64-(54)

II SÉRIE —NÚMERO 1

distribution shall be made to all members in proportion to their quotas.

e) Payments under c) and d) above shall be made 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.

f):

i) The Fund may establish an Investment Account for the purposes of this subsection f). The assets of the Investment Account shall be held separately from the other accounts of the General Department; ii) The Fund may decide to transfer to the Investment Account a part of the proceeds of the sale of gold in accordance with article v, section 12-g) and, by a seventy percent majority of the total voting power, may decide to transfer to the Investment Account, for immediate investment, currencies held in the General Resources Account. The amount of these transfers shall not exceed the total amount of the general reserve and the special reserve at the time of the decision;

iii) The Fund may invest a member's currency held in the Investment Account in marketable obligations of that memfoer or in marketable obligations of international financial organizations. No investiment shall be made without the concurrence of the member whose currency is used to make the investment. The Fund shall invest only in obligations denominated in special drawing rights or in the currency used for investment;

iv) The income of investment may be invested in accordance with the provisions of this subsection f). Income not invested shall be held in the Investment Account or may be used for meeting the expenses of conducting the business of the Fund;

v) The Fund may use a member's currency held in the Investment Account to obtain the currencies needed to meet the expenses of conducting the business of the Fund;

v0 The Investment Account shall be terminated in the event of liquidation of the Fund and may be terminated, or the amount of the investment may be reduced, prior to liquidation of the Fund by a seventy percent majority of the total voting power. The Fund, by a seventy percent majority of the total voting power, shall adopt rules and regulations regarding administration of the Investment Account, which shall be consistent with vii), viii, and ix) below;

vif) Upon termination of the Investment Account because of liquidation of the Fund, any assets in this account shall be distributed in accordance with the provisions of Schedule K, provided that a portion of these assets corresponding to the proportion of the assets transferred to this account under article v, section 12-g), to the total of the assets transferred to this account shall be

deemed to be assets held in the Special Disbursement Account and shall be distributed in accordance with Schedule K, paragraph 2-a), ii); viii) Upon termination of the Investment Account prior to liquidation of the Fund, a portion of the assets held in this account corresponding to the proportion of the assets transferred to this account under article v, section 12-g), to the total of the assets transferred to the account shall be transferred to the Special Disbursement Account if it has not been terminated, and the balance of the assets held in the Investment Account shall be transferred to the General Resources Account for immediate use in operations and transactions; ix) On a reduction of the amount of the investment by the Fund, a portion of the reduction corresponding to the proportion of the assets transferred to the Investment Account under article v, section 12-g), to the total of the assets transferred to this account shall be transferred to the Special Disbursement Account if it has not been terminated, and the balance of the reduction shall be transferred to the General Resources Account for immediate use in operations and transactions.

Section 7. Publication of reports.

a) The Fund shall publish an annual report containing an audited statement of its accounts, and shall issue, at intervals of three months or less, a summary statement of its operations and transactions and its holdings of special drawing rights, gold, and currencies of members.

b) The Fund may publish such other reports as it deems desirable for carrying out its purposes.

Section 8. Communication of views to members.

The Fund shall at all times have the right to com-municat its views informally to any member on any matter arising under this Agreement. The Fund may, by a seventy percent majority of the total voting power, decide to publish a report made to a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibrium in the international balance of payments of members. If the member is not entitled to appoint an Executive Director, it shall be entitled to representation in accordance with section 3-j) of this article. The Fund shall not publish a report involving changes in the fundamental structure of the economic organization of members.

ARTICLE XIII Offices and depositaries

Section 1. Location of offices.

The principal office of the Fund shall be located in the territory of the member having the largest quota, and agencies or branch offices may be established in the territories of other members.