Rs 0.979.1 Statutes Of The International Monetary Fund, On July 22, 1944 (With Annexes)

Original Language Title: RS 0.979.1 Statuts du Fonds monétaire international, du 22 juillet 1944 (avec annexes)

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0.979.1 translation statutes of the international monetary fund adopted at Bretton Woods on 22 July 1944 changed the May 31, 1968 and April 30, 1976, approved by the Federal Assembly on 4 October 1991, signed and accepted by the Switzerland on May 29, 1992, entered into force for the Switzerland may 29, 1992 (status on 20 June 2014) the Governments on whose behalf the present agreement is signed agree the following : Art. I goals the goals of the international monetary fund are the following: i) promoting international monetary cooperation through a permanent institution providing a mechanism of consultation and collaboration with regard to problems monetary internationaux.ii) facilitate the expansion and balanced growth of international trade and contribute to the establishment and maintenance of high levels of employment and real income and to the development of the productive resources of all members States (((, objectives first policy economique.iii) promote exchange stability, maintain Exchange plans ordered Member States and avoid competitive depreciation of the changes.iv) help to establish a multilateral system for the settlement of the transactions between the Member States and eliminate currency restrictions hindering the development of trade mondial.v) give confidence to Member States through the general resources of the Fund temporarily their provision with adequate guarantees (, providing them the opportunity to correct the imbalances in their balance of payments without resorting to measures detrimental to the national prosperity or internationale.vi) in accordance with the foregoing, shorten the duration and reduce the extent of the imbalances in the balance of payments of Member States.

In all its policies and decisions, the Fund was inspired by the purposes set forth in this article.

Art. II Section 1 members: Members are from fund member countries which, having participated in the monetary and financial United Nations, Conference gave their membership before December 31, 1945.
Section 2: Other members the other countries have the possibility to become members of the Fund at the time and in accordance with the conditions prescribed by the Board of Governors. These conditions, including the terms of subscriptions, are based on principles agreeing with those that apply to the countries already members.

Art. III contributions and subscriptions Section 1: quotas and payment of subscriptions a ratio, expressed in special drawing rights, is assigned to each Member State. Assessed contributions of Member States represented at the monetary and financial United Nations Conference and joined prior to December 31, 1945, are those appearing in Appendix A. Assessed contributions of Member States are set by the Board of Governors. Each Member State is equal to its share and it is paid in full to the Fund with the appropriate custodian.
Section 2: Revision of assessments has) every five years at least, the Governing Council is conducting a general review of assessments of Member States and, if appropriate, proposing the revision. The Fund may also, if he thinks fit, consider at any time, at the request of a Member State, his quote-part.b adjustment) the Fund may at any time propose an increase in assessments of. States that were members on August 31, 1975, in proportion to their contributions to date for a cumulative amount not exceeding the amounts transferred to the title of section 12, by. (f) (i) and j), art. (V of on behalf of special payments to the account of resources generales.c) the majority of 85% of the total number of voting power is required for any change in the quota - parts.d) the share of a Member State will not be changed as long as he has not given his consent and that he will not make the payment, unless the payment is deemed to have been made , in accordance with section 3, by. (b), of this article.

Section 3: Payments in case of change of assessments a) any Member State which agrees to an increase in its share in accordance with the provisions of the by. (a) of section 2 of this article shall pay to the Fund, within a period specified by him, 25% of the increase in special drawing rights, but the Board of Governors may prescribe that the payment can be made, on the same basis for all Member States, in whole or in part, in currencies other Member States specified by the Fund with the approval of those Member States or in the currency of the Member State. A non paid in the currencies of other States, members, specified by the Fund with the approval of these Member States, the percentage increase that the participants must pay in special drawing rights. The balance of the increase is paid by the Member State in its currency. No payment by a Member State under this provision must have the effect of bringing the assets of the Fund in the currency of a Member State beyond the level from which they would be subject to fees under section 8, by. ((b) (ii), art. V.b) any Member State which agrees to an increase in its share in accordance with section 2, by. (b), of the present article is deemed have contributed to the Fund a subscription amount equal to this augmentation.c) If a Member State accepts a reduction of its share, the Fund pays him, within sixty days upon acceptance, an amount equal to the reduction. This payment is made in the currency of the Member State and in special drawing rights or in currencies of other Member States, specified by the Fund with their consent, to the extent necessary to avoid that the assets of the Fund in the currency of the Member State be brought to a level below the new share, being understood that, in exceptional circumstances (, the Fund may, by paying to the Member State its own currency, bringing its holdings of this currency to a level lower than the new quote-part.d) the majority of 70% of the total number of voting power is required for any decision taken in application of the by. (a) above, except for setting time and the specification of currencies under this provision.

Section 4: Replacement of the currency by securities the Fund must agree to any Member State, in lieu of such amount of the currency of the Member State detained on account of general resources as it not being necessary for its operations and transactions, vouchers or similar commitments issued by the Member State or by the Depositary designated in accordance with section 2 of art. XIII. these titles are not negotiable, carry no interest and should be paid to view at face value by the crediting of the account of the Fund with the designated custodian. The provisions of this section apply not only to the currency of payment of the subscription, but also to any other currency which is due to the Fund or acquired by him, and shall be brought to the general resources account.

Art. IV. Obligations concerning exchange Section 1 plans: General Member States Obligations recognizing that essential to the monetary system international aims to provide a framework that facilitates the exchange of goods, services and capital between nations and promotes healthy economic growth, and that a primary goal is to ensure ongoing conditions of ordered basis for economic and financial stability each Member State is committed to working with the Fund and with other Member States for the maintenance of orderly Exchange plans and promote a stable system of exchange rates. Specifically, each Member State: i) strives to guide its economic and financial policy to encourage economic growth ordered in reasonable prices, its particular situation stability being duly taken into account; ii) seeks to promote stability by promoting basic economic and financial conditions ordinates and a monetary system that is not source of disturbances; iii) avoid manipulating exchange rates or the international monetary system in order to prevent the effective adjustment scales payments or to ensure that unfair competitive advantages against other Member States; etiv) pursues the policies of Exchange compatible with the commitments in this section.

Section 2: General provisions on Exchange a) each Member State shall notify the Fund within thirty days following the date of the second amendment to these statutes the exchange rate regime it intends to apply its obligations in respect of section 1 of this article and shall immediately notify the Fund any changes to his plan of change.b) as part of an international monetary system of the nature of that which existed on January 1, 1976 ((, provisions on Exchange can be the following: i) the maintenance by a Member State of a value for its currency in terms of special drawing right or another denominator other than gold, chosen by the Member State; ii) mechanisms of cooperation under which the Member States maintain the value of their currencies against the value of the currency or currencies of other States members; or

(iii) other provisions of Exchange determined by a Member State.

(c) in order to take account of the evolution of the international monetary system, the Fund, by a majority of 85% of the total voting power, can set general provisions of Exchange without limit the right of Member States to have Exchange of their choice plans that conform to the purpose; the Fund and the obligations of section 1 of this article.

Section 3: Surveillance of exchange rate policies a) the Fund controls the international monetary system in order to ensure the effective functioning and control the way in which each Member State fulfils the obligations of section 1 of the present article.b) to perform the functions listed in the by. (a) above, the Fund has a farm monitoring on the policies of the Member States and adopt specific principles to guide the Member States with regard to these policies. Each Member State provides the information necessary for this monitoring and, at the request of the Fund to the Fund, consultation with the latter on these policies. The principles adopted by the Fund are compatible with the mechanisms for cooperation under which the Member States maintain the value of their currencies against the value of the currency or currencies of other Member States, as well as with the other provisions of Exchange chosen by a Member State and which are consistent with the purposes of the Fund and the provisions of section 1 of this article. The principles respect social and political policies inside Member States, and the Fund takes into account, for their application, the specific situation of each Member State.

Section 4: Parities the Fund may decide, by a majority of 85% of the total voting power, that international economic conditions allow the implementation of a generalized system of Exchange based on stable but adjustable parities plans. The Fund takes a decision on the basis of the underlying stability of the global economy and, to this end, it takes into account the evolution of prices and rates of economic growth of the Member States. The decision is also made in the light of the evolution of the international monetary system, had especially in view of the sources of liquidity and to ensure the effective functioning of a system of parities, the provisions under which both the Member States with the balance of payments surplus States members with a balance of payments deficit must take swift action symmetrical order adjustment, and also having regard to the provisions relating to interventions and treatment of imbalances and effective. When making such a decision, the Fund shall notify Member States that the provisions of Annex C are applicable.
Section 5: Plurality of currencies in the territory of a Member State a) decisions regarding the currency of a Member State taken by that Member State in accordance with the provisions of this section shall be deemed to apply to the various currencies prevailing in the territories for which the Member State has accepted this agreement, in accordance with section 2, by. (g), art. XXXI, unless the Member State declares that the decision relates either to the Metropolitan currency or to one or more currencies that it specifies, exclusively is concurrently the Metropolitan currency and one or several currencies specifiees.b) the decisions taken by the Fund pursuant to the provisions of this section shall be deemed to apply to all the currencies of the Member States referred to the by. (a) above, except contrary statement by the Fund.

Art. V Operations and transactions of the Fund Section 1: Public Financial Institutions dealing with the Member States Fund deal with the Fund exclusively through their treasure, their Central Bank, of their stabilization of Exchange or any other similar public financial institution Fund, and the Fund deals with the same institutions or through them.
Section 2: Limitation of operations and transactions of the Fund) unless the articles provide otherwise, transactions for account of the funds are limited to transactions intended to provide to a Member State, at its request, with special drawing rights or the currencies of other Member States from the general resources of the Fund, which are being held in the general resources account (, in Exchange for the currency of the Member State who wishes to the achat.b) if demand, the Fund may decide to provide financial and technical services consistent with its purposes, including the administration of resources provided by Member States. The operations involved in the provision of these financial services are not performed on behalf of the Fund. Such services do not have obligations to Member States without their consent.

Section 3: Conditions governing the use of the general resources of the Fund a) the Fund shall adopt policies for the use of its general resources, including agreements of confirmation or similar arrangements and may adopt specific policies which help Member States to overcome the difficulties that they have to balance their balance of payments for special problems of balance of payments, ((, under the provisions of statutes, and that surround of adequate guarantees the temporary use of the general resources of the Fonds.b) any Member State has the right to buy currencies other the Fund Member States in Exchange for an amount equivalent to its own currency under the following conditions: i) the use of the general resources of the Fund by the Member State is in accordance with the provisions of these statutes and policies adopted under these dispositions.ii). the Member State declares that the situation in its balance (payments or its reserves, or the evolution of its reserves, makes the purchase necessaire.iii) the proposed purchase is a purchase in the reserve tranche, or there is no effect to the assets of the Fund in the currency of the buyer Member State to more than 200% of its quote-part.iv) the Fund has not declared previously, by application of section 5 of this article , section 1 of art. VI, section 2 or, by. (a) art. XXVI, the requesting Member State is not entitled to use the general resources of the Fund.

(c) the Fund considers requests for purchase to determine whether the proposed purchase is in line with the provisions of these statutes and policies adopted pursuant to these provisions, but it cannot oppose objection to requisitions in the reserve.d range) by stopping its policies and procedures for selection of currencies to sell, the Fund takes account, in consultation with the Member States the situation of the balance of payments and reserves of the Member States and of developments on the exchange markets, as well as the opportunity to arrive with the balanced fund, positions time understanding that if a Member State declares that it intends to buy the currency of another Member State because he wishes to obtain an equivalent amount of its own currency offered by another Member State He is allowed to buy the currency of another Member State unless the Fund has given notice, in accordance with section 3 of art. (VII, that the requested currency holdings have become rares.e) i) each Member State ensures that its currency bought Fund assets are assets in a currency can be freely used or they can be exchanged at the time of the purchase, against a currency can be freely used of his choice, at an exchange rate between two currencies equivalent at the exchange rate applicable between them on the basis of section 7 , by. (a) art. XIX. ii) each Member State whose currency is bought to the Fund or is obtained in exchange of a currency bought the Fund is working with the Fund and with other Member States to make it possible to exchange the assets in its currency, at the time of purchase, against free use of other States membres.iii currencies) Exchange, under para. (i) above, a currency that is not freely usable, is carried out by the Member State whose currency is bought, unless that Member State and the buyer Member State may agree on a different procedure.iv) one Member State who buys the Fund currency freely usable in another Member State and who wish to exchange it at the time of purchase against any other freely usable currency proceeds to the Exchange with the other Member State if it so requests. The Exchange is carried out against a freely usable currency selected by the other Member State at the rate of Exchange referred to in para. (i) above.

(f) according to the policies and procedures adopted by him, the Fund may agree to provide a participant who makes a purchase in accordance with this section of the special drawing rights instead of the currencies of other Member States.

Section 4: waiver

The Fund may, at its discretion, and according to modalities to safeguard its interests, waive the application of one or more of the conditions set out in section 3, by. ((b) iii) and iv), of this article, particularly with respect to the Member States which, in the past, abstained to use extensively or way continues the general resources of the Fund. To grant such relief, it takes into account the periodic or exceptional character of the needs of the requesting Member State. The Fund also takes into account any offer made by the Member State to give pledged as guarantee, acceptable assets judged by the Fund of sufficient value for the protection of its interests, and it may make the granting of the exemption to the constitution of such a pledge.
Section 5: Inadmissibility to use the general resources of the Fund if the Fund believes that a Member State uses the general resources of the Fund in a manner contrary to the purposes of the Fund, it addressed to that Member State a report presenting its views and him fixing a reasonable response. After presenting the report to the Member State, the funds may limit the use by that Member State of the general resources of the Fund. If, within the period prescribed, no response to the report was received from the Member State, or if the response is not satisfactory, the Fund may continue to restrict the use by the Member State of resources of the Fund, or after reasonable notice, declare that there is no more admissible to use the general resources.
Section 6: Other sales and purchases of drawing rights special by the Fund a) the Fund may accept special drawing rights provided by a participant against an equivalent amount of currencies of other States membres.b) the Fund may provide for a member, at his request, special drawing rights against an amount equivalent of currencies of other Member States. These transactions must not have the effect of wear of the Fund assets in the currency of a Member State beyond the level from which they are subject to fees under section 8, by. ((b) (ii), of the present article.c) currencies provided or accepted by the Fund to the title of this section are chosen in accordance with policies that take account of the principles set out in section 3, by. (d), or in section 7, by. (i), of this article. The Fund may not be a party to the transactions referred to in this section if the Member State whose currency is provided or accepted by the Fund agrees to that its currency be so used.

Section 7: Redemption by a Member State in its currency assets held by the Fund) has a Member State is entitled to redeem, at any time, the assets of the Fund in its currency that are subject to fees under section 8, by. (b), of the present article.b) the Member State which has made a purchase under section 3 of the present article should normally, to measure that its balance of payments and reserves situation improves, buy out the assets of the Fund in its currency originating the purchase and are subject to fees under section 8 , by. (b), of this article. Must buy these assets if the Fund, in accordance with the policy of redemption that he adopts and after consultation with the Member State, says it must buy these assets due to the improvement of the situation of its balance of payments and its reserves.c). the Member State which has made a purchase in accordance with section 3 of the present article redeems , in the five years following the date of purchase, the assets of the Fund in its currency that come from purchase and are subject to fees under section 8, by. (b), of this article. The Fund may prescribe that the Member State performs the purchase by instalments during the period beginning three years after the date of purchase and ending five years after that date. The Fund may, by a majority of 85% of the total voting power, change the duration of the buyback periods provided for in the present by. c), but the fixed period applies to all membres.d States) the Fund may decide, by a majority of 85% of the total number of the voting power, to adopt periods other than those provided in the by. (c) above the same for all Member States for the purchase of currencies holdings acquired by the Fund in accordance with a special policy for the use of its resources generales.e) a Member State bought the assets of the Fund in its currency which the acquisition does not result from purchases in accordance with policies that the funds stop at most 70% of the total number of voting power, and which are subject to fees under section 8 , by. ((b) ii), of the present article.f) a decision requiring that, as part of a policy on the use of the general resources of the Fund, the period of redemption in respect of by. c) or d) above is shorter than that in force under the terms of this policy, applies to the assets acquired by the Fund after the effective date of this decision.g). the Fund may, at the request of a Member State, put back the date of performance of an obligation of redemption, but not beyond the maximum period prescribed therefor in the by. c) or d) above, or by policies adopted by the Fund by virtue of the by. (e) above, unless the Fund decides by a majority of 70% of the total number of voting power, that a period longer, compatible with temporary of the resources of the Fund, is justified because the performance of the obligation of redemption within the time limit would lead to the Member State of the exceptionnelles.h difficulties) the Fund may add to the policy referred to in section 3 , by. (d) of this article, other policies that allow him to decide, after consultation with a Member State, to sell according to the by. (b) of section 3 of this article its assets in the currency of the Member State which have not been redeemed pursuant to this section, without prejudice to any measures that the Fund may be allowed to take under any other provision of the present Statuts.i) any redemption at the title of this section will be made in currencies and special drawing rights other specified by the Fund Member States. The Fund stopped policies and procedures for the selection of currencies that can be used by Member States for a redemption, taking into account the principles set out in section 3, by. (d), of this article. Redemptions must not have the effect of wear of the Fund assets in the currency of a Member State which is used in the redemption above the level from which these assets are subject to fees under section 8, by. ((b) (ii), of the present article.j) i) if the currency of a Member State is specified by the Fund in accordance with the by. (i) above is not a currency freely usable, this Member State shall ensure that the Member State making the purchase can obtain, upon redemption, against a freely usable currency selected by the Member State whose currency has been specified. The exchange of currencies under this provision is made to an exchange rate between two currencies equivalent at the exchange rate applicable between them on the basis of section 7, by. (a) art. XIX. ii) Member States whose currencies are specified by the Fund for the purpose of redemption are collaborating with the Fund and with other Member States to allow Member States that perform the redemption to obtain, at the time of redemption, the specified currency in Exchange for free use of other States membres.iii currencies) Exchange, under para. (i) above to the present by. (j), is carried out with the Member State whose currency is specified unless it and the Member State making the redemption may agree on a different procedure.iv) If a Member State making a redemption wishes to obtain, upon redemption, freely usable another currency specified by the Fund Member State according to the by. (i) above, he shall, if the other Member State at the request, obtain from the other Member State that currency in Exchange for a freely usable currency at the rate of Exchange referred to in para. (i) above to the present by. (j). the Fund may adopt regulations regarding the freely usable currency to provide in an Exchange.

