64-(46)

II SÉRlE — NÚMERO 1

of other members specified by the Fund. The Fund shall adopt policies and procedures with regard to the currencies to be used toy members in making repurchases that take into account the principles in section 3-d) of this article. The Fund's holdings of a member's currency that is used in repurchase shall not be increased by the repurchase above the level at which they would be subject to charges under section 8-b), ii), of this article. j):

i) If a member's currency specified by the Fund under i) above is not a freely usable currency, the member shall ensure that the repurchasing member can obtain it at the time of Che repurchase in exchange for a freely usable currency selected by the member whose currency has been specified. An exchange of currency under this provision shall take place at an exchange rate between the two currencies equivalent to the exchange rate between them on the basis of article xix, section 7-a);

ii) Each member whose currency is specified by the Fund for repurchase shall collaborate with the Fund and other members to enable repurchasing members, at the time of the repurchase, to obtain the specified currency in exchange for the freely usable currencies of other members; iii) An exchange under j), i), above shall be made with the member whose currency is specified unless that member and the repurchasing member agree on another procedure;

iv) If a repurchasing member wishes to obtain, at the time of the repurchase, the freely usable currency of another member specified by the Fund under i) above, it shall, if requested by the other member, obtain the currency from the other member in exchange for a freely usable currency at the rate of exchange referred to in j), 0, above. The Fund may adopt regulations on the freely usable currency to be provided in an exchange.

Section 8. Charges, a):

i) The Fund shall levy a service charge on the purchase by a member of special drawing rights or the corrency or another member held in the General Resources Account in exchange for its own currency, provided that the Fund may levy a lower service charge on reserve tranche purchases than on other purchases. The service charge on reserve tranche purchases shall not exceed one-half of one percent;

ii) The Fund may levy a charge for stand-by or similar arrangements. The Fund may decide that the charge for an arrangement shall be offset against the service charge levied under i) above on purchases under the arrangement.

b) The Fund shall levy charges on its average daily balances of a member's currency held in the General Resources Account to the extent that they:

i) Have been acquired under a policy that has

been the subject of an exclusion under

article xxx-c); or ii) Exceed the amount of the member's quota

after excluding any balances referred to

in i) above.

The rates of charge normally shall rise at intervals during the period in which balances are held.

c) If a member fails to make a repurchase required under section 7 of this article, the Fund, after consultation with the member on the reduction of the Fund's holdings of its currency, may impose such charges as the Fund deems a appropriate on its holdings of the member's currency that should have been repurchased.

d) A seventy percent majority of the total voting power shall be required for the determination of the rates of charge under a) and b) above, which shall be uniform; for all members, and under c) above.

e) A member shall pay all charges in special drawing rights, provided that in exceptional circumstances the Fund may permit a member to pay charges in the currencies of other members specified by the Fund, after consulation with them, or in its own currency. The Fund's holdings of a member's currency shall net be increased as a result of payments by other members under this provision above the level at which they would be subject to charges under b), ii), above.

Section 9. Remuneration.

a) The Fund shall pay remuneration on the amount by which the percentage of quota prescribed under b) or c) below exceeds the Fund's average daily balances of a member's currency held in the General Resources Account other than balances acquired under a policy that has been the subject of an exclusion under article xxx-c). The rate of remuneration, which shall be determined by the Fund by a seventy percent majority of the total voting power, shall be the same for all members and shall be not more than, nor less than four-fifths of, the rate of interest under article xx, section 3. In establishing the rate of remuneration, the Fund shall take into account the rates of charge under article v, section 8-b).

b) The percentage of quota applying for the purposes of a) above shall be:

i) For each member that became a member before the second amendment of this Agreement, a percentage of quota corresponding to seventy-five percent of its quota on the date of the second amendment of this Agreement, and for each member that became a member after the date of the second amendment of this Agreement, a percentage of quota calculated by dividing the total of the amounts corresponding to the percentages of quota that apply to the other members on the date on which the member became a member by the total of the quotas of the other members on the same date; plus