Articles of Agreement December 2004
Chapter

Schedules

Author(s):
International Monetary Fund
Published Date:
September 2007
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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
Liberia5
Luxembourg10
Mexico90
Netherlands275
New Zealand50
Nicaragua2
Norway50
Panama5
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.

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: Transitional Provisions with Respect to Repurchase, Payment of Additional Subscriptions, Gold, and Certain Operational Matters

1. Repurchase obligations that have accrued pursuant to Article V, Section 7(b) before the date of the second amendment of this Agreement and that remain undischarged at that date shall be discharged not later than the date or dates at which the obligations had to be discharged in accordance with the provisions of this Agreement before the second amendment.

2. A member shall discharge with special drawing rights any obligation to pay gold to the Fund in repurchase or as a subscription that is outstanding at the date of the second amendment of this Agreement, but the Fund may prescribe that these payments may be made in whole or in part in the currencies of other members specified by the Fund. A non-participant shall discharge an obligation that must be paid in special drawing rights pursuant to this provision with the currencies of other members specified by the Fund.

3. For the purposes of 2 above 0.888 671 gram of fine gold shall be equivalent to one special drawing right, and the amount of currency payable under 2 above shall be determined on that basis and on the basis of the value of the currency in terms of the special drawing right at the date of discharge.

4. A member’s currency held by the Fund in excess of seventy-five percent of the member’s quota at the date of the second amendment of this Agreement and not subject to repurchase under 1 above shall be repurchased in accordance with the following rules:

  • (i) Holdings that resulted from a purchase shall be repurchased in accordance with the policy on the use of the Fund’s general resources under which the purchase was made.

  • (ii) Other holdings shall be repurchased not later than four years after the date of the second amendment of this Agreement.

5. Repurchases under 1 above that are not subject to 2 above, repurchases under 4 above, and any specification of currencies under 2 above shall be in accordance with Article V, Section 7(i).

6. All rules and regulations, rates, procedures, and decisions in effect at the date of the second amendment of this Agreement shall remain in effect until they are changed in accordance with the provisions of this Agreement.

7. To the extent that arrangements equivalent in effect to (a) and (b) below have not been completed before the date of the second amendment of this Agreement, the Fund shall

  • (a) sell up to 25 million ounces of fine gold held by it on August 31, 1975 to those members that were members on that date and that agree to buy it, in proportion to their quotas on that date. The sale to a member under this sub-paragraph (a) shall be made in exchange for its currency and at a price equivalent at the time of sale to one special drawing right per 0.888 671 gram of fine gold, and

  • (b) sell up to 25 million ounces of fine gold held by it on August 31, 1975 for the benefit of developing members that were members on that date, provided, however, that the part of any profits or surplus value of the gold that corresponds to the proportion of such a member’s quota on August 31, 1975 to the total of the quotas of all members on that date shall be transferred directly to each such member. The requirements under Article V, Section 12(c) that the Fund consult a member, obtain a member’s concurrence, or exchange a member’s currency for the currencies of other members in certain circumstances shall apply with respect to currency received by the Fund as a result of sales of gold under this provision, other than sales to a member in return for its own currency, and placed in the General Resources Account.

Upon the sale of gold under this paragraph 7, an amount of the proceeds in the currencies received equivalent at the time of sale to one special drawing right per 0.888 671 gram of fine gold shall be placed in the General Resources Account and other assets held by the Fund under arrangements pursuant to (b) above shall be held separately from the general resources of the Fund. Assets that remain subject to disposition by the Fund upon termination of arrangements pursuant to (b) above shall be transferred to the Special Disbursement Account.

Schedule C: Par Values

1. The Fund shall notify members that par values may be established for the purposes of this Agreement, in accordance with Article IV, Sections 1, 3, 4, and 5 and this Schedule, in terms of the special drawing right, or in terms of such other common denominator as is prescribed by the Fund. The common denominator shall not be gold or a currency.

2. A member that intends to establish a par value for its currency shall propose a par value to the Fund within a reasonable time after notice is given under 1 above.

3. Any member that does not intend to establish a par value for its currency under 1 above shall consult with the Fund and ensure that its exchange arrangements are consistent with the purposes of the Fund and are adequate to fulfill its obligations under Article IV, Section 1.

4. The Fund shall concur in or object to a proposed par value within a reasonable period after receipt of the proposal. A proposed par value shall not take effect for the purposes of this Agreement if the Fund objects to it, and the member shall be subject to 3 above. The Fund shall not object because of the domestic social or political policies of the member proposing the par value.

5. Each member that has a par value for its currency undertakes to apply appropriate measures consistent with this Agreement in order to ensure that the maximum and the minimum rates for spot exchange transactions taking place within its territories between its currency and the currencies of other members maintaining par values shall not differ from parity by more than four and one-half percent or by such other margin or margins as the Fund may adopt by an eighty-five percent majority of the total voting power.

6. A member shall not propose a change in the par value of its currency except to correct, or prevent the emergence of, a fundamental disequilibrium. A change may be made only on the proposal of the member and only after consultation with the Fund.

7. When a change is proposed, the Fund shall concur in or object to the proposed par value within a reasonable period after receipt of the proposal. The Fund shall concur if it is satisfied that the change is necessary to correct, or prevent the emergence of, a fundamental disequilibrium. The Fund shall not object because of the domestic social or political policies of the member proposing the change. A proposed change in par value shall not take effect for the purposes of this Agreement if the Fund objects to it. If a member changes the par value of its currency despite the objection of the Fund, the member shall be subject to Article XXVI, Section 2. Maintenance of an unrealistic par value by a member shall be discouraged by the Fund.

8. The par value of a member’s currency established under this Agreement shall cease to exist for the purposes of this Agreement if the member informs the Fund that it intends to terminate the par value. The Fund may object to the termination of a par value by a decision taken by an eighty-five percent majority of the total voting power. If a member terminates a par value for its currency despite the objection of the Fund, the member shall be subject to Article XXVI, Section 2. A par value established under this Agreement shall cease to exist for the purposes of this Agreement if the member terminates the par value despite the objection of the Fund, or if the Fund finds that the member does not maintain rates for a substantial volume of exchange transactions in accordance with 5 above, provided that the Fund may not make such finding unless it has consulted the member and given it sixty days notice of the Fund’s intention to consider whether to make a finding.

9. If the par value of the currency of a member has ceased to exist under 8 above, the member shall consult with the Fund and ensure that its exchange arrangements are consistent with the purposes of the Fund and are adequate to fulfill its obligations under Article IV, Section 1.

10. A member for whose currency the par value has ceased to exist under 8 above may, at any time, propose a new par value for its currency.

11. Notwithstanding 6 above, the Fund, by a seventy percent majority of the total voting power, may make uniform proportionate changes in all par values if the special drawing right is the common denominator and the changes will not affect the value of the special drawing right. The par value of a member’s currency shall, however, not be changed under this provision if, within seven days after 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.

Schedule D: Council

1. (a) Each member that appoints an Executive Director and each group of members that has the number of votes allotted to them cast by an elected Executive Director shall appoint to the Council one Councillor, who shall be a Governor, Minister in the government of a member, or person of comparable rank, and may appoint not more than seven Associates. The Board of Governors may change, by an eighty-five percent majority of the total voting power, the number of Associates who may be appointed. A Councillor or Associate shall serve until a new appointment is made or until the next regular election of Executive Directors, whichever shall occur sooner.

  • (b) Executive Directors, or in their absence their Alternates, and Associates shall be entitled to attend meetings of the Council, unless the Council decides to hold a restricted session. Each member and each group of members that appoints a Councillor shall appoint an Alternate who shall be entitled to attend a meeting of the Council when the Councillor is not present, and shall have full power to act for the Councillor.

2. (a) The Council shall supervise the management and adaptation of the international monetary system, including the continuing operation of the adjustment process and developments in global liquidity, and in this connection shall review developments in the transfer of real resources to developing countries.

  • (b) The Council shall consider proposals pursuant to Article XXVIII(a) to amend the Articles of Agreement.

3. (a) The Board of Governors may delegate to the Council authority to exercise any powers of the Board of Governors except the powers conferred directly by this Agreement on the Board of Governors.

  • (b) Each Councillor shall be entitled to cast the number of votes allotted under Article XII, Section 5 to the member or group of members appointing him. A Councillor appointed by a group of members may cast separately the votes allotted to each member in the group. If the number of votes allotted to a member cannot be cast by an Executive Director, the member may make arrangements with a Councillor for casting the number of votes allotted to the member.

  • (c) The Council shall not take any action pursuant to powers delegated by the Board of Governors that is inconsistent with any action taken by the Board of Governors and the Executive Board shall not take any action pursuant to powers delegated by the Board of Governors that is inconsistent with any action taken by either the Board of Governors or the Council.

4. The Council shall select a Councillor as chairman, shall adopt regulations as may be necessary or appropriate to perform its functions, and shall determine any aspect of its procedure. The Council shall hold such meetings as may be provided for by the Council or called by the Executive Board.

5. (a) The Council shall have powers corresponding to those of the Executive Board under the following provisions: Article XII, Section 2(c), (f), (g), and (j); Article XVIII, Section 4(a) and Section 4(c)(iv); Article XXIII, Section 1; and Article XXVII, Section 1(a).

  • (b) For decisions by the Council on matters pertaining exclusively to the Special Drawing Rights Department only Councillors appointed by a member that is a participant or a group of members at least one member of which is a participant shall be entitled to vote. Each of these Councillors 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 in the group of members that appointed him, and may cast the votes allotted to a participant with which arrangements have been made pursuant to the last sentence of 3(b) above.

  • (c) The Council may by regulation establish a procedure whereby the Executive Board may obtain a vote of the Councillors on a specific question without a meeting of the Council when in the judgment of the Executive Board an action must be taken by the Council which should not be postponed until the next meeting of the Council and which does not warrant the calling of a special meeting.

  • (d) Article IX, Section 8 shall apply to Councillors, their Alternates, and Associates, and to any other person entitled to attend a meeting of the Council.

  • (e) For the purposes of (b) and 3(b) above, an agreement under Article XII, Section 3(i)(ii) by a member, or by a member that is a participant, shall entitle a Councillor to vote and cast the number of votes allotted to the member.

  • (f) When an Executive Director is entitled to cast the number of votes allotted to a member pursuant to Article XII, Section 3(i)(v), the Councillor appointed by the group whose members elected such Executive Director shall be entitled to vote and cast the number of votes allotted to such member. The member shall be deemed to have participated in the appointment of the Councillor entitled to vote and cast the number of votes allotted to the member.

6. The first sentence of Article XII, Section 2(a) shall be deemed to include a reference to the Council.

Schedule E: Election of Executive Directors

1. The election of the elective Executive Directors shall be by ballot of the Governors eligible to vote.

2. In balloting for the Executive Directors to be elected, 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 fifteen persons receiving the greatest number of votes shall be Executive Directors, provided that no person who received less than four percent of the total number of votes that can be cast (eligible votes) shall be considered elected.

3. When fifteen persons are not elected in the first ballot, a second ballot shall be held 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 nine percent of the eligible votes. If in the second ballot there are more candidates than the number of Executive Directors to be elected, the person who received the lowest number of votes in the first ballot shall be ineligible for election.

4. In determining whether the votes cast by a Governor are to be deemed to have raised the total of any person above nine percent of the eligible votes the nine 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 nine percent is reached.

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

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

Schedule F: Designation

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

  • (a) Participants subject to designation under Article XIX, 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 XIX, 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, for currency acceptable to the Fund, in a transaction with the Fund conducted through the General Resources 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 a freely usable currency 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 other reserves.

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 XXIII, Section 2(b).

Schedule H: Termination of Participation

1. 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.

2. If the obligation remaining after the setoff under Article XXIV, 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 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.

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 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.

Schedule I: Administration of Liquidation of the Special Drawing Rights Department

1. In the event of liquidation of the Special Drawing Rights Department, 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 a freely usable currency 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 Rights Department.

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

  • After the distributions made under 2(a) and (b) of Schedule K, the Fund shall apportion its special drawing rights held in the General Resources Account among all members that are participants in proportion to the amounts due to each participant after the distribution under 2(b). To determine the amount due to each member for the purpose of apportioning the remainder of its holdings of each currency under 2(d) of Schedule K, 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 Rights Department shall be redeemed in accordance with the terms of any agreement under Article XXIV 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 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 3 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 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 Rights Department and all of the Fund’s liabilities arising from the allocations of special drawing rights and the administration of the Special Drawing Rights Department 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.

