The International Monetary Fund Agreed Amendments To The Agreement Of The International Monetary Fund Voting Rights And Participation Of The Member States And The International Monetary Fund's Investment Mandate For

Original Language Title: Par Starptautiskā Valūtas fonda Vienošanās līguma grozījumiem Starptautiskā Valūtas fonda dalībvalstu balsstiesību un līdzdalības palielināšanai un Starptautiskā Valūtas fonda investīciju mandāta paplašināšanai

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/193387

The Saeima has adopted and the President promulgated the following laws: The International Monetary Fund agreed amendments to the agreement of the International Monetary Fund voting rights and participation of the Member States and the International Monetary Fund's investment mandate of article 1. The International Monetary Fund Agreement (hereinafter Agreement) amended the International Monetary Fund voting rights and participation of the Member States and the International Monetary Fund's investment mandate (hereinafter referred to as the amendments) with this law is adopted and approved. 2. article. Amendments shall enter into force in Article XXVIII of the contract within the time and in order, and the Ministry of Foreign Affairs shall notify the newspaper "journal". 3. article. The law shall enter into force on the day following the notification. With the law put amendments in English and their translation into Latvian language. The Parliament adopted the law of 28 May 2009. President Valdis Zatlers in Riga V 2009 June 17 PROPOSED AMENDMENTS OF the articles OF agreement OF the INTERNATIONAL MONETARY FUND PROPOSED amendment OF the articles OF agreement OF the INTERNATIONAL MONETARY FUND TO enhance the voice AND PARTICIPATION IN the INTERNATIONAL MONETARY FUND

The Governments on whose behalf the present agreement is signed agree as follows: 1. The text of article XII, Section 3 (e) shall be amended to read as follows: "(e) Each Executive Director shall be appoin an alternate with full power to act for him when he is not present, provided that the Board of Governors may adop rules enabling an Executive Director elected by more than a specified number of members to the two Alternate. appoin Such rules, if adopted, may only be modified in the context of the regular election of the Executive Director and shall require an Executive Director appointing two Alternate to designat: (i) the alternate who shall act for the Executive Director when he is not present and both Alternate with the present and (ii) the alternate who shall exercise the powers of the Executive Director under (f) below. When the Executive Director with the appointing them present, Alternate participat in the may meetings but may not vote. " 2. The text of article XII, Section 5 (a) shall be amended to read as follows: "(a) the total votes of each member shall be equal to the sum of its basic votes and it is quota-based votes. (i) the basic votes of each member shall be the number of votes that results from the equal distribution among all the members of 5.502 percent of the sum of the aggregate of the total voting power of all the members, provided that there shall be from fractional basic votes. (ii) the quota-based votes of each member shall be the number of votes that results from the allocation of one vote for each on of its quota equivalent to one hundred thousand special drawing rights. " 3. The text of paragraph 2 of Schedule L shall be amended to read as follows: "(2) the number of votes allotted to the member shall not be cast in any organ of the Fund. They shall not be included in the calculation of the total voting power, except for the purpose of: (a) the acceptance of a proposed amendment pertaining exclusively to the Special Drawing Rights Department and (b) the calculation of basic votes pursuan to article XII, Section 5 (a) (i). " PROPOSED amendment OF the articles OF agreement OF the INTERNATIONAL MONETARY FUND TO EXPAND the investment AUTHORITY OF the INTERNATIONAL MONETARY FUND the Governments on whose behalf the present agreement is signed agree as follows: 1. The text of article XII, Section 6 (f) (iii) shall be amended to read as follows: "(iii) the Fund may use a member's currency held in the Investment account for investment as it may determin- , in accordanc with rules and regulations adopted by the Fund by a seventy percent majority of the total voting power. The rules and regulations adopted to this provision shall pursuan be consistent with (VII), (VIII) and (ix) below. " 2. The text of article XII, Section 6 (f) (vi) shall be amended to read as follows: "(vi) the investment account shall be terminated in the event of liquidation of the Fund and may be terminated, or the amount of the investment may be reduced, prior to liquidation of the Fund by a seventy percent majority of the total voting power." 3. The text of article V, Section 12 (h) shall be amended to read as follows: "(h) the Pending us-specified under (f) above, the Fund may use a member's currency held in the Special account for Disbursemen investment as it may determin, in accordanc with rules and regulations adopted by the Fund by a seventy percent majority of the total voting power. The income of the investment and the interest received under (f) (ii) above shall be placed in the Special Disbursemen the account. " 4. A new article V, Section 12 (k) shall be added to the articles to read as follows: "(k) Whenever under (c) above the Fund sells gold acquired by it after the date of the second amendment of this agreement, an amount of the proceed is equivalent to the acquisition price of the gold shall be placed in the General resources account , and any excess shall be placed in the Investment account for use pursuan to the provision of article XII, Section 6 (f). If any gold acquired by the Fund after the date of the second amendment of this agreement is sold after April 7, 2008 but prior to the date of entry into force of this provision, then, upon the entry into force of this provision, and notwithstanding the limit set forth in article XII, Section 6 (f) (ii), the Fund shall transfer to the investment account from the General resources account an amount equal to the proceed of such sale, less ( I) the acquisition price of the gold sold, and (ii) any amount of such proceed in excess ofthe acquisition price that may have already been transferred to the investment account prior to the date of entry into force of this provision. " Notification of acceptance (To be addressed to the Secretary of the Fund) Notification of acceptance of voice and Participation Proposed amendment 1. "I have the honor to inform you that the Republic of Latvia has accepted the proposed amendment of the articles of agreement of the International Monetary Fund to enhance the voice and Participation in the International Monetary Fund. 2. A copy of the text of the acceptance and of the law to which this pursuan acceptance was given is attached. Notification of acceptance of the Proposed Investment Authority Amendment 1. "I have the honor to inform you that the Republic of Latvia has accepted the proposed amendment of the articles of agreement of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund. 2. A copy of the text of the acceptance and of the law to which this pursuan acceptance was given is attached. Notification of acceptance of Both Proposed Amendments 1. I have the honor to inform you that the Republic of Latvia has accepted (i) the proposed amendment of the articles of agreement of the International Monetary Fund to enhance the voice and Participation in the International Monetary Fund, and (ii) the proposed amendment of the articles of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund. 2. A copy of the text of the acceptance and of the law to which this pursuan acceptance was given is attached.

