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- Article I Purposes
- Article II Membership
- Article III Quotas and Subscriptions
- Article IV Obligations Regarding Exchange Arrangements
- Article V Operations and Transactions of the Fund
- Article VI Capital Transfers
- Article VII Replenishment and Scarce Currencies
- Article VIII General Obligations of Members
- Article IX Status, Immunities, and Privileges
- Article X Relations with Other International Organizations
- Article XI Relations with Non-Member Countries
- Article XII Organization and Management
- Article XIII Offices and Depositories
- Article XIV Transitional Arrangements
- Article XV Special Drawing Rights
- Article XVI General Department and Special Drawing Rights Department
- Article XVII Participants and Other Holders of Special Drawing Rights
- Article XVIII Allocation and Cancellation of Special Drawing Rights
- Article XIX Operations and Transactions in Special Drawing Rights
- Article XX Special Drawing Rights Department Interest and Charges
- Article XXI Administration of the General Department and the Special Drawing Rights Department
- Article XXII General Obligations of Participants
- Article XXIII Suspension of Operations and Transactions in Special Drawing Rights
- Article XXIV Termination of Participation
- Article XXV Liquidation of the Special Drawing Rights Department
- Article XXVI Withdrawal from Membership
- Article XXVII Emergency Provisions
- article XXVIII Amendments
- Article XXIX Interpretation
- Article XXX Explanation of Terms
- Article XXXI Final Provisions
- Schedule A Quotas
- Schedule B Transitional Provisions with Respect to Repurchase, Payment of Additional Subscriptions, Gold, and Certain Operational Matters
- Schedule C Par Values
- Schedule D Council
- Schedule E Election of Executive Directors
- Schedule F Designation
- Schedule G Reconstitution
- Schedule H Termination of Participation
- Schedule I Administration of Liquidation of the Special Drawing Rights Department
- Schedule J Settlement of Accounts with Members Withdrawing
- Schedule K Administration of Liquidation
- Schedule L Suspension of Voting Rights
Schedule H Termination of Participation
- International Monetary Fund
- Published Date:
- September 1993
If the obligation remaining after the setoff under Article XXIV, 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 XXIV, Section 5, or (b) by permitting the terminating participant to use its special drawing rights to obtain its own currency or a freely usable currency from a participant specified by the Fund, the General Resources Account, or any other holder.
If the obligation remaining after the setoff under Article XXIV, Section 2(6) 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 a freely usable currency, or (b) by obtaining special drawing rights, in accordance with Article XXIV, Section 6, from the General Resources 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.
Installments under either 1 or 2 above shall fall due six months after the date of termination and at intervals of six months thereafter.
In the event of the Special Drawing Rights Department going into liquidation under Article XXV 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 XXV and Schedule I.
