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REPUBLIC OF ZAMBIA
THE BRETTON WOODS AGREEMENTS ACT
CHAPTER 367 OF THE LAWS OF ZAMBIA
CHAPTER 367 THE BRETTON WOODS AGREEMENT ACT
THE BRETTON WOODS AGREEMENT ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Acceptance of agreements and resolutions
4. Financial provisions
5. Certain provisions of agreements to have force of law
6. Bank of Zambia to be depositary
7. Regulations
FIRST SCHEDULE-The Fund Resolution
SECOND SCHEDULE-The Bank Resolution
THIRD SCHEDULE-Provisions of Fund Agreement having the force of law
FOURTH SCHEDULE-Provisions of Bank Agreement having the force of law
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CHAPTER 367
BRETTON WOODS AGREEMENT 51 of 1965
7 of 1967
34 of 1969
6 of 1978
An Act to make provision for acceptance by Zambia of the agreements for the
establishment and operation of the International Monetary Fund and the
International Bank for Reconstruction and Development; and to provide for
matters related thereto.
[10th September, 1965]
WHEREAS, at the United Nations Monetary and Financial Conference held at Bretton
Woods in New Hampshire in the United States of America in July, 1944, Articles of
the following agreements were drawn up, that is to say:
(a) an agreement providing for the establishment and operation of an
international body to be called the International Monetary Fund; and
(b) an agreement providing for the establishment and operation of an
international body to be called the International Bank for Reconstruction
and Development;
AND WHEREAS copies of the text of the aforesaid agreements have been laid before the
National Assembly;
AND WHEREAS the Board of Governors of the International Monetary Fund and the Board
of Governors of the International Bank for Reconstruction and Development have by
resolution prescribed the terms and conditions upon which Zambia shall be admitted
to membership in the International Monetary Fund and the International Bank for
Reconstruction and Development respectively;
AND WHEREAS it is expedient that Zambia becomes a member of the International
Monetary Fund and the International Bank for Reconstruction and Development and
that provision be made accordingly and for carrying out the obligations of Zambia
under the aforesaid agreements and resolutions:
Preamble
BE IT, THEREFORE, ENACTED by the Parliament of Zambia. Enactment
1. This Act may be cited as the Bretton Woods Agreement Act. Short title
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2. (1) In this Act, unless the context otherwise requires-
"approved amendments of 1968" means the amendments to the Fund Agreement
approved by the Board of Governors of the Fund in Resolution 23-5 of the
31st May, 1968;
"approved amendments of 1976" means the amendments to the Fund Agreement
approved by the Board of Governors of the Fund in Resolution 31-4 of 30th
April, 1976;
"the Bank" means the International Bank for Reconstruction and Development;
"the Bank Agreement" means the agreement providing for the establishment and
operation of the Bank;
"the Bank Resolution" means the resolution of the Board of Governors of the Bank
relating to membership of Zambia in the Bank, the text of which is set out in
the Second Schedule;
"the Fund" means the International Monetary Fund;
"the Fund Agreement" means the agreement providing for the establishment and
operation of the Fund, and, save in section three, includes the approved
amendments of 1968, and the approved amendments of 1976;
"the Fund Resolution" means the resolution of the Board of Governors of the Fund
relating to membership of Zambia in the Fund, the text of which is set out in
the First Schedule read with the resolution of the Board of Governors of the
Fund relating to increase in quotas of Fund members adopted on the 22nd
March, 1976, the text of which is set out in the Fifth Schedule:
"Special Drawing Account" means the Special Drawing Account established to
implement the special drawing rights facility in accordance with the
approved amendments of 1968;
"Special Drawing Rights Department" means the Special Drawing Rights
Department of the Fund established in accordance with the approved
amendments of 1976.
Interpretation
(2) If any amendment modifying the Bank Agreement enters into force before the
signing of that Agreement, references in this Act to the Bank Agreement shall be
construed as references to the Bank Agreement as modified by that amendment.
