26 DE OUTUBRO DE 1977

64-(47)

ii) The amounts it has paid to the Fund in currency or special drawing rights under article III, section 3-a), since the date applicable under 6), i), above; and minus

iii) The amounts it has received from the Fund in currency or special drawing rights under article III, section 3-c), since the date applicable under b), i), above.

c) The Fund, by a seventy percent majority of the total voting power, may raise the latest percentage of quota applying for the purposes of a) above to each member to:

i) A percentage, not in excess of one hundred percent, that shall be determined for each member on the basis of the same criteria for all members; or

ii) One hundred percent for all members.

d) Remuneration shall be paid in special drawing rights, provided that either the Fund or the member may decide that the payment to the member shall be made in its own currency.

Section 10. Computations.

a) The value of the Fund's assets held in the accounts of the General Department shall be expressed in terms of the special drawing right.

b) All computations relating to currencies of members for the purpose of applying the provisions of this Agreement, except article iv and schedule C, shall be at the rates at which the Fund accounts for these currencies in accordance with section 11 of this article.

c) Computations for the determination of amounts of currency in relation to quota for the purpose of applying the provisions of this Agreement shall not include currency held in the Special Disbursement Account or in the Investment Account.

Section 11. Maintenance of value.

a) The value of the currencies of members held in the General Resources Account shall be maintained in terms of the special drawing right in accordance with exchange rates under article xix, section 7-a).

b) An adjustment in the Fund's holdings of a member's currency pursuant to this section shall be made on the occasion of the use of that currency in an operation or transaction between the Fund and another member and at such other times as the Fund may decide or the member may request. Payments to or by the Fund in respect of an adjustment shall be made within a reasonable time, as determined by the Fund, after the date of adjustment, and at any other time requested by the member.

Section 12. Other operations and transactions.

a) The Fund shall be guided in all its policies and decisions under this section by the objectives set

forth in article viii, section 7 and by the objective of avoiding the management of the price, or the establishment of a fixed price, in the gold market.

b) Decisions of the Fund to engage in operations or transactions under c), d), and e) below snail be made by an eighty-five percent majority of the total voting power.

c) The Fund may sell gold for the currency of any member after (consulting the member for whose currency the gold is sold, provided that the Fund's holdings of a member's currency held in the General Resources Account shall note be increased by the sale above the level at which they would be subject to charges under section 8-b), ii), of this article without the concurrence of the member, and provided that, at the request of the member, the Fund at the time of sale shall exchange for the currency of another member such part of the currency received as would prevent such an increase. The exchange of a currency for the currency of another member shall be made after consultation with that member, and shall not increase the Fund's holdings of that member's currency above the level at which they would be subject to charges under section 8-b), ii), of this article. The Fund shall adopt policies and procedures with regará to exchanges that take into account the principles applied under section 7-i) of this article. Sales under this provision to a member shall be at a price agreed for each transaction on the basis of prices in the market.

d) The Fund may accept payments from a member in gold instead of special drawing rights or currency in any operations or transactions under this Agreement. Payments to the Fund under this provision shall be at a price agreed for each operation or transaction on the basis of prices in the market.

e) The Fund may sell gold held by it on the date of the second amendment of this Agreement to those members that were members on August 31, 1975, and that agree to buy it, in proportion to their quotas on that date. If the Fund intends to sell gold under c) above for the purpose of f), ii), below, it may sell to each developing member that agrees to buy it that portion of the gold which, if sold under c) above, would have produced the excess that could have been distributed to it under f), iii), below. The gold that would be sold under this provision to a member that has been declared ineligible to use the general resources of the Fund under section 5 of this article shall be sold to it when the ineligibility ceases, unless the Fund decides to make the sale sooner. The sale of gold to a member under this subsection e) shall be made in exchange for its currency and at a price equivalent at the time of sale to one special drawing right per 0.888 671 gram of fine gold.

f) Whenever under c) above the Fund sells gold held by it on the date of the second amendment of this Agreement, an amount of the proceeds equivalent at the time of sale to one special drawing right per 0.888 671 gram of fine gold shall be placed in the General Resources Account and, except as the Fund may decide otherwise under g) below, any excess shall be held in the Special Disbursement Account. The assets held in the Special Disbursement Account shall be held separately from the other