] drawing right.s, ArE. XXIII, Sec. 1 Transfer of parE of excess from sal.e of gold Eo InvesEment Account,, Art,. V, Sec . 12 (g) Use of asset.s of Special Disbursement Account for operations and EransacEiona not. authorized by ot.her provisions and for disEribut.ion Eo developing (iii) memberg, ArE. v, Sec. 12 (f) (ii), Valuat.ion ot special drawing right., change in principle or in applicaEion of principJ.e in effect, Art. xV, sec. 2 to use Fund's Adjustment of votes, waiwer of conditions and ineligibility general resourcea, ArE. XII, Sec. 5(b) Alternate Governor, Art. XII, Sec. 2(a) AmendmenE of Ehe Agreements, Art. XXVIII (a) Board of Governors, matters pertaining exclusively Eo Special Drawing ( ) - Rights Department., ArE. XXI (a) (i) Board of Governors, meetinga calIed by Executive Board, ArE. XII, Sec. 2(c) Cast by Councillor for member whoge voEes cannoE be casE by an Execut.ive DirecEor, sched. D, par. 3(b), 5(b) Council, maEtere pertaining excluslvely Eo Special Drar.ring Rights DepartmenE, Sched. D, par. 5(b) Decisions, Art.. XXI (a) (iii) ElecCion of ExecuE j-ve Direclor co fill vacancy, Art.. XII, Sec. 3(f) ElecEj.on of Executlve Directors, changes in proporEion of voEes required to eLecE, Art.. XII, Sec. 3(d); Sched. E EIecE.ion of ExecuEive Directors, procedures, Sched. E Executive Board, matstera relat.ing exclusively Eo Special Drawing Right.B Department., Arts. XXI (a) (ii) Majorlt.y of Eotsal voEing power of ExecuEive Board for EerminaEion of suapension of operaEion of cerEain prowisione, Art.. xxVII, Sec. 1(c) Majorit,y of votseg casE for Fund decisions unless oEherwise provided for, v J Art. XII, Sec. 5 (c) Nurnber of voE.es, appoint.ed and elecEed ExecuEive Direct.ors, Art.. Xff, Sec. 3 (i) Number of voEes, Councillors, Sched. D, par. 3(b), 5(b) Number of votes, Governors, Art.. XII, Sec. 2(e) Number of votes, memberg, Art.. XII, Sec. 5 Quorum for meetings of Board of covernors, ArE. xII, Sec. 2(d) Quorum for meetings of Execucive Board, ArE. xII, sec. 3(h) Special majorities; see 70 percenE..., 85 percent ...; MajoriLy of total wotidg power . . ., above suspension of voEing rights, Art. xxvf, Sec. 2(b); see also Art. xII, Sec, 3(i), Sched. D, par. 5, and Sched. L WeighEed voEing, ArE. XII, Sec. 2(e), 3(i), 5 wj-thout. meeEing, Council, sched. D, par. 5(c) wit.hout meeEing, covernors, ArE. xII, sec. 2(f); Sched. D, par. 5(a) Waiver of condit.ions governing use of general resources, ArE. V, Sec. 4 wiE.hdrawal from membership, see Members

IMF Quota and Govemance Publications http;//w\ryw. imf.org/extemal/np/fi n/quotas/pubs/index.htn International Monetary Fund IMF Quota and Governance Publications Last Updated; October 9, 2012 On December 75, 2OlO, the Board of Governors of the International Monetary Fund (IMF) approved a package of far-reaching reforms of the Fund's quotas and governance. These reforms represent a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund's legitimacy and effectiveness. o This completes the 14th General Review of euotas with an unprecedented doubling of quotas and a major realignment of quota shares-a shift of more than 5 percent from over-represented to under-represented members and a more than 6 percent quota shift to dynamic emerging market and developing countries. . The reforms also protect the quota shares and voting power of the poorest members. . The Board of Governors also supported an amendment to the Articles of Agreement that would facilitate a move to a more representative, all-elected Executive Board. I Rclated I山 湿 ￨ IMF Executive Board Begins Review of Quota Formula Reforming Global Govemance Factsheet: IMF Quotas Members will make best efforts to complete their domestic approval processes of these reforms by the Annual Meeting of the Board of Governors in October IMF― Respondngto the C● sis 20L2. Factsheet:How theIMF Makes Factsheet: A Chanting Declslons The 2010 reforms build on an earlier set of reforms that were approved by the Board of Governors in April 2008 and came into effect on March 3,2OLL, with the acceptance of the 'Voice and Participation' amendment to the Articles of Agreement by 117 member countries representing 85 percent of the total voting power. (The requirement for amendments to the Articles to enter into force is acceptance of at least three-fifths of member, representing 85 percent of the total voting power.) The 2008 reforms strengthen the representatlon of dynamic economies, many of which are emerging market countries, through ad hoc quota increases for 54 member countries, They also enhance the voice and partlcipation of low-income countries through (i) an almost tripling of basic votes-the first increase since the IMF s creation in L945, (ii) a mechanism that, going forward, will keep constant the ratio of basic votes to total IMF voting power, and (iii) enabling Executive Directors representing 7 or more members to each appoint a second Alternate Executive Director following the 2012 regular elections of Executive Director. For the 14th General Review and associated reforms to also come into effect, (i) the proposed amendment to the Articles of Agreement on reform of the Executive Board needs to be accepted by at least three-fifths of IMF members representing 85 percent of the total voting power, and (ii) members representing at least 70 percent of the total quotas on November 5, 2010 must consent in writing to their quota increases. Many member countries will need the approval of domestic legislatures to accept the proposed amendments to the Articles of Agreement. Reaching agreement on these reforms involved substantial deliberation by the IMF's Executive l of4 12/12/201211:28Aヽ IMF Quota and Govcmance pubHca● ons http://www. im lorg/extemaUnp/fn/quotas/pubVirdex.htn Board, with key documents associated with these discussions listed below. Quota Formula Review (August 2ou-Augnst 2012) 2lJ12 . IMF Executlve Board Dlscusses Quota Formula Review-October 2012 (October 9, 20L2) r Quota Formula Review - Additional Considerations-September 2012 (September 4, 20t2) t Updated IMF Quota Data-August 2012 (August 8,20L2) . Public Information Notlce: IMF Executive Board Discusses Quota Formula Review (August 2, 2012) r IMF Pollcy Paper: Quota Formula Review - Data Update and Further Considerations Statistical Appendix (June 29, 2Ot2) . IMF Policy Paper: Quota Formula Review - Data Update and Further Considerations Supplementary Information Summary (June 29, 2012) . IMF Policy Paper: Quota Formula Review - Data Update and Further Considerations (June 28, 2012) t Updated IMF Quota Data-May zoLz (May 7l,2OL2) . Quota Formula Review - Initial Considerations (February lO,2OL2) r Quota Formula Revlew - Initial Considerations - Supplement (February LO,2Ol2) 2011 t Quota Formula Review-Data Update and Issues (August 17,20tl) . Quota Formula Review: Data Update and Issues--Statistical Appendlx (August 17, 2011) zoro Reforms: Documents (August zoog-July 2or2) 20t2 Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas - Status of Acceptances and Consents (July 13, 2012) ■ Updated IMF Quota Data-lune 2010 (June 18, 2012) ■ Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas-Status of Acceptances and Consents (June 12, 2012) Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Revlew of Quotas-Status of Acceptances and Consents (March 14, 2012) 2 of4 12/12/2012H:28 AM IMF Quota and Govemance Publications http://www. im f.org/extemaUnp/fin/quotas/pubyindex.ht 2011 r Proposed Amendment to the Articles of Agreement on the Reform of the IMF Executive Board and Fourteenth General Revlew of Quotas-Status of Acceptances and Consents (December 13,2011) 2010 r IMF Quota and Governance Reform-Elements of an Agreement (october 31, 2010) . Fourteenth General Review of Quotas-posstble Elements of a Compromise, Additional Simulatlons, and The Chairman's Concluding Remarks (October 5, 20l0) . Fourteenth General Review of Quotas: Further Considerations and The Chairman's Concludlng Remarks (September 2, ZOLO) . Fourteenth General Review of Quotas-Realigning euota Shares: Further Consideratlons, Statlstical Appendix, Simulation Requests, and The Chairman,s Concludlng Remarks (lune 22, 2010) . Fourteenth General Review of Quotas-updated Data set and euota calculations (June 3,2010) t Fourteenth General Review of Quotas-The size of the Fund: Initial considerations and The Chairman's Concluding Remarks (March 12,2010) . Fourteenth General Review of Quotas-Realignlng euota shares: Initial conslderations, Supplement, Statistical Appendix, and The Chalrman,s Concluding Remarks (March 4, 2010) 2009 . Quotas-Updated Calculations and Quota Variables, Statistical Appendix, and The Acting Chair's Summing Up of the Board Meeting (August 27, 2OO9) 2oo8 Reforma: Docurnenta (June eoo6April zooS) 2008 . Quota and Voice Reform-Key Elements of a Potential Package of Reforms, Statistical Appendix, and Summing of the Board Meetlng (February 26, 2008) t IMF Executive Board Recommends Reforms to Overhaul Quota and Voice, Press Release No. 08/54 (March 28, 2008) . Report of the Managing Director to the International Monetary and Financial Committee on IMF Quota and Voice Reform (April 8, 2008) 3 of4 12/12/2012H:28 AⅣ http://www. imf.org/extemaUnp/fi n/quotaypubdindex.hb IMF Quota and Govemance Publications IMF Board of Governors Adopts Quota and Volce Reforms by Large Margin, Press Release No. 08/93 (April 29,2OO8) 2007 ■A New Quota Formula― Additional Considerations,Statistical Appendix′ by the Managlng Director(MarCh 14′ 2007) and Statement ・ QuOtas― updated Calculations and Data AdJustments(」 uly ll,2007).The data are ava‖ able in Excel Format at: 2007 Quota Data Update Updated PPP data as of December 2007 are also ava‖ able at: PPP GDP Data. ・ QuOta and voice Reform― Stocktaking and Further Considerations,Statistical Appendlces l and II′ Statement by the Managlng Director′ and Summing up oFthe Board Meeting(Ju:y ll,2007) ● QuOta and Voice Reform― Elements of a Posslble Approach′ statistical Appendices l and II′ ー Request For Additional Simulations′ Statement by the Managing Director,and Sunlmlng up oFthe Board Meetlng(September 14′ 2007) ■ RepOrt oFthe Executive Board to the Board of Governors― Quota and Voice Refo‖ ― Progress Since the 2006 Annua:Meetings(OCtOber 16′ [: 2007) 2006 ■ QuOtas― updated Calculations(August 4′ 2006).The data are availab!e in Excel Fo‖ ‖at at:2006 Quota Data Quota and Voice-Further Thoughts on Approaches to Reform (June 23, 2006) Quotas and Voice-A Possible Package of ReForms, and the Chalrman's Concluding Remarks (August 4. 2006) V Report of the Managing Director to the Intemational Monetary and Financial Committee on IMF Quota and Voice Reform (September 14, 2006) Quotas-Further Thoughts on a New Quota Formula. and Statistical Appendices I and II (November 22, 2006) Proposed Amendment of the Articles of Agreement Regarding Basic Votes-Preliminary Considerations and Chairman's Summing Up (December 22,2006) 4 of4 12/1272012H:28Aヽ PRoPoSED DEcIsroN Pursuant to pamgaph 4 of Resolution No.66-2, Fourteenth General Review of Quolas and Reform of the Executive Board, the Executive Board decides that notices of consent from members to increases in their quotas must be received in the Fund by 6:00 p.m., Washington time, on December 31,2012. APPENDIX I Members' Consents to Increases in Quotas Under the Fourteenth General Quota Review of Quotas in the International Monetary Fund (as ofJune 18,2012) The 80 members listed below have not yet consented to their respective increases under the Board of Govemors' Resolution No. 66-2: Islamic Republic of Afghanistan ttungary Slovak Republic Albania ArBentina haq Solonpn Islands Israel Sonalia Anrrnia Jordan South Sudan Austria Kazalfistan St. Kitts and Nevis Aarbaijan Kinbati St. lxcia Bahrain Bos n ia-Herzegov in a Kosovo Kuwait KyrgyzRepublic Switrcrland Syrian Arab Republic Bulgaria [.ebanon Tajkistan Canada Lithuania Tifipr-t€ste Bolivia Sudan Cape Verde Macedonia, FYR Togo Central Afiican Rcpublic Madagascsr Tunis ia Chile MaI Turkrpn istan Congo, Dem Republic of Marshall Islands Tuvalu Congo, Republic of Mauricania Ljkraine Costa Rica Micronesi4 Fed. States of Mongolia United Arab Emirates United States Montenegro Morocco Vanuatu Ecuador F.svpt New Zealand Fritrca Estonia Niger Olran Fiii Palau, Republic of Gorgia Senegal Ghana @tar Genada GratefiEla Gtinea Rnianda Grinea-Bissau Sao TorE and Principe Clprus Cach Republic Sanpa San Marino Veneanela 4 Table 2. Membera that Have Accepted thE Proposed Boa rd Reform I,iad1't2,2012 Acceptance o, Proposed Amendment ftrcent of rb,,ber HT i&nber 0.73 O.24 i,bnlenegro 0.07 0.04 0.26 1 Austria 0 Banglades h Behrus Belgium Belize Benin Bhutan Brazil 0.08 lrlauritius 0.18 irbrocco 1 86 i,rannE. 0.04 l,lanbia 0.05 ibpal 0.03 l€therlands 1.72 l',licaragua Central Af rican Republic China 0.11 l.,lorw ay 0.06 l%kblan 0.10 funarE 0.05 Epua lGw Guinea 3.81 FhtrFpines Qoath 0.17 hland Brunei Darussalam Cartodia CarIEroon CYprus DenrBrk Dorfinica Dordnican R8public #:: 31 llblaysb 87 iihHives Australia BahanEs, The furcent of 09 SarDa 0 78 Sao Tond and fthcipe 0 03 Seychelles 0 0.12 Sierra Leone 003 0.13 008 0.06 2.08 0.08 0.78 o44 0.11 0.08 0.43 0.70 0.03 0.03 0.03 007 B Satvador 0.10 Singapore 0.59 Finland France Gabon 0 014 0.09 SriLanka G.eece O Guinea-Bbsau GJyana 0.04 Surina(E 0.07 Sweden 0.07 l-laili 0 l'hnduras hdkr 0.08 Trinirad and Tobago 2.34 l,rtited Kingdom 003 [aly 3.16 Vbinam JanEica 014 623 137 Japan Korea Lao FDR 53 Slovenia 429 Spain 47 St Vincent and the Grenadhes 06 Tonga 1.63 0.19 0.03 0.98 0.16 429 0.21 0.05 Total:66 4536 5 Table 3. Membens that Have Consented to Their Quota lncrcase Llarch 1 2,2012 Conse nt to Quota lncrease llbnber furcent of 口o「 cent of t&Y.5,2010 Nov 5.2010 QJota lrbfiter Angola 013 Antlrua and Barbuda Australa BaharBs, The 0 01 006 Bangladesh 0 25 Earbados 003 師 ● o lo mpa: Belarus 1 49 Benin Bhutan 001 003 O∞ 3 Botsw ana 0 03 Brazil 1 40 Betre Ⅳbbysla ⅣLU"es Ⅳbb 貶 ar● lue Ⅳyanr口 r 断 臓 dands,The ragua 0uota 068 0004 005 005 012 006 003 237 006 Nber● 081 Non″ ay FbttStan 077 048 010 006 005 &unei Oarussalam Burhna Faso Burundi 010 Fbnam Canbodh Chad China 004 Fし ru 0 03 Rl]lphes 3 72 Fbhnd Colorbia 0 36 Ror● nla Cote d'tuoire 0 15 RIsslan Federatbn 029 040 063 047 273 Goatia 0 17 Saudi Arab● 321 bnrrrk 0 76 Serbb 022 Dorinica Dorinican Fbpublic 0 004 Seycheibs 0004 010 SO「aL∞ ne Euatorbl Guinea 0 01 Shgapore 005 040 Ethiopb 0 06 Sbven● 011 Finland South Afrta Spain 086 France 0 58 4 94 Garbb, Th€ 0 01 Sri Lan睦 019 C{eece 0 38 St Vhcentand● e Grenadhes 0004 Guyana 0 04 Surha,,. 0 04 Swa2鯰 nd 1 91 Sweden 0 39 Tan2anla 3 24 Thabnd 003 陽 pua ttw Ounea 0 04 Paraguay tbiti hdia leland rary Jatlraica Japan l<enya 0 13 Tonga 612 Trhdad and Tobag。 0 12 Uuanda lGrea 1 35 Lao FDR 0 02 thu κngdorn Lttuguay Latvia O l16 レ beに しn 002 Vわ tnam ２ ０ ９ ０ ∝ ０ ︲ ０ ５ ０ ０ １ ０ ０ V 140 0003 015 008 494 014 Lesotho Lberia 0 06 Zaibb Luxertourg 0 13 Zhも abw e i/blaw i 003 013 015 022 016 Tota!:89 5314 lMF Articles of AgreEment ndOpted at tte urPrted″ ariO″ s MO■ etary α o■ 昴α′conferencer Bretto″ ИИ ood5 ″ew Hampshire J ″ 2ろ 19 .Frteredわ"dFわ oo fOrce December 2ろ 194'ハ merded V ere゛tJury 23■ 万3bソ めe mο daη tiD approved bソ 働e Bο αrd of GOveraο rs h Resο J」 :′ο Л″0。 23‐ 島 αdopted″ 31′ 1960 omerded ere"′ ve Apri1 1′ 197ι by ttθ "ソ 用odiJFcatiors approved by tte Bο ard of 6oν emors h Resoru 0"lv..314 αJopted ハpri1 3o 197● a17ご αme"ded eredive″ 。vember ll′ 1992わ y trle mod ο″S approved by tte Boardorcovernο rsわ ResortJf′ 。 ″″o.45‐ 3α 」optedノ υne 2ι 1990. t′ Table of ContenEs h-rrposes II. Membership III. 1. Original members 2. Ot.her members ii. Quotas and SubEcripEions .! 1. Quot.as and paymtnt of rubscript.ione 2. Adjustment. of quocas 3. payments when quoEaa are changed 4. Substit.uEion of eecuriEies for currency ５ Obligat.ions Regarding Exchange Arrangements l. General obligaEions of meldsers 2. General exchange arrangemenEs 3. Surveillance over exchange arrangemenEs 4. Par values 5. SeparaEe currencies wiEhin a member,B t.errit.ories ５ Iv. ■２ ３３３ ３３３４５ I. ｅ Ｐ fnEroduct.ory Art icle r ０ ・ ０ １ １ １ ３ ■ ４ １ ５ ■ ５ １ ６ １ 19 ９ ・ ９ ・ ９ ・ ９ ・ ９ ・ ０ ２ ０ ２ ２． ２ ． ２． ２ ． ２ ． ２ ２ ２ ２ ３ ２ 2. ceneral Ecarcity of currency 3. Scarcit.y of Ehe Fund,s holdlngs 4. AdminisEration of reaEricE ion6 5. Effect. oE oEher inEernat.ional agreement.a on reatricLiona ceneraL Obligatsions of Memberg 1. Introduct, ion 2. Avoidance of reatricEionsr on currenE pa).mentEl 3. Avoidance of di8criminaEory currency pract.ices 4. Convertibility of foreign-held balances 5. Furnishing of informat ion ０ ・ VIII. Replenishmene and Scarce Currencies 1. Measure8 t.o repLenish the Fund,s holdings of currencies ８ vII. ７ 2. special provisions for capital t.ranafers 3. Controle of capiE.aI Eranafers ７ CapiEaI Trans fers 1. Use of Ehe Fund's general resources for capiEal transfera ７ vI . ７ 12. Other operat,iong and EransacEions ７ drawing right8 by the Fund 7. Repurchase by a member of it.s currency held by the Fund 8. Charges 9. RemuneraEion 10. ComputaE.ions 1.1. Maintenance of value ６ Operat.ions and Tranaactions of Ehe Fund 1. Agencies dealing wiEh the Fund 2. LimiEat.ion on Ehe Fund's operaEions and t,ranaact,iona 3. CondiEione governing use of tshe Fund,s geieral reaourcea 4. Waiver of condiEiona 5. IneligibiliEy Eo use the Fund,a general. resourcea 6. Other purchases and salea of spe-ial I ' ６ V. 5. Consult.aEion beEween members regarding exisiEing internaEional agreemenEa 7. Obligation to coLl-aboraEe regardj.n policie3 on reaerve asset.6 ５ ２ ５ ２ ５ ２ 27 non-mernber count.ries 28 ８ ２ Organizat.ion and Management 1. St.rucEure of the Fund 2. Board of Governors ８ ２ ８ ２ ２ ３ ３ ３ ５ ３ ５ ３ Special drawing RighE s 1. Aut.horiEy t.o alLocate special drawing righEs 2. Valuation of the apecial drawing righE ceneral Department and Special Drawing RighEs DepartmenE 1. Separation of operaEione and Eransactions 2. Separation of asseEs and properEy 3. Record j.ng and information １ ３ xV. 1, Notification Eo t.he Fund 2. Exchange reaEricEions 3. AcEion of tshe Fund relaEing to resEricEiona ９ ２ 3. Executive Board 4. Managing DirecEor and staff 5. VoEing 5. Reaervee, disEribution of net. income, and inveaEmenE 7. Publication of reporEs 8. CommunicaEion of views to membere Offices and Depoaitories 1. IJocaE ion of offices 2. Depos i tories 3. Guarantee of the Fund,6 asseEs Tran6iEional Arrangement.s x\rI L ７ ２ non-member countries XIv. xW. ６ ２ XIII. ６ ２ 27 2. Rest.ricEionEl on Eransact,ions wiCh XII. ５ ２ ReIaEions wiEh Non-Mernber CounEries L. Undert,akings regarding relat.ions with ５ ２ 5. Imnunity of archives 6. Freedom of asseE6 from restrictions 7. Privilege for communicaEions L fmmunit.ies and privileges of officers and employees 9. Immunities from Eaxae ion 10. Applicacion of A.rt.icLe Relationg with other fnternaEional OrganizatiOns ５ ２ xI . SEaEus, Immunities, and Privileges 1. Purpoges of ArE icle 2. StaEus of t.he Fund 3. Immunity from judicial process 4- Immunj.ty from other acEion ５ ２ X. 24 ５ ２ IX. 24 35 35 35 36 36 36 36 37 37 37 20 38 38 t Part.icipants and Other Holders of Special drawing Righ七 日 1. Part icipanEs 2. Fund ae a hoLder 3. Ot.her holders 39 39 39 39 ３ ４ ４ ４ ４ ４ ５ ４ ５ ４ ６ ４ ６ ４ ６ ４ ６ ４ ６ ４ ６ ４ 47 ９ ４ ９ ４ ０ ５ ０ ５ ０ ５ １ ５ １ ５ ２ ５ ︻ Ｚ Ｅυ XXV. ３ ４ XXIV ３ ４ XXIIII̲ ３ ４ XXII ２ ４ XXI １ ４ V ０ ４ xx. ０ ４ XIX Allocation and Cance]l.aEion of Special Drat{ing RightB 1. Principles and con€j.deraEions governing 'l allocation and cancellacion 2. Allocation and cancellatlon 'I 3. UnexpecEed major developmenEs 4. Decisions on allocat.ione and cancellaEions Operat.ions and Transactions in Specj,al drawing Righcs 1. Use of special drawing right,B 2. Operat.ions and Eransact.iong beEween part.iEipant.s 3. Requirement of need 4. ObligaEion Eo provide currency 5. Designaeion of participanEs E.o provlde 6. ReconsE.iEuEiorr 7. Exchange raEes Special Drawing Rights Deparcment fntereat 1. InLeresE 2. Charges 3. Rate of inEeresE and chargea 4. AasesamenEa 5. PaymenE of inEerest., chargea, and asaesafienEs Adminiatrat.ion of t.he General DeparEmenE and the Special Drawing Righta Depart.menE ceneral ObligaEionB of ParLicipants Suspension of OperaEions and TransacEions in Special Drawing Rlght s49 1. Emergency provieions 2. Failure to fulfill obligaeions TerminaEion of Part icipaEion 1. RighE. Eo terminate parEicipat.ion 2. SettlemenE on EerminaEion 3. Intereat arrd chargeg 4. Settlement of obligaEion t.o the Fund 51 5. SeEElenent. of obligaEion Eo a terminaEing participanE 6- General Reaource6 AccounE transacEions LiquidaEion of the Special drawing RighEs DeparEment ０ ４ XVIII V 》 C〉 EX ExplanaLion of Terms ´ ｂ ５ InterpreEat i.on ¨ ５ ５ XXIX ５ ５ )O(WII. AmendmenEs ４ ５ 1. Temporary suspension 2. Liguldat.ion of Ehe Fund ４ ５ Emergency Provisions ４ ５ I ― ３ ５ vliEhdrawal from Membership 1. Right. of members Eo wiEhdraw 2. Compulsory wi t.hdrawal 3. seLElemenE of accounts with members wiEhdrawing ３ ５ I ３ ５ ― 57 )oO(I . Fi-nal Provis ions 1. En!ry inEo force 2. gignature so{muI,Es OperaEional Ma Et.ers ５ ６ ７ ６ ８ ６ ９ ６ ０ ７ Drawing RighEs DepartmenE ３ ６ C. Par VaLues D. Council E. Elect.ion of ExecuEive Directors F. Des igna E ion G. ReconstituE ion H. TerminaEion of Participat. ion L Administration of Liquidat.ion of the special 60 １ ６ A. Quotas B. TransiEional Provisions witsh RespecE t.o Repurchase, Payment. of Addit,ional subscript.ions, cold, and cert.ain 71 \T. Set.E1ement of Accounts wiEh Members wiEhdrawing 73 K. Administration of Liquidat ion 75 L. Suspension of voEing RighEs ８ ＾ ７ Index ＾ Ｊ ８ Articles of Agreement. of the InEernaEj,onal MoneEary pund The covernmenEs on whose beha1E the present. AgreemenE is signed agree as foLlows: Int.roduct.ory Art. j.cle (i) The InEernaEional MoneEary Fund is established and shall operaEe in accordance wit.h Ehe provisions of t.his AgreemenE as originally adopted and subsequenEly amended. (ii) To enable t.he Fund Eo conduct irs operat.ione and t.ranaact.ions, t.he Fund Bhall mainEain a General Depart.menE and a Special Drawing RighLs DeparEmenE. Membership in the Fund shal1 give the righE to part.icj.pation in the Special Drawing Right.s DepartmenE. (iii) Operat j.ons and Eransactions auEhorized by chi6 Agreement shalI be conducted Ehrough Lhe ceneral DeparEment, consist.i.ng in accordance wiEh Ehe provisions of this Agreement of t.he ceneral Resourcea Account., Ehe Special Diebursement Account, and Ehe fnvest.ment AccounEi except EhaE operaEions and EransacEions involving gpecial drawing righEs shall be conducted Ehrough Ehe Special Drawing Right.s Depart.menE. Art.icIe I Purposes 'lhe purposes of Ehe InEernational MoneLary Fund are: (i) To promote inEernaEional moneEary cooperaEion Ehrough a permanent instiEution which providee the machinery for consulEation and collaboraEion on inEernational moneLary problems . (ii) To facilitat,e the expansj.on and balanced growt,h of int.ernat.ional t.rade, and Eo contribuEe t.hereby Eo Ehe PromoEion and mainEenance of high levels of employmenE and real- income and Eo Ehe devel-opmenE of Ehe producEive resources of aIt members as prl.mary object.ives of economic policy. (iii) To promote exchange st.abilit.y, Eo maintain older]y exchange arrangements among members, and Eo awoid compeEiEiwe exchange dePreciation. (iv) To assisE in Ehe establishment. of a multilateraL sysEem of paymenEs in respecE of currenE Eranaactions betrdeen members and j-n Ehe eliminaEion of foreign exchange restrict.iona which hamper the growEh of world trade. (v) To give confidence Eo members by making the general reBources of che Fund temporarily awailable Eo Ehem under adequaEe aafeguards, thus providing Ehem wit.h opporEuniEy t.o correct maladjuEtments in t.heir balance of paymenEs wiEhouE reaorEing Eo measures desErucEive of naEional or inEernaEional prosperiEy. (vi) In accordance with t,he above, Eo shorEen the duraEion and ]essen the degree of disequilibrium in Ehe inEernaEional' baLances of PaymenEs of rlEib€rs The Fund shall be guided in aI] iEs policies and decision6 by t.he PurPoses seE forEh in E.his Article. Article II . t lenrbership secEion 1. original members V The original mem-bers of the Fund shall be t,hose of the counEries represenEed ats Ehe UniEed NaE.ions MoneEary and Financial conference whose governments accept membership before December 31, 1945. SecEion 2. OEher members Membership shall be open Eo oEher count.ries at such Eimes and in accordance wiEh such Eerms as may be preecribed by Ehe Board of covernors. These Eerma, including Ehe Eerms for BubeclipEj.ons, shall be based on principles consiatent wiEh those applied Eo oEher countries t.haE are already members. Art. i cI e III Quotas and Subscript ions SecEion 1. QuoEas and pa)ment. of subscriptions Each member shall be assigned a quoEa expressed in special drawing rj.ghts. The quoEas of the members represent.ed at. Ehe Unit.ed NaEions Monetary and Financial conference which accept membership before December 31, 1945 shall be Ehose seE forth 1n schedure A. The g,]ocas of oEher members shalI be deEermined by t.he Board of covernora. Thi subecription of each member shall be equal t.o i-t6 quota and sharr be paid in furr to the Fund at Ehe appropriaEe deposiEory. Section 2. Adjust.ment of quot.aa (a) The Board of covernors gharr at intervars of noE more t.han five years conducE a general revie!^,, and if i! deema iE. appropriat.e propose an adjust_ menE, of the quoEaa of E.he members. It. may also, if iE Elij,nfs fit, coisider aE any oLher t.ime the adjustmenc of any pirticular quoLa aE Ehe requesE of t.he mernlcer concerned . (b) The-Fund may_at- any Cime propose an increase in t.he guot.as of Ehose members of t.he Fund that. were members on AugusE 31, 19?S i-n proportion Eo Eheir guotas on thaE date in a cumuraEive aiount. noE in u*ceis 6f amounts transferred under ArEicLe V, Section 12(f) (i) and (j) from the Special DisbursemenE Account Eo Ehe General Resources accounE (c) An eight,y-f ive percent. majorlty of Ehe toEal voEing power shall be required for any change in quot.as. (d) of a member shall not be changed unEil Ehe member has consented_The-quot.a and. until paymenE. has been made unleas paymenc is d.eemed to have been made in accordance with section 3(b) of tni6 article. Section 3. Pa)ments when quot.as are changed (a) Each member which consents to an increaee in iEs guota under secti-on 2(a) of Ehis Article shall, wirhin a period deEermineal 6y the Fund, pay to the Fund ive percenE of Ehe increase in special d-rawing rigtrtl,'uut. Ehe Board-tvrenEy-f of Governors- may prescribe thaE chis ptymenE may be -madd, on Ehe same basis for atr members, in whore ,r in parc :-n ttre cuirenci.es of oEher members Bpecified, wlEh their concurrence. by the Fund, or in t.he member,B ohrn currency. A non-parEicipanE shalI pay in lhe currencies of oEher members epecified by the Funal, with cheir concurrence, a proportion of Ehe increase corresponding rights by participants. he member in i.t.s own curre shall noE be increased Eo chargea under Art.icle v i), as a resulE of payment.s by other membera under Ehie provision. \r, (b) Each member which consenEs Lo an increaae in iEB quota under SecEion 2 (b) of t,his Art.ic1e 6ha11 be deemed to have paid Eo th! Fund an amount of subscription equal Eo euch increase. (c) If a member consents Eo a reduct.ion in itB guoEa. Ehe Fund shal1, within aixly days, pay to Ehe member an amount equal to the reducEion. The payment shall be made in Lhe member,s currency and in such amounE of speci.al drawing righEs or the currencies of oEher members specified, wiEh Eheir concurrence, by the Fund as is necessary to prevenu the reduction of t.he Fund's holdings of Ehe currency below Ehe new quoEa, provided EhaE in exceptional circumstances Ehe Fund may reduce iEs holdj-ngs of the currency below Lhe new quoEa by payment. to the member in its own currency. (d) A sevenEy percenE majority of the total voEing power shalt be requiled for any decision under (a) above, excepq for t.he det.erminaEion of a period and Ehe specificaEion of currencies under Ehat. provision. Section 4. SubstiEuEion of securities for currency The Fund shafl accept from any member, in ptace of any parE of the member's currency in Ehe General Resourcea AccounE which in the judgmenE of t.he Fund is not needed for iEa operaEions and transact.ions, noCei or similar obligations issued by t.he mernber or Ehe depo6iEory designat.ed by the member under Article XIII, Section 2, which shall be non-negoEiable, noninEerest bearing and payable aE their face value on demand by credit.ing Ehe account of Ehe Fund in the designated deposiEory. This Section shaIl apply noE only to currency subgcribed by members buE alao to any currency othefuise due to, or acquired by, Ehe Fund and Eo be placed in t.he Geniral Resources Account.. Article Iv Obl igauions Regarding Exchange Arrangement.s Section 1. ceneral obligaEions of members Recognizing thaE t.he easenEial purpose of t.he inEernaEionaL monet.ary syst.o provide a framework t.hat faciliEaEes t.he exchange of goods, serviceg, and capital among counEries, and thaE sustains sound economic glowEh, and EhaE a principaL objective is t.he continuing dewelopment of rhe orderly underlying conditions Ehat are necessary for financiaf and economic stabilj"ty, each member underEakea Eo colLaborat.e wiEh Ehe Fund and oEher members Eo a96ure orderly exchange arrangemenEs and t.o promoEe a sEable sysEem of exchange raues. fn part.icular, each member shal]: Eem is (i) endeavor co direct. iEs economi,c and financial policies toward Ehe objectiwe of fostering orderly economic arowEh wiEh reaaonable price stabiliEy, wich due regard t.o it.s circumscancea,. (ii) seek Eo promoEe stabiliEy by foauering orderly underlying economic and financial conditionB and a moneEary sysEem thaE does noE tend to produce erraEic disrupEions ; (iii) avoid manipulating exchange raEes or the inEernaEional moneEary sysEem in order Eo prevenC effective balance of paymentE adjust.ment or Eo gain an unfair compeEiEive advantage over oEher members,. and (iv) follow exchange policies compat.ible wit.h the underEakings under E.his SecE ion . SecEion 2. General exchange arrangement.s (a) Each member shalf notify Ehe Fund, wiEhin thj.rt.y days afeer E.he d.ate of t,he second amendmenE of EhiE Agreement, of Ehe exchangC arrangementa iE intends t.o appry in furfillment of iEa obligaEions undei section- r of chis Arlicle, and ;hall- noEify t.he Fund promprly of any changes in iis exchange arrangeflEnts. (b) Under an inEernaEional moneLary January 7, 1976, exchange member of a value for its anoEher denominaEor, oEher erat.ive arrangemenEs by wh cies in relati-on to Ehe value of the currency or currencies of other members, or (iii) other exchange arrangemenEs of a member,a choice. (c) To accord with E.he developmenE of Che internat.ional monetary system, the Fund, by an eighcy-five percent. majority of Ehe Lotat voCing power, may make proviaion for general exchange arrangements wit.hout Iimieing Lhe rightof mem.bers to have exchange arrangemenEs of Eheir cholce conBisc;nt with Ehe purposes of Ehe Fund and Ehe obligations under SecEion 1of this Ar!icIe. SecEion 3. Surveillance over exchange arrangemenEs (a) The Fund shall oversee Che internaEional moneEary Eystem in order Lo ensure iEs eEfective operaE j.on, and shall oversee Ehe compliance of each member wit.h it,s obligaEions under SecEion 1 of thiB nrUicle. (b) In order Eo fulfill it.s functions under (a) above, lhe Fund shall exerciee firm surveillance over Ehe exchange rat.e policies of members, and shall adopE specific principles for Ehe guidance of atl members with respecE Eo Ehose policies. Each member shall provide Ehe Fund wiEh Ehe information necessary.for such surveillance, and, when request.ed by Ehe Fund, shall consulL with iE on the member,s exchange rat.e policies. The principles adopEed by the Fund 6hall be consistent, wit.h cooperaLive \/ arrangementa by which members maintain the val.r.ie of Eheir currenciee in relaEion Eo the value of t.he currency or currencies of oEher members, as well as wiEh ot.her exchange arrangemenEs of a rilember, s choice consistenE wiEh the_purposes or. Ehe Fund and SecEion L of Ehi6 ArCicIe. The6e principles ehall respecE t.he domescic 6ocia1 and political policies of memters, and in applying these principLes the Fund shall pay due regard Eo the circumsEanceg of membera . Section 4 Par values The Fund may determine, by ar eighcy-f j,ve percent. majoriEy of t.he EoEal voEing power, EhaE inEernat,ional economic condiEiona permit ihe inEroducLion of a widespread system of exchange arrangement.s based on sEab1e buE adjust.able par walues. The Fund shall make Ehe deeerminaEion on Ehe basis underlying sEabilit.y of the world economy, and for t.his purpose !!e take "! shall into accounE price movemenEs and rat.es of expanaion :,n ltre economies of member8. The det.erminaEion shall be made in light of Ehe evoluEion of Ehe int.ernaEional moneEary sysEem, wiEh parcicular reference Eo sources of liguidiEy, and. i-n order Eo enaure Ehe effective operation of a sysEem of par val.ues, Eo arrangemenes under which bot.h mefl$ers in surplus and membere j.n deficit in their baLances of pa)menEa Eake prompt, effective, and Bymmet.rical action Eo achieve adjusEmenE, as weLl as Eo arrangements for intervenfion and Ehe t.reaEment. of imbalanceB. Upon making auch determinaEion, Ehe Fund shal-I noEify members Ehat the provisions of Schedule C app)-y. section 5. SeparaEe currencieg wit.hin a member's Eerritories (a) Act.ion by a member erit.h respect. Eo its currency under Ehis ArEicle shall be deemed to apply t.o the separate currencies of all territories in respect. of which the member has accepted thig AgreemenE under ArEicIe XXXf, Sect.ion 2 (g) unlese Ehe member declares Ehat iEs acEion rel.ates eiEher to the meEropollEan currency a1one, or only to one or more specified separaEe currencieg, or tso t.he meEropoliEan currency and one or more gpecified separate currencies. (b) Act.ion by the Fund under this ArEicIe shall be deemed t.o relaEe to aI1 currencies of a member referred to in (a) above unless Ehe Fund declares otherwise. ArEicIe v operaLion6 and Transactions of Ehe Fund SecEion 1. Agenciea dealing wiEh t.he Fund Each member shatL deal wiEh the Fund only Ehrough it.a Treasury, cenEral bank, st.abilizaEion fund. or oEher similar fiscal agency, and Ehe Fund shall deal only wit.h or through Ehe same agencies. secEion 2. Limit.aEion on t.he Fund'a operaEiona and t.ransacEions (a) ExcepE a6 otherwiae provided. in Ehis AgreemenE, EransacEions on the accounE of Ehe Fund shall- be limiled Eo transacEiona for Che purpoae of supplying a member, on the init.iative of such member, wit.h special drawing righEg or the currencies of ot.her members from the general resources of the Fund, which shall be held ln Ehe General Resources Account, in exchange for Ehe currency of t.he member desiring Eo make t.he purcha6e. (b) If reguested, t.he Fund may decide to perform f inancj-al and Eechnica] eerwices, including t.he administ.raEion of resources contribut.ed by members, t.hat are consiaEenE with Ehe