(As amended by No. 34 of 1969 and No. 6 of 1978)
3. The President is hereby authorised by instruments under his hand to empower
such persons as may be named in such instruments, on behalf of the Government of
Zambia-
(a) to sign the Fund Agreement and the Bank Agreement; and
(b) to deposit with the Government of the United States of America instruments
of acceptance of the Fund Agreement and of the Bank Agreement executed
by the President stating that-
Acceptance of
agreements and
resolutions
(i) the Government of Zambia accepts in accordance with its law the
Fund Agreement and the Bank Agreement and all the terms and
conditions prescribed in the Fund Resolution and the Bank
Resolution as the terms upon which Zambia shall be admitted to
membership in the Fund and in the Bank respectively; and
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(ii) the Government of Zambia has taken all steps necessary to enable
Zambia to carry out all its obligations under the respective
Agreements and Resolutions;
(c) to accept the approved amendments of 1968 and to execute and deposit
with the Fund an instrument stating that the Government of Zambia
undertakes in accordance with its law all of the obligations of a participant in
the Special Drawing Account, and that it has taken all steps necessary to
enable Zambia to carry out all such obligations; and
(d) to accept the approved amendments of 1976 and to execute and deposit
with the Fund an instrument stating that the Government of Zambia
undertakes in accordance with its law all the obligations of a participant in
the Special Drawings Rights Department, and that it has taken all steps
necessary to enable Zambia to carry out all such obligations.
(As amended by No. 34 of 1969 and No. 6 of 1978)
4. (1) There are hereby charged on and shall be paid out of the general revenues of
the Republic-
Financial provisions
(a) all payments required to be made from time to time to the Fund under the
Fund Agreement and the Fund Resolution; and
(b) all payments required to be made from time to time to the Bank under the
Bank Agreement and the Bank Resolution.
(2) The Minister may, on behalf of the Government, create and issue to the Fund or
the Bank, such non-interest bearing and non-negotiable notes or other obligations as are
provided for by section 4 of Article III of the Fund Agreement and section 12 of Article V of
the Bank Agreement; and any sums payable under any such notes or obligations so
created and issued are hereby charged on and shall be paid out of the general revenues
of the Republic.
(3) For the purpose of providing any sums required for making any payments under
this section, the Minister may, on behalf of the Government, raise loans by the creation
and issue of securities bearing such rates of interest and subject to such terms and
conditions as to repayment, redemption or otherwise as he may think fit; and the principal
and interest of such securities and the charges and expenses incurred in connection with
their issue are hereby charged on and shall be paid out of the general revenues of the
Republic.
(As amended by No. 6 of 1978)
5. (1) The provisions of the Fund Agreement and the Bank Agreement set out in
the Third and Fourth Schedules respectively shall have the force of law in Zambia:
Certain provisions of
agreements to have
force of law
Provided that nothing in section 9 of Article IX of the Fund Agreement or in section 9
of Article VII of the Bank Agreement shall be construed as-
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(a) entitling the Fund or the Bank to import goods free of customs duty without
any restriction on their subsequent sale; or
(b) conferring on the Fund or the Bank any exemption from duties or taxes
which form part of the price of goods sold; or
(c) conferring on the Fund or the Bank any exemption from taxes or duties
which are in fact no more than charges for services rendered.
(2) This section shall not come into operation until the Fund Agreement and the
Bank Agreement have been signed.
6. (1) Pursuant to section 2 of Article XIII of the Fund Agreement and section 11 of
Article V of the Bank Agreement, the Bank of Zambia is hereby designated as and
authorised to be the depositary in Zambia for all the holdings of Zambian currency of the
Fund and of the Bank.
Bank of Zambia to be
depositary
(2) Special drawing rights and any proceeds from their use shall be kept in a special
account in the Bank of Zambia, and that bank is authorised, on behalf of Zambia, to
acquire or dispose of special drawing rights and of any proceeds from their use and to
make payments in or in respect of any use of special drawing rights in accordance with
the approved amendments of 1968, and the approved amendments of 1976.