Section 8: Commissions a) (i). the Fund receives a commission on the purchase of special drawing rights or of the currency of another Member State Member State held in the account of general resources against its own currency, provided that the Fund can collect a commission lower on purchases in the slice of reserve than on other purchases. The commission charged on purchases in the slice of reserve does not exceed ½ %.
(ii) the Fund may decide to receive a commission in respect of agreements of confirmation or similar arrangements. The Fund may decide to operate a compensation commission due to the title of a stand-by arrangement with the commission charged to the title of the al. (i) above on purchases made in the framework of the agreement.
(b) the Fund collects commissions on the average of the daily balances in currencies, Member States held in the account of General, insofar as resources

(i) they were acquired in the context of a policy for which an exclusion has been provided to the title of the by. (c) of art. XXX, ouii) they exceed the amount of the share after excluding all amounts referred to in para. (i) above.

These Commission rates are normally increased at intervals given in the period during which these balances are held.
c) If a Member State does not have a buyback that it is required to make in respect of section 7 of this article, the Fund, after consulting the Member State about the reduction of the assets of the Fund in its currency, may impose any commission him seeming appropriate on its assets in the currency of the Member State which should have been rachetes.d) the majority of 70% of the total number of voting power is required for the determination rates of commissions received the title of by. ((a) and (b) above, which are uniform for all Member States, and the fees charged to the title of the by. (c) above .e) a Member State rule all commissions in special drawing rights, being understood that, in exceptional circumstances, the Fund may allow a Member State to pay commissions in other Member States currencies specified by the Fund after consultation with the Member States concerned or in its own currency. The assets of the Fund in the currency of a Member State should not be worn, as a result of payments made by other Member States on the basis of this provision, beyond the level from which they are subject to commissions by the by. ((b) (ii) above.

Section 9: Compensation a) the Fund pays compensation on the amount corresponding to the excess of the percentage share, fixed by virtue of the by. (b) or by. (c) below, on the average of the daily balances of the assets of the Fund in the currency of a State member held in the account of resources General, other than the assets whose acquisition is the result of purchases made as part of a policy that has been the subject of an exclusion in accordance with the by. (c) of art. XXX. the rates of pay, which is set by the Fund to the majority of 70% of the total number of votes attributed, is the same for all Member States and should not be higher than the interest rate referred to in section 3 of art. XX nor less than four-fifths of this rate. When establishing the pay rate, the Fund takes into account rates commissions levied according to section 8, by. (b), art. V.b) the percentage of the assessment rate for the purposes of the by. a) above is: i) for each Member State which was a member before the second amendment of statutes, a percentage share for 75 percent of its quota at the date of the second amendment to these statutes and, for each Member State, which became a member after the date of the second amendment to these statutes, a percentage of the share calculated by dividing the total of the amounts corresponding to the percentages of quota that applied to the other Member States to the date on which the Member State became member, by the total of assessed contributions of other States on the same date; plusii) amounts contributed to the Fund since the date for the al title. (i) above, in currency or in special drawing rights in accordance with section 3, by. (a) art. III; moinsiii) the amounts he received from the Fund since the date for the al title. (i) above, in currency or in special drawing rights in accordance with section 3, by. (c) art. III c) A majority of 70% of the total number of the voting power, the Fund can raise the percentage of quota which was ultimately for each Member State, for the purposes of the by. ((a) above, to: i) a percentage not exceeding 100%, which is determined for each Member State on the basis of the same criteria for all States members, ouii) 100% for all Member States.

(d) the remuneration is paid in special drawing rights, provided that the Fund or the Member State may decide that the payment is made in the currency of the Member State.

Section 10: Calculations a) the value of the Fund's assets held in accounts of the general Department is expressed in terms of special.b drawing right) all calculations to the currencies of the Member States for the purposes of the provisions of these statutes, other than art. IV and Annex C, are carried out at the rate at which the Fund accounts these currencies in accordance with section 11 of the present article.c) money held on behalf of special payments or the investment account does not enter the calculations made to determine, for the purposes of the provisions of these statutes, the amounts of currency against the quota.

Section 11: Maintaining the value has) the value of the currencies of the Member States held in the general resources account is kept constant in terms of special drawing right following the exchange rate referred to in section 7, by. (a) art. XIX.b) it is for an adjustment of the assets of the Fund in the currency of a Member State according to this section when this currency is used in one operation or transaction between the Fund and another Member State, and every time the Fund decides or requested by the Member State. Payments relating to an adjustment, received or made by the Fund, are involved in a reasonable period of time, determined by the Fund, after the date of the adjustment, or at another time if requested by the Member State.

Section 12: Other operations and transactions has) by stopping its policies and decisions in application of the provisions of this section, the Fund takes due account of the objectives set out in section 7 of art. VIII and the goal of avoiding any action on the price, or the establishment of a fixed price, the market of the or.b) all decisions of the Fund to carry out planned transactions or operations to the by. c), d) and e) below are taken by a majority of 85% of the total number of votes attribuees.c). the Fund may sell gold against the currency of any Member State after consultation with the Member State in exchange of the currency in which gold is to be sold, with the understanding that the sale should not have the effect of wear, without the consent of that Member State , the assets of the Fund in the currency of the Member State held in the account of general resources beyond the level from which they are subject to fees under section 8, by. ((b) (ii), of this article, and, with the understanding that, at the request of the Member State, the funds exchange the sale currency against the currency of another Member State, to the extent necessary to avoid such an overrun. The exchange of a currency for the currency of another Member State is carried out after consultation of the Member State and must not have the effect of bringing the assets of the Fund in the currency of that Member State beyond the level from which they are subject to fees under section 8, by. ((b) (ii), of this article. The Fund shall adopt policies and procedures for the exchanges which take into account principles applied under section 7, by. (i), of this article. Sales made to a Member State under this provision are at an agreed price, for each transaction, based on the price of the marche.d). the Fund may accept State of payments in gold instead of special drawing rights, or currency in any operations or transactions authorized by the present statutes. Payments received by the Fund under this provision are made at an agreed price for each operation or transaction, based on the price of the marche.e) the Fund may sell gold held by it on the date of the second amendment to these statutes to Member States who were members on August 31, 1975 and who agree to buy , in proportion to their contributions to this date. If the Fund proposes to sell gold by virtue of the by. (c) above for the purposes of the by. ((f) (ii) below, it can sell to each developing Member State which agrees to buy, the fraction of the gold which, if it had been sold by virtue of the by. (c) above, would have provided the added value that could be distributed to this Member State on the basis of the by. ((f) (iii) below. Gold, which would be sold under this provision to a Member State which has been declared ineligible to use the general resources of the Fund in accordance with section 5 of this article will be sold him when the inadmissibility has ended, unless the Fund decided to sell it to him earlier. Gold sold to a Member State under the provisions of the present by. (e) it is in Exchange for its currency at an equivalent price at the time of the sale in a special drawing for 0,888 671 right gram of gold fin.f) when, in accordance with the provisions of the by. (c) above the Fund sells Gold held by him at the date of the second amendment to these statutes, an amount of the proceeds from the sale of equivalent at the time of the sale to 0.888 special drawing right 671 gram of fine gold is carried to the account of general resources, and except if the Fund decides otherwise by virtue of the by. (g) below, any surplus is held at the special disbursement account. The assets held in the account of payments special are separated from the assets of the other accounts of the general Department and can be used at any time:


(i) for transfer to the account of the general resources for immediate employment in operations and transactions authorized by the provisions of these statutes other than those of this section; ouii) for operations and transactions that are not permitted by other provisions of these statutes but are compatible with the purposes of the Fund. The title of the balance of payments assistance may be given to special conditions under the present al. ((ii) in States developing members who find themselves in a difficult situation, and to this end the Fund takes into account the level of per capita income; iii) for distributions to developing Member States who were members on August 31, 1975, in proportion to their contributions to that date of any part of the assets that the Fund decides to use for the purpose of the al. (ii) above which corresponds to the percentage represented, at the time of the distribution, by the share of each of the developing Member States in the total assessments of all Member States on the same date, provided that the distribution under this provision to a Member State which has been declared ineligible to use the general resources of the Fund in accordance with section 5 of this article is made when the inadmissibility ended unless the Fund decides to proceed earlier with the distribution.

Decisions on the use of the assets of the al. (i) above shall be taken by a majority of 70% of the total number of voting power and decisions in respect of the al. ((ii) and (iii) above are taken by a majority of 85% of the total voting power.
(g) A majority of 85% of the total number of voting power, the Fund may decide to transfer a portion of the surplus referred to the by. (f) above to the investment to be used in accordance with the provisions of section 6, account by. (f), art. XII.h) as long as the assets of the special disbursement account do not have received jobs provided in paragraph f) above, the Fund may use the currency of a Member State owned audit account to make the investments that he decides, in accordance with the rules and regulations adopted by the Fund to the majority of 70% of the total voting power. The income from the investment and the interest received on the title of the al. ((ii) of paragraph f) above are charged to the account of payments special.i) general resources account is repaid in increments of the administrative expenses of the special disbursement account he has performed, by transfer to the account of special payments, on the basis of a reasonable estimate of these depenses.j) in case of liquidation of the Fund, the special disbursement account is closed; It can be before the liquidation of the Fund by a decision taken by a majority of 70% of the total voting power. When closing the account as a result of the liquidation of the Fund, the assets held in the account are distributed in accordance with the provisions of Annex K. If closed prior to the liquidation of the Fund, the assets of this account are transferred to on behalf of the general resources for immediate employment in operations and transactions. A majority of 70% of the total number of voting power, the Fund shall adopt rules and regulations governing the administration of the account of payments special.k) when, in accordance with the provisions of paragraph c) above, the Fund sells gold acquired by him after the date of the second amendment to these statutes, the proceeds of the sale equivalent to the purchase price of gold is applied to the general resources account , and any excess is carried to the investment account to be used in accordance with the provisions of section 6, by. (f) of art. XII. If the gold acquired by the Fund after the date of the second amendment to these statutes is sold after April 7, 2008 and before the date of entry into force of this provision, from the entry into force of this provision, and notwithstanding the limit in section 6, by. (f), al. (ii), art. XII, fund transfers on behalf of general resources to the investment account an amount equal to the proceeds of such sale less: i) the acquisition price of the gold sold. and (ii) any amount of this product exceed the purchase price and having already transferred to the investment account prior to the date of entry into force of this provision.

New content according to Chapter 3 of the D of the Board of Governors on May 5, 2008, in force for Switzerland since February 18, 2011 (or 2012 3619).
New content according to Chapter 4 of the D of the Board of Governors on May 5, 2008, in force for Switzerland since February 18, 2011 (or 2012 3619).

Art. VI. transfer of capital Section 1: use of the general resources of the Fund for capital transfers has) no Member State can make use of the general resources of the Fund to deal with capital important or extended, except under the provisions of section 2 of the present article outflows. The Fund may invite a Member State to take control measures to prevent such use of its general resources. (If after there was so inviting, the Member State does not take the appropriate control measures, the Fund may declare it inadmissible to use the general resources of the Fonds.b) Nothing in this section shall be considered as having effect: i) to prevent the use of the general resources of the Fund for capital account a reasonable amount which are necessary to the expansion of exports or necessary in the normal course of commercial transactions (, banking or other; ii) affect the movement of capital which are financed through the resources of the State Member; However, the Member States that such capital movements are consistent with the purposes of the Fund.

Section 2: Special provisions for the transfer of capital any Member State has the right to make purchases in the slice of reserve to deal with transfers of capital.
Section 3: Control of transfers of capital, Member States may take the necessary control measures to regulate the international movement of capital, but no Member State can apply such control measures in a way that would restrict payments in respect of current or unduly delay remittances made for the settlement of commitments except as provided in section 3, by. (b), art. VII, and section 2 of art. XIV. art. VII. replenishment of the Fund assets in currencies and currencies rare Section 1: measures to restore the assets of the Fund in currencies. the Fund may, if it deems it useful to replenish its holdings in the currency of a Member State to the general resources account and he needs for his transactions, take one or both of the following two steps at a time (: i) offer to a Member State that he lends his money to the Fund, under the conditions and according to the terms agreed between them, or that the Fund, with the consent of the Member State, borrowing this money to some other source inside or outside the territory of that Member State; However, no Member State is required to grant such loans to the Fund or to consent to what the Fund borrows its currency from another source; ii) request of the Member State, if it is a participant, to sell its currency the Fund against special drawing rights held in the account of general resources subject to the application of the provisions of section 4 of the art. XIX. when it restores its assets with special drawing rights, the Fund shall take due account of the principles of designation outlined in section 5 of art. XIX. Section 2: General scarcity of money if the Fund finds that a currency tends to become generally rare, it may inform the Member States and a report Exhibitor causes this scarcity and containing recommendations to end. A representative of the Member State whose currency is in question participates in the preparation of this report.
Section 3: Assets of the Fund in a rare currency

(a) if the Fund finds that the demand being the currency of a Member State might seriously put unable to provide this money, it must, it has published the report provided for in section 2 of this article, declare officially that this coin is rare, and now funding amounts in the rare coin it has or will have in taking due account of the needs of the Member States the international economic situation and any other relevant considerations. He also published a report on the measures he has prises.b) an official statement made in accordance with the by. (a) above is an authorization for any Member State on a temporary basis, after consultation with the Fund, restrictions on the freedom of Exchange on the rare currency. Subject to the provisions of art. IV and Annex C, each Member State is competent to determine the nature of these restrictions, but they are not more stringent is it necessary to limit demand for rare currency to amounts of money held or who come to him; and such restrictions are eased and removed the permettent.c as soon as the circumstances) the authorization referred to the by. (b) above expires as soon as the Fund has said officially that the currency in question has ceased to be rare.

Section 4: Application of restrictions any Member State which, in accordance with the provisions of section 3, by. (b), of this section, restrictions with respect to the currency of another Member State, must give caring attention to representations that can make this Member State about the application of these exchange restrictions.
Section 5: Effects of other international agreements on exchange restrictions Member States agree not to invoke the obligations arising from commitments toward other Member States prior to the present statutes in a way that impediment to the execution of the provisions of this article.

Art. VIII. General Obligations of the Member States Section 1: Introduction in addition to the obligations assumed under other provisions of these statutes, each Member State undertakes to respect the obligations set out in this section.
Section 2: Non-use of restrictions on current payments is) subject to the provisions of section 3, by. (b), art. VII and section 2 of art. XIV, no Member State does not impose international courantes.b without the approval of the Fund, restrictions on payments and transfers related to transactions) foreign exchange contracts which involve the currency of a Member State and are contrary to the exchange control regulations that that Member State maintains in force or which it introduced in accordance with these statutes are not binding on the territories of other Member States. In addition, the Member States may, by mutual agreement, cooperate in measures to make more effective the exchange of one of them, regulations provided that these measures and regulations are consistent with these statutes.

Section 3: Non-use of discriminatory currency practices Member States cannot use or allow their financial institutions referred to in section 1 of art. V to use art to discriminate against currencies measures or practices of multiple Exchange, inside or outside the margins planned rate. IV or prescribed by Annex C or under its provisions, unless permitted by these statutes or have the approval of the Fund. If such measures or practices existing on the date of entry into force of these statutes, between the Member State concerned in consultation with the Fund about their gradual removal, unless they are maintained or that they have been introduced under section 2 of art. XIV, in which case the provisions of section 3 of that article are applicable.
Section 4: Convertibility of the assets held by other States) has any Member State must purchase the assets in its own currency held by an another Member State if, in requesting the purchase, argues: i) that these assets have been acquired recently as a result of common, ouii transactions) that their conversion is needed for payments relating to current transactions.

