Article XXVII: Emergency Provisions
- International Monetary Fund
- Published Date:
- September 2007
Section 1. Temporary suspension
(a) In the event of an emergency or the development of unforeseen circumstances threatening the activities of the Fund, the Executive Board, by an eighty-five percent majority of the total voting power, may suspend for a period of not more than one year the operation of any of the following provisions:
(ii) Article VI, Section 2;
(iii) Article XI, Section 1;
(iv) Schedule C, paragraph 5.
(b) A suspension of the operation of a provision under (a) above may not be extended beyond one year except by the Board of Governors which, by an eighty-five percent majority of the total voting power, may extend a suspension for an additional period of not more than two years if it finds that the emergency or unforeseen circumstances referred to in (a) above continue to exist.
(c) The Executive Board may, by a majority of the total voting power, terminate such suspension at any time.
(d) The Fund may adopt rules with respect to the subject matter of a provision during the period in which its operation is suspended.
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 Board decides that liquidation of the Fund may be necessary, it may temporarily suspend all operations and transactions, pending decision by the Board of Governors.
(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 XXIX(c), in Schedule J, paragraph 7, and in Schedule K.
(c) Liquidation shall be administered in accordance with the provisions of Schedule K.