(As amended by No. 34 of 1969 and 6 of 1978)
7. The Minister may, by statutory instrument, make such regulations as may be
necessary to enable Zambia to carry out its obligations as a participant in the Special
Drawing Rights Department
(As amended by No. 34 of 1969 and No. 6 of 1978)
Regulations
FIRST SCHEDULE
(Section 2)
THE FUND RESOLUTION
MEMBERSHIP FOR ZAMBIA
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WHEREAS, the Government of Zambia, at that time called Northern Rhodesia, on July 28, 1964
applied for membership in the International Monetary Fund in accordance with Section 2 of Article II
of the Articles of Agreement of the Fund; and
WHEREAS, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have
consulted with the representative of that Government and have agreed upon the terms and
conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to
prescribe for admitting Zambia to membership in the Fund:
NOW, THEREFORE, the Board of Governors, having considered the recommendations of the
Executive Directors, hereby resolves that the terms and conditions upon which Zambia shall be
admitted to membership in the Fund shall be as follows:
1. Definitions: As used in this Resolution:
(a) The term "Fund" means the International Monetary Fund.
(b) The term "Articles" means the Articles of Agreement of the International Monetary Fund.
(c) The term "dollars" or "$" means United States dollars of the weight and fineness in effect
on July 1, 1944.
2. Quota: The quota of Zambia shall be $50 million.
3. Subscription: The subscription of Zambia shall be equal to its quota. Zambia shall pay in gold,
as a minimum, the lesser of (1) 25 per cent of its quota, or (2) the sum of (a) 10 per cent of its net
official holdings of gold and convertible currencies as of the date that Zambia makes the
representation to the Fund that it has taken all action necessary to adhere to the Articles of
Agreement, and (b) 10 per cent of its share of the gold and convertible currency holdings of the Bank
of the Federation of Rhodesia and Nyasaland as of that date. The balance of the subscription shall
be paid in the currency of Zambia.
4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later
than the day the Articles are signed on behalf of Zambia. In case Zambia does not acquire
membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of
the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial
par value of the currency of Zambia has been agreed in accordance with paragraph 5 below.
5. Determination of Par Value: Within thirty days after the Fund so requests, Zambia shall
communicate to the Fund a proposed par value for its currency, and within sixty days following the
Fund's receipt of the proposed par value, Zambia and the Fund shall agree on an initial par value for
the currency; provided that the Fund may extend the period of sixty days and that Zambia shall be
deemed to have withdrawn from the Fund if agreement on a par value has not been reached when
the extended period expires. In the period between accepting membership and the establishment of
an initial par value pursuant to this paragraph, Zambia shall not change its exchange rates prevailing
at the time of accepting membership without agreement with the Fund after prior consultation.
6. Exchange Transactions with the Fund: Zambia may not engage in exchange transactions with
the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5
above and put into operation and (b) its subscription has been paid in full; provided, however, that at
any time before the requirements under (a) and (b) have been met, the Executive Directors are
authorized to permit exchange transactions with Zambia under such conditions and in such amounts
as may be prescribed by the Executive Directors.
7. Representation and Information: Before accepting membership in the Fund, Zambia shall
represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of
Acceptance and sign the Articles, as contemplated by paragraph 8 (a) and (b) of this Resolution, and
Zambia shall furnish to the Fund such information in respect of such action as the Fund may request.
8. Acceptance of Membership: After the Fund shall have informed the Government of the United
States of America that Zambia has complied with the conditions set forth in paragraph 7 of this
Resolution, Zambia shall become a member of the Fund as of the date when Zambia shall have
complied with the following requirements:
(a) Zambia shall deposit with the Government of the United States of America an instrument
stating that it has accepted in accordance with its law the Articles and all the terms and
conditions prescribed in this Resolution, and that it has taken all steps necessary to
enable it to carry out all its obligations under the Articles and this Resolution; and
(b) Zambia shall sign the original copy of the Articles held in the Archives of the Government
of the United States of America.
9. Limitation on Period for Acceptance of Membership: Zambia may accept membership in the
Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date
shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary
circumstances are deemed by the Executive Directors to warrant an extension of the period during
which the applicant may accept membership pursuant to this Resolution, the Executive Directors may
extend such period until such later date as they may determine.
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SECOND SCHEDULE
(Section 2)
THE BANK RESOLUTION
MEMBERSHIP OF ZAMBIA
WHEREAS the Government of Zambia has applied for admission to membership in the
International Bank for Reconstruction and Development in accordance with Section 1 (b) of Article II
of the Articles of Agreement of the Bank; and
WHEREAS, pursuant to Section 20 of the By-Laws of the Bank, the Executive Directors, after
consultation with representatives of the Government of Zambia, have made recommendations to the
Board of Governors regarding this application:
NOW, THEREFORE, the Board of Governors hereby
RESOLVES:
THAT the terms and conditions upon which Zambia shall be admitted to membership in the Bank
shall be as follows:
1. Definitions: As used in this resolution:
(a) "Bank" means International Bank for Reconstruction and Development.
