26 DE OUTUBRO DE 1977

64-(45)

f) Under policies and procedures which it shall adopt, the Fund may agree to provide a participant making a purchase in accordance with this section with special drawing rights instead of the currencies of other members.

Section. 4. Waiver of conditions.

The Fund may in its discretion, and on teams which safeguard its interests, waive any of the conditions prescribed in section 3-6), iii) and iv), of this article, especially in the case of members with a record of avoiding large or continuous use of the Fund's general resources. In making a waiver it shall take into consideration periodic or exceptional requirements of the member requesting the waiver. The Fund shall also take into consideration a member's willingness to pledge as collateral security acceptable assets having a value sufficient in the opinion of the Fund to protect its interests and may require as a condition of waiver the pledge of such collateral security.

Section 5. Ineligibility to use the Fund's general resources.

Whenever the Fund is of the opinion that any member is using the general resources of the Fund in a manner contrary to the purposes of the Fund, it shall present to the member a report setting forth the views of the Fund and prescribing a suitable time for reply. After presenting such a report to a member, the Fund may limit the use of its general resources by the member. If no reply to the report is received from the member within the prescribed time, or if the reply received is unsatisfactory, the Fund may continue to limit the member's use of the general resources of the Fund or may, after giving reasonable notice to the member, declare it ineligible to use the general resources of the Fund.

Section 6. Other purchases and sales of special drawing rights by the Fund.

a) The Fund may accept special drawing rights offered by a participant in exchange for an equivalent amount of the currencies of other members

b) The Fund may provide a participant, at its request, with special drawing rights for an equivalent amount of the currencies of other members. The Fund's holdings of a member's currency shall not be increased as a result of these transactions above the level at which the holdings would be subject to chages under section 2-b), ii), of this article.

c) The currencies provided or accepted by the Fund under this section shall be selected in accordance with policies that take into account the principles of section 3-d) or 7-i) of this article. The Fund may enter into transaction under this section only if a member whose currency is provided or accepted by the Fund concurs in that use of its currency.

Section 7. Repurchase by a member of its currency held by the Fund.

a) A member shall be entitled to, repurchase at any time the Fund's holdings of its currency that are subject to charges under section 8-b) of this article.

b) A member that has made a purchase under section 3 of this article will be expected normally, as its balance of payments and reserve position improves, to repurchase the Fund's holdings of its currency that result from the purchase and are subject to charges under section 8-6) of this article. A member shall repurchase these holdings if, in accordance with policies on repurchase that the Fund shall adopt and after consultation with the member, the Fund represents to the member that it should repurchase because of an improvement in its balance of payments and reserve position.

c) A member that has made a purchase under section 3 of this article shall repurchase the Fund's holdings of its currency that result from the purchase and are subject to charges under section 8-6) of this article not later than five years after the date on which the purchase was made. The Fund may prescribe that repurchase shall be made by a member in instalments during the period beginning three years and ending five years after the date of a purchase. The Fund, by an eighty-five percent majority of the total voting power, may change the periods for repurchase under this subsection, and any period so adopted shall apply to all members.

d) The Fund, by an eighty-five percent majority of the total voting power, may adopt periods other than those that apply in accordance with c) above, wich shall be the same for all members, for the repurchase of holdings of currency acquired by the Fund pursuant to a special policy on the use of its general resources.

e) A member shall repurchase, in accordance with policies that the Fund shall adopt by a seventy percent majority of the total voting power, the Fund's holdings of its currency that are not acquired as a result of purchases and are subject to charges under section 8-6), if), of this article.

f) A decision prescribing that under a policy on the use of the general resources of the Fund the period for repurchase under c) or d) above shall be shorter than the one in effect under the policy shall apply only to holdings acquired by the Fund subsequent to the effective date of the decision.

g) The Fund, on the request of a member, may postpone the date of discharge of a repurchase obligation, but not beyond the maximum period under c) or d) above or under policies adopted by the Fund under e) above, unless the Fund determines, by a seventy percent majority of the total voting power, that a longer period for repurchase which is consistent with the temporary use of the general resources of the Fund is justified because discharge on the due date would result in exceptional hardship for the member.

h) The Fund's policies under section 3-d) of this article may be supplemented by policies under which the Fund may decide after consultation with a member to sell under section 3-6) of this article its holdings of the member's currency that have not been repurchased in accordance with this section 7, without prejudice to any action that the Fund may be authorized to take under any other provision of this Agreement.

0 All repurchases under this section shall be made with special drawing rights or with the currencies