Law No. 26 Of 16 March 1992 Concerning The Increase In The Quota In The International Monetary Fund And Acceptance Of The Amendment By The F.m.i. 3Rd Amendment

Original Language Title:  LEGE nr. 26 din 16 martie 1992 privind majorarea cotei de participare a României la Fondul Monetar Internaţional şi acceptarea modificării Statutului F.M.I. prin cel de-al 3-lea amendament

Read the untranslated law here: https://www.global-regulation.com/law/romania/3070176/-lege-nr.-26-din-16-martie-1992-privind-majorarea-cotei-de-participare-a-romniei-la-fondul-monetar-internaional-i-acceptarea-modificrii-statutului-f.m.html

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Law No. 26 of 16 March 1992 concerning the increase in the quota in the International Monetary Fund and acceptance of the amendment by the F.M.I. 3 ISSUING amendment published in PARLIAMENT OFFICIAL GAZETTE nr. 45 on 19 March 1992, the Romanian Parliament adopts this law.


Article 1 shall approve the increase in the quota in the International Monetary Fund-F.M.I.-from 523.4 million to 754.1 million SPECIAL DRAWING RIGHTS SDRS, as proposed by the Governing Council's F.M.I. Resolution nr. 45-2/1990 "increases the odds of the members of the Fund, the 9th General review".
The difference will be millions SDR 230.7 paid thus:-57.7 million SDR-25% increase in SDRs or in-currency freely convertible on account of a drawdown of grants and special interest nepurtătoare from F.M.I.;
-DST-173.0 million 75% of the increase in the lei-account no. 1 existing F.M.I. Banca Naţională a României.


Article 2 the equivalent in lei of dragging special 57.7 million SDRS, respectively, and the F.M.I. equivalent in MDL of part of the share increase 75%-which is shed in lei will cover, in the year in which payments will be made, from extrabudgetary resources of the State account at the National Bank of Romania.


Article 3 also supports proposed changes to the Statute of the International Monetary Fund, the third amendment, approved by the Governing Council resolution nr. 45-3/1990.


Article 4 National Bank of Romania and the Government are responsible for the implementation of the provisions of this Act.
This law was adopted by the Senate at its meeting on 26 February 1992, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU this law was adopted by the Chamber of deputies at its meeting on March 12, 1992, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
PRESIDENT of the CHAMBER of DEPUTIES, MARTIAN March 16 DAN Bucharest 1992.
No. 26.