Schedule J: Settlement of Accounts with Members Withdrawing

1. The settlement of accounts with respect to the General Resources Account shall be made according to 1 to 6 of this Schedule. 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, and for this purpose the Fund may transfer to the General Resources Account holdings of the member’s currency in the Special Disbursement Account or in the Investment Account in exchange for an equivalent amount of the currencies of other members in the General Resources Account selected by the Fund with their concurrence.

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 a freely usable currency, 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 in a freely usable currency.

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 a freely usable currency. Redemption shall be made at the rates at which the Fund would sell such currencies 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 general 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 value of its currency in terms of the special drawing right on the date of withdrawal and the value realized in terms of the special drawing right by the Fund on disposal under 4 and 5 above.

7. If the withdrawing member is indebted to the Fund as the result of transactions conducted through the Special Disbursement Account under Article V, Section 12(f)(ii), the indebtedness shall be discharged in accordance with the terms of the indebtedness.

8. If the Fund holds the withdrawing member’s currency in the Special Disbursement Account or in the Investment Account, the Fund may in an orderly manner exchange in any market for the currencies of members the amount of the currency of the withdrawing member remaining in each account after use under 1 above, and the proceeds of the exchange of the amount in each account shall be kept in that account. Paragraph 5 above and the first sentence of 6 above shall apply to the withdrawing member’s currency.

9. If the Fund holds obligations of the withdrawing member in the Special Disbursement Account pursuant to Article V, Section 12(h), or in the Investment Account, the Fund may hold them until the date of maturity or dispose of them sooner. Paragraph 8 above shall apply to the proceeds of such disinvestment.

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

Schedule K: 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) (i) The Fund shall calculate the value of gold held on August 31, 1975 that it continues to hold on the date of the decision to liquidate. The calculation shall be made in accordance with 9 below and also on the basis of one special drawing right per 0.888 671 gram of fine gold on the date of liquidation. Gold equivalent to the excess of the former value over the latter shall be distributed to those members that were members on August 31, 1975 in proportion to their quotas on that date.

    • (ii) The Fund shall distribute any assets held in the Special Disbursement Account on the date of the decision to liquidate to those members that were members on August 31, 1975 in proportion to their quotas on that date. Each type of asset shall be distributed proportionately to members.

  • (b) The Fund shall distribute its remaining holdings of gold among the members whose currencies are held by the Fund in amounts less than their quotas in the proportions, but not in excess of, the amounts by which their quotas exceed the Fund’s holdings of their currencies.

  • (c) 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.

  • (d) The Fund shall apportion the remainder of its holdings of gold and each currency

    • (i) among all members in proportion to, but not in excess of, the amounts due to each member after the distributions under (b) and (c) above, provided that distribution under 2(a) above shall not be taken into account for determining the amounts due, and

    • (ii) any excess holdings of gold and currency among all the members in proportion to their quotas.

3. Each member shall redeem the holdings of its currency apportioned to other members under 2(d) 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(d) 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(d) 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 steps in 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 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 value of its currency in terms of the special drawing right on the date of the decision to liquidate the Fund and the value in terms of the special drawing right realized by such members on disposal of its currency.

9. The Fund shall determine the value of gold under this Schedule on the basis of prices in the market.

10. For the purposes of this Schedule, quotas shall be deemed to have been increased to the full extent to which they could have been increased in accordance with Article III, Section 2(b) of this Agreement.

Schedule L: Suspension of Voting Rights

In the case of a suspension of voting rights of a member under Article XXVI, Section 2(b), the following provisions shall apply:

1. The member shall not:

  • (a) participate in the adoption of a proposed amendment of this Agreement, or be counted in the total number of members for that purpose, except in the case of an amendment requiring acceptance by all members under Article XXVIII(b) or pertaining exclusively to the Special Drawing Rights Department;

  • (b) appoint a Governor or Alternate Governor, appoint or participate in the appointment of a Councillor or Alternate Councillor, or appoint, elect, or participate in the election of an Executive Director.

2. The number of votes allotted to the member shall not be cast in any organ of the Fund. They shall not be included in the calculation of the total voting power, except for purposes of the acceptance of a proposed amendment pertaining exclusively to the Special Drawing Rights Department.

3. (a) The Governor and Alternate Governor appointed by the member shall cease to hold office.

  • (b) The Councillor and Alternate Councillor appointed by the member, or in whose appointment the member has participated, shall cease to hold office, provided that, if such Councillor was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended, another Councillor and Alternate Councillor shall be appointed by such other members under Schedule D, and, pending such appointment, the Councillor and Alternate Councillor shall continue to hold office, but for a maximum of thirty days from the date of suspension.

  • (c) The Executive Director appointed or elected by the member, or in whose election the member has participated, shall cease to hold office, unless such Executive Director was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended. In the latter case:

    • (i) if more than ninety days remain before the next regular election of Executive Directors, another Executive Director shall be elected for the remainder of the term by such other members by a majority of the votes cast; pending such election, the Executive Director shall continue to hold office, but for a maximum of thirty days from the date of suspension;

    • (ii) if not more than ninety days remain before the next regular election of Executive Directors, the Executive Director shall continue to hold office for the remainder of the term.

4. The member shall be entitled to send a representative to attend any meeting of the Board of Governors, the Council, or the Executive Board, but not any meeting of their committees, when a request made by, or a matter particularly affecting, the member is under consideration.

Index

  • Accounts (see also General Resources Account; Investment Account; Special Disbursement Account):

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

    • Names of, Introd. Art.

    • Settlement with withdrawing members, Art. XXVI, Sec. 3; Sched. J

  • Adjustment process, Art. IV, Sec. 4; Art. XVIII, Sec. 1(b); Sched. D, par. 2(a)

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

  • Alternates; see Board of Governors; Councillors; Executive Directors

  • Amendments:

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

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

    • Consideration of proposals by Council, Sched. D, par. 2(b)

    • Entry into force, Art. XXVIII(c)

    • Proposal, Art. XXVIII(a)

    • Rules and regulations, rates, procedures and decisions in effect at date of second amendment to remain until changed, Sched. B, par. 6

    • Suspension of participation in adoption of proposed amendment, Sched. L, par. 1

    • Voting power required for acceptance, Art. XXVIII(a), (b)

  • Annual Report; see Reports

  • Arbitration:

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

    • Disagreement arising from termination of participation in Special Drawing Rights Department or during liquidation of that Department, Art. XXI(d)

  • Archives of Fund, immunity, Art. IX, Sec. 5

  • Articles of Agreement (see also Amendments; Interpretation of the Agreement):

    • Acceptance, Art. IV, Sec. 5(a); Art. XXXI, Sec. 2(a), (b), (g)

    • Advice to all members by Government of United States of signatures to Agreement and deposit of instruments of acceptance, Art. XXXI, Sec. 2(c)

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

    • Instruments of acceptance to be deposited with Government of the United States, Art. XXXI, Sec. 1, 2(a)

    • Signature, Art. XXXI, Sec. 2

  • Assessments for expenses of conducting business of Special Drawing Rights Department:

    • Levy by Fund, Art. XX, Sec. 4

    • Payment in special drawing rights, Art. XVI, Sec. 2

    • Settlement on termination of participation in Special Drawing Rights Department, Art. XXIV, Sec. 2

  • Assets of Fund (see also Investment of Fund’s assets; Reserves of Fund):

    • Certain proceeds from sale of gold for benefit of developing countries to be held separately from general resources of Fund, Sched. B, par. 7

    • Distribution in event of liquidation of Fund, Sched. K

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

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

    • Holdings in depositories, Art. XIII, Sec. 2

    • Immunity, Art. IX, Sec. 3, 4, 6, 9(a)

    • Maintenance of value, Art. V, Sec. 11

    • Separation of assets held in General Department and Special Drawing Rights Department, Art. XVI, Sec. 2

    • Separation of assets in Special Disbursement Account from other accounts in General Department, Art. V, Sec. 12(f)

    • Separation of assets of Investment Account from other accounts of General Department, Art. XII, Sec. 6(f)(i)

    • Value expressed in special drawing rights, Art. V, Sec. 10

  • Associates of the Council, Sched. D, par. 1(a), (b), 5(d)

  • Audit; see Accounts

  • Balance of payments:

    • Adjustment, action by members to achieve, Art. IV, Sec. 4

    • Adjustment, supervision by Council, Sched. D, par. 2(a)

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

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

    • Improvement, repurchase obligation, Art. V, Sec. 1(b)

    • Publication of report to member on conditions tending to produce serious disequilibrium in international balance of payments, Art. XII, Sec. 8

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

    • Requirement of need for purchase of currencies of members, Art. V, Sec. 3(b)(ii)

    • Requirement of need for use of special drawing rights, Art. XIX, Sec. 3(a)

    • Special policies for special balance of payments problems, Art. V, Sec. 3(a)

    • Taken into account in first decision to allocate special drawing rights, Art. XVIII, Sec. 1(b)

    • Taken into account in selection of currencies to be sold, Art. V, Sec. 3(d)

    • Withdrawal of exchange restrictions by members when balance of payments is satisfactory, Art. XIV, Sec. 2

  • Basic periods for allocation and cancellation of special drawing rights; see Special drawing rights

  • Board of Governors (see also Governors):

    • Adoption of regulations for member not entitled to appoint Executive Director to send representative to attend Executive Board meeting, Art. XII, Sec. 3(j)

    • Allocation and cancellation of special drawing rights, decisions on, Art. XVIII, Sec. 4(a), (c), (d)

    • Alternate Governors, appointment by members, Art. XII, Sec. 2(a)

    • Appointment by members, Art. XII, Sec. 2(a)

    • Approval of amendments to Articles of Agreement, Art. XXVIII(a), (b)

    • Authority to increase or decrease number of Executive Directors to be elected, Art. XII, Sec. 3(b)

    • Cessation of office after suspension of voting rights, Sched. L, par. 3(a)

    • Chairman, selection, Art. XII, Sec. 2(a)

    • Committee on Interpretation, Art. XXI(c); Art. XXIX(b)

    • Committees, Art. XII, Sec. 2(j)

    • Compulsory withdrawal of members by decision of, Art. XXVI, Sec. 2(c)

    • Consistency of Council’s or Executive Board’s actions with Board of Governors’ actions, Sched. D, par. 3(c)

    • Decision not to have number of elected directors reduced when Art. XII, Sec. 3(c) applies, Art. XII, Sec. 3(b)

    • Decision to establish Council, Art. XII, Sec. 1

    • Decisions on matters pertaining exclusively to Special Drawing Rights Department, Art. XXI(a)(i)

    • Delegation of authority to Council, Sched. D, par. 3(a)

    • Delegation of authority to Executive Board, Art. XII, Sec. 2(b)

    • Determination of quotas of members, Art. III, Sec. 1

    • Determination of remuneration paid to Executive Directors and their Alternates, 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), (d); Sched. E

    • Expenses incurred in attending meetings, Art. XII, Sec. 2(h)

    • General review of quotas and adjustments of quotas, Art. III, Sec. 2(a)

    • Immunities, Art. IX, Sec. 8

    • Initial subscription payments transmitted to, Art. XXXI, Sec. 2(d)

    • Interpretation of Fund Agreement, Art. XXIX(c)

    • Interpretation pertaining exclusively to Special Drawing Rights Department, Art. XXI(c)

    • Liquidation of Fund, decision, Art. XXV(a); Art XXVII, Sec. 2(a), (b)

    • Liquidation of Special Drawing Rights Department, decision, Art. XXV(a), (b)

    • Meetings, Art. XII, Sec. 2(c); Art. XXI(a)(i)

    • Number of votes of each Governor, Art. XII, Sec. 2(e)

    • Powers, Art. XII, Sec. 2(a), (b); Sched. D, par. 6

    • Prescription for payment of 25 percent of increase in quota in currencies rather than special drawing rights, Art. III, Sec. 3(a)

    • Prescription of times and terms for membership and subscription, Art. II, Sec. 2

    • Provision for in Fund structure, Art. XII, Sec. 1

    • Quorum for meetings, Art. XII, Sec. 2(d); Art. XXI(a)(i)

    • Representation of member whose voting rights have been suspended, Sched. L, par. 4

    • Rules and regulations, adoption, Art. XII, Sec. 2(g)

    • Service pending new appointment, Art. XII, Sec. 2(a)

    • Service without compensation, Art. XII, Sec. 2(h)

    • Suspension of member’s right to appoint a Governor, Sched. L, par. 1(b)

    • Temporary suspension of certain provisions, extension, Art. XXVII, Sec. 1(b)

    • Vote without meeting, Art. XII, Sec. 2(f); Sched. D, par. 5(a)

  • Borrowing of currency by Fund to replenish holdings, Art. VII, Sec. 1

  • Buffer stocks, international, of primary products, financing of contributions to, Art. XXX(c)(ii)

