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Back Matter

Author(s):
International Monetary Fund
Published Date:
October 1985
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    APPENDICES
    Appendix I Manual Relating to Information on Filing Application for Membership (June 1972)

    INTRODUCTION

    This manual describes the steps leading to membership in the International Monetary Fund, the procedure for becoming a participant in the Special Drawing Account, and certain arrangements to be concluded between the new member and the Fund after membership has become effective.

    Membership becomes effective from the day on which a duly authorized representative of the country concerned signs the Articles of Agreement 1 of the International Monetary Fund and deposits the required Instrument of Acceptance in Washington, D. C. The Fund will assist in making arrangements for signing and deposit.2

    Before this point is reached, the following steps are taken. An application for admission to membership is submitted to the Fund. A preliminary understanding is then reached between the Fund and the Government of the applicant country on the terms and conditions for admission, in particular, on the amount of the quota and on the part of the subscription to be paid in gold. The terms and conditions thus agreed are submitted by the Fund in the form of a Resolution to the Board of Governors of the Fund for its approval and, upon approval, are communicated to the prospective member.

    The Membership Resolution prescribes a period of time during which the applicant country may accept membership. During this period, the applicant country will have to take the legal measures required under its constitution to enable it to accept membership in the Fund and to carry out all the obligations of Fund membership, and to take the steps necessary under the Membership Resolution for it to become a member in the Fund. The Government concerned must also prepare and furnish certain documents (Memorandum of Law, Instrument of Acceptance), which will be described below. Also, Full Powers must be executed authorizing a designated representative to deposit with the Government of the United States of America the required Instrument of Acceptance setting forth that the Government of the country has accepted the Articles of Agreement in accordance with the law of the country and has taken all steps necessary to enable the country to carry out all of its obligations under the Articles of Agreement, and to sign the Articles of Agreement.

    Inquiries on any aspect of membership procedure should be addressed to the Secretary of the Fund.

    APPLICATION FOR MEMBERSHIP

    An application for membership in the International Monetary Fund is made in writing to the Managing Director of the Fund. A sample letter of application is shown as Appendix A.

    A written application should contain as a minimum the following:

    • A statement that the person who signs the letter has been instructed by his Government to apply in the name of that Government for membership of the country concerned in the Fund.

    • Designation of a representative to conduct negotiations with and furnish information to the Fund.

    • A statement that the Government is also (is not) applying for membership of the country concerned in the International Bank for Reconstruction and Development.

    In the course of preparing a study and recommendations on terms and conditions of membership, the staff of the Fund may request pertinent information on the applicant country’s exports and imports, holdings of gold and convertible currencies, and on its exchange system and related matters.

    MEMBERSHIP RESOLUTION

    The terms and conditions of membership of other than original members are incorporated in a Membership Resolution which has to be approved by the Board of Governors of the Fund. A typical Membership Resolution is reproduced in Appendix B. The terms and conditions will have been discussed with the applicant country’s representatives before they are submitted to the Board of Governors. Moreover, the Fund will request assurances that, if approved, all the provisions of the Resolution will be acceptable to the authorities of the applicant country.

    A Membership Resolution is submitted to the Board of Governors either for a vote at its Annual Meeting or by post or telegraph for a vote without meeting. (See Section 13 of the By-Laws of the Fund.)

    A copy of the Resolution as approved is certified by the Secretary of the Fund and transmitted to the prospective member. The Membership Resolution will prescribe a period of time during which the applicant country may accept membership, generally six months from the effective date of the Resolution. (See Appendix B, paragraph 9.) The offer of membership as set forth in the Resolution lapses at the end of this period, unless there are extraordinary circumstances which, in the view of the Fund, justify an extension of this period.

    ENABLING LEGISLATION

    Under its law a country will probably be required to obtain authorization by enabling legislation before it can accept membership in the Fund and undertake the obligations arising out of such membership. (See also under “Institutional Arrangements of Members.”)

    The legislation enabling a country to accept membership in the Fund usually covers both membership in the International Monetary Fund and in the International Bank for Reconstruction and Development. In recent practice some members of the Fund and the Bank have included in their enabling legislation provisions authorizing acceptance of membership in the International Finance Corporation and/or in the International Development Association.

    A typical law containing the essential elements of such enabling legislation is included in Appendix C. An applicant country may seek advice of and comments by the Fund on draft legislation with respect to whether the requirements of the Fund Articles and the Membership Resolution have been covered.

    FURTHER PREREQUISITES TO MEMBERSHIP

    A. Documentation

    The Fund must receive the following documents from the prospective member under cover of a Letter of Transmittal, a sample of which is annexed as Appendix D.

    • Memorandum of Law signed by an appropriate official of the Government, preferably the Minister in charge of legal or foreign affairs. The purpose of the Memorandum of Law is to inform the Fund on the requirements of law and practice of the prospective member having a bearing on its acceptance of international agreements in general and, in particular, on its acceptance of the Fund’s Articles of Agreement as amended up to date and of the terms and conditions of the Membership Resolution, and to describe the steps taken to enable it to meet these requirements and to carry out its obligations as a member of the Fund. Copies of laws, decrees, or specific provisions of laws or decrees referred to in the Memorandum of Law should be forwarded with that document. A sample of the essential features of a Memorandum of Law is shown in Appendix E.

    • A copy of the Instrument of Acceptance, which will have to be deposited with the Department of State of the United States. A sample Instrument of Acceptance is shown in Appendix F.

    • A copy of the Full Powers, which will also have to be deposited with the Department of State, authorizing a designated official to deposit the Instrument of Acceptance and to sign the original of the Articles of Agreement of the International Monetary Fund. A sample Full Powers is shown in Appendix G.

    In practice all these documents are submitted, while still in draft form, to the Fund for comment and advice.

    B. Payment of Gold Subscription

    Pursuant to the relevant provision in the Membership Resolution (see Appendix B, paragraph 4), that part of the subscription to be paid in gold shall be paid not later than the date on which the Articles of Agreement of the Fund are signed on behalf of the prospective member. Information on the arrangements for this payment and the connected technical requirements are set out in Appendix H. The Treasurer of the Fund will furnish at the appropriate time any clarification or additional information that may be found necessary. That part of the subscription to be paid in the member’s currency must be paid only after a par value for the member’s currency has been agreed with the Fund, or as a condition to a transaction with the Fund before an initial par value has been agreed with the Fund, as described later in this manual.

    ARRANGEMENTS BETWEEN THE FUND AND NEW MEMBER

    Immediately upon accepting membership in the Fund, a member is required to make certain arrangements for communicating and conducting business with the Fund.

    Accordingly, the new member must:

    • Under Article V, Section 1, of the Articles of Agreement, designate a fiscal agency through which it will deal with the Fund and the Fund will deal with it.

    • Under Article XIII, Section 2, designate a depository for the Fund’s holdings of the member’s currency. If the member has a central bank, that institution shall be designated as depository. If it has no central bank, it shall designate such other institution as may be acceptable to the Fund. The depository must be able to perform the following functions: to hold currency for the Fund; to pay currency on demand and without delay to any payee in its own territory named by the Fund; if the member issues nonnegotiable, noninterest-bearing notes under Article III, Section 5, of the Fund Agreement, to hold such securities for safe custody on behalf of the Fund; and to arrange for the investment in such notes and for their encashment within 24 hours after any payment by the Fund which draws the balance of the Fund’s holdings of the member’s currency below the minimum amount required.

    • Under Article XII, Section 2, appoint a Governor and an Alternate Governor to represent it on the Board of Governors.

    These designations and arrangements should be made and notified to the Fund by the Head of State or a duly designated Minister.

    The Fund and its members have from time to time to communicate with each other on matters other than transactions with the Fund. These include proposals for the admission of new members, amendments to the By-Laws, and similar matters of general interest to all members. The new member may propose a channel of communication to and from the Fund on such matters; in the absence of such a proposal, or of the Fund’s agreement, the fiscal agency will be the channel of communication.

    The question whether a new member intends to avail itself of the transitional arrangements referred to in Article XIV, Section 2, is a matter which will be the subject of an early discussion with the member.

    Until such time as the new member has the opportunity to cast its votes for an Executive Director in an election under the Articles of Agreement, the new member may request one of the Executive Directors to maintain liaison between the Fund and itself. The new member may send a representative to a meeting of the Executive Board at which a request made by, or a matter particularly affecting, that member is under consideration. (See Section 19 of the By-Laws of the Fund.)

    PAR VALUE AND PAYMENT OF CURRENCY SUBSCRIPTION

    That portion of the subscription which has not been paid in gold becomes payable shortly after a par value has been agreed for the member’s currency. When the member pays the currency subscription, it will be necessary for the depository designated under Article XIII, Section 2, to establish such accounts as the Fund may wish to maintain in the member’s currency.

    The Membership Resolution provides that, within 30 days after the Fund so requests, the member shall communicate to the Fund a proposed par value for its currency. (See Appendix B, paragraph 5.) The Fund, in timing its request, will take into consideration all relevant factors, including the member’s wishes and the status of its exchange system. The Membership Resolution also provides that the member may not engage in exchange transactions with the Fund until (1) the par value of its currency has been agreed with the Fund, and (2) its subscription has been paid in full, but that at any time before a member has met these requirements, the Executive Directors may permit exchange transactions with the member under the conditions and in the amounts prescribed by them. (See Appendix B, paragraph 6.) The Executive Directors have decided that as a prerequisite for such exchange transactions before the establishment of an initial par value, the member concerned must complete the payment of its subscription on the basis of a provisional rate of exchange. (Decision No. 1687-(64/22), adopted April 22, 1964, in Selected Decisions of the International Monetary Fund and Selected Documents, 6th Issue, September 30, 1972.)

    A member may substitute nonnegotiable, noninterest-bearing notes, payable to the Fund on demand, for that part of the Fund’s holdings of its currency which exceeds one per cent of its quota, plus a small balance to be held by the depository for the administrative payments of the Fund. Where necessary, appropriate provisions in this behalf should be included in the enabling legislation referred to above. (See Appendix C.) Such notes may be substituted at the time the subscription is paid or at any time thereafter. They will be held for the account of the Fund by the depository. A member wishing to deposit notes for part of its currency subscription should advise the Fund of its intention well in advance, so that the necessary technical arrangements can be made. The Fund requires, inter alia, agreement on the text of the notes and the presentation of documents establishing the authority under which such notes are issued. Full details will be communicated to the member at the appropriate time.

    PARTICIPATION IN THE SPECIAL DRAWING ACCOUNT

    All members of the Fund have the right to become participants in the Special Drawing Account. Under Article XXIII, Section 1, a member may become a participant in the Special Drawing Account by depositing with the Fund an instrument setting forth that it undertakes all of the obligations of a participant in the Special Drawing Account in accordance with its law and that it has taken all steps necessary to enable it to carry out these obligations. A sample of the Instrument of Participation is shown in Appendix I. The domestic legal steps that each member will need to take in order to enable it to carry out the obligations of a participant, both financial and nonfinancial, will have to be determined by the member in accordance with its constitutional and other legal requirements. (See also under “Institutional Arrangements of Members.”) The member may obtain the Fund’s comments and advice on the draft legislation in this respect. Certain basic provisions pertaining to the Special Drawing Account are indicated in the sample draft in Appendix C.

    A member that becomes a participant after a basic period starts shall receive allocations beginning with the next basic period in which allocations are made, unless the Fund decides that the new participant shall start to receive allocations beginning with the next allocation within the existing basic period. A participant should indicate that it wishes to receive allocations of special drawing rights beginning with the next allocation after it becomes a participant. A sample of such an indication is shown in Appendix J.

    INSTITUTIONAL ARRANGEMENTS OF MEMBERS

    The Fund maintains two separate accounts, i.e., the General Account and the Special Drawing Account. The Fund’s functions relating to special drawing rights are carried on through the Special Drawing Account; its other operations and transactions, such as purchases and sales of currencies from and to member countries and transactions of an administrative character, are carried on through the General Account. The fiscal agency of the member designated under Article V, Section 1, of the Fund’s Articles of Agreement will act in that capacity in dealings between the Fund and the members with respect to both the General Account and the Special Drawing Account. In connection with a member’s participation in the Special Drawing Account, as well as in the General Account, consideration must be given by the member to the institutional arrangements for its operations and transactions with the Fund through the General Account and for those involving special drawing rights, including domestic treatment of special drawing rights. For this purpose amendments may be needed to various aspects of the law of the member, particularly the law regulating the central bank of the member.

    APPENDIX A: LETTER OF APPLICATION

    (Date)

    Dear Sir:

    I have the honor, under instructions received from my Government, to submit to you the application of the Government of (country) for membership of (country) in the International Monetary Fund.

    I have also been instructed to inform you that (name of authorized representative) has been authorized to conduct, on behalf of (country), the negotiations with the Fund regarding this application and to transmit to you any information which may be required in this connection.

    [If appropriate the following paragraph should be added:]

    I am to add for your information that on (date) I have also filed, on behalf of my Government, an application for membership of (country) in the International Bank for Reconstruction and Development.

    Very truly yours,

    The Managing Director

    International Monetary Fund

    Washington, D.C. 20431

    APPENDIX B: RESOLUTION OF BOARD OF GOVERNORS SETTING FORTH THE TERMS AND CONDITIONS GOVERNING ADMISSION TO MEMBERSHIP IN THE INTERNATIONAL MONETARY FUND

    Membership for (Country)

    WHEREAS, the Government of (country) on (date) applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

    WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with representatives of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting (country) to membership in the Fund;

    NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which (country) shall be admitted to membership in the Fund shall be as follows:

    • Definitions: As used in this Resolution:

      • (a) The term “Fund” means the International Monetary Fund.

      • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

      • (c) The term “SDR” means special drawing rights, the value of which is defined in Article XXI of the Fund Agreement.

    • Quota: The quota of (country) shall be equivalent to SDR _______ million.

    • Subscription: The subscription of (country) shall be equal to its quota. (Country) shall pay in gold not less than the equivalent of SDR _______ and the balance of the subscription shall be paid in the currency of (country).

    • Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of (country). In case (country) does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of (country) has been agreed in accordance with paragraph 5 below.

    • Determination of Par Value: Within 30 days after the Fund so requests, (country) shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, (country) and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that (country) shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, (country) shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

    • Exchange Transactions with the Fund: (Country) may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before the requirements under (a) and (b) have been met, the Executive Directors are authorized to permit exchange transactions with (country) under such conditions and in such amounts as may be prescribed by the Executive Directors.

    • Representation and Information: Before accepting membership in the Fund, (country) shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and (country) shall furnish to the Fund such information in respect of such action as the Fund may request.

    • Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that (country) has complied with the conditions set forth in paragraph 7 of this Resolution, (country) shall become a member of the Fund as of the date when (country) shall have complied with the following requirements:

      • (a) (Country) shall deposit with the Government of the United States of America an instrument stating that it accepts in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

      • (b) (Country) shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

    • Period for Acceptance of Membership: (Country) may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

    APPENDIX C: MEMBERSHIP LEGISLATION 3

    Article/Section I

    The Government of (country) is hereby authorized on behalf of (country) to accept membership in the International Monetary Fund and the International Bank for Reconstruction and Development (hereinafter respectively referred to as “the Fund” and “the Bank”), by adhering to their respective Articles of Agreement, texts of which are given in Annexes A and B to this [Law] [Act], and by accepting the terms and conditions of the resolutions of their respective Boards of Governors relating to the membership of (country) in the said organizations, texts of which are given in Annexes C and D to this [Law] [Act]. The Minister of ______ is hereby authorized, either by himself or through such agent as he may duly designate, to sign the originals of the Articles of Agreement of the Fund and the Bank and to execute and deposit any instrument and other documents which may be required for these purposes.

    Article/Section II

    Upon the accession of (country) to membership in the Fund, (country) is hereby authorized to become a participant in the Special Drawing Account and the Minister of ______ is hereby authorized to deposit with the Fund on behalf of (country) an instrument stating that (country) undertakes all the obligations of a participant in the Special Drawing Account in the Fund in accordance with the law of (country) and representing that the (country) has taken all steps necessary to enable it to carry out all of the obligations of a participant in the Special Drawing Account.

    Article/Section III

    a. [The Minister of ______ ] [The central bank (or similar agency)] is authorized by borrowing, or by any other appropriate means, to acquire and pay on behalf of (country) the amounts that fall due from time to time to the Fund and the Bank under the terms and conditions of the resolutions relating to the membership of (country) in the said organizations and under their respective Articles of Agreement, and to pay on account of (country’s) participation in the Special Drawing Account in the Fund.

    b. [The Minister of _______ ] [The central bank (or similar agency)] is hereby authorized to issue in accordance with the Articles of Agreement of the Fund and the Bank any noninterest-bearing nonnegotiable notes, which may be necessary or appropriate in respect of (country’s) membership in the Fund and the Bank.

    Article/Section IV

    [The central bank (or similar agency)] shall serve as the fiscal agency as required under Article V, Section 1, of the Articles of Agreement of the Fund, and Article III, Section 2, of the Articles of Agreement of the Bank and is accordingly authorized to carry out, on behalf of (country) all transactions and operations under the various provisions of the Articles of Agreement of the Fund and the Bank. [The central bank (or similar agency)] is also designated as depository for the holdings of currency in (country) by the Fund and the Bank.

    Article/Section V

    The provisions of [the Articles of Agreement of the Fund and the Bank] [(i) the first sentence of Article VIII, Section 2(b), Article IX, Sections 2 to 9 inclusive, and Article XXVII(b) of the Articles of Agreement of the Fund; (ii) Article VII, Sections 2 to 9 inclusive of the Articles of Agreement of the Bank;] 4 as set forth in the Annexes to this Law/Act shall have full force and effect in (country).

    Article/Section VI

    [The central bank (or similar agency)], on behalf of the Government of (country), [shall be entitled to receive] [shall be credited with] any amount which may be paid or transferred to (country) by the Fund or the Bank, including any amount of gold, currency, or special drawing rights to be paid or allocated to (country) by the Fund or which may otherwise be acquired by (country) in consequence of its participation in the Special Drawing Account.

    Article/Section VII

    [The Government of (country) shall] [The Minister of _______ shall, with the cooperation of other Ministers,] issue when necessary rules/regulations/orders which are consistent with the provisions of this Law/Act in order to carry out the obligations of (country) under the Articles of Agreement and the resolutions referred to in Article/Section I, and to give effect to the provisions of this Law/Act.

    APPENDIX D: LETTER OF TRANSMITTAL

    (Date)

    Dear Sir:

    Pursuant to Resolution No. ______ of the Board of Governors of the International Monetary Fund, I transmit herewith:

    • The Memorandum of Law setting forth, pursuant to paragraph ________ of the said Resolution, the requirements under the law of (country) for becoming a member of the Fund and to enable it to carry out its obligations under the Articles of Agreement of the Fund, as amended, and under the said Resolution; 5

    • A copy of the Instrument of Acceptance which the Government of (country) intends to deposit with the Government of the United States of America pursuant to paragraph _______ of the said Resolution; and

    • A copy of the Full Powers authorizing (name and capacity of representative designated to sign the Articles) to deposit the said Instrument of Acceptance and sign the original copy of the Articles of Agreement, as amended.

    With these measures, the Government of (country) considers that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the original copy of the Articles of Agreement of the Fund, as amended, as contemplated in the Membership Resolution.

    Very truly yours,

    ______________________________________

    (Head of State or Minister of Foreign Affairs or other similar official of the prospective member)

    The Managing Director

    International Monetary Fund

    Washington, D.C 20431

    APPENDIX E: MEMORANDUM OF LAW 6

    I. The Government of (country) has decided on behalf of (country) to adhere to the provisions of the Articles of Agreement of the International Monetary Fund, as amended, in accordance with the conditions defined by the Board of Governors of the Fund in its Resolution (number) of (date).

    II. [Law] [Act] No. ____, dated ________, 197 ____, received the assent of the (Head of State or other relevant authority) on ______, 197 ____, was published in the (Official Gazette) on _____, 197 ____, and entered into force on _________, 197 ____, in accordance with the Constitution of (country).

    The above-mentioned [Law] [Act] (1) authorizes the Government to accept and adhere to the Articles of Agreement of the International Monetary Fund, as amended, and to accept the terms and conditions relating to (country’s) membership in the Fund (set forth in Resolution No. _____ of the Board of Governors of the Fund), (2) designates the agency to execute and deposit instruments and documents required for the above purposes, and (3) provides authority for (country) to become a participant in the Special Drawing Account in the Fund by depositing the instrument of participation required under Article XXIII, Section 1, of the Fund’s Articles of Agreement. The said [Law] [Act] also authorizes the (central bank or similar agency) of (country) to pay all amounts payable from time to time under the Fund Agreement and designates that bank as the fiscal agency pursuant to Article V, Section 1, and as depository pursuant to Article XIII, Section 2, of the Fund Articles of Agreement.

    III. [The Articles of Agreement of the International Monetary Fund, as amended, have the force of law in the territory of (country).]

    [Under Article/Section ______ of [Law] [Act] No. _____, the first sentence of Article VIII, Section 2(b), Article IX, Sections 2 to 9 inclusive, and Article XXVII(b) of the Articles of Agreement of the International Monetary Fund, as amended, have the force of law in the territory of (country).] 7

    IV. With the enactment and entry into force of the above-mentioned [Law] [Act], all requirements of law and practice of (country) had been met in order to enable it to become a member of the International Monetary Fund and to undertake all the obligations under or pursuant to the Articles of Agreement of the International Monetary Fund, as amended, and the terms and conditions of the Resolution referred to above. No further legislative authority is necessary for these purposes or for other matters referred to in Paragraphs II and III above.

    _____________________________

    (Minister of Justice or similar official of the prospective member)

    _______________

    (Place)

    _______________

    (Date)

    APPENDIX F: INSTRUMENT OF ACCEPTANCE 8

    WHEREAS, the Government of (country) has considered and approved the Articles of Agreement of the International Monetary Fund, as amended, and the Resolution adopted by the Board of Governors of the International Monetary Fund on (date) relating to the admission of (country) to membership in the Fund;

    NOW, THEREFORE, the Government of (country) hereby declares on behalf of (country) that it accepts in accordance with the law of (country) the Articles of Agreement of the International Monetary Fund, as amended, and all the terms and conditions prescribed in the aforesaid Resolution and that it has taken all steps necessary to enable it to carry out all of its obligations under the said Articles and the said Resolution.

    ______________________________

    (Head of State or Minister of Foreign Affairs or other official authorized to sign on behalf of the Government of the prospective member)

    ______________

    (Place)

    ______________

    (Date)

    APPENDIX G: FULL POWERS 9

    Pursuant to (law or decree authorizing the prospective member to accept the Articles of Agreement of the International Monetary Fund, as amended, and the terms and conditions of the Resolution relating to the membership of (country) in the Fund and to sign the said Articles), (name and capacity of representative designated to sign the Articles) is hereby authorized on behalf of the Government of (country):

    • To (execute and) deposit with the Government of the United States of America an Instrument of Acceptance of the Articles of Agreement of the International Monetary Fund, as amended, stating that (country) accepts in accordance with its law the said Articles and all the terms and conditions prescribed in the Resolution of the Board of Governors of the said Fund adopted on (date) relating to the admission of (country) to membership in the said Fund and has taken all steps necessary to enable it to carry out all of its obligations under the said Articles and under the said Resolution; and

    • To sign the original copy of the said Articles held in the Archives of the Government of the United States of America.

    ______________________________

    (Head of State or Minister of Foreign Affairs or other official authorized to sign on behalf of the Government of the prospective member)

    _________________

    (Place)

    _________________

    (Date)

    APPENDIX H: INSTRUCTIONS ON PAYMENT OF GOLD SUBSCRIPTION TO THE INTERNATIONAL MONETARY FUND

    (1) The gold portion of a member’s quota shall be delivered at one or more of the designated gold depositories of the Fund, namely:

    • United States of America—The Federal Reserve Bank of New York, New York

    • United Kingdom—The Bank of England, London

    • France—Banque de France, Paris

    • India—The Reserve Bank of India, Nagpur

    (2) For the purpose of the payment of the gold subscription, the amount in fine ounces shall be computed on the basis of special drawing rights of the value prescribed in Article XXI, Section 2, of the Articles of Agreement, namely, 0.888671 gram of fine gold per special drawing right.

    (3) The gold must be delivered to the Fund in bars having a fineness of .995 or higher, and weighing approximately 400 troy ounces. The bars tendered must be “good delivery” bars in the center chosen by the country concerned. That is to say, the bars must be in a condition and have an assay which would be acceptable to the depository at which they are delivered, if it were called upon to buy such bars. The assay, therefore, must be recognized by the depository concerned, and the bars must not be mutilated. Gold coin is not acceptable to the Fund.

    Members may, however, deliver bars of a lower fineness and different weight by agreement with the Fund. In such an event, members must be prepared to pay in gold an amount, to be estimated by the Fund, which would cover the costs of the conversion of such gold bars into bars of the required weight and fineness.

    (4) The weight of the bars tendered will be verified by the depositories to which they are tendered. The weight as ascertained by the depositories will be accepted by the Fund.

    (5) Members will bear all charges made by the depositories for taking into custody for the Fund members’ gold subscriptions. Members will themselves make their own arrangements with the depositories concerned in this regard.

    All gold must, therefore, be received by the Fund free of charges.

    (6) It will not always be possible to transfer to the Fund an amount of gold exactly equivalent to the minimum subscription payable in gold because of the requirement that gold delivered must be in bars weighing approximately 400 troy ounces and having a fineness of .995 or higher. Any gold transferred in excess of the minimum will be used by the Fund toward meeting any charges which may be incurred in connection with the gold subscription if and to the extent that the country concerned does not make its own arrangements with the depositories in this respect. Any remaining excess will be taken into account at the time when the currency portion of a member’s quota is paid. Should the excess of the gold delivered to the Fund be insufficient to meet the charges, the difference would normally be settled with the Fund by the transfer of additional gold to its account.

    APPENDIX I: INSTRUMENT OF PARTICIPATION IN THE SPECIAL DRAWING ACCOUNT

    The undersigned has been authorized by the Government of (member) to state on behalf of (member) that (member) undertakes all the obligations of a participant in the Special Drawing Account in accordance with the laws of (member), and that it has taken all steps necessary to enable it to carry out all of these obligations.

    ________________________________

    (Head of State or Minister of Finance or other official authorized to sign on behalf of the Government of the member)

    ________________

    (Place)

    ________________

    (Date)

    APPENDIX J: REQUEST FOR ALLOCATION OF SPECIAL DRAWING RIGHTS

    (Date)

    Sir:

    In connection with (country’s) participation in the Special Drawing Account, I hereby request that the Executive Directors of the Fund decide under Article XXIV, Section 2(d), of the Articles of Agreement, that (country) shall receive allocations beginning with the next allocation after it becomes a participant, on the basis of its quota.

    Very truly yours,

    ________________________

    (Official authorized to sign on behalf of the Government of the member)

    [Appendix K, which lists the members of the Fund and the effective dates of their membership, has been omitted here. The information is given in Appendix III, pages 521–29 below.]

    Appendix II: Selected Membership Resolutions

    The membership resolutions for five countries are reproduced here. The resolution for Lebanon is the first individual resolution and typical of the simple form that prevailed for a time. It can be contrasted with the resolution for the United Arab Emirates, a recent resolution and one that is typical of the form that has been in use for a number of years. The other three resolutions depart somewhat from this typical form. The resolution for Indonesia is the second one for that country and takes account of the fact that a settlement agreement entered into between Indonesia and the Fund as a result of Indonesia’s earlier withdrawal was still undischarged. The resolution for Senegal provided for increases in quota, and the resolution for the Bahamas dispensed with any subscription in gold.

    Resolution No. 1-5 Membership for Lebanon

    WHEREAS, the Government of the Republic of Lebanon has applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

    WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors, after consultation with representatives of the Government of the Republic of Lebanon have made recommendations to the Board of Governors with regard to the quota to be subscribed by Lebanon and other conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe;

    NOW, THEREFORE, the Board of Governors having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which the Government of the Republic of Lebanon shall be admitted to membership in the Fund shall be as follows:

    • Definitions: As used in this resolution:

      • (a) The term “Lebanon” means the Government of the Republic of Lebanon.

      • (b) The term “Fund” means International Monetary Fund.

      • (c) The term “Articles” means the Articles of Agreement of the Fund.

      • (d) The terms “dollars” or “$” mean United States dollars of the weight and fineness in effect on July 1, 1944.

    • Quota and Subscription: The quota of Lebanon shall be $4,500,000.00. Its subscription shall be equal to its quota.

    • Payments on Subscription: At the time it deposits the instrument referred to in Section 5 (a) below, in accordance with Article XX, Section 2 (a), Lebanon shall pay to the Fund 1/100 of one per cent of its quota in gold or United States dollars.

    • Par Values: Within thirty days after the Fund so requests, Lebanon shall communicate to the Fund the par value of its currency based on the rates of exchange prevailing on the date Lebanon becomes a member of the Fund. The par value of the currency of Lebanon shall be established in accordance with the provisions of Article XX, Section 4 (b), (c), (f), (g), and (i), except that the period of 90 days specified by Article XX, Section 4 (b), shall begin on the date the request from the Fund is received.

    • Date of Membership: Lebanon shall become a member of the Fund, subject to the terms and conditions set forth in this resolution, as from the date when Lebanon has complied with both of the following requirements:

      • (a) Lebanon shall deposit with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this resolution; and

      • (b) Lebanon shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

    • Limitation on Period for Acceptance of Membership: Lebanon may accept membership in the Fund pursuant to this resolution until April 15, 1947.

    Resolution No. 28-3 Membership for the Bahamas

    WHEREAS, the Commonwealth of the Bahama Islands on April 5, 1973, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

    WHEREAS, it is expected that the Bahamas will attain full constitutional independence on July 10, 1973; and

    WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with the representative of the Government of the Bahamas and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting the Bahamas to membership in the Fund;

    NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which the Bahamas shall be admitted to membership in the Fund upon attainment of constitutional independence shall be as follows:

    • Definitions: As used in this Resolution:

      • (a) The term “Fund” means the International Monetary Fund.

      • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

      • (c) The term “SDR” means special drawing rights, the value of which is defined in Article XXI, Section 2 of the Articles.

    • Quota: The quota of the Bahamas shall be the equivalent of SDR 20 million.

    • Subscription: The subscription of the Bahamas shall be equal to its quota.

    • Payment of Subscription: The Bahamas shall pay the subscription in the currency of the Bahamas within four months after becoming a member. For this purpose the Bahamas shall agree with the Fund on a provisional rate of exchange for the currency of the Bahamas, unless a par value has been agreed earlier in accordance with paragraph 5 below. The Bahamas shall repurchase within 60 days after having paid the subscription an amount equivalent to SDR 5 million in gold, SDRs, or convertible currencies acceptable to the Fund, in accordance with the Fund’s policies and practices at the time of repurchase; provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period for the payment of the subscription the Executive Directors may extend such period or periods until a date not later than the thirtieth day after the initial par value of the Bahamas has been agreed in accordance with paragraph 5 below.

    • Determination of Par Value: Within 30 days after the Fund so requests, the Bahamas shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, the Bahamas and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that the Bahamas shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the said period of 60 days or any extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, the Bahamas shall not change its exchange rate prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

    • Exchange Transactions with the Fund: Except as provided in paragraph 4 above, the Bahamas may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before the requirements under (a) and (b) have been met, the Executive Directors are authorized to permit exchange transactions with the Bahamas under such conditions and in such amounts as may be prescribed by the Executive Directors.

    • Representation and Information: Before accepting membership in the Fund, the Bahamas shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and the Bahamas shall furnish to the Fund such information in respect of such action as the Fund may request.

    • Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that the Bahamas has complied with the conditions set forth in paragraph 7 of this Resolution, the Bahamas shall become a member of the Fund as of the date when the Bahamas shall have complied with the following requirements:

      • (a) The Bahamas shall deposit with the Government of the United States of America an instrument stating that it accepts in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

      • (b) The Bahamas shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

    • Period for Acceptance of Membership: The Bahamas may accept membership in the Fund pursuant to this Resolution on or subsequent to the date on which it attains constitutional independence but not later than six months after the effective date of this Resolution provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

    Resolution No. 21-12 Membership for Indonesia

    WHEREAS, Indonesia, which had been a member of the Fund since April 15, 1954, voluntarily withdrew from the International Monetary Fund under Article XV, Section 1 of the Articles of Agreement of the Fund, effective August 17, 1965; and

    WHEREAS, Indonesia could have consented to an increase in its quota to $207 million under the Board of Governors Resolution (No. 20-6) on Increases in Quotas of Fund Members—Fourth Quinquennial Review; and

    WHEREAS, an Agreement on Settlement of All Accounts was adopted on February 16, 1966; and

    WHEREAS, Indonesia on July 5, 1966 again applied for membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

    WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with the representative of Indonesia and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for again admitting Indonesia to membership in the Fund;

    NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which Indonesia shall be again admitted to membership in the Fund shall be as follows:

    • Definitions: As used in this Resolution:

      • (a) The term “Fund” means the International Monetary Fund.

      • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

      • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

    • Quota: The quota of Indonesia shall be $207 million.

    • Subscription: The subscription of Indonesia shall be equal to its quota. Indonesia shall pay in gold, as a minimum, the lesser of (i) 25 per cent of its quota, or (ii) 10 per cent of its net official holdings of gold and convertible currencies as of the date Indonesia makes the representation to the Fund that it has taken all action necessary to adhere again to the Articles of Agreement. The balance shall be paid in the currency of Indonesia at the rate of exchange established in accordance with paragraph 6 below.

    • Payment of Subscription: The portion of the subscription to be paid in gold and the remaining part of the subscription to be paid in the currency of Indonesia shall be paid not later than the date the Articles are again signed on behalf of Indonesia. In case Indonesia does not again acquire membership in the Fund, the amounts paid with respect to the subscription shall be returned to it by the Fund.

    • Agreement on Settlement of Accounts and Repurchase Undertakings:

      • (a) Indonesia shall, not later than the date it again accepts membership in the Fund in accordance with paragraph 10 below, pay to the Fund in gold or convertible currencies acceptable to the Fund all charges which shall have accrued under the Agreement on Settlement of All Accounts and remain unpaid from August 17, 1965 to the date Indonesia again accepts membership in the Fund.

      • (b) Indonesia shall, not later than the date it again accepts membership in accordance with paragraph 10 below, pay to the Fund an amount in the currency of Indonesia at the rate of exchange established in accordance with paragraph 6 below equal, on the date of such payment, to the gold value of the currency of Indonesia held in the IMF Liquidation Account with the Bank Negara Indonesia Unit One and presently amounting to the equivalent of 1,812,744.778 troy ounces of fine gold. The Fund shall, promptly after the date Indonesia again accepts membership in accordance with paragraph 10 below, return to Indonesia the currency of Indonesia held in the IMF Liquidation Account. Indonesia shall pay charges on the amount of the Fund’s holdings of the currency of Indonesia in excess of the quota of Indonesia in accordance with the provisions of Rule I-4(f) of the Rules and Regulations of the Fund and for the purposes of this Rule the date of acquisition shall be deemed to be the date Indonesia again accepts membership in the Fund.

      • (c) After Indonesia has again accepted membership in the Fund in accordance with paragraph 10 below, and has made the payments of the amounts as set forth in paragraphs 3 and 4 above and subparagraphs (a) and (b) of this paragraph 5, and after the Fund has returned to Indonesia the currency held in the Liquidation Account, the Agreement on Settlement of All Accounts shall terminate and the IMF Liquidation Account shall be closed. In the event Indonesia does not again acquire membership in the Fund, the amounts of gold and convertible currencies paid under subparagraph (a) of this paragraph 5 shall be applied to the payment of charges due to the Fund in accordance with the terms of the Agreement on Settlement of All Accounts and the amount of the currency of Indonesia paid to the Fund under subparagraph (b) of this paragraph 5 shall be returned to Indonesia by the Fund.

      • (d) Indonesia shall repurchase from the Fund in gold or convertible currencies acceptable to the Fund an amount of the currency of Indonesia equivalent to not less than the gold value of the currency Indonesia paid to the Fund in accordance with subparagraph (b) of this paragraph 5, as follows:

        • (i) An amount equal to 181,274.478 troy ounces of fine gold not later than February 17, 1967;

        • (ii) An amount equal to 181,274.478 troy ounces of fine gold not later than August 17, 1967; and

        • (iii) An amount equal to 1,450,195.822 troy ounces of fine gold at dates and installments to be determined by the Executive Directors of the Fund, such determination to be made after August 17, 1967 but not later than 12 months from the date on which Indonesia has again accepted membership in the Fund in accordance with paragraph 10 below.

    • Establishment of the Rate of Exchange: Indonesia shall, at the time it makes the representation required under paragraph 9 below, communicate to the Fund a rate of exchange based on the rate prevailing in its territories at the time the rate is communicated. Before Indonesia again accepts membership in the Fund in accordance with paragraph 10 below, the Fund and Indonesia shall agree on a rate of exchange at which Indonesia shall pay its currency subscription and the other amount to be paid in the currency of Indonesia in accordance with paragraphs 4 and 5(b) above.

    • Determination of Par Value: Within 30 days after the Fund so requests, Indonesia shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Indonesia and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Indonesia shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between again accepting membership and the establishment of an initial par value pursuant to this paragraph, Indonesia shall not change its exchange rates prevailing at the time it again accepts membership without agreement with the Fund after prior consultation.

    • Exchange Transactions with the Fund: Indonesia may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 7 above and put into operation, and (b) its subscription has been paid in full; provided, however, that at any time before the requirements under (a) have been met, the Executive Directors are authorized to permit exchange transactions with Indonesia under such conditions and in such amounts as may be prescribed by the Executive Directors.

    • Representation and Information: Before again accepting membership in the Fund, Indonesia shall represent to the Fund that it has taken all action necessary to sign and deposit a new Instrument of Acceptance and to sign again the Articles, as contemplated by paragraph 10(a) and (b) of this Resolution, and Indonesia shall furnish to the Fund such information in respect of such action as the Fund may request.

    • Reacceptance of Membership: After the Fund shall have informed the Government of the United States of America that Indonesia has complied with the conditions set forth in paragraphs 6 and 9 of this Resolution, Indonesia shall again become a member of the Fund as of the date when Indonesia shall have complied with the following requirements:

      • (a) Indonesia shall deposit with the Government of the United States of America a new instrument stating that it has again accepted, in accordance with its law, the Articles of Agreement and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

      • (b) Indonesia shall again sign the original copy of the Articles held in the Archives of the Government of the United States of America; and

      • (c) Indonesia shall have paid the amounts as required by paragraphs 3, 4, and 5(a) and (b) of this Resolution.

    • Limitation on Period of Reacceptance of Membership: Indonesia may again accept membership in the Fund pursuant to this Resolution within four months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may again accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

    Resolution No. 16-9 Membership for the Republic of Senegal

    WHEREAS, the Government of the Republic of Senegal on December 16, 1960, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

    WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with representatives of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting Senegal to membership in the Fund;

    NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which Senegal shall be admitted to membership in the Fund shall be as follows:

    • Definitions: As used in this Resolution:

      • (a) The term “Fund” means International Monetary Fund.

      • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

      • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

    • Quota:

      • (a) The maximum quota, upon payment in full of the gold subscription pursuant to paragraph 4 below, shall be $25 million.

      • (b) The initial quota shall be $7.5 million.

      • (c) Thereafter the quota shall be:

        • (i) $11,875,000 one year after the initial payment of gold has been made pursuant to paragraph 4(a) below;

        • (ii) $16,250,000 two years after such date;

        • (iii) $20,625,000 three years after such date;

        • (iv) $25 million four years after such date.

        • The quotas mentioned in this paragraph 2(c) shall be effective on the dates the payments are made in gold as prescribed in paragraph 4(a)(ii) below.

