Government Regulation Number 48 In 1992

Original Language Title: Peraturan Pemerintah Nomor 48 Tahun 1992

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kprs No. 48 1992 DECISION of the PRESIDENT of the REPUBLIC of INDONESIA NUMBER 48 in 1992 ABOUT the ENDORSEMENT of the PROPOSED THIRD AMENDMENT OF THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND with the GRACE of GOD ALMIGHTY the PRESIDENT of the Republic of INDONESIA, Considering: a. that change (amendment) approval of the International Monetary Fund (International Monetary Fund) as approved by the Board of Governors of the International Monetary Fund is meant to embody the international monetary system better; b. that in connection with it, and in accordance with the mandate of the President of the Republic of Indonesia to the head of the House of representatives of the Republic of Indonesia people's representative Council Chairman to Mutual Number 2826/HK/1960, 1960 August 22, about the making of agreements with other countries, viewed the need to ratify the Amendment by Presidential Decree; Remember: 1. Article 4 paragraph (1) and article 11 of the Constitution of 1945; 2. Law number 9 in 1966 about the membership of the Republic of Indonesia is back in the International Monetary Fund (International Monetary Fund) and the International Bank for reconstruction and development (International Bank for Reconstruction and Development) (State Gazette Number 36 in 1966) as amended by Act No. 2 of 1967 (the 1967 State Gazette No. 2, an additional Sheet country number 2668); PDF created with pdfFactory Pro trial version www.pdffactory.com 3. The decision of the President of the Republic of Indonesia number 26 in 1969 about the participation of Indonesia in the endorsement of the Facility Special Drawing Rights (State Gazette No. 10 in 1969, an additional Sheet country number 2885); 4. The decision of the President of the Republic of Indonesia Number 41 in 1976 about the Endorsement of the statement of approval of the Republic of Indonesia over the 2nd Change the articles of agreement of the International Monetary Fund (State Gazette Number 47 in 1976); Decide: Define: The DECISION Of The PRESIDENT Of The REPUBLIC Of INDONESIA On The PASSAGE Of A PROPOSED THIRD AMENDMENT OF THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND. Article 1 confirms the Proposed Third Amendment of the Articles of Agreement of the International Monetary Fund approved the Board of Governors of the International Monetary Fund (International Monetary Fund) that copies of the original texts in the language of the United Kingdom as it is attached to the decision of the President. Article 2 this presidential decree took effect on the date set. In order to make everyone aware of it, ordered the enactment of Presidential Decree this with its placement in the State Gazette of the Republic of Indonesia. Established in Jakarta on 28 August 1992, the PRESIDENT of the REPUBLIC of INDONESIA SOEHARTO Promulgated at Jakarta ttd on 28 August 1992, MINISTER/STATE SECRETARY PDF created with pdfFactory Pro trial version www.pdffactory.com INDONESIA ttd. MOERDIONO Proposes Third Amendment of the Article of Agreement of the International Monetary Fund The Governments on whose behalf the present Agreement is signed agree the U.S. follows: 1. The text of Articles XXVI, Section 2 shall be amended to read the U.S. follows: "(a) If a member fails to fulfill any of its obligations under this Agreement, the Fund may declare the member ineligible to use the general resources of the Fund. Nothing in this Section shall be deemed to limit the provisions of Article V, Section 5 or Article VI, Section 1. (b) If, after the expiration of a reasonable period following a declaration of ineligibility under (a) above, the member persists in its failure to fulfill any of its obligations under this Agreement, the Fund may, by a seventy percent majority of the total voting power, suspend the voting rights of the member. During the period of the suspension, the provisions of Schedule L shall apply. The Fund may, by a seventy percent majority of the total voting power, terminate the suspension at any time. (c) If, after the expiration of a reasonable period following a decision of suspension under (b) above, the member persists in its failure to fulfill any of its obligations under this Agreement, that member may be required to withdraw from membership in the Fund by a decision of the Board of Governors carried by a majority of the Governors having eighty five percent of the total voting power. PDF created with pdfFactory Pro trial version www.pdffactory.com (d) Regulations shall be adopted to ensure that before action is taken against any member under (a), (b), or (c) above, the member shall be informed in reasonable time of the complaint against it and given an adequate opportunity for stating its case, both orally and in writing. " 2. A new Schedule L shall be added to the Articles, to read the U.S. follows: Schedule L Suspension of Voting Rights In the case of a suspension of voting rights of a member under Article XXVI, Section 2 (b), the following provisions shall apply: 1. The member shall not: (a) participate in the does of a proposed amendment of this Agreement , or be counted in the total number of members for that purpose, except in the case of an amendment requiring acceptance by all members under Article XXVIII (b) or pertaining exclusively to the Special Drawing Rights Department; (b) appoint a Governor or Alternate Governor, appoint or participate in the appointment of a Councillor or Alternate Councillor. or appoint, elect, or participate in the election of an Executive Director. 2. The number of votes allotted to the member shall not be cast in any of the organs of the Fund. The shall not be included in the calculation of the total voting power, except for purposes of the acceptance of a proposes amendment pertaining exclusively to the Special Drawing Rights Department. 3. (a) The Governor and Alternate Governor as by the member shall cease to hold office. (b) The Councillor and alternate Councillor as by the member, or in whose appointment the member has participated, shall cease to hold office, provided that, if such Councillor was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended, another Councillor and Alternate Councillor shall be as by such other members under schedule D , and, pending such appointment, the Councillor and Alternate Councillor shall continue to hold office, but for a maximum of thirty days from the date of the suspension. (c) The Executive Director or as elected by the member, or in whose PDF created with pdfFactory Pro trial version www.pdffactory.com election the member has participated, shall cease to hold office, unless such Executive Director was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended. In the latter case: (i) if more than ninety days remain before the next regular election of Executive Directors, Another Executive Director shall be elected for the remainder of the term by such other members by a majority of the votes cast; pending such election, the Executive Director shall continue to hold office, but for a maximum of thirty days from the date of suspension; (ii) if not more than ninety days remain before the next regular election of Executive Directors, the Executive Director shall contible to hold office for the remainder of the term. 4. The member shall be entitled to send a representative to attend any meeting of the Board of Governors, the Council or the Executive Board, but not any meetings of their committees, when a request is made by, or a matter particularly effecting, the member is under consideration. " 3. The following shall be added to Article XII, Section 3 (i): "(v) When the suspension of the voting rights of a member is terminated under Article XXVI, Section 2 (b), and the member is not entitled to appoint an Executive Director, the member may agree with all te members that have elected an Executive Director that the number of votes allotted to that member shall be cast by such Executive Director provided that, if no regular election of Executive Directors has beep conducted during the period of the suspension, the Executive Director, in whose election the member had participated prior to the suspension, or his successor elected in accordance with paragraph 3 (c) (i) of Schedule L or with (f) above, shall be entitled to cast the number of votes allotted to the member. The member shall be deemed to have participated in the election of the Executive Director entitled to cast the number of votes allotted to the members. " b. The following shall be added to paragraph 5 of Schedule D: "(f) When an Executive Director is entitled to cast the number of votes allotted to a member pursuant to Article XII, Section 3 (i) (v), the Councillor as by the group whose members elected such Executive Director shall be entitled to vote and cast the number of votes allotted to such member. The member shall be deemed to have participated in the appointment of the Councillor entitled to vote and cast the number of votes allotted to the members. " Excerpt: the SHEET OFF the SECRETARIAT of STATE in 1992 PDF created with pdfFactory Pro trial version www.pdffactory.com PDF created with pdfFactory Pro trial version www.pdffactory.com

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