GOVERNING COUNCIL RESOLUTION 45-2 increases the odds of the members of the Fund-the 9th General review taking into account the submission by the Executive Council, the Governing Council of a report titled "increases the odds of the members of the Fund-the 9th General review", which contains recommendations for increases odds of each Member of the Fund, and taking into account the recommendation made by the Executive Council for the adoption of the resolution below the Governing Council — in which increases are proposed rates members of the Fund as a result of the 9th General review of quotas and certain related issues should be handled through a vote without a meeting, pursuant to section 13 of the regulations of the Fund, the Governing Council decides that: 1. The International Monetary Fund proposes that, subject to the provisions of this resolution, members of the Fund to be increased by the amount shown next to its name in the annex to that resolution.
2. to increase the odds of a member, as is proposed by this resolution, will not become effective unless the Member has notified the trustee Fund for growth or not later than the date prescribed by or on the basis of paragraph 4 below and shed increasing share in full within the period specified by or under paragraph 5 below provided that no member with redemption, interest or overdue fees against general resources account cannot acquiesce to or shed its growth rate until it reaches up to date in regards to these obligations.
3. Any increase in the quota will not become effective before the latest of the following dates: (i) in the period ending on December 30, 1991, the date of establishment of the Fund as members having not less than 85% of the total shares on 30 May 1990 have consented to their quota increases or after December 30, 1991, the date of establishment of the Fund as members having not less than 70% of the total shares on 30 May 1990 have consented increases their odds; or (ii) the effective date of the amendment to the staff regulations.
4. Communications in accordance with paragraph 2 above shall be made by a fully authorized person of the country and must be received before 6:00 p.m., Washington time, on 31 December 1991, provided that this period may be extended by the Executive Council where appropriate.
5. Each Member will shed its growth fund share within 30 days after the latest of the following dates: (a) the date on which it notifies its fund trustee or (b) the date on which the requirement for the entry into force of the growth rate on the basis of paragraph 3 above has been met, provided that vărsămînt period may be extended by the Executive Council , as in their opinion.
6. In making the decision regarding the extension of the period for the consent to the increase of the quota or for making payments shall remain, the Executive Council will pay special attention to the situation of the members who will want to agree to increase the quota or make vărsămîntul, including members with outstanding extended toward the general resources account, compensating redemption, interest and fees overdue against general resources account who-according to collaborate with the Fund for the settlement of such obligations.
7. Each Member shall pay 25% of the increase to be in special drawing rights, or in other currencies to indicate agreement with them, by the Fund, or in any combination of special drawing rights and such currencies. The balance of this growth will be shed by a member in its own currency.
Adopted on 28 June 1990, the Governing Council (Resolution No. 45-2) Annex proposed Listing — — — — — — — — — — — — — — — — (in SDR millions) 1. 120.4 Afghanistan 2. Algeria 914.4 3. Angola 207.3 4. Antigua and Barbuda 8.5 5. Argentina 1,537.1 6. Australia 2,333.2 7. Austria 1,188.3 8. Bahamas 94.9 9. Bahrain 82.8 10. Bangladesh 392.5 11. Barbados 48.9 12. Belgium 3,102.3 13. Belize 13.5 14. Benin 45.3 15. Bhutan 4.5 16. Bolivia 126.2 17. Botswana 36.6 18. Brazil 2,170.8 19. Burkina Faso 44.2 20. Burundi 57.2 21. Cameroon 135.1 22. Canada 4,320.3 23. Cap Green 24 7.0. Central African Republic 41.2 25. Ciad 41,3
    26. Chile 621.7 27. China 3,385.2 28. Colombia 561.3 29. Comores 6.5 30. The popular Republic of Congo 57.9 31. Costa Rica 119.0 32. Côte d'Ivoire 238.2 33. Cyprus 100.0 34. Denmark 1,069.9 35. 11.5 Djibuti 36. Dominica 6.0 37. Dominican Republic 158.8 38. Ecuador 219.2 39. Egypt 678.4 40. El Salvador 125.6 41. Equatorial Guinea 24.3 42. Ethiopia 98.3 43. Fiji 51,1
    44. Finland 861.8 45. France 7,414.6 46. Gabon 110.3 47. Gambia 22.9 48. Germany 8,241.5 49. Ghana 274.0 50. Greece 587.6 51. Grenada 8.5 52. Guatemala 153.8 53. 78.7 Guinea 54. Guinea-Bissau 10.5 55. Guyana 67.2 56. Haiti 60.7 57. Honduras 95.0 58. Hungary 754.8 59. 85.3 Iceland 60. India 3,055.5 61. Indonesia 1,497.6 62. The Islamic Republic of Iran 1,078.5 63. Iraq 864.8 64. Ireland 525.0 65. Israel 666.2 66. Italy 4,590.7 67. Jamaica 200.9 68. Japan 8,241.5 69. Jordan 121.7 70. Kampuchea 25.0 71. Kenya 199.4 72. Kiribati 4.0 73. Korea 799.6 74. Kuwait 995.2 75. Laos 39,1
    76. Lebanon 146.0 77. Lesotho 23.9 78. Liberia 96.2 79. Libya 817.6 80. Luxembourg 135.5