The buyer Member State has the option of paying in special drawing rights, subject to the provisions of section 4 of art. XIX, or in the currency of the requesting Member State.
(b) the obligation provided in the by. (a) above does not apply: i) when the convertibility of the assets has been limited in accordance with section 2 of this article or section 3 of art. VI; ouii) when assets have accumulated as a result of transactions made before the repeal, by a Member State, of restrictions maintained or introduced in accordance with section 2 of art. XIV; or III) when assets have been acquired in breach of the regulation of foreign exchange of the invited Member State to buy; ouiv) when the currency of the Member State requesting the purchase has been declared rare in accordance with section 3, by. (a) art. VII; Open) when the Member State invited to make the purchase didn't, for some reason, the right to buy the Fund currencies States in Exchange for its own currency.

Section 5: Communication of information a) the Fund may request Member States to communicate such information as it deems necessary to the conduct of its operations, including national data on the following points, which are regarded as a minimum necessary for the accomplishment of its mission: i) official, internal and external assets: 1) Gold; ((2) in devises.ii) inside and outside of banks and financial institutions assets other than government bodies: 1) in gold; ((2) in devises.iii) or.iv Production) exports and imports of gold, by country of destination and country of origine.v) exports and imports of goods, valued in national currency, by country of destination and country of origine.vi) Balance international payments, including: 1) trade in goods and services; (2) operations on gold; ((3) known in the capital and 4 operations) all other postes.vii) Situation of international investments, i.e. investments from abroad on the territories of the Member State and the investments abroad of residents of the Member State, to the extent where it is possible to provide these renseignements.viii) income national.ix) Indices prices, i.e. prices of goods, wholesale and retail (((, and prices to import and the exportation.x) buying and selling of currencies etrangeres.xi) currency, i.e. the comprehensive regulations of the rules in force at the time of the admission of the Member State to the Fund and the detailed indication of subsequent changes, as they interviennent.xii) if there are official clearing agreements, the detailed indication of amounts under compensation in settlement of commercial and financial transactions and the time during which the arrears remained unpaid.

(b) upon request this information, the Fund takes into account the extent in which the Member State can provide the requested data. The Member States are not required to provide details to disclose cases of individuals or companies. However, the Member States undertake to provide the information as detailed and as accurately as possible and to avoid wherever possible to provide simple estimations.c). the Fund may make provision, in agreement with the Member States, for additional information. It serves as a Center for collecting and exchanging information on the monetary and financial problems, thus facilitating studies designed to help States members to develop policies that will promote the achievement of the purposes of the Fund.

Section 6: Consultations between the Member States of existing international agreements when, under the terms of these statutes and in the special or temporary circumstances which are specified, a Member State is authorized to maintain or to establish restrictions on foreign exchange transactions, and on the other hand between the Member States other commitments which are previous to the present Statute and incompatible with the application of such restrictions the parties to such commitments shall consult to the mutually acceptable amendments that are necessary. The provisions of this section do not obstacle to the application of section 5 of art. VII. Section 7: Duty to co-operate in the policy relating to the reserve assets of each Member State is committed to working with the Fund and with other Member States to ensure that politics he follows in what concerns the reserve assets of is compatible with the objectives to promote better international of international liquidity monitoring and make the special drawing right the main instrument of the system International Monetary Fund.

Art. IX status, immunities and privileges Section 1: purpose of this article

To enable the Fund to carry out functions entrusted to them, the legal status, immunities and privileges defined in this article granted on the territory of each Member State.
Section 2: Legal status of the Fund the Fund has full legal personality and in particular the ability: i) to contract; ii) to acquire movable and immovable property and to dispose of it; iii) to institute legal proceedings.

Section 3: Immunity from the Fund, its property and assets, wherever they are and whatever the holders, enjoy immunity from jurisdiction in all aspects except to the extent where he gave it up specifically for a specific procedure or under a contract.
Section 4: Other immunities property and assets of the Fund, wherever they are and whatever the holders, cannot be the subject of searches, requisitioning, confiscation, expropriation or any other form of seizure on the part of the Executive or legislature Section 5: inviolability of the archives the archives of the Fund shall be inviolable.
Section 6: Exemption of restrictions to the extent necessary for the exercise of the activities provided for in the present statutes, the property and assets of the Fund are exempt from restrictions, regulations, controls and arrears of any kind.
Section 7: Privilege communications the official communications of the funds are handled by each Member State in the same way as the official communications of the other Member States.
Section 8: Immunities and privileges of officers and employees the Governors, directors, alternates, members of committees, representatives designated in accordance with section 3, by. (j), art. XII, advisors of the above, the officers and employees of the Fund: i) cannot be the subject of proceedings due to acts done by them in the exercise of official duties, unless the fund waives such immunity; ii) when they are not nationals of the State where they exercise their functions, they enjoy the same privileges with respect to restrictions on immigration registration of foreigners and the military, and, exchange restrictions, the same benefits accorded by Member States to the representatives, officials and employees of the other Member States of comparable rank; III) benefit, in their travels, the, same treatment as that which is granted by Member States to the representatives, officials and employees other States of comparable rank.

Section 9: Immunities tax a) the Fund, its assets, property and income, and its operations and transactions authorized by the present statutes, are exempt from all taxes and all customs duties. The Fund is also exempt from liability for the collection or payment of any tax or droit.b) no tax is levied on the salaries and emoluments paid by the Fund to the alternate directors, officers or employees of the Fund that are not citizens, subjects or nationals of the country where they perform their fonctions.c) no tax of any kind is seen on bonds or securities issued by the Fund ((, or on dividends and interest are related, regardless of the holder of these titles: i) If this tax has, with respect to these obligations or securities, a discriminatory nature based exclusively on their origin; (ii) or if this tax has only legal basis for the place or the currency of issue, place or currency regulations planned or actual , or the territorial situation of an office or agency of the Fund.

Section 10: Application of this article each Member State shall take all useful steps on its own territories to make effective and incorporate into its legislation the principles set out in this article, and provides a detailed account of the measures it has taken to the Fund.

Art. X Relations with other international organizations the Fund works, as part of the present statutes, with international organizations of a general nature, as well as with any public international body having some specialized functions in related fields. Any agreement for such collaboration resulting in the amendment of a provision any present statutes can be applied only after amendment of those statutes, in accordance with art. XXVIII. art. XI. Relations with non-members Section 1: commitments with respect to relations with non-Member States Member States are committed i) do not perform and do not allow any public financial institutions referred to in section 1 of art. V to perform, with a non-Member State or people on the territory of this State, transactions that are contrary to the provisions of the present statute or to the goals of the Fund; ii) to not cooperating with a non-Member State, or with people on the territory of this State, to practices that are contrary to the provisions of the present statute or to the goals of the Fund; iii) to cooperate with the Fund for the application its territories, measures to prevent transactions, with non-Member States or with people on the territories of these States, which are contrary to the provisions of the present statute or to the purposes of the Fund.

Section 2: Restrictions on transactions with non-Member States no provision of this Constitution affects the right of any Member State to impose restrictions on foreign exchange transactions with non-Member States or with people on their territories, unless the Fund considers that such restrictions are harmful to the interests of the Member States and are contrary to its goals.

Art. XII. Organization and administration Section 1: Structure of the Fund the Fund includes a Board of Governors, a Board of Directors, an Executive Director and staff, and will include a College of advisors if, by a majority of 85% of the total number of voting power, the Board of Governors decides the application of the provisions of annex d Section 2: Board of Governors has) all powers which under the terms of these statutes, are not directly granted to the Board of Governors, the Board of directors or Executive Director are vested in the Board of Governors. The Board of Governors consists of a Governor and an alternate appointed by each of the Member States, according to the procedure established by it. Governors and alternates shall hold office until their successors are appointed. No alternate is eligible to vote, except in the absence of the holder. (The Board of Governors selects its Chairman among the gouverneurs.b) the Board of Governors may give the Governing Council delegation in order to exercise all powers of the Board of Governors, with the exception of those which, under the terms of these statutes, are conferred directly on the gouverneurs.c Council) the Council of Governors shall hold meetings decided by him or called by the Board of Directors. (A meeting of the Board of Governors when the request is made by 15 Member States or Member States bringing together a quarter of the total number of votes attribuees.d) the quorum for any meeting of the Board of Governors, is by a majority of the Governors with two-thirds at least of the total number of votes attribuees.e) each Governor has the number of votes attributed under section 5 of the present article to the Member State (has it nomme.f) the Board of Governors may, by regulation, establish a procedure whereby the Board of Directors, when he considers it in the interests of the Fund, to get a vote of Governors without calling a meeting of the Board of the gouverneurs.g on a specific question) the Board of Governors, and, to the extent where warranted, the Board of Directors, may adopt rules and regulations necessary or appropriate for the conduct of the Affairs of the Fonds.h) Governors and alternates perform their duties without remuneration to the Fund, but it may reimburse reasonable expenses that they have incurred to attend the reunions.i) the Board of Governors shall fix the remuneration to be allocated to directors and their deputies as well as the treatment and the conditions of the contract of the Director general.j). the Board of Governors and the Board of Directors may establish such committees as they consider useful. The composition of these committees is not necessarily limited to the Governors, administrators or their alternates.

Section 3: Board of directors a) the Board of Directors is responsible for the General conduct of the Fund and, to this end, it has all the powers that the Board of Governors has him delegues.b) the Board of Directors is composed of Directors and chaired by the Director general. Administrators are chosen as follows: i), five are appointed by the five members with the highest assessed contributions States; ii) Fifteen are elected by Member States.


For the purposes of each ordinary election of Directors, the Board of Governors may, by a majority of 85% of the total voting power, increase or decrease the number of Directors referred to in para. (ii) above. The number of Directors referred to in para. (ii) above is reduced by one or two, as the case may be, if administrators are appointed by virtue of the by. (c) below, at least that the Board of Governors don't decides, by a majority of 85% of the total number of voting power, that such a reduction obstructs the Board of directors or administrators in the normal exercise of their functions, or risk upsetting the balance on the Board of Directors.
(c) for the second general election of Directors and subsequently, if, among the States members empowered to appoint an administrator under para. (i) by. (b) above, are not two States in the currency in which the assets of the Fund to the general resources account recorded, on average, during the previous two years, the biggest reduction in value absolute, expressed in special drawing rights, short of their quota, one of these States, or both, as the case may be, may appoint an administrateur.d) elected directors elections are held every two years in accordance with the provisions of Annex E, to which can be added regulations that the Fund deemed appropriate. For each ordinary Directors election, the Governing Council may make a regulation changing the percentages of votes required for the election of Directors according annex E.e) each Director shall appoint an alternate with full power to act in his place in his absence, being understood that the Governing Council may adopt rules allowing a Director elected by a number of Member States exceeding a figure given to appoint two alternates. These rules, if adopted, cannot be changed during the regular election of Directors and impose the administrator who shall appoint two alternates to designate: i) that alternates who is empowered to act in his place in his absence, and when the two alternates are present. (ii) one of the two alternates who exercises his powers under subsection f) below. When administrators who nominated them are present, alternates may take part in meetings but without voting rights.

(f) the directors shall hold office until the appointment or the election of their successors. If the position of an elected Director becomes vacant more than ninety days before the expiration of his term, another administrator is elected for the remaining period, by the Member States who had elected the previous administrator. The election takes place by a majority of the votes cast. Tant_que the post remains vacant, the Deputy to the previous administrator exercises the powers of it, except the one to appoint a suppleant.g) the Board of Directors is always in session at the headquarters of the Fund and meets as frequently as required by the conduct of the Affairs of the Fonds.h) the quorum for any meeting of the Board of Directors, is by a majority of the directors with the half of the total number of votes attribuees.i) i) each appointed administrator has the right to express a number of votes equal to that of the voting power, under the terms of section 5 of this article, the Member State which appointed him.

(ii) If, as a result of the last regular election of Directors, the voting power of a Member State which appoints a Director by virtue of the by. (c) above have been expressed by an administrator at the same time expressing the voice attributed to other Member States, the Member State may agree with each of the other Member States that the voice assigned will be expressed by the appointed administrator. (The Member State passing such an agreement does not participate in the election of the administrateurs.iii) each elected Director has the number of votes that mattered to her election.iv) when the provisions of section 5, by. (b), of the present article are applicable, the number of votes that would have had an administrator should be increased or decreased accordingly. Any administrator should block the voice which he dispose.v) when the suspension of the voting rights of a Member State is revoked under section 2 b of art. XXVI and that the said Member State is not authorized to appoint an administrator, that Member State may agree with all Member States who have elected an administrator voices assigned to be expressed by the administrator, provided that, if no regular Directors election took place during the period of suspension, the administrator at the election to which the Member State had participated before the suspension of voting rights , or his successor elected under the provisions of the by. 3 c) (i) of Schedule L or al. (f) above, will be empowered to express the voting power that Member State. The Member State will be considered taking part in the election of the Director authorized to exercise the vote allocated to that Member State.

(j) the Board of Governors shall adopt rules whereby a Member State who is not empowered to appoint a Director to the terms of the by. (b) above to send a representative to any meeting of the Board of directors where a request is reviewed by that Member State or a question about it particularly.

Section 4: Executive Director and staff a) the Board of Directors chooses a director-general who is neither a Governor nor an administrator of the Fund. Executive Director chairs the meetings of the Board of Directors, without taking part in the vote, but he has a casting vote in the event of the tie. It may participate in the meetings of the Board of Governors, but without the right to vote. The functions of the Director-general to stop when the Governing Council decides ainsi.b) the Executive Director is the Chief Officer of the Fund and manages the day-to-day business under the direction of the Board of Directors. Under the general supervision of the Board of Directors, he is responsible for the Organization of services and the appointment and dismissal of the staff of the Fonds.c) the Director general and the staff in the performance of their duties have obligations to the Fund. Each Member State must respect the international nature of these functions and to refrain from any initiative to influence the staff of the Fund in the exercise of its fonctions.d) in appointing staff, the Director-general, subject to the overriding interest there to ensure the most effective and the most competent technically, competitions Fund must take due account of the importance of a recruitment on a geographical basis as possible.

Section 5: Vote a) the total number of votes attributed to each Member State is the sum of its voices of base and its voice based on the share.
i) the voices of base of each Member State are the number of votes resulting from the equal distribution between all Member States of 5,502 per cent of the total number of votes attributed to all the Member States, with the understanding that there is no basic fractionnaire.ii votes) vote based on the share of each Member State are the number of votes resulting from the allocation of one vote for each share equivalent to hundred thousand special drawing rights.

(b) where a vote is required under the terms of sections 4 or 5 of art. V, each Member State of the number of votes to which it is entitled under the terms of the by. (a) above, changed i) by the addition of one vote for each equivalent to four hundred thousand special drawing rights of the net amount of sales of its detained currency to the account of general resources carried out up to the date of the vote. ouii) by the subtraction of one vote for each equivalent to four hundred thousand special drawing rights of the net amount of purchases made by him under section 3, by. ((b) and (f), art. V, up to the date of the vote;

being understood that net purchases or net sales are seen at a time such as exceeding an amount equal to the share of the Member State concerned.
(c) except in cases expressly provided for, all decisions of the Fund are taken by a majority of the votes cast.

Section 6: Reserves, distribution of the net income and investment


(a) the Fund shall determine each year the share of net income that is assigned to the general reserve or special reserve, and the part which, eventually, is distribuee.b) the Fund may use the special reserve to any employment to which it can affect the general reserve, except for the distribution.c funds) if there shall be a distribution of the income of a year (, it is carried out between all the Member States in proportion to their quotes - parts.d) A majority of 70% of the total number of the voting power, the Fund may at any time decide to distribute a share any of the general reserve. Any such distribution is made to all the Member States in proportion to their quotes - parts.e) payments referred to the by. c)) and (d) above are carried out in special drawing rights, understanding that either the funds or the Member State may decide that the payment to the Member State is in his monnaie.f) i). the Fund may open an investment account for the purposes of the present by. (f) the assets of the investment account are separated from those of the other accounts of the general Department.