purposes of the Fund. OperaE.ions involved in Ehe performance of such financial Eervices shall noE be on t.he accounE of lhe Fund. Servicea under Ehi-s subsecEion shall not impose any obligaEion on a member wit,houE iEs consenE. section 3. CondiEions governing use of Ehe Fund'a general resources ″ (a) The Fund shall adopE policiea on the uae of iEa general resources, including policies on sEand-by or si.milar arrangement,s, and may adopE special poticiea for special batance of pa).menEs problems, that. wiI] assisE members Eo Bolve E.heir balance of paymenta probfema in a manner consigtent wit.h the provisions of thie Agreement and EhaE will e8tablish adeguat.e safeguards for Ehe temporary use of t.he general resources of Ehe Fund. (b) A member shall be enE.it.led Eo purchase Ehe currencies of oEher membere from Ehe Fund j.n exchange for an equivalent amount. of iEe own currency subject t.o the following condiEions: (i) Ehe member's use of the general resourcea of Ehe Fund would be in accordance wiEh t.he provieions of this AgreemenE and the pol,icies adopEed under Ehem; (ii) Ehe member represenEs Ehat iE has a need Eo make t.he purchase becauae of ils balance of payment,s or iEs regerve position or developmenE.s in its reeerves; (iii) Ehe propoaed purchase would be a reserve Eranche purchase, or wouLd not cause Ehe Fund's holdings of Ehe purchasing member,s currency to exceed t.wo hundred percenE of its quot.a; (iv) t.he Pund has not. previously declared under SecE.ion 5 of t.his Article, Article VI , SecEion 1, or Art.icle XXVI , SecEion 2(a) that. Ehe member desiring Eo purchase is ineligj.ble to use t.he general resources of the Eund. ‐ ● (c) The Fund shall examine a requeat for a purchade Eo deEermine v.rhet.her Ehe proposed purchaae would be consistent wiCh ttrh provisions of this AgreemenE and Ehe policiee adopted under Ehem, provided t.hat requeeEs for reserve Eranche purchasea shal1 not be eubject t.o challenge. (d) The Fund shall adopE policie6 and procedures'on Che selection of currencies to be sold that t.ake inEo account, in consultation wiEh memberE, the barance of pa).mentss and reserve posiEion of membere and deveropmenEs in the exchange market.a, as well as the desirabi-liEy of promocing ovei cime balanced posit.ions in the Fund, provided t.hat. if a member rep;eaenEs EhaE it ie propoeing Eo purchaae the currency of anoEhgr member b-ecause Ehe purchasing member wistres to obtain an equivalent. amount. of iEs own currency offered by the oEher mernber, it shall be enEiEled Eo purchaee the currency of Ehe other member unless Ehe Fund has given not.ice under ArE.icIe vII, Section 3 thaE it6 holdingg of the currency have become acarce. (e) (i) Each member ehaLL eneure Ehat baLances of it.s currency purchaaed from the Fund are balances of a freely usabLe currency or can-b6 exchanged at the Eime of purchase for a freely usable curfency of iEs choice at an exchange rat.e between Che t.wo currencies equivalenE to t.he exchange rat.e between t.hem on t.he basra of Article XIX, SecEion 7(a). (ii) Eactr member whose currency is purchased from Ehe Fund or is obtained in exchange for currency purchaaed from t.he Fund shall collaboraEe with t.he Fund and oEher members Eo enabte such barancea of iEs currency to be exchanged, at the Eime of purchase, for the freely ugable currenciei of other memlrers. (iij,) An exchange under (i) above of a currency that i.6 not freely usabLe shall be made by Ehe member whose currency ii purchaBed unless ihaE mernber and Ehe purchasing member agree on anoEhef, procedure . (iv) A member purchasing from Ehe Fund t.he freely usable currency of another member and wishing to exchange it at Ehe t.ime of purchase foi another freely usabfe currency shal-I make E.he exchange with Che oLher member- if requeated by thaE member. The exchange ehal1 be made for a freely usabfe curfency BelecLed by the oEher member aE Ehe raEe of exchange referred Eo in (i) above. (f) Under poticies and procedures which it shalI adopE. t.he Fund may agree to provide a parEicipant. making a purchaee in accordance with this SecE-ion with special drawing right8 insEead of Ehe currencies of other members, SecEion 4. Waiver of condit.ion6 The Fund may in its discretj.on, and on terms which safeguard iEs intereata, waive any of t.he conditions prescribed in Section 3(b) (iii) and (iv) of Ehis ArEicle, eepecially in bhe case of membera wit,h a record of avoiding large or continuous uee of Ehe Fund, s general reEources. In making a waj-ver iE Ehall take into consideration periodic or exceptional requirements of Ehe member requegEing t.he waj.ver. The Fund shall also Eake inEo con6ideraEion a member's willingne8s Eo pledge aa colLaEeral securit.y accept.able aseeEs having a value aufficienE in Ehe opinion of Ehe Fund to protecE its inEeresEs and may reguire as a condit.ion of waiver the pledge of such collat.eral securit.y. secEion 5. Ineligibility t.o u6e lhe Fund's general resources Whenever the Fund i6.of Ehe opinion thaE any member is us j.ng Lhe genera] resources of Ehe Pund in a manner conErary Eo the purposes of t.he Firnd, iC ahall pleaenE Eo the member a report set.ti-ng forEh Lhe views of the Fund and preacribing a suiuable t.ime for repIy. AfEer preaenting such a reporE to a member, Ehe Fund may limiL t.he use of iEs general resources by Ehe member. If no reply Eo Ehe reporC is received fr6m the member wiEhin the prescribed Eime, or if t.he repJ.y received is unsatisfact.ory, Ehe Fund may continue Eo limit Ehe member's uae of Ehe generaf resources of Ehe Fund or may, after giving reasonable notice E.o Ehe member, declare iE ineligible Eo use Ehe general resources of the Fund. secLion 5. oEher purchaeee and saleg of special drawing righEs by the Fund (a) The Fund may accepE special drawing righEs otfered by a parEicipant in exchange for an equivalent amounE of Ehe currencies of oeher mernber8. (b) The Fund may provide a parEicipanE, aE its requesE, wiEh special drawing right.s for an equivalenE amounE of Ehe currencies of oEher membera. The Fund's holdings of a member's currency shaIl noE be increased as a reoulE of t.hese transact.ions above Ehe level at. which the holdings would be subjecE to charges under section S(b) (ii) of Ehis ArEicIe. (c) The currencies provided or accepEed by t.he Pund under t.his gect.ion shall be selecEed in accordance with poJ-icles Ehat take inEo accounE. che principles of section 3(d) or z(1) of this Article. The Fund may enEer into Eransactions under Ehis section only j.f a member whose currency j.s provlded or accepted by tbe Fund concura in Ehat use of i.Es currency. SecEion 7. Repurchase by a member of j-Es currency heJ-d by the Fund (a) A member shall be enEit.led Eo repurchase aC any time the Fund's holdings of ita currency EhaE are subjecE Eo charges under secCion 8(b) of this Art.icIe. (b) A member that. has made a purchaBe under Section 3 oE t.hi8 ArEicle trill be expecEed normally, aB its balance of pa).menE€ and reserve position improvee, to repurchaae t,he Fund's holdings of iEB currency t.hat. result from t.he purchaae and are eubjecE to charges unde.r Section I (b) of Ehis Article. A member shall repurchase these holdings'if, in accordance wiEh policies on repurchase Ehat Ehe Fund shall adopE and af t.er consulEaEion wit.h Ehe member, Ehe Fund represents Eo Ehe memb€ir Ehat. ir should repurchase because of an improvement in ic.B balance of paymenEs and reserve position. (c) A member EhaE has made a purchase under SecEion 3 of this ArEicIe shatl repurchase Che Fund's holdings of it.s currency that. resulE from the purchaae and are subject to chargea under SecEion 8(b) of t.his ArEicIe noE IaEer than five years af t.er Ehe date on which chb purchase waa made. The Fund may prescribe EhaE repurchase 6hall be made by a member in insEallmentg during Ehe period beginning Ehree yeara and ending five yearB atEer Ehe daEe of a purchase. The Fund, by an eighty-five percenE majority of the total voEing power, may change t.he periods for repurchase under Ehis subsecEion, and any period so adopEed shalI app)-y to a]1 members. (d) The Fund, by an eight.y-f ive percenE majority of the r.oLal voting power, may adopE periods oEher Ehan thoae t.hat. apply in accordance wiCh (c) above, which shall be Ehe same Eor al.L membere, for the repurchase of holdinge of currency a-cguired by the Fund purauant Eo a special policy on Lhe use of its general regources. (e) A member shal1 repurchase, in accordance wit,h policies t.hat. the Fund shall adopt by a sevent.y percent. majority of Ehe Eot.a1 voLing power, Ehe Fund,s holdingg of its currency EhaE are not. acquired as a result. of purchases and are aubjecE to charges under sect.ion 8(b) (ii) of Ehis ArEicle. (f) A decision prescribing t.hat. under a policy on t.he uae of Ehe general reerourcetr of the Fund the period for repurchase under (c) or (d) above shall be Bhorter t.han the one in effect. under t.he policy ehall appty only to holdings acquired by Ehe Fund subsequent Co t.he effective dale of the decision. (g) The Fund, on E.he requesE of a member, may post.pone Ehe daEe of discharge of a repurchase obligation, buE not. beyond the maximum period under (c) or (d) above or under poJ.icies adopted by Ehe Fund under (e) above, unLeas t.he Fund determineE, by a sevent.y percent, majority of che EoEal voEing power, t.haE. a longer period for repurchase which i6 conslaEenE with Ehe Eemporary uae of Ehe general resources of Ehe Fund ie juet.ltied because diBcharge on Ehe due daEe would reault in exceptiona] hardship for Ehe member. (h) The. Fund's policies under Sect.ion 3(d) of t.hj.B ArE.icIe may be supplemenEed by policies under which the Fund may decide after consultaEion -wiLh r-r a member to sell under Sect.ion 3 (b) of this ArEicle ite holdings of the member's currency EhaE have noE been repurchased in accordance with this SecEion 7, without prejudice to any action that Ehe Fund may be authorized Eo take under any other provision of this AgreemenE. (i) A1I repurchases under Ehis SecEion shall be made with speci-al drawing rights or with the currencies of oEher members specified by Ehe Fund. The Fund shall adopt. pollcies and procedures with regard t.o Ehe currencies t.o be used by members in making repurchases t.hat Eake inEo account. t.he principles in SecEion 3(d) of Ehis Art.icle. The Fund,s holdings of a member's currency Ehat is used in repurchase shall not be increased by the repurchase above Ehe level aE which t.hey would be subject. to charges under sect.ion 8(b) (ii) of thr-s Article. (j) (i) If a member'6 currency specified by Ehe Fund under (i) above is noE a freely ueable currency, the member shall ensure Ehat Ehe repurchasing member can obEain it aE Ehe Eime of Ehe repurchaae in exchange for a freely uaabLe currency selecEed by Ehe member whoee culrency has been specified. An exchange of currency under t.his provis j,on shall E.ake place aE an exchange raEe beEvreen Ehe two currencies equivalenE Eo Ehe exchange raEe between Ehem on the basis of Articte XIX, Section 7(a). (ii) Each member whose currency is specified by Ehe Fund for repur- \, chase shall col,laborate wiCh the Fund and other members Eo enable repurchasing memberg, aE Ehe time of Ehe repurchasle, Eo obtain Ehe specified currency in exchange for the freely usable currencies of oEher memberB. (ii j-) An exchange under (j)(i) above shal1 be made wiEh Ehe member whoEe currency is specified unless thaE member and Ehe repurchasing member agree on anoEher procedure . (iv) If a repurchasing member wishes Eo obtain, at Ehe Eime of Ehe repurchase, Ehe freely usable currency of another member specified by Ehe Fund under (i) above, it. shall, if request.ed by the other member, obEain Ehe currency from the other member in exchange for a freely usable currency at Ehe rate of exchange referred t.o in (j) (i) above. The Fund may adopt regulations on E.he freely usable currency t.o be provi,ded in an exchange. SecEion 8. Charges (a) (i) The Fund shall levy a aervice charge on the purchaae by a member of special drawing righEg or t.he currency oE anoEher member held in the General Reaources AccounE in exchange for its own currency, provided that. the Fund may levy a lower aervice charge on reaerve Eranche purchages Ehan on other purchases- The aervice charge on reaerve tranche purchaseB Bhall noE exceed one-ha1f of one percenE. (ii) The Fund may levy a charge for stand-by or similar arrangemenEs. The Fund may decide that the charge for an arrangement shall be offset again8E the service charge levied under (i) above on purchases under Ehe arramgellenE. (b) The Fund ghal1 lewy charges on its average daily balances of a member'a currency held in the General Reaources Account to t.he extenC Ehat they (i) have been acguired under a policy Ehat. has been the subject of an exclusion under Art.icle xxx (c) , or V (ii) exceed Ehe amounE of t.he mernber'a quoEa afEer excluding any balances referred Eo in (i) above. The ratea of charge normally shall rise aE inEervals during t.he period in which Ehe balances are held. (c) If a mernber fail6 Eo make a repurchase required under sect.ion 7 of Ehis Article, Ehe Fund, afEer conaulbaEion wiEh Ehe member on the reducEion of the Fund's holdings of iEs currency, may impose such charges aa the Fund deems approprj-ate on iEs holdings of Ehe member's currency Ehat. should have been repurcha sed. (d) A sevent.y percenE majorit.y of the toEal voE.ing power shall be required for Ehe det.erminaEion of the raEes of charge under (a) and (b) above, which shall be uniform for all members, and under (c) above. (e) A member Bhall pay all charges in special drawing righLs, provided EhaE j.n excepEiona] circumstances Ehe Fund may permic a member to pay chargea in Ehe currencies of oEher mem.bers specified by Ehe Fund, afEer consultation wiEh t.hem, or in iEs own currency. The Fund's holdings of a member,a currency shall noE be increased as a result of paymenEs by other members under this provision above Ehe level at which they would be subject. to charges under (b) (ii) above. Section 9. RemuneraEion (a) The Fund shall pay remuneraEion on Ehe amount by which the percentage of quota prescribed under (b) or (c) below exceeds Ehe Fund, s average daily balancea of a member'B currency held in the General Resources AccounE ot.her than balances acquired under a policy thaC has been the eubjecE of an exclusion under ArEicIe Xl(x(c). The raEe of remunerat.ion, which shall be deEermined by t.he Fund by a aevenCy percenE majorit.y of the t.ot.al voting power, shalJ. be the same for aLI members and shall be noE more than, nor lese than four-fift.hs of, t.he raEe of inEeresE under ArElcIe XX, Section 3. rn esEabrishi.ng the rate of remuneraEion, Ehe Fund shall take into account the raees of charge under Art.icle v, Section g(b) (b) The percenEage of quoEa appl-yi,ng for Ehe purpoEes of (a) above shaL] . be: (i) for each member Ehat. became a member before Ehe second amendment of Ehj.s_ AgreemenE, a percenEage ,of quot.a corresponding to 6evenEy-live percenE of its quotsa on the date of t.he second amendmenE of this alreement, and for each member t.hat became a member aft.er the daEe of t.he iecond amendment of t.hiE Agreement., a percentage of quoLa calculated by dividing Ehe total of Ehe amounEs corresponding to t.he percenEages of gubEa uhat apply Eo the othe! members on the daEe on which Ehe member became a member by Ehe toEal of lhe quotaa of Ehe oEher members on the 6ame daEe; plus (ii) the amounEa iE haB paid t.o the Fund in currency or special drawrights under Article IfI, Section 3(a) since t.he daCe applicable under 1l!, (b) (i) abowe; and minua (iii) Ehe amounts iE has received from t.he Fund in currency or epecial drawing righEe under ArEicle III, Sect.ion 3(c) since Ehe date ap-plicab-le under (b) (i) above. (c) The_ Fund, by a geventy percent majoriEy of the toEal voE j-ng power, may rai6e the laEesE percenEage of quota applying for the purpoees-oi (a) above Eo each member t.o: (l) a_ percenEage, not. j.n exceas of one hundred percent., that sha1l be\u det.ermined for each member on the basis of the same crit.eria for arl members, or (ii) one hundred percent for atl members. (d) Remunerat.ion 6ha11 be paid in special drawing rightE, provided t.hat eiEher Ehe Fund or Ehe member may decide Ehat the p;ymenE. to t.he member 6hall be made in iEa own currency. Section lo Computat ion s (a) The value of the Fund, a assets held in t.he account.s of t.he ceneral Department. shall be expressed in terms of E.he specia] drawing righE(b) AI1 comput.aEiona relaEing Eo currencies of members for the purpose of applyiiS Ehe proviaions of Ehis Agreement, excepe Art.icle tv and SChedule C, eha1l be at. Ehe rat.ea aE vrhich Ehe Fund accounEs for t.hese currencies in accordance with Section 11 of t.his ArEicle. (c) Computat.ions for Ehe det.erm j.nat.ion of amounEs of currency in reLation Eo quota tor t.he purpose of applyj.ng Ehe provisions of E.his Agreement. sha1l not. include currency held in t.he Special Disbursement AccounE or in the v Investment AccounE. Section 11. MainE.enance of value (a) The value of t.he currencies of members held in Che General Resources AccounE shall be maintained in Eerms of Ehe apeciaL drawing righE j,n accordance with exchange raees under Article xIX, Section ?(a) (b) An adjust.menE in Ehe Fund's holdings of a mernber's currency pursuant to thig SecEion shall be made on Ehe occasion of Ehe use of that. currency in an operation or LranaacE.ion bet.ween the Fund and another member and at. such other times as tshe Fund may decide or the member may requeat. Pa)rmenEs to or by Ehe Fund in respecE of an adjustment shall be made vrithin a reasonable time, as determined by Ehe Fund, afLer the dat.e of adju8tmenE, and at any other Eime requesEed by the member. . SecEion 12. OEher operatsj-on8 and Eransact.ions V (a) The Fund sha11 be guided in all it.s policies and decisions under t.his Seclion by the objectives set. f ort.h in Arricle VIII, SecE.ion 7 and by the objecEive of avoidi.ng Ehe managemenE of the price, or the establishmehc of a fixed prj-ce, in the gold markeE.. (b) Decieions of Ehe Fund Eo engage in operat.ions or t.ranaacEiorre under (c), (d), and (e) below shall be made by an eighty-fiwe percenE majorit.y of the toEal voEing power . (c) The Fund may sell gold for Ehe currency of any member afEer consult.ing t.he member for whose currency t.he gold is eold, provided that the Fund,s holdings of a member's currency held in the ceneral Resources Accoune ahaLl noE be increased by Ehe sale above the ]evel at which they wouLd be subjecE t.o chargeB under Section 8(b) (ii) of t.his Art.icle wiEhouE t.he concurrence of Ehe member, and provided t.hae, aC Ehe request of the member, Ehe Fund at Ehe Eime of sale shaLl exchange for Ehe currency of anot.her member such parc of Ehe currency received as would prevent such an increase. The exchange of a currency for the currency of anoEher member eha1l be made afEer consuLtation wit.h EhaE member, and shall not. increase t.he Fund,s holdings ot EhaE member's currency above the l-evel aE which t.hey would be subjecE t.o charges under SecEion 8(b) (ii) of Ehis Article. The Fund sha1l adopt policiee and procedures wit.h regard Eo exchanges that t.ake int,o accounE the principles applied under SecEion 7(i) of Ehis ArEicle. Sales under Ehig provision Eo a member shall be aE a price agreed for each transaction on t.he basia of prices in Ehe market.. (d) The Fund may accepE paymenEs from a member in gold instead of Bpecial drawing righEs or currency in any operaEions or trangact.iona under t.his AgreemenE. Payment.s Eo Ehe Fund under Ehisprovision sha]I be at a price agreed for each operaEion or t.rangact,ion on Ehe basi6 of prices in Ehe market. . V (e) The Fund may sell gold held by iE on E.he dat.e of Ehe second amendmenE of Ehis Agreement. Eo Ehose membera thaE were members on AugusE 31, 1925 and EhaE agree Lo buy iE, in proporEion Eo cheir quot.as on EhaE daEe. If the Fund intends to seI1 goJ.d under (c) above for Ehe purpose of (f) (ii) below, iu may sell Eo each developing member EhaE agrees Eo buy iE that. porEion of Ehe gold which, if sold under (c) above, would have produced the excess Ehat could hawe been dist.ributed Eo iE under (f) (iii) below. The gold t.hat would be sold under t.hie provision to a member EhaE has been decllred ineligible to use Ehe general reaourcee of the Fund under Section 5 of t.his Art.icle shall be sold t.o iE when the ineligibiliEy ceaees, unless Ehe Fund decides Eo make t.he sale aooner. The sale of gold Eo a member under Ehig subsecEion (e) shal] be made in exchange for its currency and aE a price equivalenE at. Ehe t.ime of sale Eo one special drawing right per O.ggB 671 gram of fine gold. (f) whenever under (c) above t.he Fund sells gold held by iE on the dace of Ehe second amendment of Ehis AgreemenE, an amounE of tshe proceeda equivaIenE aE the time of sale Eo one special drawing right. per O.8BS 6?1 gram of fine gold shall be placed in the General Reaources AccounE and, except a6 the Fund may decide oEherwise under (g) below, any exce8s shall be held !n Ehe Special Disbursement Account.. The assets held in Ehe Special Disbursement. Account shall be held Eepalately from t.he ot.her account.s of the General Department., and may be used at any Eime: (i) Eo make transfers t.o Ehe ceneral Resourcea AccounE for immediat.e use in operations and CransacEions auEhorized by piowieions of this Agreement other Ehan Ehis SecEion; (ii) for operations and EranaacEions EhaE are noE authorized by other provisiona of Ehis AgreemenE buE are consisEenE wir$.h Ehe purpoaes ot the Fund. Under Chis subaecrion (f) (ii) balance of payiienEa aesisCance may be made available on special Eerms Eo developing members j.n ditficulE ciicumat.ances, and for this purpose the Fund shall take inEo account t.he level of per capiEa income; (iii) for disEribution Eo tshose developing membera EhaE were members on August. 37, 1975, in propoltion Eo Eheir quoEas on Ehat. date, of such parE of t.he asaet,s Ehat the Fund decides t,o use for the purposes of (ii) above as correeponds to t.he proporEion of the quoEas of thes; members on the daEe of distribut.ion to Ehe Eotal of Ehe quoras of all members on the same daEe, provided thaE the disEribuCion under t.hd,a provieion Eo a member Ehat ha6 been declared ineligible to use t.he general resources of E.he Fund under Sect.ion 5 of thls Article sha]I be made when Ehe ineligj.bilit.y ceases, unless the Fund decides Eo make Ehe dlsEribuEion aooner. Decisions Eo use asaeta pursuant. Eo (i) above shall be taken by a sevent.y pefcg!! maj ori t.y of Ehe Eor.al voting power, and decieions pursuanE Eo (iil and (iii) above ahall be Eaken by an eight.y-f ive percenr mljoriEy of t.he v . toEaL voEing power. (g) .The Fund may decide, by an eight.y-f iwe percent majoriEy of t.he EoEal voE.ing power, to tranafer a parE of the excess referrLd Eo in (f) above t.o Uhe InvesEmenE Account. for use purEuant. to Ehe provision8 of Article XII, Section 5 (f) . (h) Pendiag uses specified under (f) above, t.he Fund may invesE a member,s currency held in Ehe special Disbursement AccounE in market.able obrigations of EhaE member or j-n market.able obligaEions of int.ernat.ional financiil organizaEions. The income of invesEmenE and lnEereaE received unde, (f) (ii) above shall be placed in the Specia] DisbursemenE Account. No invesLment shall be made wiEhouE. Ehe concurrence of the member whose currency is used Lo make t.he inveatmenE. The Fund shall inwest only in obligaEiona denominated in special drawing ri-ghts or in the currency used foi invest.ment. (i) The General Resourcea Account. ghal-I be reimburaed from Eime Lo time in respecE of Ehe expenees of administration of t.he Special DisbursemenL AccounE paid from Ehe General Resources AccounE by Eransfers from Ehe Special DiabursemenE AccounE on the basis of a reasonable esEimate of such expenseg. (j) fne Special DisburaemenE Account shalI be t.erminated in Ehe event. of E.he liquidation of the Fund and may be t.erminaeed prior Eo IiquidaEion of the Fund by a aevent.y percent majorit.y of t.he toLal. vot.ing power. Upon cermination of t.he account. becauae of t.he liguj.dation of Ehe Fund, any asaet.s in Ehis account shall be disEribut.ed in accordance wit.h t.he prowisiona of Schedule K. Upon EerminaE.ion prior Eo liguidaEion of Ehe Fund, any aaseca in Ehis accounts shall be Eransferred t.o Ehe ceneral Regources Account for immediaEe uee in operaEions and Eranaactions. The Fund, by a sevenEy percent. majority of Ehe EoEaI vot,ing povrer, 6ha11 adopE rulea and regula!ions for Ehe adminisErat.ion of the Special Disbursement Account. Article VI Capital Transfers Sectsion 1. Use of the Fund's genera] resources for capital E.rangfers (a) A member may not. use the Fund's general reaources Eo meeE a large or susEained outsflow of capiEal. excepE aa provided in SecEion 2 of Ehis Article, and the Fund may request. a member t.o exercise cont.rols to prevent such use of Ehe general resources of t.he Fund. If, afEer receiving euch a r.equesE, a member fails Eo exercise appropriat.e conEroLs, Ehe Fund may declare the memlcer ineligible Eo uBe t.he general resources of E.he Fund. (b) Not.hing in Ehis secEion shall be deemed: (i) to prevent Ehe use of tshe generaL resourceE of Ehe Fund for capitaL- tranaact.ions of reasonable amounE required for Ehe expansion of expo;Es or in the ordinary courae of Erade, banking, or oEher businegs,. or (ii) to affect capiEal movemenEs which are met. out. of a member,s own resourceg, buE members underEake Ehat such capit.al movemenEs will be in accordance vrlth the purposes of t.he Fund. Sect.ion 2. Special provisions for capit.at transfers A member sha]I be enEit.led Lo make reserve Eranche purchases Eo meet capit.al transfers. Section 3. ConLrols of capiEal tranafers Member6 may exercise such conErola as are nece66ary t.o regulat.e internat.ional capit.al movemenEa, buE no member may exercise Ehese conErols in a manner which wilI resErj-cE payments for current Eransact.ions or which wiIl unduly delay Eransfers of funde in seEtlemenE of commiEment,s. excepE as provided in ArEicle VII, SecEion 3(b) and in Art.icle XIV, Sect.ion 2. Article VII Replenishment. and scarce Currencies SecEion 1. Measures Eo replenish Ehe F\rnd's holdinga of currencies The Fund may, if lE deems such act,ion appropriace t.o replenish it.s holdings of any member's currency in the Generaf Resourceg. Replenishment. and Scarce CurrencieaAccounE needed in connecEion wiEh iEs EransacEions, take either or both of Ehe following st.epe: (i) propose t.o t.he member that., on t.erms and condi.Eions agreed bethreen Ehe Fund and Ehe member, t.he laEEer lend its currency to Ehe Fund or t.hat,, wit,h the concurrence of Ehe member, Ehe Fund borrow such currency from aome oLher source eiEher wit,hin or ouEside t.he t.errit.ories of Ehe member, buE no member shall be under any obligat.i.on Eo make such l-oane Eo t.he Fund or t.o concur in t.he borrowing of iEs currency by Ehe Fund from any other gource; (ii) require Ehe member, if it is a parEicipant, to sell its currency Eo the Fund for speclal drawing right.s held in the cenera] Resource6 Account. subject. to Art.icle XIX, Section 4. In replenishing wlt,h special drawing right.s, Ehe Fund shal} pay due regard Eo Ehe principles of designat.ion under ArEicle xlx, Sect.ion 5. SecLion 2. General scarciEy of currency If Ehe Fund flnds Ehat. a general acarcicy of a parEicular currency is developing, Ehe Fund may so inform members and may iaaue a reporE seEEing forth t.he cauees of Etre scarcit.y and containing recommendaEion; deaigned -to bring iE. to an end. A representat.ive of the mJmber whoee currency i-s involved shall participate in t.he preparaEion of Ehe reporE. Section 3. Scarclt.y of the Fund,s holdings (a) If iE becomes evident Eo tshe Fund that Ehe demand for a member,a currency serioualy t.hreat.ena the Fund,s abilitsy to euppLy t.hat. currency, Ehe Fund, whecher or noc iE haa iseued a report under Settion 2 of Ehi; Articre, shalr formally declare such currency scarce and sharr t.henceforth apporEion it8 exisEing and accruing euppry of che scarce currency with due regard Eo t.he reLative needs of members, the general internaEionir economic ait.uat.ion, and any ot.her perEinenE con6 iderat. ions . The Funal shall also issue a report. concerning its action. (b) A formal declaration under (a) above shal1 operat.e as an auEhorizaEion to any member, aft,er consuLEaEion wiEh t.he Fund, Eemporarily Eo impose lim_ itations on tshe freedom of exchange operaEi.ons in thE scarci crrr.r,"y. Subject. to the provisions of ArEicle Iv and Schedule C, t.he member ihaII have compleEe juriediction in detetmining t.he naEure of 6uch limit.ations, but t.hey shall be no more resErictive than is necessary t,o rimiE Ehe demani for the scarce currency Co the supply held by, or accr-uing to, Ehe member v in queBtion, and they shall be relixed and removed as rapildly as condiEions permiL . (c) The aut.horization under (b) above sharl expire whenever Ehe Fund formally declares the currency in quesEion to be no longer scarce. Section 4. AdminisEration of reaErict.ions Any member imposing resEri-ct.ions i.n re6pect. of the currency of any ot.her member pursuanE to the provisions of secrion 3 (b) of chie arlicle slall give sympathetic con6ideration Eo any repre sent.a! ions by the other member regarding the administ.ration of such iescriccions. section 5. EffecE of other international- agreements on resErictions agree not Eo invoke Ehe obrigat.ions or any engagemenEs . Mem.lcers into wit.h ot.her members- prior to Ehie l,greemenc in -eucti r-"nner aaenEered wirl prevenE Che operaEion of the provisions of -this ArEicle. Art icle VIII General ObI j.ga! ions of Mernbers Section 1 Int roducE ion In addition t.o Ehe obligations assumed under ot.her art.iclea of t.his AgreemenE, each member underEakes the obligationa set. ouE in Ehie Arti-cre. Sect.ion 2. Avoidance of reslrictions on current. pal.menta (a). Subject Eo the provieions of ArEicle VfI, Sect.ion 3(b) and Article XIV, secEion 2, no member sIal], without. t.he approval of the Fund, imlose 'inE"rr,rresErict.ions on t.he making of payment. s and-Eransfera for current. tional t.ransactions. (b) Exchange contract.s which invorve t.he currency of any member and which V are contrary Eo Ehe exchange cont.rol regulations of EhaE member maint.ained or imposed conai6Eent.ly wit.h t.his Agreement shall be unenforceable in t.he terriEories of any member. In addit.ion, memberE may, by muEual accord, cooperat.e in measurea for the purpose of making Ehe exchange conErol reguIaEiona of either member more effective, provided tshaE such meaaures and regufat.iona are consistsent. wit.h Lhia Agreemene. SecEion 3. Avoidance of discriminaEory currency pract.ices No member shall engage j-n, or permit. any of its fiscal agencies referred Eo in Art.icle V, Sect.ion t to engage in, any discriminaEory currency arrangemenEs or multiple currency pracEices, wheEher wiEhin or ouE6ide margins under ArEicle fv or preacribed by or under Schedule C, excepE as auEhorized under t,hiE Agreement or approved by the Fund. If such arrangementa and pracEices are engaged in aE Ehe daEe when t.his Agreement. enEers inco force, Ehe member concerned shal} consult. wit.h t.he Fund aE Eo Eheir progressive removal unless they are mainEained or imposed under Article XIv, secEion 2, in lrhich caae t.he provisions of secEion 3 of t.hat Arlicle shall apply. Sectsion 4. Convert ib j.1i E.y of foreign-held balances (a) Each member shaIl buy balances of itE currency held by anoEher member if the l-aLter, in requesEing Ehe pulchase, repreaenEs: (i) Ehat. t.he balances t.o be boughE have been recenEly acquired as a result of currenE t.ransacEions; or (ii) thats tsheir conversion ig needed for making paymenEs for currenE transactions. The buying member shall have the opEion t.o pay eiEher in epecial drawing righEs, subject to Art.icle XIX, Section 4, or in the currency of the member making Ehe requesE. (b) The obligation in (a) above shall noE apply when: (i) the convert,ibility of Ehe balances has been restricEed consietentLy with SecEion 2 of this ArEicle or ArEicIe VI , SecLion 3; (ii) Ehe balances have accumulated as a re6ulE of EransacEiona effectbefore Ehe removal by a member of re8tsrictions mainEained or imposed ed under Article xlv, SecLion 2, (iii) Ehe balances have been acquired contrary co Ehe exchange regulaEions of Ehe member which iB aaked to buy them; the currency of Ehe member request.ing Che purchase has been declared scarce under ArEicle VII, SecEion 3 (a); or (iv) Ehe currency of Ehe member requesEing E.he purchase has been declared scarce under Article vII, Section 3(a); or (v) Ehe member requested Eo make Ehe purchase is for any reaaon noE enEitled to buy currencies of oLher memberg from Ehe Fund for ita own currency. sect.ion 5. Furnishing of informat. ion (a) The Fund may require members Eo furnish it. wiEh such informaEion as ic deems necessary for its activitie6, including, as the minj-mum necessary for the effecEive discharge of t.he Fund, a duEies, natj.onal daEa on the fo11owing matters: (i) officlal holdings ar home and abroad of (1) gold, (2) foreign exctrange; (ii) holding8 aE home and abroad by banking and financial other than official agencies, of (1) goId, (2) iorej.gn exchange;agencies, (iii) producEion of goId,. (iv) gold exporEs and imporEs according t.o countries of deBt,ination and ori-gin; (v) toEal exporEs and imporEs of merchandise, in t.erms of local currency values, according to counEries of de6Einat.ion and origin; (vi) internationar balance of paymenLs, including (1) trade in goods -and and services, (2) gold transactionB, ll) Xnorrn capLtal transacEions, (4) oEher items; (vii) inEernaEionat inve6EmenE po'ition, i.e., invesEmenEB wit.hin t.he Eerri.t.ories of Ehe member owned abroad and inveat,menEs abroad owneil by pereons in its Eerritories so far as iE is posaible Eo furnish Ehls inforriat ion; (viii) naEional income; (ix) price indi,ces, i.e., indices of commodiEy pri-ces in wholesale and ret.ail markets and of export and import prices; (x) buying and selling raLes for foreign currencies; ({i) .exchange conErols,. i.e., a comprehensive sEaEement of exchange control's in effect. aE Ehe time of assuming membership in Ehe Fund and det.ails of subsequenE changes as Ehey occu-r; and (xii) where offlcial clearing arrangement.s exist., details of amounr.s awaiEing cLearance in respecE of commercl-al and tlnanciar crangictions, of the lengEh of t.ime during which such arreara have been ortsiirrairrg. and (b) rn requesting informaEion Ehe Fund shalr Eake int.o conei,deraEion Ehe varying ability of membere t.o furnish t.he dat.a requesEed. Members be under no. obligat.ion ro furnish information in such deEail Ehat Eheshalt affairs of individuals o-r corp-orations are disctosed. Mernbera underEake, trowerer, \r/ to furniEh Ehe desired information in as det.aired and accurate a manner aEi is pracE.icable and, Eo far as posEible. to