  • Capital transactions:

    • Determination by Fund whether transactions to be considered current or capital transactions, Art. XXX(d)

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

    • Payments for, definition, Art. XXX(d)

    • Use of Fund’s general resources for, Art. VI, Sec. 1(b)(i)

  • Capital transfers:

    • Controls, Art. VI, Sec. 1, 3

    • Reserve tranche purchases for, Art. VI, Sec. 2; Art. XXVII, Sec. 1(a)(ii)

    • Use of Fund’s general resources for, Art. VI, Sec. 1, 2; Art. XXVI, Sec. 2(a)

    • 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

    • Designation as depository for Fund’s holdings of currency, Art. XIII, Sec. 2

    • Institutions that perform such functions for more than one member, eligibility for prescription as holders of special drawing rights, Art. XVII, Sec. 3(i)

  • Charges:

    • Accruing after date of member’s withdrawal, Sched. J, par. 1

    • Failure of member to make required repurchase, Art. V, Sec. 8(c)

    • Levy by Fund, Art. V, Sec. 8(a), (b); Art. XXVII, Sec. 1(a)(i)

    • Levy on average daily balances held in General Resources Account of Fund, Art. V, Sec. 8(b)

    • Net cumulative allocation of special drawing rights, Art. XX, Sec. 2, 3, 5; Sched. I, par. 5

    • Outstanding obligation held by terminating participant, Art. XXIV, Sec. 2(a), 3

    • Payable during liquidation of Special Drawing Rights Department, Art. XXV(c); Sched. I, par. 5

    • Payment in special drawing rights, and in exceptional circumstances in specified members’ currencies or in member’s own currency, Art. V, Sec. 8(e); Art. XX, Sec. 5; Art. XXVII, Sec. 1(a)

    • Rate to be equal to rate of interest in Special Drawing Rights Department, Art. XX, Sec. 3

    • Rates, majority required for determination, Art. V, Sec. 8(d)

    • Rates, relationship to rate of remuneration, Art. V, Sec. 9(a)

    • Rise at intervals during period currency balances are held, Art. V, Sec. 8(b)

    • Service, on purchase of special drawing rights or currency of another member, Art. V, Sec. 8(a)(i)

    • Service, on reserve tranche purchases, Art. V, Sec. 8(a)(i)

    • Stand-by or similar arrangements, Art. V, Sec. 8(a)(ii)

  • Clearing arrangements, furnishing of information, Art. VIII, Sec. 5(a)(xii)

  • Collateral security, pledge, Art. V, Sec. 4

  • Colonies; see Territories

  • Committee on Interpretation; see Board of Governors

  • Committees:

    • Appointment by Board of Governors, Council, and Executive Board, Art. XII, Sec. 2(j); Sched. D, par. 5(a)

    • Immunities of members, Art. IX, Sec. 8

  • Common denominator, special drawing right or other but not gold or a currency, Sched. C, par. 1

  • Communications, official, privilege for, Art. IX, Sec. 7

  • Compensatory financing of export fluctuations, Art. XXX(c)(i)

  • Compulsory withdrawal from membership, Art. XIV, Sec. 3; Art. XXVI, Sec. 2(c); Sched. C, par. 7, 8

  • Consultations:

    • Annual, with members retaining certain exchange restrictions, Art. XIV, Sec. 3

    • Between members regarding existing international agreements, Art. VIII, Sec. 6

    • By Managing Director to ascertain if there is broad support for proposal on allocation or cancellation of special drawing rights, Art. XVIII, Sec. 4(b)

    • Charges on delinquent repurchases, Art. V, Sec. 8(c)

    • Currencies to be sold, selection, Art. V, Sec. 3(d)

    • Current or capital transactions, determination, Art. XXX(d)

    • Exchange rates of participant’s currency, Art. XIX, Sec. 7(c)

    • Fund sale of gold for member’s currency, Art. V, Sec. 12(c); Sched. B, par. 7(b)

    • Member without par value, Sched. C, par. 3, 9

    • Members’ exchange rate policies, Art. IV, Sec. 3(b)

    • Par value ceasing to exist, Sched. C, par. 8

    • Repurchase obligation, Art. V, Sec. 7(b)

    • Sale of currency not repurchased, Art. V, Sec. 7(h)

  • Convertibility, foreign-held balances, Art. VIII, Sec. 4 (see also Freely usable currency)

  • Cooperative arrangements for maintenance of value of currencies, Art. IV, Sec. 2(b), 3(b)

  • Council:

    • Adoption of regulations and determination of procedures, Sched. D, par. 4

    • Authority to adopt rules and regulations to conduct business of Fund, Art. XII, Sec. 2(g); Sched. D, par. 5(a)

    • Authority to appoint committees, Art. XII, Sec. 2(j); Sched. D, par. 5(a)

    • Authority to call Board of Governors meeting, Art. XII, Sec. 2(c); Sched. D, par. 5(a)

    • Authority to obtain vote of Governors without meeting, Art. XII, Sec. 2(f); Sched. D, par. 5(a)

    • Chairman, selection, Sched. D, par. 4

    • Composition, Sched. D, par. 1(a)

    • Concurrence in proposals of Managing Director on allocations and cancellations of special drawing rights, Art. XVIII, Sec. 4(a); Sched. D, par. 5(a)

    • Consistency of action with action of Board of Governors, Sched. D, par. 3(c)

    • Decisions on matters relating to Special Drawing Rights Department, Sched. D, par. 5(b)

    • Establishment by decision of Board of Governors, Art. XII, Sec. 1; Sched. D Immunities and privileges, Sched. D, par. 5(d)

    • Meetings, Sched. D, par. 4

    • Powers, Art. XII, Sec. 2(a), (c), (f), (g), (j); Art. XVIII, Sec. 4(a), (c)(iv); Art. XXIII, Sec. 1; Art. XXVII, Sec. 1(a); Sched. D, par. 5(a), 6

    • Representation of member whose voting rights have been suspended, Sched. L, par. 4

    • Request for proposal by Managing Director for allocation or cancellation of special drawing rights, Art. XVIII, Sec. 4(c)(iv); Sched. D, par. 5(a)

    • Temporary suspension of certain provisions of Agreement, Art. XXVII, Sec. 1(a); Sched. D, par. 5(a)

    • Temporary suspension of provisions relating to operations and transactions in special drawing rights, Art. XXIII, Sec. 1; Sched. D, par. 5(a)

  • Councillors:

    • Appointment and attendance at meeting of Council, Sched. D, par. 1(a), (b)

    • Alternates, Sched. D, par. 1(b)

    • Casting of votes, Sched. D, par. 3(b), 5(b), (e)

    • Cessation of office after suspension of voting rights, Sched. L, par. 3(b)

    • Immunities and privileges, Sched. D, par. 5(d)

    • Suspension of member’s right to appoint or participate in appointment, Sched. L, par. 1(b)

  • Currencies (see also Freely usable currency; Holdings; Maintenance of value … ; Scarce currencies):

    • Acceptable to Fund, use to obtain special drawing rights, Art. XX, Sec. 5; Sched. G, par. 1(a)(iv)

    • Acquisition of currency of member that has withdrawn, Sched. J, par. 5

    • Acquisition of own currency with special drawing rights by terminating participants, Sched. H, par. 1

    • Adjustment of Fund’s holdings, Art. V, Sec. 11(b)

    • Borrowing by Fund, Art. VII, Sec. 1(i)

    • Computations, Art. V, Sec. 10

    • Designation of participants to provide for specified amount of special drawing rights, Art. XIX, Sec. 5; Sched. F

    • Discharge of obligations to Fund by participants in event of liquidation of Special Drawing Rights Department, Sched. I, par. 1

    • Discharge of repurchase obligation or subscription payable in gold by non-participants, Sched. B

    • Exchange for freely usable currency, Art. V, Sec. 3(e), 7(j)

    • Exchange rates, transactions in special drawing rights, Art. V, Sec. 10(b), 11(a); Art. XIX, Sec. 7

    • Fund’s holdings, Art. III, Sec. 3; Art. V, Sec. 6(b), 7(i), 8(e); Art. XIII, Sec. 2(a); Art. XXX(a), (c); Sched. B, par. 4

    • Investment Account holdings, use to meet expenses of conducting business of Fund, Art. XII, Sec. 6(f)(iv), (v)

    • Investment in obligations denominated in currency used, Art. XII, Sec. 6(f)(iii)

    • Maintenance of a value by members in terms of special drawing right or another denominator other than gold, Art. IV, Sec. 2(b)

    • Maintenance of value by Fund, Art. V, Sec. 11

    • Maintenance of value by members, cooperative arrangements by members, Art. IV, Sec. 3(b)

    • Obligation of participant to provide, Art. XIX, Sec. 4

    • Payment by Fund to member consenting to quota reduction, Art. III, Sec. 3(c)

    • Payment of charges, Art. V, Sec. 8(e)

    • Payment of distribution of net income or part of general reserve in member’s own currency, Art. XII, Sec. 6(e)

    • Payment of quota increase, Art. III, Sec. 3(a)

    • Payment of remuneration in member’s own currency, Art. V, Sec. 9(d)

    • Payment to withdrawing member, Sched. J

    • Purchase from Fund for special drawing rights, Art. V, Sec. 6

    • Purchase of currency held by another member, Art. VIII, Sec. 4

    • Redemption of holdings apportioned to other members in liquidation of Fund, Sched. K, par. 3–8

    • Replenishment of Fund’s holdings, Art. VII, Sec. 1

    • Repurchase by member of currency held by Fund, Art. V, Sec. 7; Sched. B, par. 1–5

    • Scarcity, Art. VII, Sec. 2, 3

    • Selection by Fund to be provided or accepted for transactions in special drawing rights, Art. V, Sec. 6(c)

    • Selection for repurchase, Art. V, Sec. 7(i)

    • Selection for sale, policies and procedure, Art. V, Sec. 3(d)

    • Separate currencies within member’s territories, Art. IV, Sec. 5

    • Settlement with terminating participant, Art. XXIV, Sec. 4–6

    • Specified by Fund, discharge of obligation by non-participant payable in special drawing rights, Sched. B, par. 2

    • Specified by Fund, use in repurchases, Art. V, Sec. 7(i), (j)

    • Substitution of securities, Art. III, Sec. 4; Art. XXX(a)

  • Current transactions:

    • Convertibility of foreign-held balances acquired as result of or needed for making payments for, Art. VIII, Sec. 4

    • Determination by Fund whether transactions to be considered current or capital transactions, Art. XXX(d)

    • Multilateral system of payments, Art. I(iv)

    • Payments for, definition, Art. XXX(d)

    • Restrictions on payments and transfers, Art. VI, Sec. 3; Art. VII, Sec. 3(b), (c); Art. VIII, Sec. 2; Art. XIV, Sec. 2

  • Customs duties, Fund’s immunity from, Art. IX, Sec. 9(a)

  • Data; see Information

  • Definition of terms:

    • Freely usable currency, Art. XXX(f)

    • Members on August 31, 1975, Art. XXX(g)

    • Net cumulative allocation of special drawing rights, Art. XXX(e)

    • Operations in special drawing rights, Art. XXX(i)

    • Operations of Fund, Art. XXX(h)

    • Payments for current transactions, Art. XXX(d)

    • Reserve tranche purchase, Art. XXX(c)

    • Stand-by arrangement, Art. XXX(b)

    • Transactions in special drawing rights, Art. XXX(i)

    • Transactions of Fund, Art. XXX(h)

  • Departments and Accounts, Introd. Art.