    81. Madagascar 90.4 82. Malawi 50.9 83. Malaysia 832.7 84. Maldives 5.5 85. Mali 68,9
    86. Malta 67.5 87. Mauritania 47.5 88. Mauritius 73.3 89. Mexico 1,753.3 90. Morocco 427.7 91. Mozambique 84.0 92. Myanmar 184.9 93. Nepal 52.0 94. Netherlands 3,444.2 95. New Zealand 650.1 96. Nicaragua 96.1 97. Niger 48.3 98. Nigeria 1,281.6 99. Norway 1,104.6 100. Oman 119.4 101. Pakistan 758.2 102. Panama 149.6 103. New Guinea 95.3 104. Paraguay 72.1 105. Peru 466.1 106. Philippines 633.4 107. Poland 988.5 108. Portugal 557.6 109. Qatar 190.5 110. Romania 754.1 111. Rwanda 59.5 112. Sao Tome Principe 5.5 113. Saudi Arabia 5,130.6 114. Senegal 118.9 115. Seychelles 6.0 116. Sierra Leone 77.2 117. Singapore 357.6 118. Solomon Islands 119 7.5. Somalia 60.9 120. South Africa 1,365.4 121. Spain 1,935.4 122. Sri Lanka 123 303.6. St. Kitts Nevis 6.5 124. St. Lucia 11.0 125. St. Vincent 6.0 126. Sudan 233.1 127. Suriname 67.6 128. Swaziland 129 36.5. Sweden 1,614.0 130. Syria 209.9 131. Tanzania 146.9 132. Thailand 573.9 133. Togo 54.3 134. Tonga 5.0 135. Trinidad and Tobago 246.8 136. Tunisia 206.0 137. Turkey 642.0 138. Uganda 139 133.9. United Arab Emirates 392.1 140. Uk 7,414.6 141. United States 26,526.8 142. Uruguay 225.3 143. Vanuatu 12.5 144. Venezuela 1,951.3 145. Viet Nam 241.6 146. Western Samoa 8.5 147. Yemen Arab Republic 70.8 148. Yemen R.P.D. 105.7 149. Yugoslavia 918.3 150. Zaire 394.8 151. Zambia 363.5 152. Zimbabwe 261.3 DRAFT RESOLUTION of the BOARD of GOVERNORS-45-3 to AMEND the STATUTE of the INTERNATIONAL MONETARY FUND, having regard to the invitation of the Interim Committee of the Board of Governors, the Executive Council, for the purpose of proposing an amendment to the Bylaws, F.M.I. suspension of voting rights and related rights for members who do not fulfil their obligations of the Statute; and having regard to the proposal submitted by the Executive Council for such an amendment and the report prepared for this purpose; and considering that the President of the Governing Council asked the Secretary of the Fund to submit to the Governing Council on a proposal from the Executive Board; and having regard to the report of the Executive Board which show that his proposal has been submitted to the Governing Council by the Secretary Fund; and considering the request of the Executive Board by the Governing Council to vote, without meeting the following resolution under section 13 of the regulations of the Fund, the Governing Council, as a result, taking note of the "report of the Executive Board, hereby decides that: 1. the proposed amendments (Draft of the 3rd Amendment), which is annexed to this resolution and to be incorporated in the Statute F.M.I. are approved.
2. The Secretary of the Fund is directed to inquire, through the circular letter, telegram or other means of rapid communication, all members of the Fund if they accept, in accordance with the provisions of art. XXVIII of the Statute, the draft of the amendment.
3. Circular Letter, telegram or other form of communication to be sent to all members in accordance with section 2 above will mention the project of the 3rd amendment will enter into force for all members at the time the Fund will certify, through an official communication addressed to all members, as three-fifths of members, with 85% of the total voting power , have agreed to the changes.
Adopted by the Governing Council of the Fund on June 28, 1990 (Resolution No. 45-3) Annex the draft of the amendment of the Statute of the International Monetary Fund, the Governments on whose behalf the present agreement is signed agree upon the following: (1) the text of articles. XXVI, section 2, shall be amended and shall read as follows: "If a member of) not any obligation which satisfies the under this Statute, the Fund may declare that Member ineligible to use the general resources of the Fund. Nothing in this section shall be deemed limited article. V, section 5, or art. Vi, section 1.

(b) If, after the expiry of) a reasonable period from the finding on the basis of ineligibilităţii lit. a) above, the Member persists in not to fulfill any of its obligations under these statutes, the Fund may, by a majority of 70% of the total voting power, suspend the voting rights of the Member. During the period of suspension shall apply the provisions of Annex L. The Fund may, by a majority of 70% of the total voting power, to cease the suspension anytime.
  