avoid mere estimates. (c)- The Fund may arrange t.o obtain furEher informat.ion by agreemenE wiEh members. rt. sharr act ag a centre for t.he coltecEion and ex-change of information on monetary and f-inancial probrems, thus faciriEat.ing the-preparaLion. of aEudies designed t.o asai.st. members in developing poiicies' whict, furEher Ehe purposes of the Fund. section 6. consult.aEion beLween members regarding exiscing inEernat.ional agreernent s where under t.hia AgreemenE a member ie aut.horized in the special or t.emporary circumstances specified in Ehe Agreement to maintain oi esEablish rest.rictions on exchange tranEact.iona, and there are olher engagements beEween members enEered inEo prior t.o t.his Agreement which conflicE wiEh the applicaEion of such reaEricEions, Ehe part.iea Eo auch engagemenEs shalL consult rrith one another wit.h a view Eo making Buch muEually accepLable adjusEmenEs as may be neces8ary. The provisions of Chi6 ArEicl.e shalI be wit.hout prejudice Eo Ehe operation of ArEicle VII, Sect,ion 5. Section 7. ObI j.gat.ion to collaboraEe regarding polj.cieB on reaerve assets Each member undert.akes !o collaboraEe wit.h Ehe Fund and wit.h other members in order to ensure Ehat. the policies of t.he member wiEh respecE Eo reaerve aesets shalI be conBisEent. wiEh Ehe objecEives of promoEj.ng beEter inLernational surveillance of internat.ional liguidity and making the special drawing rlght Ehe principal reserve aaseE in Ehe int.ernaEional monetary sysEem- Art.icle IX. SEaEus, ImmuniEies, and Priwilegee Section 1. Ilurposes of ArEicIe the funcEions wit.h which iL is enErusced, To enabte Ehe Fund Eo fulfill t.he stacus, immunities, and privileges set fort.h in thie ArEicle shall be accorded to Ehe Fund in Ehe t.erricories of each member. Secti-on 2. SEatus of Ehe Fund The Fund shall possess fu1l caPacity: (i) to conEracc; juridical personaliEy, and in parEicular, Ehe (ii) co acquire and dispose of immovable and mowable property; and (iii) Eo insEitutse lega1 proceedings. section 3. Immunity from judicial process The Fund, it.s propert.y and its asBeEs. wherever located and by whomgoever he1d, shall enjoy immunit.y from every form of judicial process excepE to t.he exEenE thaE. it. expreasly waives iEs immuniEy for Ehe purpose of any proceedingB or by the Eerms o! any contracE. Sect.ion 4. Immunit.y from other act.ion Propert.y and asaeEa of tshe Fund, hrherever located and by whomBoever held, shall be immune from aearch, requiBici.on, confiacation, expropriation, or any other form of seizure by executive or legislaEive acEion. secEion 5. ImmuniEy of archives The archives of Ehe Fund shall be inviolable. SecEion 6. Freedom of assets from restricti.onE To the exEent. necessary to carry ouE Ehe acEivities provided for in t.his Agreement, all property and asseEa of Ehe Fund ahall be free from re6!rictj-ons, regulationa, conErols, and moratoria of any nature. Section 7. privilege for communications The official communicat.ionE of the Fund shall be accorded by membera the communicaEions of ot.her membera. same treatmenE aa the official ｙ ｙ ｂ ｔ Section 8. ImmuniEiee and privileges of officers and employees A1l. covernors, ExecuEive Direct.ors, AIternat.es, members of commitEees, repre senE at. i ves appoint.ed under ArEicle XII, section 3(j), advisorB of any of the foregoing persone, officers, and employees of Ehe Fund: (i) sha1I be immune from lega1 proceaa wit.h reapecE Co acta performed them in Eheir official capacit.y excepE when Ehe Fund waivea this immunj-- (ii) not being locaI nationals, shall be granEed Ehe same immunit.ies from immigraEion restricEions, alien registration reguirements, and national service obligations and the same facilities as regards exchange resErictions as are accorded by memberB Eo the representlEives, offi-cial6, and employees of comparable rank of other members,. and be granted lhe same EreaEmenE in respect of Eraveling - ._(iii) shall facilj-tieg as is accorded by members to representsa t ive s , officials, an-d v employeee of comparable rank of oEher membera. SecEi,on 9. ImmuniE.ies from Eaxat.ion (a) The Fund, iUs asseEei properEy, income, and iEs operaEions and EransacEions authorized by tshis Agreement sharr be immune from arr caxation and from arr cusEoms duties. The pund shalr also be immune from liabiriEy for t.he collect.ion or payment of any tax or duEy. (b) No t.ax shall be levied on or in respecE of sal.aries and, emolument,s paid by Ehe Fund to Executive Directors, AlEernatses, offi-cers, or emp).oyees of Ehe Fund who are noc tocal cit.izens, loca1 subjects, or other localnat.ionals. (c) No taxation of any kind shatl be levied on any obligation or security issued by the Fund, including any divi lend or intereLE t.heleon, by whomso- ' ever held: (i.) whi.ch discriminat.es against. such obligat.ion or Becurity solely because of it.6 orj.gin; or (ii) if the sol-e jurisdictional basie for such taxaEion ie Ehe place v or currency in which it. is issued, made payable or paid, or ghe locition of any office or place of business maintained by t.he Eund. SecEion 1.0. Applicat.ion of Art.icle Each member sha}l Eake such act j"on as is necessary in iEs own EerriLories for Ehe purpose of making effecEive in cerms of its own 1aw Ehe princlples seE fort.h in this Articleand shaIl inform t.he Fund of the detailed action which it. has t.aken. Art.icle X Relat.ion8 wit.h Ot.her International OrganizaEions The Fund ahaLl cooperaEe wiEhin tshe Eerms of t.his Agreement. wit.h any general inEernaEional organizat.ion and wit.h public internaEional organizations hawing specialized responsibil-ities in relat.ed fie1d8. Any arrangement.s for such cooperation which would involve a modificaEion of any provision of t.his AgreemenE may be effecEed only after amendmenE Eo Ehis AgreemenE under ArEicle XXVIII. ArEicIe XI Rel,aEion6 wiEh Non-Member CounEries Section 1. UnderEakings regarding relaEj.ons wit.h non-member counEries Each mernber undert.akea : (i) not. Eo engage in, nor Eo permiE any of iEs fiscal agenciea referred Eo in Article v, secEion 1 Eo engage in, any EranaacEions with a non-member or with persons in a non-member's EerriEories whj.ch would be conErary to Ehe provisions of Ehis AgreemenE or Ehe purposes of the Fund; (ii) not Eo cooperace wiE.h a non-member or with persona in a non-member's E,erriEories in pracEices whj.ch would be cont.rary to t.he provisions of t.his Agreement. or Ehe purposes of t.he Fund; and (iii) to cooperate wiEh tshe Fund wiEh a view to Ehe applicacion in it.s EerriEories of appropriaEe measures Eo prevent EransacEions wit.h non-mernJcerE or with persons in their t.erritories which would be contrary Eo Ehe provi6ions of Ehia Agreements or t.he purposes of Ehe Fund. section 2. ResErictions on Eransactions wit.h non-medser countries Not.hing in Ehis Agreement shall affect. t.he right. of any member to impoee resErict.ions on exchange transacEions with non-mernber8 or wiEh persons in Eheir EerriEories unLess Ehe Fund finds t.hat such resEricEions prejudice the intereat.s of membera and are contrary Eo the purposea of Ehe Fund. Art.icle xII organizat ion and ManagemenE Section 1. SErucEure of Ehe Fund The Fund shall have a Board of Governors, an Executive Board, a Managing Direct.or, and a stafE, and a Council if the Board of covernors decides, by an eight.y-f ive percenC majoriEy of the total voting power, Ehat. the provisions of Schedule D shall be applied. SecEion 2. Board of covernors (a) AIl powera under Ehis AgreemenE not. conferred direcEly on the Board of Governors, t.he Execut.ive Board, or the l'(anaging Dj-rector sha]1 be veated j.n t.he Board of covernorg. The Board of Governors shaLl consigE of one covernor and one AIEernaEe appoinEed by each member j.n such manner as iE may det.ermine. Each Governor and each Alt.ernaee shall serve unEil a new appoinEment ia made. No AlternaEe may vot.e excepE in the absence of his principal . The Board of covernors sha1l 6e1ect. one of Ehe covernors as chairnEn, (b) The Board of covernors may delegate Eo Che Executj.ve Board auEhority Eo ＜ ｔ ｉ ｅ ｇ Ｄ ｈ ｎ exercise any powers of Ehe Board of Governors, except. Ehe powers conferred dj-rectly by t.hi.s AgreemenE on the Board of covernors. (c) 'fhe Board of covernora Ehall hold such meetings aE may be provided for by Ehe Board ot covernors or called by t.he ExecuEive Board. MeeEings of t.he Board of covernors sha]1 be called whenever requeat.ed by f ifE.een members or by members hawing one-quart.er of Ehe toEal voEing power. (d) A quorum for any meeLing of the Board of covernors shall be a majorit.y of t.he covernors having noE less t.han Ewo-thirds of the toEa1 voging power. (e) Each covernor shalL be enEit.led Eo casE Ehe number of vot.es alloEt.ed under Section 5 of Ehis Art.icle to Ehe member appoinEing him. (f) The Board of covernors may by regulaEion esEablish a procedure whereby the ExecuCi-ve Board, when it. deem6 such acEion Eo be in the best. inlerests of Ehe Pund, may obtain a voEe of the covernors on a specific quegtion withouE calling a meet j.ng of Ehe Board of covernors. (g) The Board of Governors, and E.he ExecuEive Board to Ehe exEenE authorized, may adopE such rulee and regufations as may be neceseary or appropriate Eo conducE the business of Ehe Fund. Governors and Alternates sha}l. serve as such wit.houE compensaEion from Fund, but. t.he Fund may pay t.hem reasonable expensee incurred j.n attendmeet ings . ｔ ｔ ｅ ｏｈ (i) The Board of covernors shall deEermine the remuneraEion t.o be paid Ehe ExecuEive Direct.ors and their ALEernaEes and the salary and t.erms of contracE of service of t.he Managing DirecEor. (j) The Board of covernora and the ExecuEive Board may appoint auch commiEEees a6 t.hey deem adviaabl.e. Membership of committ.eea need noE be limit.ed !o Governors or ExecuEive DirecEors or Eheir AIEernat.es. SecEion 3. ExecuEive Board (a) The ExecuE j.ve Board shall be reaponsible for conducEing Ehe buainess of tshe Fund, and for Ehis purpose shaIl exercise all t.he powera delegat.ed Eo it by the Board of covernors. (b) The Execut.ive Board shall consi8t, of Executive Direct.ors wit.h Ehe l4anaging DirecEor as chairman. Of the Executive DirecEors: (i) five shalt be appointed by Ehe five mernbers having rhe ]argeBE \7 quoEasi and (ii) fifEeen shall be elecced by Ehe other members. For Ehe purpose of each regular election of ExecuE j.ve Director6, the Board of covernors, by an eighty-five percenE majoriLy of Ehe toEal voeing porder, may increase or decrease the number of Executive Directors in (ii) above. The number of Execucive DirecEors in (ii) above shall be reduced by one or two, as Ehe caBe may be, if Executive DirecEora are appoint.ed under (c) below, unless the Board of covernors decldes, by an eighty-five percenE majorit.y of the toEa] voEing power, EhaE t.his reduction would hinder Ehe effecEive discharge of Ehe functions of the Executive Board or of ExecuEive DirecEors or would Ehreaten to upsec a desirable balance in the ExecuEive Board. (c) If, at Ehe second regular election of Execut.ive DirecEors and there- ｌ ｙ ︐ Ｏ´ ａ ａ ＜ ｐ ｍ afLer, Ehe membera enEiEled Eo appoinE ExecuEive DirecEors under (b) (i) above do not. include Ehe Ewo members, t.he holdings of whose currenciea by Ehe Fund in t.he General Resourcea AccounE have been, on Ehe average over Ehe preceding t.wo years, reduced below t.heir quot.as by Ehe largeaL absoluEe amounEs in tserms of Ehe special drawing right, either one or bot.h of such memlcerB, as the case may be, may appoint an Executive DirecEor. (d) ElectionB of elective ExecuEive DirecE.ora shall be conducEed at. intervals of Ewo years in accordance with Lhe provisions of schedule E, supplemenEed by such reguJ-ations as Ehe Fund deema appropriat.e. For each regular elecEion of ExecuEive Directors, Lhe Board of Governors may issue regulaEions making changes in Lhe proport.ion of voEes required to elect Executive Directors under the proviaiona of Schedule E. (e) Each Executive DirecEor shall appoints an A1ternaee uit.h full power Eo act for him when he is not present. When t.he Executive Directors appointing Ehem are present, Alternates may participaEe in meeEings buE may not vot.e. (f) ExecuEive DirecEorE shall continue in office unEit E.heir succeasors are appoinEed or elecEed. If Ehe of f j.ce of an elecEed ExecuEi.ve DirecEor becomes vacant. more ttran nineEy days before Ehe end of his Eerm, another ExecuEive DirecEor ehalI be elect.ed for Ehe remainder of the Cerm by ghe mernbers that. elecEed Ehe former Executive DirecEor. A majority of Ehe votes casE Bhall be required for elec!ion. while Ehe office remains vacanC, the AlternaEe of Ehe former ExecuEive Director shall exercise his powers, excepL Ehat of appoinEing an Al.ternaEe. The ExecuEive Board shall funcEion in conEinuous aession at t.he princioffice of Ehe Fund and sha11 meeE aE ofEen as Ehe busi-nese of the Fund require . (h) A quorum for any meeting of Ehe Executive Board shall be a majoriEy of the Execucive DirecEors having not. less Ehan one-half of Ehe t.ot.a] vot.ing power . (i) (i) Each appoint.ed ExecuEj-ve DirecEor ehaIl be entlEled t.o cast. t.he number of voEea allot,Eed under Section 5 of Ehi6 Article t.o Ehe member appoinEing him. (ii) If the votses allot.tsed Eo a mernber EhaE. appoints an ExecuEive Dj.receor under (c) above were cast. by an ExecuEive DirecEor EogeEher wit,h Ehe voE.es allot.ted Eo oEher membera as a result of t.he 1aaE. regular elecEion of ExecuEive DirecEor6, che member may agree with each of t.he other members t.haE t.he number of vot.es alLotEed to it. shall be cast, by Ehe appoint.ed Execut.ive Direct,or. A member making such an agreemenE shall noE part.icipat.e in the elecEion of Execut j,ve Direct.ors, (iii) Each elecEed ExecuEive Dj.rector shall be enEiEled Eo cas! the number of votes which counted t.owarde his e1ect.i.on. (lr) wt"n Ehe provisions of SecElon 5(b) of Ehis ArEicle are applicable, E.he votes which an Execut.ive DirecEor would otherwise be ent.it.lea Co caaE shaLL be increased or decreased corre spond i ngly . AII lhe voEe6 which an Execut.ive Director i9 entiEled t.o cast. shall be casE as a unit.. (v) when Ehe suspension of Ehe voEing righEs of a member is terminated under ArEicle xxvl, Sect.ion 2(b) , and Ehe member is noE ent.itled to appoinE. an ExecuEive Director, Ehe member may agree wit.h all E.he members that have elect.ed an Execut.ive Director t.hat Ehe number of voEes atlotLed Eo thaE member shalL be cast by such Executlve DirecEor, provided Ehat, if no regu-of Lar el.ection of Executive DirecEors has been condicted during t.he period Ehe euspension, Ehe Bxecut.ive DirecEor in whose el.ect.ion Ehe-membe; had part.icipaEed prior E.o the suapension, or hig successor eLecEed in accordance_with paragraph 3(c) (i) of Schedule L or wiEh (f) above, shall be enE.igred to casE Ehe number of votea alroEted Eo Ehe member- ihe member shalr be deemed to have participaEed in t.he erection of Ehe ExecuEive Director ent.ieled t.o cast. Ehe number of voE.es allott.ed Eo Ehe member. (j) The Board of Governors sharl adopt. regulaEions under which a member noE enEit.led t.o appoint an Executive Director'under (b) above may send a representat.ive Eo aEEend any meeEing of Ehe ExecuEive Board when requese mide by, or a maEter part.icular]y affecting, thaE member is under iconsideration. Section 4. Managing Direct.or and sEaff (a) The Execut.ive Board sharl serect a Managing DirecEor who shall noE be a Governor or an Execut.ive Director. The Managing Direct.or shalr be chairman of E.he Execullve Board, buL shall have no vote excepE a deciding voEe in case of an equar division. He may part.icipat.e in meltings of uhi Board of Governors, but. sharr noE voEe aE such meecings. The Manaling Director sharl cea6e Lo hold otfice when the Executire Board so decidesl (b) The- Managing Director shalr be chief of the operat.ing 6Eaff of the Fund and shall conducE, under Ehe direction of tshe Exeiutive B;ard, Ehe ordinary busi-ness of Ehe Fund. Subject. E.o the general cont.rol of the g*at,]tiru Board, he shall be responsible for the organization, appoinEment, and d.ismissa] of Lhe staff of the Fund. (c).The Managing Direct.or and E.he staff of the Fund., Ehe discharge of their functions, shall owe t.heir duty enEirely co Eheinr.und anJ io no other authority. Each member of t.he Fund shal 1 respetu the inEernationaL characEer of Ehis duty and shatt refrain from aIl aEEempEs to influence any of Ehe staff in Ehe discharge of Chese funcEiona. (d) In appointing the sCaft the Mana 1, subjecE Eo the paramount import.ance of securing the of efficiency and of technical compeEence, pay dye r-gard of recruiting per_ sonnel on as wide a geographical bas Section 5. Vot,ing (a) Each member shall hawe Ewo hundred f if t.y vot.es prua one addit.ional vote for each parE of it.E quot.a equivarenE t.o oni hundrei Ehouaand sfeciar draw.. ing righE.s. (b) Whelever voEing is required under Article V, SecEion 4 or 5, each mem_ ber sharr have t.he number of vot.ea to which iE is ent.iEled under (a) above adjus!ed (i) by t,he addit.ion of one voEe for E.he equivalenE of each four hundred t.hou8and Epecial drawing righEs of neE sales of iEs currency from t.he generaL resources of t.he Fund up t.o lhe daEe when t.he voLe is tiken, or (ii) by Ehe subtraction of one voEe for Ehe equivalent of each four -hundred speciaL drawing right.s of iEs net purchaees under Art.icle .t.housand V, Section 3 (b) and ( f ) up t.o Ehe date when Ehe vot.e is Eaken, provided t.haE neiEher net. purchases nor neC sales shalt be deemed a! any Eime Eo exceed an amount equaL to E.he quota of the member involved. (c) ExcepE as otherwise specifically provided, all. decisions of t.he Fund ahall be made by a majoriEy of the vot.es casE. section 5 - Reserves, disEribuEion of neE income, and inves E.ment. (a) The Fund shaI1 deEermine annually what part of its neE income sball be pLaced to general reaerve or special reserve, and ehaE part, if any, sha1 I be dist.ribured. (b) The Fund may use Ehe special reserve for any purpose for which iE may use the genera] reserve, excepE disEribution. (c) If any distribut.ion is made of t.he net income of any year, it made Eo all members in proporEion Eo their quot.as. shall be (d ) The Fund, by a sevenEy percent. majorit.y of Ehe t,oE.a1 vot.ing power, may decide at any time t.o disEribuLe any parL of the general re6erve. Any such diat.ribuEion shall be made Eo all members in proportion t.o t.heir quoLas . (e) PaymenEs under (c) and (d ) above 6haII be made in special drawing righEs, provided Ehat. eiEher Ehe Fund or Ehe member may decide that. the payment to Ehe member shall be made in its own currency. (f) (i) The Fund may est.ablish an Investment AccounE for t.he purposes of t.hi,s aubaecEion ( f ) . The asset.s of Ehe fnvest.menE Account shall. be held separaEely from Ehe other accounEs of Ehe General DeparEmenE. (ii) The Fund may decide to t,ransfer Eo E,he Investment AccounE a part of t.he proceeds of Ehe sale of gold in accordance wit.h ArEicle v, section 12 (g) and, by a sevenE.y percenE majoriEy of t.he t.otal vot.ing pov,rer, may decide to Eransfer Eo the fnveatmenL AccounE, for immediate inveatment, currencies held i,n Ehe General Resources Account. The amount of these Eransfers shall noE exceed Ehe Eot.al amounE of t.he general reserve and Ehe special reserve at the t.ime of the decision. (iii) The Fund may invesE a member's currency held in the InvesEment AccounE in markeEable obligaEions of that member or in marketable obliga!ions of inEernat.ional financial organizaEions. No investment shall be made without the concurrence of Ehe member whose currency is used Eo make Ehe invesEmenE. The Fund shall invesE only in obligat.ions denominated in special drauing righCe or in the currency used for j.nvesEmenE. (iv) The income of inveatmenE may be invegEed i-n accordance wit.h the provisions of Ehis subsect.ion ( f ), Income not inveat.ed 6ha11 be held in the InvesEment. Account. or may be used for meet.ing Ehe expenses of conducting t.he business of the Fund. (v) The Fund may use a member'9 currency held in Ehe InvestmenE AccounE Eo obEain the currencies needed to meeE Ehe expenses of conducEing t.he busineas of the Fund. (vi) The Invest.ment Account shaLl be EerminaEed in t.he event of liquidation of Ehe Fund and may be Eerminated, or the amounE of Ehe investmenE may be reduced, prior to liquidaEion of Ehe Fund by a sevenEy percenE majority of che EoEal v oEing power. The Fund, by a seventy percenE majoriEy of Ehe CoEal voting power, shal] adopt. rulea and regul.aEions regarding adminisEraEion of the Investment. AccounE, which shall be congisbent. with (vii), (wiii), and (ix) below. (vii) Upon Eermination of the InvesEment. AccounE because of Iiquidation of t.he Fund, any asseEs in t.his account. sha1l be disEributed in accordance wiBh Ehe provisiona of Schedule K, provided thaE. a portion of Ehese asset.a corresponding Eo Ehe proporEion of tshe aEseEs transferred to this accounE under Art.icle V, SecEion 12 (g) Eo t.he t.oEal of the aagets Eransferred t.o Ehis accounE shaIl be deemed to be aBaeEa held in the Specia] Disbursement AccounE and shall be distribut.ed in accordance with sihedure K, paragraph 2 (a) (li) (viii) Upon termination of Ehe InvesEment Account. prior Eo liguidation of- the Fund, a porEion of t.he asseEs held in this accounu corresponding to the proporEion of Ehe asseta tranEiferred Eo Ehis account under aiticle V, Sect.ion 12 (g) Eo the t.oEal of Ehe aaaeEa tranaferred to the account ehall be transferred to the Special Disburgement AccounE if iE has not, been Eerminated, and t.he balance of the asseta hel-d in the InvestmenE Account shal1 be transferred to the General- Reaources Account for immediat.e uBe in operations and Eransact. ions (ix) On a reductlon of Ehe amounL of the invest.ment by the Fund, a portion of Lhe reduction corresponding Eo Ehe proportion of Ehe asseEa transferred to t.he rnvesEment Account l nder ArEicre v, secE j.on 12(g) Eo t.hev EoEal 0f Ehe assets t.ransferred to Ehis account. shaI1 be transferrld Eo the specia] DisbursemenE Account. if it hae noE been EerminaE.ed, and t.he baLance of the reducEion sharl be Eransferred t.o Ehe Generar Resources Account for immediaLe uge in operations and EransacEions. Section 7. Publication of reports (a) The Fund shall publish an annual report conEaining an audit.ed aEatemenE of iEs account.s, and shall ig6ue, aE intervals of Ehree monEhs or 1ess. a summary st.aEement of iEs operaEions and Eran6acEions and its holdings of special drawing righEs, 9o1d, and currencies of mernberg. (b) The Fund may pubrish such oEher reports as it deems desirable for carrying ouE i ts purposea SecEion L CommunicaEion of views Eo members The Fund shall at. all Eimes have the righE t.o communicat.e itg views informally Eo any member on any maEEer arising under t.his Agreement.. The Fund may, by a sevenEy percene majoriEy of Ehe t.oE.a1 vot.int power, decide t.o publish a reporE made Eo a member regarding iEs moneEary or economic condiEions and dewelopment.s which direct.ly t.end Eo produce I eerious disequil j.brium in t.he inEernaEional balance of paymentJ of members. If Ehe mem-ber is not enE.it.led Eo appoint an ExecuEive Di-recEor, it shal] be enEitled Eo repre6ent,aEion in accordance with SecEion 3(j) of this ArEicle. The Fund shall not. publish a report involving changes in t.he fundament.al sEructure of t.he economic organi,zation of members. Article XIII office6 and Depositorie6 SecEion 1. IJocaEion of offices The principal office of Ehe Fund shall be locaEed in Ehe EerriEory of the member having t.he largest quota, and agencies or branch offices may be est.ablished in the EerriEories of other members. . - . Sect.ion 2. Depos iEories (a) Each member shall designate it.s cenEral bank as a depository for all t.he Fund's holdinge of iEs currency, or if it has no cent.ral bank iE eha}I deaignat.e such other instiEuEion as may be acceptable Eo the Fund. (b) The Fund may hold oEher asaeEs, incl.uding gold, in Ehe deposiEories designat.ed by Ehe five members having Ehe largesE quotaa and in such oEher designat,ed deposiEories as the Fund may 6e1ecE. Init.ialJ,y, aE leaat. onehalf of Ehe holdings of Ehe Fund shal] be held j.n Ehe deposit.ory designat.ed by the member in whose Eerritories the Fund has iEB principal office and aE. Ieast forEy percenE shall be held in Ehe deposit.ories designaEed by the remaining four members referred to above. However, alI t.ransters of gold by the Fund 6haII be made vritsh due regard t.o t.he coats of EransporE and anticipated requiremenEa of the Fund. In an emergency Ehe Executive Board may tranafer aII or any part. of Ehe Fund's gold holdings Eo any pface where Ehey can be adequaEety ProEecEed. Section 3. GuaranEee of the Fund's as6eEs Each member guarantees all asseEs of the Fund against loss resulEing from failure or default on the parL of Ehe depository designaLed by iE. ArCicle XIV Transit.ional ArrangemenEs secEion 1. NoEificat,ion Eo the Fund Each member shalt noEify Ehe Fund whether j.E inEends to avail itself of t.he transiEional arrangemenEs in secEion 2 of Ehis Article, or whether it. is prepared to accept. Ehe obligation6 of ArEicle VIII, Seccion6 2, 3, and 4. A member availing iEself of the EransiEionaL arrangements shall noEify t.he Fund as soon thereaft.er as it ig prepared Eo accepE theee obligaEions. section 2. Exchange resErict ions A member thaE has noEified the Fund that it intends to avaiL itself of t.ransit.ional arrangemenEs under t.hiB provisj-on may, notwiEhstanding Ehe provisj-ons of any ot.her articles of Ehis AgreemenE., mainEaj.n and adapt. to changing circumsEances the reaEricEions on payments and Eransfers for currenE inEernaEionaL tranBacEions Ehat were in effecE on Ehe daEe on which it became a member. Members aha]I, however, have conEinuous regard in t.heir foreign exchange policies t.o Ehe purposes of Ehe Fund, and, as soon as conditions permit, Ehey shall Eake all possible measures t.o develop such commercia] and financial arrangemenEs with other members as will faciliEaEe inEernational pa].ment.s and Ehe promoEion of a sEable sysCem of exchange raEes. In particular, memberg shall withdraw resErictions mainEained under t.hia Sect. j.on a6 soon as they are satisfied thaE they will be able, in the abeence of euch restricEions, Eo seEtle their balance of paymenEe in a manner which wilI noE unduly encumber their access Eo Ehe general resources of the Fund. Section 3. AcEion of Ehe Fund relating Eo resericEions The Fund shall make annua] reporEs on Ehe resErict.ions in force under section 2 of this ArEicle. Any member reEaining any rest.ricE.ions inconsist.ents wit.h Art.icle VIfI, SecEior,s 2, 3, or 4 shall consulE the Fund annually a6 to t.heir further retenLion. The Fund may, if iE deems such action neces- sary ir' excepEional. circumst.ances, make repres ent at. ions Eo any member Ehat conditions are favorable for the withdrawal of any particular resEricEion, or for the general abandonment of restrict.j.ons, inconsiatent urieh t.he p!ovi6ion6 of any ot.her articlea oE thia Agreement.. The member shal] be given a suiEable Eime Eo reply Eo such represenEaEions. If Ehe Fund flnde that the mernller persists in mainEaining restrict.ions which are inconsieLent with Ehe purposes of Ehe Fund, Ehe member shaLl be subjecE t.o ArEicIe XXVI , Sect.ion 2 (a) . Art.icle xv Special Drawing RighE.s Section 1. AuEhority Eo allocate specj.al drawing righEs To meet Ehe need, as and when iE arises, for a supplement. Eo exlsEing reserve asset8, the Fund is authorized Eo aLlocate special drawj,ng righEs Eo membera that are part.icipanEs in Ehe Speciat Drawing Rights DeparEmenE. SecEion 2. valuation of Ehe special drawing righE The meEhod of valuaEion of the special drawing righE shall be determined by t.he Fund by a aeventy percenL majority of t.he t.oEa} voEing power, provided, however, thaE an eighEy-five percenE majoriEy of Ehe CoCII voting power shall be reguired for a change in the pri.nciple of valuaEion or a fundament.al change in the application of t.he principle in effecE. Article xvl ceneral DeparEmenc and Special Drawing Right.s DeparE.ment. SecEion l. SeparaEion of operationg and tranaacEionB AII operat.ions and Eransactions invo].ving special dravring rj-ghca shalI be conducEed Ehrough the Specia] Drawing Right.s DeparEment. AII oEher operat.ion8 and Eransactions on the accounE of the Fund auEhorized by or under thia AgreemenE shall be conducEed t.hrough the ceneral oepart.meni. OperaEions and tranaactions pur6uanE to ArEicle XVII, SecEion 2 shatl be conducEed t.hrough the General Department as well as Ehe Special Drawing RighEs Department,. SecEion 2. Separati.on of asseEs and properEy A11 aasets and property of E.he Fund, excepE reaources administ.ered under Art.ic1e V, Section 2(b), shall be held in t.he General Department., provided that. asseEs and properEy acquired under Art.icIe XX, SecEion 2 and Articles xxrv and XXV and Schedules H and I ahalt be held in Ehe Special Drawing Rights Depart.ment.. Any assets or properEy held in one DeparEmenE sha11 not be available t.o discharge or meet che liabiliCiea, obligations, or losses of Ehe Fund incurred in Ehe conduc! of the operaEiong and E.ransactions of the oEher Department, excepE t.hat the expenaeg of conducEing the business of t.he Special Drawing RighEs DepartmenE shall be paid by the Fund from the General DeparEment which shal] be reimbursed in special drawing righEs from time to t.ime by assessments under ArEicle XX, Sect.ion 4 made on the basis of a reasonabl,e esEimate of such expen6e6. SecEion 3. Recording and information A11 changes in holdings of special drawing right.s shal] Eake effect. only when recorded by Ehe Fund in Ehe special Drawing Right.6 DeparEmenE. Participants shall notsify E.he Fund of Ehe provisions of this AgreemenE under which special drawing rights are uEed. The Fund may require parLicipant.s t.o furnieh j.C wit.h such oEher information as iE deems neceseary for iEs funcEions. Art.icle XVI I ParE.icipanEs and Other Holders of Special Drawing RighEs SecEion 1. ParE i c j.pant.s Each member of the Fund thac- deposits hrit.h the Fund an inat.rument aetting fort.h t.haE j,t. undert.akea a}l Ehe obli3aEions of a participanE in rhe Special Drawing RighEs Depart.ment, in accordance wiEh its law and Ehat. i! haa taken all atsepE necessary Eo enable iE t.o carry ouE all of Ehese obligat.ion6 Ehall become a parEicipant in the Special Driwing Rights DepartmenE as of t,he dat.e the insErumenE is depot j.Eed, excepE !hat. no member shalt become a part.icipanE before Ehe provisions of t.hie AgreemenE. pertaining excluaively Eo Ehe Special Drawing Right.s Department have enEered into force and inst.rumenta have been depoaj.Eed under Ehis Sect.ion by members thaE have aE leasE sevenEy-five percenE of t.he t.ot.a1 of quoEas. section 2. Fund as a holder The Fund may hold special drawing rights in Ehe GeneraL Reaources Accoun! and may accepE and use t.hem in operaEions and t.raneacEiona conducCed through Ehe General Resources AccounC wiLh parEicipants in accordance wiEh the provisions of Ehis AgreemenE or wiLh prescribed holders in accordance wiEh the Lerms and condi.Eions prescribed under SecEion 3 of Ehis ArEicle. section 3. Otsher holders The F\rnd may preacribe: (i) as holtlers, non-members, members E.haE are non-part.icipants, instiLuEionB tha! perform functions of a cenEral bank for more Ehan one member, and ocher official enEiEiee; (ii) the Eerms and condiEiong on which prescribed holders may be permiEEed Eo hold Epecial drawing rights and may accept. and use thed in opera- tions and t.ranBactj-ons vrith parEicipant,s and oEher prescribed holders; and (iii) Ehe Eerms and condiEions on which parEicipanEe and Ehe Fund Ehrough the ceneraL Resourcea Account may enEer int.o operations and EransacEions in special drawing righEs with prescribed holdera. An eight.y-f ive percenE majoriEy of Lhe t,otal vot,ing power shal-] be required for prescripEions under (i) above. The t.erm6 and condiEions prescribed by the Fund shall be consisEent. wit.h t.he provisions of Ehis agieement. and ihe effecEive funcEioning of t.he Special D: awing Right.E Departmant. Art i- cl e XVIII Allocation and Cancellation of Special Drawing Right.s sect.ion 1. Principlea and considerations governing alrocaEion and canceLraE ion (a) rn all i.Es decisions vrith respect Eo Ehe allocation and cancertaEion of special drawing right.s Che Fund sha]l seek Eo meeE Ehe long-term global need, as and when iE arises, Eo supplemenE exist.ing reserve aaseEs in auch manner as wilr promote the actainmlnr of its purpoies and will avoid economic stagnaEion and deflaEion aa weLr as exciee-demand and infiation Ehe wor1d. in (b) The first decision t.o alrocat.e speciar drawing righEs sharr Eake into account, as special cons ide rat. ions , i coltective j-udgr;enE t.here i-a a global need to suppLement reserves, and Ehe atrai;me;E of thae a better bal.ance of pal.ments equilibrium, aa weLl as Lhe 1ikelihood of a Ueitlr wlrking of the adjusE.menE process in Ehe fuEure. Section 2. AllocaEion and cancellation (a) Decisions shaLl be made five years i.n the first deci may be specifi Eake place aE ate o! cancel special drawing rights ich shaIl run consecut.ively and shalt be baeic period sh;i1-L;;i;;;;; daEe of cial diawing rights oi euctr, f"ler daEe as Any aLlocatlonJ or cancellatlons shall (b) The rat.es aE which allocaEions are t.o be made sha]r be expressed as perc9nEeges of quoEas on the dat.e of :ach decision arr.ocat.6. ine rates at which speciar drawin_g rights are co be cancerledtosharr be expressed as percentages of neE cumulative aI1ocat.ion6 of special drawing rigits on t.he daEe of each decision to cancel . The percentages 6hal} be the same for all participanEs. (c) In iEs decision fo-r any basic period the Fund may provide, sE.anding (a) and (b) above, EhaE: or \/ not.with_ (i) utre duration of Ehe basic period shatl be oEher t.han five years; (ii) gh. allocations or cancellat.ions shalr take place at oEher than yearly interval.s,. or (iiiI the basis for alr.ocationa or cancerr.ations shalr be the quot.as or neE cumulaEive arr.ocations on daEes ot.her than the dat.ea of decigi.ons to allocate or cancel (d) A member t.haE becomes a partic receive allocat.ions beginning wit.h Eions are made afEer 1t becomes a t Ehe new participanE shall sEarE t.o next. a]locat.ion after it. becomes a parEici mernber thaE becomes a parEicipant. driring a basic peri.od aharl receive arto" cations during the remainder of that baiic period- and Ehe participant noE a member on the dar.es eatablished undei (b) or (c) abdve, Jnl punowas shall determine rhe basiB on which r.hese arrocaiions r; L;; lir[i"ip""t shall be made. (e) A participant sha]] receive arlocations of special draeing righEs made purauant. Eo any decision Eo allocate u less: (i) Ehe covernor for the parbi.cipant. d.id. not vot.e in favor ot lhe dec j. s ion; and (ii) Ehe participanE has notified Ehe Fund in writing prior t.o t.he first. allocaEion of special drawing rights under Ehat decision that i.E does noE wi6h special drawing righEs Eo be allocaEed to it under Ehe decision. On Ehe requesE of a parEicipanE, t.he Fund may decide to Eerminat.e Ehe effecE of Ehe noEice wit.h respect to a]]ocations of special drawing rights subsequent Eo the terminaEion. (f) If on Ehe effecEive daEe of any cancellation Ehe amounc of 6pecj.al drawing righLs held by a parcicipant iE less Ehan iEs share of Ehe Bpecia] drawing righEs t.haE are Eo be cancelled, Ehe part.icipant shall eliminate iEs negative balance as prompEly a9 iEs gross reserve posiEion permiEs and shalt lemain in consulEation wiEh Ehe Fund for Ehis purpose. Special drawing rights acquired by che participant after the effecLive daLe of Ehe cance]lat.ion shall be applied against its negaEive balance and cancelled. Section 3. Unexpected major developmenE6 The Fund may change Ehe raEeB or inEervals of allocaEion or canceffation during Ehe resE of a basicj.fperlod or change Ehe lergt,h of a basic period or at any time Che Fund finds iE desirable Eo do starE a new basic perj.od, so because of unexpecEed major developmenEs. secEion 4- Decision6 on aLlocat,ions and cancelLaEions (a) Decisions under SecEion 2 (a) , (b) , and (c) or Sect.ion 3 of t.his ArEicle shall be made by the Board of Governora on t.he basis of proposals of Ehe Managing DirecLor concurred in by Ehe Executive Board. (b) Before making any proposal, t.he Managing Director. aftser having saEiefied himself EhaE it. will be consisEent. with t.he provisione of SecE.ion 1(a) of t.his ArLicle, ahall conducE such consultsations as will enable him Eo ascertain that Ehere is broad support among parEicipanEe for the proposal. In addition, before making a proPosal for Lhe firsE allocation, t.he Managing Director shall aaEr.Bfy himeelf thaE the provisions of SecEion 1(b) of t.his Article have been met and Ehat Lhere is broad supporE among participants Eo begin allocat.ions; he shall make a proposal for the first. allocaEion as soon afEer Ehe escablishmenE of t.he SpeciaL Drawing Righls DeparEment as he is so sat.j,sfied. (c) The Managing Director shall make proposals: (i) not. Iater Ehan six mont.ha before Ehe end of each basic period; (ii) if no decision has been Eaken wiEh resPecc to allocat.ion or cancellat.ion for a basic period, whenever he is sati6fied thaE the provlsions of (b) above have been meE; (iij-) when, in accordance wit.h section 3 of Ehis Article, he considers t.haE il would be desirable !o change Ehe raEe or intserva]8 of allocaEion or cancellation or change t.he Iength of a basic period or at.art, a new basic period; or (iv) within six months of a requesL by Ehe Board of Governors or rhe Execut ive Board provided thaE, if under (i), (iii), or (iv) above Ehe Managing Director ascercaine EhaL Ehere is no propo6al whlch he considers Eo be coneiaEent wj.Eh the prowisions of section 1of Ehis Article Ehat. has broad supporE among parEicipantE in accordance wiEh (b) above, he shalI rePorE t.o the Board of covernors and to Ehe ExecuEive Board. (d) An eighLy-five percenE majorit.y of the EoE.al voting power shaIl be ,' required for decisionE under SecEion 2 (a) , (b) , and (c) or SecE.ion 3 of Ehis Article excepl for decisions under SecEion 3 with respect. t.o a decrease in the raEes of allocation. ArEicle xlx Operat.ions and TransacEions in Special Drawing RighLs Section 1- Use of special drawing rights Special drawing rights may be used in E.he operat.ions and EransacEiona authorized by or under t.his Agreement.. SecEion 2. Operations and LransacEiona beEween parElcipants (a) A parEicipant shall be enEitLed co use iEs special drawj.ng rlghEs Eo obtain an equivalent. amount of currency from a partsicipant designaEed under SecEion 5 of this Art.icle. (b) A part.icipanE, in agreemenE with anot.her participanE, may use its special drawing righEs to obEain an equivalent. amount of curreniy from Ehe oEher participanE. (c) The Funal, by a seventy percent. majoriEy of Ehe EoEal- voting Oo*"r, *r, prescribe operaEions in which a part.icipanE is auEhorized to engage in agreement. with anoEher parEicipant on such lerms and conditions as the Fund deems appropriaEe. 