  • Depositary for instruments of acceptance of the Agreement, Art. XXXI, Sec. 2

  • Depositories:

    • Currency, designation by each member, Art. XIII, Sec. 2(a)

    • Gold, to be held in designated depositories, Art. XIII, Sec. 2(b)

    • Guarantee of Fund assets against loss from failure or default, Art. XIII, Sec. 3

    • Subscription payments to appropriate depository, Art. III, Sec. 1

  • Developing members:

    • Balance of payments assistance on special terms from assets in Special Disbursement Account, Art. V, Sec. 12(f)(ii)

    • Distribution of part of assets from sale of gold in Special Disbursement Account, Art. V, Sec. 12(f)(iii); Sched. B, par. 7(b)

    • Transfer of real resources, review of developments by Council, Sched. D, par. 2(a)

  • Disagreements:

    • Arising between Fund and terminating participant or any participant during liquidation of Special Drawing Rights Department, Art. XXI(d)

    • Arising between Fund and withdrawn member or any member during liquidation of Fund, Art. XXVII, Sec. 2(b); Art. XXIX(c)

  • Discriminatory currency arrangements, avoidance, Art. VIII, Sec. 3

  • Disequilibrium (see also Balance of payments):

    • Fundamental, change in par value to correct or prevent, Sched. C, par. 6, 7

    • Purpose of Fund to lessen in international balances of payments of members, Art. I(vi)

    • Report to members regarding conditions tending to produce serious disequilibrium in balance of payments, Art. XII, Sec. 8

  • Economic growth, orderly, obligation of members to foster, Art. IV, Sec. 1

  • Election; see Executive Directors

  • Emergency provisions:

    • Liquidation of the Fund, Art. XXVII, Sec. 2

    • Temporary suspension of operation of certain provisions of the Agreement, Art. XXVII, Sec. 1; Sched. D, par. 5(a)

    • Temporary suspension of provisions relating to special drawing rights, Art. XXIII, Sec. 1; Art. XXV(a); Sched. D, par. 5(a)

  • Employment, promotion and maintenance of high levels, Art. I(ii)

  • Entry into force of the Agreement, Art. XXXI, Sec. 1

  • Establishment of International Monetary Fund, Introd. Art. (i)

  • Exceptional circumstances:

    • Authority for participants to agree on other exchange rates for transactions, Art. XIX, Sec. 7(b)

    • Fund representations to member on withdrawal of restrictions, Art. XIV, Sec. 3

    • Payment of charges in currencies of other members specified by Fund or in member’s own currency, Art. V, Sec. 8(e); Art. XXVII, Sec. 1(a)(i)

    • Reduction of quota, payment, Art. III, Sec. 3(c)

  • Exchange arrangements:

    • Changes, notification of Fund by member, Art. IV, Sec. 2(a)

    • Consistency with purposes of Fund, Sched. C, par. 3

    • Consultation with Fund by member not intending to establish par value or whose par value has ceased to exist, Sched. C, par. 3, 9

    • General, Fund may make provision for, Art. IV, Sec. 2(c)

    • Kind prevailing on January 1, 1976, Art. IV, Sec. 2(b)

    • Notification by member of arrangements to be applied and of changes, Art. IV, Sec. 2(a)

    • Obligations of members, Art. IV; Sched. C, par. 3, 9

    • Orderly, maintenance among members, Art. I(iii)

    • Separate currencies within a member’s territories, Art. IV, Sec. 5

    • Surveillance, Art. IV, Sec. 3

  • Exchange contracts, unenforceability, Art. VIII, Sec. 2(b)

  • Exchange controls (see also Exchange restrictions):

    • Capital transfers, Art. VI, Sec. 1(a), 3

    • Cooperation between members to make regulations more effective, Art. VIII, Sec. 2(b)

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

  • Exchange depreciation, competitive, avoidance, Art. I(iii)

  • Exchange margins, spot exchange transactions of members having par values, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5

  • Exchange rates (see also Exchange arrangements; Par values):

    • Avoidance of manipulating, Art. IV, Sec. 1(iii)

    • Buying and selling rates for foreign currencies, furnishing of information concerning, Art. VIII, Sec. 5(a)(x)

    • Computations for applying provisions of the Agreement, Art. V, Sec. 10

    • Policies, consultations with members, Art. IV, Sec. 3(b)

    • Policies, principles for guidance, Art. IV, Sec. 3(b)

    • Promotion of stable system, Art. IV, Sec. 1; Art. XIV, Sec. 2

    • Termination of par value, Sched. C, par. 8

    • Transactions in special drawing rights, Art. XIX, Sec. 7

    • Value of currencies held in General Resources Account, Art. V, Sec. 11(a)

  • Exchange restrictions:

    • Adaptation to changing circumstances, Art. XIV, Sec. 2

    • Administration with respect to scarce currency, Art. VII, Sec. 4

    • Approval by Fund, Art. VIII, Sec. 2(a)

    • Avoidance on current payments, Art. VIII, Sec. 2

    • Consultations between members to make adjustment for application of authorized restrictions, Art. VIII, Sec. 6

    • Consultations with Fund as to further retention, Art. XIV, Sec. 3

    • Cooperation between members in making exchange control regulations more effective, Art. VIII, Sec. 2(b)

    • Effect of other international agreements on, Art. VII, Sec. 5

    • Elimination of foreign exchange restrictions which hamper growth of world trade, Art. I(iv)

    • Maintenance, Art. XIV, Sec. 1

    • Member persisting in maintaining restrictions inconsistent with Fund’s purposes, Art. XIV, Sec. 3; Art. XXVI, Sec. 2

    • Obligation to withdraw, Art. XIV, Sec. 2

    • On transactions with non-member countries, Art. XI, Sec. 2

    • Report, annual, Art. XIV, Sec. 3

    • Representation as to withdrawal, Art. XIV, Sec. 3

    • Retention, Art. XIV, Sec. 3

    • Scarce currency, formal declaration authorizing temporary exchange restrictions, Art. VII, Sec. 3(b)

    • Transitional arrangements, Art. XIV

  • Exchange stability:

    • Promotion of stable system of exchange rates, Art. IV, Sec. 1; Art. XIV, Sec. 2

    • Purpose of Fund to promote, Art. I(iii)

  • Exchange transactions; see Operations and transactions

  • Executive Board:

    • Authority to call meetings of Board of Governors, Art. XII, Sec. 2(c)

    • Authority to call meetings of Council, Sched. D, par. 4

    • Committees, Art. XII, Sec. 2(j); Art. IX, Sec. 8

    • Concurrence in proposals for allocation and cancellation of special drawing rights, Art. XVIII, Sec. 4(a), (d)

    • Decisions on matters pertaining exclusively to Special Drawing Rights Department, Art. XXI(a)(ii)

    • Delegation of powers by Board of Governors, Art. XII, Sec. 2(b), 3(a)

    • Function in continuous session, Art. XII, Sec. 3(g)

    • Interpretation of the Agreement, decision, Art. XXI(c); Art. XXIX(a)

    • Managing Director, selection of, Art. XII, Sec. 4(a)

    • Managing Director to be Chairman, Art. XII, Sec. 4(a)

    • Meetings, Art. XII, Sec. 3(g)

    • No inconsistency of actions with those of Board of Governors or Council, Sched. D, par. 3(c)

    • Powers corresponding to those of Council, Sched. D, par. 5(a)

    • Provision for, Art. XII, Sec. 1

    • Quorum for meetings, Art. XII, Sec. 3(h); Art. XXI(a)(ii)

    • 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)

    • Representation of member whose voting rights have been suspended, Sched. L, par. 4

    • Request for allocation or cancellation of special drawing rights, Art. XVIII, Sec. 4(c)(iv)

    • Responsibility for conducting business of Fund, Art. XII, Sec. 3(a)

    • Rules and regulations, adoption, Art. XII, Sec. 2(g)

    • Temporary suspension of allocations or cancellations of special drawing rights, Art. XXV(a)

    • Temporary suspension of certain provisions of the Agreement, Art. XXVII, Sec. 1(a), (c)

    • Temporary suspension of operations and transactions in special drawing rights, Art. XXIII, Sec. 1; Art. XXV(a)

    • Temporary suspension of transactions in an emergency, Art. XXVII, Sec. 2(a)

  • Executive Directors:

    • Additional appointed, Art. XII, Sec. 3(c)

    • Advisors, immunities and privileges, Art. IX, Sec. 8

    • Alternate, appointment and powers, Art. XII, Sec. 3(e)

    • Alternate, authority to exercise powers of former Executive Director while office is vacant, Art. XII, Sec. 3(f)

    • Alternate, determination of remuneration by Board of Governors, Art. XII, Sec. 2(i)

    • Alternate, entitlement to attend meetings of Council, Sched. D, par. 1(b)

    • Alternate, immunities and privileges, Art. IX, Sec. 8, 9(b)

    • Appointed, Art. XII, Sec. 3(b)(i), 3(c), 3(i)

    • Attendance at Council meetings, Sched. D, par. 1(b)

    • Cessation of office after suspension of voting rights, Sched. L, par. 3(c)

    • Election, Art. XII, Sec. 3(b)(ii), (d); Sched. E

    • Elective, Art. XII, Sec. 3(b)(ii)

    • Immunities and privileges, Art. IX, Sec. 8

    • Immunity from tax on salaries, Art. IX, Sec. 9(b)

    • Increase or decrease in number to be elected, Art. XII, Sec. 3(b)

    • Number, Art. XII, Sec. 3(b), (c)

    • Remuneration, determination by Board of Governors, Art. XII, Sec. 2(i)

    • Suspension of member’s right to appoint or participate in election, Sched. L, par. 1(b)

    • 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. XXX (see also Definition of terms)

  • Financial and technical services, performance by Fund, Art. V, Sec. 2(b)

  • Fiscal agencies:

    • Dealing with Fund, Art. V, Sec. 1

    • Not to engage in discriminatory currency arrangements or multiple currency practices, Art. VIII, Sec. 3

    • Undertakings with respect to transactions with non-member, Art. XI, Sec. 1(i); Art. XXVII, Sec. 1(a)(iii)

  • Foreign exchange, data members may be required to furnish, Art. VIII, Sec. 5(a)(i), (ii)

  • Freely usable currency:

    • Conversion into by member whose currency has been purchased from Fund, Art. V, Sec. 3(e)

    • Definition, Art. XXX(f)

    • Exchange for currency specified for repurchase, Art. V, Sec. 7(i)

    • Obligation to provide on demand to participant using special drawing rights, Art. XIX, Sec. 4

    • Settlement with members withdrawing, Sched. J, par. 2, 4

    • Settlement with terminating participant, Art. XXIV, Sec. 5, 6; Sched. H

    • Use to acquire special drawing rights for payment of charge or assessment, Art. XX, Sec. 5; Art. XXIV, Sec. 3

    • Use to discharge obligations to Fund by participants in event of liquidation of Special Drawing Rights Department, Sched. I, par. 1

    • Use to obtain special drawing rights to fulfill reconstitution obligation, Sched. G, par. 1(a)(iv)

  • Fundamental disequilibrium; see Disequilibrium

  • General Department (see also General Resources Account; Investment Account; Special Disbursement Account):

    • Administration, Art. XII, Sec. 6; Art. XXI

    • Consisting of General Resources Account, Special Disbursement Account, and Investment Account, Introd. Art. (iii)

    • Establishment and operation, Introd. Art. (ii), (iii)

    • Holding of assets and property of Fund, Art. XVI, Sec. 2

    • Liquidation, Art. XXVII, Sec. 2; Sched. K

    • Operations and transactions, Art. XVI, Sec. 1; Art. XVII, Sec. 2

    • Purchase and sale of special drawing rights by participant, Art. V, Sec. 6(a), (b)

    • Reimbursement in special drawing rights for expenses of conducting business of Special Drawing Rights Department, Art. XVI, Sec. 2; Art. XXI(a)(iii)

    • Separation from Special Drawing Rights Department, Introd. Art. (ii), (iii); Art. XVI, Sec. 1, 2

    • Value of assets to be expressed in special drawing rights, Art. V, Sec. 10(a)

  • General reserve; see Reserves of Fund

  • General Resources Account:

    • Acceptance and holdings of special drawing rights, Art. XXI(a)(iii)

    • Acquisition of member’s own currency or freely usable currency by terminating participant, Sched. H, par. 1

    • Acquisition of special drawing rights by participant to pay charge or assessment, Art. XX, Sec. 5

    • Acquisition of special drawing rights by terminating participant, Sched. H, par. 2

    • Acquisition of special drawing rights to fulfill reconstitution obligation, Sched. G, par. 1(a)(iv)

    • Charges on balances of currency held, Art. V, Sec. 8(b)

    • Conduct of operations and transactions, Introd. Art. (iii)

    • Distribution of special drawing rights if decision to liquidate Fund within six months of decision to liquidate Special Drawing Rights Department, Sched. I, par. 2

    • Holding of general resources of Fund, Art. V, Sec. 2(a)

    • Holdings of a member’s currency, effect of gold sales, Art. V, Sec. 12(c)

    • Holdings of special drawing rights, Art. XVII, Sec. 2

    • Increase in quotas of members as of August 31, 1975 in amounts not exceeding amounts transferred from Special Disbursement Account, Art. III, Sec. 2(b)

    • Operations and transactions in special drawing rights with prescribed holders, Art. XVII, Sec. 2, 3(iii)

    • Placement of proceeds of sale of gold, Art. V, Sec. 12(f); Sched. B, par. 7

    • Replenishment of Fund’s holdings of currencies, Art. VII, Sec. 1

    • Transactions to facilitate settlement with terminating participant, Art. XXIV, Sec. 6