    • Subscription: The subscription of Senegal shall be equal to its quota. The portions of the subscription which shall be paid respectively in gold and in the currency of Senegal shall be those set forth in paragraph 4 below.

    • Payment of Subscription:

      • (a) Gold

        • (i) The amount of $750,000 in gold shall be paid to the Fund not later than the day the Articles of Agreement are signed on behalf of Senegal. In case Senegal does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund.

        • (ii) Annual gold payments of $437,500 shall be made on each of the dates prescribed in paragraph 2(c).

      • (b) Currency of Senegal

        • (i) Before the thirtieth day after the initial par value of the currency of Senegal has been agreed in accordance with paragraph 6 below, the remaining portion of the quota effective at that date shall be paid in the currency of Senegal.

        • (ii) After the initial par value of the currency of Senegal has been agreed, as each quota takes effect pursuant to paragraph 2(c) above, the portion of the subscription which is not paid in gold shall be paid in the currency of Senegal.

    • Anticipation of Gold Payments and Quota Adjustments: Notwithstanding any other provision in this Resolution, Senegal may elect (a) at any time to pay in gold the unpaid balance of the total gold subscription of $2.5 million, at which time the quota shall be $25 million, or (b) on any date specified in paragraph 2(c) above to anticipate one or more payments of gold prescribed in paragraph 4(a) (ii) above, upon which payment the corresponding quota prescribed in paragraph 2(c) above shall become effective.

    • Determination of Par Value: Within 30 days after the Fund so requests, Senegal shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Senegal and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Senegal shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Senegal shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

    • Exchange Transactions with the Fund: Senegal may not engage in exchange transactions with the Fund (a) before the thirtieth day after the par value of its currency has been agreed in accordance with paragraph 6 above, and (b) its subscription in respect of the quota in effect at that time has been paid.

    • Representation and Information: Before accepting membership in the Fund, Senegal shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 9(a) and (b) of this Resolution, and Senegal shall furnish to the Fund such information in respect of such action as the Fund may request.

    • Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that Senegal has complied with the conditions set forth in paragraph 8 of this Resolution, Senegal shall become a member of the Fund as of the date when Senegal shall have complied with the following requirements:

      • (a) Senegal shall deposit with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

      • (b) Senegal shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

    • Limitation on Period of Acceptance of Membership: Senegal may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

    Resolution No. 27-9 Membership for the United Arab Emirates

    WHEREAS, the Government of the United Arab Emirates on March 16, 1972 applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

    WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with representatives of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting the United Arab Emirates to membership in the Fund;

    NOW, THEREFORE, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which the United Arab Emirates shall be admitted to membership in the Fund shall be as follows:

    • Definitions: As used in this Resolution:

      • (a) The term “Fund” means the International Monetary Fund.

      • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

    • Quota: The quota of the United Arab Emirates shall be the equivalent of SDR 15 million.

    • Subscription: The subscription of the United Arab Emirates shall be equal to its quota. The United Arab Emirates shall pay in gold not less than the equivalent of SDR 3.75 million and the balance of the subscription shall be paid in the currency of the United Arab Emirates.

    • Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of the United Arab Emirates. In case the United Arab Emirates does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of the United Arab Emirates has been agreed in accordance with paragraph 5 below.

    • Determination of Par Value: Within 30 days after the Fund so requests, the United Arab Emirates shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, the United Arab Emirates and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that the United Arab Emirates shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, the United Arab Emirates shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

    • Exchange Transactions with the Fund: The United Arab Emirates may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before the requirements under (a) and (b) have been met, the Executive Directors are authorized to permit exchange transactions with the United Arab Emirates under such conditions and in such amounts as may be prescribed by the Executive Directors.

    • Representation and Information: Before accepting membership in the Fund, the United Arab Emirates shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and the United Arab Emirates shall furnish to the Fund such information in respect of such action as the Fund may request.

    • Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that the United Arab Emirates has complied with the conditions set forth in paragraph 7 of this Resolution, the United Arab Emirates shall become a member of the Fund as of the date when the United Arab Emirates shall have complied with the following requirements:

      • (a) The United Arab Emirates shall deposit with the Government of the United States of America an instrument stating that it accepts in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and

      • (b) The United Arab Emirates shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

    • Period for Acceptance of Membership: The United Arab Emirates may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

    Appendix III: Date of Application, Effective Date of Membership Resolution, and Effective Date of Membership
    Member 1Date of
    Application
    Effective Date of Membership
    Resolution Adopted by
    Board of Governors
    Effective Date of
    Membership
    Afghanistan, Republic ofApril 1, 1954September 28, 1954 (Resolution No. 9-5)July 14, 1955
    Algeria, Democratic and Popular Republic ofOctober 26, 1962August 20, 1963 (Resolution No. 18-10) September 26, 1963
    Argentine RepublicMay 15, 1956August 8, 1956 (Resolution No. 11-3)September 20, 1956
    Australia, Commonwealth ofMarch 26, 1947May 17, 1947 (Resolution No. 2-1)August 5, 1947
    Austria, Republic ofAugust 20, 1947April 7, 1948 (Resolution No. 3-1)August 27, 1948
    Bahama Islands, Commonwealth of theApril 5, 1973July 3, 1973 (Resolution No. 28-3)August 21, 1973
    Bahrain, State ofOctober 13, 1971May 3, 1972 (Resolution No. 27-4)September 7, 1972
    Bangladesh, People’s Republic ofFebruary 18, 1972June 13, 1972 (Resolution No. 27-6)August 17, 1972
    BarbadosSeptember 12, 1970December 16, 1970 (Resolution No. 26-2)December 29, 1970
    Belgium, Kingdom of 2December 27, 1945
    Bolivia, Republic of 2December 27, 1945
    Botswana, Republic ofJuly 11, 1967September 29, 1967 (Resolution No. 22-7)July 24, 1968
    Brazil, Federative Republic of 3January 14, 1946
    Burma, Socialist Republic of the Union ofOctober 9, 1950May 15, 1951 (Resolution No. 6-2)January 3, 1952
    Burundi, Republic ofJuly 18, 1962April 26, 1963 (Resolution No. 18-4) September 28, 1963
    Cameroon, United Republic ofNovember 21, 1961September 19, 1962 (Resolution No. 17-10) *July 10, 1963
    Canada, Dominion of 2December 27, 1945
    Central African RepublicMarch 26, 1962September 19, 1962 (Resolution No. 17-11) *July 10, 1963
    Chad, Republic ofMarch 30, 1962September 19, 1962 (Resolution No. 17-12) *July 10, 1963
    Chile, Republic of 2December 31, 1945
    China, Republic of 2December 27, 1945
    Colombia, Republic of 2December 27, 1945
    Congo, People’s Republic of the (Republic of the Congo (Brazzaville))November 2, 1961September 19, 1962 (Resolution No. 17-13) *July 10, 1963
    Costa Rica, Republic of 3January 8, 1946
    Cuba, Republic of 3,4March 14, 1946
    Cyprus, Republic ofAugust 16, 1960June 16, 1961 (Resolution No. 16-2)December 21, 1961
    Czechoslovak Socialist Republic 2,4December 27, 1945
    Dahomey, Republic ofAugust 17, 1962September 21, 1962 (Resolution No. 17-20) *July 10, 1963
    Denmark, Kingdom of 5March 30, 1946
    Dominican Republic 2December 28, 1945
    Ecuador, Republic of 2December 28, 1945
    Egypt, Arab Republic of 2December 27, 1945
    El Salvador, Republic of 5March 14, 1946
    Equatorial Guinea, Republic ofJune 28, 1969October 3, 1969 (Resolution No. 24-17)December 22, 1969
    Ethiopia, Empire of 2December 27, 1945
    FijiNovember 6, 1970April 1, 1971 (Resolution No. 26-3)May 28, 1971
    Finland, Republic ofApril 14, 1947September 17, 1947 (Resolution No. 2-2)January 14, 1948
    French Republic2December 27, 1945
    Gabonese RepublicDecember 28, 1961September 19, 1962 (Resolution No. 17-14) *September 10, 1963
    Gambia, Republic of TheJune 14, 1966July 17, 1967 (Resolution No. 22-4)September 21, 1967
    Germany, Federal Republic ofFebruary 7, 1951May 28, 1952 (Resolution No. 7-3)August 14, 1952
    Ghana, Republic of (Gold Coast)August 8, 1956April 4, 1957 (Resolution No. 12-2)September 20, 1957
    Greece, see Hellenic Republic
    Guatemala, Republic of 2December 28, 1945
    Guinea, Republic ofMarch 1, 1962September 19, 1962 (Resolution No. 17-15) *September 28, 1963
    GuyanaMarch 14, 1966September 12, 1966 (Resolution No. 21-8)September 26, 1966
    Haiti, Republic of 6July 14, 1949September 16, 1949 (Resolution No. 4-4)
    August 25, 1952September 12, 1952 (Resolution No. 7-10)September 8, 1953
    Hellenic Republic 2December 27, 1945
    Honduras, Republic of 2December 27, 1945
    Iceland, Republic of 2December 27, 1945
    India 2December 27, 1945
    Indonesia, Republic of 7July 24, 1950September 10, 1952 (Resolution No. 7-9) *April 15, 1954
    July 5, 1966September 30, 1966 (Resolution No. 21-12)February 21, 1967
    Iran, Empire of 2December 29, 1945
    Iraq, Republic of 2December 27, 1945
    IrelandApril 23, 1957July 5, 1957 (Resolution No. 12-5)August 8, 1957
    Israel, State ofSeptember 25, 1953January 11, 1954 (Resolution No. 9-1)July 12, 1954
    Italy, Republic ofFebruary 14, 1946October 2, 1946 (Resolution No. 1-6)March 27, 1947
    Ivory Coast, Republic ofDecember 27, 1961September 19, 1962 (Resolution No. 17-16) *March 11, 1963
    JamaicaJune 29, 1962September 19, 1962 (Resolution No. 17-17) *February 21, 1963
    JapanAugust 9, 1951May 28, 1952 (Resolution No. 7-4)August 13, 1952
    Jordan, Hashemite Kingdom ofJune 6, 1950April 21, 1952 (Resolution No. 7-2)August 29, 1952
    Kenya, Republic ofJuly 29, 1963September 30, 1963 (Resolution No. 18-18) February 3, 1964
    Khmer Republic (Cambodia)October 21, 1968July 28, 1969 (Resolution No. 24-7)December 31, 1969
    Korea, Republic ofApril 16, 1954September 28, 1954 (Resolution No. 9-6) *August 26, 1955
    Kuwait, State ofJanuary 25, 1962July 9, 1962 (Resolution No. 17-3) *September 13, 1962
    Laos, Kingdom ofJuly 16, 1959September 29, 1959 (Resolution No. 14-8) *July 5, 1961
    Lebanon, Republic ofMarch 2, 1946October 2, 1946 (Resolution No. 1-5)April 14, 1947
    Lesotho, Kingdom ofApril 24, 1967January 29, 1968 (Resolution No. 23-1)July 25, 1968
    Liberia, Republic of 8June 7, 1948October 29, 1948 (Resolution No. 4-1)
    February 23, 1961September 20, 1961 (Resolution No. 16-8) *March 28, 1962
    Libyan Arab RepublicFebruary 6, 1957September 24, 1957 (Resolution No. 12-9)September 17, 1958
    Luxembourg, Grand Duchy of 2December 27, 1945
    Malagasy Republic (Madagascar)August 1, 1962August 20, 1963 (Resolution No. 18-11) September 25, 1963
    Malawi, Republic ofMay 28, 1964September 10, 1964 (Resolution No. 19-15)July 19, 1965
    Malaysia (Federation of Malaya)May 29, 1957September 24, 1957 (Resolution No. 12-10)March 7, 1958
    Mali, Republic ofMay 11, 1962April 15, 1963 (Resolution No. 18-3) September 27, 1963
    Malta 9December 27, 1965August 13, 1968 (Resolution No. 23-8)September 11, 1968
    Mauritania, Islamic Republic ofOctober 15, 1962May 31, 1963 (Resolution No. 18-6) September 10, 1963
    MauritiusJanuary 5, 1968August 14, 1968 (Resolution No. 23-9)September 23, 1968
    Mexico, see United Mexican States
    Morocco, Kingdom ofMarch 26, 1957September 24, 1957 (Resolution No. 12-12)April 25, 1958
    Nepal, Kingdom ofApril 13, 1960September 28, 1960 (Resolution No. 15-9) *September 6, 1961
    Netherlands, Kingdom of the 2December 27, 1945
    New Zealand, Dominion ofApril 17, 1961July 19, 1961 (Resolution No. 16-3)August 31, 1961
    Nicaragua, Republic of 5March 14, 1946
    Niger, Republic ofFebruary 21, 1962September 19, 1962 (Resolution No. 17-18) *April 24, 1963
    Nigeria, Federal Republic ofAugust 17, 1959September 28, 1960 (Resolution No. 15-10) *March 30, 1961
    Norway, Kingdom of 2December 27, 1945
    Oman, Sultanate ofApril 28, 1971December 14, 1971 (Resolution No. 27-1)December 23, 1971
    Pakistan, Islamic Republic ofJune 10, 1948January 27, 1950 (Resolution No. 5-1)July 11, 1950
    Panama, Republic of 5March 14, 1946
    Paraguay, Republic of 2December 28, 1945
    Peru, Republic of 2December 31, 1945
    Philippines, Republic of the 2December 27, 1945
    Polish People’s Republic 3,4January 10, 1946
    Portuguese RepublicAugust 4, 1959September 29, 1959 (Resolution No. 14-9)March 29, 1961
    Qatar, State ofOctober 1, 1971May 11, 1972 (Resolution No. 27-5)September 8, 1972
    Romania, Socialist Republic ofSeptember 20, 1972November 28, 1972 (Resolution No. 28-1)December 15, 1972
    Rwanda, Republic ofJuly 16, 1962April 26, 1963 (Resolution No. 18-5) September 30, 1963
    Saudi Arabia, Kingdom ofFebruary 12, 1957May 24, 1957 (Resolution No. 12-4)August 26, 1957
    Senegal, Republic ofDecember 16, 1960September 20, 1961 (Resolution No. 16-9) *August 31, 1962
    Sierra Leone, Republic ofMarch 7, 1961September 20, 1961 (Resolution No. 16-10) *September 10, 1962
    Singapore, Republic ofSeptember 8, 1965February 21, 1966 (Resolution No. 21-3)August 3, 1966
    Somali Democratic RepublicJuly 22, 1961March 30, 1962 (Resolution No. 17-1) *August 31, 1962
    South Africa, Republic of 2December 27, 1945
    Spanish StateJanuary 18, 1958May 12, 1958 (Resolution No. 13-5)September 15, 1958
    Sri Lanka, Republic of (Ceylon)November 7, 1949July 31, 1950 (Resolution No. 5-2)August 29, 1950
    Sudan, Democratic Republic of theJune 20, 1956September 27, 1956 (Resolution No. 11-9)September 5, 1957
    Swaziland, Kingdom ofSeptember 12, 1968April 21, 1969 (Resolution No. 24-4)September 22, 1969
    Sweden, Kingdom ofJune 16, 1950July 6, 1951 (Resolution No. 6-3)August 31, 1951
    Syrian Arab RepublicMarch 5, 1946October 2, 1946 (Resolution No. 1-7)April 10, 1947
    Tanzania, United Republic of (United Republic of Tanganyika and Zanzibar)August 16, 1961August 6, 1962 (Resolution No. 17-4) *September 10, 1962
    Thailand, Kingdom of 10 (Kingdom of Siam)June 7, 1948September 30, 1948 (Resolution No. 3-4) *May 3, 1949
    Togo, Republic ofJuly 8, 1960September 20, 1961 (Resolution No. 16-11) *August 1, 1962
    Trinidad and TobagoSeptember 4, 1962July 15, 1963 (Resolution No. 18-8) September 16, 1963
    Tunisia, Republic ofNovember 27, 1956September 24, 1957 (Resolution No. 12-11) *April 14, 1958
    Turkey, Republic ofMarch 13, 1946October 2, 1946 (Resolution No. 1-8)March 11, 1947
    Uganda, Republic ofSeptember 15, 1962September 11, 1963 (Resolution No. 18-13) September 27, 1963
    United Arab EmiratesMarch 16, 1972July 24, 1972 (Resolution No. 27-9)September 22, 1972
    United Kingdom of Great Britain and Northern Ireland 2December 27, 1945
    United Mexican States 2December 31, 1945
    United States of America 2December 27, 1945
    Upper Volta, Republic ofApril 9, 1962September 19, 1962 (Resolution No. 17-19) *May 2, 1963
    Uruguay, Oriental Republic of 3March 11, 1946
    Venezuela, Republic of 5December 30, 1946
    Viet-Nam, Republic ofDecember 21, 1955June 25, 1956 (Resolution No. 11-1) *September 21, 1956
    Western SamoaFebruary 25, 1971July 26, 1971 (Resolution No. 26-5)December 28, 1971
    Yemen Arab RepublicMay 29, 1969October 3, 1969 (Resolution No. 24-16)May 22, 1970
    Yemen, People’s Democratic Republic of (Southern Yemen)August 14, 1968July 2, 1969 (Resolution No. 24-5)September 29, 1969
    Yugoslavia, Socialist Federal Republic of 2December 27, 1945
    Zaïre, Republic of (Democratic Republic of Congo)July 15, 1960September 11, 1963 (Resolution No. 18-12) September 28, 1963
    Zambia, Republic ofJuly 28, 1964May 17, 1965 (Resolution No. 20-8)September 23, 1965

    The formal legal names of the countries as at February 28, 1974 are given here, with the former name in parentheses if it differs substantially from the present name. Elsewhere in this study the popular or territorial names have been used.

    “Original members” (Article II, Section 1), that is, the 30 members that accepted membership on or before December 31, 1945.

    Countries that signed the Articles by December 31, 1945 but did not deposit their instruments of acceptance until later. These 5 countries, therefore, are not original members.

    Cuba withdrew from the Fund effective April 2, 1964; Czechoslovakia ceased to be a member of the Fund effective December 31, 1954; Poland withdrew from the Fund effective March 14, 1950.

    Countries that joined the Fund under the provisions for original members as extended to December 31, 1946 by Board of Governors Resolution No. IM-9. These 5 countries, therefore, are not original members.

    On March 8, 1950, the Executive Directors, at the request of Haiti and in accordance with the provisions of Resolution No. 4-4, extended the period in which Haiti might accept membership in the Fund until September 30, 1950. On September 1, 1950, however, the Government of Haiti informed the Fund that, in the circumstances prevailing at the time, it would not be in a position to take the necessary action to accept membership in the Fund. Haiti applied again on August 25, 1952.

    Indonesia, which had been a member of the Fund since April 15, 1954, voluntarily withdrew from the Fund effective August 17, 1965 and applied again for membership on July 5, 1966. Resolution No. 7-9 was amended by No. 8-4 (see Chap. 7, pp. 200–202, above) and also by No. 18-2.*

    On March 21, 1949, the Executive Directors, at the request of Liberia and in accordance with the provisions of Resolution No. 4-1, extended the period in which Liberia might accept membership in the Fund until October 1, 1949. On August 23, 1950, however, the Government of Liberia informed the Fund that, in the circumstances prevailing at the time, it would not be in a position to take the necessary action to accept membership in the Fund. Liberia applied again on February 23, 1961.

    The Executive Directors resolved on July 8, 1966 that action on Malta’s application for membership should not be postponed until the next regular meeting of the Board of Governors, but the proposed resolution was not mailed to the Board of Governors pending a decision by Malta on whether it wished to proceed with its application. On July 9, 1968, Malta informed the Fund that it wished to do so, and the resolution was mailed on July 17, 1968.

    Resolution No. 3-4 was amended by No. 8-5 (see Chap. 7, pp. 200–202, and Chap. 8, pp. 207–208, above), and also by No. 18-2.*

    Amended by Resolution No. 18-2 (1963), which authorized the Fund to engage in exchange transactions with a member even though 30 days had not elapsed since the member had established an initial par value. See also Chap. 7, pp. 199–200, and Chap. 8, pp. 208–209, above.

    Amended by Resolution No. 19-8 (1964), which authorized the Executive Directors to permit exchange transactions with a member before an initial par value had been agreed. See also Chap. 7, p. 203, and Chap. 8, pp. 207–208, above.

    Appendix IV Quotas and Percentages of Total Quotas in General Account and Special Drawing Account at December 31, 1973
    Quota
    MemberAmount
    (million
    SDRs)1
    General
    Account
    Special
    Drawing
    Account
    (per cent of total)
    Afghanistan37.000.130.13
    Algeria130.000.450.45
    Argentina440.001.511.53
    Australia665.002.282.31
    Austria270.000.920.94
    Bahamas20.000.070.07
    Bahrain10.000.030.03
    Bangladesh125.000.430.43
    Barbados13.000.040.05
    Belgium650.002.232.26
    Bolivia37.000.130.13
    Botswana5.000.020.02
    Brazil440.001.511.53
    Burma60.000.210.21
    Burundi19.000.070.07
    Cameroon35.000.120.12
    Canada1,100.003.773.83
    Central African Republic13.000.040.05
    Chad13.000.040.05
    Chile158.000.540.55
    China550.001.881.91
    Colombia157.000.540.55
    Congo, People’s Republic13.000.040.05
    Costa Rica32.000.110.11
    Cyprus26.000.090.09
    Dahomey13.000.040.05
    Denmark260.000.890.90
    Dominican
    Republic43.000.150.15
    Ecuador33.000.110.11
    Egypt188.000.640.65
    El Salvador35.000.120.12
    Equatorial Guinea8.000.030.03
    * Ethiopia27.000.09
    Fiji13.000.040.05
    Finland190.000.650.66
    France1,500.005.145.22
    Gabon15.000.050.05
    Gambia, The7.000.020.02
    Germany1,600.005.485.57
    Ghana87.000.300.30
    Greece138.000.470.48
    Guatemala36.000.120.13
    Guinea24.000.080.08
    Guyana20.000.070.07
    Haiti19.000.070.07
    Honduras25.000.090.09
    Iceland23.000.080.08
    India940.003.223.27
    Indonesia260.000.890.90
    Iran192.000.660.67
    Iraq109.000.370.38
    Ireland121.000.410.42
    Israel130.000.450.45
    Italy1,000.003.433.48
    Ivory Coast52.000.180.18
    Jamaica53.000.180.18
    Japan1,200.004.114.18
    Jordan23.000.080.08
    Kenya48.000.160.17
    Khmer Republic25.000.090.09
    Korea80.000.270.28
    * Kuwait65.000.22
    Laos13.000.040.05
    * Lebanon9.000.03
    Lesotho5.000.020.02
    Liberia29.000.100.10
    * Libyan Arab Republic24.000.08
    Luxembourg20.000.070.07
    Malagasy Republic26.000.090.09
    Malawi15.000.050.05
    Malaysia186.000.640.65
    Mali22.000.080.08
    Malta16.000.050.06
    Mauritania13.000.040.05
    Mauritius22.000.080.08
    Mexico370.001.271.29
    Morocco113.000.390.39
    Nepal12.400.040.04
    Netherlands700.002.402.44
    New Zealand202.000.690.70
    Nicaragua27.000.090.09
    Niger13.000.040.05
    Nigeria135.000.460.47
    Norway240.000.820.84
    Oman7.000.020.02
    Pakistan235.000.810.82
    Panama36.000.120.13
    Paraguay19.000.070.07
    Peru123.000.420.43
    Philippines155.000.530.54
    * Portugal117.000.40
    * Qatar20.000.07
    Romania190.000.650.66
    Rwanda19.000.070.07
    * Saudi Arabia134.000.46
    Senegal34.000.120.12
    Sierra Leone25.000.090.09
    * Singapore37.000.13
    Somalia19.000.070.07
    South Africa320.001.101.11
    Spain395.001.351.37
    Sri Lanka98.000.340.34
    Sudan72.000.250.25
    Swaziland8.000.030.03
    Sweden325.001.111.13
    Syrian Arab Republic50.000.170.17
    Tanzania42.000.140.15
    Thailand134.000.460.47
    Togo15.000.050.05
    Trinidad and Tobago63.000.220.22
    Tunisia48.000.160.17
    Turkey151.000.520.53
    Uganda40.000.140.14
    * United Arab Emirates15.000.05
    United Kingdom2,800.009.599.74
    United States6,700.0022.9523.31
    Upper Volta13.000.040.05
    Uruguay69.000.240.24
    Venezuela330.001.131.15
    Viet-Nam62.000.210.22
    Western Samoa2.000.010.01
    Yeman Arab Republic10.000.030.03
    Yeman, People’s
    Democratic Republic of
    29.000.100.10
    Yugoslavia207.000.710.72
    Zaïre113.000.390.39
    Zambia76.000.260.26
    General Account29,189.40100.00 2
    Special Drawing
    Account
    28,741.40100.00 2

    Member is not a participant in the Special Drawing Account.

    A special drawing right (SDR) is equivalent to 0.888671 gram of fine gold, that is, the weight and fineness of the U.S. dollar in effect on July 1, 1944.

    This figure may differ from the sum of the percentages shown for individual countries because of rounding.

    Appendix V Increases in Number of Members and Executive Directors
    Effective
    Date of
    Election1
    Number of
    Members
    Number of
    Executive
    Directors
    November 1, 19463912
    May 14, 19474413
    January 30, 19484614
    November 1, 19484714
    November 1, 19504914
    November 1, 19525416
    November 1, 19545716
    November 1, 19566017
    November 1, 19586818 2
    November 1, 19606818
    November 1, 19628218
    October 3, 196310219
    November 1, 196410220
    November 1, 196610520
    November 1, 196811120 2
    November 1, 197011620
    November 1, 197212420

    November 1 is the effective date of the biennial elections. Other dates are those of interim elections.

    Includes a director appointed in accordance with Article XII, Section 3(c), in addition to the five appointed in accordance with Article XII, Section 3(b) (i).

    Appendix VI Text of Special Exchange Agreement Adopted by Contracting Parties to General Agreement on Tariffs and Trade

    Whereas paragraph 6 of Article XV of the General Agreement on Tariffs and Trade (hereinafter referred to as “the General Agreement”) provides that any contracting party which is not a member of the International Monetary Fund (hereinafter called “the Fund”) shall, within a time to be determined by the Contracting Parties after consultation with the Fund, become a member of the Fund, or, failing that, enter into a special exchange agreement with the Contracting Parties;1

    Whereas paragraph 7 of the said article provides that such special exchange agreement shall provide to the satisfaction of the Contracting Parties that the objectives of the General Agreement will not be frustrated as a result of action in exchange matters by the contracting party in question, and taking into account that the terms of such agreement shall not impose obligations on the contracting party in exchange matters generally more restrictive than those imposed by the Articles of Agreement of the Fund on members of the Fund;

    Whereas by Resolution of June 20, 1949 the Contracting Parties adopted the text of the special exchange agreement for the purpose of giving effect to the above-mentioned provisions of the General Agreement and authorized their Chairman to sign on their behalf a special exchange agreement in the terms of this text with any contracting party which is not a member of the Fund and to take all necessary action to give effect to that resolution;

    The Contracting Parties and the Government of _______, acting through its representative duly authorized for this purpose,

    Hereby agree as follows:

    Article I: Exchange Stability and Orderly Exchange Arrangements

    The Government of________ shall collaborate with the Contracting Parties to promote exchange stability, to maintain orderly exchange arrangements with other contracting parties to the General Agreement, to avoid competitive exchange alterations, and to assist in the elimination of restrictions on the making of payments and transfers for current international transactions with a view to the establishment of a multilateral system of payments and to the promotion of international trade.

    Article II: Determination of Initial Par Value

    1. Unless an initial par value has been previously agreed between the Government of_______and the Contracting Parties, the Government of ______ shall, within thirty days after the Contracting Parties so request, communicate to them the par value of its currency based on the rates of exchange prevailing at the time. The par value so communicated shall be the initial par value of its currency for the purpose of this agreement unless within ninety days after the request has been received (a) the Government of_______notifies the Contracting Parties that it regards the par value as unsatisfactory, or (b) the Contracting Parties notify the Government of______that in their opinion the adoption of such par value would be prejudicial to trade among the contracting parties. When such notification is given, the Contracting Parties and the Government of _______ shall, within a period to be determined by the Contracting Parties, agree upon a suitable initial par value.

    2. The par value of the currency of _______ shall be expressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on 1 July 1944.

    3. The Contracting Parties will keep the Government of _______ currently informed on the par values of the currencies of the other contracting parties.

    Article III: Gold Transactions Based on Par Value

    1. The Government of ______ shall not buy gold at a price above the par value of its currency plus the margin permissible under this article, or sell gold at a price below the par value minus the margin permissible under this article.

    2. The margins permissible for transactions in gold by the Government of ______ shall be the same as those permissible to contracting parties which are members of the Fund, and the Contracting Parties shall keep the Government of ______ informed of such margins.

    Article IV: Foreign Exchange Dealings Based on Parity

    The maximum and minimum rates for exchange transactions between the currency of ______ and the currencies of other contracting parties taking place within the territories of_____ shall not differ from parity:

    • (a) In the case of spot exchange transactions, by more than one per cent, and

    • (b) In the case of other exchange transactions, by a margin which exceeds the margin for spot exchange transactions by more than the Contracting Parties consider reasonable.

    Article V: Obligations Regarding Exchange Stability

    The Government of ______ undertakes, through appropriate measures consistent with this Agreement, to permit within its territories exchange transactions between its currency and the currencies of other contracting parties only within the limits prescribed under Article IV. The Government of ____________ shall be deemed to be fulfilling this undertaking if its monetary authorities, for the settlement of international transactions, in fact freely buy and sell gold within the limits prescribed under Article III.

    Article VI: Changes in Par Value

    1. The Government of______shall not propose a change in the par value of its currency except to correct a fundamental disequilibrium.

    2. A change in the par value of the currency of ______ may be made only on the proposal of the Government of ______ and only after consultation with the Contracting Parties.

    3. When a change is proposed, the Contracting Parties shall first take into account the changes, if any, which have already taken place in the initial par value of the currency of_______as determined under Article II. If the proposed change, together with all previous changes, whether increases or decreases,

    • (a) Does not exceed ten per cent of the initial par value, the Contracting Parties shall raise no objection;

    • (b) Does not exceed a further ten per cent of the initial par value, the Contracting Parties may either concur or object, but shall declare their attitude within ninety-six hours if the Government of ______ so requests;

    • (c) Is not within (a) or (b), the Contracting Parties may either concur or object, but shall be entitled to a longer period in which to declare their attitude.

    4. The Contracting Parties shall concur in a proposed change which is within the terms of (b) or (c) of paragraph 3 if they are satisfied that the change is necessary to correct a fundamental disequilibrium. In particular, provided they are so satisfied, they shall not object to a proposed change because of the domestic social or political policies of the Government of _______.

    5. If the Fund, in accordance with Article IV, Section 7, of the Articles of Agreement of the Fund, makes uniform proportionate changes in the par values of the currencies of Fund members, the Government of ______ will change its par value proportionately, unless it informs the Contracting Parties within ninety-six hours after it has been notified by the Contracting Parties of the Fund’s action that it does not wish the par value of its currency to be changed.

    6. Changes in the par value made under paragraph 5 shall not be taken into account in determining whether a proposed change falls within (a), (b) or (c) of paragraph 3.

    7. If the Government of ______ changes the par value of its currency despite the objection of the Contracting Parties, in cases where the Contracting Parties are entitled to object, the Government of _______ shall be deemed to have failed in carrying out its obligations under this agreement.

    Article VII: Avoidance of Restrictions on Current Payments

    1. Subject to the provisions of Articles IX and XI, the Government of ______ shall not, without the approval of the Contracting Parties, impose restrictions on the making of payments and transfers for current international transactions.

    2. The Government of_______shall not engage in, or permit its treasury, central bank, stabilization fund, or other similar fiscal agency, to engage in any discriminatory currency arrangements or multiple currency practices except as authorized under this agreement or approved by the Contracting Parties. If such arrangements and practices have been maintained since 1 January 1948 (the date on which the General Agreement was first provisionally applied), the Government of ________ shall consult with the Contracting Parties as to their progressive removal. This paragraph shall not apply to such arrangements or practices maintained or imposed under paragraph 1 of Article XI, in which case the provisions of paragraph 3 of that article shall apply.

    3. Exchange contracts which involve the currency of any contracting party and which are contrary to the exchange control regulations of that contracting party maintained or imposed consistently with the Articles of Agreement of the Fund or with the provisions of a special exchange agreement entered into pursuant to paragraph 6 of Article XV of the General Agreement, shall be unenforceable in the territories of ______. In addition, the Government of______ may, by mutual accord with other contracting parties, co-operate in measures for the purpose of making the exchange control regulations of either contracting party more effective, provided that such measures and regulations are consistent with this agreement or with another special exchange agreement entered into pursuant to paragraph 6 of Article XV of the General Agreement or with the Articles of Agreement of the Fund, whichever may be applicable to the contracting party whose measures or regulations are involved.

    Article VIII: Controls of Capital Transfers

    1. The Government of _______ may exercise such controls as are necessary to regulate international capital movements, but may not exercise these controls in a manner which will restrict payments for current transactions or which will unduly delay transfers of funds in settlement of commitments, except as provided in Articles IX and XI.

    2. The Government of ________ undertakes that capital outflow will be in accordance with the objectives of this agreement and of the General Agreement.

    Article IX: Scarce Currencies

    1. The Government of _______ is authorized to impose temporarily, after consultation with the Contracting Parties, limitations on the freedom of exchange operations in a currency which has formally been declared scarce by the Fund in accordance with Article VII, Section 3 (a), of the Articles of Agreement of the Fund. Subject to the provisions of Articles IV and V of this Agreement, the Government of________shall have complete jurisdiction in determining the nature of such limitations, but they shall be no more restrictive than is necessary to limit the demand for the scarce currency to the supply held by, or accruing to, the Government of_______; and they shall be relaxed and removed as rapidly as conditions permit. The authorization here mentioned shall expire whenever the Fund formally declares the currency in question to be no longer scarce.

    2. If the Government of _______ is imposing limitations in accordance with paragraph 1, it shall give sympathetic consideration to any representations by the contracting party whose currency has been declared scarce regarding the administration of such restrictions.

    3. The Contracting Parties shall request any contracting party against which restrictions may be permitted under this article not to invoke the obligations of any engagement entered into with the Government of______prior to this agreement in such a manner as will prevent the operation of the provisions of this article.

    Article X: Convertibility of Balances Held by Other Contracting Parties

    1. The Government of ________ shall buy balances of its currency held by another contracting party if the latter, in requesting the purchase, represents:

    • (a) That the balances to be bought have been recently acquired as a result of current transactions; or

    • (b) That their conversion is needed for making payments for current transactions.

    2. The Government of _______ shall have the option to pay either in the currency of the contracting party making the request or in gold.

    3. The obligation under paragraph 1 shall not apply

    • (a) When the convertibility of the balances has been restricted consistently with Article VII or VIII; or

    • (b) When the balances have accumulated as a result of transactions effected before the removal by the Government of _______ of restrictions maintained or imposed under Article XI; or

    • (c) When the balances have been acquired contrary to the exchange regulations of the Government of ______; or

    • (d) When the currency of the contracting party requesting the purchase has been declared scarce and the Government of ________ has been so notified under Article IX; or

    • (e) With the approval of the Contracting Parties, in any particular circumstance in which the fulfillment of the obligations of paragraph 1 of this article would dangerously threaten exchange stability.

    Article XI: Transitional Period

    1. In the post-war transitional period the Government of ________ may, notwithstanding the provisions of any other article of this Agreement, maintain and adapt to changing circumstances 1 restrictions on payments and transfers for current international transactions. The Government of _______ shall, however, have continuous regard in its foreign exchange policies to the intent of this agreement and of the General Agreement; and, as soon as conditions permit, it shall take all possible measures to develop such commercial and financial arrangements with other contracting parties as will facilitate international payments and the maintenance of exchange stability. In particular, the Government of _________ shall withdraw restrictions maintained or imposed under this paragraph as soon as it is satisfied that it will be able, in the absence of such restrictions, to settle its balance of payments in a manner which will not unduly impair its external financial position.

    2. The Government of ________ shall notify the Contracting Parties, within thirty days after it accepts this agreement whether it intends to avail itself of the transitional arrangements in paragraph 1, or whether it is prepared to accept the obligations of Articles VII and X. If the Government of _________ avails itself of the transitional arrangements, it shall notify the Contracting Parties as soon as it is prepared to accept the above-mentioned obligations.

    3. Not later than 1 March 1950, and in each year thereafter, the Contracting Parties shall report on the restrictions still in force under paragraph 1. Not later than 1 March 1952, and in each year thereafter, if the Government of ________ still retains any restrictions inconsistent with Article VII or X, it shall consult with the Contracting Parties as to their further retention. The Contracting Parties may, if they deem such action necessary in exceptional circumstances, make representations to the Government of _______ that conditions are favourable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other article of this agreement. The Government of _______ shall be given a suitable time to reply to such representations. If the Contracting Parties find that the Government of _______ persists in maintaining restrictions which are inconsistent with the intent of this agreement, the Government of _______ shall be deemed to have failed in carrying out its obligations under this agreement.

    4. It is recognised that the post-war transitional period is one of change and adjustment, and when decisions are being made on requests occasioned thereby which are presented by the Government of _______ that government shall be given the benefit of any reasonable doubt.

    Article XII: Furnishing of Information

    1. The Government of _______ shall furnish the Contracting Parties with such information as they may require in accordance with paragraph 8 of Article XV of the General Agreement.

    2. In requesting information under paragraph 8 of Article XV of the General Agreement, the Contracting Parties shall take into consideration the varying abilities of contracting parties to furnish the data requested. The Government of _______ shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. The Government of _______ undertakes, however, to furnish the desired information in as detailed and accurate a manner as is practicable, and, so far as possible, to avoid mere estimates.

    Article XIII: Miscellaneous Provisions

    1. The relevant explanation of terms contained in Article XIX of the Articles of Agreement of the Fund shall apply to this agreement.

    2. The Contracting Parties shall at all times have the right to communicate their views informally to the Government of_______ on any matter arising under this agreement.

    3. The Contracting Parties shall suspend the operation of Articles IV and V of this agreement for the same period of time and to the same extent as the Fund suspends the operation of corresponding provisions of its Articles of Agreement in accordance with Article XVI, Section 1, of the Articles of Agreement of the Fund.

    4. Without prejudice to Article XXIII of the General Agreement, whenever in the opinion of the Contracting Parties the Government of ________ fails to observe any of the provisions of this agreement, the Contracting Parties shall make representations to the Government of ______ The Government of ______ shall be given reasonable time to reply to such representations.

    5. The Contracting Parties shall seek an understanding with the Fund to the effect that,

    • (a) Whenever the Contracting Parties consult the Fund on exchange matters particularly affecting the Government of _______, the latter will be offered an opportunity to present its case directly to the Fund, and

    • (b) The Government of ________ may initiate direct consultation between itself and the Fund in appropriate cases, provided that it shall notify the Chairman of the Contracting Parties upon such occasion that it avails itself of this right.

    Article XIV: Acceptance, Entry into Force and Termination

    1. This agreement shall be signed on behalf of the Contracting Parties by their Chairman and shall be deposited with the Secretary-General of the United Nations, who is hereby authorized to register this agreement.

    2. The Government of ______ may accept this agreement by depositing an instrument of acceptance with the Secretary-General of the United Nations. The Secretary-General will inform the Contracting Parties of the date of deposit of such instrument of acceptance.

    3. This agreement shall enter into force thirty days after the Government of _______ deposits an instrument of acceptance in accordance with paragraph 2.

    4. The provisions of this agreement, entered into pursuant to Article XV of the General Agreement, shall be deemed to be included within that article.