'fhe t.erms and condiEions Bhall be consistenE with t.he effecEive funcEioning of Ehe Special Drawing Right.s DeparEment and Ehe proper use of special drawing righLs in accordance with t.his Agreement. (d) The Fund may make representaEions t.o a part.icipanE t.hat entere inEo any operaE j.on or Eransaction under (b) or (c) above t.hat. in t.he j udgment. of t.hL Fund may be prejudicial to t.he process of designaEion according to the principles of Section 5 of this Article or is otherwise inconsisEenE vriEh Article XXII- A participanE t.hat persisEs in enEering into guch operaEions or tranaactions 6hall be subject to ArEicle XXIII, Section 2(b) . Section 3. Requirement of need (a) In Eransactions under SecCion 2(a) of Ehis Art.ic1e, except as ot.herwise provided in (c) below, a parEicipant. will be expected Eo use it6 speclal drawing righEs only if iE haE a need because of i.Es balance of payments or it.s reserve posit.ion or developmenEB in its regerves, and nob for -Ehe sole purpose of changing the compoaiEion of iEs reserves (b) The use of special drawing righEs shalt noE be Bubject to challenge on the baeis of Ehe expectaE.ion in (a) above, buE t.he Fund may make representations to a participant. chat failB t.o futfill Ehis expect.rtion. A participant thaE persisEs in failing Eo fu]fiII t.his expecEaEion shall be eubjecE Eo ArEicLe XXIfI, Section 2(b). (c) The Fund may waive Ehe expecEaEion in (a) abowe in any transacEions in which a parEicipant uses special drawing righEs Eo obt.ain an equival-ent amount of currency from a parE.icj.panE deEignaE.ed under Section S of chis Art.icle t.hat. wouLd promote recon8tit,uEion by Che oEher participanE under SecEion 6(a) of this Art.i.cle; prevent or reduce a negati.ve balance of Che oEher parEicipant,. or offset Ehe ettect of a failure by Ehe ot.her parEicipant t.o fulfilt Ehe expectati-on in (a) abowe. Sect.ion 4. ObligaEion Eo provide currency (a) A parE.icipanE designaEed by t.he Fund under Sect.ion 5 of this ArElcle shall provide on demand a freely usable currency Eo a parllcipanE u6lng special drawing rights under Section 2(a) of EhiB Art.icle. A part.icipant,s obligation Eo plovide currency shal.l noE exEend beyond tshe point at. which iEs holdingg of special drawing right.s in excesa of iEs net. cumulat.ive alLocation are equal to twice iEs neL cumul.aEive a}]ocaEion or such higher limiE as may be agreed betrreen a part.icipant and the Fund. (b) A parEicipanE may provide currency in exceas of the obl igat.ory lj.mj,E or any agreed higher limiE. SecEion 5. DesignaEion of parEicipanEs to provide currency (a) The Fund sha]] ensure EhaE a parEicipanE wil] be able Eo use iEs special drawing rightss by designating part.icipanEs Lo provide currency for specified amounEs of special drawing righEs for the purpoaes of sections 2(a) and 4 of Ehis ArEicle. DesignaEions shall be made in accordance wiEh t.he following general principles supplemenEed by €uch ot.her principles as E.he Fund may adopt from Lime Eo t.ime: (i) A parEicipanE shall be subject Eo designation if it.B balance of payment.s and gross reserve posit.ion ig suffj,ciently strong, buE this wiII nou preclude Ehe pos8ibilj.Ey EhaE a participanE with a strong reserve posiEion wiII be designaEed even Ehough iE has a moderaEe balance of paymenEs deficit.. ParEicipanEs shall be designaEed in such manner as wil] promote over Eime a balanced disEribuEion of holdings of special drawing rights among t.hem . (ii) Part.icipantss shall be subjecE t.o deBignaEion in order Eo PromoEe reconstsiEuEion under SecEion 5(a) of this ArticIe, Eo reduce negative bal- ances in holdings of special drawing right.6, or to off6eE the effecE of failures Eo fulfil] Ehe expecEaEion in Sectsion 3(a) of t,hle ArEicle, (iii) In designating participanEs, the Fund normally sha]l give priority Eo t.hose thaE need ro acguire special drawing righEs to meet Ehe obiect.ives of designaEion under (ii) above. (b) In order Eo promote over time a bal.anced dist.ribuEion of holdings of special drawing righEs under (a) (i) above, E.he Fund sha11 apply Ehe rules for designaEion in Schedule F or such rules as may be adopt.ed under (c) below. V (6) The rules for designaEion may be reviewed aE any Eime and new rules shall be adopted if necessary. Unleas new rules are adopt.ed, Ehe rules in force aE t.he t.ime of Ehe review shall conlinue Eo apply. SecEion 6. ReconsEiEueion (a) Part.icipant.s thaE use Eheir aPecial drawing rights shatl reconsEit,uEe Eheir holdings of Ehem in accordance wit,h t.he rules(b)for reconstiLuEj'on !n beIow. schedule c or such rules ae may be adoPEed under (b) The rules for reconsEiE.uEion may be reviewed at any t ime and new rules shatl be adopEed if necessary. UnIeBs new rules are adopEed or a deciBion is made to a-brogaEe rules for reconsEiEuEion, the rules in force aE the time of rewiew ;hall conEinue Eo aPply' A sewenEy percent majoricy of Ehe toEa} voting power shall be required for decisions to adopt., modify, or abrogaEe t.he rules for reconstitution. SecEion 7. Exchange raEes (a) Except as oEherwise provided in (b) below, Ehe exchange rat.es for Eransact.ionB between partsicipanEs under SecEion 2(a) and (-b) of thi" Art.icle shall, be such E.haE part.icipants usj-ng special drawing lights shalI receive Ehe 6ame value what.ever currencies might be provided-and-whichever part.icipants provide Ehose currencies, and the Fund ihal-I adopt regulaEions Eo give effect. Eo Ehis principle. (b) The Fund, by an eighty-five percent may adopE pollcie8 under which in except sevenEy percent majority of t.he toEa1 vo power, -by t.iii- a pants enEering into transacEions under S o agree on exchange rates oEher t.han t.hose applicable under (a) above. (c) The Fund shall consult a participanE on the procedure for determining rates of exchange for ite currency. (d) For the purpose of thi-s provisi.on the term parEicipanE includes a Eer- minating parLicipanE. Article XX Special Drawing RighEs DeparEment Int.ereaE and Chargea Section 1, fnteresE rnEereat at the 6ame rate for all holders sharr be paid by the Fund each horder on E.he amount. of it.s holdings of epecial arawlng rights. TheEo Fund shall pay the amounE due Eo each holder whet.her or not sufiicient charges are received to meet Ehe paymenE of int.eresE. Sect.ion 2. Charges at Ehe same raEe for all part j.cj-pant.s shall be paid t.o Ehe Fund .byCharges each part.icipanE on the amount oi its n6t cumurative ailocat.ion of specj.al drawing right.s plus any negative balance of the participant. or unp;id charges . SecE.ion 3. RaEe of j.nt.eresE. and charges The Fund shall derermine the rate of inEerest. by sevenEy percenE maioriEy oE the rotaL voE.ing power. The rate of chargei asharr. bJ G ;t;- rat.e of interest. "'q"-J SecEion 4. Assesaments when it is decided under Articre xvr, section 2 that. reimburgement ahall be made, the Fund sharl tevy assessnents for Ehis p,rrpor" same rate for aI] participants on their net. cumul-ative allocalioi:s. .tih. SecEion 5. PaymenE of inEerest, charges, and assessmenE.s . fnterest, chargeg, and assessment.s shalt be paid in special drawing right.s. A participant that.needs specj.al drawi-ng rightj co piy any cnarge or asseaament sharl be obligat.ed and ent.i.tled co ob[ain their, ' for- currency' acceptabre Eo the Fund, in a t.raneaction wiEh t.he Fund conducted t.hrough Ehe General Resources AccounE. If sufficient. 6pecial drawing righcs cannoE be obtained in Ehis way, the parEicipant ehall be obligated and ent.itled to obtain them wiEh a freely ueabLe currency from a part.icipant. which Ehe Fund shall specify. Special drawing rights acquired by a participanE afEer the daEe for pa).menE shaII be applied againsE iE.a unpaid chargee and cancelled. Article XXI Administrat.ion of t.he General Department and the Special Drawing Rights DepartmenL (a) The General DeparEmenE and t.he Special Drawing RighEs Depart,menc shal1 be admini6Eered in accordance wit.h Ehe provisions of Art.icle xII, Bubject. -/ to Ehe following provisions: (i) For meeEings of or decisions by tshe Board of Governors on maEEers perEaining exclusively Eo Ehe Special Drawing RightE DeparEmenE only requesEa by, or tshe presence and t.he votes of, Governors appoint,ed by members EhaE are parEicipant.s shall be counEed for Ehe purpose of calling meetings and deEermining whet.her a quorum exiscs or whet.her a decision is made by the required majority. (ii) For decisions by Ehe ExecuEive Board on maEEers perEaining exclusively to Ehe Special Drawing Rights Depart.menE only Execut.ive DirecEors appoinEed or efecEed by aL leasL one member tha! i9 a part.icipant ghalL be enEiEled t.o vot.e. Each of Ehese ExecuEive DirecEors shall be entiLled to ca6L Ehe number of voEes allotsEed Eo Ehe member which is a part.icipant Ehat appoinLed hj.m or Eo the members that are parEicipanEs whose votea counEed towarde his elecEion. OnIy Ehe presence of ExecuEive Directors appointed or elected by members EhaE are participanEs and the voEes alloEt.ed Eo members that are parEicipanEs shall be counEed for uhe purposre of determining whether a quorum exi-sEs or wheLher a decision is made by the required majoriEy. For Ehe purposes of t.hie provision, an agreemenE under ArEicle xII, Section 3(i ) (ii) by a member t.hat iB a parEicipants shaIl enEiEle an appoinEed Execuej.ve Director to voEe and ca6E Ehe number of vot.es alloEEed Eo Ehe member. \/ (iii) Questions of the general adminisEration of Ehe Fund, including reimbursement under Article xvI, Sect.ion 2, and any question whether a mat.Eer perEains to boEh DeparEmenEs or excfuE ively t.o the Special Drawing RighEs DeparEmenE. shall be decided as if Ehey perEained exclusively t.o t.he ceneral Department. Decisions wit,h re6pecE to Ehe meEhod of valuaEion of Lhe special drawing right, t.he accepEance and holding of specia] drawing righEs in Ehe General Resources AccounE of t.he General Depart.menE and Ehe use of them, and other decisions affect.ing Ehe operaEions and EransacEions conducted through both t.he General Re6ources Account of Ehe General Department and the SpeciaL Drawing Right.s DepartmenL sha]l be made by Ehe majorities required for decieions on maEEers pert.ai.ning excJ.ueively Eo each Department, A decj,sion on a maEEer perEaining to Ehe Special Drawing RighEs Department shalI ao indicat.e. (b) In addit.ion Eo Ehe privileges and immuniEieB t.haE are accorded under ArticLe IX ot Ehis Agreement, no Eax of any kind Bhall be levied on special drau,ing righEs or on operat.iona or tranaacEions in special drawing right,s. (c) A question of inEerpreEaEion of the provisi.ons of Ehis AgreemenE on mat.Eer6 pertaining excLusively Eo the Special Drawing Righcs DeparEment shall be submitted to Ehe ExecuEive Board purauant. t.o Art.icle XXIX(a) only on E.he requeat of a participanE. In any ca6e r.rhere the ExecuEive Board has given a decieion on a.quescion of lnt.erpreEation pertaining exclusively to the special Drawing Rights DeparEmenE onty a participant miy require clat t.he quescion be referred co the Board of -Governore urrder ariicra xxrx(u). The Board of Governors shall decide whecher a Governor appoi-nted by a member that is noE a parEicipanE shaLl be enEiEred. to voEe -iln ttre commiEcee on Int.erpret.aEion on quest.ions perEaining exclusiwely to Ehe Special Drah,ing Righta Department. (d) whenever a d has Eerminated i or be t.we en Ehe F Special Drawing gively from parE disagreemenE sha cedures in Art.icle XxrX(c) . ArE.icIe XXf I ceneraL Obligations of parE icipants rn addit.ion co rhe obr-igat.ions aa.umed lvith respecE to speciar d.rawing right.s under oEher arEicles of thia Agreement, eaci participani undertakEs t.o collaboraEe wiEh the Fund and with oEher parEiciiante iir order Eo facir-v it.aEe t.he effect.ive Right.s DeparEment and Ehe proper use anae wiEh thls AgreemenE and wit.h drawing righE Ehe principaJ. reserve a ystem. Areicle XXIII Suspension of operat.ions and Transactions in special Drawing Right.s Section 1. Emergency provi s ions fn Ehe event of an emergency or t.he development. of unforeeeen circum_ sEances thre Drawing Righ ma j ori.Ey of E.han one yea s and t.ranaacE XXVII, SecE i SecEion 2. Failure to fulfiIl obligaEions (a) rf Ehe Fund finda thar a part.icipanr has failed fulfill obtiqations under Article xrx,- sccEion 4, the ri.ght of rhetoparticilinu ir6t"-u".-it"special drawing rights shal] be suspended u-nIess Ehe F-und othlrwise decides. (b) rf Ehe Fund finds EhaE. a parricipanr. has failed ro fulf il.l any orher obligation. wi.t.h respecE Eo special diawing rightB, the Fund miy suipena righE of Ehe parEicipant. to use special diawing rights it. acguires after the the suspension. (c) Regulationa shal1 be adopted t.o enaure that before action j-s taken againat any parEiciparrE under (a) or (b) above, the part.icipant sha1l be informed immediaEely of the complaint. against it and'given in adequare opportunity for st.ating its case, bot.h orally and in ;riting. Wheriever Ehe participant ia Ehus informed of a compl,ainE lelating t.o (a) above, i-r shaLr noE use special drawing righE.s pending the disposition ot Ehe complainL. (d) Suspension under (a) or (b) above or ]imit.ation under (c) above 6ha11 noE affecE a parEicipant.'s obligat.ion Eo pr.ovide currency in accordance wiEh ArEicIe xlx, sect.ion 4. (e) The Fund may aE any time Eerminate a suspensj.on under (a) or (b) above, provided t.hat. a suapeneion impoaed on a part.icipanE under (b) above for failure t.o fulfilL t.he obligaEions under Article xIX, SecEion 5 (a) shall noE be t.erminaEed unEil one hundred eighEy days afcer t.he end of t.he first. calendar quarter durj.ng whj.ch Ehe participant compliee wiEh t.he ruleB for reconsEiEuEion, (f) The right of a parEicipanE Eo use ics special drawing righEs shall not be suEpended because iE has become ineligible Eo use Ehe Fund's general resources under ArEicle V, secEion 5, Art.icLe vI, SecEion 1, or ArEj,cIe xxvl , SeeEion 2(a) . Article xxvl , Section 2 sha1l not. apply becauae a parLicipant has failed Eo fuIfill any obligat.ions wlt.h respect Eo apecial drawing righEs. Art.icle xxfv TerminaEion of Part icipaE ion secEion 1. RighL to Eermj-nat.e parEj.cipation (a) Any part.icipanE may t.erminaEe iEs parEicipaEion in Ehe Special Drawing Rights DepartmenE aE any Eime by EransmiEting a notice in wriEing Eo Ehe Fund at it.s principal office. TerminaEion shal] become effecEive on the dat.e the not.i.ce is received. (b) A parEicipant Ehat withdraws from membership in Ehe Fund ahalI be deemed Eo have simulEaneously EerminaEed itE participaEion in Ehe sPecial Drawing RighEs Department . section 2. settLemenL on termination (a) when a participanE EerminaEea iEs parEicipaEion in t.he special Drawing Rights DeparEment, aII operaEions and Eransact,ions by Ehe terminaEing participanE in special drawing righEs shall cease except as oEherwi6e permiEted under an agreenenE made pursuanE to (c) below in order co faciliLaEe a seEtlement or as provided in SecEions 3. 5, and 5 of Ehis ArEicle or in schedule H. rnt.eresE and charges EhaE accrued Eo E.he date of termination and assegsmenEa levied before Ehat date but not paid shall be paid in special drawi.ng right.s. (b) The Fund sha]l be obligated t.o redeem all special drawing right.s held by the terminat.ing parEicipanE, and Ehe terminating parEicipant shall be obligated Eo pay Eo Ehe Fund an amounE equaL to iEe neE cumulative allocation and any oEher amounEE that, may be due and payable because of it.s parEicipation in t.he special Drawing RighEs DepartmenE. These obligations shalt be set off against each oEher and t.he amounE of special drawj.ng righEs held by Ehe Eerminat.ing partsicipanE Ehat. is used in the setoff t.o extinguj.sh iE9 obligaEion Eo Ehe fund shall be cancelled. (c) A seittement shall be made wiEh reasonable despatch by agreement. beEween the EerminaEing participanE and lhe Fund wiEh respect t.o any obli9ation of t.he EerminaEing parEicipant or t.he Fund afcer t.he setoff in (b) above. If agreemenE on a aeEELemen! ia not. reached promPtly Ehe provisions of schedule H shall app1y. SecEj,on 3. InEereaE and charges After the daEe of t.ermination the Fund BhaI] pay inEeresE on any ouEst.anding balance of specj.al- drawing right.s held by a terminat.ing part.icipant and the terminatsing parEicipant shall pay charges on any outs;t.anding obrigaEion owed t.o the Fund at Ehe Eimes and rates prescribed under ArEilte XX. Payment. shall be made in apecial drawing right.si A terminat.ing participant. shall be entit.led Eo obtain special drawing righEs with a fr;ely usable currency Eo pay charges or asaessmenEs in a Lransac!ion wiEh L participant specified by Ehe Fund or by agreement. from any other holder, -or to dispo6e of Epecial drawing right.B received as inEeresE in a Eransaction with any. part.icipanE designaEed under ArEicLe XIX, Sect.ion 5 or by agreement. with any oEher holder. SecEion 4. Settlement. of obligat.ion Eo Che Fund Currency received by t.he Fund from a terminat.ing part.icipane shall be used by the Fund to redeem special drawing rightJ nLf a ly -parEicipants in proportion Eo Ehe amount. by which each parEicipanE, s holdiJ.ngs of slpecial drawing rights exceed itE net, cumuLati' e alloclti.on at the lime the currency is receiveal by Ehe Fund. speciar drah'ing righEs so redeemed and special drawing rights obEained by a terminaEing palticipanE under Ehe provisions -; of this Agreement Eo meeE any instalLmenC due under an .g.e"rneirt on set.tlement or under schedule H and seE off againsE that. inetarlment. shall be canceLled. Section 5. SeEt.lement. of obligation Co a rerminating parEicipant. whenever the Fund is reguired Eo redeem special drawing right.s held by a terminat.ing part.icipant.-, redemption shall be made wit.h cuireniy provided by participants specified by rhe Fund. Theae part.icipanEs ghall bL lpecified ' in accordance with the. principles in Article xfx, Section S. Eacli specified parEicipanE shalr provide at _its oprion t.he currency of t.he cerminaling part.icipant. or a freely usable currenct t.o Ehe Fund and shall receive an equi-varent amounE of sp-ec-iaL drawing righEs. However, a EerminaEing parEicipant may use iEs special drawing ;ighas to obEain it.s own currency, a f ree.ly usable currency, or any oE.her asset. from any holder, if the Fund Bo permits. Section 6. General- Resources AccounC t.ransact.ions In order t.o facilitate EetElement with a terminaEing parEicipant., Ehe Fund may decide t.haE a terminaEing partj.cipant shall:- (i) use any epecial drawing rights held by iE afEer che aetoff in section 2(bl of thi,s ArEicle, when they are Eo be redeemed, in a Eransacti.on r.ri.Eh Ehe Fund conducted through t.he ceneral Resources Account t.o obtain it8 own currency or a freely usable currency aE. Ehe opEion of the Fund; or (ii) obEain speciaL drawj-ng right.s in a transact.ion wit.h Ehe Fund conduct.ed Ehrough Lhe General Regourcea AccounE for a currency acceptable Eo the Fund to meet. any charges or ingtallmenE due under an igreemenE or the provisions of ScheduLe H. Art i.cle XXv Liquidation of Che Special Drawing Rights Depart.ment (a) The Special Dravring Righes Depart.ment. may noE be liguidated excepE by decigion of Ehe Board of Governors. In an emergency, if the ExecuEive Board decides that. liquialaEion of Ehe Special Drawing Rights Department may be necesaary, it. may temporarily suspend allocaEions or cancel.lations and al.I operaEions and EranaacEions in special drawing righEs pending decieion by Ehe Board of Governors. A decieion by t.he Board of Governors to LiquidaEe the Fund ghall be a decision to liquidate boEh Ehe ceneral Depart,menE and Ehe Special Drawing Rights DeparEment.. (b) If Ehe Board of Governors decides Eo IiquidaEe Ehe Special Drawing RighEB DeparEmenE, all allocaEions o! cancell.aEions and alI operat.ions and t.ransacEiona in special drawing right.6 and t.he act.j-viEies of Ehe Fund wiEh respecE to t.he Special Drawing Right.6 DeparEment shalI ceaae excepE Ehose incidenEa] Eo Ehe orderly discharge of the obligaE.ions of parEicipant.s and of t.he Fund wiEh reapecE Eo special drauing right.s, and all obligacions of the Fund and of parEicipant.s under this Agreement wit.h respecE Eo specj-al drawing righta shall cease except Ehose seE out in t.his ArEicle, ArEicle xx, ArticLe xxl (d ), Art.icle xxlv, Art.icle xxlx(c), and Schedule H, or any agreemenE reached under Art.ic1e xXIv subject. to paragraph 4 of Schedule H, and Schedul- e I. (c) Upon IiquidaEion of Ehe Special Drawing Right,s Depart.menE, interest. and chargeB EhaE accrued Eo Ehe date of IiquidaEion and assessmencs levied before Ehat. date but. nou paid shall be paid in special drawj-ng right.s. The Fund shall be obligaced tso redeem aII EpeciaL drawing righEe held by holders, and each part.icipanE shall be oblj.gaEed to pay the Fund an amount. equal Eo iEs neE cumulat,ive aflocaEion of special. drawing rights and such oLher amounEs as may be due and payable because of iEs parEicipat.ion in Ehe Special Drawing RighEs DeparEment. (d) Liguidat.ion of Ehe Special. Drawing RighEB Departmenc sha1l be adminj.stered in accordance with Ehe provi.eions of schedule r. Article xXvI Withdrawal f rom Mernbership SecEion L. Right. of members Eo withdraw Any member may withdraw from the Fund at any time by transmit.ting a not.ice in writ.ing Eo the Fund at iEe principal office. wit.hdrawal shall become effective on t.he daE.e such notice is received. Sect.lon 2. Compul sory wiEhdrawal (a) If a member fails fo fulfill any of iEs obl j.gat j-ons under this Agreement., Ehe Fund may declare Ehe member ineligible Eo use the general resources of Ehe Fund. NoEhing in this SecCion shall be deemed t.o limit the provisions of ArEj.cIe V, SecEion 5 or ArLicle VI , SecCion 1. (b) If, afEer Ehe expirat.ion of a reasonable perj.od folJ.owj-ng a declaraEion of ineligibiliEy under (a) above, t.he member persist.s in j.ts failure E.o fulfill any of it.s obligat.ion8 under t.hie AgreemenE, Ehe Fund may, by a seventy percenE majority of t.he Eot.a1 voEing power, suE,pend the voEing right.s of t.he member. During Ehe period of Ehe suapension, Ehe provisiona of Schedule L shaLl appl-y. The Fund may, by a sevenEy percenE majoriEy of t.he EoEal voEing power, tserminaEe the suspension aE any t.ime. (c) If, aft.er Ehe expiraEion of a reasonable period following a decision of suspension under (b) above, the member persist.s in iEs fairure t.o fulfirl any- of iEs obligaEiona.under t.hia agreemenE, t,haE member may be required Eo wit.hdraw from membership in Ehe Fund ty a decision of Ehe B-oard of covernora carried by a majori.ty of t.he covernors hawing eighEy-five percenE of t.he toEal voting por{er - (d) RegulaEions sha1l be adopEed Eo ensule Ehat before accion is taken againsE any member under (a) , (b), or (c) above, Ehe member ahall. be informed in reasonabre t.ime of Ehe compLaint againsE it and given an guate opportunity for sEat.ing it.a case, bofh oial-1y and in wr:!,eing. adeSecEion 3. SeEtlement of accounts with members withdrawing !{hen a member wichdraws from Ehe Fund, normar operat.ions and E.ransactions of the Fund in iEs currency shall cease and settlemenE of atr accounts between iE and Ehe Fund 6harr be made wit.h reasonabre despatch by agreemenE. bet.ween iE and the Fund_.- rf agreemenE is noE reached promitty. t.'he lrovisiona of Schedule ,J shaIl apply Eo Ehe set.Element of accointi. Art icle xxvlI Emergency Prowi s i ons Section 1. Temporary suspens ion (a) rn the event of an emergency or Ehe developmenE of unforeaeen circumsEances threaEening the activities of Ehe Fund, Ehe Execut.i.ve Board, by an eighEy-five percenE majorj-t.y of the t.ot.a1 voting power, may suepend fo-r a period of noE more than one year E.he operaLion of any of the f5l1owing provisione: (i) ArEicle v, SecEions 2, 3, 't , I (a) (i) and (e) ; (ii) Aruicle vr, Secr.ion 2; (iii) Article xI. Sect.ion t; (iv) Schedule C, paragraph 5. (b) A suepension of t.he operation of a provision under (a) above may noE. be extended. beyond one year except by the Board of Governors which, by'an eighty-five percent. majorit.y of the EotaL vot.ing power, may ext,end a auspension for an addiEional period of noE more Ehan Er,i,o yeais if iE finds that. Ehe emergency or unforeseen circum6Eances referred Eo j-n (a) above conE.inue Eo exis!. (c) The Executive Board may, by a majoriEy of the toEa] voEing power, terminaEe such suepension at any time. (d) The Fund may adopE rules wiEh respecE Eo the 6ubjec! matter of a provision during Ehe period in which it.s operat.ion is suspended. SecEion 2. Liquidalion of t.he Fund (a) The Fund may not be liquidaEed except by decision of Ehe Board of Governors. In an emergency, if the Execut.ive Board decides thaE I j.quidat.ion of the Fund may be necessary, it may lemporarily suspend all operations and tranaacEions. pending decision by the Board of Governors. (b) If Ehe Board of Governors decides Eo liquidaEe Ehe Fund, Ehe Fund sha]} f orEhwit.h cease Eo engage in any acEiviEi.es excepE Ehose incidental to Ehe order).y collecEion and liquidaEion oE iEs asseEs and Ehe sett.Iement of its and aII obligaEion8 of members under Ehis Agreement Bhall liabilities, cease except tshose seE ouE in t.his ArEicle, in ArEicIe XxIx(c), in Schedule .1, paragraph 7, and in Schedule K. (c) Liquidation shall be adminisEered in accordance wit.h Ehe proviEions of Schedule K. ArLicle XXVI I I ArnendnenEs (a) Any proposal Eo inEroduce modificaEions in this Agreement, wheEher emanaEing from a member, a Governor, or the ExecuEive Board, 6hall be communicaEed to the chairman of Ehe Board of Governors who shall bring the proposal before Ehe Board of Governors. If Ehe proposed amendmenE i5 aPProved by Ehe Board of covernors, the Fund shall, by circular letEer or ceLegram, ask all members whether they accept. Ehe proposed amendment.. when three-fifEhs of the members, having eighty-five percent of Ehe EoEal vot.ing Power, have accepEed the proposed amendmenE, Ehe Fund 6ha]l- certify Ehe fact by a formal communicaEion addresEed to alI merDera. (b) NoEwiEhsEanding (a) above, accePLance by a1I members is required in Ehe case of any amendmenE modifying: (i) E.he righE Eo wiE.hdraw from the Fund (Article xxvr, sect.ion 1)i (ii) the provision that no change in a mernber's quota shall be made withouE iEs conaent (Article rrr, secEion 2(d )); and (iii) Ehe provision Lhat no change may be made in t.he par value of a member's currency excepE on Ehe proposal of EhaE member (Schedule C, paragraph 5) . (c) AnendmenEs shall enEer into force for all members t,hree months afEer Ehe date of the formal communicaEj.on unfess a shorter period is specified in lhe circular letter or Eelegram. ArEicle XXIX InEerpreEat.ion (a) Any quesEion of interpreEation of Ehe provieione of t.hie AgreemenE arising beEween any member and Ehe Fund or between any memberg of Ehe Fund shall be su.bmiEt.ed co t.he Execut.ive Board for its decieion. If Ehe quesEion particularly af fect.s any member noE enLiEled Eo apPoinE an Executive DirecEor, iE shall be entiEled to representat.ion in accordance wiEh Article XII, SecEion 3 j ) (b) In any case where t.he Execut.ive Board haa given a deci-sion under (a) above, any member may requi,re, f,,it.hin Ehree monEhs from Ehe date of the decision, EhaE Ehe quesEion be referred Eo Ehe Board of Governore, whose decision sha1l be tinal. Any quesEion referred Eo the Board of Governors shall be considered by a commit.t.ee on InEerpretation of t.he Board of ( . covernors. Each CommiEtee member shalL have one voEe. The Board of Governors ahall establish the membership, procedures, and voEing majorities of the committee. A decision of Ehe commitree ahalr be the dec-ision of the Board of Governors unresa the Board of covernors, by an eighEy-five percenb majorlEy of t.he t.otal voting power, decides ot.hert^ri;e. pendind the rasulE of the reference Eo t.he Board of covernore the Fund may, ao tar as it deems necessary, acts on t.he ba6ls of t.he decision of the Executive Board. (c) whenever a disagreement arises between t.he Fund and. a member which withdrawn, or belween t.he Fund and any member during riqui.dat.ion of the has Fund, such di8agreement 6hat1 be submicted t.o arbitiaLioln by a tribunal of three arbiErators, one-appoint.ed by t.he Eund, anot.her by thl member or withdrawing member, and-an umpire who, unless uhe parEies oEherwige agree, shall be appoint.ed by Ehe preeident of Ehe rnEernati.onal court. of ,Justice or such oEher auEhorit.y as fly.have,been preecribed by regulaclon adopted by the Fund- The umpire- sha1l have fuII piower to seE;Ie JII quesej.onj p:ocedure in any case where t,he parties ire in disagreement wiEh respectof Ehereto. ArEicle XXX ExplanaEion of Terms rn interpreEing t.he provisions of this Agreement the Fund and iEs members shall be guided by the following provisions: (a) The Fund,s holdings of a member,s currency in the ceneral Resources AccounE sharl i.nclude any securities accepEed by Ehe Fund under Article IfI, Section 4. (b) sEand-by arrangement. means a decision of Ehe Fund by which a member is assured Ehat iE will be able !o make purchases from Ehe General. Reaources Account in accordance with Ehe Eerna or the decision during a specified period and up Eo a epecified amount.. (c) Reserve t.ranche purctrase mean€, a purchase by a member of d.rawing right. or the currency of anothef member iri exchange for special fts own currency which does noE cause t.he Fund's holdings of the riember. s currency in Ehe ceneral Resources Account t.o exceed it.s {uota, provided thaE for the purposes of t.his definiLion Ehe Fund r ay exclude puichases and holdings under: on the use of iEs general resources for compenaatory _. (i) policies financing of exporE fluctuat. iona; (ii) poLicies on Ehe use of its genera] resources in connecEion wiEh the_financing of contribuEions Eo inEernational buffer 6Eocks of primary producEs; and (iii)_oEhel pol_icies on Ehe use of iE9 general resources in respecE of _. . which t.he Fund decides, by an eight.y-f j.ve peicenr majoriEy of the t.otal voEing power, t.haE an exclusion shall be made. (d) Payments for current t.ransact.ions means payments which are not. for Ehe purpose of Eransferring capital , and includes, without. limitat.ion: (1) all paymenEs due in connecEion with foreign Erade, ot.her currenE . business, including services, and normal shorE-term banking and credit facillEi-es; (2) payment.s due aa int.eresE on I'oans and as nets income from other inweaEmenE6; (3) payment.s of moderaEe amounE for amortizaEion of loans or for depreciaEi.on of directs inveatment.g; and (4) moderaEe remiEEances for family living expenses ' The Fund may, after consulEaEion wit.h the members concerned, deEermine whet.her cerlain BpecifiC transacEions are Eo be con8idered curlenE EransacEions or capiEal transacEions ' (e) NeE cumulaEive allocaEion of special drawing rights means Ehe -total amounE Of special drawing righEs allocaEed Eo a- ParLicipane le_s6 ils share of special irawing righEJ EhiE have been cancelled under ArEicle xvlII, SecEion 2 (a) . (f) A freely usable currency meana a member's currency EhaE Ehe Fund deEermines (i) ii, in fact, widely used to make paymenEs for inEernaEional riansacUione, and (ii) is widely Eraded in t.he prtncipal exchange markets. (g) Members that were members on AugusE 3\, a975 shalI be deemed to include EhaE accepted membership aft.er thaE daEe PursuanE t.o a resolution "-.".b"r of Governors adoPEed before that' daEe ' Board of Ehe (h) TransacEions of Ehe Fund means exchangea of moneEary asseEs by Ehe Fund for ot.her moneEary asseEs. oPerationa of Ehe Fund meana other usea or receipEs of moneEary asaeEs by Ehe Fund. (i) Transact.ions in special drawing righEs means exchanges of special drawing righEs for oEher moneEary assets . operations in special drawing righEs meins oEher uses of special drawing righEs. v ArEicle xxxl FinaI Provisions secElon 1. Entry inEo force This Agreement shal1 enEer into force when it has been signed on behalf sixty-five percenE of the EoEaI of the quotas 6et of goveriment.s having -and whLn Ehe ingErumenEg referred Eo in section 2(a) of in a Schedule forEh Ehis Article have been deposiEed on Eheir behal,f , buE in no event ehaIl this AgreemenE entser inEo force before May L. L945' sect i,on 2 SigrraEure (a) Each government. on whose behalf Ehis Agreement is signed shall deposit set.ting witn tfre 6o.r..n*errE of Ehe UniEed St.aEes of America an instrumenE law and wiEh its accordance in Agreement. forth lhat it. hae accepted Ehis iEs of obligacarry ouE a1l. to enabLe it neiessary to ateps all has taken Eions under Ehis AgreemenE . (b) Each country ehalL become a member of t.he Fund aa from the daEe of the depoBrE on it6 behalf of the in6crument referred t.o in (a) above, excePE thit. no counEry shall become a member before Ehj.g Agreement enEers into force under SecEion 1 of Ehis ArEicle. (c) The Government. of Ehe Unit.ed State6 of America shall inform Ehe government.6 of aII counEries whose names are set forth in Schedule A, and the governments of all countrieg whose mernbership is approved in accordance wllh Article II, Section 2, of al1 signaEur;s of ![:is AgreemenE and of che deposj.E of all instrumenEs referred t.o in (a) above. (d) At t.he time rhi6 Agreement. is signed on iEs behalf, each government shal-l cransmit. to t.he Government. of ihe unit.ed states of Amerlca one onehundredt.! of one percenE of iEs EoEar subscrj-pt.ion j-n gold or uniEed st.at.es do]rars for the purpose of meeEing administrative expen-ses of t.he punal. The covernment. of che united statea of America sharr hold such funda in a epeciar deposit. account and shall t.ransmiE t.hem Eo Ehe Board of Governors of the Fund when the iniEiaL meeEing has been called. rf bhis Agreement. has not come inEo force by December 31, 1945, Che GovernmenE of ihe UniEed st.ates of Ameri-ca shal] return such funds Eo the governmenEs chat transmi-t.