(ii) the Fund may decide to transfer a portion of the proceeds from the sale of gold, in accordance with section 12, to the investment account by. (g), art. V and the majority of 70% of the number total of voting power, it can decide to transfer to the investment account, for the purpose of immediate investment, the currencies held in the general resources account. The amount of these transfers should not exceed the total amount of the general reserve and the Special at the time of the decision.iii reserve) Fund may use the currency of a Member State owned investment account to make the investments that he decides, in accordance with the rules and regulations adopted by the Fund to the majority of 70% of the total voting power. The rules and regulations adopted under this provision must comply with the provisions of paras. ((vii), (viii) and ix) below .iv) investment income can be invested in accordance with the provisions of the present by. ((f). not invested income is being held in the investment account or can be used to cover the costs of the conduct of the Affairs of the Fonds.v) the Fund may use the currency of a Member State held in the investment account to purchase currencies required to cover the costs of the conduct of the Affairs of the Fonds.vi) the investment account is closed in case of liquidation of the Fund and can be (, or the amount of the investment can be reduced prior to liquidation by a decision taken by a majority of 70 per cent of the total of attribuees.vii votes) when the closing of the investment account is a result of the liquidation of the Fund, the assets held in the account are distributed in accordance with the provisions of Annex K, being understood that the portion of these assets corresponding to the part of the assets transferred to this account under section 12 , by. (g), art. V, in the total of the transferred assets audit account, is deemed assets held in the account of payments special and is distributed in accordance with the provisions of the by. 2 (a), ii) of Appendix K.viii) in the event of closure of the account of investment prior to the liquidation of the Fund, the portion of the assets held in this account that corresponds to the part of the assets transferred to this account under section 12, by. (g), art. V, in the total of the transferred assets audit account, is transferred to the special disbursement account if it has not been closed, and the balance of the assets held in the investment account is transferred to the account of general resources for immediate employment in operations and transactions.ix) in the case of reduction of the amount of the investments by the Fund, the portion of the reduction corresponding to the part of the assets transferred to the investment account to the title of section 12 , by. (g), art. V, in the total of the transferred assets audit account, is transferred to the special disbursement account if it has not been closed, and the balance of the reduction is transferred to the account of the general resources for immediate employment in operations and transactions.

Section 7: Publication of reports a) the Fund publishes an annual report containing an audited account statement and he published, at intervals of three months at the most, a summary of its operations and transactions and holdings of special drawing rights, in gold and currencies in membres.b States) the Fund may publish any other reports it deems useful to achieve its objectives.

Section 8: Communication of the views of the Fund to the Fund Member States can at any time, unofficially a Member State its views on any matter that arises during the application of statutes. The Fund may, by a majority of 70% of the total voting power, decide to publish a report to a Member State on its monetary situation or its economic situation and their development, if they directly tend to cause a serious imbalance in the international balance of payments of Member States. If the Member State is not empowered to appoint an administrator, he has the right to be represented in accordance with section 3, by. (j) of this article. The Fund publishes no report that would involve changes in the basic structure of the economic organisation of the Member States.

New content according to Chapter 1 of D of the Board of Governors on April 28, 2008, in force for Switzerland since March 3, 2011 (or 2012 3619).
Introduced by the amendment of June 28, 1990, in force for Switzerland since Nov. 11. 1992 (RO 1993 2351).
New content according to section 2 of the D of the Board of Governors on April 28, 2008, in force for Switzerland since March 3, 2011 (or 2012 3619).
New content according to Chapter 1 of D of the Board of Governors on May 5, 2008, in force for Switzerland since February 18, 2011 (or 2012 3619).
New content according to section 2 of the D of the Board of Governors on May 5, 2008, in force for Switzerland since February 18, 2011 (or 2012 3619).

Art. XIII headquarters and stockists Section 1: seat the seat of the Fund is established in the territory of the Member State whose share is highest; agencies or offices can be established on the territories of other Member States.
Section 2: Custodians a) each Member State designates as custodian of all assets of the Fund in its currency its Central Bank or, failing that, such other facility likely to be approved by the Fonds.b) the Fund may retain its other assets, including gold, with Trustees appointed by the five Member States whose quotas are the highest and such other designated as fund custodians can choose. Initially, the at least half the assets of the Fund is owned by the Depositary designated by the Member State on whose territories the Fund has its headquarters, and at least 40% are held by Trustees appointed by four other Member States referred to above. However, for all transfers of gold that it performs, the Fund takes due account of costs of transport and its likely needs. In serious circumstances, the Board of Directors may transfer all or part of the assets of the Fund in any place providing sufficient security.

Section 3: The assets of the Fund each Member State shall guarantee guarantees all the assets of the Fund against losses due to the bankruptcy or deficiency of the Depositary designated by that Member State.

Art. XIV provisions transitional Section 1: Notification each Member State must notify the funds if he intends to rely transitional provisions provided for in section 2 of this article or if it is ready to assume the obligations referred to in sections 2, 3 and 4 of art. VIII. as soon as a Member State availing of the transitional provisions is ready to assume the obligations referred to above, it shall notify the Fund.
Section 2: Exchange Restrictions notwithstanding the provisions of any other section of these statutes, the Member States that have notified the Fund that they intend to take advantage of the transitional provisions referred to in this article may maintain and adapt to changing circumstances restrictions on payments and transfers for current international transactions which were in force at the date at which they became members. Member States must however, in their foreign exchange policy, constantly having regard to the purposes of the Fund; as soon as conditions permit, they must take all possible measures to be agreed with other States members of the commercial and financial provisions facilitate international payments and the promotion of a stable system of exchange rates. In particular, the Member States remove the restrictions remained in effect under this section as soon as they think they are able to balance their balance of payments, without these restrictions, in a way that does not unduly hinder their access to the general resources of the Fund.
Section 3: Action of the Fund restrictions

The Fund shall annually report on the exchange restrictions in force under section 2 of the present article. Any Member State which maintains restrictions incompatible with sections 2, 3 or 4 of art. VIII consults annually the Fund about their extension. The Fund may, if he deems it necessary as a result of exceptional circumstances, declare to the State that the conditions are favorable to the abolition of such special restrictions or all the restrictions contrary to the provisions of any other section of the statutes. A sufficient response time is granted to the Member State concerned. If the Fund finds that the Member State persists in maintaining restrictions inconsistent with the purposes of the Fund, the provisions of section 2, by. (a) art. XXVI became applicable in that Member State.

Art. XV drawing rights special Section 1: authorization to allocate special drawing rights) to add, when and insofar as the need arises, to the existing reserve assets, the Fund is authorized to allocate special drawing rights, in accordance with the provisions of art. XVIII, to the Member States participating in the Department of speciaux.b drawing rights) in addition, the Fund will allocate of special drawing rights, in accordance with the provisions of Appendix M, Member States participating in the Special Drawing Rights Department.

Section 2: Calculating the value of the special drawing right, the method of calculation of the value of the special drawing right is set by the Fund to the majority of 70% of the total number of voting power, provided, however, that the majority of 85% of the total number of voting power is required for a change in the principle of the establishment of the value or a fundamental change in the application of the principle in force.

New content according to section 1 of D of the Board of Governors on Sept. 23. 1997, in force for Switzerland since August 10, 2009 (RO 2012 3619).

Art. XVI. general Department and Department of drawing rights special Section 1: separate operations accounting and transactions all transactions and transactions involving special drawing rights shall be effected through the Special Drawing Rights Department. All other operations and authorized by these statutes or under these transactions for the account of the Fund shall be effected through the general Department. The operations and transactions authorized by section 2 of art. XVII are made through both of the general Department and the Special Drawing Rights Department.
Section 2: Accounting separate from the assets and all the assets and property belonging to the Fund, with the exception of managed resources under section 2, by. (b), art. V, are held in the general Department, being understood that the assets and property acquired under section 2 of art. XX, art. XXIV and XXV and annexes H and I, are held in the Special Drawing Rights Department. The Fund cannot in any case use the assets or property held in a Department to fulfil the obligations, commitments or compensate for the losses from operations and transactions through the other Department. However, the costs incurred by the conduct of the operations of the Special Drawing Rights Department are paid by the Fund from the general Department, which is repaid at intervals in special drawing rights by the distribution of these costs between the participants, in accordance with section 4 of art. XX, after a reasonable estimate of such fees.
Section 3: Registration and information holdings of special drawing rights changes don't take effect on the date of their registration by the Fund in the books of the Special Drawing Rights Department. Participants shall notify the Fund the provisions of these statutes in respect of which special drawing rights are used. The Fund may ask participants to provide any other information it considers necessary for the purposes of its functions.

Art. XVII Participants and other rights holders to draw special Section 1: Participants A the quality of participant in the Special Drawing Rights Department, any member of the Fund, which makes the Fund the deposit of an instrument stating that it agrees, in accordance with its legislation, to all the obligations implied by its participation in the Special Drawing Rights Department, and that he took steps necessary to be able to satisfy the quality of participant being acquired on the date of the deposit of the instrument. However, no member only acquires the quality of participant before the provisions of this Constitution relating exclusively to the Department of drawing rights special are entered into force and instruments have been filed under this section by a number of Member States bringing together 75% at least of the total amount of assessed contributions.
Section 2: Detention by the Fund the Fund may hold rights to ' special drawing to the general resources account and it can accept them and use them for operations and transactions through the account of general resources with participants, in accordance with the provisions of these statutes, or with authorized licensees, conditions and under the terms prescribed in section 3 of this article.
Section 3: Other holders the Fund may: i) approve as holders of States not members, the Member States which are not participating, the institutions that perform functions of Central Bank to more than one Member State and other official agencies; ii) prescribe the terms and conditions under which authorized holders may be allowed to hold drawing rights special and can accept them and use them in operations and transactions with participants and with other owners approved; III) prescribe the terms and conditions whereby participants and the Fund, through the general resources account, can conduct operations and transactions on special drawing rights with the registered holders.

The majority of 85% of the total number of voting power is required for the decisions referred to in para. (i) above. The terms and conditions prescribed by the Fund are consistent with the provisions of these statutes and compatible with the proper functioning of the Special Drawing Rights Department.

Art. XVIII Allocation and cancellation of drawing rights special Section 1: principles and considerations governing the allocation and cancellation) in all its decisions regarding allocations and cancellations of special drawing rights, the Fund strives to meet necessary global long-term, when and insofar as it is felt, to add to the existing reserve assets in a manner to facilitate the realization of its goals and to avoid economic stagnation and deflation as well as the excess demand and inflation in the monde.b) first decision for the allocation of special drawing rights takes into account the following special considerations: the collective recognition of the existence of a global need to add to reserves, the realization of a better balance of the balance of payments, and the likelihood of a more effective functioning of the process of adjustment in the future.

Section 2: Allocation and cancellation has) the decisions taken by the Fund to allocate or cancel special drawing rights focus on base periods are consecutive and of the duration of five years. The first base period begins on the date of the first decision to allocate special drawing rights or on the date which can be prescribed in this decision. The allocations and cancellations occur at intervals annuels.b) rates of allowances are expressed in percentage share at the date of each allocation decision. The rate of cancellations are expressed as a percentage of net cumulative allocations of special drawing rights at the date of each cancellation. These percentages are the same for all the participants.c) in its decision to a base period, the Fund may decide, notwithstanding the provisions of by. (a) and (b) above, that: i) the length of the base period is less than or greater than five years; or queii) allowances or cancellations occur at other than annual intervals; or queiii) the basics of allowances or cancellations are assessments or net cumulative allocations to dates other than the decisions of allocation or cancellation.


(d) a Member State which acquires the quality of participant during a base period receives benefits from the beginning of the next base period in which allowances are made once it has acquired the status of participant unless the Fund decides that the new participant begins to receive benefits from the first allocation following the date at which it acquired the quality of participant. If the Fund decides that a Member State which acquires the quality of participant during a base period receives allowances for the rest of this period, and if this participant was not a member on the prescribed dates to the by. ((b) or (c) above, the Fund fixed the basis on which these allowances are made to this participant.e) any participant receives special drawing rights allocations that are made under an allocation decision, unless: i) the Governor for this participant has not voted in favour of the decision. and siii) the participant notified the Fund in writing, prior to the first allocation of special drawing rights pursuant to this decision, that you do not want that special drawing rights are allocated him to the title of the. At the request of a member, the Fund may decide to terminate the effect of this notification with respect to allocations of special drawing rights subsequent to this decision.

(f) If, on the date of entry into force of a cancellation, the amount of special drawing rights held by a participant is less than its share of special drawing rights which must be cancelled, this participant eliminates its negative balance as quickly as the position of its gross reserves allows and there in consultation with the Fund for this purpose. The special drawing rights acquired after the date of entry into force of the cancellation by the participant are charged on its negative balance and are cancelled.

Section 3: Fund significant and unforeseen events can change rates or allowances and intervals of cancellations for the rest of the duration of a base period, change the duration of a base period or open a new period of base if at one time any it deems desirable, due to significant and unforeseen events.
Section 4: Allocation and cancellation Decisions has) decisions of by. (a), (b) and c) of section 2 or the provisions section 3 of this article are taken by the Board of Governors on a proposal from the Director general which joins the Board of administration.b) before making a proposal, the Director-general, after checking that it is in compliance with the by. (a) of section 1 of the present article, undertakes consultations enabling him to ensure that the proposal collects a wide support on the part of the participants. In addition, before making a proposal to the first allocation, the Director general ensures that the provisions of the by. (b) of section 1 of this article have been observed and that participants are largely in agreement that benefits begin. After the creation of the Special Drawing Rights Department, it emits a proposal relating to the first allocation as soon as he is assured of these two points.c) presenting proposals: i) six months before the end of each base period; ii) If no decision has been taken with regard to the allocation or cancellation for a base period When he is assured that the provisions of the by. (b) above have been observed; iii) where, in accordance with section 3 of this article, he considers that it is desirable to change the rate or the intervals allocation or cancellation, change the duration of a base period or to open a new base period; ouiv) six months after there have been invited by the Governing Council or the Board of Directors;

being understood that if, under the conditions specified in paras. ((i), (iii) or iv) above, the Director general ensured that no proposal that it considers compatible with the provisions of section 1 of the present article does not enjoy broad support among participants according to the by. (b) above, it shall report to the Council of Governors and the Council of Directors.
(d) the majority of 85% of the total number of voting power is required for any decision taken by virtue of by. (a), (b) and c) of section 2 or section 3 of this article, except for decisions in respect of section 3 relating to a reduction in the rate of the allowance.

Art. XIX. Operations and transactions on drawing rights special Section 1: use of special drawing rights the special drawing rights can be used in the operations and transactions authorized by the statutes or under their provisions.
Section 2: Operations and transactions between participants has) any participant is entitled to use its special drawing rights to get a participant referred to the title of section 5 of this article one equivalent of monnaie.b) any participant may, in agreement with another participant, use its special drawing rights to get him an equivalent amount of currency (, c) the Fund may, by a majority of 70% of the total number of voting power, prescribe the operations that a participant is allowed to do in agreement with another participant, to the conditions and modalities deemed appropriate by the Fund. These terms and conditions must be compatible with the functioning of the Special Drawing Rights Department and the correct use of special drawing rights, in accordance with the present Statuts.d) the Fund may make representations to the participant who is a party to an operation or transaction referred to the by. ((b) or (c) above which, according to the judgment of the Fund, could lead to the designation process according to the principles of section 5 of this article, or which is in other respects, inconsistent with the provisions of art. XXII. the participant that continues to be a party to such transactions or transactions is subject to the application of the provisions of section 2, by. (b), art. XXIII. Section 3: Need criterion a) in covered transactions to the by. (a) of section 2 of this article, and subject to the provisions set out in the by. (c) below, the Fund expects that a participant will use its special drawing rights only if he needs to do so because of its balance of payments or the situation or the evolution of its reserves, and that it will refrain from at one end to change the composition of its reserves.b) the use of special drawing rights may be the subject of a challenge based on the rule stated in the by. (a) above, but the Fund may make representations to the participant who did not comply. The participant who still do not comply is exposed to the application of the provisions of section 2, by. (b), art. XXIII.c). the Fund may waive the rule stated in the by. (a) above for any transaction in which a participant uses special drawing rights to get another participant, designated in accordance with section 5 of this article, an equivalent amount of currency, and which promotes the revival by the other participating, in the title of section 6, by. (a) of the present article, avoids or reduces a negative balance of the other participant or compensates for the effect of one breach by the other participant to the rule stated in the by. (a) above.

Section 4: Obligation to provide currency a) the participant designated by the Fund to the title of section 5 of the present article provides on request a freely usable currency to the participant that uses special drawing rights to the title of section 2, by. (a) of this article. The obligation for a participant to provide currency ceases when the special drawing rights held exceeds the cumulative amount net of rights which allocated a sum equal to twice that amount, or any other upper limit may agree the participant and the Fonds.b) any participant can provide currency beyond the mandatory limit or any agreed upper limit.

Section 5: Designation of participants called upon to provide the currency a) in order to ensure that participants are able to use their special drawing rights, the Fund designates the participants called upon to provide currency against amounts specified in special drawing rights, for the purposes of sections 2, by. (a) and 4 of this article. For this designation, he observes the General principles set out below, and such other principles that he may adopt from time to time:

(i) a participant may be designated if its balance of payments and gross reserves position is sufficiently strong, which does not exclude the possibility of designating a participant who has a strong reserve position, even if its balance of payments is moderately in deficit. These participants are nominated to gradually achieve a balanced distribution between them of speciaux.ii drawing rights Holdings) participants may be appointed to facilitate the reconstitution to the title of section 6, by. (a) of this article, to reduce negative balances of SDR holdings or to compensate for the effect of a breach of the rule stated in section 3, by. (a), of the present article.iii) then the designation of participants, Fund normally gives priority to those who need to acquire special drawing rights to the objectives of designation set out in para. (ii) above.

(b) to gradually achieve a balanced distribution of the assets of the Member States in special drawing rights to the title of the by. (a) al. (i), above, the Fund applies the designation rules in annex F or rules that may be adopted by virtue of the by. c) below .c) designation rules can be reviewed at any time, and new rules be adopted if necessary. Unless new rules are adopted, the rules in force at the time of the review continue to apply.