(c) If, after the expiry of) a reasonable period of time after the decision of suspension based on subparagraph (a). b) above, the Member persists in not to fulfill any of its obligations provided for in this Statute, the Member may be required to withdraw from the Fund by a decision of the Governing Council taken by a majority of 85% of the total voting power.
  

(d)) shall adopt regulations to ensure that, before taking any measure against the basis of the provisions of subparagraph (a). a), b) or c), the Member will be informed within a reasonable time of the complaint against him and will be given the opportunity and appropriate to sustain the case both orally and in writing. "
  

(2) a new annex will be added, which shall read as follows: "ANNEX L suspension of voting rights in the event of the suspension of voting rights of a member under article. XXVI, section 2 (b)), the following provisions shall apply: 1. A member shall not: a) to participate in the adoption of a draft amendment of this Statute or be included in the total number of members, for this purpose, unless an amendment which advertise the acceptance by all members, pursuant to article 13. XXVIII lit. (b)), or to refer exclusively to the Special Drawing Rights Department;
  

b) to appoint a Governor or an alternate, to appoint or to participate in the appointment of an advisor or alternate or to appoint or elect to participate in the selection of an executive director.
  

2. the number of votes allotted to the limb will not be expressed in any organ of the Fund. He will not be included in the calculation of the total voting power, except for cases of acceptance of a draft amendment that refers exclusively to the Special Drawing Rights Department.
3. a) and its Deputy Governor, appointed by the Member will cease its activities.

b) Adviser and its alternate, appointed by the Member or the choice of which participated and the Member will cease their activity, provided that where such counsel was entitled to cast the number of votes attributed to other members whose voting rights have been suspended, not an advisor and alternate officer will be appointed by the other members in accordance with Annex D and, until such appointment, the Advisor and its alternate will continue their work, but only for a maximum of 30 days from the date of the suspension.
  

c) Executive Director, appointed or elected by the Member or the choice of which participated and the Member, shall cease its activity, apart from the case in which the Executive Director was entitled to cast the number of votes allocated to the other members, whose voting rights have not been suspended. In the latter case: (i) if until the next regular election of Executive Directors remain more than 90 days, another will be elected Chief Executive-for the remainder-of the other members, by a majority of votes cast; before the election, the Executive Director will continue to exercise the function, but only for a maximum of 30 days from the date of suspension;

(ii) If before the next regular election of Executive Directors remain up to 90 days, the Executive Director will continue to exercise the function for the remainder of the term.
4. A Member will be entitled to send a representative to attend any meeting of the Governing Council, the Executive Committee or Council (but not at all meetings of the organs thereof) when a member has made a request to that effect, or when it is considered a problem that particularly affects a member. "

(3) in article 19. XII, section 3), the following shall be added: "(v) when the suspension of voting rights of a member, in accordance with article 5. XXVI, section 2 (b)), and a member is not entitled to appoint an executive director, the Member may agree with all members who chose an executive director in the sense that the number of votes attributed to that Member to be delivered by the Chief Executive in question, provided that if no regular choice executives did not take place during the period of suspension the Executive Director whose choice has participated and before suspension or his successor chosen in accordance with paragraph 3 (c)) (i) of the annex or with the provisions of subparagraph (a). f) above, shall be entitled to cast the number of votes allotted to the Member in question. The Member will be considered that participated in the election of the Executive Director entitled to cast the number of votes allotted to the limb. "

(4) in paragraph 5 of Annex D, the following shall be added: "(f)) when an executive director shall be entitled to cast the number of votes allotted to a member pursuant to article 13. XXI, section 3 i) (v), the adviser appointed by the group whose members have elected the Executive Director shall be entitled to vote and to cast the number of votes attributed to that Member. The Member will be considered that participated in the appointment of the hearing entitled to vote and to cast the number of votes attributed to the Member. ' — — — — — — — — —