    5. This Agreement shall terminate on the day on which the Government of ________ becomes a member of the Fund or ceases to be a contracting party.

    In Witness whereof, the Chairman of the Contracting Parties has signed this agreement.

    Done at_______, this _______ day of ______, one thousand nine hundred and ______.

    Appendix VII Exchange of Letters Concerning Switzerland’s Association with General Arrangements to Borrow

    June 11, 1964

    The Managing Director

    International Monetary Fund

    19th and H Streets, N.W.

    Washington, D.C. 20431

    Sir:

    I have the honor to refer to Mr. Jacobsson’s letter of December 14, 1961 to the President of the Swiss Confederation and to conversations between representatives of the Swiss Confederation and the International Monetary Fund (hereinafter referred to as “the Fund”) concerning the way in which the Swiss Confederation could be associated with the Fund’s General Arrangements to Borrow, and thus contribute to the objectives of those Arrangements. The General Arrangements to Borrow (hereinafter referred to as “the General Arrangements”) are those set forth in Decision No. 1289-(62/1) of January 5, 1962, of the Fund’s Executive Directors, as amended by Decision No. 1362-(62/32) of July 9, 1962 and Decision No. 1415-(62/47) adopted on September 19, 1962.

    In the light of the views that have been exchanged, the Swiss Federal Council, on behalf of the Swiss Confederation, is prepared to be associated with the General Arrangements as follows:

    (1) The Swiss Confederation is prepared to make resources available to participants in the General Arrangements in accordance with this letter and in amounts not exceeding an outstanding total equivalent to 865,000,000 Swiss francs.

    (2) The Swiss Confederation will be prepared to consider the conclusion of agreements (hereinafter referred to as “implementing agreements”) with any of the participants in the General Arrangements if requested by such participants. The implementing agreements will prescribe the terms and conditions in accordance with which the Swiss Confederation will make resources available to the participant or the Swiss Confederation and the participant will make resources available to each other, which shall be on the basis of reciprocal terms if required. Immediately on the conclusion of an implementing agreement, or of any amendment of an implementing agreement, the Swiss Confederation will provide the Managing Director with a copy thereof.

    (3) Whenever the Managing Director of the Fund initiates the procedure and makes a proposal for calls pursuant to Paragraphs 6 and 7 of the General Arrangements for the benefit of a participant that has entered into or enters into an implementing agreement, he may propose to the Swiss Confederation, after consultation with the Swiss Confederation, that it shall make a specified amount of resources available to the participant, which amount shall be in accordance with the implementing agreement with that participant. If the proposal for calls becomes effective under Paragraph 7 of the General Arrangements, the Swiss Confederation will make the specified amount of resources available to the said participant in accordance with this letter and with the terms and conditions of the implementing agreement. If, however, the Swiss Confederation gives notice to the Managing Director that in its opinion, based on its present and prospective balance of payments and reserve position, it should not make resources available in accordance with this proposal, or should make available a smaller amount than that proposed, the Swiss Confederation will not be obliged to make any such resources available or more resources than it represents to the Managing Director that it should make available.

    (4) If the Swiss Confederation makes resources available to a participant otherwise than in accordance with the procedure of paragraph (3), the Swiss Confederation, after consultation with the Managing Director, may deem such resources to be or to have been made available pursuant to this letter, provided that at the date of such deeming Switzerland has entered into an implementing agreement with that participant, that at the date of such deeming a proposal for calls for the benefit of that participant is in effect under Paragraph 7 of the General Arrangements and provided that the terms and conditions for repayment to Switzerland accord or are made to accord with paragraph (5).

    (5) The effect of the terms and conditions for the timing of repayment of resources made available by Switzerland pursuant to this letter will correspond, to the maximum extent practicable, with the repayment provisions of Paragraph 11 of the General Arrangements.

    (6) The Fund may, at the request of a party to an implementing agreement, make any determination, or use its good offices, to facilitate the operation of an implementing agreement, subject, however, to paragraph (9).

    (7) Whenever the Swiss Confederation makes resources available pursuant to paragraph (3) or deems resources to be or to have been made available pursuant to paragraph (4), the Swiss Confederation will inform the Managing Director of the amount in terms of Swiss francs thus made available. The Swiss Confederation will inform the Managing Director of the amount in terms of Swiss francs of the repayment of any resources made available pursuant to paragraph (3) or (4).

    (8) The Swiss Confederation and the Fund will provide each other with the general information necessary to facilitate the operation of this letter and implementing agreements.

    (9) The Fund does not accept any responsibility or liability, whether as guarantor or otherwise, in connection with this letter or with respect to the performance of the terms and conditions of an implementing agreement.

    (10) This letter will remain effective for four years from October 24, 1962, provided that the Swiss Confederation may rescind this letter, with immediate effect, within one month after an amendment of the General Arrangements becomes effective pursuant to Paragraph 15 of the General Arrangements. This letter may be amended or rescinded at any time if the Swiss Confederation and the Fund shall so agree.

    (11) Any question of interpretation or application of these understandings will be settled to the mutual satisfaction of the Swiss Confederation and the Fund.

    (12) For the purposes of this letter, references to participants shall be deemed to include the official institution of a participant with which an implementing agreement is made, even though such institution is not a “participating institution” under the General Arrangements.

    (13) All communications by or to the Swiss Confederation pursuant to this letter shall be made by or to the Swiss National Bank.

    I propose that, if this letter is approved by the International Monetary Fund, this letter and your reply constitute an agreement between the Swiss Federal Council and the International Monetary Fund, which shall enter into force on the date of your reply. I hereby declare that the Swiss Confederation has taken all steps necessary to implement the exchange of letters.

    Accept, Sir, the assurances of my highest consideration.

    /s/

    A. Zehnder

    Ambassador of Switzerland

    June 11, 1964

    Sir:

    I am pleased to acknowledge receipt of your letter of June 11, 1964.

    I have been authorized to inform you that the understandings set forth in your letter are accepted by the International Monetary Fund. Accordingly, your letter and this reply constitute an agreement between the International Monetary Fund and the Swiss Federal Council, which will enter into force on the date of this reply.

    Accept, Sir, the assurances of my highest consideration.

    Very truly yours,

    /s/

    Pierre-Paul Schweitzer

    Managing Director

    His Excellency

    Alfred Zehnder

    Ambassador of Switzerland

    2900 Cathedral Avenue, N.W.

    Washington, D.C. 20008

    Appendix VIII ARTICLES OF AGREEMENT of the INTERNATIONAL MONETARY FUND

    Adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944. Entered into force December 27, 1945. Amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23-5, adopted May 31, 1968.

    Appendix VIII Articles of Agreement1

    The Governments on whose behalf the present Agreement is signed agree as follows:

    Introductory Article

    • (i) The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted, and as subsequently amended in order to institute a facility based on special drawing rights and to effect certain other changes.

    • (ii) To enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Account and a Special Drawing Account. Membership in the Fund shall give the right to participation in the Special Drawing Account.

    • (iii) Operations and transactions authorized by this Agreement shall be conducted through the General Account except that operations and transactions involving special drawing rights shall be conducted through the Special Drawing Account.

    Article I: Purposes

    The purposes of the International Monetary Fund are:

    • (i) To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.

    • (ii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.

    • (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.

    • (iv) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.

    • (v) To give confidence to members by making the Fund’s resources temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.

    • (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.

    The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article.

    Article II: Membership

    Section 1. Original members

    The original members of the Fund shall be those of the countries represented at the United Nations Monetary and Financial Conference whose governments accept membership before the date specified in Article XX, Section 2 (e).

    Section 2. Other members

    Membership shall be open to the governments of other countries at such times and in accordance with such terms as may be prescribed by the Fund.

    Article III: Quotas and Subscriptions

    Section 1. Quotas

    Each member shall be assigned a quota. The quotas of the members represented at the United Nations Monetary and Financial Conference which accept membership before the date specified in Article XX, Section 2 (e), shall be those set forth in Schedule A. The quotas of other members shall be determined by the Fund.

    Section 2. Adjustment of quotas

    The Fund shall at intervals of not more than five years conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members. It may also, if it thinks fit, consider at any other time the adjustment of any particular quota at the request of the member concerned. An eighty-five percent majority of the total voting power shall be required for any change in quotas proposed as the result of a general review and a four-fifths majority of the total voting power shall be required for any other change in quotas. No quota shall be changed without the consent of the member concerned.

    Section 3. Subscriptions: time, place, and form of payment

    (a) The subscription of each member shall be equal to its quota and shall be paid in full to the Fund at the appropriate depository on or before the date when the member becomes eligible under Article XX, Section 4 (c) or (d), to buy currencies from the Fund.

    (b) Each member shall pay in gold, as a minimum, the smaller of

    • (i) twenty-five percent of its quota; or

    • (ii) ten percent of its net official holdings of gold and United States dollars as at the date when the Fund notifies members under Article XX, Section 4 (a) that it will shortly be in a position to begin exchange transactions.

    Each member shall furnish to the Fund the data necessary to determine its net official holdings of gold and United States dollars.

    (c) Each member shall pay the balance of its quota in its own currency.

    (d) If the net official holdings of gold and United States dollars of any member as at the date referred to in (b) (ii) above are not ascertainable because its territories have been occupied by the enemy, the Fund shall fix an appropriate alternative date for determining such holdings. If such date is later than that on which the country becomes eligible under Article XX, Section 4 (c) or (d), to buy currencies from the Fund, the Fund and the member shall agree on a provisional gold payment to be made under (b) above, and the balance of the member’s subscription shall be paid in the member’s currency, subject to appropriate adjustment between the member and the Fund when the net official holdings have been ascertained.

    Section 4. Payments when quotas are changed

    (a) Each member which consents to an increase in its quota shall, within thirty days after the date of its consent, pay to the Fund twenty-five percent of the increase in gold and the balance in its own currency. If, however, on the date when the member consents to an increase, its monetary reserves are less than its new quota, the Fund may reduce the proportion of the increase to be paid in gold.

    (b) If a member consents to a reduction in its quota, the Fund shall, within thirty days after the date of the consent, pay to the member an amount equal to the reduction. The payment shall be made in the member’s currency and in such amount of gold as may be necessary to prevent reducing the Fund’s holdings of the currency below seventy-five percent of the new quota.

    (c) A majority of eighty-five percent of the total voting power shall be required for any decisions dealing with the payment, or made with the sole purpose of mitigating the effects of the payment, of increases in quotas proposed as the result of a general review of quotas.

    Section 5. Substitution of securities for currency

    The Fund shall accept from any member in place of any part of the member’s currency which in the judgment of the Fund is not needed for its operations, notes or similar obligations issued by the member or the depository designated by the member under Article XIII, Section 2, which shall be non-negotiable, non-interest bearing and payable at their par value on demand by crediting the account of the Fund in the designated depository. This Section shall apply not only to currency subscribed by members but also to any currency otherwise due to, or acquired by, the Fund.

    Article IV: Par Values of Currencies

    Section 1. Expression of par values

    (a) The par value of the currency of each member shall be expressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on July 1, 1944.

    (b) All computations relating to currencies of members for the purpose of applying the provisions of this Agreement shall be on the basis of their par values.

    Section 2. Gold purchases based on par values

    The Fund shall prescribe a margin above and below par value for transactions in gold by members, and no member shall buy gold at a price above par value plus the prescribed margin, or sell gold at a price below par value minus the prescribed margin.

    Section 3. Foreign exchange dealings based on parity

    The maximum and the minimum rates for exchange transactions between the currencies of members taking place within their territories shall not differ from parity

    • (i) in the case of spot exchange transactions, by more than one percent; and

    • (ii) in the case of other exchange transactions, by a margin which exceeds the margin for spot exchange transactions by more than the Fund considers reasonable.

    Section 4. Obligations regarding exchange stability

    (a) Each member undertakes to collaborate with the Fund to promote exchange stability, to maintain orderly exchange arrangements with other members, and to avoid competitive exchange alterations.

    (b) Each member undertakes, through appropriate measures consistent with this Agreement, to permit within its territories exchange transactions between its currency and the currencies of other members only within the limits prescribed under Section 3 of this Article. A member whose monetary authorities, for the settlement of international transactions, in fact freely buy and sell gold within the limits prescribed by the Fund under Section 2 of this Article shall be deemed to be fulfilling this undertaking.

    Section 5. Changes in par values

    (a) A member shall not propose a change in the par value of its currency except to correct a fundamental disequilibrium.

    (b) A change in the par value of a member’s currency may be made only on the proposal of the member and only after consultation with the Fund.

    (c) When a change is proposed, the Fund shall first take into account the changes, if any, which have already taken place in the initial par value of the member’s currency as determined under Article XX, Section 4. If the proposed change, together with all previous changes, whether increases or decreases,

    • (i) does not exceed ten percent of the initial par value, the Fund shall raise no objection,

    • (ii) does not exceed a further ten percent of the initial par value, the Fund may either concur or object, but shall declare its attitude within seventy-two hours if the member so requests,

    • (iii) is not within (i) or (ii) above, the Fund may either concur or object, but shall be entitled to a longer period in which to declare its attitude.

    (d) Uniform changes in par values made under Section 7 of this Article shall not be taken into account in determining whether a proposed change falls within (i), (ii), or (iii) of (c) above.

    (e) A member may change the par value of its currency without the concurrence of the Fund if the change does not affect the international transactions of members of the Fund.

    (f) The Fund shall concur in a proposed change which is within the terms of (c) (ii) or (c) (iii) above if it is satisfied that the change is necessary to correct a fundamental disequilibrium. In particular, provided it is so satisfied, it shall not object to a proposed change because of the domestic social or political policies of the member proposing the change.

    Section 6. Effect of unauthorized changes

    If a member changes the par value of its currency despite the objection of the Fund, in cases where the Fund is entitled to object, the member shall be ineligible to use the resources of the Fund unless the Fund otherwise determines; and if, after the expiration of a reasonable period, the difference between the member and the Fund continues, the matter shall be subject to the provisions of Article XV, Section 2(b).

    Section 7. Uniform changes in par values

    Notwithstanding the provisions of Section 5 (b) of this Article, the Fund by an eighty-five percent majority of the total voting power may make uniform proportionate changes in the par values of the currencies of all members. The par value of a member’s currency shall, however, not be changed under this provision if, within seventy-two hours of the Fund’s action, the member informs the Fund that it does not wish the par value of its currency to be changed by such action.

    Section 8, Maintenance of gold value of the Fund’s assets

    (a) The gold value of the Fund’s assets shall be maintained notwithstanding changes in the par or foreign exchange value of the currency of any member.

    (b) Whenever (i) the par value of a member’s currency is reduced, or (ii) the foreign exchange value of a member’s currency has, in the opinion of the Fund, depreciated to a significant extent within that member’s territories, the member shall pay to the Fund within a reasonable time an amount of its own currency equal to the reduction in the gold value of its currency held by the Fund.

    (c) Whenever the par value of a member’s currency is increased, the Fund shall return to such member within a reasonable time an amount in its currency equal to the increase in the gold value of its currency held by the Fund.

    (d) The provisions of this Section shall apply to a uniform proportionate change in the par values of the currencies of all members, unless at the time when such a change is made the Fund decides otherwise by an eighty-five percent majority of the total voting power.

    Section 9. Separate currencies within a member’s territories

    A member proposing a change in the par value of its currency shall be deemed, unless it declares otherwise, to be proposing a corresponding change in the par value of the separate currencies of all territories in respect of which it has accepted this Agreement under Article XX, Section 2 (g). It shall, however, be open to a member to declare that its proposal relates either to the metropolitan currency alone, or only to one or more specified separate currencies, or to the metropolitan currency and one or more specified separate currencies.

    Article V: Transactions with the Fund

    Section 1. Agencies dealing with the Fund

    Each member shall deal with the Fund only through its Treasury, central bank, stabilization fund or other similar fiscal agency and the Fund shall deal only with or through the same agencies.

    Section 2. Limitation on the Fund’s operations

    Except as otherwise provided in this Agreement, operations on the account of the Fund shall be limited to transactions for the purpose of supplying a member, on the initiative of such member, with the currency of another member in exchange for gold or for the currency of the member desiring to make the purchase.

    Section 3. Conditions governing use of the Fund’s resources

    (a) A member shall be entitled to buy the currency of another member from the Fund in exchange for its own currency subject to the following conditions:

    • (i) The member desiring to purchase the currency represents that it is presently needed for making in that currency payments which are consistent with the provisions of this Agreement;

    • (ii) The Fund has not given notice under Article VII, Section 3, that its holdings of the currency desired have become scarce;

    • (iii) The proposed purchase would be a gold tranche purchase, or would not cause the Fund’s holdings of the purchasing member’s currency to increase by more than twenty-five percent of its quota during the period of twelve months ending on the date of the purchase or to exceed two hundred percent of its quota;

    • (iv) The Fund has not previously declared under Section 5 of this Article, Article IV, Section 6, Article VI, Section 1, or Article XV, Section 2 (a), that the member desiring to purchase is ineligible to use the resources of the Fund.

    (b) A member shall not be entitled without the permission of the Fund to use the Fund’s resources to acquire currency to hold against forward exchange transactions.

    (c) A member’s use of the resources of the Fund shall be in accordance with the purposes of the Fund. The Fund shall adopt policies on the use of its resources that will assist members to solve their balance of payments problems in a manner consistent with the purposes of the Fund and that will establish adequate safeguards for the temporary use of its resources.

    (d) A representation by a member under (a) above shall be examined by the Fund to determine whether the proposed purchase would be consistent with the provisions of this Agreement and with the policies adopted under them, with the exception that proposed gold tranche purchases shall not be subject to challenge.

    Section 4. Waiver of conditions

    The Fund may in its discretion, and on terms which safeguard its interests, waive any of the conditions prescribed in Section 3 (a) of this Article, especially in the case of members with a record of avoiding large or continuous use of the Fund’s resources. In making a waiver it shall take into consideration periodic or exceptional requirements of the member requesting the waiver. The Fund shall also take into consideration a member’s willingness to pledge as collateral security gold, silver, securities, or other acceptable assets having a value sufficient in the opinion of the Fund to protect its interests and may require as a condition of waiver the pledge of such collateral security.

    Section 5. Ineligibility to use the Fund’s resources

    Whenever the Fund is of the opinion that any member is using the resources of the Fund in a manner contrary to the purposes of the Fund, it shall present to the member a report setting forth the views of the Fund and prescribing a suitable time for reply. After presenting such a report to a member, the Fund may limit the use of its resources by the member. If no reply to the report is received from the member within the prescribed time, or if the reply received is unsatisfactory, the Fund may continue to limit the member’s use of the Fund’s resources or may, after giving reasonable notice to the member, declare it ineligible to use the resources of the Fund.

    Section 6. Purchases of currencies from the Fund for gold

    (a) Any member desiring to obtain, directly or indirectly, the currency of another member for gold shall, provided that it can do so with equal advantage, acquire it by the sale of gold to the Fund.

    (b) Nothing in this Section shall be deemed to preclude any member from selling in any market gold newly produced from mines located within its territories.

    Section 7. Repurchase by a member of its currency held by the Fund

    (a) A member may repurchase from the Fund and the Fund shall sell for gold any part of the Fund’s holdings of its currency in excess of its quota.

    (b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with each type of monetary reserve, as determined in accordance with Schedule B, part of the Fund’s holdings of its currency under the following conditions:

    • (i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to the following changes that have occurred during the year: one-half of any increase in the Fund’s holdings of the member’s currency, plus one-half of any increase, or minus one-half of any decrease, in the member’s monetary reserves, or, if the Fund’s holdings of the member’s currency have decreased, one-half of any increase in the member’s monetary reserves minus one-half of the decrease in the Fund’s holdings of the member’s currency. This rule shall not apply when a member’s monetary reserves have decreased during the year by more than the Fund’s holdings of its currency have increased.

    • (ii) If after the repurchase described in (i) above (if required) has been made, a member’s holdings of another member’s currency (or of gold acquired from that member) are found to have increased by reason of transactions in terms of that currency with other members or persons in their territories, the member whose holdings of such currency (or gold) have thus increased shall use the increase to repurchase its own currency from the Fund.

    (c) None of the adjustments described in (b) above shall be carried to a point at which

    • (i) the member’s monetary reserves are below one hundred fifty percent of its quota, or

    • (ii) the Fund’s holdings of its currency are below seventy-five percent of its quota, or

    • (iii) the Fund’s holdings of any currency required to be used are above seventy-five percent of the quota of the member concerned, or

    • (iv) the amount repurchased exceeds twenty-five percent of the quota of the member concerned.

    (d) The Fund by an eighty-five percent majority of the total voting power may revise the percentages in (c) (i) and (iv) above and revise and supplement the rules in paragraph 1 (c), (d), and (e) and paragraph 2 (b) of Schedule B.

    Section 8. Charges

    (a) Any member buying the currency of another member from the Fund in exchange for its own currency shall pay, in addition to the parity price, a service charge uniform for all members of not less than one-half percent and not more than one percent, as determined by the Fund, provided that the Fund in its discretion may levy a service charge of less than one-half percent on gold tranche purchases.

    (b) The Fund may levy a reasonable handling charge on any member buying gold from the Fund or selling gold to the Fund.

    (c) The Fund shall levy charges uniform for all members which shall be payable by any member on the average daily balances of its currency held by the Fund in excess of its quota. These charges shall be at the following rates:

    • (i) On amounts not more than twenty-five percent in excess of the quota: no charge for the first three months; one-half percent per annum for the next nine months; and thereafter an increase in the charge of one-half percent for each subsequent year.

    • (ii) On amounts more than twenty-five percent and not more than fifty percent in excess of the quota: an additional one-half percent for the first year; and an additional one-half percent for each subsequent year.

    • (iii) On each additional bracket of twenty-five percent in excess of the quota: an additional one-half percent for the first year; and an additional one-half percent for each subsequent year.

    (d) Whenever the Fund’s holdings of a member’s currency are such that the charge applicable to any bracket for any period has reached the rate of four percent per annum, the Fund and the member shall consider means by which the Fund’s holdings of the currency can be reduced. Thereafter, the charges shall rise in accordance with the provisions of (c) above until they reach five percent and failing agreement, the Fund may then impose such charges as it deems appropriate.

    (e) The rates referred to in (c) and (d) above may be changed by a three-fourths majority of the total voting power.

    (f) All charges shall be paid in gold. If, however, the member’s monetary reserves are less than one-half of its quota, it shall pay in gold only that proportion of the charges due which such reserves bear to one-half of its quota, and shall pay the balance in its own currency.

    Section 9. Remuneration

    (a) The Fund shall pay remuneration, at a rate uniform for all members, on the amount by which seventy-five percent of a member’s quota exceeded the average of the Fund’s holdings of the member’s currency, provided that no account shall be taken of holdings in excess of seventy-five percent of quota. The rate shall be one and one-half percent per annum, but the Fund in its discretion may increase or reduce this rate, provided that a three-fourths majority of the total voting power shall be required for any increase above two percent per annum or reduction below one percent per annum.

    (b) Remuneration shall be paid in gold or a member’s own currency as determined by the Fund.

    Article VI: Capital Transfers

    Section 1. Use of the Fund’s resources for capital transfers

    (a) A member may not use the Fund’s resources to meet a large or sustained outflow of capital except as provided in Section 2 of this Article, and the Fund may request a member to exercise controls to prevent such use of the resources of the Fund. If, after receiving such a request, a member fails to exercise appropriate controls, the Fund may declare the member ineligible to use the resources of the Fund.

    (b) Nothing in this Section shall be deemed

    • (i) to prevent the use of the resources of the Fund for capital transactions of reasonable amount required for the expansion of exports or in the ordinary course of trade, banking or other business, or

    • (ii) to affect capital movements which are met out of a member’s own resources of gold and foreign exchange, but members undertake that such capital movements will be in accordance with the purposes of the Fund.

    Section 2. Special provisions for capital transfers

    A member shall be entitled to make gold tranche purchases to meet capital transfers.

    Section 3. Controls of capital transfers

    Members may exercise such controls as are necessary to regulate international capital movements, but no member may exercise these controls in a manner which will restrict payments for current transactions or which will unduly delay transfers of funds in settlement of commitments, except as provided in Article VII, Section 3 (b), and in Article XIV, Section 2.

    Article VII: Scarce Currencies

    Section 1. General scarcity of currency

    If the Fund finds that a general scarcity of a particular currency is developing, the Fund may so inform members and may issue a report setting forth the causes of the scarcity and containing recommendations designed to bring it to an end. A representative of the member whose currency is involved shall participate in the preparation of the report.

    Section 2. Measures to replenish the Fund’s holdings of scarce currencies

    The Fund may, if it deems such action appropriate to replenish its holdings of any member’s currency, take either or both of the following steps:

    • (i) Propose to the member that, on terms and conditions agreed between the Fund and the member, the latter lend its currency to the Fund or that, with the approval of the member, the Fund borrow such currency from some other source either within or outside the territories of the member, but no member shall be under any obligation to make such loans to the Fund or to approve the borrowing of its currency by the Fund from any other source.

    • (ii) Require the member to sell its currency to the Fund for gold.

    Section 3. Scarcity of the Fund’s holdings

    (a) If it becomes evident to the Fund that the demand for a member’s currency seriously threatens the Fund’s ability to supply that currency, the Fund, whether or not it has issued a report under Section 1 of this Article, shall formally declare such currency scarce and shall thenceforth apportion its existing and accruing supply of the scarce currency with due regard to the relative needs of members, the general international economic situation and any other pertinent considerations. The Fund shall also issue a report concerning its action.

    (b) A formal declaration under (a) above shall operate as an authorization to any member, after consultation with the Fund, temporarily to impose limitations on the freedom of exchange operations in the scarce currency. Subject to the provisions of Article IV, Sections 3 and 4, the member shall have complete jurisdiction in determining the nature of such limitations, but they shall be no more restrictive than is necessary to limit the demand for the scarce currency to the supply held by, or accruing to, the member in question; and they shall be relaxed and removed as rapidly as conditions permit.

    (c) The authorization under (b) above shall expire whenever the Fund formally declares the currency in question to be no longer scarce.

    Section 4. Administration of restrictions

    Any member imposing restrictions in respect of the currency of any other member pursuant to the provisions of Section 3 (b) of this Article shall give sympathetic consideration to any representations by the other member regarding the administration of such restrictions.

    Section 5. Effect of other international agreements on restrictions

    Members agree not to invoke the obligations of any engagements entered into with other members prior to this Agreement in such a manner as will prevent the operation of the provisions of this Article.

    Article VIII: General Obligations of Members

    Section 1. Introduction

    In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.

    Section 2. Avoidance of restrictions on current payments

    (a) Subject to the provisions of Article VII, Section 3 (b), and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.

    (b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, cooperate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.

    Section 3. Avoidance of discriminatory currency practices

    No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1, to engage in, any discriminatory currency arrangements or multiple currency practices except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 4 of that Article shall apply.

    Section 4. Convertibility of foreign held balances

    (a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents

    • (i) that the balances to be bought have been recently acquired as a result of current transactions; or

    • (ii) that their conversion is needed for making payments for current transactions.

    The buying member shall have the option to pay either in the currency of the member making the request or in gold.

    (b) The obligation in (a) above shall not apply

    • (i) when the convertibility of the balances has been restricted consistently with Section 2 of this Article, or Article VI, Section 3; or

    • (ii) when the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2; or

    • (iii) when the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them; or

    • (iv) when the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a); or

    • (v) when the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.

    Section 5. Furnishing of information

    (a) The Fund may require members to furnish it with such information as it deems necessary for its operations, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:

    • (i) Official holdings at home and abroad, of (1) gold, (2) foreign exchange.

    • (ii) Holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange.

    • (iii) Production of gold.

    • (iv) Gold exports and imports according to countries of destination and origin.

    • (v) Total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin.

    • (vi) International balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items.

    • (vii) International investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information.

    • (viii) National income.

    • (ix) Price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices.

    • (x) Buying and selling rates for foreign currencies.

    • (xi) Exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur.

    • (xii) Where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.

    (b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable, and, so far as possible, to avoid mere estimates.

    (c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.

    Section 6. Consultation between members regarding existing international agreements

    Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements will consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.

    Article IX: Status, Immunities and Privileges

    Section 1. Purposes of Article

    To enable the Fund to fulfill the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Fund in the territories of each member.

    Section 2. Status of the Fund

    The Fund shall possess full juridical personality, and, in particular, the capacity:

    • (i) to contract;

    • (ii) to acquire and dispose of immovable and movable property;

    • (iii) to institute legal proceedings.

    Section 3. Immunity from judicial process

    The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.

    Section 4. Immunity from other action

    Property and assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.

    Section 5. Immunity of archives

    The archives of the Fund shall be inviolable.

    Section 6. Freedom of assets from restrictions

    To the extent necessary to carry out the operations provided for in this Agreement, all property and assets of the Fund shall be free from restrictions, regulations, controls and moratoria of any nature.

    Section 7. Privilege for communications

    The official communications of the Fund shall be accorded by members the same treatment as the official communications of other members.

    Section 8. Immunities and privileges of officers and employees

    All governors, executive directors, alternates, officers and employees of the Fund

    • (i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Fund waives this immunity.

    • (ii) not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members.

    • (iii) shall be granted the same treatment in respect of traveling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.

    Section 9. Immunities from taxation

    (a) The Fund, its assets, property, income and its operations and transactions authorized by this Agreement, shall be immune from all taxation and from all customs duties. The Fund shall also be immune from liability for the collection or payment of any tax or duty.

    (b) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to executive directors, alternates, officers or employees of the Fund who are not local citizens, local subjects, or other local nationals.

    (c) No taxation of any kind shall be levied on any obligation or security issued by the Fund, including any dividend or interest thereon, by whomsoever held

    • (i) which discriminates against such obligation or security solely because of its origin; or

    • (ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Fund.

    Section 10. Application of Article

    Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Fund of the detailed action which it has taken.

    Article X: Relations with Other International Organizations

    The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XVII.

    Article XI: Relations with Non-Member Countries

    Section 1. Undertakings regarding relations with non-member countries

    Each member undertakes:

    • (i) Not to engage in, nor to permit any of its fiscal agencies referred to in Article V, Section 1, to engage in, any transactions with a non-member or with persons in a non-member’s territories which would be contrary to the provisions of this Agreement or the purposes of the Fund;

    • (ii) Not to cooperate with a.non-member or with persons in a non-member’s territories in practices which would be contrary to the provisions of this Agreement or the purposes of the Fund; and

    • (iii) To cooperate with the Fund with a view to the application in its territories of appropriate measures to prevent transactions with non-members or with persons in their territories which would be contrary to the provisions of this Agreement or the purposes of the Fund.

    Section 2. Restrictions on transactions with non-member countries

    Nothing in this Agreement shall affect the right of any member to impose restrictions on exchange transactions with non-members or with persons in their territories unless the Fund finds that such restrictions prejudice the interests of members and are contrary to the purposes of the Fund.

    Article XII: Organization and Management

    Section 1. Structure of the Fund

    The Fund shall have a Board of Governors, Executive Directors, a Managing Director and a staff.

    Section 2. Board of Governors

    (a) All powers of the Fund shall be vested in the Board of Governors, consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as chairman.

    (b) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of the Board, except the power to:

    • (i) Admit new members and determine the conditions of their admission.

    • (ii) Approve a revision of quotas, or to decide on the payment, or on the mitigation of the effects of payment, of increases in quotas proposed as the result of a general review of quotas.

    • (iii) Approve a uniform change in the par values of the currencies of all members, or to decide when such a change is made that the provisions relating to the maintenance of gold value of the Fund’s assets shall not apply.

    • (iv) Make arrangements to cooperate with other international organizations (other than informal arrangements of a temporary or administrative character).

    • (v) Determine the distribution of the net income of the Fund.

    • (vi) Require a member to withdraw.

    • (vii) Decide to liquidate the Fund.

    • (viii) Decide appeals from interpretations of this Agreement given by the Executive Directors.

    • (ix) Revise the provisions on repurchase or to revise and supplement the rules for the distribution of repurchases among types of reserves.

    • (x) Make transfers to general reserve from any special reserve.

    (c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power.

    (d) A quorum for any meeting of the Board of Governors shall be a majority of the governors exercising not less than two-thirds of the total voting power.

    (e) Each governor shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him.

    (f) The Board of Governors may by regulation establish a procedure whereby the Executive Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the governors on a specific question without calling a meeting of the Board.

    (g) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Fund.

    (h) Governors and alternates shall serve as such without compensation from the Fund, but the Fund shall pay them reasonable expenses incurred in attending meetings.

    (i) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the Managing Director.

    Section 3. Executive Directors

    (a) The Executive Directors shall be responsible for the conduct of the general operations of the Fund, and for this purpose shall exercise all the powers delegated to them by the Board of Governors.

    (b) There shall be not less than twelve directors who need not be governors, and of whom

    • (i) Five shall be appointed by the five members having the largest quotas;

    • (ii) Not more than two shall be appointed when the provisions of (c) below apply;

    • (iii) Five shall be elected by the members not entitled to appoint directors, other than the American Republics; and

    • (iv) Two shall be elected by the American Republics not entitled to appoint directors.

    For the purposes of this paragraph, members means governments of countries whose names are set forth in Schedule A, whether they become members in accordance with Article XX or in accordance with Article II, Section 2. When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the number of directors to be elected.

    (c) If, at the second regular election of directors and thereafter, the members entitled to appoint directors under (b) (i) above do not include the two members, the holdings of whose currencies by the Fund have been, on the average over the preceding two years, reduced below their quotas by the largest absolute amounts in terms of gold as a common denominator, either one or both of such members, as the case may be, shall be entitled to appoint a director.

    (d) Subject to Article XX, Section 3 (b) elections of elective directors shall be conducted at intervals of two years in accordance with the provisions of Schedule C, supplemented by such regulations as the Fund deems appropriate. Whenever the Board of Governors increases the number of directors to be elected under (b) above, it shall issue regulations making appropriate changes in the proportion of votes required to elect directors under the provisions of Schedule C.

    (e) Each director shall appoint an alternate with full power to act for him when he is not present. When the directors appointing them are present, alternates may participate in meetings but may not vote.

    (f) Directors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the members who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate.

    (g) The Executive Directors shall function in continuous session at the principal office of the Fund and shall meet as often as the business of the Fund may require.

    (h) A quorum for any meeting of the Executive Directors shall be a majority of the directors representing not less than one-half of the voting power.

    (i) Each appointed director shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted towards his election. When the provisions of Section 5 (b) of this Article are applicable, the votes which a director would otherwise be entitled to cast shall be increased or decreased correspondingly. All the votes which a director is entitled to cast shall be cast as a unit.

    (j) The Board of Governors shall adopt regulations under which a member not entitled to appoint a director under (b) above may send a representative to attend any meeting of the Executive Directors when a request made by, or a matter particularly affecting, that member is under consideration.

    (k) The Executive Directors may appoint such committees as they deem advisable. Membership of committees need not be limited to governors or directors or their alternates.

    Section 4. Managing Director and staff

    (a) The Executive Directors shall select a Managing Director who shall not be a governor or an executive director. The Managing Director shall be chairman of the Executive Directors, but shall have no vote except a deciding vote in case of an equal division. He may participate in meetings of the Board of Governors, but shall not vote at such meetings. The Managing Director shall cease to hold office when the Executive Directors so decide.

    (b) The Managing Director shall be chief of the operating staff of the Fund and shall conduct, under the direction of the Executive Directors, the ordinary business of the Fund. Subject to the general control of the Executive Directors, he shall be responsible for the organization, appointment and dismissal of the staff of the Fund.

    (c) The Managing Director and the staff of the Fund, in the discharge of their functions, shall owe their duty entirely to the Fund and to no other authority. Each member of the Fund shall respect the international character of this duty and shall refrain from all attempts to influence any of the staff in the discharge of his functions.

    (d) In appointing the staff the Managing Director shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.

    Section 5. Voting

    (a) Each member shall have two hundred fifty votes plus one additional vote for each part of its quota equivalent to one hundred thousand United States dollars.

    (b) Whenever voting is required under Article V, Section 4 or 5, each member shall have the number of votes to which it is entitled under (a) above, adjusted:

    • (i) by the addition of one vote for the equivalent of each four hundred thousand United States dollars of net sales of its currency up to the date when the vote is taken, or

    • (ii) by the subtraction of one vote for the equivalent of each four hundred thousand United States dollars of its net purchases of the currencies of other members up to the date when the vote is taken

    provided, that neither net purchases nor net sales shall be deemed at any time to exceed an amount equal to the quota of the member involved.

    (c) For the purpose of all computations under this Section, United States dollars shall be deemed to be of the weight and fineness in effect on July 1, 1944, adjusted for any uniform change under Article IV, Section 7, if a waiver is made under Section 8 (d) of that Article.

    (d) Except as otherwise specifically provided, all decisions of the Fund shall be made by a majority of the votes cast.

    Section 6. Reserves and distribution of net income

    (a) The Board of Governors shall determine annually what part of the Fund’s net income shall be placed to reserve and what part, if any, shall be distributed.

    (b) If any distribution is made of the net income of any year, there shall first be distributed to members eligible to receive remuneration under Article V, Section 9, for that year an amount by which two percent per annum exceeded any remuneration that has been paid for that year. Any distribution of the net income of that year beyond that amount shall be made to all members in proportion to their quotas. Payments to each member shall be made in its own currency.

    (c) The Fund may make transfers to general reserve from any special reserve.

    Section 7. Publication of reports

    (a) The Fund shall publish an annual report containing an audited statement of its accounts, and shall issue, at intervals of three months or less, a summary statement of its transactions and its holdings of gold and currencies of members.

    (b) The Fund may publish such other reports as it deems desirable for carrying out its purposes.

    Section 8. Communication of views to members

    The Fund shall at all times have the right to communicate its views informally to any member on any matter arising under this Agreement. The Fund may, by a two-thirds majority of the total voting power, decide to publish a report made to a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibrium in the international balance of payments of members. If the member is not entitled to appoint an executive director, it shall be entitled to representation in accordance with Section 3 (j) of this Article. The Fund shall not publish a report involving changes in the fundamental structure of the economic organization of members.

    Article XIII: Offices and Depositories

    Section 1. Location of offices

    The principal office of the Fund shall be located in the territory of the member having the largest quota, and agencies or branch offices may be established in the territories of other members.

    Section 2. Depositories

    (a) Each member country shall designate its central bank as a depository for all the Fund’s holdings of its currency, or if it has no central bank it shall designate such other institution as may be acceptable to the Fund.

    (b) The Fund may hold other assets, including gold, in the depositories designated by the five members having the largest quotas and in such other designated depositories as the Fund may select. Initially, at least one-half of the holdings of the Fund shall be held in the depository designated by the member in whose territories the Fund has its principal office and at least forty percent shall be held in the depositories designated by the remaining four members referred to above. However, all transfers of gold by the Fund shall be made with due regard to the costs of transport and anticipated requirements of the Fund. In an emergency the Executive Directors may transfer all or any part of the Fund’s gold holdings to any place where they can be adequately protected.

    Section 3. Guarantee of the Fund’s assets

    Each member guarantees all assets of the Fund against loss resulting from failure or default on the part of the depository designated by it.

    Article XIV: Transitional Period

    Section 1. Introduction

    The Fund is not intended to provide facilities for relief or reconstruction or to deal with international indebtedness arising out of the war.

    Section 2. Exchange restrictions

    In the post-war transitional period members may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances (and, in the case of members whose territories have been occupied by the enemy, introduce where necessary) restrictions on payments and transfers for current international transactions. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund; and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the maintenance of exchange stability. In particular, members shall withdraw restrictions maintained or imposed under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the resources of the Fund.

    Section 3. Notification to the Fund

    Each member shall notify the Fund before it becomes eligible under Article XX, Section 4 (c) or (d), to buy currency from the Fund, whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept the above-mentioned obligations.