- ted Ehem. (e) This AgreemenE shal.l remain open for signaEure at washingt.on behalf of the governments of the councries whose nimes are set. fort-h in on schedule A until DecernJf,er 31, 1945. Afcer Decernber 3Lt L94s I t.his Agreement. Eha11 be open for aignaEure on _(f) behalf of the government.- of-any councry whose membership has been- approved in accordance wiEh Article II, Section 2. (g) .By Eheir signature of r I pt, it. borh on their own behalf and in res 6 Eerrito_ ries, aII territories under Ehorit.y, and all t.erritories in respecE r (h) subsecEion (d ) above shall come inEo force wiEh regard to each signat.ory governmenE as from the date of it.s signature. [The signaEure and depositary clause reproduced. below followed the Eext of Article XX in Ehe original Art.icles of AgreemenEl Done aE wasringt.on, in a single copy which sharr remain deposited in the archives or the Government of the unlEed st.aEes of America, ihich shalt t.ransmit. cerEi.fied copi.es Eo all governments whose names are set forEh in schedule A and to aIr governments whose membership is approwed in accordance with Article II, Section 2. Schedule A QuOtaS (In nlilllons of united state8 d。 1lar8) Australia 200 Belgium 225 Bolivia lo Braz± 1 150 Canada 300 Chile 50 China 550 Colombia 50 Costa Rica 5 Cuba 50 CZeCh0810Vakia 125 Denmark★ ★ Dominican Republic Ecuador 5 Egypt 45 El SalVador 2.5 5 Ethiopia 6 France 450 Greece 40 GuaEemala 5 Hait.i 5 Iceland 1 rndia 400 Iran 25 Iraq I Liberia .5 Luxembourg 10 Mexico 90 NetherlandB 2'15 New zealand 50 HonduraE 2.5 Nicaragrua 2 Norway 50 Panama .5 Paraguay 2 V Peru 25 Philippine commonwealth 15 Poland L25 Union of souEh Africa 100 Union of Soviet Social ist Republics 1200 uniEed Kingdom 13 00 United SEaEes 2750 Uruguay 15 venezuela 15 Yugoslavia 50 *The quoEa of Denmark shall be deEermined by t.he Fund after Ehe Danish Government haa declared itss readiness Eo sign thia Agreement but before BignaEure takeE place . Schedule B Transitional Provisiona wit.h Respect Eo Repurchage, Payment of Additional Subgcriptlons, Gold, and Certain Operational MaEEers 1. Repurchase obligafion8 t.hae have accrued pursuant to Article V, SecEion ?(b) before t.he dat.e of Che Eecond amendment. of Ehia AgreemenE and EhaE remain undiacharged at that daEe shalL be diecharged not. IaEer than t.he daEe or dates aE lrhich Ehe obligaEions had t.o be discharged in accordance wlEh Ehe provielons of t.his AgreemenE before Ehe second amendment.. 2. A member shall diecharge wiEh special drawing righEE any obligation to pay gold Eo Ehe Fund in repurchaEe or aE a eubscripEion EhaE is ouEsCanding aE the daEe of Elre second amendmenE of this Agreement, buE Ehe Fund may preecribe Ehat, Ehese payment.E may be made in whol.e or in parE in Ehe currencies of ot.her members specified by Ehe Fund. A non-participant ahal1 diacharge an obligaEion Ehat. musE be paid in special drarring righEs purauanE Eo Ehis provision with the currencies of oEher members specified by the Fund. 3. For Ehe purpoaea of 2 above 0.888 671 gram of fine gold ehall be equivalenE to one special drawing right, and Ehe amount of currency payable under 2 above Ehall be deE.ermined on Ehat basis and on Ehe basis of Ehe walue of Ehe currency in t.erm6 of t.he Epeci-al drawing right ac t.he dat.e of discharge. 4. A member'a currency held by t.he Fund in excesg of seventy-five percenE of the member's quoEa at. the daEe of Ehe second amendment of t,his Agreement and noE subjecE. Eo repurchase under 1 above shall be repurchased in accordance wiLh the following rules: (i) Holdj.ngs Ehat. resuLted from a purchase shall be repurchaaed in accordance wiEh lhe policy on the use of Ehe Fund,s general resources under which the purchase wa6 made. (ii) Other holdings shall be repurchased noE LaEer t.han four years afEer Ehe daCe of Ehe second amendment. of Ehis Agreement.. 5. Repurchases under 1 above that are not subject. t.o 2 above. repurchases under 4 above, and any specificatj-on of currencies under 2 above shall be in accordance h,ith ArEicle V, SecEion 7(i ). 5. A1I rules and regulaEion6, raEes, procedures, and decisions 1n effecE aE the daee of Ehe second amendmenE of EhiB AgreemenE ahalf remain in effect until Ehey are changed in accordance wiEh the provisions of t.his AgreerrEnt . 7. To the ext.enE t.hat arrangements equivalenE in effecE to (a) and (b) below have noE been compleEed before t.he daEe of Ehe second amendment of thj-s AgreemenE, t.he Fund sha11 v (a) sel] up to 25 million ounces of fine gold held by iE on AugusE 31, 1975 Eo t.hose memberg that. were members on Ehat. daEe and Ehat agree Eo buy it, in proportion Eo their quoEas on ChaE dat.e. The sale Eo a member under this sub-paragraph (a) shall be made in exchange for iEs currency and aE a price equivalenE aE Lhe Eime of sale Eo one special drawing right per 0.888 571 gram of fine gold, and (b) seII up to 25 million ounces of fine gold held by ir on AuguBE 31, 1975 for the benefit. of developing members t.haE were membera on Ehat date, provided, however, that t.he parE of any profits or surplus value of t.he gold Ehat corresponds to Ehe proportion of such a member,e quoEa on August 31, 1975 to Ehe EotsaI of the quotas of all memberS on thaE daLe sha1l be transferred direcEly to each such mernber. The requirement.s under ArEicle V, SecEion 12(c) t.hat Ehe Fund consult a member, obgain a member's concurrence, or exchange a member's currency for E.he currencieg of other members in certain circumsEances shall apply wit.h respect t.o currency received by Ehe Fund as a resulE of sales of gold under Ehis provieion, oEher than sales Eo a member in retsurn for its o\dn currency, and placed in Lhe General Resources Account. . Upon Ehe sale of go).d under Ehis paragraph 7, an amount. of t.he proceeds in the currencles received eguivalent aE. E.he t.ime of sale Eo one special drawing right per 0.888 671 gram of fine gold shalI be placed in Ehe ceneral Resources AccounL and other asseEs held by t.he Fund under arrangements purauant to (b) above shall be held separaEely from t.he general resources of Ehe Fund. AsseEs that remain subject to disposition by t.he Fund upon Eermination of arrangemenEs pursuanE Eo (b) above shall be Eransferred to Ehe Special DiabursemenE Account. schedule C Par Valuea 1. The Fund shal1 notsify membera EhaE par valuea may be blished for Ehe purpoaee of t.his Agreemene, in accordance wiLh Arficle IV. Sect.iono 1, 3, 4, and 5 and Ehis Schedule, in lerms of Ehe special drawing right., or in Eerma of such oEher common denominaEor as is preacribed by t.he Pund. The common denominat.or ahall not. be gold or a currency. 2. A member that lnEends Eo esEablish a par value for iEs currency shall propose a par value Eo Ehe Fund wit.hin a reasonabLe t.ime af t.er noEice is given under 1 above. 3.Any member EhaE does not. int.end t.o esEablish a par value for iEs currency under 1 above 6hall conaulE wiEh the Fund and ensure Ehats it8 exchange arrangemenEs are conEisEenE wiEh the purposes of t.he Fund and are it,e obligat.ions under ArEicle fv, Sect.j.on 1. adequaLe to fulfill 4. The Fund shaIl concur in or objecE Eo a propoaed par value within a reasonable period after receipE of the proposal . A proposed par value shall noE Eake effect for Ehe purpoaea of Ehis AgreemenE if the Fund objects to it., and the member shall be subject Eo 3 above. The Fund shall noE object because of the domestic social or poliEical policies of Ehe member proposing Ehe par va1ue. 5. Each member thaE has a par value for iue currency undert.akes Eo apply appropriate meaaures consj.sEenE wiEh t.his Agreement in order Eo en8ure Eha! Ehe maximum and t.he minimum raEes for apot exchange Eransact.ions Eaking place wiEhin its EerriEories beEween j,ts currency and Ehe currencies of other members mainEa j-ning par values shall not. differ from pariCy by more Ehan four and one-half percenE or by such oEher margin or margins aa che Fund may adopE by an eighEy-five percenE majoriEy of t.he toEal voting Porrer , 6. A member shafl noE propose a change in the par value of it.s currency excepE Eo correcE, or prevent the emergence of, a fundament.al diEequilibrium. A change may be made only on Ehe proposal of Ehe member and only afEer consulEaEion wiEh Ehe Fund. 7. when a change j.s propoeed, tshe Fund ahall concur in or objecE to the proposed par value within a reaeonable period after receipt. of t.he proposal. The Fund shall concur if it. is saEistied EhaE che change ie irecessary E,o correcE, or prevenE t.he emergence of, a fundamenEal diseguilibrium. The Fund shall not object because of t,he domesEic social or political policies of the member proposing Ehe change. A proposed change in par value shall noE Eake effecE for t.he purposes of Ehis AgreemenE if Ehe Fund objects t.o it.. If a member changea t,he par val.ue of its currency despit.e t.he object.ion of the Fund, Ehe member shal1 be subjecE Eo ArEicIe XXVI , SecEion 2, MainEenance of an unrealisEic par value by a member shall be diecouraged by Ehe Ftnd . 8. The par value of a member's currency egt.ab] j.shed under Ehis AgreemenE shall ceaee Eo exisE for Ehe purposes of Ehis AgreemenE if Ehe member informe Ehe Fund Ehat, it. inEends Eo CerminaEe Ehe par value. The Fund may object Eo the Eermination of a par value by a decision taken by an eighLyfive percenE majoriEy of the total vot.ing power. If a member t.erminates a par vaLue for iEs currency deapiEe lhe objecEion of t.he Fund, Ehe member shall be subjecE Eo ArEicIe XXVI , Section 2. A par value est.ablished under Ehis AgreemenE shall ceaae t.o exi6E for Ehe purpoaea of t.his Agreement if the member EerminaLea Ehe par value despiEe the objection of E.he Fund, or if Ehe Fund finds thaE t.he member does noE mainEain rat.es for a subsEantial volume of exchange tranaactions in accordance wit.h 5 above, provided that. t.he Fund may not. make such finding unless iE has consulted t.he mernber and given it. sixEy days noEice of the Fund,s int.encion to consider whether Eo make a finding. 9. If t.he par value of t.he currency of a member has ceased Eo exigE under I above, the member sha1l consult. h,it.h the Fund and ensure Ehat iEs exchange arrangemenEs are consiatent. wit.h the purposea of Ehe Fund and are adeguaEe t.o fu1fi11 its obligat.ion8 under ArEicle IV, Sectioh 1. 10. A member for whose currency Ehe par value has ceaeed to exiaE under g above may, aL any Eime, prepg5e a neu par value for it.s currency. NotwithEtanding 6 above, t.he Fund, by a aevent.y percenE majorit.y of - 11. the t.oEal vot.ing powgr, may make uniform proportionaae changea in all-par values if the special drawing righE is the common denominaror and t.he changes wil} not. affects Ehe value of t.he special drawing righL. The par value of a member,E currency sha1l, howewer, noE be changed under Ehis provision if, wiEhin seven days after Ehe Fund,s action, t.he member informs Ehe Fund Ehat. it. does noE wi8h the par value of its currency Eo be changed by such acEion. schedule D Council 1, (a) Each member Ehat appoinEs an Execut.ive Director and each group of members thaE has Ehe number of vot.es alLoEted t.o t.hem ca8t by an elected ExecuEive Direceor shalI appoint. to Ehe CounciL one CounciLloi, who shall be a Governor, Minister in Ehe government. of a member, or person of compa- rabl-e rank, and may appoint noE more Ehan seven Associat.es. The Board oi Governors may change, by an eighty-five percent. majorit.y of Ehe t.ot.a1 voting power, Ehe number of AssociaLee who may be appointed. A CounciJ.Ior or AsBociaEe ahall 6erve untiL a new appoinEment is made or unEil Ehe next. regular eleccion of ExecuEive DirecEorg, whichever shalI occur gooner. (b) Executive Directors, or in Ehei.r absence t.heir AlEernaEes, and Associat.es shall be entiEled Eo att.end meeEings of the council, unless Ehe Council decides Eo hold a resErict.ed gession. Each member and each group of members EhaE. appolntss a Councillor shall appoinE an AlEernat.e who shal1 be entitled Eo at.Eend a meeEing of the Council when the Councillor iE not present, and sha1l have full power to act for the Councillor. (a) The Council shall superviee t.he management. and adapEation of 2. Ehe inEernational moneEary ayaEern, j.ncluding the continuing operat.ion of Ehe adjusEmenE process and developmenEs in global IiguidiEy, and in Ehis connection shall review deveLopmenls in Ehe transfer of real. reeources Eo developing counEries. (b) The Council shall consider proposals pur8uanE to ArEic1e xxvlII (a) to amend the ArEic1es of Agreement. 3. (a) The Board of Governors may delegate to Ehe Council authoriEy t.o exerci.se any powers of t.he Board of Governors excepL Ehe powera conferred direcEly by t.his Agreement on the Board of covernors(b) Each Councillor sha]I be enEiE1ed to cast Ehe number of voEes allotEed under Article XII, Sectsion 5 Eo the member or group of membera appoint.ing him. A Councillor appointed by a group of members may cast. separaEety the vot.es alloEt.ed to each member in Ehe group. If Ehe number of voEes alloEted Eo a member cannoE be case by an ExecuEive DirecEor, Ehe member may make arrangemenEa triEh a CounclLlor for castsing Ehe number of votes alIoEEed Lo the member. (c) The Council ehall not t.ake any accion pursuant Co powers delegaEed by Ehe Board of covernors Ehat. is inconsistenE wiEh any acEion Eaken by the Board of covernors and Ehe Executive Board ahall noE Cake any action pursuanE Eo porrerB delegaEed by t.he Board of Governors thaE is inconsistanE with any acEion taken by eiEher the Board of Governors or Ehe Council. 4. The Council shall select a Councillor as chairman, shall adopt reguta!ions as may be necessary or appropriaE.e Lo perform it.s funcEions, and shall determine any aspect of j-Es procedure. The Council ehall hold such meeElngs as may be provided for by the council or called by t.he Executive Board. 5. (a) The Council shall have powers corre8ponding t,o Ehose of the ExecuE.ive Board under the following provisiona: ArEicle XII, Section 2(c), ( f ), (9), and (j); ArEicle xvrrr, secE.ion 4(a) and secEion 4(c) (iv); Art.icle XXIII, SecEion 1; and Art.ic1e XXVII, Sect.ion I(a) . (b) For decisions by tshe Council on maEters pert.aining exclusively to Ehe Special Drawing RighEs Depart.menE only Councillors appointed by a member Ehat is a pareicipant. or a group of members at. ]easE one member of which is a part.icipanE shall be enEiEled Eo vot.e. Each of Ehese Councillors shall be entiEled t.o casE Ehe number of votea allot.Eed Eo Ehe member hrhich iB a parEicipanE thats appoint.ed him or t.o the membere EhaE are parEicipanLB in t.he group of mernbers EhaE appoint.ed him, and may caaE Ehe voEes alloEEed Eo a parEicipant. with which arrangemenE6 have been made pursuanE Eo Ehe last. senEence of 3 (b) above. (c) The Counci] may by regulation esEablish a procedure whereby the Execut.ive Board may obt.ain a voEe of the Councillors on a specific quesEion wiEhouE a meeEing of t.he Council when in t.he j udgment. of Ehe Execut,ive Board an acEion musE be t.aken by Ehe Council which should not. be posEponed unEil Ehe nexE meeEing of E.he CounciL and which does noE warrant. Ete Lafting of a special meeting. (d) Article IX, SecEion I shalL apply Co Councillors, t.heir AIt.ernaEes, and Associat.es, and t.o any oEher person enEiEled t.o aEEend a meet.ing of Ehe Cor:.nci L (e) For the purposes of (b) and 3(b) above, an agreemenE under ArEicle xII, sect.ion 3 (i) (ii) by a member, or by a member Ehat iE a part.icipant, shall ent.iEIe a Councillor Co vot.e and casE t.he number of voLes alloE.t.ed Eo Ehe member . (f) when an Execut.ive Director is entitled to casE Ehe number of votes allotEed to a member pursuanE to Art j.cle xlf, Section 3(i) (v) , Ehe Councillor appointed by t,he group whoee memberg elected auch Executive Di-rector shall be entitled Eo voEe and casE Ehe nurnber of vo!.es alloEted to such member. The member shalL be deemed to have part.icipat.ed in t.he appointmenb of the Councillor entitled Co voE.e and cast Ehe number of voEes alloEted to Ehe member . 6- The firsE senEence of ArEj-c1e XII, Seclion 2(a) shall be deemed t.o include a reference to t.he Council . schedule E Election of Execut.ive Directors 1. The election of Ehe elective ExecuEive Direct.ora shall be by baIIot of the Governors eligible Eo vote. 2. In balloting for Ehe Executive Direct.ors Eo be elecEed, each of t.he covernors eligible Eo vote shall cast. for one person all of. Ehe vot.es to which he is enti-tled under ArEicLe xrr, secEion s(a). The fifteen persons receiving t.he great.est. nurnlcer of votes shall be ExecuEive DirecEors, provided thaE no person who received less Ehan four percenc oE t.he Eotar number of voEes t.hat. can be casE (eligible votes) shtll. be considered erected. 3. when fifteen persons are not elected in t.he first balloE, a gecond. .ballot shall be hetd in which there shall vote only (a) those covernors who voted in Ehe firsE baIlot. for a person not eLect.ed; and (b) Ehoae covernors whose voEes for a person elecEed are deemed under 4 beroh, Eo have raised the voEes casE for that person above nine percenE of t.he eligibre voEes. rf in t.he second ba1loE Ehere are more candidit.es Ehan Ehe numbir of Executive DirecEors Eo be eLecged, Ehe person who received the LowegE number of votes in Ehe firsE balIot. shal1 be ineligible for eLecEion. 4. rn deEermining whether the votea ca6E by a Governor are t.o be deemed .to have raised the total of any person above nine percent of the eLigibre voEea Ehe nine percent shal1 be deemed Eo incl-ude, first., Ehe voEea 6t the covernor casEing Ehe largesE number of voles for such person, Ehen the voEes of Ehe Governor casting the next. ]argest number, and ao on unEir nine percent is reached. 5. Any Governor part of whose voEes must. be count.ed ln order to raise Ehe total of any person above four percent sharl be considered as casEing all of his vot.ea for such person even if Ehe lot.ar votes ror euch person thereby exceed nine percent. 6. If, after the second baLlot, f ift.een persons have not been elecEed, furcher bal-lot.s shall be -herd on the same principres unti-1 fifteen persons have been elecE.ed, provided that afEer fourteen persons are elecEed; Che fif Eeent.h -may be electsed by a sj.mple majoriEy of Ehe remainlng vot.es and shalI be deemed Eo have been elected by aII luch vot.ee Schedule F De6ignaEion During E.he first. basic period Ehe rules for designat.ion shall be as fo1- \, lors : (a) Part.icipants subjecE Eo designaEion under ArEicIe XIX, Section 5(a) (i) shalI be designaEed for such amounEE as wj.I] promoEe over Eime equalit.y in Ehe ratios of Ehe parEicipants, holdings of special drawing rightl in excess of Ehej.r neE cumuLative allocat.ions to Eheir offici;I holdings of gold and foreign exchange. (b) The formula Eo give effecL to (a) above sha1l be auch t.hat parEicipants subject to designation shal] be designat.ed: (i) in proportion to Eheir official holdings of gold and foreign exchange when Che ratios described in (a) above are egual,; and (ii) in auch manner ae gradually Eo reduce Lhe difference beEween Ehe rat.ios degcribed in (a) above EhaE are low and the rat.ios Ehat are high. Schedule G ReconsEiEuEion 1. During Ehe first follows: baaic period Ehe rules for reconsEiCuEion shall be as (a) (i) A parEicipanE Bhall so use and reconsEiEuEe it.s holdings of special drawing righEs thaE, five years afEer che first aI]ocat.ion and at Ehe end of each calendar quarter t.hereaf t,er, Ehe average of it.e tot.al daily holdings of special drawj.ng righEs over Ehe mosE recent. five-year period will be noE 1e6s Ehan EhirEy percenE of the average of ita daily net. cumulative allocaEion of special drawing rights over Ehe same period. (ii) Two years afEer Ehe first. allocation and at Ehe end of each calendar monEh EhereafEer Ehe Fund shall make calculaEions for each participanE so a6 Eo ascerEain vrhet.her and to what. exEenE t.he part.icipane vrould need t,o acguire special drawing righcs beEhreen Ehe daEe of Ehe calculaEion and Ehe end of any five-year period in order Eo comply wiEh t.he requiremenE in (a) (i) abowe. The Pund shall adopt. regulations v{iEh respect, Eo Ehe bases on which Ehese calculaEiona shalL be made and with reapect. Eo Ehe t.iming of Ehe designat,ion of parElcipanEs under Art.icle XIX, Section 5(a) (li), in order Eo assiaE Ehem Eo comply wiEh t.he requi.rement in (a) (i) above. (iii) fhe Fund shall give special noEice t.o a parEicipanE when Lhe calcuLaEions under (a) (ii) abowe indicaEe Ehat it. is unlikely that Ehe part.icipant. wilL be able Eo comply wit.h t.he requirement in (a) (i) above unless ic ceases Eo use special drawing right.B for the resE of Ehe period for which Ehe calculaEion wag made under (a) (ii) above. (iv) A paruicipant thaL needs t.o acguire special drawing rights Eo fulfill this obligaEion sha]l be obligaEed and enE j,t.l.ed Eo obEain Ehem, for currency acceptable Eo Ehe Fund, in a EransacEion wit.h Ehe Fund conducted through Ehe ceneraf Resourcea Account - If eufficienE speciaL drawing rights Eo fulfill t.his obllgaEion cannot be obEained in this way, the parEicipanE shall be obligaEed and enciEled t.o oblain Ehem wiEh a f reel.y usable currency from a parEicipane which Ehe Fund shall specify. (b) PartlcipanEs shalI aleo pay due regard t.o Ehe desirabiliEy of pursuing over Eime a balanced relaEionship between their holdings of special drawing right.s and Eheir ocher reserves. 2. If a parEicipant fails t.o comply wiEh Ehe rules for reconstiEut.ion, the Fund shall determine wheE.her or not Ehe circumstancee jueEify suspension under ArEicle xxlII, section 2(b). Schedule H TerminaE.ion of ParEic ipaE ion I. If the obligat.ion remaining after Ehe seEoff under Art.icle XXIV, SecEion 2(b) iE to fhe terminating participanE and agreemenE on seEElemenE beEween Ehe Fund and Ehe EerminaEing parEicipant j-s noE reached within six monEhs of Ehe dace of Eerminat.ion, Ehe Fund ghalL redeem Ehia balance of Bpecial drawj.ng righEs in egual half-yearly inst.allment.s within a maximum of five years of Ehe dat.e of Eermination. The Fund shall redeem Ehis ba]- ance aB it. may deEermine, either -(a) by Ehe payment. Eo Ehe t.erminaEing participanE of Ehe amounts provided by t.he remaining part.icipant.s t.o the Fund in accordance wiEh Article xxIv, Sect.ion 5, or {U)- Uy per'mtcting the uermi_ naEing parEicipant to use it.s special drawing righEs t.6 obtain IE" o*r, .,..,rrency or a freery usabre currency from a participanE epecified by Ehe Fund, t.he ceneral Resources Account, or any r ther holdCr. 2. If Ehe obligahion remaining af t.er the set.of f sect. j-on 2 (b) is to the Fund and agreement on aeEE rrrithin six monE.hs of the daEe of Eermination, Ehe t shall discharge Ehis obligat.ion in equal half-year three years of Ehe date of Eerminat.ion or within such longer period as may be- fixed by Lhe Fund. Ttle teflninating participant sha11 diicharge this obl j.gat.ion, as Ehe Fund may deEermini,- eiEhe; (a) by Ehe paymeni to the Fund of a freely usable currency, or (b) by obt.aining speiiit drawing rights, in accordance with ArEicle XXIV, Saction g, irorir the General Resourcea Account. or i_n agreement. with a participanE specified by the Fund or from any oEher holder, and Ehe 6et.of f ;f EhesL speCial drawing righte against Ehe inst.allment. due. 3 ' rnst.aLlmenEs under either 1 or 2 above shalr fat] due six monEhs afLer t.he dat.e of t.erminaEion and at. inEervals of six months EhereafEer. 4. In Ehe event. of rh: Drawing R1ghE6 DeparEment going int.o liquidation under Arricle xxvlpeciat wi.thin six r 6nthi of thi date a iarcicipane ceirminates its participation, Ehe seEtLemenE beEween Ehe Fund utrr governmenE shall be made in accordance with ArEicle XXV and Schedule "'nd I. Schedule I Admi.nist,ration of Liqui-dation ot t.he Speclal Drawing Rights DeparEmenE 1. In t.he event. of 1i-quidaEion of the SpeciaL Dralring RighEs DepartmenE, participanta sha]I discharge their obligaiione Eo the F-und in Een halfyearly inata11ment.6, or_ ]n such longer period as Ehe Fund may decide is in a.freely usable currency and Ehe currencies of pariicipant.e Ir"gqgd, holding special drawing rights Eo be redeemed in any inst.ailment. io ttre ext,ent of- such redempt.ion, as deLermined by t.he Fund. The firsE half-yearLy payment. shall be made s j.x mont.hs afler the decision to liquidaEe the Special Drawing RighEs DepartmenL. 2. If it is decided t.o li-quidaEe t.he Fund wit.hin six monEha of Ehe daEe of Ehe decision to liquidate Lhe Specj-al Drawing RighEs Department., t.he liquidation of Ehe special Drawing Rights Deparimenf shall-noE proceed untir special drawing righEs herd in Lhe Genlral Resources Acco-unt have been distribuEed in accordance with t.he following rule: After the dieEribuEions made under 2 (a) and (b) of Schedule K, Uhe Fund shall apport.ion it.s specj-al drawing rights held in Ehe General Resourcea Account among all members ttrat arC participantE in proportion to the amount.a due to each parEicipant af t.er t.hs dist.ribution unldei 2(b) . To deEermine the amount due Eo each member for Ehe purpose of apport.ioni,ng the remainder of its holdings of each currency undei z id ) ot s-iheoute rc,- the Fund shall deduct. Ehe dj-srributi.on of specj.al drawing right.s macle under this ruIe. 3. Wit.h the amounEs received under 1 above, t.he Fund shatl redeem special drawing right.B held by holders in the following manner and order: (a) special drawing righLs held by governmenEs EhaE have terminat.ed t.heir parcicipation more Ehan six mont.hs before Ehe daEe Lhe Board of covernors decides Eo liquidat.e the Special Drawing Right.s Department shal1 be redeemed in accordance with Ehe Eerms of any agreemenE under ArEicle xxlv or schedule H. (b) special drawing righEs held by holders EbaE are noE participancs shall be redeemed before those held by parElcipants, and sha1l be redeemed in proportion to Ehe amount held by each holder. (c) The Fund shalI deEermine Ehe ProPorEion of special drah,ing rlghEs held by each particj.panE in re1aE.ion Eo iEs neE cumulative allocaEion. The Fund shall first redeem special drawing righEs from the participanta with the highest proporEion untit t.his proporEion is reduced to E.hat of t.he second highest proport.ion; Ehe Fund sha1l Ehen redeem Ehe special drawing righEs held by Ehese parEicipanEs i"n accordance wit.h Eheir neE cumulative allocation6 until Lhe proporEiona are reduced to EhaE of Ehe Ehird highest proporEion; and Ehis process shall be conEinued unEil Ehe amounL available ?or' redemption is exhalusted. 4. Any amounE thaE a parEiciPant. wi}l be entj'Eled Eo receive in redempEion under 3 above shall be set off againsE any amount Eo be paid under 1 above. 5. During lj-quidaEion Ehe Fund shaIl pay inEeresE on Ehe amount of sPecial drawing right.s held by holders, and each parEj,cipant shall Pay charges on Ehe neE cumulaEive aflocaEion of special drawing righEs Eo iE less Ehe amounE of any pay.menEs made in accordance wit.h 1 above. The raEes of intereeE and chargee and tshe Eime of payment shall be deEermined by Ehe FundPaymenEs of interesE and charges shall be made in special drawing right.s to t.he exEenE possibfe. A parEiciPanE Ehat does not hold suffiiient. special drawing righEs Eo meeE any chargea ehall make Ehe Payment. wiE.h a currency specified by the Fund. special drawing rights received aE charges in amounEs needed for adminj.straEive expenses 6haII not be used for the paymenE of inLeresE, but. sha1l be transferred t.o Ehe Fund and shall be redeemed first and with the currencies ueed by t.he Fund Lo meet iEs expensea. 6. while a part.icipanE is ln defaulE with respecE Eo any PaymenE required by 1 or 5 above, no amounEB shall be Paid Eo it. in accordance with 3 or 5 above . ?. If afler Ehe final paymenEs have been made Eo part.icipant.s each parti-cipant. noc in defaulc does noE hold sPecial drawing right.s j-n Ehe same proportion t.o its neE cumulat.ive allocacion, Ehose parEicipanEs holding a lower proporEion shall purchase from t.hose holding a higher proportion euch amounts in accordance wiEh arrangemenEs made by t.he Fund as will make Ehe proportion of their holdings of apecial drawing righEs Ehe same. Each Participant in defautL shall pay to Ehe Fund its own currency in an amounE equal Eo ils defaulE, The Fund shall apporEion Ehis currency and reeidual claims among parEicipanEs in propor!ion Eo t.he amounE of special drawing righEs held by each and t.hese apecial drawing right,s ehall be cancelled. The Fund EhalL then cloae the books of the sPecial Drawing Right.e Depart.ment and all of Ehe Fund'a liabiliEies arising from Ehe allocaEions of special drawing righE8 and the adminisEraE.ion of Ehe Special Drawing RighEs DeparEmenE shaff cease. 8. Each participant whose currency is disEributed Eo oEher participanEs under Ehis schedule guarantees the unrestricted use of guch currency aE al.] Eimes for Ehe purchase of goods or for paymenEs of suma due to iE or Eo perBons in it.s territories. Each_ part i c ipant. so obligaEed agrees Eo compensaLe ot.her part.icipanEs for any lose resulting from [tr. difierence beEwEen the varue aE which Ehe Fund diarributed its c-urrency und.er this schedule and Ehe value rearized by such parEicipants on disp6sal of it6 currency. Schedule,J SettlemenE of AccounEs with Members WiEhdrawing 1. The setElemenE of accounEs wit.h respect to the GeneraL Resources Account shall be made according t.o l t.o G of Ehis schedure. The Fund sharl be obligaEed t.o pay to a membei wiEhdrawing an amounE equaf Eo iEs quoEa, plus any oEher amount.s due Eo iE from che -pund, Iess an'y amounts due to Ehe Fund, including charges accruing afEer the date of its wit.hdrawal; buE no paymene shal} be made unt.il six monEhs after the daEe of wiE.hdrawal . palrmenEa shalL be made in the currency of the withdrawing member, and for Ehis purpose t.he Fund may tranafer t.o jhe Generar Resour&s Account holdings of the member's currency in t.he special DisbursemenE Account. or in Lhe rnvest.ment. Account in exchange for an eguivalent. amounE of Ehe currencies of other members in the General ResourcLs AccounE serected by t.he Fund wiEh t.he i. r concurrence . 2. If the Fund, € holdings of Ehe currency of t.he wit.hdrawing member are noc sufficient t.o pay t.he net amount due from Ehe Fund, the bilance be paid in a_ freely usable currency, or in Buch ot,her manner as may shall agreed. rr Ehe Fund and the wiEhdrawing member do not. reach agreemencbewiEhin six monEhs of Ehe daEe of withdrawal, Ehe currency in quesiion helar by the-Fund ahall- be paid forLhwith Eo Ehe withdrawing riemuei. Any due shall be paid in t.en half-yearly inst.allments duri;g ehe ensuing balance five year6. Each such installment shall be paid, at the tpbion of clie Fund, either in Ehe currency of Ehe withdrawing member acqu-ired af t.er its withdrawal or in a freely usable currency. 3. rf the Fund rai.ts Eo meeE any inst.allmenE which is due in accordance wit.h.t.he preceding paragraphe, the wiEhdrawing member shall be ent.itled t.o require Ehe Fund Eo pay the installment. in any currency held by t.he Fund with the exception of any currency which has been declired acarce und.er Art.icle VII, Section 3. 4. If t.he Fund, s holdings of lhe currency of a withdrawing member exceed Ehe amounE due to iE, and if agreemenE on the method ot setlling accounts is not reached wiEhin six monthB of t.he daEe of withdrawal t.he former member shall be obrigaEed Eo redeem such excege currency in a, freely ueabre currency. RedempEion shall be made at. t.he raEes at wlich the Fun-d would seLL such currencies at t.he Eime of withdrawal from the Fund. The wiEhdrawing member shalr compleEe redempEion wiEhin five years of Ehe d.ate of wiEhdrawal, or vrithj-n such longer period as may be fixed by the Fund, buE shal] not be required Eo redeem in any harf-yearry period moie than one-Eent.h of the Fund's excess hold-ings of it.s currency it the daEe of wit.hdrawal plus further acquisit.ions of the currency during such half-yearly period. It Ehe withdrawing member does not fulfill Ehjs obligation, t.he Fund- may in an orderl'y manner li.quidaEe in any market. t.he amount of currency which should have been redeemed. 