(b) "Articles" means the Articles of Agreement of the Bank.
(c) "Dollars" or "$" means United States dollars of the weight and fineness in effect on July
1, 1944.
(d) "Subscription" means the capital stock of the Bank subscribed to by a member.
(e) "Member" means member of the Bank.
2. Subscription: By accepting membership in the Bank, Zambia shall subscribe to 533 shares of
the capital stock of the Bank at the par value of $100,000 per share.
3. Membership in the Fund: Before accepting membership in the Bank, Zambia shall accept
membership in and become a member of the International Monetary Fund.
4. Payments on Subscription:
(a) Before accepting membership in the Bank, Zambia shall pay to the Bank on account of
the subscription price of one-half of such shares:
(i) Gold or United States dollars equal to 2% thereof; and
(ii) An amount in its own currency which, at the appropriate prevailing exchange rate,
shall be equal to 18% thereof.
(b) With respect to the subscription price of the other one-half of such shares, the 2% portion
payable in gold or United States dollars and the 18% portion payable in the currency of
the member shall be left uncalled, as set forth in Resolution No. 129, on the same basis
as the 2% and 18% portions of subscriptions made pursuant to Resolution No. 128 of the
Board of Governors.
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5. Representation and Information: Before accepting membership in the Bank, Zambia shall
represent to the Bank that it has taken all action necessary to sign and deposit the instrument of
acceptance and sign the Articles as contemplated by paragraph 6 (d) and (e) of this resolution and
Zambia shall furnish to the Bank such information in respect of such action as the Bank may request.
6. Acceptance of Membership: Zambia shall become a member of the Bank with a subscription as
set forth in paragraph 2 of this resolution, as of the date when Zambia shall have complied with the
following requirements:
(a) Become a member of the International Monetary Fund;
(b) Made the payments called for by paragraph 4 of this Resolution;
(c) Furnished the representation, and such information as may have been requested,
pursuant to paragraph 5 of this resolution;
(d) Deposited with the Government of the United States of America an instrument stating
that it has accepted in accordance with its law the Articles and all the terms and
conditions prescribed in this resolution, and that it has taken all steps necessary to
enable it to carry out all its obligations under the Articles and this resolution;
(e) Signed the original copy of the Articles held in the Archives of the Government of the United
States of America.
7. Limitation on Period for Acceptance of Membership: Zambia may accept membership in the
Bank pursuant to this resolution until November 17, 1965, or by such later date as the Executive
Directors may determine.
THIRD SCHEDULE
(Section 5)
PROVISIONS OF FUND AGREEMENT HAVING THE FORCE OF LAW
ARTICLE VIII-GENERAL OBLIGATIONS OF MEMBERS
Section 2. Avoidance of Restrictions on Current Payments
(b) Exchange contracts which involve the currency of any member and which are contrary to
the exchange control regulations of that member maintained or imposed consistently with
this Agreement shall be unenforceable in the territories of any member.
ARTICLE IX-STATUS, IMMUNITIES AND PRIVILEGES
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Section 2. Status of the Fund
The Fund shall possess full juridical personality, and, in particular, the capacity-
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings.
Section 3. Immunity from Judicial Process
The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy
immunity from every form of judicial process except to the extent that it expressly waives its immunity
for the purpose of any proceedings or by the terms of any contract.
Section 4. Immunity from Other Action
Property and assets of the Fund, wherever located and by whomsoever held, shall be immune
from search, requisition, confiscation, expropriation or any other form of seizure by executive or
legislative action.
Section 5. Immunity of Archives
The Archives of the Fund shall be inviolable.
Section 6. Freedom of Assets from Restrictions
To the extent necessary to carry out the operations provided for in this Agreement, all property and
assets of the Fund shall be free from restrictions, regulations, controls and moratoria of any nature.
Section 7. Privilege for Communications
The official communications of the Fund shall be accorded by members the same treatment as the
official communications of other members.
