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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. 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

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LEGE no. 26 26 of 16 March 1992 on increasing Romania's participation in the International Monetary Fund and accepting the amendment of the F.M.I. Statute through the 3rd amendment
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 45 45 of 19 March 1992



The Romanian Parliament adopts this law + Article 1 The increase of the share of Romania's participation in the International Monetary Fund-F.M.I. -from 523.4 million SDR to DST 754.1 million, as proposed by the Resolution of the Council of Governors F.M.I. no. 45-2/1990 "The quota increases of the members of the fund, the 9th general review". The difference of DST 230.7 million will be paid as follows: --57.7 million SDR-25% of the increase-in DST or in freely convertible currency on account of a special non-refundable and non-interest-bearing drawdown from F.M.I.; -173.0 million DST-75% of the increase-in lei, in account no. 1 of the existing F.M.I. at the National Bank of Romania. + Article 2 The equivalent in lei of the special drawing of 57.7 million DST, from F.M.I., and respectively the equivalent in lei of the part of the share increase-75%-which is paid in lei will be covered, in the year in which the payments will be made, from extra-budgetary resources of the existing state on account with the National Bank of Romania. + Article 3 The proposals to amend the Statute of the International Monetary Fund, the 3rd amendment, approved by the Resolution of the Council of Governors no. 45-3/1990 45-3/1990. + Article 4 The National Bank of Romania and the Government are tasked with bringing to fruition the provisions of this law This law was adopted by the Senate at its meeting on February 26, 1992, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT academician ALEXANDRU BIRLADEANU This law was adopted by the Chamber of Deputies at its meeting on March 12, 1992, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. CHAMBER OF DEPUTIES PRESIDENT MARTIAN DAN Bucharest, March 16, 1992. No. 26. + GOVERNING COUNCIL RESOLUTION 45-2 Quota increases of fund members- The 9th General Review Considering the presentation, by the Executive Council, to the Board of Governors, of a report entitled "Fund members ' quota increases-the 9th overall review", which contains recommendations for quota increases of each year. member of the fund, and considering the recommendation made by the Executive Council for the adoption of the resolution below the Board of Governors-in which the quota increases of the members of the fund are proposed, as a result of the 9th general review of the quotas and in which treat certain related issues-by voting, without assembly, in accordance with section 13 of the fund regulations, The Governing Council hereby decides that: 1. The International Monetary Fund proposes that, subject to the provisions of this resolution, the shares of the members of the fund will be increased to the amounts shown next to their names in the Annex to this resolution 2. The quota increase of a member, as proposed by this resolution, shall not become effective unless the member has notified the fund of the consent or for the increase no later than the date provided by or on the basis of paragraph 4 below and the increase of the full share in the period provided by or on the basis of paragraph 5 below, subject to that no member with redemptions, interest or outstanding fees towards the general resources account may consent to or spill its growth of the quota until it reaches the day with regard to these obligations. 3. No quota increase shall become effective before the last of the following dates: ((i) in the period ending on 30 December 1991, the date of establishment by the Fund that the members having no less than 85% of the total allowances on 30 May 1990 consented to their quota increases or after 30 December 1991, the date of establishment by the Fund as members having no less than 70% of the total allowances on 30 May 1990 consented to their quota increases; or (ii) the effective date of the 3rd amendment to the statute. 4 4. The communications in accordance with paragraph 2 above shall be made by a fully authorized person of the member country and must be received at the fund before 6:00 p.m., Washington time, on December 31, 1991, subject to this period. may be extended by the Executive Board as appropriate. 5. Each member shall pay the fund its quota increase within 30 days, after the last of the following dates: (a) the date on which it notifies the fund of its consent or (b) the date on which the requirement for the entry into force of the quota increase in the basis of paragraph 3 above has been fulfilled, provided that the period of varsamint may be extended by the Executive Council, as it considers. 6. When deciding on the extension of the period for the consent to the increase of the quota or for the payment of the payment, the Executive Council will pay particular attention to the situation of the members who will still want to consent to the increase of share or make the payment, including members with extended arrears to the general resources account, consisting of redemptions, interest and commissions outstanding from the general resources account, which-in its opinion-collaborate with the fund for settlement of these bonds. 