Articles of Agreement
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 2016
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Index

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

  • 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(a)

    • 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):

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

  • 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; Sched. M, par. 5(d)

    • 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. 7(b)

    • Publication of report to member on conditions which tend 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):

  • 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:

  • 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:

  • 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:

  • 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. 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 of members’ currencies; 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 procedures, Art. V, Sec. 3(d)

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

    • Settlement with terminating participant, Art. XXIV, Sec. 46

    • 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:

  • 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:

  • 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

    • Publication of report to members regarding conditions which tend to produce serious disequilibrium in international balance of payments,

    • Art. XII, Sec. 8

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

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

  • Election; see Executive Directors

  • Emergency provisions:

  • 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:

  • 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):

  • 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):

  • Exchange restrictions:

  • Exchange stability:

  • 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 of the Council corresponding to those of the, 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 in a meeting of member whose request or a matter particularly affecting that member is under consideration, 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 an emergency, Art. XXVII, Sec. 2(a)

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

  • Executive Directors:

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

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

    • Alternate, appointment of a second Alternate, 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, Sched. E, par.1(a)

    • 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(c), (d); Sched. E

    • 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(c)

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

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

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

    • Transitional Provisions, Sched. E.

    • 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:

  • 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), (j)

    • 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), (k); 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

    • Fixed price in the market, avoidance of the establishment, Art. V, Sec 12(a)

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

    • 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)

    • Price in the market, avoidance of management, Art. V, Sec. 12(a)

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

    • Sale by Fund of gold acquired after the date of the second amendment, Art. V, Sec. 12(k)

    • Sale by Fund of gold held by it on the date of the second amendment, 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. 7(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):

  • 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(a); 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 holdings of members’ currencies, 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:

  • 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, relations 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:

  • 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, Art. XXVII, Sec. 2; 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:

  • Maintenance of value of members’ currencies:

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

    • Currencies 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:

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

  • Meetings:

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

  • 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:

  • 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:

  • Obligations of participants in Special Drawing Rights Department:

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

  • Operations and transactions:

  • Organization and management:

  • 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 exchange arrangements based on stable but adjustable, 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):

  • 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 the, 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:

  • 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, 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:

  • Repurchases of currency held by Fund:

  • Requirement of need:

  • Reserve tranche purchases:

  • 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:

  • 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. VII, Sec. 3(b); 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:

  • 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, 10

    • 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 currencies in the Special Disbursement Account, adoption of rules and regulations, 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):

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

  • 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:

  • Stand-by arrangements:

  • Status, immunities, and privileges:

  • 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 of international liquidity

  • Suspension of transactions:

  • 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:

  • Trade, international, facilitation of expansion and balanced growth, Art. I(ii)

  • Transactions; see Operations and transactions

  • Transitional arrangements:

  • Transitional provisions with respect to Executive Directors, Sched. E

  • 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):

  • 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, adoption of rules and regulations for investment of currencies, Art. XII, Sec. 6(f)(iii)

    • 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, adoption of rules and regulations for investment of currencies, Art. V, Sec. 12(h)

    • 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:

    • Adjustment in quotas, Art. III, Sec. 2(c)

    • 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)

    • Compulsory withdrawal of member, Art. XXVI, Sec. 2(c)

    • 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, Art. XII, Sec. 3(c)

    • Interpretation of Fund Agreement, overrule of decision of Committee on Interpretation, Art. XXIX(b)

    • Introduction of par values, Art. IV, Sec. 4

    • 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. V, Sec. 4, 5; Art. XII, Sec. 5(b)

    • Alternate Governor, Art. XII, Sec. 2(a)

    • Amendment of the Agreement, Art. XXVIII(a)

    • Basic votes, Art. XII, Sec. 5(a)(i); Sched. L, par. 2

    • 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, General Department, Special Drawing Rights Department, Art. XXI(a)(iii)

    • Election of Executive Director to fill vacancy, Art. XII, Sec. 3(f)

    • Election of Executive Directors, procedures, Art. XII, Sec. 3(d), (f), (i); 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, cast by 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)

    • Quota-based votes, Art. XII, Sec. 5(a)(ii) Special majorities; see 70 percent majority requirement; 85 percent majority requirement; Majority of total voting power …, above

    • Suspension of voting rights, Art. XII, Sec. 3(i)(iii); Art. XXVI, Sec. 2(b); Sched. D, par. 5(e); Sched. L

    • Weighted voting, Art. XII, Sec. 2(e), 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

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