    • Transfer of assets upon termination of Special Disbursement Account, Art. V, Sec. 12(j)

    • Transfer of holdings of withdrawing member’s currency in Special Disbursement Account or Investment Account, Sched. J, par. 1

    • Transfer of part of Investment Account upon termination or reduction of investment, Art. XII, Sec. 6(f)(viii), (ix)

  • Global liquidity; see Liquidity, international

  • Global need to supplement existing reserve assets; see Reserves

  • Gold:

    • Acceptance of payments by Fund, Art. V, Sec. 12(d)

    • Apportionment of gold holdings in case of liquidation of Fund, Sched. K, par. 2

    • Data members may be required to furnish, Art. VIII, Sec. 5(a)(i)-(iv), (vi)

    • Depositories, Art. XIII, Sec. 2(b)

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

    • Obligation to pay in repurchase or as subscription, payment in special drawing rights, Sched. B, par. 2

    • Price, fixed market, avoidance of management or establishment of, Art. V, Sec. 12(a)

    • Price for sales to be agreed on basis of market prices, Art. V, Sec. 12(c)

    • Price for sales to members on date of second amendment of the Agreement, Art. V, Sec. 12(e)

    • Sale by Fund, Art. V, Sec. 12(c), (d); Sched. B, par. 7

    • Sale by Fund on date of second amendment of the Agreement, Art. V, Sec. 12(e), (f)

    • Sale of up to 25 million ounces held as of August 31, 1975 for benefit of developing countries, Sched. B, par. 1(b)

    • Sale of up to 25 million ounces held as of August 31, 1975 to members of that date in proportion to their quotas, Sched. B, par. 7(a)

    • Transfer in an emergency, Art. XIII, Sec. 2(b)

    • Transfer of part of proceeds of sale to Investment Account, Art. XII, Sec. 6(f)(ii)

    • Transfer with due regard to costs and requirements of Fund, Art. XIII, Sec. 2(b)

    • Transitional provisions, Sched. B

    • Valuation in case of liquidation of Fund, Sched. K, par. 9

  • Governors (see also Board of Governors):

    • Alternate, appointment and powers, Art. XII, Sec. 2(a)

    • Appointment, Art. XII, Sec. 2(a)

    • Cessation of office after suspension of voting rights, Sched. L, par. 3(a)

    • Expenses, Art. XII, Sec. 2(h)

    • Immunities and privileges, Art. IX, Sec. 8

    • Suspension of member’s right to appoint a Governor after suspension of voting rights, Sched. L, par. 1(b)

    • Votes, number for each Governor, Art. XII, Sec. 2(e)

  • Holdings (see also Assets of Fund):

    • Adjustment in Fund’s holdings of member’s currency, Art. V, Sec. 11(b)

    • Balanced distribution of participants’ special drawing rights, Art. XIX, Sec. 5(b)

    • Balanced relationship between participants’ special drawing rights and other reserves, Sched. G, par. 1(b)

    • Distribution in event of liquidation of Fund, Sched. K

    • Fund’s holdings of a member’s currency, Art. III, Sec. 3(a), (c); Art. V, Sec. 7, 8(b), 9, 11; Art. XIII, Sec. 2; Art. XXX(a), (c)

    • Inclusion of securities accepted by Fund, Art. XXX(a)

    • Member’s currency not to be increased above level at which Fund’s holdings would be subject to charges, Art. III, Sec. 3(a); Art. V, Sec. 6(b), 7(i), 8(e), 12(c)

    • Publication of summary statement, Art. XII, Sec. 7(a)

    • Rates of computation of member’s currency, Art. V, Sec. 10(b)

    • Recording of changes in holdings of special drawing rights, Art. XVI, Sec. 3

    • Repurchase, Sched. B, par. 4

    • Sale by Fund of member’s currency not repurchased, Art. V, Sec. 7(h)

    • Scarcity of member’s currency, Art. VII, Sec. 3

    • Special drawing rights in General Resources Account, Art. XVII, Sec. 2

    • Value of Fund’s assets, maintenance, Art. V, Sec. 11

  • Immunities; see Status, immunities, and privileges

  • Income, net, distribution, Art. XII, Sec. 6

  • Income of investment, Art. V, Sec. 12(h); Art. XII, Sec. 6(f)(iv)

  • Ineligibility; see Use of Fund’s general resources

  • Information:

    • Fund to act as center for collection and exchange of information on monetary and financial problems, Art. VIII, Sec. 5(c)

    • Members may be required to furnish, Art. VIII, Sec. 5

    • Necessary for surveillance over exchange rate policies of members, provision to Fund, Art. IV, Sec. 3(b)

    • No disclosure of affairs of individuals or corporations, Art. VIII, Sec. 5(b)

  • Interest on special drawing rights:

    • Accrued, payment upon liquidation of Special Drawing Rights Department, Art. XXV(c)

    • Accrued, settlement on termination of participation in Special Drawing Rights Department, Art. XXIV, Sec. 2(a)

    • Outstanding balance held by terminating participant, Art. XXIV, Sec. 3

    • Payment by Fund during liquidation of Special Drawing Rights Department, Sched. I, par. 5, 6

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

    • Payment to holders, Art. XX, Sec. 1

    • Rate, determination, Art. XX, Sec. 3

    • Rate, relation to remuneration rate, Art. V, Sec. 9(a)

  • 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 Court of Justice, appointment of umpire of arbitration tribunal, Art. XXIX(c)

  • International liquidity; see Liquidity, international

  • International monetary system, purpose, general obligations of members, Art. IV, Sec. 1

  • International organizations, arrangements for cooperation with, Art. X

  • International surveillance of international liquidity, Art. VIII, Sec. 7

  • Interpretation of the Agreement:

    • Arbitration of disagreement between Fund and withdrawing member or member during liquidation of Fund, Art. XXIX(c)

    • Committee on Interpretation of Board of Governors, Art. XXI(c); Art. XXIX(b)

    • Decision, final, by Board of Governors, Art. XXIX(b)

    • Explanation of terms, Art. XXX

    • Matters relating exclusively to Special Drawing Rights Department, Art. XXI(c)

    • Question arising between Fund and member or between members to be submitted to Executive Board, Art. XXIX(a)

  • Intervention arrangements, Art. IV, Sec. 4

  • Investment Account:

    • Conduct of operations and transactions in General Department, Introd. Art. (iii)

    • Currency held not included in computations relating to quota, Art. V, Sec. 10(c)

    • Distribution of assets on termination or reduction, Art. XII, Sec. 6(f)(vii)-(ix)

    • Establishment and procedures, Art. XII, Sec. 6(f)

    • Holdings of currency or obligations of withdrawing member, Sched. J, par. 8, 9

    • Termination, Art. XII, Sec. 6(f)(vi)-(viii)

    • Transfer of part of excess from sale of gold, Art. V, Sec. 12(g); Art. XII, Sec. 6(f)(ii), (ix)

    • Transfer of withdrawing member’s currency to General Resources Account, Sched. J, par. 1

  • Investment, furnishing of information on international position by member, Art. VIII, Sec. 5(a)(vii)

  • Investment of Fund’s assets:

    • Income, Art. XII, Sec. 6(f)(iv)

    • Member’s currency held in Investment Account, Art. XII, Sec. 6(f)(iii)

    • Member’s currency held in Special Disbursement Account, Art. V, Sec. 12(h)

    • Reduction of amount, Art. XII, Sec. 6(f)(ix)

  • Liquidation of Fund:

    • Administration, Sched. I, par. 2; Sched. K

    • Decision of Board of Governors, Art. XXV(a); Art. XXVII, Sec. 2

    • Decision within six months of decision to liquidate Special Drawing Rights Department, Sched. I, par. 2

    • Disagreement during, Art. XXIX(c)

    • Settlement of accounts within six months of withdrawal from membership, Sched. J, par. 10; Sched. K Termination of Investment Account, Art. XII, Sec. 6(f)(vi)-(viii)

    • Termination of Special Disbursement Account, Art. V, Sec. 12(j)

  • Liquidation of Special Drawing Rights Department:

    • Administration, Sched. I

    • Decision of Board of Governors, Art. XXV(a)

    • Decision within six months of decision to liquidate Fund, Sched. I, par. 2

    • Distribution of currency paid by participant in default, Sched. I, par. 7, 8

    • Payment of interest during liquidation, Sched. I, par. 5

    • Redemption by Fund of special drawing rights of holders, Art. XXV(c); Sched. I, par. 3, 7

    • Settlement with terminating participant, Sched. H, par. 4

    • Temporary suspension of allocations or cancellations and operations and transactions in an emergency, Art. XXV(a)

  • Liquidity, international:

    • Collaboration of members, Art. VIII, Sec. 7

    • International surveillance, Art. VIII, Sec. 7

    • Supervision of, Sched. D, par. 2(a)

  • Maintenance of value of members’ currencies:

    • Currencies held in General Resources Account, Art. V, Sec. 11

    • Currency of participants distributed in event of liquidation of Special Drawing Rights Department, Sched. I, par. 8

    • Currency of withdrawing member, Sched. J, par. 6

  • Management; see Organization and management

  • Managing Director:

    • Chairman of Executive Board, Art. XII, Sec. 4(a)

    • Chief of 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, Art. XVIII, Sec. 4

    • Provision for, Art. XII, Sec. 1

    • Salary and terms of contract of service to be determined by Board of Governors, Art. XII, Sec. 2(i)

    • Selection by Executive Board, Art. XII, Sec. 4(a)

    • Subject to general control of Executive Board, Art. XII, Sec. 4(b)

    • Vote in Executive Board, Art. XII, Sec. 4(a)

  • Margins for spot exchange transactions, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5

  • Meetings:

    • Board of Governors, participation by Managing Director, Art. XII, Sec. 4(a)

    • Board of Governors, provisions for, Art. XII, Sec. 2(c), (h); Art. XXI(a)(i)

    • Board of Governors, quorum, Art. XII, Sec. 2(d); Art. XXI(a)(i)

    • Council, Sched. D, par. 4, 5(a)

    • Executive Board, attendance by member not entitled to appoint an Executive Director, Art. XII, Sec. 3(j)

    • Executive Board, participation by Alternate Executive Directors, Art. XII, Sec. 3(e)

    • Executive Board, quorum, Art. XII, Sec. 3(h); Art. XXI(a)(ii)

  • Members (see also Holdings; Obligations of members; Territories):

    • Acceptance of membership, effective date, Art. XXXI, Sec. 2(b)

    • Acceptance of membership in accordance with member’s law, Art. XXXI, 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. XVIII, Sec. 2(d)

    • Amendments to the Agreement, acceptance by, Art. XXVIII(a), (b)

    • Appointment of Councillors, Alternates, and Associates, Sched. D, par. 1(a), (b)

    • Communication of views of Fund to members, Art. XII, Sec. 8

    • Concurrence of member in investment of its currency, Art. V, Sec. 12(h); Art. XII, Sec. 6(f)(iii)

    • Concurrence of member in use of its currency, Art. III, Sec. 3(a), (c); Art. V, Sec. 6, 12(c), (h); Art. VII, Sec. 1(i); Art. XII, Sec. 6(f)(iii); Sched. B, par. 7(b)

    • Consent and payment required for change of quota, Art. III, Sec. 2(d)

    • Consultations between members regarding existing international agreements, Art. VIII, Sec. 6

    • Developing, sale of gold for benefit, Art. V, Sec. 12(f)(ii), (iii); Sched. B, par. 7(b)

    • Information required by Fund, Art. VIII, Sec. 5

    • Instrument of acceptance of the Agreement, deposit, Art. XXXI, Sec. 1, 2(a)–(c)

    • New, conditions of admission for, Art. II, Sec. 2; Art. XXXI, Sec. 2(f)

    • Notification to Fund of exchange arrangements to be applied and of any changes in these arrangements, Art. IV, Sec. 2(a)

    • On August 31, 1975, definition, Art. XXX(g)

    • On August 31, 1975, developing members, gold distribution in proportion to quotas, Art. V, Sec. 12(f)(iii)

    • On August 31, 1975, gold sales in proportion to quotas, Art. V, Sec. 12(e); Sched. B, par. 7(a)

    • On August 31, 1975, transfer of part of profits of gold sale, Sched. B, par. 7(b)

    • Original members, Art. II, Sec. 1; Art. XXXI, Sec. 2(e); Sched. A

    • Representation at Executive Board meetings of members not allowed to appoint a Director, Art. IX, Sec. 8; Art. XII, Sec. 3(j), 8; Art. XXIX(a)

    • Representation of need to use Fund’s general resources, Art. V, Sec. 3(b)(ii)