Section 6: Rebuilding a) participants who use their special drawing rights restore their assets in accordance with the replenishment rules set out in Annex G or any other rules which may be adopted by virtue of the by. ((b) below .b) replenishment rules may be reviewed at any time and new rules be adopted if necessary. Unless new rules are adopted, or it is decided to repeal reenactment rules, those that are in effect at the time of the review continue to apply. The majority required for a decision on the adoption, modification or repeal of rules of replenishment is 70% of the total voting power.

Section 7: Exchange rate is) subject to the provisions of the by. (b) below, the exchange rate applied to transactions between participants referred to in section 2, by. (a) and (b), of this article, are such that participants making use of drawing rights special get the same value, regardless of the currencies supplied and regardless of the participants who provide them. the Fund shall adopt rules for the application of this principe.b) has the majority of 85% of the total number of voting power, the Fund may adopt policies allowing, in exceptional circumstances, by a majority of 70% of the total number of the voting power, to allow participants who conduct transactions in accordance with section 2, by. (b), of this section, agree on exchange rates other than those that are applicable by virtue of the by. ((a) above .c) the Fund consult participants on the procedure to follow to determine the exchange rate of their monnaie.d) for the purposes of this provision, participating means also the participant who withdraws.

Art. XX interest and commissions of the Department of drawing rights special Section 1: interest the Fund pays to all rights holders to draw, on the amounts of special drawing rights they hold special, an interest rate is the same for all holders. The Fund pays the amount that it is owed, that the commissions received are sufficient or not to each holder the payment of interest.
Section 2: The commissions Commissions are perceived by the Fund, at a rate that is the same for all participants, on the amount of the net cumulative allocation of drawing rights special to each participant, increased its potential negative balance and the amount of the commissions he has not paid.
Section 3: Fixed rate of interest and commissions the Fund the rate of interest to the majority of 70% of the total voting power. The commissions rate is equal to the rate of interest.
Section 4: Apportionment of costs when it is decided to proceed with the refund referred to in section 2 of art. XVI, the Fund makes to this end, at the same rate for all participants, samples on the net cumulative allocations.
Section 5: Payment of interest, commissions and levies interest, commissions and levies are paid in special drawing rights. A participant who needs special drawing rights to pay a commission or a levy has the obligation and the right to get against a currency acceptable by the Fund, in a transaction with the Fund through the general resources account. If he can get so a sufficient amount, it has the obligation and the right to obtain a participant designated by the Fund against a freely usable currency. The special drawing rights acquired by a participant after the payment deadline come in deduction of commissions he has not paid and are cancelled.

Art. XXI of the general Department and the Special Drawing Rights Department Administration (a) the general Department and the Special Drawing Rights Department are administered in accordance with the provisions of art. (XII, subject to the following: i) for all meetings or decisions of the Board of Governors on issues concerning exclusively the Special Drawing Rights Department, it is taken into account - to convene a meeting to determine whether the quorum is present or if a decision is taken by the required majority - only requests made by Governors appointed by the Member States with the quality of participants (, or their presence and the votes that they expriment.ii) for decisions of the Board of Directors on questions concerning exclusively the Special Drawing Rights Department, only administrators appointed or elected by at least one Member State having a participant have the right to vote. Each of these directors may express the number of votes attributed to the participating Member State that appointed him, or the participating Member States whose votes contributed to his election. To determine if a quorum is present or if a decision is taken by the required majority, it is required that account the presence of administrators appointed or elected by Member States with the quality of participants and the voting power of Member States with this quality. For the purposes of this provision, an agreement made under section 3, by. (i) ii) of art. XII by a Member State having the quality of participant, empowers an appointed administrator to vote and express the number of votes attributed to the membre.iii State) for all questions concerning the General administration of the Fund, including reimbursements to the title of section 2 of art. XVI, and to determine if a question concerns both departments or the only Department of special drawing rights, decisions are made as if it were the general department exclusively. Decisions relating to the method of calculating the value of the special drawing right, the acceptance and the detention of special drawing rights to the account of the general resources of the general Department and their use, as well as other decisions relating to the operations and transactions through the account of the general resources of the general Department and the Special Drawing Rights Department are taken to the majorities required for decisions relating to the questions about exclusively each of these departments. Any decision on a matter that concerns the Special Drawing Rights Department must specify this fact.

(b) in addition to the privileges and immunities granted under art. IX of the present statutes, it is perceived tax of any kind on the special drawing rights or on the operations and transactions in speciaux.c drawing rights) a matter of interpretation of the provisions of these statutes on issues concerning exclusively the Department of drawing rights special is subject to the Board of Directors, according to the by. (a) art. XXIX, at the request of a participant. In all cases where the Board made a decision on a question of interpretation concerning exclusively the Special Drawing Rights Department, only a participant may ask that the matter be referred to the Board of Governors in virtue of by. (b) of art. XXIX. the Board of Governors decides if a Governor appointed by a Member State was not a participant has the right to vote to the interpretations Committee on questions concerning the Department of drawing speciaux.d rights exclusively) If a disagreement arises between the Fund and a member who has ceased its participation in the Special Drawing Rights Department , or between the Fund and a participant, during the liquidation of the Special Drawing Rights Department, on a matter arising exclusively from the participation in the Special Drawing Rights Department, this dispute is referred to arbitration in accordance with the procedure provided for in the by. (c) of art. XXIX.


Art. XXII General Obligations of participants outside the obligations assumed by it in terms of special drawing rights in line with other articles of these statutes, each of the participants is committed to working with the Fund and with other participants in order to facilitate the functioning of the Special Drawing Rights Department and use that suits special drawing rights in accordance with the provisions of these statutes and with the objective that is to the right of the main instrument of the monetary system special drawing international.

Art. XXIII. Suspension of operations and transactions in drawing Special Section 1 rights: provisions of exception in the case of serious or unexpected circumstances, likely to jeopardize the activities of the Fund with regard to the Special Drawing Rights Department, the Board of Directors may, by a majority of 85% of the total number of voting power, suspended for a year at the most the application of any provision relating to the operations and special drawing rights transactions; the provisions of section 1, by. (b), (c) and d), art. XXVII shall then apply.
Section 2: Obligations breach has) if the Fund finds that a participant has failed to the obligations arising from section 4 of art. (XIX, the right of the participant to use its special drawing rights is suspended, unless the Fund decides autrement.b) if it finds that a participant has failed to one any of its other obligations related to special drawing rights, the Fund may suspend the right of the participant to use special drawing rights it acquires after this suspension.c) regulations must be adopted to ensure that, before making a participant against one of the measures referred to the by. (a) or (b) above, the Fund shall immediately inform it formulated grievances against him and he gives the opportunity to present its views orally and in writing. When he is informed of the complaints against him to the title of the by a.) above, the participant fails to use special drawing rights until the dispute is regle.d) suspensions in respect of by. ((a) or (b) above and the limitation to the title of the by. (c) above do not affect the obligation of the participant to provide the currency in accordance with the provisions of section 4 of art. XIX.e). the Fund may, at any time, terminate a suspension imposed under a by. ((a) or (b) above, but it can be put an end to a suspension imposed on a participant in the title of the by. (b) above for breach of the obligations arising from section 6, by. (a) art. XIX, after a period of one hundred eighty days from the date of the end of the first calendar quarter in which the participant meets the rules of reconstitution.f) the right of a member to use its special drawing rights is not suspended from the fact that it has become inadmissible to use the resources of the Fund to the title of section 5 of art. V, section I, of the art. VI or section 2, by. (a) art. XXVI. the mere fact that is missing one of the obligations related to special drawing rights does not cause the application to a participant of the provisions of section 2 of art. XXVI. art. XXIV. termination of membership Section 1: right to terminate participation has) any participant may, at any time, terminate its participation in the Special Drawing Rights Department by notifying in writing the decision addressed to the headquarters of the Fund. His participation ends on the date on which the notification.b is received) any participant who withdraws from the Fund is considered at the same time put an end to its participation in the Special Drawing Rights Department.

Section 2: Settlement of accounts in the event of termination of participation has) when a participant terminates its participation in the Special Drawing Rights Department, all its operations and special drawing rights transactions expire, unless they are allowed under an agreement, according to the by. (c) below, in order to facilitate the settlement, or that sections 3, 5 and 6 of this article or Annex H provide otherwise. Interest and commissions accrued to the date of termination of participation and levies fixed before that date, but not yet paid, settled in speciaux.b drawing rights) the Fund has an obligation to redeem special drawing rights held by the participant who withdraws and the participant is obliged to pay to the Fund an amount equal to its net cumulative allocation increased from all other amounts due which he is liable as a result of its participation in the Special Drawing Rights Department. Compensation is made between those obligations and the amount of special drawing rights held by the participant who retires and uses, for the purpose of this compensation, to extinguish its obligations to the Fund, is annule.c) the settlement of accounts between the participant who retires and the Fund, covering all the obligations of the participant or the funds remaining after the target compensation to the by. (b) above must be done amicably and within a reasonable time. If a settlement agreement is quickly reached, the provisions of Annex H became applicable.

Section 3: Interest and commissions after the date of termination of membership, the Fund will pay interest on holdings of special drawing rights held by the participant who withdraws, and it will pay commissions on any amount due to the Fund. These payments are in special drawing rights to the dates and rates prescribed by art. XX. A participant who withdraws has the right to acquire a special drawing rights in Exchange for a freely usable currency, to pay fees or levies, through a transaction with a participant designated by the Fund or by agreement with other holders, or to dispose of special drawing rights received as interest in a transaction with a participant designated as per section 5 of art. XIX, or by agreement with other holders.
Section 4: Regulation of obligations to the Fund the Fund uses the received currency of a participant who retires to redeem special drawing rights held by the participants, proportionately to the amount of special drawing rights that each of them has in excess of its net cumulative allocation at the time the Fund receives this currency. Special drawing rights thus redeemed and the special drawing rights acquired by a participant who withdraws in accordance with the provisions of statutes to make a payment due under an agreement on the settlement agreement or Annex H, and coming in deduction of payment, are cancelled.
Section 5: Regulation of obligations to a participant who withdraws when the Fund is required to redeem special drawing rights held by a participant who withdraws, the purchase is made with money provided by participants designated by the Fund, in accordance with the principles set out in section 5 of art. XIX. the designated participants each provides to the Fund, at his choice, the currency of the Member who withdraws or a freely usable currency, and receives an equivalent amount of special drawing rights. However, with the approval of the Fund, a participant who withdraws can use its special drawing rights to acquire from a holder, its own currency, the currency freely usable or any other.
Section 6: Account Transactions of general resources to facilitate the settlement with the participant who retires, the Fund may decide that this participant must: i) using special drawing rights it holds after the compensation pursuant to section 2, by. (b), of this article, when they must be redeemed in a transaction with the Fund through the account of general resources, to acquire, at the choice of the Fund, its own currency or a freely usable currency, ouii) acquire special drawing rights in a transaction with the Fund through the general resources account, in Exchange for an acceptable currency Fund to pay a commission or make a payment in respect of an agreement or under the provisions of Schedule H.

Art. XXV Liquidation of the Special Drawing Rights Department


(a) it cannot be carried out the liquidation of the Department of special drawing rights only by a decision of the Board of Governors. In an emergency, if the Governing Council decides that it may be necessary to liquidate the Special Drawing Rights Department, it may, pending a decision of the Board of Governors, temporarily suspend allowances, cancellations and all operations and transactions in special drawing rights. If the Board of Governors decides the liquidation of the Fund, its decision implies the liquidation of both the general Department and the Department of speciaux.b drawing rights) if the Board of Governors decides to liquidate the Department of rights special drawing, all allowances or cancellations of special drawing rights and all operations and special drawing rights transactions except those which concern the orderly settlement of obligations of participants and the Fund relative to the special drawing rights cease; all obligations relating to special drawing rights assumed by the Fund and by the participants under these statutes continue also, except those stated in this article, to the art. XX, to the by. (d) of art. XXI, in art. XXIV, to the by. (c) of art. XXIX and Annex H, as well as in any agreement whereby they managed under art. (XXIV, subject to the provisions of the par.e 4 of Annex H, and annex I.c) when the liquidation of the Department of special drawing rights, interest and fees accrued to the date of the wind-up and levies fixed before that date, but not yet paid, settled in special drawing rights. The Fund is required to redeem all special drawing rights held by holders and each participant is required to pay to the Fund an amount equal to its net cumulative allocation of special drawing rights increased by all other amounts payable due to his participation in the Department of speciaux.d drawing rights) the liquidation of the Special Drawing Rights Department is made as provided in annex I.

Art. XXVI withdrawal Section 1: Right of withdrawal of States any Member State may withdraw from the Fund at any time in notifying him in writing his decision, addressed to the headquarters of the Fund. The withdrawal takes effect on the date of receipt of the notification.
Section 2: Compulsory set-aside was) If a Member State is missing one of its obligations in respect of the present statutes, the Fund may declare ineligible to use the general resources of the Fund. Nothing in this section shall limit the scope of the provisions of section 5 of art. V, or section 1 of art. VI.b) If, after expiry of a reasonable period opened with a declaration of inadmissibility referred to the by. (a) above, the Member State continues to do not fill one of its obligations in respect of the present statutes, the Fund may, by a decision taken by a majority of 70% of the total voting power, suspend the voting rights of the Member State. The provisions of Appendix L during the suspension period. The Fund may, by a decision taken by a majority of 70% of the total voting power, revoke at any time the suspension.c) If, after expiry of a reasonable period opened by a decision of suspension referred to the by. (b) above, the Member State continues to not fulfill one of its obligations in respect of the present statutes, it can be put on notice to withdraw from the Fund, by a decision of the Governing Council taken by a majority of Governors with 85% of the total of attribuees.d votes) regulations must be adopted, which will ensure that, before making one of the measures against a Member State to the by. a, b or c above, the Fund will inform, in reasonable time, the complaints against him and will give him the opportunity to express its views both orally that in writing.

New content according to the amendment of June 28, 1990, in force for Switzerland since Nov. 11. 1992 (RO 1993 2351).

Art. XXVII. provisions of Section 1 exception: Temporary Suspension has) in serious circumstances or unforeseen, likely to jeopardize the activities of the Fund, the Board of Directors may, by a majority of 85% of the total voting power, suspend the application of any provision in the listing below for one year at the most,: i) Sections 2, 3, 7 and 8, by. (a), (i) and e), art. V, ii) Section 2 of art. VI; iii) Section 1 of art. XI, iv) by. 5 of Appendix C.

(b) the application of one any of the provisions in the by. (a) above may be suspended for more than one year, except by the Board of Governors which, by a majority of 85% of the total number of votes attributed, may extend the suspension for a further maximum period of two years, if it finds that the circumstances serious or unexpected referred to the by. (a) above exist toujours.c) the governing body may, by a decision taken by a majority of the voting power, at any end time to a suspension.d) the Fund may adopt regulations relating to the purpose of a provision during the period where the application of that provision is suspended.

Section 2: Liquidation of the Fund has) it cannot be carried out the liquidation of the Fund only by a decision of the Board of Governors. If in serious circumstances, the Board of Directors decides that it may be necessary to liquidate the Fund, it may temporarily suspend all operations and transactions, pending the decision of the Council of the gouverneurs.b) if the Board of Governors decides to proceed to the liquidation of the Fund, it must immediately stop any activity that is not intended recovery and liquidation of its assets and the settlement of its liabilities ordered all the obligations of the Member States to the title present statutes shall cease, except those that result from this section, of the by. (c) of art. XXIX, of by. 7 of Appendix J, and Annex K.c) liquidation must be carried out according to the procedure laid down in Appendix K.

Art. XXVIII amendments has) any proposal to make changes to these statutes, it originates from a State Member, a Governor or the Board of Directors, is communicated to the President of the Board of Governors who shall submit it to the Board of Governors. If the Council approves the proposed amendment, the Fund, by circular letter or telegram, asked all Member States whether they accept the proposed amendment. When three-fifths of the Member States with 85% of the total voting power have accepted the proposed amendment, the Fund gives Act by official communication addressed to all States membres.b) Notwithstanding the provisions of the by. (a) above, the consent of all Member States is required for any amendment modifying: i) the right to withdraw from the Fund (section 1 of art. (XXVI); ii) available whereby the share of a Member State cannot be changed without his consent (section 2, para. d), art. (III); III) available that the parity of the currency of a Member State cannot be modified on the proposal of Member State (para. 6 of Annex C).

(c) the amendments will come into force, for all members, three months after the date of the official communication, unless the circular letter or telegram specifies a shorter period.