    Section 4. Action of the Fund relating to restrictions

    Not later than three years after the date on which the Fund begins operations and in each year thereafter, the Fund shall report on the restrictions still in force under Section 2 of this Article. Five years after the date on which the Fund begins operations, and in each year thereafter, any member still retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4, shall consult the Fund as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representations to any member that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other articles of this Agreement. The member shall be given a suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XV, Section 2 (a).

    Section 5. Nature of transitional period

    In its relations with members, the Fund shall recognize that the post-war transitional period will be one of change and adjustment and in making decisions on requests occasioned thereby which are presented by any member it shall give the member the benefit of any reasonable doubt.

    Article XV: Withdrawal from Membership

    Section 1. Right of members to withdraw

    Any member may withdraw from the Fund at any time by transmitting a notice in writing to the Fund at its principal office. Withdrawal shall become effective on the date such notice is received.

    Section 2. Compulsory withdrawal

    (a) If a member fails to fulfill any of its obligations under this Agreement, the Fund may declare the member ineligible to use the resources of the Fund. Nothing in this Section shall be deemed to limit the provisions of Article IV,” Section 6, Article V, Section 5, or Article VI, Section 1.

    (b) If, after the expiration of a reasonable period the member persists in its failure to fulfill any of its obligations under this Agreement, or a difference between a member and the Fund under Article IV, Section 6, continues, that member may be required to withdraw from membership in the Fund by a decision of the Board of Governors carried by a majority of the governors representing a majority of the total voting power.

    (c) Regulations shall be adopted to ensure that before action is taken against any member under (a) or (b) above, the member shall be informed in reasonable time of the complaint against it and given an adequate opportunity for stating its case, both orally and in writing.

    Section 3. Settlement of accounts with members withdrawing

    When a member withdraws from the Fund, normal transactions of the Fund in its currency shall cease and settlement of all accounts between it and the Fund shall be made with reasonable despatch by agreement between it and the Fund. If agreement is not reached promptly, the provisions of Schedule D shall apply to the settlement of accounts.

    Article XVI: Emergency Provisions

    Section 1. Temporary suspension

    (a) In the event of an emergency or the development of unforeseen circumstances threatening the operations of the Fund, the Executive Directors by unanimous vote may suspend for a period of not more than one hundred twenty days the operation of any of the following provisions:

    (b) Simultaneously with any decision to suspend the operation of any of the foregoing provisions, the Executive Directors shall call a meeting of the Board of Governors for the earliest practicable date.

    (c) The Executive Directors may not extend any suspension beyond one hundred twenty days. Such suspension may be extended, however, for an additional period of not more than two hundred forty days, if the Board of Governors by a four-fifths majority of the total voting power so decides, but it may not be further extended except by amendment of this Agreement pursuant to Article XVII.

    (d) The Executive Directors may, by a majority of the total voting power, terminate such suspension at any time.

    Section 2. Liquidation of the Fund

    (a) The Fund may not be liquidated except by decision of the Board of Governors. In an emergency, if the Executive Directors decide that liquidation of the Fund may be necessary, they may temporarily suspend all transactions, pending decision by the Board.

    (b) If the Board of Governors decides to liquidate the Fund, the Fund shall forthwith cease to engage in any activities except those incidental to the orderly collection and liquidation of its assets and the settlement of its liabilities, and all obligations of members under this Agreement shall cease except those set out in this Article, in Article XVIII, paragraph (c), in Schedule D, paragraph 7, and in Schedule E.

    (c) Liquidation shall be administered in accordance with the provisions of Schedule E.

    Article XVII: Amendments

    (a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a governor or the Executive Directors, shall be communicated to the chairman of the Board of Governors who shall bring the proposal before the Board. If the proposed amendment is approved by the Board the Fund shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having four-fifths of the total voting power, have accepted the proposed amendment, the Fund shall certify the fact by a formal communication addressed to all members.

    (b) Notwithstanding (a) above, acceptance by all members is required in the case of any amendment modifying

    • (i) the right to withdraw from the Fund (Article XV, Section 1);

    • (ii) the provision that no change in a member’s quota shall be made without its consent (Article III, Section 2);

    • (iii) the provision that no change may be made in the par value of a member’s currency except on the proposal of that member (Article IV, Section 5 (b)).

    (c) Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.

    Article XVIII: Interpretation

    (a) Any question of interpretation of the provisions of this Agreement arising between any member and the Fund or between any members of the Fund shall be submitted to the Executive Directors for their decision. If the question particularly affects any member not entitled to appoint an executive director it shall be entitled to representation in accordance with Article XII, Section 3 (j).

    (b) In any case where the Executive Directors have given a decision under (a) above, any member may require, within three months from the date of the decision, that the question be referred to the Board of Governors, whose decision shall be final. Any question referred to the Board of Governors shall be considered by a Committee on Interpretation of the Board of Governors. Each Committee member shall have one vote. The Board of Governors shall establish the membership, procedures, and voting majorities of the Committee. A decision of the Committee shall be the decision of the Board of Governors unless the Board by an eighty-five percent majority of the total voting power decides otherwise. Pending the result of the reference to the Board the Fund may, so far as it deems necessary, act on the basis of the decision of the Executive Directors.

    (c) Whenever a disagreement arises between the Fund and a member which has withdrawn, or between the Fund and any member during liquidation of the Fund, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Fund, another by the member or withdrawing member and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted by the Fund. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

    Article XIX: Explanation of Terms

    In interpreting the provisions of this Agreement the Fund and its members shall be guided by the following:

    (a) A member’s monetary reserves means its official holdings of gold, of convertible currencies of other members, and of the currencies of such non-members as the Fund may specify.

    (b) The official holdings of a member means central holdings (that is, the holdings of its Treasury, central bank, stabilization fund, or similar fiscal agency).

    (c) The holdings of other official institutions or other banks within its territories may, in any particular case, be deemed by the Fund, after consultation with the member, to be official holdings to the extent that they are substantially in excess of working balances; provided that for the purpose of determining whether, in a particular case, holdings are in excess of working balances, there shall be deducted from such holdings amounts of currency due to official institutions and banks in the territories of members or non-members specified under (d) below.

    (d) A member’s holdings of convertible currencies means its holdings of the currencies of other members which are not availing themselves of the transitional arrangements under Article XIV, Section 2, together with its holdings of the currencies of such non-members as the Fund may from time to time specify. The term currency for this purpose includes without limitation coins, paper money, bank balances, bank acceptances, and government obligations issued with a maturity not exceeding twelve months.

    (e) The sums deemed to be official holdings of other official institutions and other banks under (c) above shall be included in the member’s monetary reserves.

    (f) The Fund’s holdings of the currency of a member shall include any securities accepted by the Fund under Article III, Section 5.

    (g) The Fund, after consultation with a member which is availing itself of the transitional arrangements under Article XIV, Section 2, may deem holdings of the currency of that member which carry specified rights of conversion into another currency or into gold to be holdings of convertible currency for the purpose of the calculation of monetary reserves.

    (h) For the purpose of calculating gold subscriptions under Article III, Section 3, a member’s net official holdings of gold and United States dollars shall consist of its official holdings of gold and United States currency after deducting central holdings of its currency by other countries and holdings of its currency by other official institutions and other banks if these holdings carry specified rights of conversion into gold or United States currency.

    (i) Payments for current transactions means payments which are not for the purpose of transferring capital, and includes, without limitation:

    • (1) All payments due in connection with foreign trade, other current business, including services, and normal short-term banking and credit facilities;

    • (2) Payments due as interest on loans and as net income from other investments;

    • (3) Payments of moderate amount for amortization of loans or for depreciation of direct investments;

    • (4) Moderate remittances for family living expenses.

    The Fund may, after consultation with the members concerned, determine whether certain specific transactions are to be considered current transactions or capital transactions.

    (j) Gold tranche purchase means a purchase by a member of the currency of another member in exchange for its own currency which does not cause the Fund’s holdings of the member’s currency to exceed one hundred percent of its quota, provided that for the purposes of this definition the Fund may exclude purchases and holdings under policies on the use of its resources for compensatory financing of export fluctuations.

    Article XX: Inaugural Provisions

    Section 1. Entry into force

    This Agreement shall enter into force when it has been signed on behalf of governments having sixty-five percent of the total of the quotas set forth in Schedule A and when the instruments referred to in Section 2 (a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.

    Section 2. Signature

    (a) Each government on whose behalf this Agreement is signed shall deposit with the Government of the United States of America an instrument setting forth that it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.

    (b) Each government shall become a member of the Fund as from the date of the deposit on its behalf of the instrument referred to in (a) above, except that no government shall become a member before this Agreement enters into force under Section 1 of this Article.

    (c) The Government of the United States of America shall inform the governments of all countries whose names are set forth in Schedule A, and all governments whose membership is approved in accordance with Article II, Section 2, of all signatures of this Agreement and of the deposit of all instruments referred to in (a) above.

    (d) At the time this Agreement is signed on its behalf, each government shall transmit to the Government of the United States of America one one-hundredth of one percent of its total subscription in gold or United States dollars for the purpose of meeting administrative expenses of the Fund. The Government of the United States of America shall hold such funds in a special deposit account and shall transmit them to the Board of Governors of the Fund when the initial meeting has been called under Section 3 of this Article. If this Agreement has not come into force by December 31, 1945, the Government of the United States of America shall return such funds to the governments that transmitted them.

    (e) This Agreement shall remain open for signature at Washington on behalf of the governments of the countries whose names are set forth in Schedule A until December 31, 1945.

    (f) After December 31, 1945, this Agreement shall be open for signature on behalf of the government of any country whose membership has been approved in accordance with Article II, Section 2.

    (g) By their signature of this Agreement, all governments accept it both on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate.

    (h) In the case of governments whose metropolitan territories have been under enemy occupation, the deposit of the instrument referred to in (a) above may be delayed until one hundred eighty days after the date on which these territories have been liberated. If, however, it is not deposited by any such government before the expiration of this period the signature affixed on behalf of that government shall become void and the portion of its subscription paid under (d) above shall be returned to it.

    (i) Paragraphs (d) and (h) shall come into force with regard to each signatory government as from the date of its signature.

    Section 3. Inauguration of the Fund

    (a) As soon as this Agreement enters into force under Section 1 of this Article, each member shall appoint a governor and the member having the largest quota shall call the first meeting of the Board of Governors.

    (b) At the first meeting of the Board of Governors, arrangements shall be made for the selection of provisional executive directors. The governments of the five countries for which the largest quotas are set forth in Schedule A shall appoint provisional executive directors. If one or more of such governments have not become members, the executive directorships they would be entitled to fill shall remain vacant until they become members, or until January 1, 1946, whichever is the earlier. Seven provisional executive directors shall be elected in accordance with the provisions of Schedule C and shall remain in office until the date of the first regular election of executive directors which shall be held as soon as practicable after January 1, 1946.

    (c) The Board of Governors may delegate to the provisional executive directors any powers except those which may not be delegated to the Executive Directors.

    Section 4. Initial determination of par values

    (a) When the Fund is of the opinion that it will shortly be in a position to begin exchange transactions, it shall so notify the members and shall request each member to communicate within thirty days the par value of its currency based on the rates of exchange prevailing on the sixtieth day before the entry into force of this Agreement. No member whose metropolitan territory has been occupied by the enemy shall be required to make such a communication while that territory is a theater of major hostilities or for such period thereafter as the Fund may determine. When such a member communicates the par value of its currency the provisions of (d) below shall apply.

    (b) The par value communicated by a member whose metropolitan territory has not been occupied by the enemy shall be the par value of that member’s currency for the purposes of this Agreement unless, within ninety days after the request referred to in (a) above has been received, (i) the member notifies the Fund that it regards the par value as unsatisfactory, or (ii) the Fund notifies the member that in its opinion the par value cannot be maintained without causing recourse to the Fund on the part of that member or others on a scale prejudicial to the Fund and to members. When notification is given under (i) or (ii) above, the Fund and the member shall, within a period determined by the Fund in the light of all relevant circumstances, agree upon a suitable par value for that currency. If the Fund and the member do not agree within the period so determined, the member shall be deemed to have withdrawn from the Fund on the date when the period expires.

    (c) When the par value of a member’s currency has been established under (b) above, either by the expiration of ninety days without notification, or by agreement after notification, the member shall be eligible to buy from the Fund the currencies of other members to the full extent permitted in this Agreement, provided that the Fund has begun exchange transactions.

    (d) In the case of a member whose metropolitan territory has been occupied by the enemy, the provisions of (b) above shall apply, subject to the following modifications:

    • (i) The period of ninety days shall be extended so as to end on a date to be fixed by agreement between the Fund and the member.

    • (ii) Within the extended period the member may, if the Fund has begun exchange transactions, buy from the Fund with its currency the currencies of other members, but only under such conditions and in such amounts as may be prescribed by the Fund.

    • (iii) At any time before the date fixed under (i) above, changes may be made by agreement with the Fund in the par value communicated under (a) above.

    (e) If a member whose metropolitan territory has been occupied by the enemy adopts a new monetary unit before the date to be fixed under (d) (i) above, the par value fixed by that member for the new unit shall be communicated to the Fund and the provisions of (d) above shall apply.

    (f) Changes in par values agreed with the Fund under this Section shall not be taken into account in determining whether a proposed change falls within (i), (ii), or (iii) of Article IV, Section 5 (c).

    (g) A member communicating to the Fund a par value for the currency of its metropolitan territory shall simultaneously communicate a value, in terms of that currency, for each separate currency, where such exists, in the territories in respect of which it has accepted this Agreement under Section 2 (g) of this Article, but no member shall be required to make a communication for the separate currency of a territory which has been occupied by the enemy while that territory is a theater of major hostilities or for such period thereafter as the Fund may determine. On the basis of the par value so communicated, the Fund shall compute the par value of each separate currency. A communication or notification to the Fund under (a), (b) or (d) above regarding the par value of a currency, shall also be deemed, unless the contrary is stated, to be a communication or notification regarding the par value of all the separate currencies referred to above. Any member may, however, make a communication or notification relating to the metropolitan or any of the separate currencies alone. If the member does so, the provisions of the preceding paragraphs (including (d) above, if a territory where a separate currency exists has been occupied by the enemy) shall apply to each of these currencies separately.

    (h) The Fund shall begin exchange transactions at such date as it may determine after members having sixty-five percent of the total of the quotas set forth in Schedule A have become eligible, in accordance with the preceding paragraphs of this Section, to purchase the currencies of other members, but in no event until after major hostilities in Europe have ceased.

    (i) The Fund may postpone exchange transactions with any member if its circumstances are such that, in the opinion of the Fund, they would lead to use of the resources of the Fund in a manner contrary to the purposes of this Agreement or prejudicial to the Fund or the members.

    (j) The par values of the currencies of governments which indicate their desire to become members after December 31, 1945, shall be determined in accordance with the provisions of Article II, Section 2.

    Article XXI: Special Drawing Rights

    Section 1. Authority to allocate special drawing rights

    To meet the need, as and when it arises, for a supplement to existing reserve assets, the Fund is authorized to allocate special drawing rights to members that are participants in the Special Drawing Account.

    Section 2. Unit of value

    The unit of value of special drawing rights shall be equivalent to 0.888 671 gram of fine gold.

    Article XXII: General Account and Special Drawing Account

    Section 1. Separation of operations and transactions

    All operations and transactions involving special drawing rights shall be conducted through the Special Drawing Account. All other operations and transactions of the Fund authorized by pr under this Agreement shall be conducted through the General Account. Operations and transactions pursuant to Article XXIII, Section 2, shall be conducted through the General Account as well as the Special Drawing Account.

    Section 2. Separation of assets and property

    All assets and property of the Fund shall be held in the General Account, except that assets and property acquired under Article XXVI, Section 2, and Articles XXX and XXXI and Schedules H and I shall be held in the Special Drawing Account. Any assets or property held in one Account shall not be available to discharge or meet the liabilities, obligations, or losses of the Fund incurred in the conduct of the operations and transactions of the other Account, except that the expenses of conducting the business of the Special Drawing Account shall be paid by the Fund from the General Account which shall be reimbursed from time to time by assessments under Article XXVI, Section 4, made on the basis of a reasonable estimate of such expenses.

    Section 3. Recording and information

    All changes in holdings of special drawing rights shall take effect only when recorded by the Fund in the Special Drawing Account. Participants shall notify the Fund of the provisions of this Agreement under which special drawing rights are used. The Fund may require participants to furnish it with such other information as it deems necessary for its functions.

    Article XXIII: Participants and Other Holders of Special Drawing Rights

    Section 1. Participants

    Each member of the Fund that deposits with the Fund an instrument setting forth that it undertakes all the obligations of a participant in the Special Drawing Account in accordance with its law and that it has taken all steps necessary to enable it to carry out all of these obligations shall become a participant in the Special Drawing Account as of the date the instrument is deposited, except that no member shall become a participant before Articles XXI through XXXII and Schedules F through I have entered into force and instruments have been deposited under this Section by members that have at least seventy-five percent of the total of quotas.

    Section 2. General Account as a holder

    The Fund may accept and hold special drawing rights in the General Account and use them, in accordance with the provisions of this Agreement.

    Section 3. Other holders

    The Fund by an eighty-five percent majority of the total voting power may prescribe:

    • (i) as holders, non-members, members that are non-participants, and institutions that perform functions of a central bank for more than one member;

    • (ii) the terms and conditions on which these holders may be permitted to accept, hold, and use special drawing rights, in operations and transactions with participants; and

    • (iii) the terms and conditions on which participants may enter into operations and transactions with these holders.

    The terms and conditions prescribed by the Fund for the use of special drawing rights by prescribed holders and by participants in operations and transactions with them shall be consistent with the provisions of this Agreement.

    Article XXIV: Allocation and Cancellation of Special Drawing Rights

    Section 1. Principles and considerations governing allocation and cancellation

    (a) In all its decisions with respect to the allocation and cancellation of special drawing rights the Fund shall seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world.

    (b) The first decision to allocate special drawing rights shall take into account, as special considerations, a collective judgment that there is a global need to supplement reserves, and the attainment of a better balance of payments equilibrium, as well as the likelihood of a better working of the adjustment process in the future.

    Section 2. Allocation and cancellation

    (a) Decisions of the Fund to allocate or cancel special drawing rights shall be made for basic periods which shall run consecutively and shall be five years in duration. The first basic period shall begin on the date of the first decision to allocate special drawing rights or such later date as may be specified in that decision. Any allocations or cancellations shall take place at yearly intervals.

    (b) The rates at which allocations are to be made shall be expressed as percentages of quotas on the date of each decision to allocate. The rates at which special drawing rights are to be cancelled shall be expressed as percentages of net cumulative allocations of special drawing rights on the date of each decision to cancel. The percentages shall be the same for all participants.

    (c) In its decision for any basic period the Fund may provide, notwithstanding (a) and (b) above, that:

    • (i) the duration of the basic period shall be other than five years; or

    • (ii) the allocations or cancellations shall take place at other than yearly intervals; or

    • (iii) the basis for allocations or cancellations shall be the quotas or net cumulative allocations on dates other than the dates of decisions to allocate or cancel.

    (d) A member that becomes a participant after a basic period starts shall receive allocations beginning with the next basic period in which allocations are made after it becomes a participant unless the Fund decides that the new participant shall start to receive allocations beginning with the next allocation after it becomes a participant. If the Fund decides that a member that becomes a participant during a basic period shall receive allocations during the remainder of that basic period and the participant was not a member on the dates established under (b) or (c) above, the Fund shall determine the basis on which these allocations to the participant shall be made.

    (e) A participant shall receive allocations of special drawing rights made pursuant to any decision to allocate unless:

    • (i) the governor for the participant did not vote in favor of the decision; and

    • (ii) the participant has notified the Fund in writing prior to the first allocation of special drawing rights under that decision that it does not wish special drawing rights to be allocated to it under the decision. On the request of a participant, the Fund may decide to terminate the effect of the notice with respect to allocations of special drawing rights subsequent to the termination.

    (f) If on the effective date of any cancellation the amount of special drawing rights held by a participant is less than its share of the special drawing rights that are to be cancelled, the participant shall eliminate its negative balance as promptly as its gross reserve position permits and shall remain in consultation with the Fund for this purpose. Special drawing rights acquired by the participant after the effective date of the cancellation shall be applied against its negative balance and cancelled.

    Section 3. Unexpected major developments

    The Fund may change the rates or intervals of allocation or cancellation during the rest of a basic period or change the length of a basic period or start a new basic period, if at any time the Fund finds it desirable to do so because of unexpected major developments.

    Section 4. Decisions on allocations and cancellations

    (a) Decisions under Section 2 (a), (b), and (c) or Section 3 of this Article shall be made by the Board of Governors on the basis of proposals of the Managing Director concurred in by the Executive Directors.

    (b) Before making any proposal, the Managing Director, after having satisfied himself that it will be consistent with the provisions of Section 1 (a) of this Article, shall conduct such consultations as will enable him to ascertain that there is broad support among participants for the proposal. In addition, before making a proposal for the first allocation, the Managing Director shall satisfy himself that the provisions of Section 1 (b) of this Article have been met and that there is broad support among participants to begin allocations; he shall make a proposal for the first allocation as soon after the establishment of the Special Drawing Account as he is so satisfied.

    (c) The Managing Director shall make proposals:

    • (i) not later than six months before the end of each basic period;

    • (ii) if no decision has been taken with respect to allocation or cancellation for a basic period, whenever he is satisfied that the provisions of (b) above have been met;

    • (iii) when, in accordance with Section 3 of this Article, he considers that it would be desirable to change the rate or intervals of allocation or cancellation or change the length of a basic period or start a new basic period; or

    • (iv) within six months of a request by the Board of Governors or the Executive Directors;

    provided that, if under (i), (iii), or (iv) above the Managing Director ascertains that there is no proposal which he considers to be consistent with the provisions of Section 1 of this Article that has broad support among participants in accordance with (b) above, he shall report to the Board of Governors and to the Executive Directors.

    (d) A majority of eighty-five percent of the total voting power shall be required for decisions under Section 2 (a), (b) and (c) or Section 3 of this Article except for decisions under Section 3 with respect to a decrease in the rates of allocation.

    Article XXV: Operations and Transactions in Special Drawing Rights

    Section 1. Use of special drawing rights

    Special drawing rights may be used in the operations and transactions authorized by or under this Agreement.

    Section 2. Transactions between participants

    (a) A participant shall be entitled to use its special drawing rights to obtain an equivalent amount of currency from a participant designated under Section 5 of this Article.

    (b) A participant, in agreement with another participant, may use its special drawing rights:

    • (i) to obtain an equivalent amount of its own currency held by the other participant; or

    • (ii) to obtain an equivalent amount of currency from the other participant in any transactions, prescribed by the Fund, that would promote reconstitution by the other participant under Section 6 (a) of this Article; prevent or reduce a negative balance of the other participant; offset the effect of a failure by the other participant to fulfill the expectation in Section 3 (a) of this Article; or bring the holdings of special drawing rights by both participants closer to their net cumulative allocations. The Fund by an eighty-five percent majority of the total voting power may prescribe additional transactions or categories of transactions under this provision. Any transactions or categories of transactions prescribed by the Fund under this subsection (b) (ii) shall be consistent with the other provisions of this Agreement and with the proper use of special drawing rights in accordance with this Agreement.

    (c) A participant that provides currency to a participant using special drawing rights shall receive an equivalent amount of special drawing rights.

    Section 3. Requirement of need

    (a) In transactions under Section 2 of this Article, except as otherwise provided in (c) below, a participant will be expected to use its special drawing rights only to meet balance of payments needs or in the light of developments in its official holdings of gold, foreign exchange, and special drawing rights, and its reserve position in the Fund, and not for the sole purpose of changing the composition of the foregoing as between special drawing rights and the total of gold, foreign exchange, and reserve position in the Fund.

    (b) The use of special drawing rights shall not be subject to challenge on the basis of the expectation in (a) above, but the Fund may make representations to a participant that fails to fulfill this expectation. A participant that persists in failing to fulfill this expectation shall be subject to Article XXIX, Section 2 (b).

    (c) Participants may use special drawing rights without fulfilling the expectation in (a) above to obtain an equivalent amount of currency from another participant in any transactions, prescribed by the Fund, that would promote reconstitution by the other participant under Section 6 (a) of this Article; prevent or reduce a negative balance of the other participant; offset the effect of a failure by the other participant to fulfill the expectation in (a) above; or bring the holdings of special drawing rights by both participants closer to their net cumulative allocations.

    Section 4. Obligation to provide currency

    A participant designated by the Fund under Section 5 of this Article shall provide on demand currency convertible in fact to a participant using special drawing rights under Section 2 (a) of this Article. A participant’s obligation to provide currency shall not extend beyond the point at which its holdings of special drawing rights in excess of its net cumulative allocation are equal to twice its net cumulative allocation or such higher limit as may be agreed between a participant and the Fund. A participant may provide currency in excess of the obligatory limit or any agreed higher limit.

    Section 5. Designation of participants to provide currency

    (a) The Fund shall ensure that a participant will be able to use its special drawing rights by designating participants to provide currency for specified amounts of special drawing rights for the purposes of Sections 2 (a) and 4 of this Article. Designations shall be made in accordance with the following general principles supplemented by such other principles as the Fund may adopt from time to time:

    • (i) A participant shall be subject to designation if its balance of payments and gross reserve position is sufficiently strong, but this will not preclude the possibility that a participant with a strong reserve position will be designated even though it has a moderate balance of payments deficit. Participants shall be designated in such manner as will promote over time a balanced distribution of holdings of special drawing rights among them.

    • (ii) Participants shall be subject to designation in order to promote reconstitution under Section 6 (a) of this Article; to reduce negative balances in holdings of special drawing rights; or to offset the effect of failures to fulfill the expectation in Section 3 (a) of this Article.

    • (iii) In designating participants the Fund normally shall give priority to those that need to acquire special drawing rights to meet the objectives of designation under (ii) above.

    (b) In order to promote over time a balanced distribution of holdings of special drawing rights under (a) (i) above, the Fund shall apply the rules for designation in Schedule F or such rules as may be adopted under (c) below.

    (c) The rules for designation shall be reviewed before the end of the first and each subsequent basic period and the Fund may adopt new rules as the result of a review. Unless new rules are adopted, the rules in force at the time of the review shall continue to apply.

    Section 6. Reconstitution

    (a) Participants that use their special drawing rights shall reconstitute their holdings of them in accordance with the rules for reconstitution in Schedule G or such rules as may be adopted under (b) below.

    (b) The rules for reconstitution shall be reviewed before the end of the first and each subsequent basic period and new rules shall be adopted if necessary. Unless new rules are adopted or a decision is made to abrogate rules for reconstitution, the rules in force at the time of the review shall continue to apply. An eighty-five percent majority of the total voting power shall be required for decisions to adopt, modify, or abrogate the rules for reconstitution.

    Section 7. Operations and transactions through the General Account

    (a) Special drawing rights shall be included in a member’s monetary reserves under Article XIX for the purposes of Article III, Section 4 (a), Article V, Section 7 (b) and (c), Article V, Section 8 (f), and Schedule B, paragraph 1. The Fund may decide that in calculating monetary reserves and the increase in monetary reserves during any year for the purpose of Article V, Section 7 (b) and (c), no account shall be taken of any increase or decrease in those monetary reserves which is due to allocations or cancellations of special drawing rights during the year.

    (b) The Fund shall accept special drawing rights:

    • (i) in repurchases accruing in special drawing rights under Article V, Section 7 (b); and

    • (ii) in reimbursement pursuant to Article XXVI, Section 4.

    (c) The Fund may accept special drawing rights to the extent it may decide:

    • (i) in payment of charges; and

    • (ii) in repurchases other than those under Article V, Section 7 (b), in proportions which, as far as feasible, shall be the same for all members.

    (d) The Fund, if it deems such action appropriate to replenish its holdings of a participant’s currency and after consultation with that participant on alternative ways of replenishment under Article VII, Section 2, may require that participant to provide its currency for special drawing rights held in the General Account subject to Section 4 of this Article. In replenishing with special drawing rights, the Fund shall pay due regard to the principles of designation under Section 5 of this Article.

    (e) To the extent that a participant may receive special drawing rights in a transaction prescribed by the Fund to promote reconstitution by it under Section 6 (a) of this Article, prevent or reduce a negative balance, or offset the effect of a failure by it to fulfill the expectation in Section 3 (a) of this Article, the Fund may provide the participant with special drawing rights held in the General Account for gold or currency acceptable to the Fund.

    (f) In any of the other operations and transactions of the Fund with a participant conducted through the General Account the Fund may use special drawing rights by agreement with the participant.

    (g) The Fund may levy reasonable charges uniform for all participants in connection with operations and transactions under this Section.

    Section 8. Exchange rates

    (a) The exchange rates for operations or transactions between participants shall be such that a participant using special drawing rights shall receive the same value whatever currencies might be provided and whichever participants provide those currencies, and the Fund shall adopt regulations to give effect to this principle.

    (b) The Fund shall consult a participant on the procedure for determining rates of exchange for its currency.

    (c) For the purpose of this provision the term participant includes a terminating participant.

    Article XXVI: Special Drawing Account Interest and Charges

    Section 1. Interest

    Interest at the same rate for all holders shall be paid by the Fund to each holder on the amount of its holdings of special drawing rights. The Fund shall pay the amount due to each holder whether or not sufficient charges are received to meet the payment of interest.

    Section 2. Charges

    Charges at the same rate for all participants shall be paid to the Fund by each participant on the amount of its net cumulative allocation of special drawing rights plus any negative balance of the participant or unpaid charges.

    Section 3. Rate of interest and charges

    The rate of interest shall be equal to the rate of charges and shall be one and one-half percent per annum. The Fund in its discretion may increase or reduce this rate, but the rate shall not be greater than two percent or the rate of remuneration decided under Article V, Section 9, whichever is higher, or smaller than one percent or the rate of remuneration decided under Article V, Section 9, whichever is lower.

    Section 4. Assessments

    When it is decided under Article XXII, Section 2, that reimbursement shall be made, the Fund shall levy assessments for this purpose at the same rate for all participants on their net cumulative allocations.

    Section 5. Payment of interest, charges, and assessments

    Interest, charges, and assessments shall be paid in special drawing rights. A participant that needs special drawing rights to pay any charge or assessment shall be obligated and entitled to obtain them, at its option for gold or currency acceptable to the Fund, in a transaction with the Fund conducted through the General Account. If sufficient special drawing rights cannot be obtained in this way, the participant shall be obligated and entitled to obtain them with currency convertible in fact from a participant which the Fund shall specify. Special drawing rights acquired by a participant after the date for payment shall be applied against its unpaid charges and cancelled.

    Article XXVII: Administration of the General Account and the Special Drawing Account

    (a) The General Account and the Special Drawing Account shall be administered in accordance with the provisions of Article XII, subject to the following:

    • (i) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of the Board with respect to special drawing rights except those under Article XXIII, Section 3, Article XXIV, Section 2 (a), (b), and (c), and Section 3, the penultimate sentence of Article XXV, Section 2(b), Article XXV, Section 6 (b), and Article XXXI (a).

    • (ii) For meetings of or decisions by the Board of Governors on matters pertaining exclusively to the Special Drawing Account only requests by or the presence and the votes of governors appointed by members that are participants shall be counted for the purpose of calling meetings and determining whether a quorum exists or whether a decision is made by the required majority.

    • (iii) For decisions by the Executive Directors on matters pertaining exclusively to the Special Drawing Account only directors appointed or elected by at least one member that is a participant shall be entitled to vote. Each of these directors shall be entitled to cast the number of votes allotted to the member which is a participant that appointed him or to the members that are participants whose votes counted towards his election. Only the presence of directors appointed or elected by members 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 majority.

    • (iv) Questions of the general administration of the Fund, including reimbursement under Article XXII, Section 2, and any question whether a matter pertains to both Accounts or exclusively to the Special Drawing Account shall be decided as if they pertained exclusively to the General Account. Decisions with respect to the acceptance and holding of special drawing rights in the General Account and the use of them, and other decisions affecting the operations and transactions conducted through both the General Account and the Special Drawing Account shall be made by the majorities required for decisions on matters pertaining exclusively to each Account. A decision on a matter pertaining to the Special Drawing Account shall so indicate.

    (b) In addition to the privileges and immunities that are accorded under Article IX of this Agreement, no tax of any kind shall be levied on special drawing rights or on operations or transactions in special drawing rights.

    (c) A question of interpretation of the provisions of this Agreement on matters pertaining exclusively to the Special Drawing Account shall be submitted to the Executive Directors pursuant to Article XVIII (a) only on the request of a participant. In any case where the Executive Directors have given a decision on a question of interpretation pertaining exclusively to the Special Drawing Account only a participant may require that the question be referred to the Board of Governors under Article XVIII (b). The Board of Governors shall decide whether a governor appointed by a member that is not a participant shall be entitled to vote in the Committee on Interpretation on questions pertaining exclusively to the Special Drawing Account.

    (d) Whenever a disagreement arises between the Fund and a participant that has terminated its participation in the Special Drawing Account or between the Fund and any participant during the liquidation of the Special Drawing Account with respect to any matter arising exclusively from participation in the Special Drawing Account, the disagreement shall be submitted to arbitration in accordance with the procedures in Article XVIII (c).

    Article XXVIII: General Obligations of Participants

    In addition to the obligations assumed with respect to special drawing rights under other Articles of this Agreement, each participant undertakes to collaborate with the Fund and with other participants in order to facilitate the effective functioning of the Special Drawing Account and the proper use of special drawing rights in accordance with this Agreement.

    Article XXIX: Suspension of Transactions in Special Drawing Rights

    Section 1. Emergency provisions

    In the event of an emergency or the development of unforeseen circumstances threatening the operations of the Fund with respect to the Special Drawing Account, the Executive Directors by unanimous vote may suspend for a period of not more than one hundred twenty days the operation of any of the provisions relating to special drawing rights, and the provisions of Article XVI, Section 1(b), (c), and (d), shall then apply.

    Section 2. Failure to fulfill obligations

    (a) If the Fund finds that a participant has failed to fulfill its obligations under Article XXV, Section 4, the right of the participant to use its special drawing rights shall be suspended unless the Fund otherwise determines.

    (b) If the Fund finds that a participant has failed to fulfill any other obligation with respect to special drawing rights, the Fund may suspend the right of the participant to use special drawing rights it acquires after the suspension.

    (c) Regulations shall be adopted to ensure that before action is taken against any participant under (a) or (b) above, the participant shall be informed immediately of the complaint against it and given an adequate opportunity for stating its case, both orally and in writing. Whenever the participant is thus informed of a complaint relating to (a) above, it shall not use special drawing rights pending the disposition of the complaint.

    (d) Suspension under (a) or (b) above or limitation under (c) above shall not affect a participant’s obligation to provide currency in accordance with Article XXV, Section 4.

    (e) The Fund may at any time terminate a suspension under (a) or (b) above, provided that a suspension imposed on a participant under (b) above for failure to fulfill the obligation under Article XXV, Section 6 (a), shall not be terminated until one hundred eighty days after the end of the first calendar quarter during which the participant complies with the rules for reconstitution.

    (f) The right of a participant to use its special drawing rights shall not be suspended because it has become ineligible to use the Fund’s resources under Article IV, Section 6, Article V, Section 5, Article VI, Section 1, or Article XV, Section 2 (a). Article XV, Section 2, shall not apply because a participant has failed to fulfill any obligations with respect to special drawing rights.

    Article XXX: Termination of Participation

    Section 1. Right to terminate participation

    (a) Any participant may terminate its participation in the Special Drawing Account at any time by transmitting a notice in writing to the Fund at its principal office. Termination shall become effective on the date the notice is received.

    (b) A participant that withdraws from membership in the Fund shall be deemed to have simultaneously terminated its participation in the Special Drawing Account.

    Section 2. Settlement on termination

    (a) When a participant terminates its participation in the Special Drawing Account, all operations and transactions by the terminating participant in special drawing rights shall cease except as otherwise permitted under an agreement made pursuant to (c) below in order to facilitate a settlement or as provided in Sections 3, 5, and 6 of this Article or in Schedule H. Interest and charges that accrued to the date of termination and assessments levied before that date but not paid shall be paid in special drawing rights.

    (b) The Fund shall be obligated to redeem all special drawing rights held by the terminating participant, and the terminating participant shall be obligated to pay to the Fund an amount equal to its net cumulative allocation and any other amounts that may be due and payable because of its participation in the Special Drawing Account. These obligations shall be set off against each other and the amount of special drawing rights held by the terminating participant that is used in the setoff to extinguish its obligation to the Fund shall be cancelled.

    (c) A settlement shall be made with reasonable dispatch by agreement between the terminating participant and the Fund with respect to any obligation of the terminating participant or the Fund after the setoff in (b) above. If agreement on a settlement is not reached promptly the provisions of Schedule H shall apply.

    Section 3. Interest and charges

    After the date of termination the Fund shall pay interest on any outstanding balance of special drawing rights held by a terminating participant and the terminating participant shall pay charges on any outstanding obligation owed to the Fund at the times and rates prescribed under Article XXVI. Payment shall be made in special drawing rights. A terminating participant shall be entitled to obtain special drawing rights with currency convertible in fact to pay charges or assessments in a transaction with a participant specified by the Fund or by agreement from any other holder, or to dispose of special drawing rights received as interest in a transaction with any participant designated under Article XXV, Section 5, or by agreement with any other holder.

    Section 4. Settlement of obligation to the Fund

    Gold or currency received by the Fund from a terminating participant shall be used by the Fund to redeem special drawing rights held by participants in proportion to the amount by which each participant’s holdings of special drawing rights exceed its net cumulative allocation at the time the gold or currency is received by the Fund. Special drawing rights so redeemed and special drawing rights obtained by a terminating participant under the provisions of this Agreement to meet any installment due under an agreement on settlement or under Schedule H and set off against that installment shall be cancelled.

    Section 5. Settlement of obligation to a terminating participant

    Whenever the Fund is required to redeem special drawing rights held by a terminating participant, redemption shall be made with currency or gold provided by participants specified by the Fund. These participants shall be specified in accordance with the principles in Article XXV, Section 5. Each specified participant shall provide at its option the currency of the terminating participant or currency convertible in fact or gold to the Fund and shall receive an equivalent amount of special drawing rights. However, a terminating participant may use its special drawing rights to obtain its own currency, currency convertible in fact, or gold from any holder, if the Fund so permits.

    Section 6. General Account transactions

    In order to facilitate settlement with a terminating participant the Fund may decide that a terminating participant shall:

    • (i) use any special drawing rights held by it after the setoff in Section 2(b) of this Article, when they are to be redeemed, in a transaction with the Fund conducted through the General Account to obtain its own currency or currency convertible in fact at the option of the Fund; or

    • (ii) obtain special drawing rights in a transaction with the Fund conducted through the General Account for a currency acceptable to the Fund or gold to meet any charges or installment due under an agreement or the provisions of Schedule H.

    Article XXXI: Liquidation of the Special Drawing Account

    (a) The Special Drawing Account may not be liquidated except by decision of the Board of Governors. In an emergency, if the Executive Directors decide that liquidation of the Special Drawing Account may be necessary, they may temporarily suspend allocations or cancellations and all transactions in special drawing rights pending decision by the Board. A decision by the Board of Governors to liquidate the Fund shall be a decision to liquidate both the General Account and the Special Drawing Account.

    (b) If the Board of Governors decides to liquidate the Special Drawing Account, all allocations or cancellations and all operations and transactions in special drawing rights and the activities of the Fund with respect to the Special Drawing Account shall cease except those incidental to the orderly discharge of the obligations of participants and of the Fund with respect to special drawing rights, and all obligations of the Fund and of participants under this Agreement with respect to special drawing rights shall cease except those set out in this Article, Article XVIII (c), Article XXVI, Article XXVII (d), Article XXX and Schedule H, or any agreement reached under Article XXX subject to paragraph 4 of Schedule H, Article XXXII, and Schedule I.