    • Resources contributed by, administration by Fund, Art. V, Sec. 2(b)

    • Right to participate in Special Drawing Rights Department, Introd. Art. (ii)

    • Signature of Articles of Agreement, Art. XXXI, Sec. 1, 2

    • Withdrawal, compulsory, Art. XIV, Sec. 3; Art. XXVI, Sec. 2(c); Sched. C, par. 7, 8

    • Withdrawal, right, Art. XXVI, Sec. 1; Art. XXVIII(b)(i)

    • Withdrawal, simultaneous termination of participation in Special Drawing Rights Department, Art. XXIV, Sec. 1(b)

    • Withdrawing, guarantee of unrestricted use of currency disposed of, Sched. J, par. 6

    • Withdrawing, indebtedness to Fund, Sched. J, par. 7, 10

    • Withdrawing, settlement of accounts, Art. XXVI, Sec. 3; Sched. J

  • Multilateral system of payments for current transactions, Fund’s purpose to assist in establishment, Art. I(iv)

  • Multiple currency practices, obligation of member to avoid, Art. VIII, Sec. 3

  • National income, furnishing of information concerning, Art. VIII, Sec. 5(a)(viii)

  • Negative balances of special drawing rights; see Special drawing rights

  • Net cumulative allocation of special drawing rights; see Special drawing rights

  • Net income, distribution, Art. XII, Sec. 6

  • Non-member countries:

    • Prescription as other holders of special drawing rights, Art. XVII, Sec. 3(i)

    • Restrictions on transactions with, Art. XI, Sec. 2

    • Undertakings regarding relations with, Art. XI, Sec. 1; Art. XXVII, Sec. 1(a)(iii)

  • Non-participants in Special Drawing Rights Department:

    • Discharge of obligation payable in special drawing rights with currencies of other members specified by Fund, Sched. B, par. 2

    • Payment of special drawing rights part of quota increase in currencies of other members, Art. III, Sec. 3(a)

    • Prescription as other holders of special drawing rights, Art. XVII, Sec. 3(i)

  • 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

    • Collaboration regarding policies on reserve assets, Art. VIII, Sec. 7

    • Collaboration to assure orderly exchange arrangements and promote stable system of exchange rates, Art. IV, Sec. 1

    • Compliance regarding exchange arrangements, surveillance by Fund, Art. IV, Sec. 3

    • Consultation between members regarding existing international agreements, Art. VIII, Sec. 6

    • Convertibility of foreign-held balances, Art. VIII, Sec. 4

    • Discriminatory currency arrangements, Fund approval required, Art. VIII, Sec. 3

    • Exchange arrangements, Art. IV; Sched. C, par. 9

    • Failure to fulfill, Art. V, Sec. 5; Art. VI, Sec. 1(a); Art. XIV, Sec. 3; Art. XXVI, Sec. 2

    • Furnishing of information, Art. VIII, Sec. 5

    • Multiple currency practices, Fund approval required, Art. VIII, Sec. 3

    • Notification to Fund concerning transitional arrangements or acceptance of Article VIII, Sec. 2, 3, and 4, Art. XIV, Sec. 1

    • Relations with non-member countries, Art. XI

    • Repurchase, Art. V, Sec. 7

    • Reserve assets, policies regarding, Art. VIII, Sec. 7

    • Restrictions on payments and transfers for current transactions, Fund approval required, Art. VIII, Sec. 2(a)

  • Obligations of participants in Special Drawing Rights Department:

    • Failure to fulfill, Art. XXIII, Sec. 2

    • General obligations, Art. XXII

    • Liquidation of Special Drawing Rights Department, Sched. I, par. 1, 5, 7, 8

    • Payment of interest, charges, and assessments, Art. XX, Sec. 5

    • Reconstitution of holdings, Art. XIX, Sec. 6(a); Sched. G

    • Requirement of need, Art. XIX, Sec. 3(a)

    • Termination of participation, settlement, Art. XXIV, Sec. 4, 5; Sched. H

    • To provide freely usable currency to participant using special drawing rights on designation by Fund, Art. XIX, Sec. 4

    • To receive allocations of special drawing rights, Art. XVIII, Sec. 2(e)

  • Offices, location of, Art. XIII, Sec. 1

  • Operations and transactions:

    • Capital transactions, Art. VI, Sec. 1(b); Art. XXX(d)

    • Conduct by General Department and Special Drawing Rights Department, Introd. Art. (ii), (iii); Art. XXI

    • Current transactions, Art. XXX(d)

    • Decisions affecting, majorities required, Art. XXI(a)(iii)

    • Definitions of transactions and operations in special drawing rights, Art. XXX(i)

    • Definitions of transactions and operations of Fund, Art. XXX(h)

    • Immunity from taxes, Art. IX, Sec. 9; Art. XXI(b)

    • Limitations, Art. V, Sec. 2; Art. XXVII

    • Other holders of special drawing rights, Art. XVII, Sec. 2, 3

    • Publication of summary statement, Art. XII, Sec. 7(a)

    • Separation of General Department and Special Drawing Rights Department, Introd. Art. (ii), (iii); Art. XVI, Sec. 1

    • Special drawing rights, Art. XVII, Sec. 2, 3; Art. XIX; Art. XXX(i)

    • Temporary suspension of certain provisions of the Agreement, Art. XXIII, Sec. 1; Art. XXVII, Sec. 1; Sched. D, par. 5(a)

    • Temporary suspension of, in special drawing rights, Art. XXIII; Sched. D, par. 5(a)

    • Temporary suspension of operations and transactions pending decision to liquidate Fund, Art. XXVII, Sec. 2(a)

  • Organization and management:

    • Board of Governors, Art. XII, Sec. 2

    • Communication of views to members, Art. XII, Sec. 8

    • Executive Board, Art. XII, Sec. 3

    • Location of offices, Art. XIII, Sec. 1

    • Managing Director and staff, Art. XII, Sec. 4

    • Publication of reports, Art. XII, Sec. 7

    • Status, immunities, and privileges, Art. IX; Art. XXI(b)

    • Structure of Fund, Art. XII, Sec. 1

    • Voting of members, Art. XII, Sec. 5

  • Par values (see also Exchange arrangements; Exchange rates):

    • Authority for establishment, Art. IV, Sec. 4; Sched. C, par. 1

    • Change, Art. XXVIII(b)(iii); Sched. C, par. 6, 7

    • Concurrence by Fund, Sched. C, par. 4

    • Failure to fulfill obligations, Sched. C, par. 7, 8

    • Introduction of widespread system of stable but adjustable par values, Art. IV, Sec. 4

    • New, proposal by member for whose currency par value has ceased to exist, Sched. C, par. 10

    • Spot exchange transactions, margins, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5

    • Termination, Sched. C, par. 8

    • Uniform proportionate changes, Sched. C, par. 11

    • Unrealistic, maintenance to be discouraged, Sched. C, par. 7

  • Participants in Special Drawing Rights Department (see also Obligations of participants in Special Drawing Rights Department; Special Drawing Rights Department):

    • Allocations to members that become participants after start of a basic period, Art. XVIII, Sec. 2(d)

    • Assessments and payment of interest and charges, Art. XX, Sec. 4, 5

    • Broad support for allocation and cancellation of special drawing rights to be ascertained, Art. XVIII, Sec. 4(b)

    • Consultation with Fund on procedure for determining exchange rates, Art. XIX, Sec. 7(c)

    • Definition, Art. XVII, Sec. 1

    • Deposit of instrument of undertaking, Art. XVII, Sec. 1

    • Designation and timing for acquiring special drawing rights for reconstitution, Sched. G, par. 1(a)(ii)

    • Designation, due regard to be paid in replenishing currencies with special drawing rights, Art. VII, Sec. 1(ii)

    • Designation rules, review, Art. XIX, Sec. 5(c)

    • Designation to provide currency for special drawing rights, Art. XIX, Sec. 4(a), 5; Sched. F

    • Failure to fulfill expectation of requirement of need, Art. XIX, Sec. 3(b), (c), 5(a)(ii); Art. XXIII, Sec. 2(b)-(f)

    • Failure to fulfill obligation to provide currency, Art. XXIII, Sec. 2(a), (c)-(e)

    • Guarantee of unrestricted use of currency distributed in liquidation of Special Drawing Rights Department, Sched. I, par. 8

    • Information to be provided to Fund, Art. XVI, Sec. 3

    • Nonreceipt of allocations of special drawing rights, Art. XVIII, Sec. 2(e)

    • Obligation to provide currency for special drawing rights, Art. VII, Sec. 1(ii); Art. XIX, Sec. 4; Art. XXIII, Sec. 2(d)

    • Operations and transactions between participants, Art. XIX, Sec. 2

    • Operations and transactions with prescribed holders, Art. XVII, Sec. 3(iii)

    • Reconstitution obligation, Art. XIX, Sec. 6; Sched. G

    • Requirement of need, Art. XIX, Sec. 3

    • Specified by Fund to provide a currency in settlement of obligation to terminating participant, Art. XXIV, Sec. 5

    • Termination of participation, Art. XXIV; Sched. H

  • Payments; see Balance of payments; Current transactions

  • Price indices, furnishing of information concerning, Art. VIII, Sec. 5(a)(ix)

  • Price movements, consideration in determination to introduce par values, Art. IV, Sec. 4

  • Price stability, obligation of member to direct policies toward, Art. IV, Sec. 1(i)

  • Privileges; see Status, immunities, and privileges

  • Purchase of exchange; see Use of Fund’s general resources

  • Purposes of Fund:

    • Allocation and cancellation of special drawing rights to promote attainment, Art. XVIII, Sec. 1(a)

    • Capital movements in accordance with, Art. VI, Sec. 1(b)(ii)

    • Continuous regard by members in foreign exchange policies, Art. XIV, Sec. 2

    • Exchange arrangements, consistent with, Art. IV, Sec. 2(c); Sched. C, par. 3, 9

    • Financial and technical services of Fund, including administration of resources contributed by members, consistent with purposes, Art. V, Sec. 2(b)

    • Policies and decisions to be guided by, Art. I

    • Statement, Art. I

    • Use of Fund’s general resources in manner contrary to, Art. V, Sec. 5

  • Quorum; see Meetings

  • Quotas:

    • Adjustment, Art. III, Sec. 2

    • Amendment modifying provisions dealing with change in member’s quota, Art. XXVIII(b)(ii)

    • Basis for allocation and cancellation of special drawing rights, Art. XVIII, Sec. 2(c)(iii)

    • Consent of member and payment required for change, Art. III, Sec. 2(d)

    • Distribution of net income in proportion to, Art. XII, Sec. 6(c)

    • Distribution of part of general reserve in proportion to, Art. XII, Sec. 6(d)

    • Distribution of part of proceeds from sale of gold to developing members in proportion to, Art. V, Sec. 12(f) (iii); Sched. B, par. 7(b)

    • General review at intervals of not more than five years, Art. III, Sec. 2(a)

    • Increase to full extent possible in event of liquidation of Fund, Sched. K, par. 10

    • Increases, payment, Art. III, Sec. 3(a), (b), (d)

    • Original members, Art. III, Sec. 1; Sched. A

    • Other members, Art. III, Sec. 1

    • Percentage applying to remuneration, Art. V, Sec. 9(a)-(c)

    • Proposal for increase at any time for those members that were members on August 31, 1975, Art. III, Sec. 2(b)

    • Reduction, payment by Fund to member, Art. III, Sec. 3(c)

    • Sale of gold to members in proportion to, Art. V, Sec. 12(e); Sched. B, par. 7(a)

  • Reconstitution of holdings of special drawing rights:

    • Acquisition of special drawing rights from General Resources Account to fulfill obligation, Sched. G, par. 1(a)(iv)

    • Failure to comply with rules, Sched G, par. 2

    • Obligation of participants, Art. XIX Sec. 6; Sched. G, par. 1(a)(i), (iv)

    • Participants subject to designation to promote, Art. XIX, Sec. 3(c), 5(a)(ii); Sched. G, par. 1(a)(ii)

    • Rules during first basic period, Sched. G, par. 1

    • Rules, review at any time, Art. XIX Sec. 6(b)

  • Remuneration on members’ creditor positions:

    • Payment in special drawing rights or in member’s own currency, Art. V Sec. 9(d)

    • Payment on amount by which prescribed percentage of a member’s quota exceeds average daily balances of Fund’s holdings of the member’s currency, Art. V, Sec. 9

    • Percentage of quota applying to calculation, Art. V, Sec. 9

    • Rate of, determination and relation to rate of interest and charges, Art. V, Sec. 9(a)