Section 8. Immunities and Privileges of Officers and Employees
All Governors, Executive Directors, Alternates, officers and employees of the Fund-
(i) hall be immune from legal process with respect to acts performed by them in their official
capacity except when the Fund waives this immunity;
(ii) not being local nationals, shall be granted the same immunities from immigration
restrictions, alien registration requirements and national service obligations and the same
facilities as regards exchange restrictions as are accorded by members to the
representatives, officials, and employees of comparable rank of other members;
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by
members to representatives, officials and employees of comparable rank of other
members.
Section 9. Immunities from Taxation
(a) The Fund, its assets, property, income and its operations and transactions authorized by
this Agreement, shall be immune from all taxation and from all customs duties. The Fund
shall also be immune from liability for the collection or payment of any tax or duty.
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to
Executive Directors, Alternates, officers or employees of the Fund who are not local
citizens, local subjects, or other local nationals.
(c) No taxation of any kind shall be levied on any obligation or security issued by the Fund,
including any dividend or interest thereon, by whomsoever held-
(i) which discriminates against such obligation or security solely because of its origin;
or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is
issued, made payable or paid, or the location of any office or place of business
maintained by the Fund.
ARTICLE XXVII-ADMINISTRATION OF THE GENERAL ACCOUNT AND THE SPECIAL DRAWING
ACCOUNT
(b) In addition to the privileges and immunities that are accorded under Article IX of this
Agreement, no tax of any kind shall be levied on special drawing rights or on operations
or transactions in special drawing rights.
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(As amended by No. 34 of 1969)
FOURTH SCHEDULE
(Section 5)
PROVISIONS OF BANK AGREEMENT HAVING THE FORCE OF LAW
ARTICLE VII-STATUS, IMMUNITIES AND PRIVILEGES
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Section 2. Status of the Bank
The Bank shall possess full juridical personality, and, in particular, the capacity-
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings.
Section 3. Position of the Bank with Regard to Judicial Process
Actions may be brought against the Bank only in a court of competent jurisdiction in the territories
of a member in which the Bank has an office, has appointed an agent for the purpose of accepting
service or notice of process, or has issued or guaranteed securities. No actions shall, however, be
brought by members or persons acting for or deriving claims from members. The property and assets
of the Bank shall, wheresoever located and by whomsoever held, be immune from all forms of
seizure, attachment or execution before the delivery of final judgment against the Bank.
Section 4. Immunity of Assets from Seizure
Property and assets of the Bank, wherever located and by whomsoever held, shall be immune
from search, requisition, confiscation, expropriation or any other form of seizure by executive or
legislative action.
Section 5. Immunity of Archives
The archives of the Bank shall be inviolable.
Section 6. Freedom of Assets from Restrictions
To the extent necessary to carry out the operations provided for in this Agreement and subject to the
provisions of this Agreement, all property and assets of the Bank shall be free from restrictions,
regulations, controls and moratoria of any nature.
Section 7. Privilege for Communications
The official communications of the Bank shall be accorded by each member the same treatment that
it accords to the official communications of other members.
Section 8. Immunities and Privileges of Officers and Employees
All Governors, Executive Directors, Alternates, officers and employees of the Bank-
(i) shall be immune from legal process with respect to acts performed by them in their
official capacity except when the Bank waives this immunity;
(ii) not being local nationals, shall be accorded the same immunities from immigration
restrictions, alien registration requirements and national service obligations and the same
facilities as regards exchange restrictions as are accorded by members to the
representatives, officials and employees of comparable rank of other members;
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by
members to representatives, officials and employees of comparable rank of other
members.
Section 9. Immunities from Taxation
(a) The Bank, its assets, property, income and its operations and transactions authorised by
this Agreement, shall be immune from all taxation and from all customs duties. The Bank
shall also be immune from liability for the collection or payment of any tax or duty.
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to
Executive Directors, Alternates, officials or employees of the Bank who are not local
citizens, local subjects, or other local nationals.
(c) No taxation of any kind shall be levied on any obligation or security issued by the Bank
(including any dividend or interest thereon) by whomsoever held-
(i) which discriminates against such obligation or security solely because it is issued by
the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is
issued, made payable or paid, or the location of any office or place of business
maintained by the Bank.