    (c) Upon liquidation of the Special Drawing Account, interest and charges that accrued to the date of liquidation and assessments levied before that date but not paid shall be paid in special drawing rights. The Fund shall be obligated to redeem all special drawing rights held by holders and each participant shall be obligated to pay the Fund an amount equal to its net cumulative allocation of special drawing rights and such other amounts as may be due and payable because of its participation in the Special Drawing Account.

    (d) Liquidation of the Special Drawing Account shall be administered in accordance with the provisions of Schedule I.

    Article XXXII: Explanation of Terms with Respect to Special Drawing Rights

    In interpreting the provisions of this Agreement with respect to special drawing rights the Fund and its members shall be guided by the following:

    (a) Net cumulative allocation of special drawing rights means the total amount of special drawing rights allocated to a participant less its share of special drawing rights that have been cancelled under Article XXIV, Section 2 (a).

    (b) Currency convertible in fact means:

    • (1) a participant’s currency for which a procedure exists for the conversion of balances of the currency obtained in transactions involving special drawing rights into each other currency for which such procedure exists, at rates of exchange prescribed under Article XXV, Section 8, and which is the currency of a participant that

    • (2) currency convertible into a currency described in paragraph (1) above at rates of exchange prescribed under Article XXV, Section 8.

    (c) A participant’s reserve position in the Fund means the sum of the gold tranche purchases it could make and the amount of any indebtedness of the Fund which is readily repayable to the participant under a loan agreement.

    [The signature and depository clause reproduced below followed the text of Article XX in the original Articles of Agreement]

    Done at Washington, in a single copy which shall remain deposited in the archives of the Government of the United States of America, which shall transmit certified copies to all governments whose names are set forth in Schedule A and to all governments whose membership is approved in accordance with Article II, Section 2.

    Schedule A: Quotas

    (In millions of United States dollars)

    Australia200
    Belgium225
    Bolivia10
    Brazil150
    Canada300
    Chile50
    China550
    Colombia50
    Costa Rica5
    Cuba50
    Czechoslovakia125
    Denmark**
    Dominican Republic5
    Ecuador5
    Egypt45
    El Salvador2.5
    Ethiopia6
    France450
    Greece40
    Guatemala5
    Haiti5
    Honduras2.5
    Iceland1
    India400
    Iran25
    Iraq8
    Liberia.5
    Luxembourg10
    Mexico90
    Netherlands275
    New Zealand50
    Nicaragua2
    Norway50
    Panama.5
    Paraguay2
    Peru25
    Philippine Commonwealth15
    Poland125
    Union of South Africa100
    Union of Soviet Socialist Republics1200
    United Kingdom1300
    United States2750
    Uruguay15
    Venezuela15
    Yugoslavia60

    The quota of Denmark shall be determined by the Fund after the Danish Government has declared its readiness to sign this Agreement but before signature takes place.

    Schedule B: Provisions with Respect to Repurchase by a Member of Its Currency Held by the Fund

    1. In determining the extent to which repurchase of a member’s currency from the Fund under Article V, Section 7 (b), shall be made with each convertible currency and each of the other types of monetary reserve, the following rule, subject to 2 below, shall apply:

    • (a) If the member’s monetary reserves have not increased during the year, the amount payable to the Fund shall be distributed among all types of reserves in proportion to the member’s holdings thereof at the end of the year.

    • (b) If the member’s monetary reserves have increased during the year, a part of the amount payable to the Fund equal to one-half of the increase, minus one-half of any decrease in the Fund’s holdings of the member’s currency that has occurred during the year, shall be distributed among those types of reserves which have increased in proportion to the amount by which each of them has increased. The remainder of the sum payable to the Fund shall be distributed among all types of reserves in proportion to the member’s remaining holdings thereof.

    • (c) If after the repurchases required under Article V, Section 7 (b), had been made, the result would exceed either of the limits specified in Article V, Section 7 (c) (i) or (ii), the Fund shall require such repurchases to be made by the member proportionately in such manner that these limits will not be exceeded.

    • (d) If after all the repurchases required under Article V, Section 7 (b), had been made, the result would exceed the limit specified in Article V, Section 7 (c) (iii), the amount by which the limit would be exceeded shall be discharged in convertible currencies as determined by the Fund without exceeding that limit.

    • (e) If a repurchase required under Article V, Section 7 (b), would exceed the limit specified in Article V, Section 7 (c) (iv), the amount by which the limit would be exceeded shall be repurchased at the end of the subsequent financial year or years in such a way that total repurchases under Article V, Section 7 (b), in any year would not exceed the limit specified in Article V, Section 7 (c) (iv).

    2. (a) The Fund shall not acquire the currency of any non-member under Article V, Section 7 (b) and (c).

    • (b) Any amount payable in the currency of a non-member under 1 (a) or 1 (b) above shall be paid in the convertible currencies of members as determined by the Fund.

    3. In calculating monetary reserves and the increase in monetary reserves during any year for the purpose of Article V, Section 7 (b) and (c), no account shall be taken, unless deductions have otherwise been made by the member for such holdings, of any increase in those monetary reserves which is due to currency previously inconvertible having become convertible during the year; or to holdings which are the proceeds of a long-term or medium-term loan contracted during the year; or to holdings which have been transferred or set aside for repayment of a loan during the subsequent year.

    4. In the case of members whose metropolitan territories have been occupied by the enemy, gold newly produced during the five years after the entry into force of this Agreement from mines located within their metropolitan territories shall not be included in computations of their monetary reserves or of increases in their monetary reserves.

    5. In calculating monetary reserves and the increase in monetary reserves during any year for the purpose of Article V, Section 7 (b) and (c), the Fund may decide in its discretion, on the request of a member, that deductions shall be made for obligations outstanding as the result of transactions between members under a reciprocal facility by which a member agrees to exchange on demand its currency for the currency of the other member up to a maximum amount and on terms requiring that each such transaction be reversed within a specified period not in excess of nine months.

    6. In calculating monetary reserves and the increase in monetary reserves for the purpose of Article V, Section 7 (b) and (c), Article XIX (e) shall apply except that the following provision shall apply at the end of a financial year if it was in effect at the beginning of that year:

    “A member’s monetary reserves shall be calculated by deducting from its central holdings the currency liabilities to the Treasuries, central banks, stabilization funds, or similar fiscal agencies of other members or non-members specified under (d) above, together with similar liabilities to other official institutions and other banks in the territories of members, or non-members specified under (d) above. To these net holdings shall be added the sums deemed to be official holdings of other official institutions and other banks under (c) above.”

    Schedule C: Election of Executive Directors

    1. The election of the elective executive directors shall be by ballot of the governors eligible to vote under Article XII, Section 3 (b) (iii) and (iv).

    2. In balloting for the five directors to be elected under Article XII, Section 3 (b) (iii), each of the governors eligible to vote shall cast for one person all of the votes to which he is entitled under Article XII, Section 5 (a). The five persons receiving the greatest number of votes shall be directors, provided that no person who received less than nineteen percent of the total number of votes that can be cast (eligible votes) shall be considered elected.

    3. When five persons are not elected in the first ballot, a second ballot shall be held in which the person who received the lowest number of votes shall be ineligible for election and in which there shall vote only (a) those governors who voted in the first ballot for a person not elected, and (b) those governors whose votes for a person elected are deemed under 4 below to have raised the votes cast for that person above twenty percent of the eligible votes.

    4. In determining whether the votes cast by a governor are to be deemed to have raised the total of any person above twenty percent of the eligible votes the twenty percent shall be deemed to include, first, the votes of the governor casting the largest number of votes for such person, then the votes of the governor casting the next largest number, and so on until twenty percent is reached.

    5. Any governor part of whose votes must be counted in order to raise the total of any person above nineteen percent shall be considered as casting all of his votes for such person even if the total votes for such person thereby exceed twenty percent.

    6. If, after the second ballot, five persons have not been elected, further ballots shall be held on the same principles until five persons have been elected, provided that after four persons are elected, the fifth may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes.

    7. The directors to be elected by the American Republics under Article XII, Section 3 (b) (iv) shall be elected as follows:

    • (a) Each of the directors shall be elected separately.

    • (b) In the election of the first director, each governor representing an American Republic eligible to participate in the election shall cast for one person all the votes to which he is entitled. The person receiving the largest number of votes shall be elected provided that he has received not less than forty-five percent of the total votes.

    • (c) If no person is elected on the first ballot, further ballots shall be held, in each of which the person receiving the lowest number of votes shall be eliminated, until one person receives a number of votes sufficient for election under (b) above.

    • (d) Governors whose votes contributed to the election of the first director shall take no part in the election of the second director.

    • (e) Persons who did not succeed in the first election shall not be ineligible for election as the second director.

    • (f) A majority of the votes which can be cast shall be required for election of the second director. If at the first ballot no person receives a majority, further ballots shall be held in each of which the person receiving the lowest number of votes shall be eliminated, until some person obtains a majority.

    • (g) The second director shall be deemed to have been elected by all the votes which could have been cast in the ballot securing his election.

    Schedule D: Settlement of Accounts with Members Withdrawing

    1. The Fund shall be obligated to pay to a member withdrawing an amount equal to its quota, plus any other amounts due to it from the Fund, less any amounts due to the Fund, including charges accruing after the date of its withdrawal; but no payment shall be made until six months after the date of withdrawal. Payments shall be made in the currency of the withdrawing member.

    2. If the Fund’s holdings of the currency of the withdrawing member are not sufficient to pay the net amount due from the Fund, the balance shall be paid in gold, or in such other manner as may be agreed. If the Fund and the withdrawing member do not reach agreement within six months of the date of withdrawal, the currency in question held by the Fund shall be paid forthwith to the withdrawing member. Any balance due shall be paid in ten half-yearly installments during the ensuing five years. Each such installment shall be paid, at the option of the Fund, either in the currency of the withdrawing member acquired after its withdrawal or by the delivery of gold.

    3. If the Fund fails to meet any installment which is due in accordance with the preceding paragraphs, the withdrawing member shall be entitled to require the Fund to pay the installment in any currency held by the Fund with the exception of any currency which has been declared scarce under Article VII, Section 3.

    4. If the Fund’s holdings of the currency of a withdrawing member exceed the amount due to it, and if agreement on the method of settling accounts is not reached within six months of the date of withdrawal, the former member shall be obligated to redeem such excess currency in gold or, at its option, in the currencies of members which at the time of redemption are convertible. Redemption shall be made at the parity existing at the time of withdrawal from the Fund. The withdrawing member shall complete redemption within five years of the date of withdrawal, or within such longer period as may be fixed by the Fund, but shall not be required to redeem in any half-yearly period more than one-tenth of the Fund’s excess holdings of its currency at the date of withdrawal plus further acquisitions of the currency during such half-yearly period. If the withdrawing member does not fulfill this obligation, the Fund may in an orderly manner liquidate in any market the amount of currency which should have been redeemed.

    5. Any member desiring to obtain the currency of a member which has withdrawn shall acquire it by purchase from the Fund, to the extent that such member has access to the resources of the Fund and that such currency is available under 4 above.

    6. The withdrawing member guarantees the unrestricted use at all times of the currency disposed of under 4 and 5 above for the purchase of goods or for payment of sums due to it or to persons within its territories. It shall compensate the Fund for any loss resulting from the difference between the par value of its currency on the date of withdrawal and the value realized by the Fund on disposal under 4 and 5 above.

    7. In the event of the Fund going into liquidation under Article XVI, Section 2, within six months of the date on which the member withdraws, the account between the Fund and that government shall be settled in accordance with Article XVI, Section 2, and Schedule E.

    Schedule E: Administration of Liquidation

    1. In the event of liquidation the liabilities of the Fund other than the repayment of subscriptions shall have priority in the distribution of the assets of the Fund. In meeting each such liability the Fund shall use its assets in the following order:

    • (a) the currency in which the liability is payable;

    • (b) gold;

    • (c) all other currencies in proportion, so far as may be practicable, to the quotas of the members.

    2. After the discharge of the Fund’s liabilities in accordance with 1 above, the balance of the Fund’s assets shall be distributed and apportioned as follows:

    • (a) The Fund shall distribute its holdings of gold among the members whose currencies are held by the Fund in amounts less than their quotas. These members shall share the gold so distributed in the proportions of the amounts by which their quotas exceed the Fund’s holdings of their currencies.

    • (b) The Fund shall distribute to each member one-half the Fund’s holdings of its currency but such distribution shall not exceed fifty percent of its quota.

    • (c) The Fund shall apportion the remainder of its holdings of each currency among all the members in proportion to the amounts due to each member after the distributions under (a) and (b) above.

    3. Each member shall redeem the holdings of its currency apportioned to other members under 2 (c) above, and shall agree with the Fund within three months after a decision to liquidate upon an orderly procedure for such redemption.

    4. If a member has not reached agreement with the Fund within the three-month period referred to in 3 above, the Fund shall use the currencies of other members apportioned to that member under 2 (c) above to redeem the currency of that member apportioned to other members. Each currency apportioned to a member which has not reached agreement shall be used, so far as possible, to redeem its currency apportioned to the members which have made agreements with the Fund under 3 above.

    5. If a member has reached agreement with the Fund in accordance with 3 above, the Fund shall use the currencies of other members apportioned to that member under 2 (c) above to redeem the currency of that member apportioned to other members which have made agreements with the Fund under 3 above. Each amount so redeemed shall be redeemed in the currency of the member to which it was apportioned.

    6. After carrying out the preceding paragraphs, the Fund shall pay to each member the remaining currencies held for its account.

    7. Each member whose currency has been distributed to other members under 6 above shall redeem such currency in gold or, at its option, in the currency of the member requesting redemption, or in such other manner as may be agreed between them. If the members involved do not otherwise agree, the member obligated to redeem shall complete redemption within five years of the date of distribution, but shall not be required to redeem in any half-yearly period more than one-tenth of the amount distributed to each other member. If the member does not fulfill this obligation, the amount of currency which should have been redeemed may be liquidated in an orderly manner in any market.

    8. Each member whose currency has been distributed to other members under 6 above guarantees the unrestricted use of such currency at all times for the purchase of goods or for payment of sums due to it or to persons in its territories. Each member so obligated agrees to compensate other members for any loss resulting from the difference between the par value of its currency on the date of the decision to liquidate the Fund and the value realized by such members on disposal of its currency.

    Schedule F: Designation

    During the first basic period the rules for designation shall be as follows:

    • (a) Participants subject to designation under Article XXV, Section 5 (a) (i), shall be designated for such amounts as will promote over time equality in the ratios of the participants’ holdings of special drawing rights in excess of their net cumulative allocations to their official holdings of gold and foreign exchange.

    • (b) The formula to give effect to (a) above shall be such that participants subject to designation shall be designated:

      • (i) in proportion to their official holdings of gold and foreign exchange when the ratios described in (a) above are equal; and

      • (ii) in such manner as gradually to reduce the difference between the ratios described in (a) above that are low and the ratios that are high.

    Schedule G: Reconstitution

    1. During the first basic period the rules for reconstitution shall be as follows:

    • (a) (i) A participant shall so use and reconstitute its holdings of special drawing rights that, five years after the first allocation and at the end of each calendar quarter thereafter, the average of its total daily holdings of special drawing rights over the most recent five-year period will be not less than thirty percent of the average of its daily net cumulative allocation of special drawing rights over the same period.

      • (ii) Two years after the first allocation and at the end of each calendar month thereafter the Fund shall make calculations for each participant so as to ascertain whether and to what extent the participant would need to acquire special drawing rights between the date of the calculation and the end of any five-year period in order to comply with the requirement in (a) (i) above. The Fund shall adopt regulations with respect to the bases on which these calculations shall be made and with respect to the timing of the designation of participants under Article XXV, Section 5 (a) (ii), in order to assist them to comply with the requirement in (a) (i) above.

      • (iii) The Fund shall give special notice to a participant when the calculations under (a) (ii) above indicate that it is unlikely that the participant will be able to comply with the requirement in (a) (i) above unless it ceases to use special drawing rights for the rest of the period for which the calculation was made under (a) (ii) above.

      • (iv) A participant that needs to acquire special drawing rights to fulfill this obligation shall be obligated and entitled to obtain them, at its option for gold or currency acceptable to the Fund, in a transaction with the Fund conducted through the General Account. If sufficient special drawing rights to fulfill this obligation cannot be obtained in this way, the participant shall be obligated and entitled to obtain them with currency convertible in fact from a participant which the Fund shall specify.

    • (b) Participants shall also pay due regard to the desirability of pursuing over time a balanced relationship between their holdings of special drawing rights and their holdings of gold and foreign exchange and their reserve positions in the Fund.

    2. If a participant fails to comply with the rules for reconstitution, the Fund shall determine whether or not the circumstances justify suspension under Article XXIX, Section 2 (b).

    Schedule H: Termination of Participation

    1. If the obligation remaining after the setoff under Article XXX, Section 2 (b), is to the terminating participant and agreement on settlement between the Fund and the terminating participant is not reached within six months of the date of termination, the Fund shall redeem this balance of special drawing rights in equal half-yearly installments within a maximum of five years of the date of termination. The Fund shall redeem this balance as it may determine, either (a) by the payment to the terminating participant of the amounts provided by the remaining participants to the Fund in accordance with Article XXX, Section 5, or (b) by permitting the terminating participant to use its special drawing rights to obtain its own currency or currency convertible in fact from a participant specified by the Fund, the General Account, or any other holder.

    2. If the obligation remaining after the setoff under Article XXX, Section 2 (b), is to the Fund and agreement on settlement is not reached within six months of the date of termination, the terminating participant shall discharge this obligation in equal half-yearly installments within three years of the date of termination or within such longer period as may be fixed by the Fund. The terminating participant shall discharge this obligation, as the Fund may determine, either (a) by the payment to the Fund of currency convertible in fact or gold at the option of the terminating participant, or (b) by obtaining special drawing rights, in accordance with Article XXX, Section 6, from the General Account or in agreement with a participant specified by the Fund or from any other holder, and the setoff of these special drawing rights against the installment due.

    3. Installments under either 1 or 2 above shall fall due six months after the date of termination and at intervals of six months thereafter.

    4. In the event of the Special Drawing Account going into liquidation under Article XXXI within six months of the date a participant terminates its participation, the settlement between the Fund and that government shall be made in accordance with Article XXXI and Schedule I.

    Schedule I: Administration of Liquidation of the Special Drawing Account

    1. In the event of liquidation of the Special Drawing Account, participants shall discharge their obligations to the Fund in ten half-yearly installments, or in such longer period as the Fund may decide is needed, in currency convertible in fact and the currencies of participants holding special drawing rights to be redeemed in any installment to the extent of such redemption, as determined by the Fund. The first half-yearly payment shall be made six months after the decision to liquidate the Special Drawing Account.

    2. If it is decided to liquidate the Fund within six months of the date of the decision to liquidate the Special Drawing Account, the liquidation of the Special Drawing Account shall not proceed until special drawing rights held in the General Account have been distributed in accordance with the following rule:

    After the distribution made under 2 (a) of Schedule E, the Fund shall apportion its special drawing rights held in the General Account among all members that are participants in proportion to the amounts due to each participant after the distribution under 2 (a). To determine the amount due to each member for the purpose of apportioning the remainder of its holdings of each currency under 2 (c) of Schedule E, the Fund shall deduct the distribution of special drawing rights made under this rule.

    3. With the amounts received under 1 above, the Fund shall redeem special drawing rights held by holders in the following manner and order:

    • (a) Special drawing rights held by governments that have terminated their participation more than six months before the date the Board of Governors decides to liquidate the Special Drawing Account shall be redeemed in accordance with the terms of any agreement under Article XXX or Schedule H.

    • (b) Special drawing rights held by holders that are not participants shall be redeemed before those held by participants, and shall be redeemed in proportion to the amount held by each holder.

    • (c) The Fund shall determine the proportion of special drawing rights held by each participant in relation to its net cumulative allocation. The Fund shall first redeem special drawing rights from the participants with the highest proportion until this proportion is reduced to that of the second highest proportion; the Fund shall then redeem the special drawing rights held by these participants in accordance with their net cumulative allocations until the proportions are reduced to that of the third highest proportion; and this process shall be continued until the amount available for redemption is exhausted.

    4. Any amount that a participant will be entitled to receive in redemption under 3 above shall be set off against any amount to be paid under 1 above.

    5. During liquidation the Fund shall pay interest on the amount of special drawing rights held by holders, and each participant shall pay charges on the net cumulative allocation of special drawing rights to it less the amount of any payments made in accordance with 1 above. The rates of interest and charges and the time of payment shall be determined by the Fund. Payments of interest and charges shall be made in special drawing rights to the extent possible. A participant that does not hold sufficient special drawing rights to meet any charges shall make the payment with gold or a currency specified by the Fund. Special drawing rights received as charges in amounts needed for administrative expenses shall not be used for the payment of interest, but shall be transferred to the Fund and shall be redeemed first and with the currencies used by the Fund to meet its expenses.

    6. While a participant is in default with respect to any payment required by 1 or 5 above, no amounts shall be paid to it in accordance with 2 or 5 above.

    7. If after the final payments have been made to participants each participant not in default does not hold special drawing rights in the same proportion to its net cumulative allocation, those participants holding a lower proportion shall purchase from those holding a higher proportion such amounts in accordance with arrangements made by the Fund as will make the proportion of their holdings of special drawing rights the same. Each participant in default shall pay to the Fund its own currency in an amount equal to its default. The Fund shall apportion this currency and any residual claims among participants in proportion to the amount of special drawing rights held by each and these special drawing rights shall be cancelled. The Fund shall then close the books of the Special Drawing Account and all of the Fund’s liabilities arising from the allocations of special drawing rights and the administration of the Special Drawing Account shall cease.

    8. Each participant whose currency is distributed to other participants under this Schedule guarantees the unrestricted use of such currency at all times for the purchase of goods or for payments of sums due to it or to persons in its territories. Each participant so obligated agrees to compensate other participants for any loss resulting from the difference between the value at which the Fund distributed its currency under this Schedule and the value realized by such participants on disposal of its currency.

    Index to Articles of Agreement

    • Accounts (see also General Account; Special Drawing Account):

      • Audited statements, annual, Art. XII, Sec. 7(a)

      • Settlement with withdrawing members, Art. XV, Sec. 3;

        • Sched. D

    • Adjustment process, better working of taken into account in first decision to allocate special drawing rights, Art. XXIV, Sec. 1(b)

    • Agencies of members dealing with Fund, Art. V, Sec. 1

    • Alternates;

      • see Board of Governors;

      • Executive Directors

    • Amendments:

      • Acceptance by all members required in certain cases, Art. XVII(b)

      • Arrangements with other international organizations which necessitate amendments, Art. X

      • Entry into force, Art. XVII(c);

        • Art. XXIII, Sec. 1

      • Proposal, Art. XVII(a)

      • Voting on, Art. XVII(a), (b)

    • American Republics, election of Executive Directors, Art. XII, Sec. 3(b) (iii), (iv);

      • Sched. C, par. 7

    • Annual Report; see Reports

    • Arbitration:

      • Disagreement arising during liquidation of Fund or upon withdrawal of member, Art. XVIII(c)

      • Disagreement arising from termination of participation in the Special Drawing Account or during liquidation of that Account, Art. XXVII(d)

    • Articles of Agreement:

      • Acceptance, Art. XX, Sec. 2(a), (b), (g)

      • Amendments, Art. XVII

      • Deposit in archives of United States, Signature and depository clause, p. 604

      • Entry into force, Art. XX, Sec. 1

      • Instruments of acceptance to be deposited with Government of United States, Art. XX, Sec. 2(a)

      • Interpretation, Art. XII, Sec. 2(b) (viii);

        • Art. XVIII; Art. XXVII(c)

      • Signature, Art. XX, Sec. 2

      • Transmission of certified copies to members, Signature and depository clause, p. 604

    • Assessments for expenses of conducting business of the Special Drawing Account:

      • Levy by the Fund, Art. XXVI, Sec. 4

      • Payment in special drawing rights, Art. XXVI, Sec. 5

      • Payment to General Account, Art. XXII, Sec. 2;

        • Art. XXV, Sec. 7(b) (ii)

      • Settlement on termination of participation in Special Drawing Account, Art. XXX, Sec. 2(a)

    • Assets of Fund:

      • Distribution in event of liquidation, Sched. E, par. 1, 2

      • Freedom from restrictions, Art. IX, Sec. 6

      • Guarantee by each member, Art. XIII, Sec. 3

      • Holding of, Art. XIII, Sec. 2(b)

      • Immunity of, Art. IX, Sec. 3, 4

      • Maintenance of gold value, Art. IV, Sec. 8;

        • Art. XII, Sec. 2(b) (iii)

      • Separation of assets held in General Account and Special Drawing Account, Art. XXII, Sec. 2

    • Audit; see Accounts

    • Balance of payments:

      • Criterion for designation of participants to provide currency for special drawing rights, Art. XXV, Sec. 5(a) (i)

      • Furnishing of information concerning, Art. VIII, Sec. 5(a) (vi)

      • Purpose of Fund to correct maladjustments and lessen disequilibrium, Art. I(v), (vi)

      • Report by Fund on serious disequilibrium in international balance of payments of members, Art. XII, Sec. 8

      • Taken into account in first decision to allocate special drawing rights, Art. XXIV, Sec. 1(b)

      • Use of special drawing rights to meet balance of payments needs, Art. XXV, Sec. 3(a)

      • Withdrawal of exchange restrictions by members when balance of payments appears satisfactory, Art. XIV, Sec. 2

    • Basic periods for allocation or cancellation of special drawing rights:

      • Changes because of unexpected major developments, Art. XXIV, Sec. 3

      • Decisions by Fund, Art. XXIV, Sec. 2(a), (c), (d), 4(c) (ii)

      • Duration, Art. XXIV, Sec. 2(a)

      • First, beginning date, Art. XXIV, Sec. 2(a)

      • First, rules for designation, Sched. F

      • First, rules for reconstitution, Sched. G

      • New participants after basic period has started, Art. XXIV, Sec. 2(d)

      • Proposals by Managing Director, procedure, Art. XXIV, Sec. 4

      • Review of rules for designation before end of each period, Art. XXV, Sec. 5(c)

      • Review of rules for reconstitution before end of each period, Art. XXV, Sec. 6(b)

    • Board of Governors:

      • Allocations and cancellations of special drawing rights, decisions on, Art. XXIV, Sec. 4(a), (c), (d)

      • Alternate Governors, appointment by members, Art. XII, Sec. 2(a)

      • Amendments to Articles of Agreement to be approved by, Art. XVII(a), (b)

      • Appointment by members, Art. XII, Sec. 2(a)

      • Authority to increase number of Executive Directors to be elected, Art. XII, Sec. 3(b)

      • Chairman, selection of, Art. XII, Sec. 2(a)

      • Committee on Interpretation, Art. XVIII(b);

        • Art. XXVII(c)

      • Compulsory withdrawal of members by decision of, Art. XV, Sec. 2(b)

      • Delegation of authority to Executive Directors, Art. XII, Sec. 2(b);

        • Art. XXVII (a) (i)

      • Determination of part of net income to be placed to reserve and to be distributed, Art. XII, Sec. 6(a)

      • Determination of remuneration paid Executive Directors, Art. XII, Sec. 2(i)

      • Determination of salary and terms of service contract of Managing Director, Art. XII, Sec. 2(i)

      • Election of Executive Directors, Art. XII, Sec. 3(b) (iii), (iv), 3(c), (d);

        • Sched. C

      • Expenses incurred in attending meetings, Art. XII, Sec. 2(h)

      • Immunities of, Art. IX, Sec. 8

      • Inauguration of Fund, Art. XX, Sec. 3(a)

      • Initial subscription payments transmitted to, Art. XX, Sec. 2(d)

      • Interpretation of Articles of Agreement, Art. XVIII(b);

        • Art. XXVII(c)

      • Liquidation of Fund, decision on, Art. XVI, Sec. 2(b);

        • Art. XXXI(a)

      • Liquidation of Special Drawing Account, decision on, Art. XXXI(a), (b)

      • Meetings, annual and other, Art. XII, Sec. 2(c);

        • Art. XXVII(a) (ii)

      • Number of votes of each Governor, Art. XII, Sec. 2(e), 5

      • Powers, Art. XII, Sec. 2(a)

      • Powers that may not be delegated, Art. XII, Sec. 2(b);

        • Art. XXVII(a) (i)

      • Quorum for meetings, Art. XII, Sec. 2(d);

        • Art. XXVII(a) (ii)

      • Rules and regulations, adoption of, Art. XII, Sec. 2(g)

      • Service without compensation, Art. XII, Sec. 2(h)

      • Special Drawing Account, decisions exclusively pertaining to, Art. XXVII(a) (ii)

      • Temporary suspension of certain provisions by, Art. XVI, Sec. 1(c)

      • Terms of service, Art. XII, Sec. 2(a)

      • Vote without meeting, Art. XII, Sec. 2(f)

    • Capital transactions:

      • Determination by Fund whether transactions to be considered current or capital transactions, Art. XIX(i)

      • Furnishing of information concerning, Art. VIII, Sec. 5(a) (vi)

      • Use of Fund’s resources for, Art. VI, Sec. 1(b) (i)

    • Capital transfers:

      • Controls of, Art. VI, Sec. 1, 3

      • Gold tranche purchases for, Art. VI, Sec. 2;

        • Art. XVI, Sec. 1

      • Use of Fund’s resources for, Art. VI, Sec. 1, 2

      • Use of member’s own resources for, to be in accordance with purposes of Fund, Art. VI, Sec. 1(b) (ii)

    • Central banks:

      • Agency dealing with Fund, Art. V, Sec. 1

      • Currency liabilities to, Sched. B, par. 6

      • Designation as depository for Fund’s holdings of currency, Art. XIII, Sec. 2(a)

      • Holdings of member, Art. XIX(b)

      • Institutions that perform functions for more than one member, eligibility for prescription as holders of special drawing rights, Art. XXIII, Sec. 3

    • Charges:

      • Accruing after date of member’s withdrawal, Sched. D, par. 1

      • Gold tranche purchases, Art. V, Sec. 8(a)

      • Handling charge on gold transactions, Art. V, Sec. 8(b)

      • Net cumulative allocations of special drawing rights, Art. XXVI, Sec. 2, 3

      • Payable in gold, Art. V, Sec. 8(f);

        • Art. XVI, Sec. 1

      • Payable in member’s currency, Art. V, Sec. 8(f);

        • Art. XVI, Sec. 1

      • Payable in special drawing rights, Art. XXV, Sec. 7(c) (i);

        • Art. XXVI, Sec. 5

      • Operations and transactions in special drawing rights through the General Account, Art. XXV, Sec. 7(g)

      • Outstanding obligation held by terminating participant in Special Drawing Account, Art. XXX, Sec. 2(a), 3

      • Payment on net cumulative allocation of special drawing rights during liquidation of Special Drawing Account, Sched. I, par. 5

      • Rates payable when Fund’s holdings of member’s currency exceed quota, Art. V, Sec. 8(c), (d), (e)

      • Rates, voting power required to change, Art. V, Sec. 8(e)

      • Service, on exchange transactions, Art. V, Sec. 8(a)

      • Settlement upon liquidation of Special Drawing Account, Art. XXXI(c)

    • Clearing arrangements, furnishing of information, Art. VIII, Sec. 5(a) (xii)

    • Colonies; see Territories

    • Committee on Interpretation; see Board of Governors

    • Communications, official, privilege for, Art. IX, Sec. 7

    • Compensatory financing of export fluctuations, Art. XIX(j)

    • Consultations, Art. IV, Sec. 5(b);

      • Art. VIII, Sec. 6;

        • Art. XIV, Sec. 4;

      • Art. XXIV, Sec. 4(b);

      • Art. XXV, Sec. 8(b)

    • Convertibility (see also Currency convertible in fact):

      • Currencies of members, Art. XIX(a), (d), (g)

      • Currencies of specified non-members, Art. XIX(a), (d)

      • Foreign-held balances, limitations on obligation of members, Art. VIII, Sec. 4(b)

      • Foreign-held balances, obligation of members, Art. VIII, Sec. 4(a)

    • Currencies (see also Convertibility;

      • Currency convertibile in fact;

      • Par values; Scarce currencies):

      • Acceptable to the Fund, use to obtain special drawing rights, Art. XXVI, Sec. 5;

        • Sched. G, par. 1(a) (iv)

      • Computations relating to currencies to be on basis of par values, Art. IV, Sec. 1(b)

      • Data members may be required to furnish, Art. VIII, Sec. 5

      • Definition, Art. XIX(d)

      • Depreciation, payment by member of amount equal to reduction in gold value of its currency held by Fund, Art. IV, Sec. 8(b)

      • Designation of participants to provide currency for specified amounts of special drawing rights, Art. XXV, Sec. 5

      • Eligibility of members to purchase currency of other members from Fund, Art. XX, Sec. 4(c), (d)

      • Exchange rates for operations and transactions in special drawing rights, Art. XXV, Sec. 8

      • Fund’s holdings of member’s currency, Art. III, Sec. 5;

        • Art. XIII, Sec. 2(a);

        • Art. XIX(f)

      • Inclusion of holdings of currency with specified rights of conversion in calculation of monetary reserves, Art. XIX(g)

      • Increase in par value, return by Fund of amount equal to increase in gold value of member’s currency held by Fund, Art. IV, Sec. 8(c)

      • Liabilities, Sched. B, par. 6

      • Liquidation of Fund, Sched. E

      • Liquidation of Special Drawing Account, Sched. I

      • Non-members, Art. XIX(a), (d);

        • Sched. B, par. 2

      • Obligation to provide on demand to participant using special drawing rights, Art. XXV, Sec. 4

      • Payment of remuneration in member’s own currency, Art. V, Sec. 9(b)

      • Purchase from Fund for gold, Art. V, Sec. 6

      • Replenishment of Fund’s holdings of scarce currencies, Art. VII, Sec. 2;

        • Art. XXV, Sec. 7(d)

      • Repurchase of member’s currency held by Fund, Art. V, Sec. 7(a), (b), (c);

        • Sched. B

      • Separate currencies within member’s territories, Art. IV, Sec. 9;

        • Art. XX, Sec. 4(g)

      • Settlement with terminating participant in Special Drawing Account, Art. XXX, Sec. 4, 5, 6;

        • Sched. H, par. 1

      • Special drawing rights, use to obtain currency, Art. XXV, Sec. 2, 5(a)

      • Subscription payments, Art. III, Sec. 3(c), (d), 4

      • Substitution of non-negotiable, non-interest bearing notes payable on demand, or similar obligations, Art. III, Sec. 5

      • Withdrawing members, payment to, Sched. D

    • Currency convertible in fact:

      • Definition, Art. XXXII(b)

      • Entitlement of terminating participant to obtain to pay charges or assessments, Art. XXX, Sec. 3

      • Liquidation of Special Drawing Account, Sched. I, par. 1

      • Obligation and entitlement of participant to obtain to pay charges and assessments, Art. XXVI, Sec. 5

      • Obligation and entitlement of participant to use to obtain special drawing rights to fulfill reconstitution requirement, Sched. G, par. 1(a) (iv)

      • Payment to Fund by terminating participant in Special Drawing Account, Sched. H, par. 2

      • Provision to participant using special drawing rights by participant designated by Fund, Art. XXV, Sec. 4

      • Settlement with terminating participant in Special Drawing Account, Art. XXX, Sec. 5, 6;

        • Sched. H, par. 1

    • Current transactions:

      • Members may not exercise controls of capital transfers to restrict payments for, Art. VI, Sec. 3

      • Multilateral system of payments in respect of, Art. I(iv)

      • Payments for, definition, Art. XIX(i)

      • Restrictions on payments and transfers for, Art. VII, Sec. 3(b);

        • Art. VIII, Sec. 2, 4;

        • Art. XIV, Sec. 2, 4

    • Customs duties, Fund’s immunity from, Art. IX, Sec. 9(a)

    • Data; see Information

    • Definition of terms:

      • Central holdings, Art. XIX(b)

      • Currency, Art. XIX (d)

      • Currency convertible in fact, Art. XXXII(b)

      • Gold tranche purchase, Art. XIX(j)

      • Holdings of other official institutions or other banks, Art. XIX(c), (e)

      • Member’s holdings of convertible currencies, Art. XIX(d), (g)

      • Monetary reserves of member, Art. XIX(a), (e);

        • Art. XXV, Sec. 7(a)

      • Net cumulative allocation of special drawing rights, Art. XXXII(a)

      • Net official holdings, Art. XIX(h)

      • Official holdings of member, Art. XIX(b)

      • Payments for current transactions, Art. XIX(i)

      • Reserve position in the Fund, Art. XXXII(c)

    • Depositories:

      • Currency, designation by each member, Art. XIII, Sec. 2(a)

      • Gold, designation by five members having largest quotas, Art. XIII, Sec. 2(b)

      • Guarantee of assets resulting from failure or default of, Art. XIII, Sec. 3

      • Subscription payments to appropriate depository, Art. III, Sec. 3(a)

    • Disagreements:

      • Arising between Fund and terminating participant or any participant during liquidation of Special Drawing Account, Art. XXVII(d)

      • Arising between Fund and withdrawn member or any member during liquidation of Fund, Art. XVIII (c)

      • As to initial par values, Art. XX, Sec. 4(b)

    • Discriminatory currency arrangements, Art. VIII, Sec. 3

    • Disequilibrium (see also Balance of payments):

      • Change in par value to correct a fundamental disequilibrium, Art. IV, Sec. 5(a), (f)

      • Purpose of Fund to lessen degree of disequilibrium in international balances of payments of members, Art. I(vi)

      • Report to members on serious disequilibrium in international balance of payments, Art. XII, Sec. 8

    • Dollars, United States;

      • see United States dollars

    • Emergency provisions:

      • Liquidation of Fund, Art. XVI, Sec. 2

      • Temporary suspension of certain provisions of Fund Agreement, Art. XVI, Sec. 1(a), (c)

      • Temporary suspension of provisions relating to special drawing rights, Art. XXIX, Sec. 1;

        • Art. XXXI(a)

    • Enemy-occupied territories:

      • Adoption of new monetary unit, Art. XX, Sec. 4(e) Delay in deposit of instrument of acceptance of Agreement, Art. XX, Sec. 2(h)

      • Initial determination of par values, Art. XX, Sec. 4(a), (d)

      • Net official holdings of gold and U.S. dollars, Art. III, Sec. 3(d)

      • Newly mined gold not included in monetary reserves, Sched. B, par. 4

      • Par values for separate currencies, Art. XX, Sec. 4(g)

      • Restrictions on payments and transfers, introduction authorized where necessary, Art. XIV, Sec. 2

    • Exceptional circumstances, representations under, Art. XIV, Sec. 4

    • Exchange contracts, unenforceability, Art. VIII, Sec. 2(b)

    • Exchange controls:

      • Control of capital transfers, Art. VI, Sec. 1(a), 3

      • Cooperation between members to make exchange control regulations more effective, Art. VIII, Sec. 2(b)

      • Furnishing of information on, Art. VIII, Sec. 5(a) (xi)

    • Exchange rates, operations and transactions in special drawing rights, Art. XXV, Sec. 8 (see also Par values)

    • Exchange restrictions:

      • Adaptation to changing circumstances, Art. XIV, Sec. 2

      • Administration of restrictions with respect to scarce currency, Art. VII, Sec. 4

      • Approval by Fund of, Art. VIII, Sec. 2(a), 4

      • Consultations between members to make adjustments for application of authorized restrictions, Art. VIII, Sec. 6

      • Consultations with Fund as to further retention by members, Art. XIV, Sec. 4

      • Effect of other international agreements on, Art. VII, Sec. 5

      • Elimination of foreign exchange restrictions which hamper the growth of world trade, Art. I(iv)