7. Each member will pay 25% of the increase to be in special drawing rights or in the currencies of other indicated members, with their consent, by the fund, or in any combination of special drawing rights and such coins. The balance of this increase will be shed by the member in his own currency. Done at 28 June 1990 by the Governing Council ((Resolution no. 45-2 45-2) + Annex Proposed quota ---------------- ((in million SDR) 1. Afghanistan 120,4 2. Algeria 914,4 3. Angola 207,3 4 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 15. Bhutan 4.5 16. Bolivia 126.2 17. Botswana 36.6 18. Brazil 2.170.8 19 19. Burkina Faso 44.2 20. Burundi 57.2 21 21. Cameroon 135.1 22. Canada 4.320.3 23. Cape Verde 7,0 24. Central Africa Republic 41,2 25. Chad 41,3 26. Chile 621,7 27. China 3.385.2 28. Colombia 561,3 29. Comores 6.5 30. People's Republic of the Congo 31. Costa Rica 119,0 32. Ivory Coast 238,2 33. Cyprus 100,0 34. Denmark 1.069.9 35. Djibuti 11,5 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 47. Gambia 22,9 48. Germany 8.241.5 49. Ghana 274,0 50. Greece 587,6 51 51. Grenada 8.5 52. Guatemala 153.8 53. Guinea 78,7 54. Guinea-Bissau 10,5 55. Guyana 67,2 56. Haiti 60.7 57. Honduras 95,0 58. Hungary 754.8 59. Iceland 85.3 60. India 3.055.5 61. Indonesia 1.497,6 62. Islamic Republic of Iran 1.078.5 63 63. Iraq 864.8 64. Ireland 525.0 65. Israel 666.2 66. Italy 4.590.7 67 67. Jamaica 200,9 68. Japan 8.241.5 69 69. Jordan 121.7 70 70. Kampucia 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 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 83. Malaesia 832.7 84. Maldives 5,5 85. Mali 68,9 86. Malta 67.5 87 87. Mauritania 47.5 88 88. Mauritius 73.3 89. Mexico 1.753.3 90. Morocco 427.7 91. Mozambique 84,0 92 92. Myanmar 184.9 93. Nepal 52,0 94. Netherlands 3.444.2 95. New Zealand 650.1 96 96. Nicaragua 96.1 97 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 7.5 119. Somalia 60,9 120. South Africa 1.365.4 121. Spain 1.935.4 122. Sri Lanka 303.6 123. 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 36,5 129. 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 133.9 139. United Arab Emirates 392.1 140. United Kingdom 7,414,6 141. United States 26.526.8 142. Uruguay 225,3 143. Vanuatu 12,5 144. Venezuela 1.951,3 145. Vietnam 241,6 146. Western Samoa 8.5 147. Arab Republic Yemen 70,8 148. R.P.D. Yemen 105.7 149. Yugoslavia 918,3 150. Zaire 394.8 151. Zambia 363,5 152. Zimbabwe 261,3 + DRAFT RESOLUTION OF THE GOVERNING COUNCIL -45-3 AMENDMENT OF THE INTERNATIONAL MONETARY FUND Having regard to the invitation of the Governing Board of the Board of Governors, addressed to the Executive Council, in the sense of proposing an amendment of the F.M.I. Statute, providing for the suspension of voting rights and related rights for members which do not fulfil their obligations under the Statute; and Having regard to the proposal made by the Executive Council for such an amendment and the report prepared for that purpose; and Considering that the Chairman of the Board of Governors has asked the Secretary of the Fund to submit to the Board of Governors the having regard to the report of the Executive Council showing that its proposal has been submitted to the Governing Council by the Secretary of the Fund; and Having regard to the Executive Council's request to the Governing Council to vote on the following resolution, without assembly, on the basis of section 13 of the Fund Regulations, The Governing Council, as a result, taking note of the said Executive Council report, hereby decides that: 1. The amending proposals (Project of the 3rd amendment), which are annexed to this resolution and are to be incorporated into the Statute of the F.M.I., are approved. 2. The Secretary of the Fund is directed to ask, by circular letter, telegram or other rapid means of communication, all members of the fund if he accepts, in accordance with the provisions of art. XXVIII of the statutes, draft of the 3rd amendment. 3. The circular letter, telegram or other form of communication to be addressed to all members in accordance with point 2 above will mention that the 3rd Amendment project will take effect for all members on the date the fund certifies, through an official communication to all members, as three fifths of the members, having 85% of the total. voting power, accepted the changes. Adopted by the Board of Governors on 28 June 1990 (Resolution no. 45-3 45-3) + Annex Draft of the 3rd Amendment of the International Monetary Fund Statute Governments on behalf of which this Agreement is signed agree on the following: (1) Text art. XXVI, Section 2, will be amended and read as follows: " a) If a member fails to fulfil any of his obligations under this Statute, the Fund may declare that Member as ineligible for the use of the Fund's general resources. Nothing in this section will be considered to limit the provisions of art. V, section 5, or art. VI, Section 1. b) If, after the expiry of a reasonable period from the declaration of ineligibility under lit. a) above, the