(d) No taxation of any kind shall be levied on any obligation or security guaranteed by the
Bank (including any dividend or interest thereon) by whomsoever held-
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(i) which discriminates against such obligation or security solely because it is
guaranteed by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place
of business maintained by the Bank.
FIFTH SCHEDULE
INCREASES IN QUOTAS OF FUND MEMBERS
RESOLUTION OF THE BOARD OF GOVERNORS
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WHEREAS the Executive Directors have considered the adjustment of the quotas of members in
accordance with the Resolution of the Board of Governors of the International Monetary Fund at its
1975 Annual Meeting:
That the Board of Governors, having noted the report of the Executive Directors entitled "Increases
in Quotas of Members-Sixth General Review," dated August 22, 1975, and having endorsed the
understandings reached so far by the Interim Committee on this subject, continues its review under
Article III, Section 2 and requests the Executive Directors to complete as promptly as possible their
work on this matter on increases in individual quotas and on the mode of payment of subscriptions in
respect of them and to submit appropriate proposals to the Board of Governors, after consideration of
them by the Interim Committee;
WHEREAS the Executive Directors have submitted to the Board of Governors a report entitled
"Increases in Quotas of Fund Members-Sixth General Review" containing recommendations on
increases in the quotas of individual members of the Fund; and
WHEREAS the Interim Committee of the Board of Governors on the International Monetary
System has endorsed the recommendations contained in the report of the Executive Directors; and
WHEREAS the Executive Directors have been requested to prepare and submit to the Board of
Governors as soon as possible proposals to amend the Articles of Agreement of the Fund, including
a proposal for the modification of the provisions relating to the payment of increases in quotas; and
WHEREAS the Executive Directors have recommended the adoption of the following Resolution of
the Board of Governors, which Resolution proposes increases in the quotas of members of the Fund
as a result of the sixth general review of quotas and deals with certain related matters, by vote
without meeting pursuant to Section 13 of the By-Laws of the Fund;
NOW, THEREFORE, the Board of Governors hereby resolves that:
1. The International Monetary Fund proposes that, subject to the provisions of this Resolution,
the quotas of members of the Fund shall be increased to the amounts shown against their names in
the Annex to this Resolution, provided that any member may consent to an increase in its quota that
is smaller than the one shown in the Annex, and may consent thereafter to further increases up to the
amount shown against its name in the Annex not later than the date prescribed by or under
paragraph 5 below. Each increase shall be a whole number in millions of special drawing rights.
2. A member's increase in quota as proposed by this Resolution shall not become effective
unless the member has notified the Fund of its consent to the increase not later than the date
prescribed by or under paragraph 5 below and has paid the increase in quota in full, provided that no
increase in quota shall become effective before (i) the effective date of the second amendment of the
Articles or (ii) the date of the Fund's determination that members having not less than three fourths of
the total of quotas on February 19, 1976 have consented to increases in their quotas, whichever is
the later of these dates.
3. A member shall pay twenty-five per cent of the increase in special drawing rights, the
currencies of other members specified, with their concurrence, by the Fund, or in the member's own
currency, and shall pay the balance of the increase in its own currency.
4. A member shall, within six months after the date of the adoption of this Resolution, make
arrangements satisfactory to the Fund for the use of the member's currency in the operations and
transactions of the Fund in accordance with its policies, provided that the Executive Directors may
extend the period within which such arrangements shall be made.
5. Notices in accordance with paragraph 2 above shall be executed by a duly authorised official of
the member and must be received in the Fund not later than one month after the effective date of the
second amendment of the Articles, provided that the Executive Directors may extend this period as
they may determine.
6. Each member shall pay to the Fund the increase in its quota within sixty days after (a) the date
on which it notifies the Fund of its consent or (b) the effective date of the second amendment of the
Articles or (c) the date of the Fund's determination under paragraph 2 (ii) above, whichever is latest.
7. The seventh general review of quotas shall be completed by February 9, 1978.
ANNEX
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Proposed
Maximum Quota
(in million SDRs)
-- ............................................................................................ --
-- ............................................................................................ --
128 Zambia 141
(As amended by Act No. 6 of 1978)