Art. XXIX Interpretation


(a) any question of interpretation of the provisions of these statutes that would arise between any member and the Fund or between States members is subject to the Board of Directors for decision. If the issue particularly affects any member not entitled to appoint an administrator, this Member State has the right to be represented in accordance with section 3, by. (j), art. XII.b) in all cases where the Board made a decision according to the by. (a) above, any Member may request, within three months following the date of this decision, that the question be referred to the Board of Governors, whose decision is final. Any matter brought before the Board of Governors is reviewed by a Committee of interpretation of the Board of Governors. Each of the members of this Committee has a vote. The Board of Governors determines the composition of the Committee, the procedures to be followed and the majorities required for its votes. Any decision adopted by the Committee is a decision of the Board of Governors, unless it decides otherwise by a majority of 85% of the total voting power. En_attendant_que the Council of Governors, the Fund may, to the extent where it deems it necessary, act in accordance with the decision of the Board of administration.c) any dispute which arises between the Fund and any Member who retired or, during the liquidation of the Fund, between it and a Member State, is subject to a tribunal composed of three arbitrators : one designated by the Fund, the second by the Member State or the former Member State, the third being an umpire appointed, unless the parties agree otherwise, by the President of the International Court of justice or by such other authority that may provide a regulation adopted by the Fund. The umpire has full power to settle all questions of procedure on which the parties may not agree.

Art. XXX explanation of the terms used for the interpretation of the provisions of these statutes, the Fund and its Member States should be based on the following: has) assets of the Fund in the currency of a Member State to the general resources account include all securities accepted by the Fund, in accordance with section 4 of art. (Iii) stand-by arrangement, means a decision whereby the Fund give a Member State insurance, in accordance with that decision, he can make purchases in the from the general resources account for a specified period and up to a maximum specifie.c) purchase in the reserve tranche, it means the purchase by a Member State of SDR or currency of another Member State in Exchange for its own currency, that does not result in the assets of the Fund in the currency of that Member State which are held in the account of general resources at a rate greater than the share of the Member State. However, for the purposes of this definition, the Fund may exclude purchases and assets to the title: i) of policies related to the use of its general resources for compensatory financing of fluctuations exports; ii) policies related to the use of its general resources for the financing of contributions to the international buffer stocks of primary products; etiii) III) other policies related to the use of its resources, when the Fund, by a majority of 85% of the total number of the voting power, decides to exclude them.

(d) payments for current transactions, means payments who do not object to the transfer of capital; They include: 1) all payments in respect of trade and other common operations, including services and facilities normal short-term Bank and credit; 2) payments due in respect of interest on loans or income from other investments; 3) payments to a moderate amount for amortization of loans or direct investment; 4) remittances an amount moderate for family expenses.

The Fund may, after consultation with interested Member States, decide if certain specific transactions should be considered current or capital transactions.
(e) net cumulative allocation of special drawing rights, means the whole of special drawing rights allocated to a participant, minus those that were cancelled in the title of section 2, by. (a) art. XVIII.f) freely usable currency, means the currency of a Member State of which the Fund decides that she is i), in fact, widely used to settle international, and ii) commonly traded transactions in the major markets of the changes.g) "Member States who were members on August 31, 1975" are deemed understand any Member which has accepted membership after that date (, by a resolution of admission adopted by the Board of Governors prior to the said date.h) transaction of the Fund means the Exchange by the Fund of monetary assets against other monetary assets; operation of the Fund, means any act whereby the Fund uses or receives assets monetaires.i) transaction on special drawing rights, means the exchange of special drawing rights against other monetary assets; operations on special drawing rights, means any other special drawing rights jobs.

Art. XXXI provisions finals Section 1: entry into force this agreement comes into force as soon as it is signed on behalf of the Governments with 65% of the total of the quotas listed in Annex A and the instruments referred to in section 2, by. (a) of this article are filed in their name. in any case, this agreement cannot come into effect until May 1, 1945.
Section 2: Signing a) each of the Governments on whose behalf the present agreement is signed must file with the Government of the United States of America an instrument in which he claims to have accepted this agreement in accordance with its laws and taking all necessary measures to fulfil all the obligations assumed by it under the present Accord.b) each country becomes a member of the Fund at the date of the deposit in his name of the target device to the by. (a) above, with the understanding that no country can join until the agreement comes into force under the terms of section 1 of the present article.c) the Government of the United States of America informed the Governments of all the countries listed in Appendix A, and the Governments of all the countries whose accession is approved in accordance with section 2 of art. II, signatures that have been attached to this agreement and instruments referred to the by. (a) above which have been deposes.d) at the time when this agreement is signed on behalf of each Government shall deliver to the Government of the United States of America one hundredth of 1% of the total of its subscription in gold or U.S. dollars in order to cover administrative expenses of the Fund. The Government of the United States of America holds these funds on deposit, at a special account and transfers them to the Board of Governors of the Fund when the first meeting. (If this agreement is not entered into force on December 31, 1945, the Government of the United States of America must return these funds to Governments that have verses.e) this agreement may be signed at Washington, on behalf of the Governments of the countries listed in Appendix A, to December 31, 1945.f) after December 31, 1945, this agreement may be signed on behalf of the Governments of countries whose admission has been approved in accordance with section 2 of art. (II.g) by signing this agreement, all Governments accept it in their own name as their colonies, their territories overseas territories under their protection, sovereignty or authority and all the territories in which they are a mandat.h) the by. (d) above enters into force for each signatory Government from the date of its signature. (In the original text, the following provision, concerning the signing and filing of the articles of Association, is set out following the art. XX.) in Washington, in a single copy which is deposited in the Archives of the Government of the United States of America, which must make send certified copies to the Governments listed in Annex A and to all those who will be admitted as members under the terms of the provisions of art. II, section 2.
(Follow signatures)

Appendix A assessments (in m $ US) (in mio. $ United States) Australia 200 Belgium 225 Bolivia 10 Brazil 150 Canada 300 Chile 50 China 550 Colombia 50 Costa Rica 5 Cuba 50 Denmark *-Egypt 45 El El Salvador 2.5 Ecuador 5 United States 2750 Ethiopia 6 France 450 Greece 40 Guatemala 5 Haiti 5 Honduras 2.5 India 400 Iraq 8 Iran 25 Iceland 1 Liberia 0.5 Luxembourg 10 Mexico 90 Nicaragua 2 New Zealand 50 Norway 50 Panama Paraguay 2 Netherlands 275 Peru 25 0.5

Philippines 15 Poland 125 Dominican Republic 5 United Kingdom 1300 Czechoslovakia 125 Union of South Africa, Union of Soviet Socialist Republics 1200 Uruguay 15 Venezuela 100


15 Yugoslavia 60 * the share of the Denmark will be set by the Fund after that the Danish Government will be willing to sign this agreement, but without waiting for his signature.

State on June 20, 2014 Annex B transitional provisions concerning the redemption, the payment of additional subscriptions, gold and some operational issues 1. Member States who have contracted obligations arising from section 7, redemption by. (b), art. V, previously to the date of the second amendment of statutes and who are in are not paid on that date, must do so by the date or dates at which they were required to pay, in accordance with the provisions of these statutes before the second amendment.
2. the Member State must fulfil in special drawing rights of any obligation to pay gold to the Fund under a subscription or a redemption, which he would not have met at the date of the second amendment, but the Fund may prescribe that these payments can be made in whole or in part, in currencies other member specified by him. A non has to pay in currencies other Member States specified by the Fund of an obligation that must be paid in special drawing rights under this provision.
3. for the purposes of the by. 2 above, an amount of 0.888 671 gram of fine gold will be equivalent to special drawing right. the amount of money that must be paid in respect of the by. 2 will be determined on this basis and on the basis of the value of the currency expressed in special drawing rights to the settlement date.
4. the currency of a Member State assets held by the Fund at the date of the second amendment to these statutes above 75% of the share of the Member State and who are not subject to the obligation of redemption by virtue of the by. 1 above are redeemed in accordance with the following rules: i) the assets resulting from a purchase are redeemed in accordance with the policy on the use of the general resources of the Fund in which the purchase was fait.ii) other assets are redeemed at the latest four years after the date of the second amendment of the Constitution.

5. the repurchase from the title of the by. 1 above which does not apply the by. 2, targeted buyouts at the by. 4 and the specification of currencies scheduled to the by. 2 above will be in accordance with the provisions of section 7, by. (i), art. V. 6. The rules and regulations, rates, procedures and decisions in force at the date of the second amendment to these statutes remain in force until they are amended in accordance with the provisions of these statutes.
7. as far as measures having an effect equivalent to the measures referred to in the by. (a) and (b) below are not applied before the date of the second amendment to these statutes, the Fund must a) sale, up to a maximum of 25 million ounces of fine gold, gold held by it on August 31, 1975, to those Member States who were members on that date and that agree to buy, in amounts proportionate to their contributions to the aforementioned date. Any sale to a Member State under the present al. (a) must be paid in its currency at an equivalent price, at the time of the sale, a special drawing for 0.888 right 671 gram of fine gold; ETB) sell, up to a maximum of 25 million ounces of fine gold, gold held by him on August 31, 1975, to the benefit of the developing Member States who were members on that date, heard however that the proportion of any profit or any gains on gold corresponding to the percentage that is, on August 31, 1975, the share of such Member State in the total of the quotas of all members at this time is transferred directly to each of those States members. The obligation imposed on the Fund, in some cases, under the terms of section 12, by. (c) art. V consult a Member State, to obtain the consent of a Member State or to exchange the currency of a Member State against the currencies of other Member States also applies to the currency received by the Fund as a result of sales of gold made under this provision, other than sales to a State member in Exchange for its own currency , and scope to the general resources account.

When it sells gold in accordance with the provisions of the present by. 7, the Fund bears to the from the general resources account an amount of the proceeds of the sale in the currencies received equivalent at the time of sale, to 0.888 special drawing right 671 gram of fine gold, the other assets held by the Fund under arrangements have taken place under para. (b) above are not counted with the general resources of the Fund. The assets that the Fund maintained a right of disposal at the end of the arrangements have taken place under para. (b) above are transferred to the special disbursement account.

State on June 20, 2014 Annex C parities 1. The Fund shall notify the States members that the parities can be established for the purposes of these statutes, in accordance with the provisions of sections 1, 3, 4 and 5 of art. IV, and of this annex, compared to the special drawing right or any other common denominator prescribed by the Fund. The common denominator may be gold or a currency.
2. the Member State which intends to establish a parity for its currency offers a parity to the Fund within a reasonable time after the notice given in accordance with the by. 1 above.
3. the Member State which has no intention to establish a parity for its currency, according to the by. 1 above, should enter into consultation with the funds and ensure that the provisions that apply in Exchange are consistent with the purposes of the Fund and allow that Member State to fulfil its obligations in respect of section 1 of art. IV. 4. The Fund must indicate its agreement on the proposed parity or objections within a reasonable time after receipt of the proposal. The proposed parity does not take effect for the purposes of these statutes if the Fund's objection, and the Member State must comply with the provisions of the by. 3 above. The Fund may not raise objections based on social policy or policies of the Member State which offers parity.
5. any Member State which establishes parity for its currency is committed, by appropriate measures according to the present statutes, to ensure that the minimum and maximum rate at which its currency is trading on its territories, in foreign exchange transactions in cash, against the currencies of other Member States who have established a parity for their currency, do not differ from parity over 4½ % or such other margin , or such other margins, the Fund may adopt by a majority of 85% of the total number of voting power.
6. a Member State must propose to change the parity of its currency for a fundamental imbalance or prevent the onset. A change can be made only on the proposal of the Member State concerned and after consultation with the Fund.
7. when an amendment is proposed, the Fund must indicate that he approves the proposed parity or objections within a reasonable time after receipt of the proposal. The Fund indicates his agreement if it finds that the change is necessary to correct a fundamental imbalance or prevent the onset. The Fund may not raise objections based on social policy or policies of the Member State proposing the change. The proposed parity does not take effect for the purposes of these statutes if the Fund's objection. The provisions of section 2 of art. XXVI are applicable to any Member State that changes the parity of its currency despite the objections of the Fund. The Fund should deter Member States to maintain an unrealistic parity.
8. the parity of the currency of a Member State established in accordance with the provisions of these statutes ceases to exist for the purposes of these statutes if the Member State informs the Fund of its intention to put an end to this parity. The Fund may make objection to the deletion of a parity by a decision taken by a majority of 85% of the total voting power. The provisions of section 2 of art. XXVI are applicable to any Member State which puts an end to the parity of its currency despite the objection of the Fund. The parity of the currency of a Member State established in accordance with the provisions of these statutes ceases to exist for the purposes of these statutes if that Member State puts an end despite the objection of the funds, or if the Fund finds that the Member State does not rate to a significant volume of transactions of Exchange in accordance with the provisions of the by. 5 above, on the understanding that the Fund made such a finding that after consulting the State Member and him having notified, with sixty days ' notice, its intention to consider making such a finding.
9. If the parity of the currency of a Member State ceases to exist under the provisions of the by. 8 above, that Member State shall enter into consultation with the funds and ensure that the provisions that apply in Exchange are compatible with the purposes of the Fund and allow that Member State to fulfil its obligations in respect of section 1 of art. IV.

10. when the parity of the currency of a Member State has ceased to exist according to the by. 8 above, that Member State may, at any time, propose a new parity for its currency.
11. Notwithstanding the provisions of the by. 6 above, the Fund may, by a majority of 70% of the total voting power, change in uniform proportions all parities, if the special drawing right is the common denominator and if the change does not affect the value of the special drawing right. However, the parity of the currency of a Member State is not changed in application of this provision if, within seven days following the decision of the Fund, the Member State shall notify the Fund that he does not want that the parity of its currency be amended by this decision.

State on June 20, 2014 Appendix D College 1. (a) each Member State who appoints an administrator and each group of Member States who charge a Director elected to express the number of votes attributed to him called College counsel, who must be a Governor, a Minister of the Government of a Member State or a person of comparable rank, and may appoint at most seven associated. A majority of 85% of the total number of voting power, the Board of Governors may change the number of members to be appointed. The Advisor or associate head until his successor is appointed or until the next regular election of Directors if it takes place before the nomination.b) administrators or, in their absence, their deputies, and associates have the right to attend meetings of the College unless it decides to hold a restricted meeting. Each Member State and each group of Member States who appoints an Advisor appoints a Deputy, who has the right to attend meetings of the College in the absence of the Adviser and who is authorized to act in his place and site2. (a) the College monitors the management and adaptation of the international monetary system, including the continuous functioning of the adjustment process and evolution of global liquidity and, in this regard, it follows the evolution of the transfer of real resources to developing countries developpement.b) the College examines the proposals of amendment to the articles of Association in accordance with the by. (a) art. XXVIII.3. a) the Board of Governors may delegate the powers of the Board of Governors, except that these statutes directly confer on the Council of the gouverneurs.b College) each Councillor is empowered to express the number of votes assigned by section 5 of art. XII to the Member State or the Group of Member States who will be appointed to him. Counsel appointed by a group of Member States can express separately the votes attributed to each Member State of the group. If the number of votes allocated to a Member State cannot be expressed by an administrator, that Member State may agree with counsel that it will express the number of votes attributed to the membre.c State) the College may take, in the exercise of the powers which have been delegated to it by the Board of Governors, decision incompatible with a decision by the latter; the Board of Directors may take, .in the exercise of the powers which have been delegated to it by the Board of Governors, decision incompatible with a decision made by it or by the College.

4. the College shall choose its president from among the Councillors, adopt regulations as it deems necessary or appropriate to perform its functions and to determine all aspects of its procedure. The College holds the meetings decided by him or called by the Board of Directors.
5. a) the College has the powers that correspond to those of the Board of Directors under the following provisions: section 2, by. ((c), f), g) and j), art. XII; section 4, by. (a) and section 4, by. c) iv) art. XVIII; section 1 of art. XXIII, and section 1, by. (a) art. XXVII.b) for decisions of the Committee on issues that are exclusively the Special Drawing Rights Department, only advisors appointed by a Member State having a participant have the right to vote. Each of these Councillors can express the number of votes attributed to the participating Member State that appointed him or participating Member States belonging to the Group of Member States who appointed him; It may, in addition, the voice attributed to a participant with which he has agreed to, as the last sentence of section 3, provided the by. (((b) above .c) the College may, by regulation, establish a procedure whereby the Board of Directors to get a vote of Councillors on a specific meeting of the College without question when, in the opinion of the Board of Directors, the College must take a decision which cannot be postponed until the next meeting, but no reason not convening a meeting speciale.d) section 8 of art. IX apply advisors, their alternates and the partners as well as to any other person entitled to attend a meeting of the College.e) for the purposes of the by. (b) preceding and per. (b) of section 3 above, an agreement made under section 3, by. (i) ii) of art. XII, by a Member State, or by a Member State having the quality of participant, empowers an advisor to vote and express the number of votes attributed to the membre.f State) when an administrator is empowered to exercise the vote allocated to a Member State under section 3 i) v) art. XII, the adviser appointed by the group whose members have elected administrator will be able to vote and express the voices allocated to that Member State. The Member State shall be deemed having participated in the appointment of the authorized to vote and express the voices allocated to that Member State.

6. the first sentence of section 2, by. (a) art. XII shall contain a reference to the College.

Introduced by the amendment of June 28, 1990, in force for Switzerland since Nov. 11. 1992 (RO 1993 2351).