  • 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, Art. XIV, Sec. 3

    • General scarcity of particular currency, Art. VII, Sec. 2

    • 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 international balance of payments, Art. XII, Sec. 8

    • Summary statement of operations and transactions and holdings of special drawing rights, gold, and members’ currencies, Art. XII, Sec. 7(a)

  • Repurchases of currency held by Fund:

    • Change of periods for repurchase, Art. V, Sec. 7(c), (d), (f)

    • Conditions governing repurchase, Art. V, Sec. 7(b)-(j); Art. XXVII, Sec. 1(a)(i); Sched. B

    • Currency not acquired by purchase and subject to charges, Art. V, Sec. 7(e)

    • Entitlement to repurchase at any time holdings subject to charges, Art. V, Sec. 7(a); Art. XXVII, Sec. 1(a)(i)

    • Failure to make repurchase required, charges on Fund’s holdings, Art. V, Sec. 8(c)

    • Installments, prescription during 3-to-5-year period, Art. V, Sec. 7(c)

    • Not later than five years after purchase, Art. V, Sec. 7(c)

    • Postponement, Art. V, Sec. 7(g)

    • Pursuant to a special policy on use of Fund’s general resources, adoption of other periods, Art. V, Sec. 7(d), (f)

    • Sale of Fund holdings of currency not repurchased, Art. V, Sec. 7(h)

    • Temporary suspension, Art. XXVII, Sec. 1(a)(i)

    • Transitional provisions, Sched. B

    • With special drawing rights or currencies specified by Fund, Art. V, Sec. 7(i)

  • Requirement of need:

    • For purchase of currency from Fund’s general resources, Art. V, Sec. 3(b)(ii)

    • For use of special drawing rights, Art. XIX, Sec. 3(a)

  • Reserve tranche purchases:

    • Conditions governing use of Fund’s general resources, Art. V, Sec. 3(b)(iii)

    • Definition, Art. XXX(c)

    • Not subject to challenge, Art.V, Sec. 3(c)

    • Service charge, Art. V, Sec. 8(a)(i)

    • Use to meet capital transfers, Art. VI, Sec. 2; Art. XXVII, Sec. 1(a)(ii)

  • Reserves:

    • Balanced relationship of holdings of special drawing rights and other reserves, Sched. G, par. 1(b)

    • Global need to supplement, consideration in decisions on allocation and cancellation of special drawing rights, Art. XVIII, Sec. 1

    • Objective of making special drawing right principal reserve asset, Art. VIII, Sec. 7

    • Obligation of members to collaborate regarding policies on reserve assets, Art. VIII, Sec. 7

    • Position, relation to participants’ designation to provide currency, Art. XIX, Sec. 5(a)(i)

    • Position, taken into account in selection of currencies to be sold, Art. V, Sec. 3(d)

    • Repurchase expected as reserve position improves, Art. V, Sec. 7(b)

    • Transactions in special drawing rights not for sole purpose of changing composition, Art. XIX, Sec. 3(a)

  • Reserves of Fund:

    • General reserve, distribution, Art. XII, Sec. 6(d)

    • Placement of net income to general or special reserve, Art. XII, Sec. 6(a)

    • Special reserve, use, Art. XII, Sec. 6(b)

  • Restrictions on payments and transfers; see Exchange restrictions

  • Rules and Regulations, adoption by Board of Governors, Council, and Executive Board, Art. XII, Sec. 2(g); Sched. D, par. 5(a)

  • Scarce currencies:

    • Administration of restrictions, Art. VII, Sec. 4

    • Effect of other international agreements on restrictions, Art. VII, Sec. 5

    • Exception to entitlement of member to purchase currency of another member, Art. V, Sec. 3(d)

    • Exception to Fund payment of installment due to withdrawing member, Sched. J, par. 3

    • 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 by Fund, Art. VII, Sec. 3(a), (b)

    • Measures to replenish Fund’s holdings, Art. VII, Sec. 1

    • Notification and report to members on general scarcity of a particular currency, Art. VII, Sec. 2

  • Securities:

    • Inclusion in Fund’s holdings, Art. XXX(a)

    • Investment in marketable obligations, Art. V, Sec. 12(h); Art. XII, Sec. 6(f)(iii)

    • Substitution for currency, Art. III, Sec. 4

  • Separate currencies within a member’s territories, Art. IV, Sec. 5

  • Special Disbursement Account:

    • Currency held not included in computations relating to quota, Art. V, Sec. 10(c)

    • Discharge of indebtedness of withdrawing member, Art. XXVII, Sec. 2(b); Sched. J, par. 7

    • Distribution of assets in event of liquidation of Fund, Sched. K, par. 2(a)(ii)

    • Establishment in General Department, Introd. Art. (iii); Art. V, Sec. 12(f)

    • Expenses, reimbursement, Art. V, Sec. 12(i)

    • Holdings of currencies or obligations of withdrawing member, Sched. J, par. 8, 9

    • Increase in quotas of members as of August 31, 1975 not to exceed amounts transferred therefrom to General Resources Account, Art. III, Sec. 2(b)

    • Investment of currency held, Art. V, Sec. 12(h)

    • Termination, Art. V, Sec. 12(j)

    • Transfer of assets from Investment Account on reduction of investment, Art. XII, Sec. 6(f)(ix)

    • Transfer of assets from Investment Account upon termination prior to liquidation of Fund, Art. XII, Sec. 6(f)(viii)

    • Transfer of assets subject to disposition after sale of gold for benefit of developing members, Sched. B, par. 7

    • Transfer of withdrawing member’s currency to General Resources Account, Sched. J, par. 1

  • Special drawing rights (see also Charges; Interest on special drawing rights; Special Drawing Rights Department):

    • Acceptance and holding in General Resources Account, Art. XXI(a)(iii)

    • Acquisition by terminating participant to discharge obligation, Sched. H, par. 2

    • Acquisition to fulfill reconstitution requirement, Sched. G, par. 1(a)(iv)

    • Allocation and cancellation, Art. XVIII; Sched. D, par. 5(a)

    • Authority for allocation, Art. XV, Sec. 1

    • Balanced relationship with other reserves, Sched. G, par. 1(b)

    • Basic periods for allocation and cancellation, Art. XVIII, Sec. 2, 3, 4; Sched. F, G

    • Exchange rates for transactions between participants, Art. XIX, Sec. 7

    • First decision to allocate, Art. XVIII, Sec. 1(b), 2(a), 4(b)

    • Fund as holder, Art. XVII, Sec. 2

    • Immunity from taxation, Art. XXI(b)

    • Interest and charges during liquidation of Special Drawing Rights Department, Sched. I, par. 5

    • Investment in obligations denominated in, Art. XII, Sec. 6(f)(iii)

    • Negative balances, Art. XVIII, Sec. 2(f); Art. XIX, Sec. 3(c), 5(a)(ii); Art. XX, Sec. 2

    • Net cumulative allocation, definition, Art. XXX(e)

    • Net cumulative allocations, Art. XVIII, Sec. 2(c)(iii); Art. XIX, Sec. 4(a); Art. XX, Sec. 2, 4; Art. XXV(c); Sched. F(a); Sched. G, par. 1(a)(i); Sched. I, par. 5, 7

    • Nonacceptance of allocation (opting out), Art. XVIII, Sec. 2(e)

    • Nonacceptance of allocation, termination of effect of (opting back in), Art. XVIII, Sec. 2(e)(ii)

    • Obligation of member to sell its currency to Fund for special drawing rights held in General Resources Account, Art. VII, Sec. 1(ii)

    • Operations in, definition, Art. XXX(i)

    • Operations or transactions prejudicial to designation process, Art. XIX, Sec. 2(d)

    • Other holders, Art. XVII, Sec. 2, 3

    • Payment by Fund to member consenting to quota reduction, Art. III, Sec. 3(c)

    • Payment in purchase of foreign-held balances, Art. VIII, Sec. 4(a)

    • Payments for distribution of net income or part of general reserve, Art. XII, Sec. 6(e)

    • Principal reserve asset, Art. VIII, Sec. 7; Art. XXII

    • Principles and considerations governing allocation and cancellation, Art. XVIII, Sec. 1

    • Proper use, obligation of participants, Art. XXII

    • Provision to participant making purchase instead of currencies of other members, Art. V, Sec. 3(f)

    • Purchase and sale by Fund, Art. V, Sec. 6

    • Rates for allocation and cancellation, Art. XVIII, Sec. 2(b), 3, 4(c)(iii), (d)

    • Reconstitution of holdings, Art. XIX, Sec. 6; Sched. G

    • Recording of changes in holdings, Art. XVI, Sec. 3

    • Redemption by Fund in event of liquidation of Special Drawing Rights Department, Sched. I, par. 1, 3, 4

    • Redemption by Fund of holdings of terminating participant, Art. XXIV, Sec. 2(b), 6; Sched. H, par. 1

    • Requirement of need, Art. XIX, Sec. 3(a)

    • Reserve tranche purchase, Art. XXX(c)

    • Summary statement of operations and transactions and Fund holdings, Art. XII, Sec. 7(a)

    • Temporary suspension of allocations or cancellations and operations and transactions, Art. XXV(a)

    • Transactions in, definition, Art. XXX(i)

    • Use for discharge of obligation to pay gold to Fund in repurchase or as subscription, Sched. B, par. 2, 3

    • Use for payment of 25 percent of quota increase, Art. III, Sec. 3(a)

    • Use for payment of interest, charges, and assessments, Art. V, Sec. 8(e); Art. XX, Sec. 5; Art. XXIV, Sec. 2(a), 3

    • Use for payment of remuneration, Art. V, Sec. 9(d)

    • Use for replenishing currency holdings, Art. VII, Sec. 1(ii)

    • Use for repurchases, Art. V, Sec. 7(i)

    • Use in operations and transactions, Art. XVII, Sec. 2; Art. XIX, Sec. 1

    • Use in transactions between participants, Art. XIX, Sec. 2

    • Use to obtain own currency or freely usable currency by terminating participant, Sched. H, par. 1

    • Valuation by member of its currency in terms of, Art. IV, Sec. 2(b)

    • Valuation in terms of gold, Art. V, Sec. 12(e), (f); Sched. B, par. 3, 7; Sched. K, par. 2(a)(i)

    • Valuation, method, Art. XV, Sec. 2; Art. XXI(a)(iii)

    • Valuation of Fund’s assets in terms of, Art. V, Sec. 10, 11

  • Special Drawing Rights Department (see also Obligations of participants in Special Drawing Rights Department; Participants in Special Drawing Rights Department):

    • Administration, Art. XVI; Art. XXI

    • Council decisions, Sched. D, par. 5(b)

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

    • Establishment and operation, Introd. Art. (ii), (iii)

    • Expenses of conducting business, reimbursement to General Department, Art. XVI, Sec. 2; Art. XX, Sec. 4, 5

    • General obligations of participants, Art. XXII

    • Indication of decisions relating to, Art. XXI(a)(iii)

    • Interest and charges, Art. XX; Art. XXIV, Sec. 3

    • Liquidation, Art. XXV; Sched. I

    • Non-participants’ payments when quotas are changed, Art. III, Sec. 3(a)

    • Operations and transactions, Introd. Art. (ii), (iii); Art. XVI, Sec. 1; Art. XVII, Sec. 2

    • Right of members to participate, Introd. Art. (ii)

    • Separation from General Department, Introd. Art. (ii), (iii); Art. XVI, Sec. 1, 2

    • Temporary suspension of operations in event of emergency or unforeseen circumstances, Art. XXIII, Sec. 1

    • Termination of participation, Art. XXIV; Sched. H

  • Special reserve; see Reserves of Fund

  • Spot exchange transactions, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5

  • Stability; see Exchange stability

  • Stabilization fund, agency dealing with Fund, Art. V, Sec. 1

  • Staff:

    • Appointment and organization, Art. XII, Sec. 4(b), (d)

    • Duty to Fund, Art. XII, Sec. 4(c)

    • Immunities and privileges, Art. IX, Sec. 8, 9(b)

    • Managing Director to be chief of operating staff, Art. XII, Sec. 4(b)

    • Provision for, Art. XII, Sec. 1

  • Stand-by arrangements:

    • Charge, Art. V, Sec. 8(a)(ii)

    • Definition, Art. XXX(b)

    • Policies, adoption, Art. V, Sec. 3(a)

  • Status, immunities, and privileges:

    • Accorded to Fund in territories of each member, Art. IX, Sec. 1

    • Action by each member in its own territory, Art. IX, Sec. 10

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

    • Immunities and privileges of officers and employees, Art. IX, Sec. 8; Sched. D, par. 5(d)

    • Immunities from taxation, Art. IX, Sec. 9; Art. XXI(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:

