1993 ACT 92
Official Journal No. 41.136 of 14 December 1993.
By means of which the Third Amendment of the Constitution of the International Monetary Fund adopted on June 28, 1990 is approved.
Having regard to the text of the "Third Amendment to the International Monetary Fund's Constitutive Convention", adopted on June 28, 1990, which reads:
(To be transcribed: photocopies of the full text of the international instrument mentioned, duly authenticated by Subsecretariat 044 Grade 11 of the Legal Undersecretary of the Ministry of Foreign Affairs). Governments on whose behalf the present Convention subscribes agree to the following:
1. Article XXVI, Section 2, is amended as follows:
(a) If a Member State ceases to fulfil any of its obligations under this Convention, the Fund may declare it disabled to use the Fund's general resources.
Nothing in this Section shall be understood as limiting the provisions of Section 5 of Article V or Section 1 of Article VI.
(b) If a reasonable period of time has elapsed, the Member State shall persist in the failure to comply with any of its obligations under this Convention, after having been declared as disabled in accordance with point (a), the Fund may suspend the right of voting for a member country by a majority of 70% of the total votes. The provisions of Annex L shall apply during the period of suspension. The Fund may at any time terminate the suspension by a majority of 70 percent of the total votes.
(c) If a member country persists in the non-compliance with any of its obligations under this Convention, after a reasonable period of the suspension decision has elapsed under point (b), the member country may be required to withdraw it. of the Fund by decision of the Board of Governors approved by the majority of the Governors and whose votes are equal to 85 percent of the total.
(d) The regulatory provisions shall be adopted so that, before proceeding against a member country in accordance with (a), (b) or (c), the complaint shall be promptly informed of the complaint against him and given the opportunity to explain his case. both verbally and in writing. "
2. A new Annex L will be added to the Convention, which will read:
Suspension of Voting Rights
The following provisions shall apply in the case of a suspension of the voting rights of a member country under Section 2 (b) of Article XXVI:
1. The Member State may not:
(a) Participate in the adoption of a proposal for an amendment to this Convention, nor shall it be considered among the total number of member countries for that purpose, except in the case of an amendment requiring the acceptance of all member countries in accordance with Article XXVIII (b) or when the reform relates exclusively to the Special Drawing Rights Department;
(b) Designate (or appoint) Governor or Governor Alterno, appoint or participate in the appointment of the Alternate Counsellor or Counsellor or appoint, elect or participate in the election of an Executive Director.
2. The number of votes corresponding to the Member State may not be taken into account by any body of the Fund. These votes shall not be considered for the purposes of the summation of the votes, except as regards the acceptance of a proposed amendment relating exclusively to the Department of Special Drawing Rights.
3. (a) The Governor and the Alternate Governor appointed by the Member State shall cease to be charged.
(b) The Counsellor or Counsellor appointed by the Member State, or in whose appointments the Member State has taken part, shall depart from the position; however, if such Counsellor may also issue the votes assigned to other members of the Board of Directors, Member countries whose voting rights have not been suspended, another Counsellor or Alternate Counsellor shall be appointed by those other Member States in accordance with Annex D.
While such appointment is made, the Counsellor or Alternate Counsellor will continue to hold the office for up to a maximum of 30 days from the date of the suspension.
(c) The Executive Director appointed or elected by the Member State or in whose designation the Member State has participated shall leave office unless he has the power to cast the votes assigned to other Member States whose voting rights are not have been suspended. In the latter case:
(i) If more than 90 days before the next regular election of Executive Directors, these other member countries shall elect by an absolute majority a new Executive Director for the remainder of the period; while such election is held, the Executive Director shall remain in office for up to a maximum of 30 days from the date of suspension;
(ii) If no more than 90 days before the next regular election of Executive Directors, the Executive Director will continue in office until the end of the period.