State on June 20, 2014 Annex E Election of Directors 1. The elected directors are elected by the votes of Governors admitted to vote.
2. in the election of the elected directors, each of the Governors admitted to vote gives only one all the voices available to it under section 5, by. (a) art. XII. fifteen candidates who collect the largest number of votes are elected, provided that no person shall be deemed elected if he has not received at least 4% of the vote likely to be expressed (vote counting for the election).
((3 if there is not fifteen elected on the first ballot, a second round, in which only will take part in the vote a) governors who voted in the first round for a person who has not been elected and b) Governors whose votes given to an elected official are considered, will be conducted according to the by. 4 below, as having increased the number of votes obtained by the candidate elected to more than 9% of the vote counting for the election. If, in the second round, there are more candidates than of Directors to be elected, the person who received the smallest number of votes in the first round is ineligible for the second.
4. to determine if the votes cast by a Governor must be regarded as having brought the total number of votes obtained by a person to more than 9% of the vote counting for the election, should be considered these 9% as including the voices of the Governor who has expressed the greatest number first, then those of the Governor who has expressed the immediately lower number , and so on until the 9% are achieved.
5. any Governor that a fraction of the votes must be counted to bring the total of the votes collected by an elected official to over 4% is considered giving all his voice even if the total of the votes cast in favour of this one is, thereby, exceed 9%.
6. If, after the second round, fifteen candidates are not elected, it is carried under the same conditions, to additional polls until fifteen candidates are elected, provided that after the election of 14 directors, the fifteenth can be validly elected by a majority of the remaining votes and will be considered elected to the totality of such voices.

State on June 20, 2014 Annex F Designation during first base period, the designation rules are the following: has) the participants likely to be designated under section 5, by. (a) i), art. XIX will be for amounts likely to promote the gradual equalization of the relationship between amount whose holdings of special drawing rights of participants exceed their net cumulative allocations and their official holdings of gold and devises.b) the application form of the by. (a) above should be such that likely to be designated participants.

(i) for amounts proportional to their official holdings of gold and foreign currency when reports referred to the by. (a) above are equal; II) so as to gradually reduce the difference between targeted reports to the by. (a) above who are weak and those who are high.

State on June 20, 2014 Annex G reconstruction 1. During the first period of basic rules of replenishment are:


(a) i) each participant must use and replenish its holdings of special drawing rights so that the most recent five years after the first allocation, and at the end of each quarter that follows, the average of the total amount of its assets daily SDR during the five-year period is not less than 30% of the average of his cumulative net daily allowance of SDR during said period.
(ii) two years after the first allocation, and at the end of each month that will follow, the Fund must perform calculations for each participant to determine if the participant must acquire special drawing rights - and, if so, what amount - between the date when the calculation of the expiry of a five-year period some to comply with the provision of para. (i) above. The Fund must fix, by regulation, the basis on which these calculations as well as the time to intervene the designation of participants to the title of section 5, are made by. (a) ii) art. XIX, to help them comply with the provision of para. (i) above d'utilisation) the Fund shall inform, by special notice, the participant when the calculations referred to in para. (ii) above indicate that it is unlikely that this participant to comply with the provisions of para. (i) above, unless it ceases to make use of special drawing rights for the remainder of the period for which the calculations were made in accordance with para. ((ii) above .iv) a participant who needs to acquire special drawing rights to fulfil this obligation is required to get them, and has the right to do that, against a currency acceptable by the Fund, in a transaction with the Fund through the general resources account. If it is not possible to obtain a sufficient amount of special drawing rights to fulfil its obligation, the participant is required to obtain and has the right to do that against a currency freely usable with a participant designated by the Fund.

(b) the participants also take due account of what it is desirable that they manage gradually to a balance between their holdings of special drawing rights and other reserves.

2. If a participant does not conform to the rules of reconstruction, it is for the Fund to determine if there is reason to apply the suspension provided for in section 2, by. (b), art. XXIII. State on June 20, 2014 Appendix H termination of participation 1. If the compensation provided for in section 2, by. (b), art. XXIV ended in an obligation to the participant who withdraws and if no relative to the settlement of accounts between the Fund and the participant who withdraws agreement within six months following the date of termination of membership, the Fund must buy back this balance of special drawing rights by equal semi-annual instalments over a maximum period of five years from the date of termination of membership. Fund bought this balance, at its option, (a) by paying to the participant who withdraws the amounts provided to the Fund by the remaining participants, in accordance with the provisions of section 5 of art. XXIV, or b) by allowing the participant who retires to use its special drawing rights to obtain its own currency or a currency freely usable with a participant designated by the Fund, or any other keeper general resources account.
2. If the compensation provided for in section 2, by. (b), art. XXIV ended in an obligation to the Fund and if no relative to the clearance of accounts agreement within six months following the date of termination of membership, the Member who withdraws fulfils this obligation in equal semi-annual payments staggered over a period of three years from the date of termination of membership or any longer period that may fix the Fund. The participant who withdraws fulfills this obligation, in the choice of the Fund, a) by pouring a freely usable currency, or b) by obtaining, in accordance with the provisions of section 6 of the art Fund. XXIV, with the account of general resources, or in agreement with a participant designated by the Fund or with any other holder of special drawing rights which will come in deduction of the amounts due.
3. the payments provided for in the by. 1 or 2 above are due, in the first six months after the date of termination of membership and the following at six month intervals.
4. If the Department of special drawing rights is put into liquidation under art. XXV in the six months following the date on which a participant put an end to his participation, the settlement of accounts between the Fund and the Government of the participant is performed in accordance with the provisions of art. XXV and of annex I.

State on June 20, 2014 annex I to liquidation of the Department of special drawing rights 1. In case of liquidation of the Special Drawing Rights Department, participants fulfilling their obligations to the Fund in 10 semi-annual payments, or within such longer period that the Fund may find it necessary, to payments being made in freely usable currencies and currencies of participants holding special drawing rights which must be redeemed in a payment up to the amount of this purchase as in will be determined the Fund. The first semi-annual payment will be made six months after the date of the decision to liquidate the Special Drawing Rights Department.
2. If the liquidation of the Fund is decided within six months following the decision to liquidate the Special Drawing Rights Department, the liquidation of the Special Drawing Rights Department is suspended until the special drawing rights held in the account of general resources are distributed according to the following rule: after the planned distributions to the by. 2 (a) and b) of Schedule K, the Fund distributes the special drawing rights held in the account of general resources between all Member States with a participant, in proportion to the amount due to each of them after the targeted distribution to the by. (2B). To determine the amount due to each Member State for the purposes of the distribution of the rest of its holdings of each currency in virtue of by. 2 (d) of Schedule K, the funds deducted special drawing rights distributed in application of this rule.
3. the Fund uses amounts received in respect of the by. 1 above to redeem their holders rights special drawing modalities and in the following order: has) the special drawing rights held by Member States whose participation has been more than six months before the decision of the Board of Governors to liquidate the Special Drawing Rights Department are redeemed in accordance with the terms of an agreement concluded under art. XXIV or Schedule H.b) special drawing rights whose holders have not the quality of participant are redeemed before those held by the participants, and in proportion to the amount held by each detenteur.c). the Fund determines the report of special drawing rights held by each participant to its net cumulative allocation. The Fund first bought special drawing rights of the participants for which report is the higher, until this report is reduced to the level of one who comes second. the Fund then buys special drawing rights held by these participants, in proportion to their net cumulative allocation, until this report is reduced to the level of one who comes third in the this process continued until the exhaustion of the amount available for buybacks.

4. any amount that a participant is entitled to receive in respect of a redemption in virtue of by. 3 above is deductible from any amount payable to the title of the by. 1 above.
5. during the liquidation, the Fund pays interest on special drawing rights amounts in possession of holders, and each participant pays commissions calculated on the amount of its net cumulative allocation of SDR declined any payment which has been made to the title of the by. 1 above. The rate of interest and commissions as well as the dates to which they must be paid are set by the Fund. Interest and commissions are paid as much as possible, in special drawing rights. A participant who does not hold a sufficient amount of special drawing rights to fulfil commissions payable shall pay in a currency specified by the Fund. Insofar as they are necessary to cover the cost of administration, received as commission special drawing rights are not used for the payment of interest, but are transferred to the Fund and bought the first with currencies that uses the funds to cover its expenses.
6. as long as a participant has not made any payment due under the by. 1 or 5 above, it receives no compensation in the amount of per. 3 or 5 above.

7. If, after that the last payments were made to the participants, the relationship between holdings of special drawing rights of the participants and their net cumulative allocation is not the same for all participants who are not in default, participants with the lowest report purchase to those who have the highest ratio in accordance with the provisions established by the Fund, amounts which will make equal relationships between holdings of special drawing rights and net cumulative allocations. Any participant in default pay to the Fund in its own currency an amount equal to that for which it is failing. The Fund distributes the amount in that currency and the remaining receivables between participants, proportionately to the amount of special drawing rights held by each of them, and these special drawing rights are cancelled. The Fund then closing the accounts of the Special Drawing Rights Department, and all of its obligations arising from allocations of drawing rights special and administration of the Department of special drawing rights are extinct.
8. any participant whose currency is distributed to other participants in the title of this annex shall guarantee free use at anytime for the purchase of goods or the payment of sums due both to himself than to persons residing on its territory. All participants subject to this obligation to compensate other participants for any loss resulting from the difference between the value of that currency by the Fund at the time where he distributed it to the title of the annex and the value these participants receive when they use it.

State on June 20, 2014 Appendix J settlement of accounts with the Member States who withdraw 1. With respect to the general resources account, the settlement of accounts is done in accordance with the provisions of by. 1 to 6 of this annex. The Fund is required to pay to any Member State that withdraws an amount equal to its share, plus what it owes and reduced by what is owed, including fees that become payable after its withdrawal. But no payment is made before the expiry of a period of six months from the date of the withdrawal. Payments are made in the currency of the Member State which withdraws from the institution and, to this end, the Fund may transfer to the general resources account assets in the currency of the Member State held to the disbursement account special or the investment account, in Exchange for an amount of currencies other Member States held in the general resources account and selected by the Fund with the approval of the Member States.
2. If the assets of the Fund in the currency of the Member State which withdraws do not allow the Fund to pay the net amount owing to that Member State, the balance is paid in a freely usable currency or in any other way which may be agreed upon. If it does not have an agreement with the Member State which withdraws from the institution in the six months that follow, the Fund pays immediately to the Member State the amount of currency it holds. The balance due is paid in 10 semi-annual payments over the next five years. Each payment is made, at the option of the Fund, either in the currency of the State acquired since its withdrawal, freely usable currency.
3 If the Fund fails one of the payments referred to in the preceding paragraphs, the Member State which withdraws from the organisation can ask him to make the payment in one of the currencies held by the Fund, with the exception of all currencies declared rare under the terms of section 3 of art. VII. 4. If the assets of the Fund in the currency of a Member State which withdraws from the organisation exceed the amount that is due, and if the parties are not being agree on the method of settlement of accounts in the six months following the withdrawal, the Member State is required to redeem the excess of his money in Exchange for a freely usable currency. The purchase is made at the rate that the Fund would apply if he was selling these currencies at the time of the withdrawal. The Member State must complete the purchase within five years following the date of the withdrawal or within such longer period that may fix the Fund. It is not required to buy in one semester more than a tenth of the surplus assets of the Fund in its currency at the date of the withdrawal, increased the subsequent acquisitions of this currency in the said six months. If the Member State fails in this duty, the Fund can liquidate, in any market, in an orderly manner, the amount of currency that should be bought.
5. any Member State wishing to get the currency of a Member State which withdraws from the organisation must buy it to the Fund, provided that the buyer is entitled to use the general resources of the Fund and that this money is available under the terms of the by. 4 above.
6. the Member State which withdraws from the Fund guarantees the free use, at any time, money transferred to you under the by. 4 and 5 above for the purchase of goods or the payment of sums due both to himself than to persons residing on its territory. It compensates Fund for any loss resulting from the difference between the value of its currency in special drawing rights to the date of the withdrawal and the value in special drawing rights that will get the funds when it will sell under the terms of by. 4 and 5 above.
7. If the Member State which withdraws is a debtor because of transactions conducted through the account of special payments under the Fund of the by. ((f) (ii) of section 12 of the art. V, its debt is paid according to the terms of the debt.
8. If it holds to the disbursement account special or the investment account, in the currency of the Member State which withdraws, the Fund may, in an orderly manner, exchange market against currencies other Member States, the amount of the currency of that Member State that remains in each of these two accounts after the intended use to the by. 1; the product of the exchange of the amount in each account will be stored in this account. The provisions of the by. 5 and the last sentence of the by. 6 above apply to the currency of the Member State which withdraws from the institution.
9. If it holds on behalf of special payments, in accordance with section 12, by. (h), art. V, or to the investment account, bonds issued by the Member State which withdraws from the institution, the funds can either keep them until maturity, or carry out them earlier. The provisions of the by. 8 above apply to the proceeds from this divestment.
10. If the liquidation of the Fund shall be decided under the terms of section 2 of art. XXVII in the six months following the date of the withdrawal of the Member State, the accounts between the Fund and Member State are in accordance with the provisions of section 2 of art. XXVII and Annex K.

On June 20, 2014 State Schedule K liquidation Procedure 1. In case of liquidation of the Fund, the commitments of the organization other than the refund of subscriptions have priority in the distribution of its assets. To deal with each of these commitments, the Fund uses its assets in the following order: a) the currency in which the commitment must be set; b) Gold; c) other currencies in proportion, as much as possible, to the quotas of the Member States.

2. when the commitments of the Fund are set according to the by. 1 above, the balance of the assets of the Fund is distributed and divided as follows: has) i) the Fund calculates the value of the gold it held on August 31, 1975 and still holds to the date of the decision to liquidate, in accordance with the by. 9 below and on the basis of 0.888 671 gram of fine gold for a special drawing to the date of the wind up right. Gold equivalent to the excess of the first evaluation compared to the second is divided between Member States who were members on August 31, 1975, in proportion to their contributions to this date.
(ii) the Fund distributes all assets held in the account of special payments on the date of the decision of liquidation in the Member States which were members of the Fund as at 31 August 1975, proportionally to their contributions on that date. Each type of asset will be distributed to Member States in the same proportions.
(b) the Fund distributes the rest of its gold holdings to the Member States in the currency in which it holds an amount less than their share, and proportional but no greater than the amount by which their share exceeds the assets of the Fund in their monnaie.c) the trust shall provide each Member State with half of its assets in its currency, the amount so awarded more than not 50% of its quote-part.d) the Fund distributes i) the rest of its assets in Gold and each currency between all the Member States in proportion to the amount due to each of them after the distributions provided in paras. ((b) and (c) above, and up to this amount, being understood that the targeted distribution to the by. 2, al. (a), above is not taken into account to determine the amounts due, IATT) any surplus assets and gold in each currency between all States members, in proportion to their assessed contributions.


3. each Member State buy back its currency amounts that have been attributed to other States under the terms of the by. 2, al. (d), above, and in the three months following the decision to liquidate, begins to agree with the Fund on an orderly procedure that will be used for this purchase.
4. If within the three months deadline to the by. 3 above, the Member State is not reached an agreement with the Fund, it uses currencies from other Member States, which have been attributed to this Member State in virtue of by. 2, al. (d), above, to redeem the amount of its currency which was attributed to other Member States. Currencies allocated to a Member State which has not reached an agreement with the Fund are used, as much as possible, to buy back its currency amounts attributed to the Member States who began to agree with the Fund under the terms of the by. 3 above.
5. If a Member State is reached an agreement with the Fund under the terms of the by. 3 above, the Fund employs the currencies of Member States which it awarded to State under the terms of the by. 2, al. (d) above to buy the amount of the currency of that Member State, which has been attributed to Member States who began to agree with the Fund under the terms of the by. 3 above. Any amount so redeemed is in Exchange for the currency of the Member State to which it was assigned.
6. after having applied the provisions of the preceding paragraphs, the Fund pays to each State the residue of the currencies held to his account.
7 each of Member States whose currency is circulated to States in virtue of by. 6 above will have to buy it back in the currency of the Member State requesting the redemption, or in any other way that they will be agreed. Unless the Member States concerned agree otherwise, the Member State which has the obligation to buy back its currency must do so within the five years following the distribution, but it is not required to buy in one semester more than a tenth of the amount allocated to each of the other Member States. If the Member State fails to this obligation, the amount that should have been bought can be wound up neatly in any market.
8 each of Member States whose currency is circulated to other countries under the terms of the by. 6 above ensures free use at any time, for the purchase of goods or the payment of sums due both to himself than to persons residing on its territory. Each of the States subject to this obligation should be to compensate Member States for any loss resulting from the difference between the value of its currency in special drawing rights to the date of the decision of liquidation of the Fund and the value in special drawing rights to get the Member States when they use this currency.
9. for the purposes of this annex, the Fund determines the value of the gold on the basis of the market prices.
10. for the purposes of this annex, the assessments are considered have been increased to the extent where they could be in accordance with the provisions of section 2, by. (b), art. III of this Constitution.