      • Introduction of, Art. XIV, Sec. 2

      • Maintenance of, Art. XIV, Sec. 2

      • On transactions with non-member countries, Art. XI, Sec. 2

      • Report, annual, Art. XIV, Sec. 4

      • Retention of, Art. XIV, Sec. 4

      • Scarce currency, formal declaration authorizing temporary exchange restrictions, Art. VII, Sec. 3(b)

      • Transitional arrangements, Art. XIV, Sec. 2, 3;

        • Art. XIX(d)

      • Transitional period, Art. XIV, Sec. 2, 4, 5

    • Exchange stability:

      • Obligation of members, Art. IV, Sec. 4

      • Purpose of Fund to promote, Art. I (iii)

    • Exchange transactions (see also Capital transactions; Current transactions; Foreign exchange):

      • Maximum and minimum rates for spot and other exchange transactions, Art. IV, Sec. 3

      • Member’s obligations with respect to exchange stability, Art. IV, Sec. 4

      • Required purchases of balances of member’s own currency held by another member, Art. VIII, Sec. 4

    • Exchange transactions of and with the Fund (see also Special drawing rights; Use of Fund’s resources):

      • Beginning, Art. III, Sec. 3(b);

        • Art. XX, Sec. 4(a), (h)

      • Cessation of Fund transactions in case of liquidation, Art. XVI, Sec. 2(b)

      • Cessation of Fund transactions in currency of withdrawing member, Art. XV, Sec. 3

      • Charges, Art. V, Sec. 8

      • Conditions governing use of Fund resources, Art. V, Sec. 3

      • Currency of member which has withdrawn, Sched. D, par. 5

      • Forward exchange transactions, Art. V, Sec. 3(b)

      • Limitation on Fund’s operations and transactions, Art. V, Sec. 2

      • Postponement of exchange transactions with member, Art. XX, Sec. 4(i)

      • Service charge, Art. V, Sec. 8(a)

      • Summary statement at 3 months’

        • intervals, Art. XII, Sec. 7

      • Temporary suspension in case of liquidation of Fund, Art. XVI, Sec. 2(a)

      • Temporary suspension of provisions of Agreement on, Art. XVI, Sec. 1

    • Executive Directors:

      • Additional appointed, Art. XII, Sec. 3(c)

      • Alternate, appointment and powers, Art. XII, Sec. 3(e)

      • Alternate, authority to exercise powers of former Director while office is vacant, Art. XII, Sec. 3(f)

      • Alternate, immunities and privileges, Art. IX, Sec. 8, 9(b)

      • Appointed, Art. XII, Sec. 3(b) (i), (ii), 3(c)

      • Authority to call meetings of Board of Governors, Art. XII, Sec. 2(c)

      • Authority to suspend operation of provisions relating to special drawing rights, Art. XXIX, Sec. 1;

        • Art. XXXI (a)

      • Chairman to be Managing Director, Art. XII, Sec. 4(a)

      • Committees, Art. XII, Sec. 3(k)

      • Continuous session, Executive Directors shall function in, Art. XII, Sec. 3(g)

      • Decisions on matters pertaining exclusively to Special Drawing Account, Art. XXVII(a) (iii), (c)

      • Delegation of powers by Board of Governors, Art. XII, Sec. 2(b);

        • Art. XXVII(a) (i)

      • Election by new members, Art. XII, Sec. 3(b)

      • Election of, Art. XII, Sec. 3(d)

      • Elective, Art. XII, Sec. 3(b) (iii), (iv);

        • Sched. C

      • Immunities and privileges, Art. IX, Sec. 8

      • Immunity from tax on salaries, Art. IX, Sec. 9(b)

      • Interpretation of Fund Agreement by, Art. XVIII(a), (b);

        • Art. XXVII(c)

      • Meetings of, Art. XII, Sec. 3(g)

      • Number of, Art. XII, Sec. 3(b), (c)

      • Provisional Executive Directors, Art. XX, Sec. 3(b), (c)

      • Quorum for meetings, Art. XII, Sec. 3(h);

        • Art. XXVII(a)(iii)

      • Remuneration, determination by Board of Governors, Art. XII, Sec. 2(i)

      • Representation of member not entitled to appoint an Executive Director, Art. XII, Sec. 3(j)

      • Responsibility for conduct of general operations of Fund, Art. XII, Sec. 3(a)

      • Temporary suspension of certain provisions of Agreement, Art. XVI, Sec. 1

      • Vacancy in office of elected Executive Director, Art. XII, Sec. 3(f)

      • Votes, number for each Executive Director, Art. XII, Sec. 3(i), 5

    • Explanation of terms, Art. XIX;

      • Art. XXXII (see also Definition of terms)

    • Financial year, relation to repurchases, Art. V, Sec. 7(b);

      • Sched. B

    • Fiscal agencies:

      • Currency liabilities to, Sched. B, par. 6

      • Dealing with the Fund, Art. V, Sec. 1

      • Obligation with respect to transactions with non-member, Art. XI, Sec. 1(i)

      • Official holdings of member, Art. XIX(b)

    • Foreign exchange:

      • Dealings based on parity, Art. IV, Sec. 3, 4(b);

        • Art. XVI, Sec. 1

      • Holdings, relation to holdings of special drawing rights, Art. XXV, Sec. 3(a);

        • Sched. F, G, par. 1(b)

    • Forward exchange transactions, member not entitled without permission to use Fund resources to hold against, Art. V, Sec. 3(b)

    • Fund;

      • see General Account;

      • Operations;

      • Organization and management

    • Fundamental disequilibrium;

      • see Disequilibrium

    • Fund’s resources, use;

      • see Use of Fund’s resources

    • General Account:

      • Administration, Art. XII;

        • Art. XXVII

      • Apportionment of special drawing rights in event of liquidation of Fund, Sched. I, par. 2

      • Decisions affecting operations and transactions, majorities required, Art. XXVII (a) (iv)

      • Establishment and operation, Introductory Article

      • Holding and use of special drawing rights, Art. XXIII, Sec. 2

      • Operations and transactions in special drawing rights, Art. XXV, Sec. 7

      • Separation from Special Drawing Account, Introductory Article;

        • Art. XXII, Sec. 1, 2

      • Transactions by participants to obtain special drawing rights for payment of interest, charges, or assessments, Art. XXVI, Sec. 5

      • Transactions to assist participants to fulfill reconstitution requirement, Sched. G, par. 1(a) (iv)

      • Transactions to facilitate settlement with terminating participant in Special Drawing Account, Art. XXX, Sec. 3, 6;

        • Sched. H, par. 1, 2

    • Global need to supplement reserves, consideration in first decision to allocate special drawing rights, Art. XXIV, Sec. 1

    • Gold:

      • Charges payable to Fund in gold, Art. V, Sec. 8(f);

        • Art. XVI, Sec. 1

      • Data members required to furnish, Art. VIII, Sec. 5(a) (i), (ii), (iii), (iv), (vi)

      • Depositories, Art. XIII, Sec. 2(b)

      • Handling charges, Art. V, Sec. 8(b)

      • Holdings, relation to holdings of special drawing rights, Sched. G, par. 1(b)

      • Liquidation of Fund, Sched. E

      • Liquidation of Special Drawing Account, Sched. I, par. 5

      • Margins for transactions by members, Art. IV, Sec. 2

      • Member’s monetary reserves, Art. XIX(a)

      • Net official holdings of, Art. III, Sec. 3(b) (ii), (d);

        • Art. XIX(h)

      • Newly mined, Art. V, Sec. 6(b);

        • Sched. B, par. 4.

      • Obligation of member to sell its currency to Fund for gold, Art. VII, Sec. 2(ii)

      • Official holdings, Art. XIX(a);

        • Art. XXV, Sec. 3(a);

        • Sched. F

      • Payment in gold in purchase of foreign-held balances, Art. VIII, Sec. 4(a)

      • Payment in gold when quota is changed, Art. III, Sec. 4

      • Payment in remuneration on members’

        • creditor positions, Art. V, Sec. 9(b)

      • Payment to terminating participant in Special Drawing Account, Sched. H, par. 2

      • Payment to withdrawing member, Sched. D, par. 2

      • Purchase of currencies from Fund for, Art. V, Sec. 6(a)

      • Receipt by Fund from terminating participant, use by Fund to redeem special drawing rights held by participants, Art. XXX, Sec. 4, 5

      • Repurchase by a member of its currency, Art. V, Sec. 7;

        • Art. XVI, Sec. 1

      • Settlement with terminating participant in Special Drawing Account, Art. XXX, Sec. 4, 5, 6;

        • Sched. H, par. 2

      • Subscription to be paid in, Art. III, Sec. 3(b), (d), 4;

        • Art. XIX(h)

      • Transactions based on par values, Art. IV, Sec. 2, 4(b);

        • Art. XVI, Sec. 1

      • Transfer in an emergency, Art. XIII, Sec. 2(b)

      • Transfer with regard to costs and requirements of Fund, Art. XIII, Sec. 2(b)

      • Unit of value of special drawing rights, Art. XXI, Sec. 2

      • Use for obtaining special drawing rights, Art. XXVI, Sec. 5;

        • Sched. G, par. 1(a) (iv)

      • Value of Fund’s assets, maintenance, Art. IV, Sec. 8;

        • Art. XII, Sec. 2(b) (iii)

    • Gold tranche purchases:

      • Definition, Art. XIX(j)

      • Inclusion in reserve position in the Fund, Art. XXXII(c)

      • Not subject to challenge, Art. V, Sec. 3(d)

      • Transactions, Art. V, Sec. 3(a) (iii), 3(d);

        • Art. VI, Sec. 2;

        • Art. XVI, Sec. 1

    • Governors;

      • see Board of Governors

    • Gross reserve position;

      • see Holdings

    • Holdings:

      • Balanced distribution of participants’

        • special drawing rights, Art. XXV, Sec. 5(a) (i), (b)

      • Balanced relationship between participants’

        • special drawing rights and gold and foreign exchange and reserve positions in Fund, Sched. G, par. 1(b)

      • Central, Art. XIX(b), (h);

        • Sched. B, par. 6

      • Convertible currencies of members, Art. XIX(d), (g)

      • Depositories for Fund’s holdings, Art. XIII, Sec. 2

      • Distribution in event of liquidation of Fund, Sched. E

      • Freedom of Fund’s holdings from restrictions, Art. IX, Sec. 6

      • Fund’s holdings of currency of a member, Art. III, Sec. 5;

        • Art. XIII, Sec. 2(a);

        • Art. XIX(f)

      • Gold value of Fund’s holdings, maintenance, Art. IV, Sec. 8;

        • Art. XII, Sec. 2(b) (iii)

      • Gross reserve position, Art. XXIV, Sec. 2(f);

        • Art. XXV, Sec. 5(a) (i)

      • Guarantee by members of Fund’s holdings, Art. XIII, Sec. 3

      • Immunities of Fund’s holdings, Art. IX, Sec. 3, 4

      • Net, for calculation of monetary reserves, Sched. B, par. 6

      • Net official, for calculation of gold subscriptions, Art. III, Sec. 3(b), (d);

        • Art. XIX(h)

      • Official, of gold and foreign exchange, ratio to special drawing rights in designation of participants, Sched. F

      • Official, of gold, foreign exchange, and special drawing rights, requirement of need to use special drawing rights, Art. XXV, Sec. 3(a)

      • Official, of member, Art. XIX(a), (b)

      • Other official institutions or other banks, Art. XIX(c), (e), (h);

        • Sched. B, par. 6

      • Special drawing rights, changes in holdings, Art. XXII, Sec. 3

    • Immunities;

      • see Status, immunities and privileges

    • Inauguration of the Fund, Art. XX, Sec. 3

    • Income of the Fund, net, distribution, Art. XII, Sec. 2(b) (v), 6

    • Information:

      • Members may be required to furnish, Art. VIII, Sec. 5

      • Members required to furnish data for determination of net official holdings, Art. III, Sec. 3(b)

      • Participants in Special Drawing Account may be required to furnish, Art. XXII, Sec. 3

    • Interest on special drawing rights:

      • Accrued, payment upon liquidation of Special Drawing Account, Art. XXXI(c)

      • Accrued, settlement on termination of participation in Special Drawing Account, Art. XXX, Sec. 2(a)

      • Outstanding balance held by terminating participant, Art. XXX, Sec. 3

      • Payment during liquidation of Special Drawing Account, Sched. I, par. 5

      • Payment in special drawing rights, Art. XXVI, Sec. 5

      • Payment to holders of special drawing rights, Art. XXVI, Sec. 1

      • Rates, Art. XXVI, Sec. 3

    • International agreements:

      • Consultation between members regarding, Art. VIII, Sec. 6

      • Effect on restrictions, Art. VII, Sec. 5

      • Mutual accord for cooperation in exchange controls, Art. VIII, Sec. 2(b)

    • International organizations, arrangements for cooperation with, Art. X;

      • Art. XII, Sec. 2(b) (iv)

    • International payments;

      • see Balance of payments;

      • Current transactions

    • Interpretation of Fund Agreement:

      • Appeals from decisions of Executive Directors, authority of Board of Governors, Art. XII, Sec. 2(b) (viii)

      • Arbitration of disagreement between Fund and withdrawing member or member during liquidation of Fund, Art. XVIII(c)

      • Committee on Interpretation, Art. XVIII(b)

      • Decision of Executive Directors, Art. XVIII(a)

      • Explanation of terms, Art. XIX;

        • Art. XXXII

      • Final decision by Board of Governors, Art. XVIII(b)

      • Matters pertaining exclusively to Special Drawing Account, Art. XXVII(c)

      • Questions arising between a member and the Fund or between members, Art. XVIII(a)

    • Investments, foreign:

      • Information on international investment position to be furnished by member, Art. VIII, Sec. 5(a) (vii)

      • Payments for current transactions relating to, Art. XIX(i)

    • Latin America;

      • see American Republics

    • Liquidation of Fund:

      • Account of withdrawn members, Sched. D, par. 7

      • Administration of, Sched. E;

        • Sched. I, par. 2

      • Decision by Board of Governors to cover both General Account and Special Drawing Account, Art. XXXI (a)

      • Decision of Board of Governors on, Art. XII, Sec. 2(b) (vii);

        • Art. XVI, Sec. 2;

        • Art. XXXI(a)

      • Disagreement during, Art. XVIII(c)

    • Liquidation of Special Drawing Account:

      • Administration, Art. XXXI(d);

        • Sched. I

      • Decision of Board of Governors, Art. XXXI(a), (b)

      • Discharge of obligations to the Fund, Sched. I, par. 1

      • Distribution of currency to other participants, Sched. I, par. 7, 8

      • Liquidation of the Fund within six months of decision to liquidate Special Drawing Account, Sched. I, par. 2

      • Payment of interest during liquidation, Sched. I, par. 5

      • Redemption by Fund of special drawing rights of holders, Art. XXXI(c);

        • Sched. I, par. 3, 7

      • Temporary suspension of allocations or cancellations and transactions in special drawing rights in emergency, Art. XXXI(a)

    • Maintenance of gold value of Fund’s assets, Art. IV, Sec. 8;

      • Art. XII, Sec. 2(b) (iii)

    • Managing Director:

      • Chairman of Executive Directors, Art. XII, Sec. 4(a)

      • Chief of Fund operating staff, Art. XII, Sec. 4(b)

      • Duty to Fund, Art. XII, Sec. 4(c)

      • Immunities and privileges, Art. IX, Sec. 8, 9(b)

      • Participation in meetings of Board of Governors, Art. XII, Sec. 4(a)

      • Proposals for allocation or cancellation of special drawing rights, procedures, Art. XXIV, Sec. 4

      • Salary and terms of contract of service determined by Board of Governors, Art. XII, Sec. 2(i)

      • Selection by the Executive Directors, Art. XII, Sec. 4(a)

      • Subject to general control of Executive Directors, Art. XII, Sec. 4(b)

      • Vote of, Art. XII, Sec. 4(a)

    • Margins:

      • Foreign exchange transactions, Art. IV, Sec. 3

      • Gold transactions, Art. IV, Sec. 2

    • Meetings:

      • Board of Governors, first, Art. XX, Sec. 3(a)

      • Board of Governors, provisions for annual and other, Art. XII, Sec. 2(c)

      • Board of Governors, quorum, Art. XII, Sec. 2(d);

        • Art. XXVII(a) (ii)

      • Executive Directors, quorum, Art. XII, Sec. 3(h);

        • Art. XXVII(a) (iii)

    • Members (see also Holdings;

      • Obligations of members):

      • Acceptance of membership, effective date, Art. XX, Sec. 2(b)

      • Acceptance of membership in accordance with member’s law, Art. XX, Sec. 2(a)

      • Action by member to make effective in terms of its law the status, immunities and privileges of Fund, Art. IX, Sec. 10

      • Agencies dealing with Fund, Art. V, Sec. 1

      • Allocations of special drawing rights to member becoming a participant after start of basic period, Art. XXIV, Sec. 2(d)

      • Amendments to Fund Agreement, requirements for acceptance, Art. XVII

      • Communication of views of Fund to members, Art. XII, Sec. 8

      • Consent of, required for change in quota, Art. III, Sec. 2

      • Consultations between members regarding existing international agreements, Art. VIII, Sec. 6

      • Instrument of acceptance of Fund Agreement, deposit by, Art. XX, Sec. 1, 2(a), (b), (c), (h)

      • Instrument of participation in Special Drawing Account, Art. XXIII, Sec. 1

      • New members, conditions of admission, Art. II, Sec. 2;

        • Art. XII, Sec. 2(b) (i)

      • Non-participants in Special Drawing Account, prescription as holders of special drawing rights, Art. XXIII, Sec. 3

      • Original members, Art. II, Sec. 1;

        • Art. XX, Sec. 2(e); Sched. A

      • Representation at Executive Board meetings of members not entitled to appoint a Director, Art. XII, Sec. 3(j), 8;

        • Art. XVIII(a)

      • Right to participate in Special Drawing Account, Introductory Article

      • Signature of Articles of Agreement, Art. XX, Sec. 1, 2

      • Withdrawal, arbitration of disagreements, Art. XVIII(c)

      • Withdrawal, compulsory, Art. XII, Sec. 2(b) (vi);

        • Art. XV, Sec. 2(b), (c)

      • Withdrawal, member deemed to have withdrawn if no agreement on par value, Art. XX, Sec. 4(b)

      • Withdrawal, right of members to, Art. XV, Sec. 1;

        • Art. XVII(b) (i)

      • Withdrawal, simultaneous termination of participation in Special Drawing Account, Art. XXX, Sec. 1(b)

      • Withdrawing member, settlement of accounts with, Art. XV, Sec. 3;

        • Sched. D

    • Monetary reserves:

      • Bearing on whether charges are paid in gold, Art. V, Sec. 8(f)

      • Calculation, no account taken of increase or decrease due to allocations or cancellations of special drawing rights, Art. XXV, Sec. 7(a)

      • Definition, Art. XIX(a)

      • Methods of calculation, Art. XIX(e), (g);

        • Sched. B, par. 3, 5, 6

      • Relation to changes in quotas, Art. III, Sec. 4

      • Use to repurchase member’s currency held by Fund, Art. V, Sec. 7(b), (c);

        • Sched. B, par. 1

    • Monetary unit, new, adoption by member whose metropolitan territories have been occupied by the enemy, Art. XX, Sec. 4(e)

    • Multilateral system of payments in respect of current transactions, Fund’s purpose to assist in establishment of, Art. I(iv)

    • Multiple currency practices, no member shall engage in except as authorized by Agreement or approved by Fund, Art. VIII, Sec. 3

    • Negative balances of special drawing rights:

      • Cancellation of special drawing rights, Art. XXIV, Sec. 2(f)

      • Charges paid to Fund on, Art. XXVI, Sec. 2

      • Designation of participant to provide currency to reduce, Art. XXV, Sec. 5(a) (ii)

      • Use of special drawing rights to prevent or reduce, Art. XXV, Sec. 3(c), 7(e)

    • Net cumulative allocation of special drawing rights, definition, Art. XXXII(a) (see also Special drawing rights, allocation and cancellation)

    • Net income, distribution, Art. XII, Sec. 2(b)(v), 6

    • Net official holdings:

      • Definition, for purpose of subscription payments, Art. XIX(h)

      • Determination, Art. III, Sec. 3(d)

      • Gold and U.S. dollars, basis of subscription payments, Art. III, Sec. 3(b)

    • Non-member countries:

      • Currencies, holdings by members, Art. XIX(a), (d);

        • Sched. B, par. 6

      • Fund shall not acquire in repurchase currency of, Sched. B, par. 2

      • Prescription as holders of special drawing rights, Art. XXIII, Sec. 3

      • Restrictions on transactions with, Art. XI, Sec. 2

      • Undertakings regarding relations with, Art. XI, Sec. 1;

        • Art. XVI, Sec. 1

    • Obligations of members:

      • Assets of Fund, obligation to guarantee against loss, Art. XIII, Sec. 3

      • Avoidance of discriminatory currency practices, Art. VIII, Sec. 3

      • Avoidance of restrictions on current payments, Art. VIII, Sec. 2

      • Competitive exchange alterations, obligation to avoid, Art. IV, Sec. 4(a)

      • Consultation between members regarding existing international agreements, Art. VIII, Sec. 6

      • Consultation with Fund as to retention of exchange restrictions, Art. XIV, Sec. 4

      • Consultation with Fund on changes in par values, Art. IV, Sec. 5(b)

      • Convertibility of foreign-held balances, Art. VIII, Sec. 4

      • Depository, obligation to designate, Art. XIII, Sec. 2(a)

      • Discriminatory currency arrangements, Fund approval required, Art. VIII, Sec. 3

      • Exchange arrangements, orderly, obligation to maintain, Art. IV, Sec. 4(a)

      • Exchange stability, obligation to promote, Art. IV, Sec. 4(a)

      • Failure of member to fulfill, Art. XV, Sec. 2(a), (b)

      • Fiscal agency, obligation to deal with Fund only through, Art. V, Sec. 1

      • Furnishing of information, Art. VIII, Sec. 5

      • Liquidation of Fund, Sched. E, par. 7, 8

      • Multiple currency practices, Fund approval required, Art. VIII, Sec. 3

      • Notification to Fund concerning transitional arrangements, Art. XIV, Sec. 3

      • Relations with non-member countries, Art. XI

      • Repurchase obligations, Art. V, Sec. 7(b), (c);

        • Sched. B

      • Restrictions on current payments, Fund approval required, Art. VIII, Sec. 2(a)

    • Obligations of participants in Special Drawing Account:

      • Failure to fulfill, Art. XXIX, Sec. 2

      • General obligations, Art. XXVIII

      • Instrument setting forth undertaking by participants, Art. XXIII, Sec. 1

      • Liquidation of Special Drawing Account, Art. XXXI(c)

      • Reconstitution of holdings, Art. XXV, Sec. 6;

        • Sched. G

      • Requirement of need, Art. XXV, Sec. 3, 5(a) (ii)

      • Termination of participation, settlement, Art. XXX, Sec. 4, 5

      • To provide currency for special drawing rights, Art. XXV, Sec. 4;

        • Art. XXIX, Sec. 2(d)

      • To receive allocations of special drawing rights, Art. XXIV, Sec. 2(e)

    • Offices, location of, Art. XIII, Sec. 1

    • Operations (see also Exchange transactions of and with the Fund):

      • Allocation and cancellation of special drawing rights, Art. XXIV

      • Beginning of exchange transactions, Art. XX, Sec. 4(a), (h);

        • Art. III, Sec. 3(b)

      • Inauguration of the Fund, Art. XX, Sec. 3

      • Limitation on Fund operations, Art. V, Sec. 2;

        • Art. XVI, Sec. 1

      • Postponement of exchange transactions, Art. XX, Sec. 4(f)

      • Separation of operations and transactions of Special Drawing Account and General Account, Introductory Article;

        • Art. XXII

      • Temporary suspension of all transactions, Art. XVI, Sec. 2

      • Temporary suspension of operation of certain provisions of Agreement, Art. XVI, Sec. 1;

        • Art. XXIX, Sec. 1

    • Organization and management:

      • Board of Governors, Art. XII, Sec. 2

      • Communication of views to members, Art. XII, Sec. 8

      • Executive Directors, Art. XII, Sec. 3

      • General Account and Special Drawing Account, Introductory Article;

        • Art. XXVII

      • Location of offices, Art. XIII, Sec. 1

      • Managing Director, Art. XII, Sec. 1, 4

      • Publication of reports, Art. XII, Sec. 7

      • Staff, Art. XII, Sec. 1, 4

      • Status, immunities and privileges, Art. IX;

        • Art. XXVII(b)

      • Structure of the Fund, Art. XII, Sec. 1

      • Voting of members, Art. XII, Sec. 5

    • Overseas territories;

      • see Territories

    • Par values:

      • Amendments modifying provision for change in par value, Art. XVII (b) (iii)

      • Changes in, authorized, Art. IV, Sec. 5

      • Changes in, unauthorized, effect of, Art. IV, Sec. 6

      • Communication of, Art. XX, Sec. 4

      • Expression in terms of gold and U.S. dollars, Art. IV, Sec. 1(a)

      • Foreign exchange dealings based on, Art. IV, Sec. 3, 4(b)

      • Gold purchases and sales based on parity, Art. IV, Sec. 2

      • Initial determination of, Art. XX, Sec. 4

      • New monetary units in territories formerly occupied by the enemy, Art. XX, Sec. 4(e)

      • Separate currencies within a member’s territories, Art. IV, Sec. 9

      • Uniform changes, Art. IV, Sec. 7, 8;

        • Art. XII, Sec. 2(b) (iii)

    • Participants in Special Drawing Account (see also Obligations of participants in Special Drawing Account;

      • Special Drawing Account):

      • Allocations to members that become participants after start of a basic period, Art. XXIV, Sec. 2(d)

      • Broad support for allocation and cancellation of special drawing rights to be ascertained, Art. XXIV, Sec. 4(b)

      • Consultation on procedure for determining rates of exchange for their currency, Art. XXV, Sec. 8(b)

      • Definition, Art. XXIII, Sec. 1

      • Deposit of instrument of undertaking, Art. XXIII, Sec. 1

      • Designation rules, review, Art. XXV, Sec. 5(c)

      • Designation to provide currency for special drawing rights, Art. XXV, Sec. 5;

        • Sched. F

      • Failure to fulfill expectation in use of special drawing rights, Art. XXV, Sec. 3(b), (c), 5(a) (ii), 7(e);

        • Art. XXIX, Sec. 2(b)

      • General obligations, Art. XXVIII

      • In default at time of liquidation, Sched. I, par. 6, 7

      • Obligation to provide currency for special drawing rights, Art. XXV, Sec. 4;

        • Art. XXIX, Sec. 2(d)

      • Reconstitution obligation, Art. XXV, Sec. 6;

        • Sched. G

      • Requirement of need, Art. XXV, Sec. 3

      • Reserve position in the Fund, definition, Art. XXXII(c)

      • Specified by Fund to provide currency or gold to redeem special drawing rights held by terminating participant, Art. XXX, Sec. 5

      • Specified by Fund to provide special drawing rights to permit another participant to meet certain obligations, Art. XXVI, Sec. 5;

        • Sched. G, par. 1(a) (iv)

      • Specified by Fund to provide special drawing rights to terminating participant, Art. XXX, Sec. 3

      • Termination of participation, Art. XXX;

        • Sched. H

      • Transactions between participants, Art. XXV, Sec. 2

      • Transactions with other holders of special drawing rights, Art. XXIII, Sec. 3

      • Use of special drawing rights to meet balance of payments needs, Art. XXV, Sec. 3(a)

      • Use of special drawing rights without fulfilling expectation of requirement of need, Art. XXV, Sec. 3(c)

    • Payments;

      • see Balance of payments;

      • Current transactions

    • Permanent Court of International Justice, arbitration, appointment of an umpire by, Art. XVIII(c)

    • Price indices, furnishing of information concerning, Art. VIII, Sec. 5 (a)(ix)

    • Privileges;

      • see Status, immunities and privileges

    • Purchase transactions;

      • see Exchange transactions of and with the Fund;

      • Use of Fund’s resources

    • Purposes of the Fund:

      • Capital movements in accordance with, Art. VI, Sec. 1(b) (ii)

      • Policies and decisions to be guided by, Art. I

      • Principles governing allocation and cancellation of special drawing rights to promote attainment of, Art. XXIV, Sec. 1(a)

      • Statement of, Art. I

      • Use of Fund’s resources contrary to, Art. V, Sec. 5

      • Use of Fund’s resources to be in accordance with, Art. V, Sec. 3(c)

    • Quorum;

      • see Meetings

    • Quotas (see also Subscriptions):

      • Adjustment of, Art. III, Sec. 2;

        • Art. XII, Sec. 2(b) (ii)

      • Amendments modifying provision for change in member’s quota, Art. XVII(b) (ii)

      • Basis for allocation and cancellation of special drawing rights, Art. XXIV, Sec. 2(b)

      • Consent of member required for change, Art. III, Sec. 2;

        • Art. XVII(b) (ii)

      • Increases, additional subscription payments, Art. III, Sec. 4(a)

      • Original members, Art. III, Sec. 1;

        • Sched. A

      • Other members, Art. III, Sec. 1

      • Reduction, payment by Fund to member, Art. III, Sec. 4(b)

      • Review of all quotas at intervals of not more than five years, Art. III, Sec. 2

      • Revision, approval by Board of Governors, Art. XII, Sec. 2(b) (ii)

    • Reconstitution of holdings of special drawing rights:

      • Failure to comply with rules, Sched. G, par. 2

      • Obligation of participant, Art. XXV, Sec. 6;

        • Sched. G

      • Obtaining currency to promote, Art. XXV, Sec. 2(b) (ii), 5(a) (ii);

        • Sched. G, par. 1(iv)

      • Participant specified to provide special drawing rights to permit another participant to meet reconstitution obligation, Sched. G, par. 1 (a) (iv)

      • Rules for first basic period, Sched. G, par. 1

      • Rules, review, Art. XXV, Sec. 6(b)

      • Special drawing rights held in General Account, availability for reconstitution, Art. XXV, Sec. 7(e)

    • Relief and reconstruction, Fund not intended to provide facilities for, Art. XIV, Sec. 1

    • Remuneration on members’ creditor positions:

      • Payment on amount by which 75 per cent of a member’s quota exceeded average of Fund’s holdings of the member’s currency, Art. V, Sec. 9

      • Relationship to distribution of net income, Art. XII, Sec. 6(b)

    • Replenishment of Fund’s holdings of currency;

      • see Scarce currencies

    • Reports:

      • Annual report, Art. XII, Sec. 7(a)

      • Audited statement of accounts, Art. XII, Sec. 7(a)

      • Exchange restrictions, annual report on, Art. XIV, Sec. 4

      • General scarcity of currency, report on, Art. VII, Sec. 1

      • Holdings by Fund of gold and of currencies of members, report to be issued, Art. XII, Sec. 7(a)

      • Other reports deemed desirable, Art. XII, Sec. 7(b)

      • Publication of report made to member regarding its economic conditions which tend to produce disequilibrium in members’ balance of payments, Art. XII, Sec. 8

      • Summary statement of transactions, Art. XII, Sec. 7(a)

    • Repurchases of currency held by the Fund:

      • Acceptance of special drawing rights, Art. XXV, Sec. 7(b) (i), 7(c) (ii)

      • Conditions governing repurchase, Art. V, Sec. 7(b), (c), (d);

        • Art. XVI, Sec. 1;

        • Sched. B

      • Revision of provisions, Art. V, Sec. 7(d);

        • Art. XII, Sec. 2(b) (ix)

      • Right to repurchase own currency from the Fund, Art. V, Sec. 7(a)

    • Reserve position in the Fund, Art. XXV, Sec. 3(a);

      • Art. XXXII(c);

      • Sched. G, par. 1(b)

    • Reserves of the Fund:

      • Placement of net income to, Art. XII, Sec. 6

      • Transfers to general reserve from any special reserve, Art. XII, Sec. 2(b)(x), 6(c)

    • Restrictions on payments and transfers;

      • see Exchange restrictions

    • Rules and regulations, adoption by Board of Governors and Executive Directors, Art. XII, Sec. 2(g)

    • Scarce currencies:

      • Administration of restrictions, Art.

      • VII, Sec. 4

      • Effect of other international agreements on restrictions, Art. VII, Sec. 5

      • Exception to obligation of member not to impose restrictions on current international transactions, Art. VIII, Sec. 2(a)

      • Exception to obligation of member to buy balances of currency held by another member, Art. VIII, Sec. 4(b) (iv)

      • Formal declaration of scarcity of Fund’s holdings of a member’s currency, Art. VII, Sec. 3

      • Measures to replenish Fund’s holdings of scarce currencies, Art. VII, Sec. 2;

        • Art. XXV, Sec. 7(d)

      • Relation to use of Fund’s resources, Art. V, Sec. 3(a) (ii)

      • Report on general scarcity of a particular currency to be issued by Fund, Art. VII, Sec. 1

    • Securities:

      • Inclusion in Fund’s holdings, Art. XIX(f)

      • Substitution for currency, Art. III, Sec. 5

    • Separate currencies;

      • see Par values

    • Service charges;

      • see Charges

    • Special Drawing Account (see also Obligations of participants in Special Drawing Account;

      • Participants in Special Drawing Account):

      • Administration, Art. XXII;

        • Art. XXVII

      • Decisions affecting operations and transactions, majorities required, Art. XXVII(a) (iv)

      • Entry into force, Art. XXIII, Sec. 1

      • Establishment and functions, Introductory Article

      • Expenses of conducting business, reimbursement to General Account, Art. XXII, Sec. 2;

        • Art. XXV, Sec. 7(b) (ii); Art. XXVI, Sec. 4, 5

      • General obligations of participants, Art. XXVIII

      • Interest and charges, Art. XXVI;

        • Art. XXX, Sec. 3

      • Liquidation, Art. XXXI;

        • Sched. I

      • Participants, Art. XXIII, Sec. 1

      • Right of members to participate, Introductory Article

      • Separation from General Account, Introductory Article;

        • Art. XXII, Sec. 1, 2

      • Suspension of operations in event of emergency or unforeseen circumstances, Art. XXIX, Sec. 1

      • Termination of participation, Art. XXX;

        • Sched. H

    • Special drawing rights (see also Charges;

      • Interest on special drawing rights;

      • Special Drawing Account):

      • Allocation and cancellation, Art. XXIV

      • Authority of Fund to allocate, Art. XXI, Sec. 1

      • Basic periods for allocation and cancellation, Art. XXIV, Sec. 2, 3, 4;

        • Art. XXV, Sec. 5(c), 6(b);

        • Sched. F, G

      • Entitlement and obligation of participants to obtain from Fund to fulfill reconstitution obligation, Sched. G, par. 1(a) (iv)

      • Entitlement and obligation of participants to obtain from Fund to pay charges or assessments, Art. XXVI, Sec. 5

      • Entitlement of participant to use to obtain currency, Art. XXV, Sec. 2

      • Exchange rates for operations and transactions between participants, Art. XXV, Sec. 8

      • First decision to allocate, Art. XXIV, Sec. 1(b), 2(a), 4(b)

      • General Account as holder, Art. XXIII, Sec. 2;

        • Art. XXV, Sec. 7

      • Immunity from taxation, Art. XXVII (b)

      • Inclusion in members’ monetary reserves, Art. XXV, Sec. 7(a)

      • Negative balances, Art. XXIV, Sec. 2(f);

        • Art. XXV, Sec. 3(c), 5(a) (ii), 7(e);

        • Art. XXVI, Sec. 2

      • Net cumulative allocation, definition, Art. XXXII(a)

      • Nonacceptance of allocation (opting out), Art. XXIV, Sec. 2(e)

      • Other holders, Art. XXIII, Sec. 3

      • Principles and considerations governing allocation and cancellation, Art. XXIV, Sec. 1

      • Proper use, obligations of participants to collaborate with Fund, Art. XXVIII

      • Rates for allocation and cancellation, Art. XXIV, Sec. 2(b), 3, 4(c) (iii), 4(d)

      • Reconstitution of holdings, Art. XXV, Sec. 6;

        • Sched. G

      • Recording of changes in holdings, Art. XXII, Sec. 3

      • Redemption by Fund of special drawing rights held by a terminating participant, Art. XXX, Sec. 2(b), 6

      • Redemption in event of liquidation, Sched. I, par. 1, 2, 3, 4

      • Requirement of need, Art. XXV, Sec. 3

      • Suspension of transactions, Art. XXIX

      • Termination of effect of non-acceptance (opting back in), Art. XXIV, Sec. 2(e)

      • Unexpected major developments, Art. XXIV, Sec. 3

      • Unit of value, Art. XXI, Sec. 2

      • Use for payment of interest, charges and assessments, Art. XXVI, Sec. 5;

        • Art. XXX, Sec. 2(a)

      • Use in operations and transactions authorized by Agreement, Art. XXV, Sec. 1

      • Use in replenishment of holdings of currency in General Account, Art. XXV, Sec. 7(d)

      • Use in transactions between participants, Art. XXV, Sec. 2, 8

    • Spot exchange transactions, permissible margins for transactions between currencies of members within their territories, Art. IV, Sec. 3

    • Stabilization fund:

      • Agency dealing with Fund, Art. V, Sec. 1

      • Currency liabilities to, Sched. B, par. 6

      • Holdings of member, Art. XIX(b)

    • Staff:

      • Appointment and organization, Art. XII, Sec. 4(b), (d)

      • Duty to the Fund, Art. XII, Sec. 4(c)

      • Immunities and privileges, Art. IX, Sec. 8, 9(b)

      • Managing Director, chief of operating staff, Art. XII, Sec. 4(b)

      • Provision for, Art. XII, Sec. 1

    • Status, immunities and privileges:

      • Accord to Fund in territories of each member, Art. IX, Sec. 1

      • Action by each member in its own territories, Art. IX, Sec. 10

      • Freedom of assets from restrictions, Art. IX, Sec. 6

      • Immunities and privileges of officers and employees, Art. IX, Sec. 8

      • Immunities from taxation, Art. IX, Sec. 9;

        • Art. XXVII(b)

      • Immunity from judicial process, Art. IX, Sec. 3

      • Immunity from other action, Art. IX, Sec. 4

      • Immunity of archives, Art. IX, Sec. 5

      • Juridical personality of Fund, Art. IX, Sec. 2

      • Privilege for communications, Art. IX, Sec. 7

      • Status of Fund, Art. IX, Sec. 2

    • Subscriptions (see also Quotas):

      • Adjustment in currency payments when value of currency has increased or depreciated, Art. IV, Sec. 8

      • Amount to be transmitted to U.S. Government when Agreement is signed for establishment of Fund, Art. XX, Section 2(d)

      • Decisions on payment, or mitigating effects of payment, of quota increases resulting from a general review, Art. III, Sec. 4(c);

        • Art. XII, Sec. 2(b) (ii)

      • Equal to member’s quota, Art. III, Sec. 3(a)

      • Payment in gold, Art. III, Sec. 3(b)

      • Payment in member’s currency, Art. III, Sec. 3(c)

      • Payments when quotas are changed, Art. III, Sec. 4

      • Place and time of payment, Art. III, Sec. 3(a)

      • Repayment in case of liquidation, Sched. E, par. 1

    • Suspension of transactions:

      • All transactions, Art. XVI, Sec. 2(a)

      • In event of emergency or unforeseen circumstances, Art. XVI, Sec. 1;

        • Art. XXIX, Sec. 1

      • Participant that has failed to comply with rules for reconstitution of special drawing rights, Sched. G, par. 2

      • Participant that has failed to fulfill obligations with respect to special drawing rights, Art. XXIX, Sec. 2

    • Taxation, immunities from, Art. IX, Sec. 9;

      • Art. XXVII(b)