5. Any member deeiring to obtain the currency of a member which has wieh_ drawn shall acquire it by purchaae from Ehe Fund, Eo the exEent thaE such member haE access to Ehe general resources of E.he Fund and that. such currency is available under 4 above. \/ 6. The withdrasring member guarantees Ehe unreatricted use at. aI1 timea of t.he currency dispoged of under 4 and 5 above for Ehe purchase of goods or for payment ot sums due Eo iE or Eo persona wiEhin iEs EerriEories. IE shatl compeneaEe Ehe Fund for any loss resulEing from Ehe difference becween the value of its currency in Eerms of t.he speciaf drawing righE on Ehe dat.e of withdrawal and lhe value reaLized in terms of Ehe special drawing right. by the Fund on disPosal under 4 and 5 above. ?. If Ehe withdrawing member is indebted Eo Ehe Fund as Ehe result of EransacEions conduct.ed through the special Disbursement AccounE under ArEicle v, section 12(f) (ii), Ehe indebEedness shall be discharged in accordance wiEh the Eerms of the indebEednesa. 8. If tshe Fund holds Ehe wit.hdrawing member's currency in Ehe special DisbursemenE AccounE or in Ehe Inve8tmenE Account. Ehe Fund may in an orderty manner exchange in any markeE for the currenciea of member8 the amounL of tshe currency of Ehe wit.hdrawing member remaining in each accounE afEer use under 1 above, and the Proceeds of t,he exchange of t.he amounE in eactr accounE shal} be kePL in Ehat. accounE. Paragraph 5 above and Ehe firsts sentence of 6 above shaIl apply t.o Ehe wit.hdrawing member'sl currency. 9. If t.he Fund holds obligaEions of Ehe withdrawing member in Ehe SPeciaI DisbursemenE AccounE pursuanE to Article V, SecEion 12 (h) , or in the InvestmenE AccounE, the Fund may hold Ehem uncil the daEe of maEuriEy or dispose of tshem sooner. Paragraph 8 above shall apply Eo Ehe proceeds of such diai.nvestmenE. 10. In the evenE of the Fund going into liquidation under Article XXVII, SecEion 2 wiEhin six monEhs of Ehe date on whj-ch Ehe member withdraws, the accounEs between the Fund and thaE government shall be settLed in accordance with ArEicIe xxvrI, SecEion 2 and Schedule K. Schedule K AdminisEraEion of LiquidaEion 1. In Ehe evenE of LiquidaEion Ehe liabiliciea of Ehe Fund oEher than Ehe in the diEcribuEion of the E.he Fund shalL use iEs asseEs of Ehe Fund. In meeting each such liability assels in Ehe foLlowing order: (a) Ehe currency in which Ehe liability is payable,' (b) gold; (c) all other currencies in proporEion, so far as may be practicable, Eo Ehe quotaa of Ehe members. 2. AfEer Ehe discharge of Ehe Pund's liabiliEies in accordance wiEh 1 above, the balance of lhe Fund's asEeEs shal1 be distribuEed and apporEioned as follows: (a) (1) The Fund shall calculate Ehe value of gold held on Augus! 31, 1975 that iE confinues to hol-d on Ehe date of Ehe decision to liguidaEe. The calculation shall be made in accordance wi,Eh 9 below and also on E.he ba6is of one speciat drawing right per 0.888 57I gram of fine gold on Ehe daEe of liguidaElon. Gold equivalenE Eo Ehe excess of Ehe former value over Ehe l-aEter shal] be dieEributed to t.ho8e members thaE were members on August 31, 1975 in proporEion to their quoEas on that. date. repa).menE of subscripEions shall have Prioricy (ii) The Fund sha1l disrri.buEe any assecs held in t.he Special Disbursement AccounE on the date of t.he decision Eo ]iguidaEe to Ehose membera t.haE were members on August 31 , 1975 in proporEion Eo Cheir guot.as on that daEe. Each Eype of asseE shall be dist.ribuEed proporLionately to members . (b) The Fund shall distribute it.s remaining holdings of gold among Ehe members whose currencies are held by Ehe Fund in amounEs Leis chan cheir quoeas in Ehe proport.iona, but. not in excess of, Ehe amounts by which t.heir guotas exceed Ehe Fund, s holdj-nge of E.heir currencj.eg (c) The Fund shall disEribuEe Eo each member one-harf t.he Fund,s holdings of iEs currency buE such disEribution shal] not. exceed fifEy percenc of iEs quoEa. (d) The Fund shat] apportion the remainder of it.s holdings of gold and each currency (i) _among all members j.n proportion Eo, buE not in excess of. Lhe amounts due to each mernber afEer Ehe distribuEions under (b) and (c) above, provided thaE dist.ribution under 2 (a) above ehall not. be taken into accounE for determining Ehe amounta due, and \-/ (ii) any excess hordings of gold and currency among arr Ehe members in proportion Eo Lheir quot.as. 3. Each member sha1l Ehe holdings of its currency apporEioned to other membere under 2 (d-redeem ) above, and shal] agree wiLh tlie prlnal within three months afEer a decision to liguidaEe upon an oralerly proced.ure for such redemption. 4. rf a mernber has not reached agreement with Ehe Fund wit.hin t.he Ehreemonth period referred Eo in 3 above, E.he Fund sharr use Ehe currencies of other members apport.ioned t.o t.hat member under 2 (d ) above Eo redeem Ehe currency of that member apporEioned !o other memberg. Each currency apportioned to a member which has not reached agreemenE. sharl be used,- so--far as possible, t.o redeem ite currency apport.ione-cl Eo the members lrhich have made agreements wiEh the Fund under 3 above. 5. If a member has reached agreement. with Ehe Fund in accordance wit,h 3 above, the Fund shall use che currencies of oE.her membere apporEioned Eo that. member under 2 (d ) above co redeem t.he currency of Eli;E member apportioned Eo oEher members which have made agreements wiEh Ehe Fund under -j above. Each amounE so redeemed shall be rEdeemed in the currency of t.he 'v mernber Lo which it. was apport.ioned. ter carrying out the ateps in the preceding paragraphs, Lhe Fund - 6_._ Afpay shal1 to each member the remaining currenciee-treta ior-its account. 7. Each member whoge currency has been disEribuEed t.o oEher members under 6 above shall redeem such currency in t.he currency of t.he member requesting redempEion, or in such oEber manner as may be agrled bet.ween them. If Ehe members involved do not oEherwise agree, the member obligat.ed Eo redeem €ha1I compleLe redemp!ion wiEhin five years of the date ot dist.ribut.ion, but shal.L not. be required to redeem in any half-yearly period more than one-t.enEh of t.he amount disEributed Eo each oEher membei. If Ehe member does not. fulfill Ehis obligation, Ehe amounE of currency uhich should have been redeemed may be liquidated j.n an orderly manner in- any market. 8 ' Each member whoae currency haa been distribuEed t.o other mernbero under 6 above guaranEees t.he unrest.ricted use of such currency at. all. t.imes for the purchase of goods or for payment. of suma due Eo iE or to persons in its Eerritories. Each member so obligat.ed agreea Eo compenaat.e othei members for any 1o6s result.ing from Ehe difference beEween the value of ita currency in Eerms of Ehe special drawing righE on Ehe dat.e of the decision Eo Iiquidate the Fund and Ehe value in Eerma of Ehe special drawing right. realized by such members on dispoeal of iE6 currency. 9. The Fund sha1l deEermine Ehe value of gold under t.his ScheduJe on the ba6is of prices in t.he markeE. 10. For Ehe purposes of this Schedule, guoEas ehall be deemed Eo have been increased t.o the fu1] exEenE Eo which Ehey couLd have been increased in accordance wiuh ArEicle III, SecEion 2(b) of t.his AgreemenE. schedule L Suspension of voEing Right s In Ehe case of a suspension of voEing right.s of a member under Article Xxvf, section 2(b), Ehe foLlowing provisions shaII apply: L. The member shal] noE: (a) parEicipaEe in t.he adopt.ion of a proposed amendmenE of Ehis Agreement, or be counEed in Ehe total number of memberg for that. purpose, except in Ehe caae of an amendment requiring accept.ance by all members under ArEicle XXVIII (b) or pertaining exclusively t.o the Special Drawing Rights DeparEment; (b) appoint a Governor or AlternaEe covetnor, appoint or part.icipate j.n t.he appoinEmenE of a CouncllIor or AlternaEe CouncilLor, or appoint, elecE, or partsicipat.e in t.he elecEion of an ExecuEive Direct.or. 2. The number of vot.es alloEEed to Ehe member sha11 not be caaE in any organ of Ehe Fund. They shall not be included in t.he calculatj-on of Ehe tot.al vot.ing power, excepE for purposes of the acceptance of a proposed amendmenE perEaining exclusively to the Special Drawing Right.s DaparEment,. 3- (a) The covernor and AIEernaEe covernor appointed by the member shall cease to hold office. (b) The Councillor and Alternat.e Councillor appoinEed by Ehe member, or in whose appointmenE the mendcer has parEicipaCed, shall cease Eo hold. office, provided that, if such Councillor was ent,it.Ied Eo cast. Ehe nurnlcer of voEes alloEEed Eo oEher members whose voting rj.ghtss have noE been euspended, another Councillor and AICernaEe Councillor shal-I be appoinEed by such ot.her membere under Schedule D, and. pending auch appoint.menE, the Councillor and Alternate CouncilLor shall. cont.inue t.o hold office, buE for a maximum of EhirEy days from t.he daee oE suspension. (c) The Executive DirecEor appoint.ed or elected by Ehe member, or in whose el-ect.ion Ehe member has participaEed, shalI cease to hold office, unless such ExecuEive Direct.or was ent.itled to casl t.he number of votes allotted to other members whose voting righEs have noE been suspended. In Ehe latter case: (i) if more t.han nlnet.y days remain before Ehe next regular el.ect.ion of ExecuEive Direct.ors, another ExecuEive Director shalr be erecEed for Ehe remainder of Ehe t.erm by such ot.her members by a majorit.y oE Ehe votea cast.; pendj.ng 6uch election, the Execut.ive Dir;ct.or ihalI-continue to hold office, but for a maximum of thirt.y days from Ehe daEe of suspension; (ii) if noE more t.han ninely daya remain before t.he nexE regular elecEion of Executive DirecEors, t.he ExecuEive Dj-rector shal1 conEinue t.o hold offrce for E.he remainder of t.he t.erm. 4- The member shall be ent.itled to send a represenEative to aEEend any meeEing of t.he Board of Governors, t.he Council, or Ehe ExecuEive Board, buc noE. any- meeting of Eheir commj-Et.ees, when a request. made by, or a matEer parE.lcularly affecEing, the member is under conslderacion. Index Accounts (see also General Resources AccounE; InvesCmenE AccounE,. Speci.al. Disbursement. Account) : AudiEed staEement.s, annual, Art.. XII, Sec. 7(a) Names of′ Introd Art Settlement with withdrawing member日 ′ Art XXVI′ Sec. 3, Sched 」 Adjustment process, Art IV, sec. 4′ Art XVエ ェェ′ Sec. ■ (b)′ Sched. D′ par 2 (a) Agencies of members deal ing with Fund′ Art V′ sec ■ AIternates,. see Board of Governors, councillors, Executive Directors Amendment s : Acceptance by all mernloers in certain cases, Art.. XXVIII (b) ArrangemenEs wit.h oeher inLernaEional organizations which necessiEate amendmenEa, Art . x Considerat.ion of proposals by CounciI, Sched. D, par. 2(b) Ent.ry inEo f orce, Art. )GVIII (c) Proposal, Art. XXVIII (a) Rules and regulations, rates, procedures and decisions in effect. aE daEe of second amendment t.o remain unEil changed, Sched. B, par. 6 Suspension of participaEion in adopEion of proposed amendmenE, Sched. L, par. 1 Voting power reguired for acceptance, Art.. XXVIII(a), (b) Annual ReporE.; eee Reports Arbitrati-on: DisagreemenE ariBing during LiquidaEion of Fund or upon wichdrawal of member, Art . XXIX(c) Disagreement. arising from t.erminaEion of part.icipation in Special Drawing Rights Department or during liquidaEion of that. beparEmenL,xxl (d) - Art. Articles of Agreement. (see also Amendments; InterpreEation of Che AgreenEnt ) AccepEance, Art.. IV, Sec.5(a) ; ArE. XXXI, Sec.2(a), (b), (g) Advice t.o al1 members by covernmen! of Unit.ed States of signitures Eo AgreemenE and deposiE of inst.rument.s of accepEance, ArE. XXXI , Sec, 2(c) Ent.ry ineo force, ArE. XXXI , Sec. 1 Instrument6 of accepEance Eo be deposiCed wit.h covernment of Ehe Unit.ed SEaEes, Art. XXXI, Sec. 1, 2(a) SignaEure, ArE. XXXI, Sec. 2 Assessments for expenses of conduct.ing business of Special Drawing Rights Deparcment Levy by Fund, ArE. XX, Sec. 4 PaymenE in special drawing rj-ghls, Arf. XVI , Sec. 2 SeEtlement on Eermination of part.icipation in Special Drawing RighEs Department., Art.. XXIV, Sec. 2 Archives of Fund, immuniEy, Art. IX, Sec. 5 : : V AsaeEs of Fund (see also fnvesEmenE of Fund'a asseEs,' Reserves of Fund): cerEain proceeds from sale of gold for benef j.t. of developing counEries Eo be held separaEely from general reaources of Fund, sched. B, pat. 'l DisEribution in event of liquidat.ion of Fund, Sched. K Freedom from resErictions, Art. Ix, Sec. 6 cuarantee by each mer cer, Art. XIII, sec. 3 Holdingg in deposiEories, Art. XIII, sec. 2 Immunity, ArE. fX, sec.3,4,6,9(al MainEenance of value, ArE. v, sec. 11 separaEion of assets held in General. DeparEmenE and Special Drawing Rightss Department., ArE. XVI , Sec. 2 Separation of asseEs in Special DisbursemenE Account from oEher accounts in General. DeparEmenE, ArE. V, Sec. 12(f) SeparaEion- of asseEa of InveBtmenE Account. from oEher accounE.s of General DeparEment, ArE. XII, Sec. 6(f) (i) sec. 10 value expressed in speciat drawing righEs, Art. v, (b), par. 5(d) D, 1(a), Sched. associatLs of t.he Council, AudiE; see AccounEB Balance of paymenEg: AdjusEmenE, acEj.on by members Eo achieve, Art. IV, Sec. 4 AdjuBt.menE, supervision by council, Sched. D, par' 2(a) Criterion for designarion of ParEicipanE to provide currency for special drawj.ng righEs, Art. xIX, sec. 5(a) (i) rurnishing-of informaEion concerning, ArE. vIII, sec. 5(a) (vi) Improvement, repurchaae obligaEion, ArE. V, Sec. 7(b) Putlication of ieporu Eo member on condiEions tending Eo produce serious diseguilibrium in international balance of pa).ments, lrc. xII, Sec' I eurpose of Fund Eo correcc maladju6LmenEs and lesaen disequilibrium, ArE. I(V)′ (Vi) Requirement 3(b)(ii) of need for purchase of currencies of memberg, Art. v, sec. RequiremenE of need for use of special drawing righEE, ArE. xlx, sec. 3(a) Special policies for special balance of paymenEs problema, Art. v, sec' 3 (a) 8′ Taken into account in first decision to allocate special drawing righし Art XVIII′ Sec l(b) Art V′ Sec 3(d) Taken into account in selection of currencies to be sold′ Withdrawal of exchange restriction3 by members when balance of paymente is satisfactory′ Art XIV′ Sec 2 Bagic periods for allocation and cancellation of special drawing rights, see Special drawing rights Board of Governors (gee also Governor8): b:[ ::[e「 1]:338:ef:曽 :tli:::ti8e :::1:tm:曽 :鑓 IIirt. tT;習 3霊 ::::] :: ::景 XI工 ′Sec 3(j) decision8 on′ Art Allocation and cancellation of special drawing rights′ XVIエ エ′ Sec 4(a), (C)̀ (d) Alternate Covernorg′ appointment by members′ Art XIÌ Sec. 2(a) Appointment by memberB′ Art. Xエ エ′ Sec 2(a) Art. XXVIII(a)′ (b) ApproVal of amendments to Articles of Agreement′ Authority to increase or decrease number of ExeCutive Directors to be elected′ Art̲ XI工 ′ Sec. 3(b) par 3(a) Ce88atiOn of office after 8uttpension of voting rights, Sched. L′ Chairman, se■ ection′ Art XI工 , Sec 2{a) Comlnittee on lnterpretation′ Art XX工 (c), Art. XXIX(b) Committees, Art XII′ Sec 2(j) Compulsory withdrawal of members by decision of′ Arじ XXVÌ Sec 2(c) consistency of Council′ s or Executive Board′ s actions wiし h Board of GOVernors′ actions′ Sched D′ par 3(c) は DeciEion not to have number of elect.ed direcEors reduced when Art.. XII, Sec. 3 (c) applies, ArE. xrI, sec. 3 (b) Decision Eo esEablish CounciI, Art. XII, Sec. 1 Decisions on maCters pertaining exclusively Eo Special Dra\ding Rights DeparEmenE, Art . XXI (a) (i) DelegaEion of aut.horit.y Eo Counci], Sched. D, par. 3(a) DelegaEion of authority to Executive Board, Art. XII, Sec. 2(b) Determinatj-on of quotas of members, Art. III, Sec. 1 Determi.naEion of remuneraEion paid Eo ExecuCive DirecEors and t.heir Aft.ernaEes, Art. XII, Sec. 2(i) DeEerminat.ion of salary and t.erms of aervice conEract of Managing Dj.rector, Art. . XI I. Sec. 2 (i ) Elect.ion of Execut.ive DirecEors, Art. XII, Sec. 3(b) , (d) ; Sched. B Expenses incurred in att.endlng meetings, Art. XII, Sec- Z(h) General review of guoEas and adjustments of quot.as, ArE. III, Sec. 2(a) ImmuniEie6, Art.. IX, Sec. 8 Initial subscription paymenEs EransmiEEed Eo, Arts. XXxI, Sec. 2(d) fnEerpretat.ion of Fund Agreement, ArE. XXIX(b) Interpret.aLion perEaining exclusively to Special Drawing RighEs Departnent, Art - XXI (c) LiquidaEion of Fund, decision, ArE, XXV(a); Art XXVII, Sec. 2(a) , (b) LiquidaEion of Special Drawing Rights DeparEment., decision, Art. XXV(a), (b) Meetings, ArE. XrI, Sec. 2(c); Arr. XXI (a) (i) Number of voEes of each covernor, ArE. XII, Sec. 2(e) Powers, Art. XII, Sec.2(a), (b); Sched. D, par.6 Prescription for payment. of 25 percenE of increase in quota in currencies rather Ehan Epecial drawing righEs, ArE. III, Sec. 3(a) PrescripEion of times and Eerme for mernlcership and subscript.ion, Art. II, Sec. 2 Provision for in Fund st.ructure, ArE. XII, Sec. 1 Quorum for meet.ings, Art.. XII, Sec. 2(d) ; Art.. XXI (a) (i) Representation of member whose voting righEs have been suspended, Sched. L, par. 4 RuLes and regulations, adoption, ArE. XII, Sec. 2(g) Servj-ce pending new appoinLment., ArE. XII. Sec. 2(a) Service wiEhout. compensat.ion, Art. XII, Sec. 2(h) Suspension of member.s right. Eo appoint. a covernor, Sched, L, par. l(b) Temporary suspension of cerEain provisions, ext.ension, Art.. XXVII, Sec. 1(b) Vot.e wit.houE meeEing, Art. XII, Sec. 2(f); Sched. D, par- 5(a) Borrowing of currency by Fund Eo repleniBh holdj-ngs, Art. VII, Sec. L Buffer st.ocks, inE.ernaEionaI, of primary producta, financing of conEribuEion6 Lo, Art. XXX(c) (ii) CapiEal transactions: DeterminaEion by Fund wheEher tranaact.ions to be cons■ dered current or cap― ital transactions, Art.. XXX (d) Furniahing of information concerning, Art. VII工 ′ Sec 5(a)(vi) PaFnents for, definiEion, Art. XXX(d) Use of Fund's general regources for, Art.- V工 , sec l(b)(■ ) Capital transfers: Contro19′ Art VI′ sec. ■, 3 Reserve tranche purchases for̀ Art VI′ Sec 2, Art XXVII′ sec l(a)(ii) Use of Fund's genera■ resources for′ Art VI′ Sec l′ 2, Art XXVI′ sec 2 (a) Use of member' o own resourcee for′ しo be in accordance with purpo日 Fund, Art . vI , SeC ■ (b)(ii) Central banks: Agency deal ing with Fund′ Art.V′ sec. 1 e6 0f DesignaEj,on a6 depoErit.ory for Fund,e holdings of currency, ArE. XIII, SeC 2 Ir,sEitutions t.hat. perform such funct.ions for more t.han one member, etigibiIiEy for prescription as hol.ders of special drawing rights, ArE. )CVIi, Sec. 3 (i) ctlarges : Accruing after dat.e of member's wit.hdrawal, Sched. J, par. 1 Failure of member Eo make required repurchase, Art. v, Sec, 8(c) Levy by Fund, Art. v, Sec. 8(a), (b); ArE. xxvlI, Sec. 1(a) (i) Levy on average daily balances held in ceneral Resources Account. of Fund, ArE. v, Sec. 8 (b) NeE cumulat.ive allocat.ion of special drawing rights, Art. XX, Sec. 2, 3, 5; sched. f, par. 5 OutsEanding obligaEion held by E.erminating part.icipant., Art.. XXIV, Sec 2 (a) , 3 Payabfe during l iguidat ion of Special Drawing Rights Department, ArE. XXV(c) ; sched. I, par. 5 PaymenE in special drawing righcs, and in excepEional circumatances in specified members' currencies or in member,a own currency, ArE, V, Sec. I (e) i ArE. XX, Sec - 5,. Art . XXVII, Sec. I (a) RaEe Eo be equal Co raEe of int.erest. in Special Drawing RighEs DeparEmenE, ArE. XX, Sec. 3 Rate6, majoriEy reguired for det.erminaE.ion, Art. V, Sec. 8(d) RaEes, relaEionship to rat.e of remunerat.ion, Art.. V, Sec. 9(a) Rise at inEerwals during period currency balancee are held, ArE. V, Sec. I (b) Service, on purchase of special drawi,ng righEs or currency of anot.her member, ArE. V, Sec. 8(a) (i) Service, on reserve t.ranche purchasea, ArE. V, Sec. 8(a) (i) SEand-by or similar arrangement.a, Art.. v, Sec. 8(a) (ii) Clearlng arrangement.s, furnishing of information, ArE. VIII, Sec. 5(a) (xj-j") CoIIaEeral security, pledge, ArC. V, Sec. 4 CoIonies,. see Terri Eories Corunj.EEee on Interpretation; see Board of Governors ccmniEtees: AppoinEment by Board of Governora, Council, and Executive Board, ArE. XII, Sec.2(j); Sched. D, par. 5 (a) Immunilies of members, ArE. IX, Sec. I common denominaEor, apecial drawing right or ot.her but not. gold or a currency, Sched. C, par. 1 privilege for, ArE. IX, Sec. ? Communications, official, Compensat.ory financing of export fIucEuaEions, ArL. XXX(c) (i) Compulsory wiEhdrawal from membership, ArE. XIV, Sec. 3; ArE. XXVI, Sec. 2(c); Sched. C, par. 7, I Consul.Eation6: Annual, with membere reEaining cerEaj.n exchange rest.ricEiona, ArE. XIV, Sec. 3 Bet.ween members regarding exisEing inEernaEional agreemenEg, Art. VIII, Sec. 6 By Managing Director to ascertain if E.here is broad support. for proposal on allocaEion or cancellaEion of special drawing righEs, Art.. XVIII. Sec. 4(b) Charge6 on delinquent repurchases, ArE. V, Sec. 8(c) Currencies Eo be sold, sel.ect,ion, ArE, V, Sec. 3(d) Current or capit.al, transacEions, decerminaEion, ArE. XXx(d) Exchange rat.es of part.icipanE's currency, Art.. XIX, Sec. ?(c) Fund eale of gold for member's currency, ArE, V, Sec. 12(c) ; Sched. B, par. ? (b) Member wit.hout par value, Sched. C, par. 3, 9 Members' exchange rate policies, ArE. IV, Sec. 3(b) Par value ceaaing Eo exist., Sched. C, par. 8 Art. V, Sec. ? (bl Sale of currency not repurchased, Art. v, Sec. 7(h) Convertibil.ity,. foreign-heId balances, Art.. VIII, Sec. 4 (see also Free]y usable currency) cooperative arrangements for mainEenance of value of currencies, ArE. rv, Sec. 2(b), 3(b) Repurchaae obligation, co\rncil: Adopt. ion of re$rlaEions and determinaEion of procedures, Sched. D, par. 4 Authority t.o adopt. rules and regulations Eo conducE buainess of Fund, Art.. XII′ Sec 2(g)′ sched. D, par 5(a) Authority to appoint cOmmittees, Art AuthOrity to call Board of GovernOr8 D, par. 5 (a) XII′ Sec 2(j), Sched. D′ par. 5(a) meeting, Art. XIェ , sec. 2(c)′ Sched AuEhoriEy t.o obtain voEe of Governorg wit.hout meeEing, Art.. XII, Sec.2(f); Sched. D, par. 5 (a) Chairman, selection, Sched. D, par.4 ComposiEion, Sched. D, par. 1(a) Concurrence in proposals of Managing DirecEor on allocaEions and cancel La Eions of special drawing righE.s, nrE. XVtft, sec. 4(a) ; Sched. D, par. 5(a) Consistency of acE.ion wiEh acEion of Board of Governors, Sched. D, par. 3(c) DecisiOns on matters D′ par 5(b) relat.ing t.o Special Drawing Rights Department., Sched. Establishment. by decision of Board of covernors, ArE. xII, Sec. 1; Sched. D Immunities and privileges, Sched. D, par. 5(d) Meehings, Sched. D, par. 4 Powers, ArE. XII, Sec. 2 (a), (c), (f), (g), (j ); Art.. XVIII. sec. 4 (a), (c) (iv) ; ArE. XXIII, Sec. 1; Art.. XXVII. Sec. 1(a) ; Sched. D, par. 5(a), 6 Representation of member whoae voEing right.s have been suspendei, sched. r,, par. 4 RequesE for pr:oposar by Managing Director for alrocaEion or canceLlaEion of speclal drawing right.s, Art. XVIII, Sec. 4(c) (iv) ; Sched. D, par. 5(a) Temporary suspension of certain provisions of Agreement, arc. iXVII, Sec. 1(a); Sched. D, par. 5(a) Temporary suspension of provisions relaEing to operaEions and transact.ions in special drawing righEs, ArE. xxIfI, Se-. t; -sched. D, par.5(a) Councillors: Appointment. and atEendance at meeti-ng of Council, Sched. D, par. 1(a), (b) AlEernaEes, Sched. D, par. 1(b) Casting of voE.es, Sched. D, par. 3(b), 5(b), (e) Cessat.ion of office afLer suspengion of vot.ing right.s, Sched. L, par. 3(b) ImmuniEie6 and privileges, Sched. D, par. 5(d) Suspension of member,s right to appoint. or parEicipate in appoinEmenL, Sched. L, par, 1(b) Currencies (see also Freely usable currency; Holdings; Maincenance of value . . . ,. Scarce currencies) Accept.able to Fund, uae t.o obtain apecial drawing rights, ArE. XX, Sec. 5; Sched. G, par. 1(a) (iv) AcquisiEion of currency of member that has wiEhdrawn, Sched. ,r, par. 5 Acquisition of own currency wiEh special drawing rights by t.ermin;tlng parEicipanEs, Sched. H, par. L AdjustmenE of Fund's holdings, Art.. V, Sec. 11(b) Borrowing by Fund, Art.. VII, Sec. 1(j.) ComputaEions, ArE. V, Sec. 1O Desj.gnation-of part.icipanEa to provide for specified amounf. of gpecial drawing rights, Art., XIX, Sec. 5; Sc )ed. F Discharge of obligations Eo Fund by participants in event. of liquidation of Special Drawing Rights DepartmenE, Sched. I, par. 1 : Discharge of repurchase obligaEion or au-bacripEion payable in gold by non- part. icipants, Sched. B Exchange for freely usable currency, Art. v, sec. 3(e), z(j) Exchange raEes, tsransacEionE in special drawing righEs, ArE. v, sec. 10(b), 11(a); ArE. XIx, sec. 7 Fund's holdings, Art.. III, Sec. 3; Art.. V, Sec,6(b) , 7(i), 8(e); ArE. xIII, Sec. 2la'); Art. XXX(a), (c); Sched. B, par. 4 Invescment Account holdings, use to meeE expense6 of conducE.ing business of Fund, ArE. xII, sec. 6(f) (iv), (v) Invest.menE in obligaEions denominaEed in currency uaed, Art. XII, Sec. 5 (f ) (iii ) MainEenance of a value by membera in Eerms of special drawing righE or anoEher denominator otsher Ehan gold, Art. Iv, sec. 2(b) Maintenance of value by Fund, Art. v, Sec. 11 MainEenance of value by mernberE, cooperatiwe arrangemenEs by members, ArEIv, Sec. 3 (b) obligaEion of parEic j,pant. Eo provj.de, ArE. xlx, sec. 4 Pa)rment by Fund Eo member consentsing to quoEa reduction, ArE. III, Sec. 3 (c) Payment. of charges. Art.. V, Sec. 8(e) eayment of distribuEion of neE income or part of general reaerve in member's own currency, ArE. XII, Sec. 5(e) PaymenE of quota increase, ArE. III, sec' 3(a) Pa)rmenE of remuneraEion in member's own currency, Art.. v, Sec. 9(d) Payment. Eo wit.hdrawing member, sched. J Purchase from Fund for apecial drawing righEs, Art.. V, sec. 6 Purchase of currency held by anoEher member, ArE. vIII, sec. 4 RedempEion of holdings apporEioned Eo oEher members in liguidalion of Fund, Sched. K, par. 3-8 ReplenishmenE of Fund's holdings, Art,. vII, Sec. 1 Repurchase by member of currency held by Fund, Art. v, sec. 7; Sched. B, par. 1-5 scarciEy, Art.. VII, sec. 2, 3 selection by Fund to be provided or accepted for transact.ions in special drawing righEs, Art. V, Sec- 6(c) Selection for repurchase, ArE. V, Sec. 7(i) Selection for aa1e, policies and procedure, Art. v, Sec. 3(d) SeparaEe currencies wiEhin men f,er's Eerritories, ArE ' IV, Sec. 5 SetElemenE with EerminaEing particiPanE, Art. XXIV, Sec. 4-6 specified by Fund, discharge of obligaEion by non-participant. payable j.n special drawing right.B, Sched. B, Par. 2 Specified by Fund, use in repurchases, ArE. v, Sec. 7(i), (j) subBEiEuEion of securiEiea, ArE. III, Sec. 4i ArE. XXX(a) CurrenE transacEions: converuibiliEy of foreign-held balances acquired as re8ul,t of or needed for making pa).ments for, ArE. vfII, Sec. 4 DeEermination by Fund wheEher transactions Eo be conaidered current or cap iEaI t.ransacEions, Art. xxx (d) MuItilateral system of pa).ments, Art. I(iv) Pa).menEs for, definition, Art. xxx(d) Re6tricEions on payments and EransferB, ArE. vI , Sec' 3, Art.. vrl, Sec. 3(b), (c); ArE. VIII, Sec.2; ArE. XIV, Sec.2 CusEoms duEies, Fund's immuniEy from, ArE. Ix, sec. 9(a) DaEa; see fnformaEion DefiniEion of Eerms: Freely usable currency, Art.. y\xx(f ) Mernbers on AugusE 3L, L975, ArE. xxx (9) NeE cumulaEive allocaEion of special drawing right.s, Art.. xxx(e) OperaEions in special drawing righEs, Art. xXX(i) Operat.ions of Fund, Art. Pa).ment.s for XXX (h) current transact.iona, Art. XXX (d) Reserve tranche purchase, Art.. XXX(c) SEanal-by arrangement, Art. X)(x (b) Tranaactj-ona in special drawj-ng right.s, Art. XXx(i) TransacEions of Fund, Art. xXX(h) DeparEmenEs and AccounEs, Introd. ArE. DeposiEary for instruments of acceptance of t.he Agreement., Art XXXI′ Sec 2 DeposiEories: Currency, designation by each member, Art. XIIl, Sec. 2(a) GoLd, to be held in designat.ed depo6it.ories, Art. XIII, Sec. 2(b) Guarantee of Fund assets against. Loss from failure or default., ArE. XIII, Sec. l Subscription payment.s Eo appropriaEe depository, ArE. III, Sec. 1 Developing members : Balance of payment.s assistance on special- Eerms from asseEs in Special DisbursemenE Account, Art.. V, Sec. 12(f)(ii) Diatribution of part of assees from sale of gold in Special DisbursemenL Account, ArE. v, Sec- 12(f) (iii); Sched. B, par. 7(b) cont. inuetl) Transfer of real resources, review of d evelopments by Council, Sched. D, par. 2 (a) DisagreefiEnts: Arising bet.ween Fund and terminaEing participant. or any parEicipant during liquidation of Special Drawing Right.s Depart.ment, Art.. xXI (d) Arising between Fund and withdrawn member or any member durLng liguidaEion of Fund, Art.. XXVII, Sec.2(b); Arr. XXIX(c) Discriminatory currency arrangement.a, avoidance, Ar! - VIlf. Sec. 3 Diseguilibrium (see also Balance of paymenLs) Fundament.al , change in par value to correcE or prevent., Sched. C, par. 6, Purpose of Fund Eo lessen in inEernationaL balances of paymenEs of members. Arr. r (vi) Report. to members regarding condiEions tending to produce serious disequilibrium in balance of paymenEs, Ar!. xfl, sec. 8 Economic growth, orderly, obligaEion of members to fosEer, ArE. Iv, Sec. 1 ( : ElecEion; see ExecuEive DirecE.ors Emergency provisions: LiquidaEion of lhe Fund, Art- XXVII, Sec. 2 ArE. XXVII, Sec. Ii Sched. D, par.5(a) Temporary suspension of operaEion of certain prowisions of t.he AgreemenE, Temporary suEpenEion of provisions relaLing to special drawing right.s, ArE. XXIIf , Sec. l; ArL. XXV(a),. Sched. D, par. 5 (a) Employment., promoEion and maint.enance of hj.gh Levels, ArE. I(ii) Ent.ry into force of t.he Agreement, Ar!. XXXI, Sec- 1 EsEablishmenE of InternaLional Monetary Fund, InErod. ArE - (i) ExcepE ional circumatances : AuEhority for parEicipanEs t.o agree on olher exchange raEes for Eransac- tiona, ArL. XIX, Sec. 7 (b) Fund representaEions to mernber on withdrawal of re6EricEions, Art, XIV, Sec. 3 PaymenE of charges in currencies of other members specified by Fund or in member's oh,n currency, Art. V, Sec. 8(e) ; Ar!. XXVII, Sec. 1(a)(i) Reduct j-on of quoLa, payment., ArE. IIf, Sec. 3(c) Exchange arrangemenEs Changes, notificaEion of Fund by member, ArE. Iv, Sec. 2(a) Consistency \dith purposes of Fund, Sched. C, par. 3 ConsulLation with Fund by member not inEending to establish par value or whose par value has ceased Eo exisE, Sched. C, par. 3, 9 : GeneraL, Fund may make provision for, Art. IV, Sec. 2(c) Kind prevalllng on ,January L, L976, ArE, IV. Sec. 2(b) NoEificat.ion by member of arrangement.a t.o be applied and of changeB, Art.. IV, Sec. 2 (a) obligat.ions of members, ArE. IV,. Sched. c, par. 3, 9 Orderly, maj.nEenance among medbers, Art.. I(iii) SeparaEe currencies vrit.hin a mernber's Eerrit.ories, ArE. IV, Sec. 5 Surveillance, ArE. Iv, sec. 3 Exchange contracEs, unenforceabi 1i t.y, Art. vIII, Sec. 2(b) Exchange conErol6 (see aleo Exchange restricEions): Capital Eransfers, ArE. VI , Sec. 1(a), 3 Cooperation beEween members Eo make regulaEions more effecEiwe, Art.. VIII, \J Sec. 2 (b) Furnishing of informaEion, Ar!. VIII, Sec. 5(a) (xi) Exchange depreciaEion, competit.ive, avoidance, ArE. I(iii) Exchange margina, spoE exchange EraneactionB of mernbers having par values, ArE. xxVII, Sec. 1(a) (iv),' Sched. C, par. 5 Exchange rat.es (see alao Exchange arrangemenEs, Par values): Avoidance of manipulaEing, Art.. IV, Sec. 1(iii) Buyj.ng and selling raEes for foreign currencieg. turnishing of informaEion concerning, Art. VIII, Sec. 5(a) (x) CompuEaEions for applying provisions of Ehe Agreement, Art.. v, Sec. 10 Policies, consul.EaEions with members, ArE. Iv, Sec. 3(b) Policies, principlee for guidance, ArE. Iv, sec. 3(b) Promot.ion of sLable system, Art. Iv, Sec. 1, ArE. xlv, sec. 2 TerminaEion of par value, sched. c, par. 8 TransacEione in special drawing right.s, Art.. xrx, sec. 7 value of currencies held in General ResourceB AccounE, Art. v, Sec. 11(a) Exchange restrictions : AdapEation to changing circumsEancea, ArE. xlv, Sec. 2 AdminisEraEion wiEh respecE Eo scarce currency, ArE. Vff, Sec. 4 Approval by Eund, ArE, VIII, Sec. 2(a) Avoidance on currenE paymenEs, Arts. VIII, Sec. 2 ConsulEation6 between members Eo make adjusEment. for applicaEion of auEho- rized re6trictions, ArE. VIII, Sec. 6 CongultaEions wit.h Fund as Eo furEher reE.enEion, ArC, XIV, Sec. 3 CooperaEion beEween members in making exchange conErol regu]ations more v effective, Art. VfII, Sec. 2 (b) Effect. of oEher inEernaEionaL agreemenEs on, ArE. VII, Sec. 5 Elimination of foreign exchange restsricEions which hamper growEh of world t.rade, Art.. I ( iv) MainEenance, ArE. XIv, sec. 1 Member persisEing in maintaining resEric!ions inconsisEent with Fund'6 purposes, ArE. XIv, Sec. 3i ArE. xxvl, Sec. 2 obligalion Eo wit.hdraw, Art.. xlv, sec. 2 On EransacEions wiE.h non-member counErieE,, Art,. XI , Sec. 2 Report, annual, ArE. XIV, Sec. 3 RepresenEation as to wiEhdrawal, ArE. XIV, Sec. 3 Ret.ent.ion, ArE. XfV, Sec. 3 scarce currency, formal declaraEion authorizing temporary exchange reaEricEions, Art. VII, Sec. 3(b) TransiEional arrangemenEs, ArE . XIV Exchange sEabi 1i t.y: Promotion of sEable sy6Eem of exchange raEes, ArC. IV, Sec. 1,' ArE. XIV, Sec. 2 Purpose of Fund Eo promoEe, Art. I(iii) Exchange EransacEions; see OperaEions and tranBacEiona ExecuEive Board: Aut.hority to call meetings of Board of Governora, Art. XII, Sec. 2(c) Aut.horiEy to call meetings of Council, Sched. D, par. 4 Committeea, Art. XrI, Sec.2(j); Art. IX, Sec. B concurrence in proposals for alrocation and cancellaEion of speciar drawing rj.ght,s, Arr. XvIIf, Sec, 4 (a), (d) Decisiona on mat.ters perta.ining excluaj.vely t.o Special Drawing RighEs Department, Art. XXI (a) (il) DelegaEion of powers by Board of covernors, Art. XII, Sec. 2(b), 3(a) Funct.ion in continuous session, ArE. XII, Sec. 3(g) fnterpretatj.on of t.he Agreement, decision, Art. XX-I (c); Art. XXIX(a) Managing Directsor, selecEion of, ArE. XII. Sec. 4(a) Managing Director Eo be Chairman, ArE. XII, Sec. 4(a) Meet.ings, Art.. Xf I, Sec. 3 (g) No- inconsisEency of actions with those of Board of Governors or councir, Sched. D, par. 3 (c) Powers corresponding Eo those of Councll, Sched. D, par. S(a) Provision for, Art. XfI, Sec. 1 ouorum for meeEings. Art. XII, Sec. 3(h); ArE. XXI(a) (ii) RemuneraEion, determinaLion by Board of covernors, Art.. XII, Sec. 2(i) Representation of member not enEitred to appoint. an Executive Director, Art.. XII, Sec. 3(j) Representation of member whoae voting rights have been suspended, sched. L, par. 4 Requesl for allocaEion or cancellation of special drawing righEs, Art. XvIr I, Sec. a(c) (iv) ResponsibiliEy for conducEing busj.ness of Fund, Art. XII, Sec. 3(a) RuLes and regulations, adopE j-on, ArE. XII, Sec. 2(g) Temporary suspension of arrocaEions or cancerrations of special drawing rights, ArE . XXV (a) Temporary suspension of certain prowisions of t.he Agreement, ArE. XXvrI, Sec. 1(a), (c) Temporary suspension of operaEions and Eransact.ions in special drawing righEs, ArE. XXIII, Sec. 1,. Art. XXV(a) Temporary suspengion of transact.ions i-n an emergency, Art. XXVII, Sec. 2(a) Execut.ive Di,recEors AddiEional appointed, Art. XII, Sec. 3(c) Advisors, immunit.ies and privileges, Art. Ix. sec. 8 AlEernat.e, appointment. and powers, Art. XII, Sec. 3(e) Alternat.e, authoriEy t.o exercise por,ver6 of former Executi-ve Director while office i6 vacanE, ArE. XfI, Sec. 3(f) Alt.ernaEe, det.erminat.ion of remuneration by Board of covernors, ArE. XII, Sec . 