4. The Member State may send a representative to participate in any meeting of the Board of Governors, the Council or the Executive Board, but may not exercise this right in any of the meetings of the Committees of such bodies if a The request of the Member State is under consideration by them, or they will discuss a matter which affects that country in particular.
The following will be added to Section 3 (i) of Article XII:
" (v) When the suspension of a member country's voting right will be terminated in accordance with Section 2 (b) of Article XXVI, and the member country does not have the right to appoint an Executive Director, it may agree with all member countries that an Executive Director has elected that the number of votes assigned to that country shall be issued by that Executive Director.
On condition that, if no ordinary election of Executive Directors has been held during the period of the suspension, the Executive Director for whose election the member country has participated prior to its suspension of duties, or its successor chosen in accordance with paragraph 3 (c) (i) of Annex L, or in accordance with paragraph (f) above, shall have the right to cast votes to the Member State. In this way, the member country will be considered to have participated in the election of the Executive Director with the power to issue the corresponding number of votes. "
The following shall be added to paragraph 5 of Annex D:
" (f) When an Executive Director has the right to issue the number of votes allocated to the Member State, in accordance with Section 3 (i) (v) of Article XII, the Counsellor appointed by the group of member countries who elected the Executive Director, shall have the right to vote and shall issue the number of votes allocated to that Member State. It is considered that the Member State has participated in the appointment of the Counsellor with the right to vote and to issue the number of votes allocated to the Member State. "
Given in Bogotá at 18 days of the month of September 1990
THE SUBSCRIBED SUBSECRETARY
OF THE FOREIGN MINISTRY
That the present reproduction is a faithful and integral photocopy of the official translation No. 279-K of September 18, 1990 of the English text sent by the International Monetary Fund, of the "Third Amendment of the Fund's Constitutive Convention". International Monetary ", adopted on June 28, 1990, which rests in the archives of the Legal Secretariat of this Ministry.
Dada en Santafe de Bogota at 9 (9) days
of the month of March of a thousand nine hundred and ninety-two (1992).
CLARA INES VARGAS DE LOSADA
Executive Branch of the Public Power Presidency of the Republic
Santafe de Bogota, D.C.,
Approved. Submit to the honorable consideration
National Congress for Constitutional Effects.
(Fdo) CESAR GAVIRIA TRUJILLO
The Foreign Minister,
(Fdo.) NOEMI SANIN DE RUBIO.
ARTICLE 1o. Approve the "Third Amendment to the International Monetary Fund's Constitutive Convention," adopted on June 28, 1990.
ARTICLE 2o. The Third Amendment to the International Monetary Fund's Constitutive Convention, adopted by the Board of Governors of the Fund on June 28, 1990, as provided for in Article 1. of this Law shall be adopted, shall bind the country when the formalities provided for in Article XXVIII of the said Constitutive Convention are fulfilled.
ARTICLE 3o. According to the Laws authorizing contributions and participations to multilateral international financial institutions, of which Colombia is a member, the government will assign the resources from the National Budget in order to meet the present and future commitments.
ARTICLE 4. This Law governs from the date of its publication.
The President of the Honorable Senate of the Republic,
JORGE RAMON ELIAS NADER.
The Secretary General of the Honorable Senate of the Republic,
PEDRO PUMAREJO VEGA.
The President of the Honorable House of Representatives,
JOSE JATTIN SAFAR.
The Secretary General of the Honorable House of Representatives,
DIEGO VIVAS TAFUR.
Republic of Colombia-National Government
Contact, publish, and execute
Prior to its review by the Constitutional Court in accordance with the
laid out in article 241-10 of the Political Constitution.
Dada en Santafe de Bogota D.C., a los
14 days of December 1993.
CESAR GAVIRIA TRUJILLO
The Deputy Minister of Finance and Public Credit,
in charge of the Dispatch functions
from the Minister of Finance and Public Credit,
HECTOR JOSE CHAIN PIN.
The Foreign Minister,
NOEMI SANIN DE RUBIO