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Abstract
The Second Amendment of the Articles has abolished the former official price of gold and all the former obligations of members and the Fund to pay or to receive gold in normal operations and transactions under the Articles. Nevertheless, that price can still produce certain consequences under the Articles. For example, if the Fund sells gold at a price above the former official price, the proceeds equivalent to the official price and the balance of the proceeds are posted to different accounts.233 Furthermore, the Fund has an obligation to complete the distribution of a portion of its gold to countries that were members of the Fund on August 31, 1975 and to sell a further portion for the benefit of developing countries that were members on that date.234 In addition, the former official price would be a factor in the distribution of the Fund’s holdings of gold in a liquidation of the Fund.235
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