2 (i) AlEernat.e, enEiLIement. Eo at.Eend meeEings of CounciL, Sched. D, par. 1(b) AlternaEe, immunities and privileges, Ait.. fx, Sec. 8, 9(b) Appoinred, Arr. xII, sec. 3 (b) (i). 3 (c), 3 (j.) Attendance at Council meeEinga, Sched. D, par. 1(b) Ceasation of office af E,er suspenslon of vouing right.s, Sched- L, par. 3(c) Elect.ion, Art. xII, Sec. 3(b) (ii), (d); Sched. e Elective, ArL. XII, Sec. 3 (b) (ii) Immunit.ies and privileges, Art.. fx, Sec. I Immunit.y from E.ax on salaries, Art. IX, Sec. 9(b) fncrease or decrease in number Eo be elected, Art.. XII, Sec. 3(b) Number, ArE. XII, Sec.3(b), (c) RemuneraEion, determinaEion by Board of Governor6, Art. XfI, Sec. 2(i) Suspension of member,s right t.o appoinE or parEicipaLe in etecEion, Sched. L, par. 1(b) Vacancy in office of el-ect.ed Executive Director, Art. XII, Sec. 3(f) VoEes, number for each ExecuEive DirecEor, ArE. XII, Sec.3(i), 5 Explanation of Eerms, Art,. XXX (see also Defj.nit.ion of Eerms) Financial and technical services, performance by Fund, Art.. v, Sec. 2(b) : FiecaI agencies: Dealing wiEh Fund, ArE. v, Sec. 1 Not to engage in discriminaEory currency arrangemenEs or mulEip1e currency PracEices, Art. vIII, Sec. 3 UnderEakings with respecE Eo transactions vriEh non-member, Art. XI , Sec. 1(i); Art. xxvlI, Sec. 1(a) (iii) Foreign exchange, data members may be required t.o furnish, Art. VIII, sec. s (a) (i), \J (ii) Freely usable currency : Conversion inEo by member whose currency haa been purchased from Fund, ArE. V, Sec. 3 (e) Definition, ArE.. xxx (f ) Exchange for currency specifi.ed for repurchaae, ArE. V, Sec. 7(i) obligaEion Eo prowide on demand to parEicipanc using special drawing righEs, Art,. XIX, Sec. 4 SeEElemenE wj-t.h members wj-thdrawing, Sched. J, par. 2, 4 SetEfement with EerminaEing parti.cipanE, ArE. xxlv, Sec- 5, 6; Sched. H Use Eo acquire special drawing righEs for Pa).menE of charge or asBeEsmenE, ArE. XX, Sec. 5; Art. XXIV, Sec. 3 Use Eo discharge obligations to Fund by part.icipanEa in event of liguidaEion of special Drawing RighEs DepartmenE, Sched. I, par. 1 reconatitution obligation, Use uo obt.ain special drawing righEs Eo fulfill sched. G, par. 1. (a) (iv) Fundamentsal disequilibrium; see Dieeguilibrium ceneral Depart.ment. (see aLso General Resourcea Account.i Invest.ment Accounl; special DisbursemenE Account.) AdminisEraEion, ArE. xII, sec.6; ArE. XXI ConsisEing of General Resourcea AccounE, Special Digbursements Account, and InvesEmenE AccounE, rnErod. Art. (iii) (1ii) EsEablishmenE and operation, InErod. Art.. (ii), Holding of aseeEs and propert.y of Fund, ArE. XvI , Sec. 2 LiquidaEion, ArE. xxvII. sec.2; Sched. K OperaEions and EransacEionB, ArE. XvI, Sec. 1; ArE. XVII, Sec. 2 Purchase and sale of special drawlng right.s by parEicipanE, ArE. v, Sec. : 5 (a) , (b) Reimlcursement in special drawing righE.s for expenges of conduct.ing business of Special Drawing RighEs DeparEmenE, Art. XVI, Sec. 2; Art. XXI(a) (iii) separat.ion from special Drawing Right,s DeparEment., Introd. Art.. (ii), (iii), Art. xvr, sec. 1, 2 vaLue of asseEB Eo be expressed in special drawing righEs, Art. v, Sec. 10 (a) v General reserve; see Reserveg of Fund General Resources AccounE : AccepEance and holdings of special drawing righEs, Art. xxl (a) (iii) AcqulgiEion of mernber's own currency or freely usable currency by Cerminating parEicj.pant, Sched. H, par. L AcquisiEion of epecia] drawing right.s by participanE to pay charge or assessmenL, Art. XX, Sec. 5 Acquisition of special drawing righEs by Lerminating participanE, Sched. H, par. 2 Acqui6iLion of special drawing righEs Eo fulfill recons t. i tut. ion obligaEion, Sched. c, par. 1(a) (iw) Charges on balances of currency held, ArE. V, Sec. 8(b) Conduct. of operaEj-ons and EranEacEions, InErod. ArE. (iii) DisEribuEion of special drawing righls if decision E.o liquidaCe Fund wit.hin six monEhs of decision Eo liquidaEe Special Drawing Right8 DeparEmen!, Sched. I, par.2 Holding of general resources of Fund, ArE. v, Sec. 2(a) Holdings of a member's currency, effect. of gold sales, ArE. v, Sec. 12(c) Holdings of special drawing rights, Art.. XVII, Sec. 2 fncreaae in quoEaa of members aa of AugusE 31, 1975 in amounEB not exceeding amounEs Eransferred from Special Disbursement. AccounE, Art. III, Sec. 2 (b) OperaEions and EransacEions in special drawing rights wiCh prescribed hoLd- ers, ArE. XVII, Sec. 2, 3 (iii) Placement. of proceeds of sale of gold, ArE.. v, sec. L2(f); Sched. B, par.7 Replenishment of Fund's holdings of currencies, ArE. VII, Sec. 1 Transactions to facilitate settlement wj.t.h t.erminaEing part.icipant., Art. XXIV, Sec. 6 Tranefer of assets upon terminaEion of Special DisbursemenE AccounE, ArE. v, Sec. 12(j) Transfer of holdings of withdrawing member's currency in Special Disbursement, AccounE or InvesEmenE Account, Sched. .I, par- 1 Transfer of parE of Invest.menE AccounE upon EerminaEion or reducEion of invesEmenE, Art.. XII, Sec. 5 (f) (viii) , (ix) Globa1 liguidiEy; see Liquidity, int.ernat.ionaL clobal need Eo supplement exisEing reserve as6eEs; see Reaerves GoId: AccepEance of paymenEa by Fund, Art. V, Sec. 12(d) ApportionmenE of gold holdings in caee of liguidaEion of Fund, Sched. K, (vi)v Dat.a members may be reguired t.o furniEh, ArE. vfII, Sec. 5(a) (i)-(iv), Depoeitories, Art.. XIII, Sec- 2(b) Distribut.ion in evenE. of liquidat.ion of Fund, Sched. K, pat. L, 2 ObligaEion Eo pay in repurchaEe or as subscrj-pEion, payment, in special drawing righEs, sched. B, par. 2 Price, fixed markeE, avoidance of managemenE or esEablishmenE of, ArE. V, sec. J.z {4, Price for sales Eo be agreed on basia of markeE prices, Art.. V, Sec. 12(c) Price for sales to mernbers on daEe of second amendmenE of Ehe AgreemenE, ArE. V, Sec. 12 (e) SaIe by Fund, ArE. v, Sec. 12(c), (d); Sched. B, par. 7 Sale by Fund on daEe of aecond amendmenE of Ehe Agreement, Art. V, Sec. 12 (e) , (f ) Sale of up to 25 million ouncea held as of AugusE 31, 1975 for benefiE of developing counEriea, Sched. B, par. 7(b) Sale of up to 25 mil]ion ounce8 held as of AugusE 3l , L975 to members of tha! date j-n proportion t.o their quoEa6, Sched. B, par. 7(a) Transfer in an emergency, Art.. XIII, Sec. 2(b) Transfer of parts of proceeds of sale to InveBEmenE Account, ArE. xII, sec. 5 (f) (ii) Transfer with due regard Eo cosEs and requiremenEs of Fund, ArC. XIII, Sec. 2 (b) Transitional prowisions, Sched. B val.uaLion in case of liquidaEion of Fund, Sched, K, par. 9 Governors (see also Board of Governora) AlternaEe, appointment and powerE, Art. XII, Sec. 2(a) Appoint.ment., ArE - xII, Sec. 2(a) ceasat j,on of office after suspension of votsing rights, sched. L, par. 3(a) Expenses, Art. XII, Sec. 2(h) Immunit.ies and privileges, ArE. Ix, sec. 8 suspension of member's righ! co appoinE a Governor af t.er suspenaion of vocing right.s, Sched. L, par. 1(b) voEes, number for each Governor, ArE. XII, Sec. 2(e) Holdings (see also AsseEs of Fund) Adjustment in Fund'e holdj.ngs of member'a currency, Art. v, Sec. 11(b) (cont inued) Balanced distribuEion of participant.s' special drawing righEs, ArE. xIx, : : Sec. 5 (b) Balanced relaEionship beEween parEicipants, special drawing righta and oEher reserves, Sched. G, par. 1(b) DisEribuEion in evenE of liguj-dation of Fund, Sched. K Fund'g holding8 of a member'a currency, Art. III, sec. 3(a) , (c); Art.. v, Sec. 7, 8(b), 9, 11,. Art,. XIII, Sec. 2; ArE. XXX(a), (c) Inclusion of securj-E j.es accept.ed by Fund, Art. XXX(a) Member's currency not Eo be increased abowe Level aL which Fund, s holdings would be subjecE to charges, Art.. III, sec. 3(a),' Art.. v, Sec. 6(b), 7(i) , 8 (e) , 12 (c) PublicaEion of Eummary st.at.ement, Art. XII, Sec. 7(a) Ratea of compuEaEion of member's currency, Art. V, Sec, 10(b) Recording of changes in holdings of special drawing right.s, ArE. XVI , sec. 3 Repurchaae, Sched. B, par. 4 Sale by Fund of member's currency noE repurchased, Art. v, Sec. 7(h) ScarciEy of menber'9 currency, ArE. VII, Sec. 3 Special drawing righEs in ceneral Reaourcea Account, Art.. XVII, Sec. 2 Value of Fund's asseEs, maintenance, Art. V, Sec. 11 ImmuniEies; see SEaEus, irffiiunit. j-es, and privileges Income, neE, disEribution, ArE. XII, Sec.6 Income of inveatmenE, Art.. V, Sec- 12(h) ; Art.. XfI, Sec. 5(f) (iv) Ineli.gibility; oee Use of Fund's general resources Inforlnation: Fund to act as centser for collecEi.on and exchange of informaEion on monetary and financial problems, Art. vIII, Sec. 5(c) Members may be required Co furnigh, Art. vIIf, Sec. 5 Necesaary for surveillance over exchange rat.e policies of members, provision to Fund, Art. IV, Sec. 3(b) No disclosure of atfaira ot individuala or corporations, ArE.. vIII, Sec. s (b) InEereaE on special drawing rights: Accrued, pa).menE upon liquidation of Special Drawing Rj-ghts DepartmenE, ArE . XXV(c) Accrued, seEClemenE on Cermination of part.icj,paEion in Special Dralring Rights Depart.menE, Art. XXIV, Sec. 2(a) OuEsEanding balance held by terminat.ing parEicipanE, Art. XXIV, Sec. 3 Payment. by Fund during IlquidaEion oE special Drawing RighEs DeparEment., Sched. I, par, 5, 6 payment. in epecial drawing right.s, Art. XX, Sec. 5 Pa).ment. Eo holders, ArE. XX, Sec. 1 Rate, deEermination, Art.. XX, Sec. 3 Rate, relation Eo remuneraEion rat.e, ArE. V, Sec. 9(a) Internat ional agreemenEs ConsulEaEion between members regardl,ng, Art. VIII, Sec. 5 Effect on reeErict.ions, ArE. vII, Sec. 5 Mutual accord for cooperation in exchange conErols, Art.. VIII, Sec. 2(b) Internat.ional CourE of .fustice, appoinEment of umpire of arbiEraEion Eribunal, Art. XXIX (c) InEernaEionaI IiguidiEy; Bee Liquidit.y, inEernational International moneEary sysEem, purpo8e, general obligat.ions of members, Art.. fV, Sec. 1 InEernaciona} organizaEion6, arrangemenEs for cooperaLion wit.h, ArE. X Int.ernaEional, surveillance of internat.ional liguidit.y, Art. vIIf, Sec. 7 InterpretaEj.on of t.he AgreemenE: ArbiE.raE.ion of disagreemenE between Fund and wit.hdrawing mernber or memlcer during Liquidat. j.on of Fr.rnd, Art . XXIX (c) Commit.t.ee on Int. erpret. at. ion of Board of Governors, Art. XXI(c); ArE. : )o(rx (b) Deci,sion, fina1, by Board of covernora, Art. xxIX (b) ExplanaLion of term6, ArE. XXX MaEEers relaEing exclusively Eo Special Drawj.ng Rj-ght.s Department, Art, )o(I (c) Quest.ion arising between Fund and member or beEh,een members to be submiEEed to ExecuEive Board, ArE. XXIX (a) InLervenEion arrangemenEs, Art. Iv, Sec. 4 InvegEment Accounts: ConducE of operations and tranaacEions in ceneral DeparEmenE, Inerod. ArE. (iii) Currency held not. included in comput.ations relating Eo quoEa, Art, V, Sec. 10 (c) DisEribuEion of asaeta on Eermination or reducEion, ArE. XII,Sec. 6 (f) (vii) - (ix) Est.ablishmenE and procedures, Art.. XII, Sec. 6(f) Holdings of currency or obJ.igaEions of withdrawing member, Sched. ,J, par. a, 9 Termination, Art. XrI, Sec. 5 (f) (vi) - (viii) Transfer 9f. part of excess from sale of gold, Art. V, Sec. 12(g); Art. Xff. Sec. 6 (f) (ii) , (ix) Transfer Of wit.hdrawing member,s currency to General Resourcea AccOUnE, Sched . ,J, par . 1 fnvescmenE, furniohing of information on i.nt.ernational poeition by member, v Art.. vIII, Sec. 5(a) (wii) Inveatment of F\-lnd,a asaets: Income, Art. XII, Sec. 6(f) (iv) Mernber's currency held j-n Inveetment. Account, Art.. XII, Sec. 6(f) (iii) Mernber's currency held in Specia] DisbursemenE AccounE, Art. V, Sec. 12(h) ReducEion of amounE, Art. XII, Sec. 6(f) (ix) LiquidaEion of Fund: AdminisEration, Sched. I, par. 2, Sched. K Decision of Board of Governors, Art. XXV(a) ; Art.. XXVII, Sec. 2 Deci6i.on lrithin six months of decision Eo riquidat.e speciaL Drawing RighE.s Depart.menE, Sched. I, par- 2 Disagreement during, ArE. XXIX (c) SeEELemen! of account.s wit.hin six monEhs of withdrawal from memberahip, Sched. .T, par. 10,. Sched. K Termination of fnveatmenE Account, ArL. xII, Sec. G (f) (vi) - (wiii) Termj,nation of Special Digbursement Account, Art.. V, Sec. 12(j) L,iguidaLion of Special Drawing RighE.s Department.: AdminisEraEion, Sched. I Decision of Board of Governora, Art.. XXV(a) Decision wit.hin six mont.hs of decision Eo liquidat.e Fund, Sched. I, par. 2 DisE.ribuEion of currency paj-d by parEicipant in defaulE, Sched. I, pir. 7, \-, I Payment of j.nEeresE durj-ng liguidation, Sched. I, par. 5 Redempt.ion by Fund of apecial drawing righEs of holders, Art. xxv(c), Sched. I, par. 3, 7 Sett.Iemene wiEh E.erminaEing participant, Sched. H, par. 4 Temporary suspension of allocations or cancellaE.iona and operati,ong and tranaacEions in an emergency, Art. XXV(a) LiguidiEy, internarional : Col]aboraEion of menbers, Art. VIII, Sec. ? InternaLional surveillance, ArE. VfII, Sec,7 Superwieion of, Sched. D, par. 2(a) Maint.enance of value of members' currenci.es: Currencieg held in General Resources Account, ArE. V, Sec, 11 Currency of participanes disEribuEed in evenE of liquidation of Special Drawj.ng Rights Depart.menE, Sched. I, par. I Currency of withdrawing member, Sched. J, par. 6 Management,. see OrganizaEion and management Managing DirecEor I Chairman of ExecuEive Board, ArE. XII, Sec. 4(a) Chief of operat j,ng sEaff, Art.. XII, Sec. 4(b) Duty Eo Fund, ArE. XII, Sec. 4(c) ImmuniEies and privilegeE, ArE. Ix, Sec. 8, 9(b) ParEicipat.ion in meeE j-ngs of Board of Governora, Art.. XII, Sec. 4(a) Proposals for allocat.ion or cancellation of apecial drawing righE.a, ArE. XVIII, Sec. 4 シ Provision for, Art.. XII, Sec. 1 Salary and Eermg of conEracE of servj-ce t,o be determined by Board of covernors, Art.. XII, Sec. 2(i) Sel.ecEion by Executive Board, ArE. XII, Sec. 4(a) SubjecL Eo general conErol of Execut.ive Board, ArE. XII, Sec. 4(b) Vot.e in ExecuEive Board, Art. XII, Sec. 4(a) Margins for spot exchange transact. j.onB, Art.. xxvll, Sec. 1(a) (iv); Sched. C, par. 5 MeetingB : Board of covernors, part.icipation by Managing DirecEor, ArE. XII, Sec. 4(a) Board of covernors, prowisions for, Art. XII, Sec. 2(c), (h); Arf. )o(r (a) (i) Board of Governors, qluorum, Art. XII, Sec. 2(d) i Art.. XXI (a) (i) Council, Sched. D, par. 4, 5(a) ExecuEive Board, aEEendance by member not. enE.iEled Eo appoint an ExecuEive Director, ArE. XII, Sec. 3 (j ) Executive Board, parEicipation by Alternate Executive Direct.ors, Art. XII, Sec. 3 (e) Executive Board, quorum, ArE. XII, Sec. 3 (h); ArE. XXI (a) (ii) Mernbers (see also Ho)-dings; Obligations of members; Territories) : Acceptance of membership, efEecEive daEe, ArE. XXXI, Sec. 2(b) Acceptance of membership in accordance wiEh mernber, s Iaw, Art.. XXXI, Sec. 2lal AcEion by member to make effecEive in Eerms of iLB law Ehe BEaEua, immunities, and privileges of Fund, ArE. IX, Sec. 1O Agenciea deal,ing with Fund, ArE. V, Sec. 1 AllocaEions of special drawing right,B Eo member becoming a part.icipanE af t.er start of basic period, Art. XVIfI, Sec. 2(d) Amendmenta Eo Ehe AgreemenE, acceptance by, ArE. XXVIII(a), (b) AppoinEment of Councillors, AlEernatee, and AssociaEes, Sched. D, par. 1(a) . (b) communication of views of Fund Eo members, ArE. xII, Sec. I Concurrence of member j.n inveatmenE of iEe currency, Art.. V, Sec. 12(h); Art. XII, Sec. 6(f) (iii) concurrence of member in use of ics currency, Art.. III. Sec. 3(a) , (c); ArE. v, Sec.6, r2(c) , (h) ; Art. VII, Sec. 1(i), err. iff, Sec. Oif)(iii); sched. B, par. 7 (b) ConsenE and pa).ment reguired for change of quoEa, Art. III, Sec. 2(d) ConsulEat.ions between members regarding existing inEernaEional agreements, Art.. VIII, Sec. 6 Developing, sale of gold for benefit., ArE. v, Sec. 12(f) (ii), (iii); Sched. B, par. 7 (b) fnformation reguired by Fund, ArE. VIII, Sec. 5 InsErument of accept.ance of t.he Agreement., depoeiE., Art. XXXI,Sec. 1, 2(a)_ (c) New, conditions of admission for, Art.. fI, Sec.2; ArE. XXXI , Sec.2(f) Not.ificaEion t.o Fund of exchange arrangementB to be applied and of any changes in these arrangementa, Art.. IV, Sec. 2(a) On AugusE 31, 1975, definit.ion, ArE. XXX(g) On August 31, 1975, developing membera, gold distrj-bution in proporEion to quotaa, Art. V, Sec- 12(f) (iii) On AugusE 31, L975, gold sales in proportion Eo quoEaa, Art.. V, Sec. 12(e) Sched. B, par. 7 (a) On August. 31, L975, t.ransfer of parE of profiEs of gold Ba1e, Sched. B, par. 7 (b) original members, Arr,. II, sec. 1; ArE. XXXI, sec.2(e); Sched. a RepresenEat.ion aE Executiwe Board meetings of members noE aLlowed to appoint a Direct.or, Art. IX, Sec. 8; Art. XII, Sec. 3(j), 8; Art. XXIX(a) RepresenEaEion of need to use Fund,s general resources, Art.. V, Sec. 3 (b) (ii) Resources contribuEed by, adminigtraEion by Fund, Art. V, Sec. 2(b) Right to participate in Special Drawing Rights Department, Introd. Art. ii) Signature of ArEicles of Agreement., Art.. XXXI , Sec. 1, 2 Withdrawal, compulsory, ArE. XIV, Sec.3; Art. XXVI , Sec.2(c); Sched. C, par. 7, I Withdrawal, righe, ArE. XXVI , Sec. 1; ArE. XXVIII (b) (i) withdrawal, aimultaneouE Eerminatj-on of participaEion in Special Drawing RighEs Depart.ment, Art. XXIV, Sec. 1(b) wi t.hdravring, guaranEee of unrest.ricEed use of currency disposed of, Sched. aI, par. 5 withdrawing, indebEedness Eo Fund, sched. J, par. ?, 1O Withdrawing, seEElemenE of account.s, Art. XXVI , Sec. 3; Sched. .I MultiLat.eral syst.em of paymenEs for current. tranaactions, Fund,s purpose Eo assist in est.abl i shment, , ArE. I(iv) Mult.iple currency pracEices, obligaEion of member to avoid, Art. VIII. Sec 3 Nat.ional income, furnishing of information concerning, Art. VIII, Sec. 5 (a) (viii) NegaEive balances of special drawing righE6i see special drawing righEs Net cumulative allocation of special drawing right.s; see Special drawing rights NeE income, dist.ribueion, ArE. XII, Sec. 5 Non-member countriee: PrescripEion aa other holders of special drawing rights, ArE. XVII, Sec. J (I) ResEricEions on EransacEions wiEh, ArE. XI, Sec. 2 Undert.akings regarding relaeions h,iEh, ArE. XI, Sec. 1; ArE.. XXVII, Sec. 1 (a) (iii) Non- part. i cipanE s in Special Drawing RighEs Depart.ment.: Discharge of obligaEion payable in special drawing righEs wiEh currencies of other memberB specified by Fundf Sched. B, par. 2 Payment of specia] drawing rightB part. of quoEa increase in currencies of oEher mernbers, ArE. IfI, Sec. 3(a) PrescripEion as oCher holders of apecial drawing right.s, Art XVII, Sec 3 (i) Obligations of members : AsseEs of Fund, obligaEion ro guaranEee against. losa, Art.. XIII, Sec. 3 Avoidance of digcrj.minaEory currency pracEices, ArE. vIII, Sec. 3 Avoidance of restrictions on current payment.s, Arl.. VIII, Sec. 2 CollaboraEion regarding policies on reserve asseEs, Art. vIII, sec. 7 Collaboration Eo assure orderly exchange arrangements and promoEe stsab1e sysEem of exchange rates, Art., IV, Sec. 1 Compliance regarding exchange arrangemenEs, surveillance by Fund, Art. IV, Sec. 3 ConsulEaEion between members regarding exist.ing inEernaEional agreements, Art.. vIII, Sec. 5 Conwert.ibiliEy of foreign-held balances, Art. vIII, sec. 4 ( v v \ v- Discriminatory currency arrangemenEa, Fund approval, reguired, Art.. VIII, Sec. 3 Exchange arrangement.s, ArE. IV; Sched. C, par. 9 Failure Eo fu1fill. Art. V, Sec. 5,. Art. Vf , Sec. 1(a),. ArE. XIV, Sec. 3; ArC. XXVI , Sec. 2 Furnishing of informaEion, ArE. VIII, Sec. 5 MulEiple currency pract.icea, Pund approval reguired, ArE. Vfff, Sec. 3 NoEitication Eo Fund concerning t.ransiEional arrangement.s or accepEance of ArEicLe VIII, Sec.2,3, and 4, Art. XIV, Sec. 1 Re1aEions wiEh non-member counEries, Art.. xI Repurchase, ArE. V, Sec. 7 Reaerve asaeLs, policies regarding, ArE. vIII, Sec. 7 Restrictions on payments and t.ransferg for current t.ranaact.ions, Fund approval required, ArE. vIII, Sec. 2(a) Obligations of participant.s in Special Drawing Right.E Department.: Failure Eo fuIfi11, ArE. xxlIr, Sec. 2 ceneral obligat.ions, ArE. XXI I Liquidat.ion of Special Drawing Rights DeparEmenE, sched. I, par. 1, 5, 7, I Palment of interesE, charges, and aGaessment.a, Art,. XX, Sec. 5 Reconstitution of holdings, Arts. XIx, Sec. 6(a); Sched. G RequiremenE. of need, ArE. XIX, Sec. 3(a) Termination of parEicipation, setE1ement., ArE. XXIV, Sec. 4, 5; Sched. H To provide freely usable currency t.o participanE using apecial. drawing righcs on designaEion by Fund, Art. xlx, Sec. 4 To receive allocations of special drarring righEs, ArE. XVIII, Sec. 2(e) Office6, locaLi.on of, Art. xfII, Sec. 1 operaEions and tranaactions : CapiEal Eransactions, ArE - vI , Sec. 1 (b) ; Art . Xxx (d) Conduct, by General DeparEmenE and Special Drawing Right.s DeparEmenE, Int.rod. ArE. (ii) , (iil) i ArE. xxl CurrenE transacEiona, Art. )(](x (d) Decisions affecting, majorities reguired, ArE. xxI (a) (iii) Definit,ions of EransacEions and operations in special drawing rights, ArE. )oo((i) Def j-nitions of transacEions and operaEions of Fund, ArE. XXX(h) Immunitsy from taxes, Art.. IX, Sec. 9i Art.. XXI (b) LimiEations, Art. V, Sec.2; ArE. XxvII Other holdera of special drawing righEs, Art.. XVIf, Sec. 2, 3 Publicati.on of gummary eEaEemenE, ArE. XII, Sec. 7(a) Separatsion of ceneral, Depart,men! and Special Drawing Rights Department., InErod. Art. (ii). (iii); ArE. xvl, sec. 1 Special drawing righEs, ArE. XVII, Sec.2, 3; Art.. XIX, Art.. XXX(i) Temporary suepension of certain provisione of Ehe Agreement, Art.. XXIII, Sec. 1; ArE. XXVII, Sec. 1,. Sched. D, par. 5(a) Temporary Buspension of, in Epecial drawing righEs, Art,. XXIII, Sched. D, par. 5 (a) Temporary suBpension of operationa and transact.ions pending decigj.on to IiquidaEe Fund, Art.. xxvlI, Sec. 2(a) Organization and managemenE : Board of Governora, Art. XII, Sec. 2 Communicat.ion of views Eo memlcers, ArE. XII, Sec. I Executive Board, Arts. XII, Sec. 3 Location of office6, ArE., XfIf, Sec. 1 Managing DirecEor and sLaff, Art. XII, Sec. 4 Publication of reporEs, Alt. xII, Sec. 7 SEaLus, immunit.ies, and privilege6, Art. IX; ArE. XXI (b) Structure of Fund, ArE, XII, Sec. 1 voting of members, ArE. XII, Sec. 5 Par yalues (see also Exchange arrangements; Exchange raLes) : Authorit.y for esEablishmenE, Arr.. IV, Sec. 4; Sched. C, par. 1 Change, Art. XXVIII (b) (iii); Sched. C, par. 6, 7 Concurrence by Fund, Sched. C, par. 4 Failure to fu1fil1 obligaEions. Sched. C, par. ?, I fntroduction of widespread sysEem of sEable buE adjustable par values, Art. IV, Sec. 4 New, proposal by mernlcer for whose currency par value has ceased Eo exisE, Sched. C, par. 10 Spot. exchange Eransact.ions, margins, Art. XXVII, Sec. 1(a) (iv) ; Sched. C, par. 5 Termination, Sched. C, par.8 Uniform proport.ionate changes, sched. C, par. 11 UnrealigEic, maintenance t.o be discouraged, Sched. C, par. 7 ParEicipants in Special Drawi-ng RighEs Department. (see also ObIi.gations of parLicipant.s in Special Drawing Righes DeparEment; Special Drawing RighEs Department): Allocations Eo members Ehat. become participanta after starE of a basic period, Arr.. XvIII, Sec. 2(d) AasessmenEs and payment. of inEereat and charges, ArE. XX, Sec. 4, 5 Broad support for allocaEion and cancell-ation of 6pecial drawing righEe t.o be ascerEained, ArE. XVIII, Sec. 4(b) ConsulEaEion wiEh Fund on procedure for det.ermin ing exchange raEes, ArE. XIx, Sec. 7 (c) Definit.ion, Art.. XVII, Sec- 1 Deposit of instrumenE of undertaking, Art. XVIl, Sec. I Designation and Eiming for acquiring special drawing righEs for reconaEitut.ion, Sched. G, par. I (a) (ii) Designat.ion, due regard to be paid in replenishing currencies wich special drawing righEs, ArE. VII, Sec. 1(ii) Designacion ruIes, revieh,. ArE. XIX, Sec. 5(c) Designat.ion to provide currency for speciat drawing right.s, Art. XJX, Sec. 4(a),5; Sched. F Failure to fulfill expectaEion of requiremenE of need, Art. XIX, Sec. 3(b), (c) , s (a) (ii); Art. XXIII, Sec. 2 (b)- (f ) Failure Eo fulfj.Il obl.igation t.o provide currency, Art.. XXfII, Sec. 2 (a) , (c) - (e) cuaranE.ee of unresEricEed use of currency distsribuEed in IiquidaEion of Special Drawing Right.s Department, Sched. I, par. I Information t.o be prowided Eo Fund, ArE. XVI. Sec. 3 Nonreceipt of allocaEions of special drawing righEs, ArL. XVIII, Sec. 2(e) Obl.igaEion t.o provide currency for special drawing rights, Art.. VII, Sec1(ii) ; ArE. xlx, Sec. 4; Art., XXIII, Sec. 2(d) Operations and t.ranaactions between part.icipant.s, Art.. XIX, Sec. 2 OperaEion6 and EransacEions with prescribed holders, Art. XVIf, Sec. 3(iii) ReconsEit.ution obligation, ArE. XIX, Sec- 6; Sched. c _/ RequiremenE of need, Art.. XIX, Sec. 3 Specified by Fund Lo provide a currency in seLElemenE. of obligaEion Eo Eerminating parEicipanE, ArC. XxIv, Sec. s Termination of part.icipaEion, ArE. XXIV; Sched. H Pa)menta; see Balance of paymenta; Current transacLions Price indices, furnishing of informa!ion concerning, ArE. vIII, Sec. s (a) ( ix) Price movemencs, consideraEion in determination Eo inEroduce par walues, Art. IV, Sec. 4 Price sEabilaEy, obligat j,on of member to direct. policies t.olvard, Art. IV, Sec. 1 (i ) Privilegesi see Stat.us, immuniEies, and privileges Purchase of exchange; see U6e of Fund'g general resourceB Purposes of Fund: Allocat.ion and cancellaEion of special drawing right6 to promot.e aEtainment., ArE. XVIII, Sec. 1(a) Cap j.tal movemenE.s in accordance !,{iEh, Art . VI , Sec. L (b) ( ii ) continuous regard by members in foreign exchange policies, ArE. XIv, Sec. 2 Exchange arrangements, consisEenE with, ArE. IV, Sec.2(cl; Sched. C, par. 3, 9 Financial and technica] aervices of Fund, including adminj-strat.ion of resources cont.ributed by members , consistenE wit.h purposes, ArE. V, Sec. 2 (b) PoLicies and decisione to be guided by, ArE. I Statement., ArE, I Uae of Fund's general reaourcea j,n manner cont.rary Eo, ArE. V′ Sec 5 Ouorum; 6ee MeeEings Quot as : AdjusLment., ArL. III, Sec. 2 Amendment, modifying provisions dealing wiEh change in member,a quoEa, ArE. )oorl rr (b) (ii) Baais for allocaEion and cancelLation of special drawing rights, Art. xvlII, sec, 2 (c) (iii) ConsenE of mernber and payment required for change, Art.. III, Sec. 2(d) DistribuEion of neE income in proporEion to, Art. XII, Sec. 6(c) DiEtribuEion of parE of general reserve in proportion Eo, ArE. XfI, Sec. 6 (d) DisEribuEion of parE of proceeds from sale of gold t.o developing mernbers in proporEion E.o, Art. V, Sec. 12lt.) (iii); sched. B, par. 7(b) General review at inEervats of noE more Ehan five years, ArE. III, Sec. 2 (al Increase Eo fulI exEenE possj.ble in evenE of liguidat.ion of Fund, Sched. K, par. 10 Increaseg, pa).menE, ArE. III, Sec. 3(a), (b), (d) Original members, Art. III, Sec. 1; Sched. A OEher membera, Art. III, Sec. 1 PercenEage applying co remuneraEion, Art. v, Sec. 9(a)-(c) Proposal, for increase aE any time for Ehose members Ehat were members on August 31, 1975, Art.. III. Sec. 2 (b) ReducEion, payment by Fund Eo member, Art. III, sec. 3 (c) SaIe of gold Eo members in proport.ion Eo, ArE. v, sec. 12(e); sched. B, Par. 7 (a) ReconsciEution of holdings of special drawing right.s: AcquisiEion of special. drawing righEs from ceneral Resources AccounE to fulfiII obligation, Sched. c, par. 1(a) (iv) Failure to comply with rule8, Sched c, par. 2 Obliga!ion of participanEs, ArE. XIX Sec. 6; Sched. c, par. 1(a) (i), (iv) Part.icipanE6 6ubjecE t.o deEignaEion to promoEe, ArE. XIX, Sec. 3(c), 5(a) (ii); Sched. G, par. 1(a) (if) Rules during first. basic period, sched. c, par. L Ru1es, review at any t.ime, AlE. XIX Sec. 6(b) RemuneraEion on members' crediEor poeiEiona: Pa).ment in special drawing righta or in member,s own currency, ArE. v Sec. e (d) Payment on amount. by which prescribed percentage of a member,s quoEa exceeds averag-e daily balances of Fund,s holdings of t.he member,! currency, Art. V, Sec. 9 PercenLage of quota applying to calculation, ArE. V, Sec. 9 Rate of, det.ermination and relaEion to raLe of interesE and charge6, Art V, Sec. 9 (a) ReplenishmenE of Fund,s holdings of currencyi see Scarce currenc i es Reports: Annual report, Art.. XII, Sec. Z(a) Audited st.aEement. of accounE6, Art. XII, Sec. ?(a) Exchange restricCions, annual. Art.. XIV, Sec. 3 General scarciEy of parEicular currency, Art. VII, Sec. 2 Ot.her report.s deemed desirable, ArE. xiI, Sec. 7(b) PublicaLion of report made to mernber regarding iEs economic conditions which tend to produce disequiribiium in inEernational balance of paymenEg, ArE. XfI, Sec. I summary .catemenE of operaEions and transactions and holdings apecial drawing righEs, gold, and membera, currencies, Art - XII. SeL. of z(a) Repurchases of currency held by Fund: Chaage of periods for repurchase, ArL. V, Sec. 7(c), (d) , (f) repurchaae, ArE. v, sec. 7(b) -(j); Aiu. ixvrr, sec. 99"9+9]""9 -governing 1(a) (i); sched. B Currency no! acquired by purchase and subject to charges, Art,.,, V, sec. ?(e) Entitlement. Eo repurchage aE any Eime holdings subjeci to charges, ArE. v, Sec. ?(a)i Art.. XXVII, Sec. 1(a) (i) Failure to make repurchase required, charges on Fund, s holdings, Art. v, Sec. I (c) InsEaIlmenEs, prescript.ion during 3-t.o-5-year period, Art. V, Not. lat.er Ehan fiwe years afEer purchase, Art . v, Sec. 7 (c) Sec. ?(c) Postponement, Art. V, Sec. 7(g) Pursuant to a special policy on use of Fund' s general resources, adopEion of other periods, Art- V, Sec. ?(d ) ,l f ) Sale of Fund hoJ-dings of currency not repurchased, ArE. V, Sec. 7(h) Temporary suspension, ArE. XXVII, Sec. I (a) (i) Transit.ional provisions, Sched. B With special drawing right.s or currencies specified by Fund, Art. v, Sec. / (L, RequiremenE of need: For purchase of currency from Fund,6 general reaources, ArE. V, Sec. 3 (b) (ii ) For use of special drawing righEs, ArE. xIX, Sec. 3(a) Reserve t.ranche purchases : gg-".dlqlgns governing use of Fund,s general resourcea, Art. v, Sec. 3 (b) (iii) Definition, ArE. xXX (c ) Not. subject t.o challenge, ArE.V, Sec. 3(c) Service charge, Art. V, Sec. 8(a) (i) Use to meet. capiE.a] Cransfers, ArL. vI , Sec. 2; Art.. XXVII. Sec. 1(a) (i-i) ReserveE : Balanced relat.ionship of holdings of special drawing rights and oEher reservea, Sched. G, par. I(b) crobal need Eo suppremenE, consideration in decieions on allocaEion and canceflaEion of apecial drawing righEs, Art.. XVIII, Sec. 1 Objective of making special driwing right, principai reeerve asseE, ArU. VIII, Sec. 7 obligaEion of members Eo corLaborat.e regarding policies on reserve assets, Art. VIII, Sec. 7 t.o part.icipanEs, designation Eo provj.de currency, Art.. -PosiEion, (a) (i) xIX, sec. 5lglaEion PosiEion, taken into account in aelecEion of currencies to be sold, Art. V, Sec. 3 (d) Repurchaae expected as re€rerve poeit.ion improves, Ar!. V, Sec. ?(b) TransacEionB in special drawj-ng righes not. for sole purpoae of changing composj-t j-on, ArE. XIX, Sec. 3 (a) Reserves of Fund: General reserve, dist.ribuEion, Art.. XII, Sec.6(d) P.l-acemenE of net income Lo generaL or speciaL reserve, Art XfI, Sec 6(a) Specj.a] reserve, uae, ArE. XII, Sec. G(b) ResErictions on paymeD,t s and Eransferai aee Exchange resErictions Rulea and Regn:lationE, adopEion by Board of covernZrs, Counqil, ind ExecuEive Board. Art.. xII, Sec.2(g); Sched. D, par. 5(a) Scarce currencies: AdministraEion of reEtrictions, Art. VII, Sec. 4 Effect. of oEher internaEional agreemenEs on rest.rict.iona. Art.. VII, Sec. 5 Exception Eo enEiElemenE of member to purchase currency of anot,her member, Art. V, Sec. 3 (d) Exception Eo Fund pal.menE of inst.alImenE due t.o wit.hdrawing member, Sched. .I, par. 3 V V Exception t.o obrigaEion of member not Eo impose resEricEions on currenE. inLernat,ional t.ransacEions, ArE. VIII, Sec. 2(a) Exception to obligat.ion of member to buy balances of currency held by anoEher member, Art.. vfII, Sec. 4(b) (iv) Formal declaraEion by Fund, ArE. vfl, Sec. 3(a), (b) Measures Lo replenish Fund,s holdings, ArE. vII, Sec. 1 Notificat.ion and reporE t.o members on general scarciEy of a parEicular currency, ArE. VII, Sec. 2 Securities: Inclusion in Fund,s holdinga, Art. XXX(a) InvesEment. in markeEable obligations, Art., V, Sec. 12(h) ; Art. XII, Sec. 6 (f ) (iii) SubsEilution for currency, Art. III, Sec. 4 separaEe currencies wiEhin a member,s territ.oriea, ArE. IV′ Sec. 5 Special DisburgemenE Account. : Currency held noe included in comput.aEiona relating Eo quota, Art.. V, Sec 10 (c) Discharge of indebt.edness of wiEhdrawing member, Art. XXVII, Sec. 2(b); Sched. J, par. 7 DisEribuEion of assets in evenE of liquidaLion of Fund, Sched. K, par. 2 (a) (ii) Est.ablishmenE in General Depart.ment., InErod. Art. (iii); Art. V, Sec. 12(f) ExpenEea, reimbursement, ArE. V, Sec. 12(i) Holdings of currencies or obligaEions of withdrawing member, Sched. \r, par 8, 9 rncrease in quoEag of members aa of AugusE 31, 1975 noE Eo exceed amounts Eransferred t.heref rom to General Resources Account, ArC. III, Sec. 2(b) Investment. of currency held, Art.. V, Sec. 12(h) Termj.naEion, ArE. V, Sec. 12(j) Transfer of asse!6 from rnveaEmenE Account. on reducEion of invesEmenE., Art. XII, Sec. 5 (f) (ix) Transfer of assets from rnvegtmenE Account upon EerminaEion prior to riguidaEion of Fund, ArE. xII, sec. 6(f) (viii) Transfer of asset.s subject, t.o disposiEion afEer sale of gold for benefit of developing members, Sched. B, par. 7 Transfer of wiEhdrawing member's currency Eo General Resources AccounE, Sched. J, par. 1 Special drawin_g rights /s.ee also Charges; Interest on epecial drawing righEs; Special. Drawing Right.s Depart.mEnE ) : Accepcance and ho).ding in ceneral Resources AccounE, Art. XXI (a) (iii) AcquisiEion by EerminaEJ.ng parEicipant. t.o discharge'ob:.igaJi"",'S'"n"a. X, par. 2 Acquisit.ion to fu1fiIl reconsEituEion requirement., Sched.. c, par. l(a) (iv) AllocaEion and cancel,lation, Alt, xVIII; Sched. O, par. 5 (;) ' AuEhoriLy for aIlocaEion, ArE. xv, Sec. 1 Balanced relaEj-onship wit.h ot.her reserves, Sched. G, par. 1(b) BaEic periods for allocaEion and cance1laEion, Art. iVIII , Sec.2, 3, 4; Sched. F, c Exchange rates for Eransact.ions beEween parbicipanEs, ArE. XIX, Sec FirsE decision t.o alIocat.e, Art. XvIII, Sec. 1(b) , 2(a), 4(b) Fund as hol.der, ArE. XVII, Sec. 2 Immunj.ty from Eaxation, Art. XXI (b) InEeresE and charges durj.ng liquidation of Special Drawing RighEs DeparEment, Sched. I, par. 5 Investment. in obligations denominaEed in, Art. xII, Sec. 6(f) (iii) Negative balances, Art - xvlII, Sec. 2(f); Art.