    • Amount to be transmitted to U.S. Government when the Agreement is signed, Art. XXXI, Sec. 2(d), (h)

    • Discharge with special drawing rights of any obligation to pay gold, Sched. B, par. 2, 3

    • Equal to member’s quota, Art. III, Sec. 1

    • New members, terms to be consistent with those of previous members, Art. II, Sec. 2

    • Payment in full to Fund at appropriate depository, Art. III, Sec. 1

    • Payment in special drawing rights, currencies of other members specified by Fund, or member’s own currency, Art. III, Sec. 3(a)

    • Payments when quotas are changed, Art. III, Sec. 2(d), 3

    • Repayment in case of liquidation, Sched. K, par. 1

  • Surveillance; see Exchange arrangements; International surveillance…

  • Suspension of transactions:

    • In emergency pending decision on liquidation of Fund, Art. XXVII, Sec. 2(a)

    • In event of emergency or unforeseen circumstances, Art. XXIII, Sec. 1; Art. XXVII, Sec. 1

    • Participant that fails to comply with rules for reconstitution, Sched. G, par. 2

    • Participant that has failed to fulfill obligations with respect to special drawing rights, Art. XXIII, Sec. 2

    • Special drawing rights, Art. XXIII

  • Taxation, immunities from, Art. IX, Sec. 9; Art. XXI(b)

  • Technical services; see Financial and technical services

  • Termination of participation in Special Drawing Rights Department, Art. XXIV; Sched. H

  • Territories:

    • Acceptance of the Agreement in respect of, Art. XXXI, Sec. 2(g)

    • Immunities of Fund in, Art. IX, Sec. 10

    • Margins for spot exchange transactions within territories of member having par value, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5

    • Transactions with non-members, Art. XI, Sec. 1, 2; Art. XXVII, Sec. 1(a)(iii)

    • Unenforceability of exchange contracts in, Art. VIII, Sec. 2(b)

  • Trade, international, facilitation of expansion and balanced growth, Art. I(ii)

  • Transactions; see Operations and transactions

  • Transitional arrangements:

    • Annual report on exchange restrictions, Art. XIV, Sec. 3

    • Consultations, annual, on restrictions in force, Art. XIV, Sec. 3

    • Maintenance and adaptation of restrictions on payments and transfers, Art. XIV, Sec. 2

    • Notification to Fund, Art. XIV, Sec. 1

    • Representations by Fund on restrictions inconsistent with purposes of Fund, Art. XIV, Sec. 3

    • Withdrawal of exchange restrictions, Art. XIV, Sec. 2, 3

  • Transitional provisions with respect to repurchase, payment of additional subscriptions, gold, and certain operational matters, Sched. B

  • Treasury, agency dealing with Fund, Art. V, Sec. 1

  • Unexpected major developments, change in rates or intervals for allocation or cancellation of special drawing rights, Art. XVIII, Sec. 3, 4(a), (d)

  • Unforeseen circumstances, Art. XXIII, Sec. 1; Art. XXVII, Sec. 1(a); Sched. D, par. 5(a)

  • United States Government:

    • Deposit of instrument of acceptance with, Art. XXXI, Sec. 2(a)

    • Obligation to inform all members of signatures to the Agreement and deposit of instruments of acceptance, Art. XXXI, Sec. 2(c)

    • Partial payment of subscription transmitted to, for administrative expenses, Art. XXXI, Sec. 2(d), (h)

  • Use of Fund’s general resources (see also Operations and transactions):

    • Buffer stocks, international, financing of contributions to, Art. XXX(c)(ii)

    • Capital transfers, Art. VI, Sec. 1, 2; Art. XXVI, Sec. 2(a); Art. XXVII, Sec. 1(a)(ii)

    • Charges, Art. V, Sec. 8; Art. XXVII, Sec. 1(a)(i)

    • Compensatory financing of export fluctuations, Art. XXX(c)(i)

    • Conditions governing use, Art. V, Sec. 3; Art. XXVII, Sec. 1(a)(i)

    • Currencies to be used in repurchases, policies and procedures, Art. V, Sec. 7(i)

    • Ineligibility, change in par value despite Fund objection, Sched. C, par. 7

    • Ineligibility, distribution of proceeds of gold sales to developing members when ineligibility ceases, Art. V, Sec. 12(e), (f)(iii)

    • Ineligibility, exception to obligation to buy foreign-held balances of currency, Art. VIII, Sec. 4(b)(v)

    • Ineligibility, failure to fulfill obligations, Art. V, Sec. 5; Art. VI, Sec. 1(a); Art. XXIII, Sec. 2(f); Art. XXVI, Sec. 2(a)

    • Ineligibility if member persists in maintaining restrictions, Art. XIV, Sec. 3

    • Ineligibility, not previously declared by Fund, Art. V, Sec. 3(b)(iv)

    • Ineligibility, termination of par value despite Fund objection, Sched. C, par. 8

    • Limitation because of use of resources contrary to Fund’s purposes, Art. V, Sec. 5

    • Policies, Art. V, Sec. 3(a), (c), (d)

    • Proceeds of sale of gold, Art. V, Sec. 12(f)

    • Purchase of currency of member which has withdrawn, Sched. J, par. 5

    • Request for purchase, examination, Art. V, Sec. 3(c)

    • Requirement of need, Art. V, Sec. 3(b)(ii)

    • Reserve tranche purchase, Art. V, Sec. 3(b)(iii), (c); Art. XXX(c)

    • Selection of currencies to be sold, Art. V, Sec. 3(d)

    • Special policies for special balance of payments problems, Art. V, Sec. 3(a), 7(d), (f)

    • Stand-by or similar arrangements, Art. V, Sec. 3(a), 8(a)(ii); Art. XXX(b)

    • Temporary suspension, Art. XXVII, Sec. 1

    • Temporary use under adequate safeguards, Art. I(v); Art. V, Sec. 3(a)

    • Waiver of conditions, Art. V, Sec. 4

  • Voting:

    • 70 percent majority requirement:

      • Authorization to agree on exchange rates for certain transactions, Art. XIX, Sec. 7(b)

      • Charges, determination of rates, Art. V, Sec. 8(a), (b), (d)

      • Distribution from general reserve, Art. XII, Sec. 6(d)

      • Imposition of charges on failure to repurchase, Art. V, Sec. 8(c), (d)

      • Increase in percentage of quota as level for remuneration, Art. V, Sec. 9(c)

      • Investment Account, adoption of rules and regulations for administration, Art. XII, Sec. 6(f)(vi)

      • Investment Account, reduction of amount or termination, Art. XII, Sec. 6(f)(vi)

      • Postponement of repurchase, Art. V, Sec. 7(g)

      • Prescription of medium of payment for additional subscription, Art. III, Sec. 3(a), (d)

      • Prescription of operations between participants, Art. XIX, Sec. 2(c)

      • Publication of report on member’s monetary conditions and developments, Art. XII, Sec. 8

      • Rate of interest and charges on special drawing rights, Art. XX, Sec. 3

      • Reconstitution rules, adoption, modification, or abrogation, Art. XIX, Sec. 6(b)

      • Remuneration rate, determination, Art. V, Sec. 9(a)

      • Repurchase of Fund holdings not acquired as result of purchases, adoption of policies, Art. V, Sec. 7(e)

      • Special Disbursement Account, rules and regulations for administration and for termination prior to liquidation of Fund, Art. V, Sec. 12(j)

      • Suspension of voting rights, Art. XXVI, Sec 2(b)

      • Termination of suspension of voting rights, Art. XXVI, Sec. 2(b)

      • Transfer of currencies in General Resources Account to Investment Account, Art. XII, Sec. 6(f)(ii)

      • Transfers of assets from Special Disbursement Account to General Resources Account for immediate use, Art. V, Sec. 12(f)(i)

      • Uniform proportionate changes in par values, Sched. C, par. 11

      • Valuation of special drawing rights, determination of method, Art. XV, Sec. 2

    • 85 percent majority requirement:

      • Allocation and cancellation of special drawing rights, decisions, Art. XVIII, Sec. 2(a)–(c), 4(a), (d)

      • Change in rates or intervals of allocation or cancellation or change in length of a basic period or start of a new basic period, Art. XVIII, Sec. 3, 4(a), (d)

      • Changes in quotas, Art. III, Sec. 2(c)

      • Compulsory withdrawal of member, decision of Board of Governors carried by majority of Governors, Art. XXVI, Sec. 2(b)

      • Council, change in number of Associates, Sched. D, par. 1(a)

      • Council, establishment, Art. XII, Sec. 1

      • Decisions to engage in certain gold operations or transactions, Art. V, Sec. 12(b)–(e)

      • Exchange rates for certain transactions, Art. XIX, Sec. 7(b)

      • Increase or decrease in number of Executive Directors to be elected, Art. XII, Sec. 3(b)

      • Interpretation of Fund Agreement, overrule of decision of Committee on Interpretation, Art. XXIX(b)

      • Introduction of par values, Art. IV, Sec. 4

      • Maintenance of number of elective Executive Directors, Art. XII, Sec. 3(b)

      • Margins for spot exchange transactions, adoption, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5

      • Objection to termination of par value, Sched. C, par. 8

      • Policies on use of Fund’s general resources, exclusions of purchases and holdings for purpose of calculating member’s reserve tranche, Art. XXX(c)(iii)

      • Prescription of other holders of special drawing rights, Art. XVII, Sec. 3(i)

      • Provision for general exchange arrangements, Art. IV, Sec. 2(c)

      • Repurchase, change of periods or adoption of other periods pursuant to special policy on use of general resources, Art. V, Sec. 7(c), (d)

      • Temporary suspension of certain provisions, Art. XXVII, Sec. 1(a), (b)

      • Temporary suspension of operations and transactions in special drawing rights, Art. XXIII, Sec. 1

      • Transfer of part of excess from sale of gold to Investment Account, Art. V, Sec. 12(g)

      • Use of assets of Special Disbursement Account for operations and transactions not authorized by other provisions and for distribution to developing members, Art. V, Sec. 12(f)(ii), (iii)

      • Valuation of special drawing right, change in principle or in application of principle in effect, Art. XV, Sec. 2

    • Adjustment of votes, waiver of conditions and ineligibility to use Fund’s general resources, Art. XII, Sec. 5(b)

    • Alternate Governor, Art. XII, Sec. 2(a)

    • Amendment of the Agreement, Art. XXVIII(a)

    • Board of Governors, matters pertaining exclusively to Special Drawing Rights Department, Art. XXI(a)(i)

    • Board of Governors, meetings called by Executive Board, Art. XII, Sec. 2(c)

    • Cast by Councillor for member whose votes cannot be cast by an Executive Director, Sched. D, par. 3(b), 5(b)

    • Council, matters pertaining exclusively to Special Drawing Rights Department, Sched. D, par. 5(b)

    • Decisions, Art. XXI(a)(iii)

    • Election of Executive Director to fill vacancy, Art. XII, Sec. 3(f)

    • Election of Executive Directors, changes in proportion of votes required to elect, Art. XII, Sec. 3(d); Sched. E

    • Election of Executive Directors, procedures, Sched. E

    • Executive Board, matters relating exclusively to Special Drawing Rights Department, Art. XXI(a)(ii)

    • Majority of total voting power of Executive Board for termination of suspension of operation of certain provisions, Art. XXVII, Sec. 1(c)

    • Majority of votes cast for Fund decisions unless otherwise provided for, Art. XII, Sec. 5(c)

    • Number of votes, appointed and elected Executive Directors, Art. XII, Sec. 3(i)

    • Number of votes, Councillors, Sched. D, par. 3(b), 5(b)

    • Number of votes, Governors, Art. XII, Sec. 2(e)

    • Number of votes, members, Art. XII, Sec. 5

    • Quorum for meetings of Board of Governors, Art. XII, Sec. 2(d)

    • Quorum for meetings of Executive Board, Art. XII, Sec. 3(h)

    • Special majorities; see 70 percent…; 85 percent…; Majority of total voting power …, above

    • Suspension of voting rights, Art. XXVI, Sec. 2(b); see also Art. XII, Sec. 3(i), Sched. D, par. 5, and Sched. L

    • Weighted voting, Art. XII, Sec. 2(c), 3(i), 5

    • Without meeting, Council, Sched. D, par. 5(c)

    • Without meeting, Governors, Art. XII, Sec. 2(f); Sched. D, par. 5(a)

  • Waiver of conditions governing use of general resources, Art. V, Sec. 4

  • Withdrawal from membership; see Members

International Monetary Fund, Washington D.C, 20431, U.S.A.

Telephone number: 202 623 7000

Cable address: Interfund

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