By Means Of Which The Third Amendment Of Agreement Of The International Monetary Fund Adopted Approving The June 28, 1990

Original Language Title: Por medio de la cual se aprueba la tercera Enmienda del Convenio Constitutivo del Fondo Monetario Internacional adoptada el 28 de Junio de 1990

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LAW 92 OF 1993
(December 14)
Official Gazette No. 41,136 of 14 December 1993.
Through which the Third Amendment of Agreement of the International Monetary Fund approved adopted 28 June 1990. Summary

Term Notes
THE CONGRESS OF COLOMBIA
having regard to the text of the "Third Amendment of Agreement of the International Monetary Fund", adopted on June 28, 1990, which reads:
(To be transliterated: is attached copy of the full text of that international instrument, duly authenticated by the Undersecretariat 044 Grade 11 of the Legal Secretariat of the Ministry of Foreign Affairs). Governments on whose behalf this Agreement is signed agree as follows:
1. Article XXVI, Section 2 is amended as follows:
(a) If a member fails to fulfill any of its obligations under this Agreement, the Fund may declare ineligible to use the general resources of the Fund.
Nothing contained in this section shall be construed as limiting the provisions of Section 5 of Article V or Section 1 of Article VI.
(B) If after a reasonable period the member persists in breach of any of its obligations under this Convention, after having been disqualified declared conforms to subsection (a), the Fund may suspend the right to vote of a member country by a majority equivalent to 70 percent of the total voting power. the provisions of Annex L shall apply during the period of suspension. The Fund may terminate the suspension at any time by a majority meets 70 percent of the total voting power.
(C) If a member persists in breach of any of its obligations under this Agreement, after a reasonable time of the decision to suspend pursuant to paragraph (b) has elapsed, the member country may be required their removal Fund by decision of the Board of Governors approved by a majority of the Governors and whose votes are equivalent to 85 percent of the whole.
(D) regulatory arrangements should be made so that, before proceeding against a member under subsections (a), (b) or (c) be informed promptly of any complaint against him and gives you the opportunity to explain its case both orally and in writing "
2 was added to a new Annex L Convention, which shall read as follows:..

Annex L Suspension of Voting Rights
the following provisions shall apply in the event of a suspension of voting rights of a member under Section 2 (b) of Article XXVI:
1 member may not.
(a) Participate in the adoption of a proposed amendment to this Convention or be considered among the total number of members to that effect countries except in the case of an amendment requiring acceptance by all members under Article XXVIII (b) or when reform refers exclusively to the Department of Special Drawing Rights
(b) designate (or name) Governor or Alternate Governor, appoint or participate in the appointment of the Director or Deputy Director or appoint, elect or participate in the election of an Executive director.
2. The number of votes of the member country shall not be taken into account by any organ of the Fund. These votes will not be considered for purposes of the sum of the votes, except for the acceptance of a proposed amendment that relates exclusively to the Department of Special Drawing Rights.
3. (A) shall no longer hold office the Governor and Alternate Governor appointed by the member country.
(B) The Director or Deputy Director appointed by the member country or in whose appointment the member has participated, must be removed from office; however, if such Director MIGHT additionally cast the votes to other members whose voting rights have not been suspended, another Director or Deputy Director shall be appointed by such other member countries according to Annex D.
While performing this appointment, the Director or Deputy Director continue to hold office for a maximum of 30 days from the date of suspension.
(C) The appointed or elected by the member or country whose appointment Executive Director participated the member shall leave office unless he had the power to cast the votes to other members whose voting rights have not They have been suspended. On this last case:

(I) If missing more than 90 days before the next regular election of Executive Directors, said other member countries elected by an absolute majority a new Executive Director for the remainder of the period; while such election is made, the Executive Director shall hold office for a maximum of 30 days from the date of suspension;
(Ii) If no missing more than 90 days before the next regular election of Executive Directors, the Executive Director shall continue in office until the end of the period.
4. The member may send a representative to attend 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 these bodies if a request from a member country is under consideration by them or discuss a matter concerning that country in particular way.
The following will be added to Section 3 (i) of Article XII:
"(v) When the suspension of voting rights of a member country terminare accordance with Section 2 (b) of Article XXVI and the member has no right to appoint an Executive director, one may agree with all member countries that have elected an Executive director that the number of votes allocated to that country will be issued by that Executive director.
provided that, if not held regular election of Executive Directors during the period of suspension, the Executive director for whose election the member has participated prior to suspension of rights, or his successor elected in accordance with paragraph 3 (c ) (i) of Annex L, or according to the preceding paragraph (f), shall have the right to cast votes allotted to the member. this shall be deemed that the member participated in the election of the Executive director with the power to issue the number of votes attached. "
The following will be added to the 5th paragraph of Annex D:
"(f) When an Executive Director is entitled to cast the number of votes allotted to the member pursuant to Section 3 (i) (v) Article XII, the director appointed by the group of members who elected such Executive director shall have the right to vote and issue the number of votes allotted to the member. it is considered that the member has participated in the appointment of the director with right to vote and cast the number of votes allotted to the member. "
Given in Bogota on the 18th day of the month of September 1990

THE SIGNED LEGAL SECRETARY OF THE MINISTRY OF FOREIGN AFFAIRS DECLARES
:
That this reproduction is true and complete copy of the official translation No . 279-K of September 18, 1990 English text sent by the International Monetary Fund, the "Third Amendment of Agreement of the International Monetary Fund", adopted on June 28, 1990, which lies in the archives of Undersecretariat law of the Ministry.
Given in Bogota at nine (9) days
of March in 1992 (1992).
AGNES CLARA VARGAS DE LOSADA

Legal Undersecretary of Public Power Executive Branch Presidency of the Republic
Santafe de Bogota, DC,
Approved. Submit to the consideration of the honorable
National Congress for constitutional purposes.
(Signed) César Gaviria Trujillo
The Minister of Foreign Affairs,
(Sgd.) RUBIO Noemi Sanin.

THE CONGRESS OF COLOMBIA DECREES:
ARTICLE 1o. Approval of the "Third Amendment of Agreement of the International Monetary Fund", adopted on 28 June 1990.
Article 2.
. The Third Amendment of Agreement of the International Monetary Fund, adopted by the Board of Governors of the Fund on June 28, 1990, that Article 1o. of this Act is approved, it will force the country when the formalities are fulfilled in Article XXVIII of the said Articles of Agreement.

ARTICLE 3. According to the laws authorizing give contributions and participations multilateral financial institutions international, of which Colombia is a member, the Government will allocate resources from the national budget in order to meet present and future commitments. Effective Jurisprudence


ARTICLE 4. This Law governs from the date of publication.
The President of the Senate of the Republic, JORGE RAMON ELIAS
NADER.
The Secretary General of the Senate of the Republic,
PUMAREJO PEDRO VEGA.
The President of the Chamber of Representatives, Francisco Jose Jattin
SAFAR.
The Secretary General of the Chamber of Representatives, DIEGO VIVAS
TAFUR.

Republic of Colombia - National Government
communication, publication and execute
After review by the Constitutional Court in accordance with
Article 241-10 of the Constitution.
Given in Bogotá DC,
14 days of December 1993.

César Gaviria Trujillo The Deputy Minister of Finance and Public Credit,
charge of the functions of the Office
the Minister of Finance and Public Credit, Hector Jose CHAIN ​​
CLAVIJO.
The Minister of Foreign Affairs, Noemi Sanin RUBIO




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