- XIX, Sec. 3(c),,S(a)(ii); Art. XX, Sec. 2 NeE cumulative al1ocat. j-on, defj-niEion, ArE. xxx(e) Net. cumulative allocaEions, ArE.. XVIII, Sec. 2(c) (iii); ArE. XIX, Sec. 4(a),. Art.. XX, Sec. 2, 4; ArE. xxv(c); Sched. F(a); Sched. G, par. 1(a) (i) Sched. I, par. 5, 7 Nonaccept.ance of allocat.ion (opEing out), Art. XVIII, Sec. 2(e) Nonaccept.ance of aIlocaLion, terminaEion of effect. of (opting back in), Art. xvrII, Sec. 2(e) (ii) obligation of member Eo se1I its currency t.o Fund for special drawing rights held in cenerat ResourceB Account, ArE. VII, Sec: 1(ii) Operations in, def iniEi,on, ArC. XXX(i) OperaEions or Eranaact.ions prejudic!,at t.o designat.ion process, Art.. xlx, Sec. 2 (d) Other holders, Art- XVII, Sec. 2, 3 Payment by Fund Eo member consenting Eo quota reduct.ion, ArE. fII, Sec. 3 (c) Pa).ment in purchaee of foreign-he1d balances, ArE. VIII, Sec. 4(a) pa)rments for distribution of neE income or part. of general reserve, Art. xII, Sec. 6 (e) Principal reserve asseE, ArE. vIII, Sec. ?,. ArE. XXII Principlee and considerat.iona governing allocaEion and cancellaEion, ArE. XVIII, Sec. 1 Proper use, obligat.ion of parEicipan!s, Art. XXII Provision Eo part.icipanE making purchase inst.ead of currencies of oEher members, Art. V, Sec. 3(f) Purchase and sale by Fund, ArE. V, Sec. 6 RaEes for allocaEion and cancellaEion, Art. XVIII, Sec. 2(b), 3, 4(c) (iii), (d) ReconsEitution of holdings, Art.. XIX, Sec. G; Sched. c Recording of changes in holdings, ArC. xvl , Sec. 3 RedempEion by Fund in evenE of liquldat.ion of Speciat Drawing Right.s Department, Sched. I, par. 1, 3, 4 Redemption by Fund of holdings of terminating parEicipanE, ArE. XXIV, Sec. 2(b), 5; Sched. H, par. 1 Requirement of need, ArE. XIX, Sec. 3(a) Reserve tranche purcha€,e, Art. XXX(c) Summary ataEemenE of operaLions and transacEions and Fund holdings, Art. xII , Sec. 7 (a) Temporary suspension of allocations or cancellaEions and operations and t.ransactions, Art.. XXV (a) Transactions in, definiEion, Art. XXX(i) Use for discharge of obligaEion to pay gold Eo Fund in repurchase or as subscript.ion, Sched- B, par- 2, 3 Use for payment of 25 percenE of quot.a increase, ArE. II1, Sec. 3(a) Use for pa).menE of inEerest., chargea, and aesesement.s, Art.. V, Sec. 8(e); ArE. xx, Sec. 5; ArE. XXIV, Sec. 2(a) , 3 Use for payment of remuneration, ArE. V, Sec. 9(d) Use for replenishing currency holdings, ArE. VII, Sec. l.(ii) Use for repurchases, Art. v, Sec. 7(i) Use in operaEions and EransacEion8, ArE. XVII, Sec. 2; ArE. XIX, Sec. 1 Use in transacEions beEween parEicipanE.s, Art.. XIx, Sec. 2 Use to obEain own currency or freeLy usable currency by EerminaEing part.ic- ipant′ sched. H′ par. ■ ValuatiOn by member Of it, currency in term● of, Art. IV′ sec. 2(b) Valuation in terms of gold̀ Art V′ sec. 12(e), (f), sched B, par 3, 7′ Sched K, par. 2(a)(■ Valuation′ method′ Art. XV, sec 2′ Art XXI(a)(111) Valuation of Fund's a88etS in term● of, Art V̀ sec. ■o, 11 ) n 雷晨 1群講 i=is:』 露::EI BE‖ 11: 員 & (ffft]::=ag::ililよ ξ 増吾 輩 よ ま 『 g』 Fttξ 1『 lifし Administration, Art̲ XVI′ Art. XXI Council decigions, Sched. D′ par. 5(b) Entry into force′ Art XVII′ Sec l E● tablighment and operatioǹ Introd Art (11)′ (lii) Expense8 0f conducting business, reimbursement to Ceneral Department, Art XVI′ Sec 2, Art XX, Sec. 4′ 5 General obligations Of participants′ Art. XXII Indication of decisiong re■ ating tò Art. XXI(a)(ili) Interest and charges′ Art XX, Art XXIV′ sec 3 Liquidation′ Art XXVI sched. I Non― participants′ paymentB when quotas are changed, Art. III′ sec. 3(a) Operatlion8 and trangactions, Introd Art (11), (1li)′ Art. XV工 ′ sec. 1′ ｀ノ Art. XV11, Sec. 2 v Righし 。f members to participate′ Introd. Art. (11) separation from cenera■ Department′ Introd. Art. (ii)̀ (lii)′ Art. XVI′ Sec ■, 2 Temporary suspension of operations in event Of emergency or unforeseen cir― cumstances, Art. XXIII, sec. 1 Termination of participation′ Art. XXIV′ sched H Spec■ a■ reserve, see Reserves of Fund spot exchange trangactions′ Art. XXVII, Sec. 1(a)(iv)′ Sched. C, Par 5 Stability, see Exchange stability stabilization fund′ agency dealing with Fund′ Art. V′ sec l staff: 、 V Appointment and organization′ Art XII, sec. 4(b), (d) Duty to Fund′ Art XII′ Sec. 4(c) Immunities and privileges′ Art IX′ sec 8, 9(b) Managing Director tO be chief of operating staff′ Art. Xll′ sec 4(b) Provision for, Art XII, sec. 1 stand― by arrangements: Charge′ Art. V′ Sec. 8(a)(li) Definitioǹ Art. XXx(b) Policies, adoptiOn, Art. V, sec 3(a) Status′ immunities′ and privileges: 1 l::::le:yt:a:Inlel:elellit:[i:]n° :e:]itoT=、blit AIil[進 t S::・ FreedOm of agsets from restriction8, Art llX, sec 6 1mmunities and privi■ ege8 0f Officer3 and employees′ Art. IX′ sec 8′ Sched D′ par 5(d) IInmunities from taxation, Art IX, sec 9, Art XXI(b) Immunity frOm judicial Proces日 ′Art. IX, sec 3 lmmunity from Other action′ Art IX′ sec. 4 ・ Immunity of archives′ Art. IX′ sec. 5 」uridical per8onality of Fund′ Arに IX′ Sec 2 Privilege for communications′ Art IX, sec 7 Status of Fund′ Art IX, sec 2 Subscripticlns: Arnount to be transmitted tO u s Government when the Agreement itt signed′ Art XXXI, sec 2(d), (h) Discharge with specia■ drawing rights of any Obligation to pay g。 ld, sched B, par. 2, 3 Equal t.o member, s quotar ArE. III, Sec. 1 New members, t.erms to be consist.ent wit.h t.hose of previous members, Art.. II, Sec. 2 PaymenE in fuII to Pund at appropriaEe depository, ArE. IrI. Sec. 1 PaymenE in special drawing rightB, currencies of -other members specified by Fund, or member,6 own currency, ArE. III, Sec. 3(a) Paymenls when quotas are changed, Art.. IfI, Sec. 2(d), 3 Repayment in case of liquidation, Sched. K, par. 1 Survei.Ilance; see Exchange arrangemenEa; InEernat.ional surveillance. . Suspension of transact ions In emergency pending decision on liquidaEion of Fund, Art. XXVII, Sec. 2 (a) In event of emergency or unforeseen circumstances, Art . XXIII, Sec. 1; Art. XXVII, Sec. 1 ParticipanE thaE fails Eo comply wit.h rules for reconsE.iEution, Sched- c, par . 2 Participant EhaE has faired Eo fulf i-II obl-igaEions wiEh respect Eo apeciar drawing right.s, Art.. XXIII, Sec. 2 Special drawing right.s, Art. XXIII Taxat. j.on, immunit.ies from, Art.. Ix, Sec. 9; ArL. XXI (b) Technical servj-ces; Eee Financial and technical aervices Termination of participation in speciar Drawing Ri.ght.s DeparEmenc, ArE. XXIV; Sched. H TerriEories: Acceptance of tshe AgreemenE in respect of, Art.. XXXI, Sec. 2(g) ImmuniEiea of Fund in, ArE. IX, Sec. 10 Margina for spoE exchange t.ransacEions wiuhin EerriEories of meriber having par va.lue, ArL. XXVII, Sec. 1(a) (iv); Sched. C, par, 5 Transact.ions with non-members, Art. Xf, Sec. t, 2; Art. XXVII, Sec. I 1 (a) (iii) Unenforceab i I i Ey of exchange conEracEa in, Trade, inEernaEional , facilitation l. (1r) ArE. VIII, Sec. 2(b) of expansion and baLanced growt.h, Art.. Transactions; see OperaEions and transactions Transitional. arrangemenes : Annua] report. on exchange restricEions, ArE. XIV, Sec. 3 ConsulEaEions, annual, on restricElons in force, ArE. XIV, Sec. 3 Maintenance and adapt.aEion of resEri.cEions on paymenEg and Erangfers, ArE. XIV, Sec. 2 Notification to Fund, ArE. XIV, Sec. 1 RepresenEations by Fund on resErict.ions inconsiat.ent. wiLh purpoaea of Fund, Art. XIV, Sec. 3 Withdrawal of exchange re6t.riction6, ArE. XIV, Sec. 2. 3 TranBit.ional prowisions wiE.h respecE E.o repurchase, payment. of additional subscript.ions, gold, and cerEain operacional maEters, Sched. B Treasury, agency dealing wit.h Fund, ArE. V, Sec. 1 Unexpected major developmenEa, change in rates or inEerval.s for allocat.ion or canceLlaEj-on of special drawing righEs, Art. xvlII, Sec. 3, a(a), (d) Unforeseen circumsEances, ArE. XXIII, Sec. 1,' Art. XXVII, Sec. 1(a); Sched. D, par. 5 (a) United SEates covernment : DeposiE of insLrument. of accepEance with, Art.. XXXI , Sec. 2(a) Obligation to inform al.L members of aignaEures Eo t.he Agreement and deposi-t of instrumenEs of accept.ance, Art.. XXXI, Sec. 2(c) part.ial payment. of subscripLion EransmiEt.ed Eo, for administraEive expenses, ArE, xxxl , Sec. 2(d), (h) Use of Fund's general. resourcea (see also Operat.ions and t.ransactions) : Buffer sLocks, inEernaEional, financing oE contribut.ions to, Art. XXX(c) (ii) Capit.al Eransfers, ArE.. VI, Sec. 1, 2; Art. XXVI, Sec.2(a); ArE. XXVII, Sec. 1(a)(11) charges′ Art̲ V′ sec. 8, Art XXVII′ sec l(a)(1) compensatory financing of export fluctuationg′ Art. XXx(c)(1) Conditione governing use, Art V′ Sec 3′ Art XXVll, sec. 1(a)(1) Currencies to be used in repurchages′ policiee and prOcedureB′ Art V′ Sec 7(1) Ineligibility′ change in par value d瑠 1neligibi■ ity′ di8tribution of proceel I∫ is7 when ineligibility ceases′ Art. V′ sec 12(e), (f)(lii) Ineligibility′ exception to obligation to buy foreign― held balances of cur― rency′ Art VIII′ sec 4(b)(v) Ine■ igibi■ ity, failure to fulfill obligatiOns′ Art V′ Sec 5′ Art VI′ Sec l(a), Arし 。 XXIII′ sec 2(f), Art XXVI, sec 2(a) Ineligibility if member persigts in maintaining restrictions, Arヒ . X工 v′ Sec. 3 1neligibility′ not previou81y deClared by Fund′ Art V, Sec 3(b)(iV) IneligLbility′ teェ :ninaし ion of par value desp■ te Fund objection, sched C̀ par 8 Limitation because of use of resources contrary to Fund′ s purpoges, Art V′ 廿￡留激こ こlftei黒 缶 』誕 Sec. 5 V V PoIicies, Arts. V, sec. 3(a), (c) , (d) Proceeds of sale of gold, ArE. V, Sec. 12(f) Purchase of currency of member which ha6 withdrawn, Sched 」′ par 5 Reque8t for purchaee, examinat.ion, ArE. V, Sec. 3(c) Requirement of need, Art. V, Sec. 3(b) (ii) (c); ArE XXX(c) Reserve tsranche purchase, Art. V, Sec. 3(b)(ili), SelecEion of currencies t.o be sold, Art. V, Sec. 3(d) Special policies for special balance of paymenEe prob1em6, Art V′ Sec 3 (a) , 7(d), (f) stand-by or similar arrangemenE.s, Art. V. sec. 3(a), 8(a) (ii)i ArE. xxx(b) Temporary suspension, ArE. XXVII, Sec. 1 Temporary use under adeguaEe safeguardBi ArE. I(v); Art. V, Sec- 3(a) Waiver of conditions, ArE. V, Sec. 4 ( cont i-nued) Voting: 70 percent majoriEy requiremenE : AuE.horization Eo agree on exchange raEes for certain tranaactionB, Art.. XIX, Sec. 7 (b) Charges, determination of raEes, ArE- V, Sec. 8(a), (b) , (d) Dist.ribuEion from general reserve, ArE. XII, Sec. 6(d) Imposit.ion of charges on failure Eo repurchase, Art.. V, Sec. I (c),(d) Increase in percent.age of guota as Level for remunerat.ion, ArC V′ Sec 9(c) Inveetment Account′ adoption of rules Art. Xエ エ, sec. 6(f)(vi) and regulaE.ions for administraE ion, InvesemenE Account, reducEion of amount or t.ermlnat.ion, ArE 6 (f ) (vi) Post.ponemenE of repurchase, Art.. V, Sec. 7(g) XII′ Sec PrescripEion of medium of pa)menE for additional subscription, Art III′ Sec.3(a) , (d) Prescript.ion of operaE j.ons bet.rreen part.icipanE.s, ArE.. XIX, Sec. 2 (c) Publicat.ion of report on member,s monet.ary conditions and developmenEs, ArE. XII, Sec. I Rat,e of ineeres! and charges on special drawing rights, Art XX′ sec 3 ReconsEiCuEion rules, adopeion, modificaEion, or abrogation′ Art XIX, sec 5 (b) Remunerat.ion rate, deEerminaEion, Art. V, Sec. 9(a) Repurchase of Fund holdings not. acguired as resu]t of purchases, ad,option of poI icies, ArE. V, Sec. 7 (e) Special DiebursemenE Account, rulea and regulationB for adminiaEration and for EerminaEion prior to liquidaE.ion of Fund, Art.. V, Sec. 12(j) Suspension of voting rj.ghts, ArE. XXVI , Sec 2(b) TerminaEion of auspens j.on of voEing rights, Art. XXVf, Sec. 2(b) Tranafer of currencies in General Reaources AccounC tso Invest.menE AccounE, ArE. xII, Sec. 5(f) (ii) Tranafers of aaseEs from Special Di6bursemenE AccounE to ceneral Re6ources AccounE for immediate use, Art. V, Sec. 12(f ) (i) Uniform proporEionaEe changes ln par values, Sched. C, par. 11 VaLuaEion of special drawing righCs, deEerminaEion of meEhod, Art. Xv, sec. 2 85 percent majority requiremenE: AllocaEion and cancell-aEion of special dra\.ring righEs, decisions, ArE. XVIII, Sec. 2 (a) - (c), a (a), (d) Change in ratea or inEervals of allocaEion or cancellation or change in length of a basic period or sEart of a new basic period, ArE. XVIII, Sec. 3, 4 (a), (d) Changes in quoEas, ArE. III, Sec. 2(c) Compulsory withdrawal. of member, decision of Board of Governora carried by majoriEy of covernors, ArE. XXVI , Sec. 2(b) Council, change in number of AssociaEes, Sched. D, par. 1(a) Council, esE.ablishmenE, ArE. XII, Sec. 1 \' 85 percenE majorit.y requirement (conEinued) Decisions Eo engage in certain go).d operaEions or Eransactiona, Art. V, Sec. 12 (b) - (e) Exchange raEes for cerEain Eransact.ions, ArE. XIX, Sec. 7(b) cont. inued fncrease or decrease in nurnber of ExecuEive DirecEors Eo be eLect.ed, Art. XII, Sec. 3 (b) Interpret.aEion of Fund Agreement, overrule of decision of Commietee on InterpretaEion, ArE. XXIX (b) fnEroducEion of par values, Art, fV, Sec. 4 MainLenance of numlcer of elecEive Execut.j.ve Directors, Art. XII, Sec. 3(b) Margins for spoE exchange transactions, adopt.ion, Art.. XXVII, Sec. 1(a) (iv) ,' sched. C, par. 5 Objection Eo terminaLion of par value, Sched. C, par. I Policies on use of Fund'a generaL resourcea, exclusions of purchasea and holdings for purpose of calculaEing member,s reserve tranche, Art. )oo( (c) (iii) Prescription of oEher holders of Bpecial drawing rights, Art.. XVII, Sec. 3 (i) Provision for general exchange arrangemenEs, Art. fv, Sec. 2(c) Repurchase, change of periods or adopLion of oEher periods pursuan! Eo special pol j.cy on u6e of general resources, ArL. V, Sec. 7(c), (d) Temporary suspension of certai-n provisions, ArE. XXVII, Sec. 1(a), (b) v Temporary suspension of operaEions and transactions in specia] drawing right.s, ArE. XXIII, Sec. 1 Transfer of parE of excess from sal.e of gold Eo InvesEment Account,, Art,. V, Sec . 12 (g) Use of asset.s of Special Disbursement Account for operations and EransacEiona not. authorized by ot.her provisions and for disEribut.ion Eo developing (iii) memberg, ArE. v, Sec. 12 (f) (ii), Valuat.ion ot special drawing right., change in principle or in applicaEion of principJ.e in effect, Art. xV, sec. 2 to use Fund's Adjustment of votes, waiwer of conditions and ineligibility general resourcea, ArE. XII, Sec. 5(b) Alternate Governor, Art. XII, Sec. 2(a) AmendmenE of Ehe Agreements, Art. XXVIII (a) Board of Governors, matters pertaining exclusively Eo Special Drawing ( ) - Rights Department., ArE. XXI (a) (i) Board of Governors, meetinga calIed by Executive Board, ArE. XII, Sec. 2(c) Cast by Councillor for member whoge voEes cannoE be casE by an Execut.ive DirecEor, sched. D, par. 3(b), 5(b) Council, maEtere pertaining excluslvely Eo Special Drar.ring Rights DepartmenE, Sched. D, par. 5(b) Decisions, Art.. XXI (a) (iii) ElecCion of ExecuE j-ve Direclor co fill vacancy, Art.. XII, Sec. 3(f) ElecEj.on of Executlve Directors, changes in proporEion of voEes required to eLecE, Art.. XII, Sec. 3(d); Sched. E EIecE.ion of ExecuEive Directors, procedures, Sched. E Executive Board, matstera relat.ing exclusively Eo Special Drawing Right.B Department., Arts. XXI (a) (ii) Majorlt.y of Eotsal voEing power of ExecuEive Board for EerminaEion of suapension of operaEion of cerEain prowisione, Art.. xxVII, Sec. 1(c) Majorit,y of votseg casE for Fund decisions unless oEherwise provided for, v J Art. XII, Sec. 5 (c) Nurnber of voE.es, appoint.ed and elecEed ExecuEive Direct.ors, Art.. Xff, Sec. 3 (i) Number of voEes, Councillors, Sched. D, par. 3(b), 5(b) Number of votes, Governors, Art.. XII, Sec. 2(e) Number of votes, memberg, Art.. XII, Sec. 5 Quorum for meetings of Board of covernors, ArE. xII, Sec. 2(d) Quorum for meetings of Execucive Board, ArE. xII, sec. 3(h) Special majorities; see 70 percenE..., 85 percent ...; MajoriLy of total wotidg power . . ., above suspension of voEing rights, Art. xxvf, Sec. 2(b); see also Art. xII, Sec, 3(i), Sched. D, par. 5, and Sched. L WeighEed voEing, ArE. XII, Sec. 2(e), 3(i), 5 wj-thout. meeEing, Council, sched. D, par. 5(c) wit.hout meeEing, covernors, ArE. xII, sec. 2(f); Sched. D, par. 5(a) Waiver of condit.ions governing use of general resources, ArE. V, Sec. 4 wiE.hdrawal from membership, see Members

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Resolution No. 662 Fourte€nih General Rwicw of Quotas and Reform ofthe Executive Board In accordance with Section l3 of the By-Lows, the following Resolution wos submined rc the (iov em ors on Nove n ber I 0, 2 0 I 0 a vote w i I hour me e I ingi ltr RESOLVED: WHEREAS the Executive Board has submited to the Board of GovcmoB a report entitled "Fourtecnth General Review ofQuotas and Reform of the Executive Board: Report of the Executive Board to the Board of Covemors," hereinafter the "Report"; and WHEREAS the Intemational MoneEry and Financial Committee in its April 2009 V Communiqud called on t}te Executive Board to bring forward the de€dline lor completion of the Fourteenth General Review ofQuotas by trro years, to January 201 I ; and WHEREAS the Executive Board hus recommendid increases in the quotas of members of the Fund as a result ofthe Fourteenth General Review ofQuotos; and WHEREAS the Exccutive Board has recommended an amendment of the Articlcs of Agre€m€trt to cstablish an Exccutive Board consisting solely of elected Executive Directors; and WFIEREAS the Executive Board has recommended that, following the first regular election ofExecutive Directors aftEr entry into force ofthe proposed amendnrent ofthe Articles of Agreement approved undor Board ofGovsmors Resolution No. 63-2, an Executive Director clected by 7 or morc mcmbcrs should be entitled to appoint two Altemate Executive Directors; and WHEREAS the Chairman of the Board of Govemors has requested the Secrctary of the Fund to bring the proposal ofthe Executive Board before the Board ofGovernors; and WHEREAS thc Report of the Executive Board setting forth its proposal has been submined to the Board of Govcmors by lhc Secrctary of the Fund; and WHEREAS the Executive Board has requested the Boad of Govemors to yote on rhc following Resolution without meeting, pursusnt to Section l3 of the By-Laws of the Fund: NOW, THEREFORE, the B<iard of Govenrors, noting the recommendations and the said Report ofthe Executive Board, hereby RESOLVES that: Increases in Quotas of Memben The lntemational Monetary Fund proposes that, subjoct to the provisions ofthis Resolution, the quotas of members of Ore Fund shall be incressed to the amounts shown against their names in Attachmclt I to this Resolution. A member's increase in quota as proposed by this Resolution shall nor become ellective unless that member has consented in writing o the increase not later than the date prescribed by or under paragraph 4 below and has paid the increase in full within the period prescribcd by or under paragraph 5 below, provided that no member with overdue repurchases, charges or assessments to the Ceneral Resources Account may coDsenl to or pay for dte incressc in its quota until it becomes current in respect ofthose obligations. ). No increase il quotas proposed by this Resolution shall become effective until: the Executive Board has determined that members having not less than 70 pcrccnt of thc total ofquotas on November 5, 2010 have consented in writing to tlre incrcases in tlrcir quotas; the proposed amendment ofthc Articl€s ofAgre€ment set out in Attachment Il of this Resolution has entered into force: and (iii) the proposcd amcndmenl ofthc Articles ofAgrcement approved under Board of Covemors Resolution No. 63-2 has enterEd into forc€. Each mcmber commib to use its best efforts to complete these steps no later than the Annual Meetings in 2012. The Executive Board is requested to monitor, on a quarterly basis, the progrcss made in the implementation ofthese steps. 4 V Notices in socordanoe with paragraph 2 above shall be executed by a duly authorizcd official of the mcmber and must be received in the Fund before 6:00 p.m., Washington tirne, December 31, 201 l, provided thrt the Executive Board may extend this period as it may determine. Each membcr shall pay to fre Fund the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its conscnt, or (b) the date on which all ofthe conditions sct forth in paragraph 3 above are met, provided that the Executive Board may extend the payment period as it may determine. when deciding on an extension ofthe pcriod for consent to or paymenr for the increase in quotas, the Executive Board shall give particular consideration to the situation of members 4 that msy srill wish to consent'1o or pay for the increase in quota, including members with protracted afiears to dte General Resources Accounl, consisting of overdue repurchases, charges or assessments to the General Resources Account that, in its judgment, are coopersting with the Fund roward the settlement ofthese obligations. 7. 8. For members that have not yet consenled to their increases in quotas under the Elevcnth General Review and under Board of Govemors Resolution No. 63-2, the deadline for consent lo such quota increases shall be the date determined by or under paragraph 4 above. Each member shall pay 25 percent of its increase either in special drawing rights or in thc currencies of otler members specificd, with their concurrence, by the Fund, or in any combination ofspecial drawing rights and such currencies. The balance ofdre incrcasc shall be paid by the membcr in its own currcncy. Quota Formula and Fifaeenth General Review of Quotas 9. The Executive Board is requested to complete a comprchensive review ofthe formula by January 2013. 10. The Executive Board is requested to bring forward the timetable for completion ofthe Fifteenth ceueral Review ofQuotas to January 2014. Any realignment is expected tro result in increases in the quota shares nf dynamic economies in line with their relative positions in the world economy, and hence likely in the share ofemerging market and devcloping countries as a whole. Steps shall be taken to protect the voice and representation of the poorcst members. Review of NAB Credil Arrengements I l. In light ofthe proposed increases in quotas under the Fourteenth General Review, the Executive Board and participants in the New Arrangements to Borrow (NAB) are rcquosted !o undenake a review ofNAB credit anangements by November 201 l, with a corresponding roll-back ofthe NAB, preserving relative shares, to become effective when thc condiiions set fonh in pamgraph 3 ofthis Resolution are met and the quou payments associated widr thc participation dlreshold in paragraph 3(i) of this Resotution have been made. Proposed Amendment of the Articles ofAgrecment of ihe Internrtional Monetary Foud on the Reform of the Erecutive Board 12. The proposed amendment ofthe Articres ofAgreement ofthe Internationar Moneury Fund set forth in Attachment II to this Resolution (the "proposed Amendment on the the Exccutive Board") is approved. Reform of 5 The Secretsry is directed to &ik all members of the Fund, by circular lettir or teleg"ram, or other rapid means of communication, whether they acccpt, in accordancf with thc provisions of Article XXVIII of the Articles, the Proposed Anrendment on the Ref'di:n olthe Executivc Board. 14. The communication to b€ sent to all membcrs in accordance with paragraph l3 of this Resolution shall sp€ciry that the hoposed Amendment on the Reform ofthe Executive Board shall enter into force for all mcmbers on the date on which the Fund certifieg by a formal communication addressed to all members, that three-fifths ofthe members, having eighty-five pcrcent of tho total voting power, have accepted the Proposed Amendment on the Reform of the Executive Board. Additional Alternate Ereculivc Dircctors Following the first regular election of Executive Directors after the entry inO force ofthe amendment ofthe Articles of Agreernent approved under Board of Govemors Resolution No. 53-2, an Executive Director elected by seven or more members shall be entitled !o appoint two Altemate Executive Dircctors. 16 As a condition for appointing two Alternate Executive Directors, an Executivo Direclor is required to designate by notificstion to the Secretary of the Fund: (i) the Altemate who shsu act for the Execulive Director rihen he is not prcsent a.od both Altemates are present; and (ii) the Altemat€ who shall exercise the powers of the Exe.utive Director pursuant to Article xII, Section 3(f). By notification to thc Secretary of the Fund, an Executive Dircctor may change these designations at any time. Size and Composition of the Exerutive Board 't7. The Board of Govemors takes note of: (i) the commitment to reduc€, as a means of achicving grcater representstion of cmcrging miukct and dcvolopirrg countrics, tho numbor ofExecutive Dirgctors rcpresenting advanced European countries by two no later 6an the first regular election of Executive Directors after the conditions set forth in paragraph 3 of this Resolution are met, and (ii) the commitment of the Fund's membership to maintain an Exccutive Board consisting of24 Executive Directors, and to review thd composition ofthe Executive Board every eight years following the date the conditions set forth in paragraph 3 of this Resolution ore met. 6 Attbchment I. Proposed Quotas Prcpo..d Ol,ot Prorotd OlDlr [n mil!(.)r oISOR!) ,.ftfi.ni.|,m, blrma Rqrbac d Ahab AnetL Ar{i,lr .rd grb{n. ArD.nUir A!!tlria AJauh A!obir.n Eah.maa, Tt 8lltlln Bdtl-..n Brb.do! 6€ErJ! B.liJn' 8dts Bdin Blltn B.5r! E6r& rn H{taFYlr. (h mflocr orSOR!) !:?3.l Els.$do. 139.1 EqEb.a, GL*i. 8utodh 8uth. F.ro Aurrrd CarnEda GBtgwr C$da C.F Vrd. C..lld Atb.n R.psbIc Ch.d ChL chha Colo.nl*r ComqEa Cqlgo, oricr.ac RenDe d tI. ConF. Raprrblc d Co.b Rts Cd. drrdr Crd ql,.ur C.dt R.Fah Oanmart DIFJt 0o irt Doanlnlc-r R.9rJb[c Eqrdor EcyF 1570 l.9te.9 ErtrE 740.1 EtEiia 20 0 Eflropi. SI I 2400 300' 3.10.3 F,i l2l.l Fhhrn 6.5724 FnrE6 !,En 0 C.br 381 7 G.rnta.Ilr tALa GdlE 303 0 Gmn rt l.G6 6 GiE ga.l G,!e. 6E1.5 Gr.r* t.410 7 Giu6aarnaL 2O7 GuiE 123.t GdreBbtd, 2O.a O+rrr. 1 tbtt 2t5 2 l-bod/rc 24o 1e7.2 itungEry Bmzl Brurd Odurarhra 2072 t1,042.0 lcdrid 984 24100 201551 2100 022 2104 21● 144 7300 2.4200 104 4200 "42 204 1010 1031 2401 10400 3210 30t.3 Ht 8S3 l6ar.h 13.1144 120.4 Ir{. bhmic R.gJartc o( 154.0 ttrl 175.0 tdrts S,5071 1.6111 zlc 0 bld 1r,@3I t ry 23 7 Jdr|do. 1l1a JaP!.| t40.2 Jo(!n r.7{4.1 loz*rti1 10,4t2 9 K,lr. a0+r.5 l(i$di r7.! xd-, R.aD& d 1,6.0 K6orc t!20 KuYr.n $e.a KyrgE Re(* c50 a Lo Pqb'! o.m R.puHc 7't7,.t L6i. 303,0 t..t.rElr Z L!.dD 2,100 3,439 a Lb.rh 31.1 LiR€ 11.5 Uthrna an4 L'r.nt r.rg 697.7 i/lidqlh, Formra yu!6t v Rrpuba 2.0:,7.1 I'hdeg..car 40414 34411 10200 150700 3020 ".￨"5 343 , 11504 5421 112 3.引 "27 "e 19005 1770 1050 0023 ‐ 5 010 つ‐ 4 15732 11 13211 1403 ν● 4 7 Prop̲d ou● ●●(CondudOd) Propccd OLdr Cn 出 21 2 Slmk Repdlc 100 6 St″ oに ● 躙 100 3 Solomon bl"劇 b hd b喘 49 o … ― IB F… S― Or M…O■●10 ¨ Loc∞ 畦 muqu. ¨ 輌 暉 ¨ 珈 ●● 72 3 SL M― andoO Madl■ ● 00 5 St● an 227 2 Sw23a 1.252, ' S山抑 。 20 0 131 0 0画 … Pakletm 2.031 0 40 Pallma Pr" Gu巨 鰤 PHp̲ P― P岬 0山 Roanarla Rurlkr Fcdcotixr Rw'ldr Slnoq S€n A,brho SorJdl Arrl*r Sgrogal SdU! Soychd.s Tm● d tt TObelo Tttb 1.鋼 5 嚇 4.0054 呻 噛 け aα ,1 7351 1,0114 120037 1002 medA● ゎ曰mhtOI κぃ9o・ m su。 3 117喘 tぃ V̲lu 山 .Re do :02 ‑ 40 2 Mttm,Rぃ 劇に 14 0 99920 3230 0548 229 2mu● ゐ bab"e ■211,o 280 1400 138 4000 4.0680 2386 25 3010 20110 2.311 2 20,1551 029042 4291 "呵 睡 1740 3978 ● 2 Tu■ 376 0 Tu― " 鮨n 2032 7‑ 2014 的 2.0420 11098 55:2 238 3,7227 11531 487o ８ ７ ∞ S{o TonO ard PrhcDo 5,7711 ￨● Than T中 544 4 4.4300 hort● 3t0 Tall● papu● 蜘 785 晰 T"日 日し 3,754 7 214 117 6302 1280 Tep 2.4545 u 125 St Lucb 0,租 5 2‑ o′ こ8 h4o 172 5 3944 N‑Oua pal● 1634 3.0512 9螂 5 5168 ‑ 1"1 鋭 erlmd i500 3mmtt R● ●t● NI● い 5005 200 80127 … ar 1,0010 s.m´ 嗜七● 1422 "‐ 馴 tan 72 ,Kntl … 2074 30019 Somalb la e 商 ― ― Leom 鍮 Sng… 叫 口 臨 ―― ― (il mllqn ol SDRS) 1300 3.国 e M出 ●●la ー Prcp6d QtEta mlir3 ot SOR!) E ' AttachDeDt II Proposed Amendment of the A rticles ofAgreemcnt of the International on the Reform of the Executive Fund The Govemments on whose behalfthe present Agreement is signed agree as follows: L The tert ofArticle XlI, Section 3(b) ohell be emended to read es follows: "(D) Subject to (c) below, rhe Executive Board shall consist of tweoty Executive Directors elected by the menrbers, with the Managing Dircctor as chairman." The text of Article XIl, Section 3(c) shall be amended to read as follows: "(c) For the purpose ofcach regular election ofExecutive Dircctors, the Boand ofGovernors, by an eighty-five percent majocity of the lotal voting power, may increase or decreasc the number of Executiye Dir€ctors specified in (D) above." 3, The tert ofArticle XII, Section 3(d) sball be amended to read as follows: "(d) Elections ofExecutive Directois shall be conducted at intervals oftwo years in accordance with regulations which shall be adopted by the Board ofGovernors. Such regulations shall include a limit on the total number of votes that more than one member may cast for the same candidate.,' 4. The text ofArticle XII, Section 3(Q shall be amended ro read as followr: "A Executive Directors shall continue in oflice until their succcssors are elected. Ifthe oftice of an Executive Director becomes vacant more than ninety days before the end of his term, another Executive Direclor shall be elected for the remainder ofthe rerm by the members that elected the fonner Exccutive Dircctor. A majority of the votes cast shall be required for eleclion. While thc office remains vacant, the Alternale of the former Executive Director shall exercise his powers, exc€pt that of appointing an Altemate." 5. The text ofArticle XII, Section 3(i) shrll be amended to read es fotlows: の (1) (ii) Each Executive Director shall be entitled to cast the numbcr ofvotes which counted towards his election. When the provisions of Scction 5(6) of this Article are applicable, the votes which an Executive Director would otherwis€ be entitled to cast shall be increased.or decreased correspondingly. AII the votes which an Executive DirectDr is €rtitled to cast shall be cast as a unit. (iii) when the suspension of the voting righa of a membcr is terminared under Anicle XXVI, Section 2(6), thc mernber may agrec with all the members that have elected an Executive Director that the number ofvotes allotted to that member shall bc cast by such Execurive Directoq provided thar, if no regular clection of Executive Directors has bcen conducted during the pcriod of the suspcnsion, the Executive Director in whose election the membcr had psrticipated prior to the suspension, or his successor elected in accordane wirh paragraph 3(c{i) of Schedule L or wit}r (/) above, shall be entitled to cast the number ofvotes alloned to the member. Tho member shall be deemed to have participated in the election ofthe Executive Direclor entitled to cast thc number of votes allotted to the member.,, 6. The tert ofArticle XII, Section 3(j) rhall be smended to r€ad as follows: ^A The Board ofGovemors shall adopt regulations under which a mernber may send a representative to attend any meeting of th€ Executive Board when a request made by, or a matter particularly affecting, that member is under consideration." 7. Tbe tert of Article )OI, Section E shaU be amended to reed !s followr: "The Fund shall at all times have the right to commuaicat€ its vi€ws informalty to any member on any matter arising under this Agrcemeht. The Fund may, by a seventy percent majority ofthe totsl voting power, decide to publish a report m8dc to a member rcgarding its monetary or economic conditions and developments which dircctly tend to producc a scrious disequilibrium in the intemational balancc of payments ofmembers. The relevant member shall be entitled to representation in accordancc with Section 3(/ of this Article. The Fuod shall nor publish a report involving changes in the fundamental structure ofthe economic organization of members." 8. The text of Anicle XXI(r)(ii) shell bc emended to rerd ss follows: "(a) (iD For decisions by the Executive Board on matters pertaining exclusivety to the special Drawing Rights Depaflmsnt only Executive Directors electld by at least ono member that is a participant shal bc entitred to vote. Each of lhese Executive Dircctors shall be entitlcd to c&st the number ofvotes aflotted to the membors 6at are participants whose votes counted tow8rds his election. Only lhe presence of Executive Directors el€cted by m€mbeN that are participants and the votes allotted to members that are participants shall be counted for the purpose of determining whether a quorum exists or whether a decision is made.by the required majoity," l0 9. The t€xt of Article XXIX(o) shall be amended to resd as follows: "(a) Any question of interpretstion of thc provisions of this Agrecment arising between any member and the Fund or beween any members ofthc Fund shall bc submittcd to the Executive Board for its dccision. [fthe qucstion particularly affects any member, it shall be entitled to rcpresentation in accordance witl Arlicle XII, Section 3(7)." 10 The text of paragraph l(a) ofSchedule D shall be smended to reed as follows: "(u) Each member or group ofmenbers that has the number ofvotes allotted to il or them cast by an Executive Director shall appoint to the Council one Councillor, who shall be a Govemor, Minister in thc government ofa member, or person ofcomparable rank, and may appoint not more than seven Associates, The Board ofGovernors may change, by an eighty-fivc percent majority of the total voting power, the number of Associates who may be appointed. A Councillor or Associate shall servc until a new appointment is rnade or untilthc nexr rcgular election of Exccutive Dircctors, whichever shall occur sooner." I I, Th€ text of psragrapb 5(e) of Schedule D shall be deleted. 12, Paregraph 5(Q ofSchedule D shall be renumbered 5(e) ofSchcdule D and the tert of the new paregraph 5(e) shell be amend€d to reld es follows: "(e) When al Executive Director is entitled to cast the number ofvotes allotted to I member pursuant to Article XII, Section 3(i)(iii), the Councillor appointcd by the group whose members elected such Executivs Director shall be entitlei to vote and cast the number of votes allottcd to such membcr. The member shall be deerned to have participated in the appointnent of the Councillor entitled to vote and cast the nunrber ofvotes allotted to the member." 13, The text of Schedulc E shall be amended to read as follows; "Transitional Provisions with Respecl to Executive Directors Upon the entry inio forc€ of this Schedule: (a) Each Exccutive Director who was appointed pursuant to former Article )(II, Seotions 3(D[i) or 3(c), and was in office immediately prior to the ontry into forc.€ of this Schedule, shall be deemed to have been elected by rhe member who appointed him; and (b) Each Executive Director who cast the number ofvotes ofa mcmber pursuant to former Article XJI, Section 3(rlii) immediately prior to the cnrry into forcc of thjs Schedule, shall be deemed to have been elected by such a member." 14 The te■ 1 0f paragrapb l(り o『 Schedule L ghali be amended tOに nd● ● fOl10ws: 盤ndi:尾 ゝllttlc常 鷺出罵ll留 ノ 『 瀾冨 :lよ i鵡器蹴 『 l:「 15 The tex10fthe chapeau orPBngmph 3(o OFScLedule L sbali be amended tO rend as Fo1lows: e) ￢he Execujve Director clccted by the menibcL Orin whose clccuOn thc mcmbcr has particiPatcd,sha‖ cease to hold Of「 lce,unlcss such Executive DirectOr was entitled to castthe number of vOtes a‖ otted to other members whOse voting rights have nOt been suspended ln the latter case:'' V V ル ο ″ググGbッ ο ぉ翻9′ ″グルθ ん′ ゎれジレ ヵ″gο ttg R̀∫ ο Cri´ Dθ σ b′ ′ ノ a ̀θ ,2θ ノ ̀″ ̀″