    • Termination of participation in Special Drawing Account, Art. XXX;

      • Sched. H

    • Territories (see also Enemy-occupied territories):

      • Acceptance of Fund Agreement in respect of, Art. XX, Sec. 2(g)

      • Changes in par value of separate currency, Art. IV, Sec. 9

      • Par value of separate currencies in territories, Art. XX, Sec. 4(g)

      • Prevention by members of transactions contrary to Fund Agreement, Art. XI, Sec. 1

      • Unenforceability of exchange contracts in, Art. VIII, Sec. 2(b)

    • Trade, international, facilitation of expansion and balanced growth, Art. I(ii)

    • Transitional arrangements, Art. XIV, Sec. 2, 3, 5;

      • Art. XIX(d), (g)

    • Transitional period:

      • Annual report on exchange restrictions, Art. XIV, Sec. 4

      • Calculation of monetary reserves, Art. XIX(g)

      • Consultations, annual, on restrictions in force, Art. XIV, Sec. 4

      • Nature of, Art. XIV, Sec. 5

      • Notification to the Fund, Art. XIV, Sec. 3

      • Representation by Fund to member on exchange restrictions, Art. XIV, Sec. 4

      • Restrictions on payments, Art. XIV, Sec. 2

      • Withdrawal of exchange restrictions by member, Art. XIV, Sec. 2, 4

    • Treasuries:

      • Agency dealing with Fund, Art. V, Sec. 1

      • Currency liabilities to, Sched. B, par. 6

      • Official holdings of member, Art. XIX(b)

    • Unexpected major developments, reason for change in rates or intervals of allocation or cancellation of special drawing rights, Art. XXIV, Sec. 3

    • United States dollars:

      • Expression of par values in terms of, Art. IV, Sec. 1

      • Net official holdings of, by member, Art. III, Sec. 3(b) (ii), (d);

        • Art. XIX(h)

      • Partial payment of subscription in, to meet administrative expenses, Art. XX, Sec. 2(d)

      • Weight and fineness, Art. IV, Sec. 1;

        • Art. XII, Sec. 5(c)

    • United States Government:

      • Deposit of Fund Agreement in archives of, Signature and depository clause, p. 604

      • Deposit of instrument of acceptance with, Art. XX, Sec. 2(a)

      • Obligation to inform members of acceptance of Fund Agreement, Art. XX, Sec. 2(c)

      • Obligation to transmit certified copies of Agreement to governments listed in Schedule A and new members, Signature and depository clause, p. 604

      • Partial payment of subscription transmitted to, for administrative expenses, Art. XX, Sec. 2(d)

    • Use of Fund’s resources (see also Exchange transactions of and with the Fund;

      • General Account; Special drawing rights):

      • Availability for temporary use under adequate safeguards, Art. I(v)

      • Capital transfers, Art. VI, Sec. 1, 2;

        • Art. XVI, Sec. 1

      • Charges, Art. V, Sec. 8;

        • Art. XVI, Sec. 1

      • Conditions governing use, Art. V, Sec. 3;

        • Art. XVI, Sec. 1

      • Effect of unauthorized changes of par values, Art. IV, Sec. 6

      • Eligibility after establishment of par values, Art. XX, Sec. 4(c)

      • Eligibility after payment in full of subscription, Art. III, Sec. 3(a)

      • Eligibility prior to establishment of par value, Art. XX, Sec. 4(d) (ii)

      • Gold tranche purchases, Art. V, Sec. 3(a) (iii), (d);

        • Art. VI, Sec. 2;

        • Art. XVI, Sec. 1;

        • Art. XIX(j)

      • In accordance with purposes of Fund, Art. V, Sec. 3(c)

      • Ineligibility, Art. IV, Sec. 6;

        • Art. V, Sec. 5;

        • Art. VI, Sec. 1(a);

        • Art. XXIX, Sec. 2(f)

      • Ineligibility if member fails to fulfill its obligations, Art. XV, Sec. 2(a), (b);

        • Art. XXIX, Sec. 2(f)

      • Ineligibility if member persists in maintaining restrictions, Art. XIV, Sec. 4

      • Limitation because of use of resources contrary to Fund’s purposes, Art. V, Sec. 5

      • Member whose metropolitan territory has been occupied by the enemy, Art. XX, Sec. 4(d)

      • Not for relief or reconstruction, Art. XIV, Sec. 1

      • Policies to assist members to solve balance of payments problems, Art. V, Sec. 3(c)

      • Postponement of exchange transactions with a member, Art. XX, Sec. 4(i)

      • Purchase of currency of member which has withdrawn, Sched. D, par. 5

      • Temporary suspension, Art. XVI, Sec. 1

      • Waiver of conditions, Art. V, Sec. 4

    • Voting:

      • Allocation and cancellation of special drawing rights, decisions on, Art. XXIV, Sec. 4(d)

      • Amendments to Agreement, Art. XVII(a), (b)

      • Board of Governors, extension of suspension of certain provisions, Art. XVI, Sec. 1(c)

      • Board of Governors, increase of number of elective Executive Directors, Art. XII, Sec. 3(b)

      • Board of Governors’ meetings or decisions on matters pertaining exclusively to the Special Drawing Account, Art. XXVII(a) (ii)

      • By Governors for Executive Directors, Art. XII, Sec. 3(b) (iii), (iv);

        • Sched. C

      • By Governors without meeting, Art. XII, Sec. 2(f)

      • Call of meetings of Board of Governors by Executive Directors, Art. XII, Sec. 2(c)

      • Changes in proportion of votes required to elect Executive Directors, Art. XII, Sec. 3(d)

      • Changes in rates of charges, Art. V, Sec. 8(e)

      • Committee on Interpretation, Art. XVIII(b);

        • Art. XXVII(c)

      • Election of Executive Director to fill vacancy, Art. XII, Sec. 3(f)

      • Executive Directors’ decisions on matters pertaining to Special Drawing Account, Art. XXVII (a) (iii)

      • Extension of suspension of certain provisions of Agreement, Art. XVI, Sec. 1(c)

      • Maintenance of gold value of Fund’s assets, Art. IV, Sec. 8(d)

      • Majority of votes cast required in Fund decisions unless otherwise provided for, Art. XII, Sec. 5(d)

      • Number of votes, appointed and elected Executive Directors, Art. XII, Sec. 3(f)

      • Number of votes, Governors, Art. XII, Sec. 2(e)

      • Number of votes, members, Art. XII, Sec. 5

      • Payment, or mitigating effects of payment, of quota increases as a result of a general review, Art. III, Sec. 4(c)

      • Prescription of additional transactions or categories of transactions in special drawing rights, Art. XXV, Sec. 2(b) (ii)

      • Prescription of other holders of special drawing rights, Art. XXIII, Sec. 3

      • Publication of reports to members on economic conditions tending to produce disequilibrium in members’ balance of payments, Art. XII, Sec. 8

      • Quotas, change proposed as a result of a general review, Art. III, Sec. 2

      • Quotas, other changes, Art. III, Sec. 2

      • Rate of remuneration on members’ creditor positions, Art. V, Sec. 9(a)

      • Reconstitution rules, Art. XXV, Sec. 6

      • Revision of percentages used in calculation of repurchases, Art. V, Sec. 7(d)

      • Termination of suspension of certain provisions of Agreement by Executive Directors, Art. XVI, Sec. 1(d)

      • Uniform changes in par values, Art. IV, Section 7, 8(d)

      • Weighted voting, Art. XII, Sec. 2(e), 3(i), 5

      • Without meeting, Governors, Art. XII, Sec. 2(f)

    • Waiver of conditions governing use of Fund’s resources, Art. V, Sec. 4

    • Withdrawal from membership;

      • see Members, withdrawal

    • Working balances, holdings in excess of, Art. XIX(c)

    Appendix IX Selected By–Laws

    Sec. 6. Agenda of Meetings of the Board of Governors

    (a) Under the direction of the Executive Directors, the Managing Director shall prepare a brief agenda for each meeting of the Board of Governors and shall cause such agenda to be transmitted to each member of the Fund with the notice of such meeting.

    (b) Additional subjects may be placed on the agenda for any meeting of the Board of Governors by any Governor provided that he shall give notice thereof to the Managing Director not less than seven days prior to the date set for such meeting. In special circumstances the Managing Director, by direction of the Executive Directors, may at any time place additional subjects on the agenda for any meeting of the Board of Governors. The Managing Director shall cause notice of the addition of any subjects to the agenda for any meeting of the Board of Governors to be given as promptly as possible to each member of the Fund.

    Sec. 13. Voting Without Meeting

    (a) Whenever, in the judgment of the Executive Directors, any action by the Fund must be taken by the Board of Governors which should not be postponed until the next regular meeting of the Board and does not warrant the calling of a special meeting of the Board, the Executive Directors shall request Governors to vote without meeting.

    (b) The Executive Directors shall present to each member by any rapid means of communication a motion embodying the proposed action.

    (c) Votes shall be cast during such period as the Executive Directors may prescribe, provided that no Governor shall vote on any such motion until 7 days after dispatch of the motion, unless he is notified that the Executive Directors have waived this requirement. At the expiration of the period prescribed for voting, the Executive Directors shall record the results and the Managing Director shall notify all members. If the replies received do not include a majority of the Governors exercising two-thirds of the total voting power, which is required for a quorum of the Board of Governors, the motion shall be considered lost.

    Sec. 14. Terms of Service

    (d) It shall be the duty of an Executive Director and his Alternate to devote all the time and attention to the business of the Fund that its interests require, and, between them, to be continuously available at the principal office of the Fund; however, in the event that both an Executive Director and his Alternate are unable to be available at the principal office of the Fund for reasons of health, absence while on business of the Fund, or similar reasons, the Executive Director may designate a temporary Alternate to act for him for periods of time which shall not in the aggregate exceed fifteen business days in the course of any financial year. An Advisor to Executive Director may be designated to serve as a temporary Alternate for an additional aggregate period not exceeding fifteen business days. A temporary Alternate shall receive no salary or expense allowance for his services in this capacity.

    Sec. 19. Representation of Members Not Entitled to Appoint a Director

    (a) Each member not entitled to appoint a Director may, in accordance with the regulations provided in this section, send a representative to attend any meeting of the Executive Directors when a request made by, or a matter particularly affecting, that member is under consideration. A member, so electing, may waive its rights under this provision. The Executive Directors shall determine whether a matter under consideration particularly affects a member not entitled to appoint a Director, which determination shall be final.

    (b) Whenever a member not entitled to appoint a Director desires to present its views at the meeting of the Executive Directors at which a request the member has made is to be considered, it shall so notify the Fund when it makes the request and shall designate a representative for this purpose who shall be available at the seat of the Fund. Failure to give such notice or to designate an available representative shall constitute a waiver of the member’s right to present its views at the meeting.

    (c) Whenever the Executive Directors are to consider a matter which has been determined particularly to affect a member not entitled to appoint a Director, the member shall be promptly informed by rapid means of communication of the date set for its consideration. No final action shall be taken by the Executive Directors with respect to such matter, nor any question particularly affecting such member submitted to the Board of Governors, until the member has either waived its rights under paragraph (a) of this section or has been given an opportunity to present its views through an appropriately authorized representative at a meeting of the Executive Directors, of which the member has had reasonable notice.

    Sec. 21. Applications for Membership

    Subject to any special provisions that may be made for countries listed in Schedule A of the Articles of Agreement, any country may apply for membership in the Fund by filing with the Fund an application setting forth all relevant facts.

    When submitting an application to the Board of Governors, the Executive Directors after consultation with the applicant country shall recommend to the Board the amount of the quota, the form of payment, the parity of the currency, conditions regarding exchange restrictions, and such other conditions as, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe.

    Sec. 22. Compulsory Withdrawal

    Before any member is required to withdraw from membership in the Fund, the matter shall be considered by the Executive Directors who shall inform the member in reasonable time of the complaint against it and allow the member an adequate opportunity for stating its case both orally and in writing. The Executive Directors shall recommend to the Board of Governors the action they deem appropriate. The member shall be informed of the recommendation and the date on which its case will be considered by the Board and shall be given a reasonable time within which to present its case to the Board both orally and in writing. Any member so electing may waive this provision.

    Sec. 24. Settlement of Disagreements

    The President of the International Court of Justice is prescribed as the authority to appoint an umpire whenever there arises a disagreement of the type referred to in Article XVIII (c) or Article XXVII (d) of the Articles of Agreement.

    Sec. 25. Other Holders

    Applications to be permitted to accept, hold, and use special drawing rights under Article XXIII, Section 3, shall be filed with the Fund with all relevant facts. When submitting an application to the Board of Governors, the Executive Directors after consultation with the applicant shall recommend to the Board such terms and conditions as, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe.

    Appendix X Selected Rules and Regulations

    C-5. (a) Any Executive Director may participate in any meeting of the Executive Board or committees of the Executive Board.

    • (b) In the absence of the Managing Director, the Deputy Managing Director shall act as Chairman and shall have a deciding vote in case of an equal division. In the absence of both the Managing Director and the Deputy Managing Director, the Executive Director selected by the Executive Board shall act as Chairman. An Executive Director shall retain his right to vote when serving as Acting Chairman.

    C-6. The agenda for each meeting shall be prepared by the Chairman. The agenda shall include any item requested by an Executive Director.

    D-1. When a country applies for membership in the Fund, and the application is placed before the Executive Board, the Chairman shall announce a reasonable time to be allowed for discussion and preliminary investigation by the Executive Board before a decision is reached to proceed with the formal investigation. If this decision is in the affirmative the Fund may proceed to obtain all relevant information and discuss with the applicant any matters relating to its application. Any Executive Director may request such information to be added to the list requested of the applicant as in his opinion is relevant to the decision to be made. The Executive Board shall then decide whether to submit an application for membership with its views to the Board of Governors for a telegraphic vote or hold the application until the next meeting of the Board of Governors.

    D-4. When an application to be permitted to accept, hold, and use special drawing rights under Article XXIII, Section 3, is received by the Fund and it is placed before the Executive Board, the Chairman shall announce a reasonable time to be allowed for discussion and preliminary investigation by the Executive Board before a decision is reached to proceed with the formal investigation. If this decision is in the affirmative the Fund may proceed to obtain all relevant information and discuss with the applicant any matters relating to its application. Any Executive Director may request such information to be added to the list requested of the applicant as in his opinion is relevant to the decision to be made. The Executive Board shall then decide whether to submit an application with its views to the Board of Governors for a telegraphic vote or hold the application until the next meeting of the Board of Governors.

    F-4. For transactions in gold by a member the margin above and below par value shall be, at the option of the member, either:

    1. One quarter of one per cent plus the following charges:

    • (a) The actual or computed cost of converting the gold transferred into good delivery bars at the normal center for dealing in gold of either the buying member or the member whose currency is exchanged for the gold;

    • (b) The actual or computed cost of transporting the gold transferred to the normal center for dealing in gold of either the buying member or the member whose currency is exchanged for the gold;

    • (c) Any charges made by the custodian of the gold transferred for effecting the transfer; or

    2. One per cent, which one per cent shall be taken to include all of the charges set forth in 1 above.

    I-4. (a) As soon as possible after July 31, October 31, January 31 and April 30, the Fund shall notify each member by cable of the charges it owes to the Fund pursuant to Article V, Section 8 (c) or (d), for the three calendar months ending on each such date. These charges shall be payable within thirty days after the sending of such notice.

    • (b) Such charges payable by each member shall be computed on the basis of the “average of the holdings” which, as used in this section, means the average daily balances of its currency held by the Fund in excess of its quota calculated as follows:

      • (i) At the end of each calendar month there shall be averaged for each member the daily amounts by which the Fund’s holdings of its currency on the Fund’s books at the close of each day during that month have exceeded its quota on each such day;

      • (ii) The Fund’s holdings of each member’s currency shall consist of all of its currency except amounts, not in excess of 1/10 of 1 per cent of the member’s quota, in a special account to meet administrative expenses and amounts in sundry cash accounts.

    • (c) The period of time during which the Fund’s holdings of a member’s currency have been at a particular level shall be the continuous period of time during which the average of the holdings has not fallen below that level, and, in determining periods of time for the application of the charges, changes in the average of the holdings shall affect the calculation of time periods in the following way:

      • (i) Each increase in the average of the holdings shall create a new segment of the holdings which will be equal to the amount of the increase and the period of time during which each segment is held shall be measured from the beginning of the month in which the increase in the average of the holdings occurs.

      • (ii) Each decrease in the average of the holdings shall terminate the period of time during which the holdings have been in excess of the new average and the period of time shall terminate at the end of the month preceding that in which the decrease in the average of the holdings occurs.

    [Rule I-4 (d) and (e) have been omitted because the charges provided thereunder are no longer applicable to any segment of the Fund’s holdings. For the text, see the 22nd issue of the By-Laws and Rules and Regulations.]

    • (f) (1) With respect to each segment of the holdings of a member’s currency to the extent that it represents the acquisition of that currency by the Fund from January 1, 1954 through April 30, 1963:

      • (i) The charge to be levied on each segment to the extent that it is within the first bracket of 50 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next fifteen months, and an additional ½ per cent per annum for each subsequent six months.

      • (ii) The charge to be levied on each segment to the extent that it is within the second bracket of more than 50 per cent and not more than 75 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next nine months, and an additional ½ per cent per annum for each subsequent six months.

      • (iii) The charge to be levied on each segment to the extent that it is within the third bracket of more than 75 per cent and not more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next three months, and an additional ½ per cent per annum for each subsequent six months.

    • (2) With respect to each segment of the holdings of a member’s currency to the extent that it represents the acquisition of that currency by the Fund after April 30, 1963:

      • (i) The charge to be levied on each segment to the extent that it is within the first bracket of 50 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next fifteen months, and an additional ½ per cent per annum for each subsequent six months.

      • (ii) The charge to be levied on each segment to the extent that it is within the second bracket of more than 50 per cent and not more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next nine months, and an additional ½ per cent per annum for each subsequent six months.

      • (iii) The charge to be levied on each segment to the extent that it is within the third bracket of more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next three months, and an additional ½ per cent per annum for each subsequent six months.

    • (g) The Fund and the member shall consider means by which the Fund’s holdings of the currency can be reduced whenever the Fund’s holdings of a member’s currency are such that the charge under (f) above applicable to any segment for any period has reached the rate of 4 per cent per annum. Thereafter, the charges shall rise in accordance with (f) above, provided that the rate shall not increase beyond 5 per cent per annum when agreement is reached under this Rule for repurchase within three to five years after a drawing in accordance with Executive Board Decision No. 102-(52/11). In the case of agreements on means to reduce the Fund’s holdings beyond five years, the Fund may adopt higher maximum rates. In the absence of agreement on means to reduce the Fund’s holdings, the Fund may impose such charges as it deems appropriate after the rate of 5 per cent is reached. When an agreement for repurchase within three to five years after a drawing is not reached or observed, the charges to be imposed shall rise in accordance with (f) above, provided that when the charges payable on any segment have reached 6 per cent the Fund will review the charges to be imposed thereafter. In the case of non-observance, if 5 per cent is payable on any segment at the date of non-observance, it shall continue to be payable only for that part of a period of six months for which it has not yet been payable; and when the repurchases to which the non-observance relates are made or a new agreement for repurchase not later than five years after the drawing is made all charges in excess of 5 per cent shall be reduced to 5 per cent.

    • J-1. (a) The accounts of the General Account shall be kept in terms of the currencies held in the General Account and in terms of special drawing rights, except that administrative receipts and expenditures shall be recorded in terms of currencies and summarized in special drawing rights. For this purpose, currencies shall be converted at their par values or in accordance with decisions of the Fund.

      • (b) The accounts of the Special Drawing Account shall be kept in terms of the unit of value of special drawing rights.

    K-1. The Managing Director shall report to the Executive Board any case in which it appears to him that a member is not fulfilling obligations under the Fund Agreement that could lead to the application of the provisions of Article XV, Section 2.

    K-4. Before any member is declared, pursuant to Article XV, Section 2 (a), ineligible to use the resources of the Fund, the matter shall be considered by the Executive Board, who shall inform the member in reasonable time of the complaint against it and allow the member an adequate opportunity for stating its case both orally and in writing.

    M-1. The Fund may request the cooperation of any member with a view to the application of appropriate measures to prevent transactions with non-members or with persons in their territories, contrary to the provisions of the Agreement or the purposes of the Fund.

    M-2. When the Fund finds that a member or any of its fiscal agencies referred to in Article V, Section 1, engages in any transaction with or cooperates in practices with a non-member or with persons in a non-member’s territory, contrary to the provisions of the Agreement or the purposes of the Fund, it shall present to the member a report setting forth its views and may request the cessation or modification of the transactions or practices.

    M-3. A member shall inform the Fund promptly and in detail of any restrictions which it imposes on exchange transactions with non-members or with persons in their territories.

    M-4. Any member may notify the Fund of restrictions imposed by a member on exchange transactions with non-members or with persons in their territories which are deemed to prejudice the interests of members and to be contrary to the purposes of the Fund.

    M-5. When the Fund finds that the restrictions imposed by a member on exchange transactions with non-members or with persons in their territories are prejudicial to the interests of members and contrary to the purposes of the Fund, it shall present to the member a report setting forth its views and may request the abolition or modification of the restrictions.

    M-6. The Fund deems that it would be prejudicial to the interests of members and contrary to the purposes of the Fund for a member to impose restrictions on exchange transactions with those non-members having entered into special exchange agreements under the General Agreement on Tariffs and Trade, or with persons in their territories, which the member would not in similar circumstances be authorized to impose on exchange transactions with other members or persons in their territories. Therefore, pursuant to Article XI, Section 2, members should not institute restrictions on exchange transactions with such non-members, or persons in their territories, unless the restrictions (a) if instituted on transactions with other members, or persons in their territories, would be authorized under the Fund Agreement, or (b) have been approved in advance by the Fund. Requests for prior approval shall be submitted in writing with a statement of reasons.

    N-2. Persons on the staff of the Fund shall be nationals of members of the Fund unless the Executive Board authorizes exceptions in particular cases.

    Appendix XI
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    INDEXES

    Index A. Subjects

    References are to pages, and those including the letter n are to footnotes.

    • Abstention from voting, 65–66, 338

    • Administrative expenses, deposit to meet, 16n, 191, 376

    • Admission of new members, 19–40, 474

      • conditions, see Membership resolution: terms

      • formal investigation, 21–24, 27

      • former enemy states, 9, 17, 22, 31, 50, 71–72, 75, 78, 125;

        • see also Austria;

        • Finland;

        • Germany;

        • Japan;

        • Italy

      • forms, 25

      • information required, 204, 488

      • majority required, 31

      • organs exercising power, 19–24, 487–89, 495–97

      • procedures, 24–40, 468, 487–94

      • rejection, 22–23

      • reservation by applicant, 29–30, 33–34, 468

      • terms, see Membership resolution

    • Afghanistan, 194, 199, 217

    • Aftermath of war, 125–29

    • Agreements of Fund with nonmembers, 462–63, 484

      • Switzerland, 457–61, 463, 484, 546–49

    • Alaska, 246

    • Albania, 324

    • Algeria, 184, 247

    • Algerian Sahara, 247

    • Allocation and cancellation of SDRs, see Special Drawing Account

    • Amalgamation, 295–308

      • joint territories, 306–308

      • Tanzania, 302–306

      • United Arab Republic, 68, 103, 295–302, 304, 308, 479–80

    • Amendment, see Articles of Agreement;

      • Membership resolution

    • American Republics: election of executive directors, 30, 65, 69, 149, 470

    • Arbitration on withdrawal, 388–90

    • Argentina, 13, 30

    • Articles of Agreement

      • amendment, 31, 34, 155, 309–10, 313, 315, 333–34, 473

      • entry into force, 17–18

      • interpretation by Fund, 34, 38, 168, 362, 364–65, 368, 371, 388–90, 431, 483

      • see also Index B

    • Associate membership, 144, 232–33, 478

    • Atlantic Charter, 7

    • Australia, 9, 11, 13, 15, 18, 45, 228, 272

      • mandate, 255

      • quota, 149

      • trusteeship agreement, 252, 255–56

    • Austria, 267

      • Allied Commission, 76–78

      • application, 76–78, 86–87, 109, 125, 470

      • former enemy status, 78, 125, 267

      • gold subscription, 188

      • membership resolution, 183

    • Bahamas, 60, 324n

      • gold subscription, 180, 190–91

      • membership resolution, 60, 191, 216, 508–11

    • Bahrain, 147, 170

    • “Bancor,” 12

    • Bangladesh, 58, 224n, 284–85n, 324

    • Bank for International Settlements (bis), 17, 453

    • Barbados, 29, 33n, 103, 147, 436

    • Basic votes, see Voting power

    • Belgian Congo, 244

    • Belgium, 11, 13, 15, 17, 70, 228, 268

      • currency, 101–102

      • dependent territories, 226–41, 243–44, 247, 256, 270

      • quota, 149

      • trusteeship agreement, 252

    • Berlin, Western, 418–22

    • Bhutan, 324

    • Board of Governors, 19–24, 467–68

      • abstention from voting, 65

      • appointment of governors, 64

      • committees, 71–72, 292, 368–69, 370, 388;

        • see also Committee on Reform of the International Monetary System and Related Issues

      • election of executive directors, 65

      • quorum, 155

      • voting power, 338

    • Bolivia, 11, 13, 15, 17

    • Borneo, North, 274–75

    • Botswana, 33n, 97–100, 147

    • Boundaries of territories, uncertainty, 50, 86–87

    • Brazil, 9, 11, 13, 15, 18

    • Bretton Woods Conference, 13–14, 22, 33, 38, 44–45, 49, 52, 69, 125, 127, 129–41, 158, 218, 398, 399, 467, 477, 483

    • Bretton Woods formula, 171–75, 295

    • Bretton Woods legislation, see Enabling legislation and Index F

    • British Caribbean Currency Board, 103

    • British Dominions, 45–47, 273, 290

    • Brunei, 110, 112, 113

    • Buffer stock financing facility, 220–21

    • Bulgaria,. 324

    • Burma, 33n, 142, 275

      • changes in rates before par value, 196

      • enabling legislation, 33

      • gatt, 231

      • gold subscription, 184

      • independence, 271;

        • see also Index F

      • par value, 196–97

    • Burundi, 124, 173, 178, 188n;

      • see also Ruanda-Urundi

    • By-Laws, see Index C

    • Cameroon, 123, 186–87, 247

    • Canada, 9, 11, 13, 15, 17, 45, 273

      • proposals for an International Exchange Union, 12

      • quota, 149

    • Capacity to perform obligations, see Criteria for membership

    • Central African Republic, 123, 148, 186

    • Ceylon (Sri Lanka), 4, 204

      • gatt, 231, 436

      • gold subscription, 4

      • independence, 271–72n;

        • see also Index F

      • membership in un, 272n

    • CFA franc, 117–23, 186

    • Chad, 123, 148, 186

    • Chandernagore, 273

    • Charges on use of Fund’s resources, 346, 347, 349–50, 357, 377–78, 380–81, 382–85, 396, 404

    • Chile, 11, 13, 15, 17

    • China, 9, 11, 13, 15, 17, 84

      • abstention from voting, 65

      • challenge of credentials, 67–68

      • quota, 146, 294n

    • Cocos Islands, 272, 275

    • Colombia, 11, 13, 15, 17

    • Colonies, 8, 45, 245–46, 247–48

    • Committee of Twenty, see Committee on Reform of the International Monetary System and Related Issues

    • Committee on Reform of the International Monetary System and Related Issues, 163, 223–24, 225, 461, 477

      • First Outline of Reform, 225

      • structure, 223

    • Committee, see also Board of Governors;

      • Executive Directors

    • Common currency, see Currency: common

    • Compensatory financing of export fluctuations, 202–203, 204, 220, 284–85n

    • Competing governments, problems of, see Governments: competing

    • Conditions of admission, see Membership resolution: terms

    • Condominium, 257–61

    • Congo, People’s Republic, 147

    • Congo, Republic of, see Belgian Congo;

      • Zaïre

    • Constitutional changes, 283–308, 479;

      • see also Amalgamation;

      • Territorial changes

    • Cook Islands, 257

    • Costa Rica, 11, 13, 15, 18

    • Council of Europe, 263

    • “Country,” meaning of, 41, 43–52, 53, 86, 468–69, 470

    • Criteria for membership, 3, 23, 41–89

      • ability to perform obligations, 43, 71–86, 114, 157–59, 469–70, 473–74

      • boundaries of territories, 50, 86–87

      • control of foreign relations, 41–43, 71–86, 159, 470, 474

      • currency, 43, 90–91, 471

      • evaluation of, 157–60

      • meaning of “country,” “government,” “state,” “nation,” 41, 43–55, 86, 468–69, 470

    • Cuba, 11, 13, 15, 18, 39, 324

      • abstention from voting, 65

      • gatt, 438

      • quota, 343

      • withdrawal and settlement, 66, 326, 342–44, 379–81, 481, 528n

    • Currency

      • as criterion for membership, 43, 90–91, 471

      • common, 105–24, 186, 471

      • domestic currency not main circulating medium, 92–97

      • liabilities, 111, 281

      • no domestic currency, 91–92, 471

      • of another member as domestic currency, 97–100

      • of nonmember, see Ex-members

      • separate currency of dependent territories, 259

      • two or more currencies, 100–105

    • Cyprus, 147, 185, 188

    • Czechoslovakia, 11, 13, 15, 17, 39, 324

      • abstention from voting, 65

      • gatt, 438

      • ineligibility to use Fund’s resources, 345–60

      • withdrawal and settlement, 164, 360–72, 377–79, 472, 481–82, 528n

    • Dahomey, 117, 120, 148

    • Date of membership, 521–29

    • Declaration of United Nations, 13, 49

    • Denmark, 13–14, 15, 18, 44, 228

    • Dependencies

      • admission to gatt, 230–33

      • associate membership, 232–33, 478

      • categories, 8, 245–69, 477–78

      • cessation of control of, 277–80

      • cessation of responsibility under Art. XX, Sec. 2(g), 270–76, 478

      • change of status, 280–82

      • exchange regimes, 239–42, 478

      • foreign relations, 235–37

      • nonadmission to Fund membership, 228–34, 478

      • occupation, 266–69

      • par value, 227, 238–39

      • relations with member, 242–44

      • responsibility of member, 236–39, 478

      • territory under “authority” of member, 255, 257, 261–65, 266–67, 478

    • Deposit, special, for Fund’s administrative expenses, 16n, 191, 376

    • Depositary of Fund’s Articles, 38

    • Depository of Fund’s holdings of members’ currencies, 54, 99, 491, 492–93

    • Developing countries, 218–21, 224, 225, 477

      • Group of Twenty-Four, 163

    • Djibouti franc, 240

    • Dominican Republic, 11, 13, 15, 17, 94, 100

    • Dominions, see British Dominions

    • “Drawing rights” in Fund, 315

    • East African Currency Board, 113, 115–16, 188n

    • Economic Commission for Europe (ece), 268

    • Ecuador, 11, 13, 15, 17

    • Egypt, 11, 13, 15, 17

      • amalgamation with Syria, 68, 103, 295–302, 304, 308, 479–80

    • El Salvador, 11, 13, 15, 18, 146

    • Enabling legislation, 33–34, 36, 204, 256–57, 489

    • Enemy status, former, 9, 17, 22, 31, 50, 268

      • Austria, 78, 125, 267

      • Finland, 125–26, 165

      • Germany, 79–83, 267

      • Japan, 83–86, 267

      • Italy, 71–72, 75, 125, 165, 182, 267

      • objection to membership, 83, 268

    • Equality of members, see Formal equality of members

    • Equatorial Guinea, 29, 147

    • Eritrea, 305

    • Ethiopia, 11, 13, 15, 17, 305

    • Euro-dollar loan agreements, 400–401

    • European Economic Community (eec), 319

      • voting power of members in Fund, 319

    • Exchange rates, 80, 193–97, 198, 281, 341, 346, 359

      • fluctuating, Fund’s attitude toward, 341

    • Exchange transactions with Fund, 198–204

      • before par value established, 199–203

    • Executive Directors

      • committees, membership, 27–30

      • decisions, see Index D

      • formal voting, 357

      • in relation to admission of new member, 19–24

      • recommendations to Board of Governors on membership, 30–31

    • Executive directors

      • advisors, 154

      • alternates, 153;

        • temporary, 153

      • elected by African members, 150–53

      • increase in number, 20, 30, 69, 151, 535

      • representing small states, 150–53

      • rules of election, 65, 151–52

      • terms of service, 64–65

      • votes entitled to cast, 215

    • Ex-members

      • currencies, 98, 374–76, 377, 395–97

      • membership in other international organizations, 397–99

      • nonrecognition of exchange controls, 391–93

      • personnel in Fund, 397

      • re-entry, 212–13

      • see also Nonmembers;

        • Withdrawal from Fund

    • Fiji, 147, 238, 272

    • Finland,

      • former enemy status, 125–26, 165

      • gold subscription, 183

      • membership resolution, 198

      • par value, 194

    • Fiscal agency, 53–54, 55, 96, 491, 494

    • Food and Agriculture Organization (fao), 44, 233, 344

    • Foreign relations, control of, see Criteria for membership

    • Formal equality of members, 217–25, 477

    • Formal voting, 357

    • Founder-states, 7–8, 14

    • France, 11, 13, 15, 17, 44, 70, 76, 119–20, 123, 228, 250

      • as occupying power, 79, 82

      • dependent territories, 238–41, 260, 270, 273

      • ineligibility to use Fund resources, 335, 339

      • quota, 146, 149

      • representation at Bretton Woods Conference, 44

      • Suggestions Regarding International Monetary Relations, 12

      • trusteeship agreement, 252

      • Vichy government, 183, 247

    • French Territory of the Afars and the Issas (French Somaliland), 239–40, 241

    • Gabon, 123, 147, 186

    • Gambia, The, 147

    • General Agreement on Tariffs and Trade (gatt), 356, 359, 363–64, 399, 484

      • dependent territories, 230–32

      • developing countries, 218

      • in relation to nonmembers of Fund, 327, 426–45

      • special exchange agreements, 399, 426–45, 483–84;

        • basic text, 429, 483, 536–45;

        • obligations in absence of, 438–45;

        • obligations under, 231, 426–36;

        • restrictions against signatories of, 449–51;

        • waiver of, 438–39, 483

    • General Arrangements to Borrow, 222, 457–61, 463, 484, 546–49

    • Germany, 17, 50, 251, 261–62, 265, 267, 324n, 417

      • application, 79–83, 86–87, 109, 470

      • Contractual Agreement, 82–83

      • former enemy status, 79–83, 267

      • gatt, 436

      • membership resolution, 82, 86–89, 197, 523

      • Occupation Statute, 79–80, 82–83, 197

      • quota, 149

      • see also Berlin, Western, and Index F

    • Ghana (Gold Coast), 26, 60, 90, 92, 124

      • gold subscription, 184

    • Gold

      • free purchase and sale, 240–41, 243

      • looted, 126–27

      • service to members, 462–63

      • subscription, 176, 180–82, 183–92, 216, 475–76, 490–91, 503–504;

        • arrangements for members to pay, 178, 190

      • subsidy arrangements, 236, 245

      • tranche policy, 176–77, 204

      • transactions at premium prices, 243–44, 414, 423–25, 463

      • transactions involving nonmembers, 423–25

    • Governments

      • change of, 61–66, 470

      • competing, 57, 66–68

      • in relation to membership, 52–55

      • recognition of, 61–68, 470

    • Greece, 11, 13, 15, 17

    • Group of Ten, 163, 222, 313–14, 461

      • deputies’ meetings with executive directors, 313

    • Group of Twenty-Four, 163

    • Guam, 246

    • Guatemala, 11, 13, 15, 17

    • Guyana, 69, 147

    • Haiti, 11, 13, 15, 18, 33, 148, 436, 529

    • Hawaii, 246

    • Honduras, 11, 13, 15, 17

    • Hong Kong, 45, 238

    • Hungary, 324, 442–43

    • Iceland, 13, 15, 17, 146, 147

    • Increase in membership and effects, 149–56, 473, 535

    • India, 9, 11, 13, 15, 17, 45, 149, 273

      • change in territory, 284, 289–95, 479

      • enabling legislation, 33

      • independence, 251, 287, 289;

        • see also Index F

      • membership in Fund, 35, 289–95

      • membership in un, 286–89

      • position at San Francisco Conference, 47

      • quota, 289, 291–95, 479

    • Individual membership, 68–71

    • Indonesia, 275

      • agreement with gatt, 436

      • application, 204–205

      • gold subscription, 384, 386

      • membership resolution, 189, 202, 205n, 216, 384, 511–15;

        • amendment, 32, 202, 208, 524, 529n

      • quota, 385

      • re-entry—Fund, 205–206, 212–13, 214, 285, 383, 385, 476

      • separation from Netherlands, 270–71, 274n, 422–23

      • West-Irian, 274–75

      • withdrawal and settlement—Fund, 205–206, 213, 344, 381–86, 481, 529

      • withdrawal and re-entry—un, 212–13, 344

    • Ineligibility to use Fund’s resources, 334–36, 337–42

      • Cuba, 340

      • Czechoslovakia, 340, 345–60, 361–62, 481

      • France, 335, 339, 481–82

    • Information to be supplied to Fund, 135–36, 343–44

      • by applicants, 204, 211, 488

      • by members, 135–36, 343–44, 346, 349, 351, 354–55, 361–63, 366–67, 369, 371

      • U.S.S.R.’s position at Bretton Woods, 135–36

    • Instrument of acceptance, 33–34, 36, 210–11, 422, 468, 490, 502

      • depositary, 38, 490

    • Inter-American Development Bank (idb), 310n, 316

    • Intergovernmental Maritime Consultative Organization (imco), 44

    • International Atomic Energy Agency, (iaea), 44

    • International Bank for Reconstruction and Development (ibrd; World Bank), 17, 28, 44, 175, 290, 383

      • affiliates, 310–12;

        • see also International Development Association;

        • International Finance Corporation

      • effects of withdrawal from Fund on loan agreements, 399–401

      • membership, Fund policy to encourage, 326

      • membership, parallel action in Bank and Fund, 25, 28–29, 36, 56, 146, 271, 275, 291, 326–27, 397–99, 472, 480, 482

    • International buffer stocks, see Buffer stock financing facility

    • International Civil Aviation Organization (icao), 31, 43

    • International Centre for Settlement of Investment Disputes (icsid), 327n

    • International Court of Justice

      • Advisory Opinions and Judgments, see Index E

      • see also Permanent Court of International Justice

    • International Development Association (ida) 44, 218, 311–12, 316, 327

      • dependent territories of member, 229–30

      • membership, 398–99

      • structure, 311–12

    • International Finance Corporation (ifc), 44, 310–12, 316, 327

      • dependent territories of member, 229–30

      • membership, 398–99

      • structure, 311–12

    • International Labour Organization (ilo), 43, 235

    • International personality, 43, 45, 46, 304–305, 413, 456–63, 479, 484

    • International Telecommunication Union (itu), 233

    • International Trade Organization (ito), 363, 399, 437

    • Interpretation by Fund of its Articles, 34, 38, 168, 362, 364–65, 368, 371, 388–90, 431, 483

    • Iran, 13, 15, 17, 180

    • Iraq, 11, 13, 15, 17

    • Italy, 267

      • application, 71–76, 86–87, 109, 125, 470

      • conditions of armistice, 73–75

      • exchange market, 209

      • former enemy status, 71–72, 75, 125, 165, 182, 267

      • gold subscription, 182

      • initial par value, 217

      • instrument of surrender, 74

      • membership resolution, 75–76, 196, 200, 210

      • quota, 149, 182

    • Ivory Coast, 117, 120, 143

    • Jamaica, 102, 103

    • Japan, 17, 126, 267, 417

      • application, 83–86, 109, 470

      • former enemy status, 83–86, 267

      • membership resolution, 86

      • opposition to membership, 86

      • quota, 149

    • Joint Statement by Experts on the Establishment of an International Monetary Fund, 12, 13–14, 137, 139