Proposal for the International Monetary Fund agreed amendments to the agreement

Proposal for the International Monetary Fund (the Fund) agreed amendments to the agreement of the International Monetary Fund voting rights of the Member States and to increase the participation of the Government, which has signed the contract in force, agree that: 1. the article XII part e) item text is amended as follows: "(e) the Executive Director shall appoint the Deputy) each, having the authority to act on his behalf in his absence, provided that the Board of Trustees may adopt provisions that would allow them to elect the Chief Executive more than a specified number of Member States, to appoint two Vice-Chairmen. If such rules are adopted, it may be amended only in the current election in the context of the Executive Director, and must determine that the Executive Director, who shall be appointed by the two Vice-Chairmen shall indicate: (i)) Deputy who will act on behalf of the Executive Director in his absence, in the presence of both the Deputy and the Deputy who ii) implement executive powers in accordance with paragraph f) below. The presence of the Deputy Executive Director, appointed in these Executive Directors may attend meetings but may not vote. " 2. Article XII (a) (a)) item text is amended as follows: "(a)) of each Member to have a number of votes equal to its basic votes and calculated according to the number of votes the quota amount. (i) each Member State's basic votes form the number of votes obtained by dividing the Member States equally 5.502% total voting rights of all the Member States, provided that the basic votes is only whole numbers. (ii) each Member State according to the quota of the calculated number of votes represents the number of votes obtained by assigning one vote for each Member State's quota share, equal to a hundred thousand special drawing right. " 3. point 2 of Annex L of the text is amended as follows: "2. the Member State that votes are not taken into account in any of the Fund's decision-making bodies. They are not included in the calculation of the total voting power, except only for the following purposes: (a)) proposal for amendments relating only to the Special Drawing Rights Department, and (b)) the calculation of the basic votes under article XII part i) (a)) item part of the proposal for the International Monetary Fund agreed amendments to the agreement of the International Monetary Fund's investment mandate for the Government, which has signed the contract in force, agree on the that: 1. the article XII part III) item f) part of the text is amended as follows: "(iii)), the Fund may use the national currency that is held in the investment account, investments at its discretion according to the rules and guidelines of the fund adopted by the seventy-percent majority of the total voting rights. In accordance with this paragraph and the provisions adopted to comply with the instructions of the VII), (VIII)) and part ix) below. " 2. Article XII part f) paragraph vi) part of the text is amended as follows: "vi) investment account in the event of termination in the event of liquidation of the Fund, and before the winding-up of the Fund may be terminated, or if the investment amount can be reduced by seventy percent majority of the total voting rights." 3. Article 12 of part V, h) the text of paragraph 2 is amended as follows: "h") While not in use (f)), of a paragraph, the Fund may use the currency of a Member State, which is held in the special account, investments at its discretion according to the rules and guidelines of the fund adopted by the seventy-percent majority of the total voting rights. Income from investments and interest received pursuant to paragraph ii, part f) to include special) in the current account. " 4. The statutes you add a new article 12 part V k) paragraph following: "k") whenever, pursuant to paragraph 2 (c)) the Fund sells gold, which it won after a second Fund upon amendment of the contract, income that is equal to the sales price of gold mining, dwelling in the general resources account, and the amount of the excess shall be included in the investment account to use pursuant to article XII part f) item. If some part of the gold, the Fund acquired a second Fund agreed by contract from the date of adoption of the amendment, is sold after 7 April 2008 but before the entry into force of this condition, then with this condition and the date of entry into force regardless of article XII part f) item set out in part ii) the limitation fund of the General resource account must be transferred to the investment account an amount of money equal to the income from such sales minus i) sold in gold mining price, and (ii) such income) any amount in excess of the gold mining price and already before the entry into force of the condition can be counted in the investment account. " Confirmation message (addressed to the Secretary of the Fund) notice of approval of the proposal for amendments relating to voting rights and participation 1. I have the honour to inform you that the Republic of Latvia approved the proposal for the International Monetary Fund articles of Association of the International Monetary Fund voting rights of the Member States and the strengthening of participation. 2. the present text is added to the approval and a copy of the law, under which the approval has taken place. Notice of approval of the proposal for amendments in connection with the investment mandate 1. I have the honour to inform you that the Republic of Latvia approved the proposal for the International Monetary Fund articles of Association of the International Monetary Fund's investment mandate. 2. the present text is added to the approval and a copy of the law, under which the approval has taken place. Notice of approval of both proposals for amendments 1. I have the honour to inform you that the Republic of Latvia approved the proposal i) International Monetary Fund articles of Association of the International Monetary Fund voting rights of the Member States and the strengthening of participation and ii) proposal by the International Monetary Fund articles of Association of the International Monetary Fund's investment mandate. 2. the present text is added to the approval and a copy of the law, under which the approval has taken place.