member persists in not fulfilling any of the obligations provided for by this statute, the fund may, with a majority of 70% of the total voting power, suspend the voting rights of the member. During the suspension period the provisions of Annex L. The Fund may, with a majority of 70% of the total voting power, cease to be suspended at any time. c) If, after the expiry of a reasonable period from the decision of suspension under lit. b) above, the member persists in not fulfilling any of his obligations under this statute, that member may be required to withdraw from the fund by a decision of the Board of Governors, taken by a majority of 85% of the total the voting power. d) Regulations will be adopted to ensure that, before taking the measure against any member based on the provisions of lett. a), b) or c), the member shall be informed, in a reasonable time, of the complaint against him and shall be given the appropriate opportunity to support his case, both orally and in writing. " (2) A new Annex L will be added to the statute, which will be read as follows: "" ANNEX L Suspension of voting rights In case of suspension of a member's voting rights, based on art. XXVI, section 2 b), the following provisions will apply: 1. The member will not be able: a) to participate in the adoption of an amendment draft of this status or to be included in the total number of members, for this purpose, except in the case of an amendment advertising acceptance by all members, based on art. XXVIII lit. b) or to refer exclusively to the Department of Special Drawing Rights; b) appoint a governor or alternate thereof, appoint or participate in the appointment of an adviser or alternate thereof or appoint, choose or participate in the election of an Executive Director. 2. The number of votes assigned to the member shall not be expressed in any organ of the fund. He will not be included in the calculation of the total voting power, except for the cases of acceptance of an amendment draft that relates exclusively to the Special Drawing Rights Department. 3. a) The Governor and his alternate, appointed by the Member, shall cease their work. b) The adviser and his alternate, appointed by the member or whose election was attended by the member, will cease their activity, subject to the fact that if the respective adviser was entitled to express the number of votes attributed to the others members, whose voting rights have not been suspended, an adviser and an alternate of the counsel will be appointed by the other members, in accordance with Annex D and, until such appointment, the adviser and his alternate will continue to activity, but only for a maximum of 30 days from the date of suspension. c) The Executive Director, appointed or elected by the Member or whose election was attended by the Member, shall cease its activity, unless the Executive Director has been entitled to express the number of votes allocated to the other members, the whose voting rights have not been suspended. In the last case: ((i) if up to the next regular election of executive directors remain more than 90 days, another executive director shall be elected-for the remaining period-by the other members, by a majority of the votes cast; up to that election, the Executive Director will continue to serve, but only for a maximum of 30 days from the date of suspension; (ii) if until the next regular election of executive directors remain up to 90 days, the Executive Director will continue to exercise his 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, Committee or Executive Council (but not at all meetings of their bodies), when the member has made an application in this or when an issue is examined which affects one member in particular. " (3) In art. XII, Section 3 i), the following will be added: " (v) When the suspension of the voting rights of a member ceases, in accordance with art. XXVI, section 2 b), and the member is not entitled to appoint an executive director, the member may agree with all members who have elected an executive director in that the number of votes assigned to that member be expressed by the Executive Director respectively, subject to that if no regular election of senior executives took place during the suspension period, the Executive Director whose election was attended and the member prior to the suspension or his chosen successor in accordance with paragraph 3 c) (i) of Annex L or with the provisions of lett. f) above, to be entitled to express the number of votes assigned to the respective member. The member shall be deemed to have participated in the election of the executive director entitled to express the number of votes attributed to the member. " (4) In paragraph 5 of Annex D, the following shall be added: " f) When an executive director is entitled to express the number of votes attributed to a member on the basis of art. XXI, section 3 i) (v), the adviser appointed by the group whose members elected the respective executive director will be entitled to vote and to express the number of votes attributed to that member. The member will be considered to have participated in the appointment of the entitled counsel to vote and to express the number of votes attributed to the member. " ---------