State on June 20, 2014 Annex L Suspension of voting rights in the event of suspension of the voting rights of a Member State under section 2 b of art. XXVI, the provisions below apply: 1. the Member State shall not: a) participate in the adoption of a draft amendment to the statutes or be taken into account in the total number of Member States to this effect, unless the amendment must be accepted by all the Member States in application of art. XXVIII, by. b, or door exclusively on the Special Drawing Rights Department; b) appoint a Governor or a Governor acting, appoint an adviser or counsel acting, or participate in their appointment, appoint an administrator, elect an or participate in its election.

2. the voice attributed to the Member State can be expressed in any body of the Fund. They are not taken into account in the calculation of the total number of voting power, except for the purpose: has) the acceptance of a draft amendment on exclusively on the Special Drawing Rights Department. ETB) the calculation of the voices of basis in accordance with section 5, by. (a) al. (i), art. XII.3. has) the Governor appointed by the State Member and his alternate cease to exercise their fonctions.b) Advisor and Deputy Advisor appointed by the Member State, or the appointment of which the State participated, cease to perform their duties, provided that, if that counsel was entitled to express the number of votes attributed to other Member States whose voting rights have been suspended Another Advisor and one other alternate shall be appointed by those States in accordance with Annex D and, pending this appointment, the Advisor and his Deputy will remain in service, but only for a period of thirty days from the date of the suspension.c) the administrator appointed or elected by the Member State, or at the election to which the Member State has participated ceases to hold office, except if this administrator was authorized to express the number of votes attributed to other Member States whose voting rights have been suspended. In the latter case: i) if there is more than ninety days before the next regular election of Directors, another Director will be elected by a majority of the votes cast by those other Member States for the period remaining. pending this election, appointed or elected administrator will remain in office, but only for a period of thirty days from the date of the suspension; ii) if there are less than 90 days before the next regular election of Directors, appointed or elected administrator will continue to perform his duties during the remaining period.

4. the Member State is entitled to send a representative to attend any meeting of the Board of Governors, the college or the Board of Directors, when these meetings are dedicated to the review of an application made by that Member State or a matter that particularly concerns, but not in the meetings of the committees of these bodies, when these issues.

Introduced by the amendment of June 28, 1990 (RO 1993 2351). Update according to point 3 of the D of the Board of Governors on April 28, 2008, in force for Switzerland since March 3, 2011 (or 2012 3619).

State on June 20, 2014 Appendix M special special drawing rights Allocation to exceptional 1. Subject to paragraph 4 below, any Member State which, on 19 September 1997, participated in the Special Drawing Rights Department, will receive, the thirtieth day after the date of entry into force of the fourth amendment to these statutes, an allowance of drawing rights special which the amount will increase its net cumulative allocation of special drawing rights to 29,315788813 percent of its share to 19 September 1997 it being understood that, in the case of participants whose contributions have not been adjusted as proposed in the resolution of the Board of Governors No. 45-2, the calculation will be based on the assessment proposed in the resolution.

2. has) subject to paragraph 4 below, any country that is participating in the Department of special drawing rights after September 19, 1997, but within a period of three months from the date of his admission to the Fund, will receive an allocation of special drawing rights which the amount will be calculated in accordance with paras. ((b) and (c) below the thirtieth day after the later of the two following dates: i) either the date becomes the new Member State participating in the Special Drawing Rights Department; ii) or the date of entry into force of the fourth amendment to these statutes.

(b) for the purposes of para. (a) above, each participant will receive an amount of special drawing rights that will bring its net cumulative allocation to 29,315788813 per cent of its share on the date on which the Member State becomes participants in the Special Drawing Rights Department, after obtained adjustment: i) first, by multiplying 29,315788813 percent by the ratio between, on the one hand, the total of assessed contributions calculated according to the by. the participants referred to in para 1 above. c) below and, on the other hand, total assessments of these participants on the date on which the Member State becomes involved in the Special Drawing Rights Department; ii) Secondly, multiplying the product obtained in subpara. (i) above by the ratio between, on the one hand, the sum of net cumulative allocations of special drawing rights have received, under art. XVIII, the participants referred to in para. (c) below for the date on which the Member State becomes participating in the Department of special drawing rights, and allowances received by these participants by virtue of the by. 1, above, and, on the other hand, the total net cumulative allocations of special drawing rights have received, under art. XVIII, these participants on 19 September 1997, and allowances received by these participants by virtue of the by. 1. c) for the purposes of the adjustments to be made in accordance with para. (b) above, the participants in the Special Drawing Rights Department are the Member States that are participants in the September 19, 1997 and:

(i) continue to be participants in the Department of special drawing rights to the date the Member State becomes involved in the Special Drawing Rights Department; II) who received all the allocations made by the Fund after September 19, 1997.

3. has) subject to paragraph 4 below, if the Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds as a member of the Fund and participant in the Department of the special drawing rights to the former federative Socialist Republic of Yugoslavia in accordance with the terms and conditions set out in decision No - 10237 (92/150), adopted by the Board of Directors on December 14, 1992 She will receive an allocation of special drawing rights, whose amount will be calculated in accordance with para. ((b) below the thirtieth day after the later of the two following dates: i) either the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) assumes the estate as a member of the Fund and participant in the Department of the special drawing rights in accordance with the terms and conditions set out in decision No 10237-(92/150) ii) or the date of entry into force of the fourth amendment to this agreement.

(b) for the purposes of para. (a) above, the Federal Republic of Yugoslavia (Serbia/Montenegro) will receive an amount of special drawing rights that will bring its net cumulative allocation to 29,315788813 per cent of the share that was offered to him under the terms of the by. 3 (c) of the decision of the Board of Directors no. 10237-(92/150), after adjustment according to the by. 2, al. ((b) ii) and c), above, to the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) becomes eligible to receive an allowance under para. (a) above.

4. the Fund allocate no special drawing rights to the title of this annex to the participants who, prior to the date of the allocation, he notified in writing that they do not want to receive allocation.
5. has) If, on the date when an allocation is made to a participant by virtue of by. 1, 2 or 3 above, the participant of unpaid in respect of obligations to the Fund, the special drawing rights thus allocated are deposited and held in a blocked account to the Special Drawing Rights Department and they are made available to the participant once settled all of its outstanding obligations to the Fonds.b title) held in an escrow account special drawing rights may be made available for any use that whether and cannot be included in any calculation of allowances or holdings of special drawing rights for the purposes of the statutes, except for the calculations on the basis of this annex. If special drawing rights are held in an escrow account at the time the Member terminates its participation in the Special Drawing Rights Department, or when it is decided to liquidate the Special Drawing Rights Department, these special drawing rights are annules.c) for the purposes of this paragraph, the unpaid obligations to the Fund as are unpaid in respect of purchases and commissions to the general resources account in respect of principal and interest on loans on behalf of special payments in respect of commissions and levies in respect of commitments to the Fund as a fiduciaire.d and the Special Drawing Rights Department) subject to the provisions of this paragraph, the principle of the separation of the general Department and the Special Drawing Rights Department will be maintained the same will be preserved the unconditional nature of reserve asset of special drawing rights.

Introduced by section 2 d of the Board of Governors of Sept. 23. 1997, in force for Switzerland since August 10, 2009 (RO 2012 3619).

State on June 20, 2014 scope June 20, 2014 States parties acceptance Declaration of estate (S) entry into force Afghanistan July 14, 1955 July 14, 1955 South Africa 26 December 1945 27 December 1945 Albania 15 October 1991 15 October 1991 Algeria 26 September 1963 26 September 1963 Germany August 14, 1952 August 14, 1952 Angola 19 September 1989 September 19, 1989 Antigua - and - Barbuda 25 February 1982 25 February 1982 Saudi Arabia 26 August 1957 August 26, 1957

Argentina September 20, 1956 September 20, 1956 Armenia 28 May 1992 28 May 1992 Australia August 5, 1947 August 5, 1947 Austria 27 August 1948 August 27, 1948 Azerbaijan September 18, 1992 September 18, 1992 Bahamas August 21, 1973 August 21, 1973 Bahrain September 7, 1972 September 7, 1972 Bangladesh August 17, 1972 August 17, 1972 Barbados December 29, 1970 December 29, 1970 Belarus 10 July 1992 10 July 1992 Belgium December 27, 1945 27 December 1945 Belize 16 March

1982 16 March 1982 Benin July 10, 1963 July 10, 1963 Bhutan September 28, 1981 September 28, 1981 Bolivia 27 December 1945 27 December 1945 Bosnia and Herzegovina February 25, 1993 S 25 February 1993 Botswana July 24, 1968 July 24, 1968 Brazil 14 January 1946 January 14, 1946 Brunei 10 October 1995 10 October 1995 Bulgaria 25 September 1990 25 September 1990 Burkina Faso may 2, 1963 may 2, 1963 Burundi 28 September 1963 Cambodia 31 28 September 1963 December 1969 31 December 1969 Cameroon July 10, 1963 July 10, 1963 Canada December 27, 1945 27 December 1945 Cape - Verde 20 November 1978 20 November 1978 Chile December 31, 1945 December 31, 1945 China April 17, 1980 17 April 1980 Hong Kong June 18, 1997 1 July 1997 Cyprus 21 December 1961 December 21, 1961 Colombia 27 December 1945 27 December 1945 Comoros 21 September 1976 September 21, 1976 Congo (Brazzaville) July 10, 1963 Congo (Kinshasa) 28 July 10, 1963 September 1963 September 28, 1963 (South) Korea August 26, 1955 August 26, 1955 Costa Rica 8 January 1946 January 8, 1946 Ivory Coast 11 March 1963 March 11, 1963 Croatia 14 December 1992 S 14 December 1992 Denmark 30 March 1946 March 30, 1946 Djibouti December 29, 1978 December 29, 1978 Dominique December 12, 1978 December 12, 1978 Egypt 26 December 1945 27 December 1945 El El Salvador 14 March 1946-14 March 1946 UAE United 22 September 22, 1972 September 1972 Ecuador December 28, 1945 28 December 1945 Eritrea 6 July 1994 6 July 1994 Spain September 15, 1958 September 15, 1958 Estonia 26 May 1992 26 May 1992 United States 20 December 1945 27 December 1945 Ethiopia December 12, 1945 27 December 1945 Fiji 28 May 1971 28 May 1971 Finland 14 January 1948 January 14, 1948 France December 27, 1945 27 December 1945 Gabon September 10, 1963 September 10, 1963 Gambia September 21, 1967 September 21, 1967 Georgia

5 May 1992 5 May 1992 Ghana September 20, 1957 September 20, 1957 Greece 27 December 1945 27 December 1945 Grenade August 27, 1975 27 August 1975 Guatemala December 28, 1945 28 December 1945 Guinea September 28, 1963 September 28, 1963 Guinea Equatorial December 22, 1969 22 December 1969 Guinea - Bissau March 24, 1977 March 24, 1977 Guyana September 26, 1966 September 26, 1966 Haiti September 8, 1953 8 September 1953 Honduras December 26, 1945 27 December 1945 Hungary may 6

1982 6 May 1982 Marshall Islands 21 May 1992 May 21, 1992 India 27 December 1945 December 27, 1945 Indonesia February 21, 1967 21 February 1967 Iran 29 December 1945 29 December 1945 Iraq December 26, 1945 27 December 1945 Ireland August 8, 1957 August 8, 1957 Iceland 27 December 1945 27 December 1945 Israel July 12, 1954 July 12, 1954 Italy March 27, 1947 27 March 1947 Jamaica 21 February 1963 21 February 1963 Japan 13 August 13, 1952 August 1952 Jordan 29 August 1952 August 29, 1952 Kazakhstan 15 July 1992 15 July 1992 Kenya February 3, 1964 February 3, 1964 Kyrgyzstan may 8, 1992 8 May 1992 Kiribati June 3, 1986 3 June 1986 Kosovo June 29, 2009 June 29, 2009 Kuwait September 13, 1962 13 September 1962 Laos July 5, 1961 July 5, 1961 Lesotho July 25, 1968 July 25, 1968 Latvia 19 May 1992 May 19, 1992 Lebanon April 11, 1947 14 April 1947 Liberia

March 28, 1962 March 28, 1962 Libya 17 September 1958 September 17, 1958 Lithuania 29 April 1992 29 April 1992 Luxembourg 26 December 1945 27 December 1945 Macedonia December 14, 1992 S 14 December 1992 Madagascar 25 September 1963 25 September 1963 Malaysia March 7, 1958 March 7, 1958 Malawi July 19, 1965 July 19, 1965 Maldives January 13, 1978 January 13, 1978 Mali September 27, 1963 September 27, 1963 Malta September 11, 1968 11 September 1968 Morocco April 25

1958 25 April 1958 Maurice September 23, 1968 September 23, 1968 Mauritania September 10, 1963 September 10, 1963 Mexico December 31, 1945 December 31, 1945 Micronesia June 24, 1993 24 June 1993 Moldova 12 August 1992 August 12, 1992 Mongolia 14 February 1991 14 February 1991 Montenegro 18 January 2007 18 January 2007 Mozambique September 24, 1984 September 24, 1984 Myanmar January 3, 1952 January 3, 1952 Namibia 25 September 1990 25 September 1990 Nepal September 6, 1961 September 6

1961 Nicaragua March 14 1946 14 March 1946 Niger 24 April 1963 24 April 1963 Nigeria March 30, 1961 30 March 1961 Norway December 27, 1945 27 December 1945 New Zealand 31 August 1961 August 31, 1961


Oman December 23, 1971 23 December 1971 Uganda 27 September 1963 27 September 1963 Uzbekistan 21 September 1992 21 September 1992 Pakistan July 11, 1950 July 11, 1950 Palau December 16, 1997 December 16, 1997 Panama March 14, 1946 14 March 1946 Papua New Guinea October 9, 1975 October 9, 1975 Paraguay December 28, 1945 28 December 1945 Netherlands December 26, 1945 27 December 1945 Peru December 31, 1945 December 31, 1945 Philippines December 21, 1945 27 December 1945 Poland 12 June

1986 June 12, 1986 Portugal, on March 29, 1961 29 March 1961 Qatar 8 September 1972 September 8, 1972 Republic Central African July 10, 1963 July 10, 1963 Dominican Republic 28 December 1945 December 28, 1945 Czech Republic 1 January 1993 S 20 September 1990 Romania 15 December 1972 December 15, 1972 United Kingdom 27 December 1945 27 December 1945 Russia 1 June 1992 1 June 1992 Rwanda September 30, 1963 September 30, 1963 Sainte - Lucie November 15, 1979 November 15, 1979 Saint - Kitts - and - Nevis 15 August 1984 15 August 1984 San - Marino 23 September 1992 September 23, 1992 Saint - Vincent and the Grenadines December 28, 1979 28 December 1979 Solomon, Islands September 22, 1978 22 September 1978 Samoa 28 December 1971 28 December 1971 Sao Tome - and - principle 30 September 1977 September 30, 1977 South Africa 31 August 1962 August 31, 1962 Serbia 25 February 1993 25 February 1993 Seychelles June 30, 1977 June 30, 1977 Sierra Leone 10 September 1962 10 September 1962 Singapore August 3, 1966 3 August 1966 Slovakia

January 1, 1993 S 20 September 1990 Slovenia 14 December 1992 S 14 December 1992 Somalia August 31, 1962 August 31, 1962 Sudan September 5, 1957 September 5, 1957 South Sudan April 18, 2012 18 April 2012 Sri Lanka 29 August 1950 August 29, 1950 Sweden August 31, 1951 August 31, 1951 Switzerland may 29, 1992 29 May 1992 Suriname 27 April 1978 April 27, 1978 Swaziland, on September 22, 1969 September 22, 1969 Syria April 10, 1947 April 10

1947 Tajikistan April 27, 1993 27 April 1993 Tanzania 10 September 1962 10 September 1962 Chad July 10, 1963 July 10, 1963 Thailand 3 May 1949 3 May 1949 Timor - Leste July 23, 2002 July 23, 2002 Togo 1 August 1962 1 August 1962 Tonga 13 September 1985 13 September 1985 Trinidad and Tobago 16 September 1963 16 September 1963 Tunisia April 14, 1958 April 14, 1958 Turkmenistan September 22, 1992 22 September 1992 Turkey March 11, 1947 Tuvalu 24 March 11, 1947 June 2010 June 24, 2010 Ukraine September 3, 1992 September 3, 1992 Uruguay 11 March 1946 11 March 1946 Vanuatu 28 September 1981 September 28, 1981 Venezuela 30 December 1946 30 December 1946 Viet Nam 2 July 1976 July 2, 1976 Yemen 29 September 1969 29 September 1969 Zambia 23 September 1965 September 23, 1965 Zimbabwe, on September 29, 1980 September 29, 1980 RO 1992 2571; FF 1991 II 1121 translation of the original English text.
RO 1992 2570 RO 1992 2641, 2005 2109, 2011 1737, 2014-2459. A version of the update scope is published on the web site of the FDFA (www.dfae.admin.ch/traites).
The date of acceptance is also the date of the signature.

State on June 20, 2014

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