    • Jordan, 53

    • Kenya, 60, 113–14, 115, 117, 178, 188n

      • par value, 116

      • quota, 179

    • Keynes Plan, 7, 9, 129

    • Korea, 50, 324

      • application, 23, 52, 325–26

      • consideration of membership in un, 57, 325

      • par value, 217

    • Kuwait, 147

    • Laos, 32, 148, 217

    • League of Nations, 47, 144, 235

    • Lebanon, 75, 148, 170

      • currency, 105–106

      • gold subscription, 182

      • membership resolution, 182, 507–508

      • par value, 194

    • Lesotho, 100, 147

    • Liberia, 13, 15, 18, 32, 92–96, 146, 437, 529

      • currency, 93–94, 100

      • gold subscription, 95

      • par value, 192

    • Libya, 177

    • Loan agreements, effects of withdrawal on, see International Bank for Reconstruction and Development;

      • Withdrawal from Fund

    • Luxembourg, 11, 13, 15, 17, 70, 144, 147

      • currency, 101–102

    • Majorities required

      • for admission to Fund, 30–31

      • for certain Fund decisions, 155

    • Malaya-Malaysia, 123, 274–75, 344

      • currency, 106–113, 119

      • gold subscription, 184

      • par value, 108, 110

      • quota, 294

      • separation of Singapore, 109, 274, 283, 294

    • Malawi, 148

    • Maldive Islands, 324

    • Mali, 117, 120, 121

      • Federation of, 118–19, 120

    • Malta, 29, 147, 529

    • Mandates, 251–54, 255

      • categories of, 252

      • Permanent Mandates Commission, 254n

    • Mauritania, 97, 117, 120, 148

    • Mauritius, 147

    • Membership resolution, 489, 495–97, 507–20

      • amendments, 199–200, 203, 207–210, 521–29;

        • see also specific countries

      • before independence, 60, 281

      • delay or failure to accept, 32–33

      • extension of period to accept, 31–33

      • failure to observe, 210–12

      • publication by un, 40

      • standard form, 31, 214, 495–97

      • terms, 20, 28, 332, 474, 495–97;

        • definition, 169–79;

        • exchange practices, 197–98;

        • exchange rates, 193–97;

        • for reentry, 212–13;

        • information, 204, 211;

        • par value, 193–97, 476;

        • quota, 169–79, 475;

        • representation, 204, 211;

        • reservation by applicant, 29–30, 33–34, 468;

        • scope, 214–17;

        • special, 204–206, 476;

        • subscription, 179–93, 475;

        • transactions with Fund, 198–204

    • Merger, see Amalgamation

    • Mexico, 9, 11, 13, 15, 17

    • Microstates, see States: small

    • Ministates, see States: small

    • Mongolia, 324

    • Morocco, 97, 247, 250, 272n

    • “Nation,” meaning of, see Criteria for membership

    • Nauru, 252, 255

    • Nepal, 148

      • currency, 100–101, 102

      • gold subscription, 183

    • Netherlands, 11, 13, 15, 17, 104–105, 307–308

      • overseas territories, 104–105, 228, 247–48, 274, 306–307

      • par value, 104, 307

      • quota, 149, 294

      • separate currency, 104–105, 307

      • separation of Indonesia, 270–71, 274n, 294, 422–23

    • Netherlands Antilles, 104–105, 306–307

      • separate consultations with Fund, 307

    • Newfoundland, 245, 273, 275

    • New Hebrides, 260–61

    • New Zealand, 11, 13, 16, 18, 45

      • dependent territories, 228, 256–57

      • gatt, 438–39

      • mandate, 255

      • trusteeship agreement, 252, 255–57

    • Nicaragua, 11, 13, 16, 18, 146

    • Niger, 117, 120, 148

    • Nigeria, 60, 102, 124, 185

    • Nonmembers

      • agreements with Fund, 457–61, 462–63, 484, 546–49

      • as “other holders” of SDRs, see Special Drawing Account

      • benefits from Fund’s activities, 451–55

      • currencies, 98, 374–76, 377, 395–97

      • effects of Fund on, 411–25

      • gold transactions, 414, 423–25, 463

      • membership in other international organizations, 397–99

      • personnel in Fund, 397

      • restrictions against, 446–50

      • undertakings of members with regard to, 413–22

      • undertaking to members, 422–23

      • withholding benefits from, 446–50

      • see also Ex-members;

        • Withdrawal from Fund

    • Nonrecognition of ex-members’ exchange controls, 391–93

    • Norway, 11, 13, 16–17

    • Obligations under Articles and resolutions, see Criteria for membership

    • Occupation, 265–69

      • Contractual Agreement with Germany, 82–83

      • obligations and responsibilities of occupying powers under Articles, 80, 268–69, 280, 471

      • of metropolitan territories, 16, 128, 198, 200, 267

      • see also Austria;

        • Berlin, Western;

        • Germany;

        • Italy;

        • Japan

    • Organization for Economic Cooperation and Development (oecd), 427n

    • Oman, 147, 326

    • Original members, 3, 14–15, 17, 35, 37, 41, 44, 92, 181, 211–12, 215, 331, 467–68, 475, 477, 528n, 529

    • “Other holders” of SDRs, see Special Drawing Account

    • Overseas territories, see Territories

    • Pakistan

      • application, 290–94

      • change in territory, 285n

      • gold subscription, 183

      • membership in Fund, 289–95, 479

      • membership in un, 286–89

      • quota, 291, 294–95

    • Panama, 11, 13, 16, 18, 94, 96, 100, 146

    • Panama Canal Zone, 246

    • Par value, 193–97, 211, 217, 240–41, 492

      • changes, 334–35, 345–46, 348–49, 351, 353, 357–58, 359–60

      • determination and establishment with Fund, 193–95, 217, 224, 331, 339, 476, 480, 492;

        • see also specific countries

      • failure to agree on, 331–32, 480

      • unauthorized changes, 334–35, 338–39, 340, 434

      • under gatt, 430

    • Paraguay, 11, 13, 16, 17, 146, 148

    • Payments restrictions for security reasons, 278–79, 354, 356

    • Permanent Court of International Justice

      • Advisory Opinions and Judgments, see Index E

      • see also International Court of Justice

    • Personnel of Fund, 397

    • Peru, 11, 13, 16, 17

    • Philippines, 11, 13, 16–17, 45

      • debate at San Francisco Conference, 47–48

      • independence, 47–48;

        • see also Index F

    • Poland, 11, 13, 16, 18, 39, 68, 235, 324

      • gatt, 441–43

      • withdrawal and settlement, 342, 376–77, 481

    • Portugal, 13

    • Privileges and immunities of Fund, 37, 210–11, 337, 462–63

    • Protectorates, 43, 247–48, 249–50

    • Publication of report to member, 134

    • Puerto Rico, 246

    • Qatar, 147

    • Quotas, 15, 29, 169–79, 530–34

      • Bretton Woods formula, 171–75, 295

      • changes, 292–94, 479

      • general increases, 173, 293–94

      • general reviews: fifth, 173;

        • fourth, 115, 173;

        • third, 298

      • minimum, policy on, 146–48, 173–75, 472–73

      • of Schedule A countries, 137, 146

      • small, 145–49, 173–74

    • Recognition of governments and states, see Governments;

      • States

    • Re-entry, 212–13

    • Reform of international monetary system, see Committee on Reform of the International Monetary System and Related Issues

    • Regionalism, 68–71, 470

    • Representation before accepting membership, 204, 211

    • Reservation by applicant, see Membership resolution: terms

    • Responsibility under Art. XX, Sec. 2(g), see Dependencies

    • Restrictions on payments and transfers for security reasons, see Payments restrictions for security reasons

    • Rhodesia, 231, 277–78

    • Right to membership, 165–68

    • Romania, 142, 442–43

    • Ruanda-Urundi, 240–41, 244, 256

    • Rules and Regulations, see Index C

    • Rwanda, 124, 148, 173, 178, 188n;

      • see also Ruanda-Urundi

    • Saar Territory, 261–65, 268

    • Samoa, American, 246

    • San Francisco Conference, 31, 47, 286

    • Sanctions, 335, 339–40, 355, 360–61, 362

    • Sarawak, 110, 112, 274–75

    • Schedule A countries, 15–18, 145–46, 467

    • Self-defense, right of, 354, 356, 362–63, 364–65, 370

    • Senegal, 118–19, 120, 122, 217

      • application, 117

      • gold subscription, 178, 185–86

      • membership resolution, 515–18

      • quota, 178, 216

    • Settlement on withdrawal, 334, 373–90, 482

      • Cuba, 373, 379–81, 386, 482

      • Czechoslovakia, 373, 377–79, 386, 482

      • Indonesia, 344, 373, 381–86

      • Poland, 373, 376–77, 482

    • Siam, see Thailand

    • Sierra Leone, 123–24, 187–88

    • Singapore, 109–13, 272, 274–75, 283

    • Somalia, 148

    • South Africa, 11, 13, 16, 17, 45, 98–100

      • par value, 99–100

      • trusteeship agreement, 252–53, 255

    • South-West Africa, 255;

      • see also Index E

    • Southern Rhodesia, 231, 236–38, 245, 437

    • Sovereignty, 88, 90n

    • Spain, 13, 324

    • Special Drawing Account, 64, 480

      • allocation and cancellation of SDRs, 178, 223, 309, 316, 318, 320, 505–506

      • designation of participants to provide currency, 64, 318

      • establishment, 309–19

      • instrument of participation, 320, 505

      • nonparticipants, 320, 480

      • obligation of participants to provide currency, 64, 317

      • “other holders,” 8, 23–24, 320–22, 402–403, 404, 406, 451–53, 484

      • participation, 222–23, 319–22, 480, 493

      • settlement after termination, 403–407

      • suspension of right to use SDRs, 336

      • termination of participation, 316, 320, 340, 376, 402–407, 481

    • Special exchange agreements, see General Agreement on Tariffs and Trade (gatt)

    • Special problems of membership, see Aftermath of war;

      • State-controlled economies;

      • States: small

    • Special terms, see Membership resolution: terms

    • Sri Lanka, see Ceylon

    • Stand-by arrangements, 62–63, 221, 224, 400

    • State-controlled economies, 129–43, 158, 358, 474, 482

      • practice of Fund, 141–43

      • U.S.S.R. at Bretton Woods, 129–41, 355, 472

    • States

      • meaning of, see Criteria for membership

      • recognition of, 55–59

      • small, 143–56, 472–73;

        • voting power, 145–51

    • Subscription, 179–93, 492–93

      • gold, 176, 180–82, 183–92, 216, 475–76, 487, 490–91, 503–504;

        • see also specific countries

    • Sudan, 91–92, 184, 257–59

    • Surinam, 104–105, 306–307

      • separate consultations with Fund, 307

    • Suspension of operation of Articles, 266, 333–34

    • Suzerainty, 251

    • Swaziland, 100, 147

    • Sweden, 13, 437–38

      • gold subscription, 176

      • quota, 175–76

    • Switzerland, 13, 416, 427, 437, 454n

      • agreement with Fund, 457–61, 463, 484, 546–49

      • Fund representative in Geneva, 463

      • gatt, 439–41, 442

    • Syria

      • amalgamation with Egypt, 103, 295–302, 479–80

      • application, 75

      • currency, 105–106

      • gold subscription, 182

      • quota, 299–300

    • Tanganyika, 178, 302–303, 304

      • currency, 113–15

      • trusteeship agreement, 253–54

      • see also Tanzania

    • Tanzania

      • amalgamation of Tanganyika and Zanzibar, 302–306

      • currency, 113–17

      • par value, 116

      • quota, 179

    • Territorial changes, 283–308

      • amalgamation, 295–301, 306–308, 479

      • India and Pakistan, 286–95

      • joint territories, 306–308

      • notice to Fund, 283

      • problems of, 284–85, 479

      • Tanzania, 302–306

      • United Arab Republic, 295–302

    • Territories

      • boundaries, 50, 86–87

      • joint, 306–308

      • occupied, 265–69

      • overseas, 246–48

      • protected, 248–50

      • subject to Art. XX, Sec. 2(g), 226–44

      • under authority of member, 255, 257, 261–65, 266–67, 478

      • under trust, 254–57

      • see also Dependencies

    • Thailand (Siam)

      • enemy status, 126

      • gold subscription, 192

      • initial par value, 217

      • membership resolution, 192, 200, 202, 207;

        • amendment, 200, 202, 207–208, 527

    • “Third states” or “third parties,” 412, 444, 447, 460, 482

    • Togo, 117–18, 119, 121, 122, 148, 217, 247, 275

    • Tonga, 272

    • Transitional arrangements under Art. XIV, 128–29, 219, 250, 256, 280–81, 477, 491

    • Trieste, 268

    • Trinidad and Tobago, 69, 103, 147

    • Trust territories, see Territories;

      • Trusteeship agreements of un

    • Trusteeship agreements of un, 252–54, 255–57

      • administering authorities, 252, 254n, 255–56

      • compared with mandates, 254–55

    • Tunisia, 184–85, 247

      • independence, 276

    • Turkey, 75, 126–27, 182

    • Uganda, 113–14, 115, 117, 178, 188n

      • par value, 116

      • quota, 178–79

    • U.S.S.R., 8, 9n, 11, 13, 16, 17, 39, 158, 324, 437

      • as occupying power, 76, 78–79, 82, 84–86, 89, 267–68

      • at Bretton Woods, 129–41, 355, 472

      • at San Francisco, 47

      • comments on Fund’s activities, 132

      • gold subscription, 133, 138

      • membership, 8, 11, 129–33, 472

      • objection to communicating views to members, 135

      • quota, 133, 136–37, 146

    • “Unitas,” 12

    • United and Associated Nations, 9–10, 12, 13–14, 137, 182–83

    • United Arab Emirates, 147, 224n

      • membership resolution, 518–20

    • United Arab Republic, 103–104, 295–302, 304, 308, 479–80

      • see also Egypt;

        • Syria

    • United Kingdom, 7–9, 11, 13–14, 16–17, 46

      • as occupying power, 76, 79, 82, 84–86

      • dependent territories, 228, 236–38, 245–47, 259–61, 270–75, 277, 284

      • enabling legislation, 33

      • gold subscription, 184

      • mandate, 255

      • par value, 238

      • payments restrictions for security reasons, 278

      • quota, 146, 149, 294

      • trusteeship agreements, 252, 255

      • see also Index F

    • United Nations (un)

      • agreement with Fund, 66–67, 323

      • Charter: Art. 2—90, 353, 413;

        • Arts. 3 and 4—49, 165–66, 286;

        • Art. 57—323;

        • Art. 63—323;

        • Art. 73—227–28;

        • Art. 75—252;

        • Art. 76(d)—253;

        • Art. 77—254n;

        • Art. 102—39–40, 49;

        • Art. 103—364, 370;

        • Art. 105—457

      • Commission for Indonesia, 422–23

      • Declaration, 13, 49

      • dependent territories, 227–28

      • depositary of Charter, 38

      • General Assembly, 97, 145, 166, 212, 252, 287–88, 298–99, 324

      • membership, 49, 56–57, 59, 324, 480;

        • conditions for admission, 165–68

      • nonmembers, 324, 413

      • nonmembers of Fund, 324, 413

      • original members, 49

      • problem of small states, 143–44

      • registration of treaties and international agreements, 39–40

      • Trusteeship Council, 254n

      • withdrawal from membership, 212–13, 332, 344

      • see also Trusteeship agreements of un

    • United Nations Conference on International Organization, see San Francisco Conference

    • United Nations Educational, Scientific and Cultural Organization (unesco), 43n, 233n, 333n, 344

    • United States, 7, 13–14, 16–17, 34, 250

      • as occupying power, 76, 79, 82, 84–86

      • debate on participation in Fund, 35–36

      • depositary of Fund’s Articles, 38–39

      • depositary of UN Charter, 38

      • devaluation of dollar, 170–71, 341

      • overseas territories, 246–47

      • payments restrictions for security reasons, 51–52, 279, 354

      • quota, 146, 149

      • request for interpretation of Articles, 34

      • Senate hearings on Bretton Woods Agreements Act, 415–17

      • trusteeship agreement, 252

      • see also Index F

    • Universality, 160–64

    • Upper Volta, 117, 120, 148

    • Uruguay, 11, 13, 16, 18, 202

    • Venezuela, 11, 13, 16, 18

    • Vienna Convention on the Law of Treaties, 39, 412, 444, 460

    • Viet-Nam, 50–51, 217, 279, 324

    • Voting power

      • basic votes, 149, 156, 297–98

      • of governors, 338

      • of small states, 145–51

      • special majorities, 319, 338

    • West African Currency Board, 90, 102, 123, 187–88

    • West African Monetary Union, 118, 120, 185

    • West-Irian, 274–75

    • West New Guinea, see West-Irian

    • Western Samoa, 29, 147, 148, 257, 324

    • White Plan, 9, 11–12, 129, 131

    • Withdrawal from Fund, 12, 331–72

      • arbitration, 388–90

      • categories, 331–42

      • compulsory, 12, 13, 52, 67, 210, 334, 337–40, 342, 360–72, 473, 480–82

      • effective date, 333

      • effects on loan agreements, 399–401

      • effects on other international organizations, 397–99

      • effects under domestic law, 394–95, 482

      • legal consequences, 320, 391–401

      • procedure, 333

      • re-entry, 212–13

      • right to withdraw, 8, 11, 13, 164–68, 332, 334, 362, 427

      • settlement, see Settlement on withdrawal

      • voluntary, 340, 342–44, 363, 372, 481

      • see also Cuba;

        • Czechoslovakia;

        • Indonesia;

        • Poland

    • Withdrawal from other international organizations, 164, 332, 333, 344

    • World Bank, see International Bank for Reconstruction and Development

    • World Health Organization (who), 43, 232–33

    • Yemen Arab Republic, 148

    • Yugoslavia, 11, 13, 17, 68

    • Zaïre, 52

    • Zanzibar, see Tanzania

    Index B. Articles of Agreement Cited

    ArticleSectionPage
    I218, 315–16, 326n, 430
    I(ii)218–19, 356, 454
    I(iii)415, 425
    I(iv)447
    I(v)96
    I(vi)96
    II115, 35, 41, 44, 52
    II215, 18, 22, 39, 41, 45, 53, 55, 76, 165,
    167–68, 169–70, 181–82, 201, 228, 231
    III1170
    III2173, 292, 293n, 318
    III3138, 216
    III3(a)180, 192, 198
    III3(b)181–82, 189, 291
    III3(c)181
    III3(d)53, 128, 182
    III4(a)115, 185
    III554, 179, 199, 491
    IV255, 244, 414, 424
    IV3415, 447
    IV4(a)195, 415, 419, 421, 425, 430, 444
    IV4(b)243, 447
    IV5(a)334, 352
    IV5(b)334, 345, 352
    IV5(c)(i)128, 197, 334, 348
    IV5(e)134, 141, 334, 345, 348, 349–50,
    351, 352–53, 355, 357–59, 360, 472
    IV6334–35, 339, 434
    IV7133
    IV8396
    IV991, 104, 105, 108, 227, 238, 239,
    241, 259
    V154, 61, 91, 186, 491
    V298, 395
    V3(a)201
    V3(a) (iii)170
    V3(d)177
    V4342
    V5335, 337, 340
    V7(b)95, 96, 110, 134, 138, 139, 140,
    180, 343, 380
    V8377
    V8(c)346
    V8(d)346
    V8(f)138
    VI1(a)336, 430
    VI3394–95, 430
    VII430
    VII2180, 456, 458
    VII3374, 430
    VIII2(a)128, 189, 219, 224, 239, 241–42,
    266, 277, 279, 280–81, 337,
    343, 355, 357, 449–50
    VIII2(b)211, 219, 224, 241–42, 262, 264,
    280–81, 343, 355, 357, 391–93,
    394–95, 430, 435, 446, 449–50
    VIII3128, 189, 219, 224, 241–42,
    280–81, 343, 357, 430
    VIII4128, 189, 219, 224, 241–42,
    280–81, 343, 357, 430, 434–35
    VIII5(a)136, 343, 349, 351, 353–54,
    355, 357, 362, 363, 366,
    368–69, 371, 428n, 430
    VIII5(b)136, 349, 351, 353, 355, 362, 363,
    366, 368–69, 371, 428n, 430
    VIII5(c)136, 349, 351, 353, 355, 362, 363,
    366, 368–69, 371, 428n, 430
    IX37, 337
    IX1456–57
    IX699
    IX738
    IX933
    IX1037, 211, 457
    X456
    XI122, 413–15, 417, 419–20,
    421–22, 425, 444, 482
    XI222, 51, 279, 413, 420, 421–22,
    446–48, 449–50, 451, 456, 482
    XII2(a)64, 491
    XII2(b)(i)19, 21, 491
    XII2(b)(vi)67, 338, 491
    XII3(b)20, 30, 53, 151
    XII3(b)(1)137, 217
    XII3(b) (iii)217
    XII3(b)(iv)217
    XII3(d)20, 65, 151
    XII3(e)153
    XII3(f)64, 65
    XII3(j)345, 351
    XII3(k)461
    XII4(b)397
    XII4(d)397
    XII5149
    XII5(a)170
    XII5(d)30, 67
    XII8134, 135, 340
    XIII363
    XIII2139, 186, 491
    XIII2(a)54, 91, 99, 139
    XIII2(b)139
    XIII354
    XIV117, 219, 224, 242, 280–81,
    355, 362, 363, 430
    XIV2128, 129, 267, 450
    XIV3128
    XIV4340, 351, 357, 366, 369, 371
    XV1164, 210, 212, 333, 342, 372, 402
    XV2210, 342, 344, 362, 364, 368, 371, 407
    XV2(a)202, 336, 337, 346, 357, 360–62, 364–65
    XV2(b)68, 155, 338, 360–62, 366, 369
    XV2(c)339, 348, 361
    XV3334, 372, 373, 395
    XVI1333, 363
    XVI1(a)266n, 363
    XVI2363, 374
    XVI2(a)266n
    XVII(a)155, 293n
    XVII(b)155
    XVII(b)(i)164, 334
    XVII(b)(ii)293n
    XVIII(a)34, 168, 362, 364, 388–90
    XVIII(b)34, 168, 362, 365, 368, 388, 390
    XVIII(c)34, 168, 362, 378, 388–90
    XIX(a)110, 140, 396, 431
    XIX(b)55, 96, 110, 140, 431
    XIX(c)97, 140, 431
    XIX(d)110, 431
    XIX(e)111, 140, 431
    XIX(g)111, 431
    XIX(i)117, 139, 140, 431
    XX18, 38, 170, 216
    XX116, 53
    XX235
    XX2(a)11, 53, 167, 210
    XX2(b)53
    XX2(c)39, 53
    XX2(d)16, 191, 376
    XX2(e)16
    XX2(f)16, 53
    XX2(g)26, 41, 43, 45, 60, 87, 90–91, 104,
    105, 107, 109, 112–14, 167, 226–44,
    245–46, 248, 250, 252, 254–57,
    260, 262, 264–66, 268, 270–81,
    306–307, 420, 422, 437
    XX2(h)16, 128, 267
    XX3(b)53
    XX4181, 331, 348n
    XX4(a)128, 181, 193, 194, 267
    XX4(b)128, 194, 211
    XX4(c)198
    XX4(d) (ii)128, 198, 200, 201, 267
    XX4(d)(iii)128, 195, 198, 267
    XX4(e)128, 267
    XX4(g)91, 104, 108, 128, 194, 227, 241,
    259–60, 267, 271
    XX4(h)193
    XX4(j)53
    XXII2316n
    XXIII1319
    XXIII38, 23, 402, 452
    XXIII3(i)24, 320, 321–22
    XXIII3(ii)321
    XXIII3(iii)321
    XXIV1309
    XXIV1(a)316
    XXIV2(a)318
    XXIV2(b)170, 178
    XXIV2(d)320, 452
    XXIV2(e)320, 321, 452
    XXV2(a)316
    XXV2(b)266
    XXV464, 316, 317
    XXV564, 318
    XXV6(a)315n
    XXV6(b)315n
    XXV8(a)266
    XXV8(c)405–406
    XXVI404
    XXVII(a)(i)24, 312n, 321
    XXVII(b)(ii)312n,320
    XXVII(a)(iii)312n, 320
    XXVII(d)389
    XXIX1266n, 334
    XXIX2(a)336
    XXIX2(b)336
    XXIX2(c)336
    XXIX2(f)336, 407
    XXX1(a)340, 402
    XXX1(b)320, 376, 402
    XXX2376
    XXX2(a)403
    XXX2(b)316n, 403
    XXX2(c)404
    XXX3404
    XXX4405
    XXX5406
    XXXI317
    XXXII38
    XXXII (c)177
    Schedule
    A15–16, 17, 18, 21, 39, 41,
    44, 91, 101, 137, 145, 151,
    158, 170–71, 174, 181, 467
    B98, 128, 134, 180, 395, 396
    C20, 151, 152
    D334, 372–74, 375–79, 381,
    383, 386–87, 396, 404–405,
    406, 413
    E374
    G315n
    H316n,376, 404–405, 406
    I317

    Index C. By-Laws and Rules and Regulations Cited

    BY-LAWSRULES AND REGULATIONS
    SectionPageRulePage
    6(b)24, 639C-5(a)28, 642
    13639C-6347, 642
    14(d)153, 154,D-120–21, 22–23,
    639-4024, 27, 642
    19345, 640-41D-424, 321, 452, 642
    19(a)351, 640F-4414, 642
    19(c)347, 348, 6401-4346, 377, 642–46
    2121, 23, 24, 27,J-1171, 646
    197, 641K-1342, 646
    22339, 641K-4348, 646
    24389, 641M-1417n, 646
    2524, 321, 452, 641M-2417n, 646
    M-3448, 647
    M-4448–49, 647
    M-5448, 647
    M-6438, 450–51, 647
    N-2397, 647

    Index D. Decisions of the Executive Directors Cited

    DateDecision
    Number
    Page
    September 26, 194671-235
    December 11, 1947233-2236
    December 18, 1947237-2196
    March 30, 1948292-3336
    April 14, 1948298-355, 97, 110, 140
    February 20, 1950534-338
    September 28, 195175-(705)424
    February 13, 1952102-(52/11)176n, 343
    February 21, 1952103-(52/12)462
    August 14, 1952144-(52/51)51, 266, 278, 354, 367
    May 27, 1954316-(54/27)462
    August 11, 1954343-(54/47)364-65
    July 16, 1958784-(58/37)296
    October 23, 1959955-(59/45)417n, 455
    June 1, 19601034-(60/27)445
    October 27, 19611269-(61/52)300
    January 5, 19621289-(62/1)401, 458
    July 20, 19621371-(62/36)63, 177, 318, 330
    February 27, 19631477-(63/8)203
    April 22, 19641687-(64/22)204, 492
    June 8, 19641712-(64/29)457
    September 20, 19662192-(66/81)203
    December 18, 19713463-(71/126)104, 307

    Index E. Table of Cases Cited

    Page
    A Contract for the Delivery of Goods to the Saar Area and a Judgment That Involved a Discussion of Article VIII, Section 2(b) of the Fund’s Articles, Entscheidungen zum Interzonalen Privatrecht, 1958–59, No. 135A (Court of Appeals (Oberlandesgericht) of Hamburg, 1959—OLG Hamburg, Urt. v. 7.7.1959 - 2U 191/58)261–62, 264
    Basso v. Janda, Recueil Dalloz Sirey, July 3, 1968, Jurisprudence, p. 445 (Court of Cassation, France)394n
    Burnet v. Chicago Portrait Co., 285 U.S. 1; 52 S. Ct. 275 (1932) (U.S. Supreme Court)45n
    Civil Code (EGBGB), Article 7 et seq.; Soviet Zone Law Concerning the Regulation of Intra-German Payments of December 15, 1950 (GB1 DDR 1202), Article 8, together with 2nd Foreign Exchange Order of October 1, 1951 (GB1 DDR 897) (Inter-Zonal Conflict of Laws; Assignment of Soviet Zone Claims), BGH, Urt. v. 17.12.1959-VII ZR 198/59 (Hamburg), Neue Juristische Wochenschrift, June 10, 1960, pp. 1101–03 (Supreme Court of the Federal Republic of Germany)394
    Clostermann v. Schmidt, 332 P.2d 1036, 1040–41; 215 Or. 55, 64–65 (1958) (Supreme Court of Oregon)45n
    Conditions of Admission of a State to Membership in the United Nations (Article 4 of Charter), Advisory Opinion, 1948: I.C.J. Reports 1948, p. 57165–66
    Free City of Danzig and ILO, Advisory Opinion, 1930, Permanent Court of International Justice, Collection of Advisory Opinions, Series B, No. 18 (Leiden, 1930)234–35
    Free Zones of Upper Savoy and the District of Gex, Order of December 6, 1930, Permanent Court of International Justice, Collection of Judgments, Series A, No. 24 (Leiden, 1930)353
    French v. Banco Nacional de Cuba, 295 N.Y.S.2d 433, 442, 23 N.Y.2d 46 (1968) (N.Y. Court of Appeals)393n, 394–95
    International Status of South-West Africa, Advisory Opinion: I.C.J. Reports 1950, pp. 128, 143–44252–53, 255
    Interpretation of Article 3, Paragraph 2, of the Treaty of Lausanne, Advisory Opinion, 1925, Permanent Court of International Justice, Collection of Advisory Opinions, Series B, No. 12 (Leiden, 1925)310n
    Jurisdiction of the European Commission of the Danube, Advisory Opinion, 1927, Permanent Court of International Justice, Collection of Advisory Opinions, Series B, No. 14 (Leiden, 1927)352
    “Lotus,” Judgment No. 9, 1927, Permanent Court of International Justice, Collection of Judgments, Series A, No. 10 (Leiden, 1927)353
    Menendez v. Saks and Company, 485 F.2d 1355 (1973) (U.S. Court of Appeals, Second Circuit)394n
    Mrs. W. qualitate qua v. t.S., N.J. 1954, No. 639 (Court of First Instance, Amsterdam, April 8, 1954)263n
    National Bank of Belgium v. Bank of the Belgian Congo and National Committee of the Kivu, Journal des Tribunaux, No. 4076, October 2, 1955, p. 527 (Court of Cassation, First Chamber, Brussels)244
    Nationality Decrees Issued in Tunis and Morocco, Advisory Opinion, 1923, Permanent Court of International Justice, Collection of Advisory Opinions, Series B, No. 4 (Leiden, 1923)248–49
    Pan American Life Insurance Company v. Blanco, 311 F.2d 424 (1962) (U.S. Court of Appeals, Fifth Circuit)326n
    Pan American Life Insurance Company v. Lorido, 19 Fla. Supp. 167, 154 So. 2d 200 (District Court of Appeals of Florida), 155 So. 2d 695 (1963) (Supreme Court of Florida), 376 U.S. 968, 377 U.S. 990, 84 S. Ct. 1132 and 1905, 379 U.S. 871, 85 S. Ct. 15 (1964) (U.S. Supreme Court)392–93
    Peter Ying, Wong Chai Liang v. Rogers, 180 F. Supp. 618, 619, 620 (1960) (U.S. District Court, D.C.)45n
    Reparation for Injuries Suffered in the Service of the United Nations, Advisory Opinion: I.C.J. Reports 1949, p. 174456–57
    Rights of Nationals of the United States of America in Morocco, Judgment: I.C.J. Reports 1962, p. 176250
    S.S. “Wimbledon,” Judgments, 1923, Permanent Court of International Justice, Collection of Judgments, Series A, No. 1 (Leiden, 1923)352
    Stephen v. Zivnostenska Banka, National Corporation, 140 N.Y.S.2d 323 (1955) (N.Y. Supreme Court)391–42, 393
    Varas v. Crown Life Insurance Company, 203 A.2d 505, 510 (1964) (Superior Court of Pennsylvania)393n

    Index F. Selected Statutes, Orders, and Regulations Cited

    Page
    BARBADOS
    International Monetary Fund Act, 1970 (Act 1970-45): An Act to Enable Barbados to Become a Member of the International Monetary Fund and a Participant in its Special Drawing Account, December 18, 1970 (Official Gazette, December 21, 1970)33n
    BOTSWANA
    The International Financial Organizations Act, 1968 (No. 2 of 1968): An Act to Enable Botswana to Become a Member of the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation and the International Development Association, January 17, 1968 (Government Gazette, February 23, 1968)33n
    BURMA
    The International Monetary Fund and Bank Act, 1951 (Act No. XXXVII of 1951): An Act to Enable the Union of Burma to Become a Member of the International Monetary Fund and of the International Bank for Reconstruction and Development, October 20, 1951 (Rangoon, Govt. Printing and Stationery, 1951)33n
    GERMANY
    Gesetz über die Stellung des Landes Berlin im Finanzsystem des Bundes (Drittes Uberleitungsgesetz) (Law on the Status of the Land Berlin Within the Federal Financial System (Third Transference Law)), January 4, 1952 (Bundesgesetzblatt, Teil I, Nr. 1, Bonn, January 9, 1952)421
    Gesetz über den Beitritt der Bundesrepublik Deutschland zu den Abkommen über den Internationalen Währungsfonds und über die Internationale Bank für Wiederaufbau und Entwicklung (Law Concerning the Adherence of the Federal Republic of Germany to the Articles of Agreement of the International Monetary Fund and the International Bank for Reconstruction and Development), July 28, 1952 (Bundesgesetzblatt, Teil II, Nr. 13, August 1, 1952)421–22
    INDIA
    The International Monetary Fund and Bank Act, 1945 (Act No. XLVII of 1945): An Act to Implement the International Monetary Fund and Bank Agreements, December 24, 1945 (The Gazette of India, Extraordinary, December 24, 1945)33n
    IVORY COAST
    Law No. 62–257 of July 31, 1962 Authorizing the Adherence of the Republic of the Ivory Coast to the International Monetary Fund, the International Bank for Reconstruction and Development, and the Affiliated Organizations (Journal Officiel de la Republique de Côte d’Ivoire, August 6, 1962)143n
    LIBERIA
    Liberian Code of Laws of 1956: Adopted by the Legislature of the Republic of Liberia, March 22, 1956, Vol. III, Title 35, Chap. 45 (Ithaca, Cornell University Press)93–94
    MALAYSIA
    Constitution and Malaysia (Singapore Amendment) Act, 1965: An Act to Amend the Constitution of Malaysia and the Malaysia Act (Malaysia Act of Parliament No. 53 of 1965), August 9, 1965112, 283
    SWITZERLAND
    Arrêté Fédéral concernant la collaboration de la Suisse à des mesures monétaires internationales, October 4, 1963 (Feuille Federale, 115e année, Vol. II (1963), pp. 796–97)459–60
    UNITED KINGDOM
    Statutory Rules and Orders, 1946 No. 36: The Bretton Woods Agreements, Order in Council, January 10, 1946 (S. R. & O. 1946, No. 36)33n
    Statute of Westminster, 1931: An Act to Give Effect to Certain Resolutions Passed by Imperial Conferences Held in the Years 1926 and 1930, December 11, 1931 (22 Geo. 5, c. 4)46
    Burma Independence Act, 1947: An Act to Provide for the Independence of Burma as a Country not Within His Majesty’s Dominions and not Entitled to His Majesty’s Protection, and for Consequential and Connected Matters, December 10, 1947 (11 Geo. 6, c. 3)271
    Ceylon Independence Act, 1947: An Act to Make Provision for, and in Connection With, the Attainment by Ceylon of Fully Responsible Status Within the British Commonwealth of Nations, December 10, 1947 (11 Geo. 6, c. 7)271–72n
    Indian Independence Act, 1947: An Act to Make Provision for the Setting Up in India of Two Independent Dominions, to Substitute Other Provisions for Certain Provisions of the Government of India Act, 1935, which Apply Outside Those Dominions, and to Provide for Other Matters Consequential on or Connected with the Setting Up of Those Dominions, July 18, 1947 (10 & 11 Geo. 6, c. 30)286, 289
    Indian Independence (International Arrangements) Order, 1947 (The Gazette of India, Extraordinary, August 14, 1947; Reserve Bank of India Bulletin, November 1947, p. 694)287, 290
    UNITED STATES
    An Act to Prohibit Financial Transactions with Any Foreign Government in Default on Its Obligations to the United States, Public, No. 151, 73rd Cong., 2d Sess., April 13, 1934 (48 Stat. 574) (1934)395
    An Act to Revise, Codify, and Enact into Positive Law, Title 18 of the United States Code, Entitled “Crimes and Criminal Procedure,” Public Law 772, 80th Cong., 2d Sess., June 25, 1948 (62 Stat. 683, 744; 18 U.S.C.A. §955) (1948)395
    Bretton Woods Agreements Act: An Act to Provide for Participation of the United States in the International Monetary Fund and the International Bank for Reconstruction and Development, Public Law 171, 79th Cong., 1st Sess., July 31, 1945 (59 Stat. 512) (1945)34–35, 247, 395, 415–17
    Johnson Debt Default Act: see An Act to Prohibit Financial Transactions with Any Foreign Government in Default on Its Obligations to the United States
    Philippine Independence Act: An Act to Provide for the Complete Independence of the Philippine Islands, to Provide for the Adoption of a Constitution and a Form of Government for the Philippine Islands, and for Other Purposes, Public, No. 127, 73rd Cong., 2d Sess., March 24, 1934 (48 Stat. 456) (1934)48
    Foreign Assets Control Regulations: Transactions Involving Designated Foreign Countries or Their Nationals; Effective Date, December 17, 1950 (31 C.F.R. §500.201; 15 F.R. 9040, December 19, 1950, as amended at 18 F.R. 2079, April 14, 1953; 29 F.R. 6010, May 7, 1964)279

    The Articles of Agreement were originally adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944, entered into force December 27, 1945, and were amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23–5, adopted May 31, 1968. A prospective member accepts the Articles of Agreement as they stand amended at the time they are signed on its behalf.

    The representative signs the original of the Articles held by the Government of the United States of America and deposits the Instrument of Acceptance with that Government pursuant to Article XX, Section 2.

    A prospective member which intends to accept membership in the International Finance Corporation (IFC) and/or the International Development Association (IDA) at the time it joins the Fund and the Bank may amend the above draft legislation suitably for that purpose. See also Appendix C, “Enabling Legislation,” in Information on Applications for Membership in the International Bank for Reconstruction and Development, Washington, D.C., September 1968.

    Under the laws of a country it may be considered necessary to give legislative force or authority only to some provisions of the Articles of Agreement. This alternative indicates some of those provisions in respect of which such legislative authority may be considered essential.

    Copies of laws, decrees, or specific provisions of laws or decrees referred to in the Memorandum of Law should be forwarded with this document.

    The style and contents of this document are subject to modification if required by the constitutional law or usage of the prospective member or by the provisions of the [Law] [Act] referred to above.

    See footnote 4 in Appendix C.

    The style of this document is subject to modification if required by the diplomatic usage of the prospective member.

    The style of this document is subject to modification if required by the diplomatic usage of the prospective member.

    The first paragraph of the preamble shall be replaced by the following text in the case of a contracting party which has ceased to be a member of the Fund:

    “Whereas paragraph 6 of Article XV of the General Agreement on Tariffs and Trade (hereinafter referred to as ‘the General Agreement’) provides that any contracting party which ceases to be a member of the International Monetary Fund (hereinafter called ‘ the Fund’) shall forthwith enter into a special exchange agreement with the Contracting Parties.”

    In the case of a government whose territories have been occupied by the enemy, insert after the word “circumstances” in the fourth line of paragraph 1 of Article XI the words “and introduce where necessary”.

    Entered into force December 27, 1945. Amended effective July 28, 1969.

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