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II SÉRIE — NUMERO 1

to the Board of Governors under article xxix, b). The Board of Governors shall decide whether a Governor appointed by a member that is not a participant shall be entitled to vote in the Committee on Interpretation on questions pertaining exclusively to the Special Drawing Rights Department.

d) Whenever a disagreement arises between the Fund and a participant that has terminated its participation in the Special Drawing Rights Department or between the Fund and any participant during the liquidation of the Special Drawing Rights Department with respect to any matter arising exclusively from participation in the Special Drawing Rights Department, the disagreement shall be submitted to arbitration in accordance with the procedures in article xxix, c).

ARTICLE XXII General obligations of participants

In addition to the obligations assumed with respect to special drawing rights under other articles of this Agreement, each participant undertakes to collaborate with the Fund and with other participants in order to facilitate the effective functioning of the Special Drawing Rights Department and the proper use of special drawing rights in accordance with this Agreement and with the objective of making the special drawing right the principal reserve asset in the international monetary system.

ARTICLE XXIII

Suspension of operations and transactions in special drawing rights

Section 1. Emergency provisions.

In the event of an emergency or the development of unforeseen circumstances threatening the activities of the Fund with respect to the Special Drawing Rights Department, the Executive Board, by an eightyfive percent majority of the total voting power, may suspend for a period of not more than one year the operation of any of the provisions relating to operations and transactions in special drawing rights, and the provisions of article xxvii, section 1-6), c) and d), shall then apply.

Section 2. Failure to fulfill obligations.

a) If the Fund finds that a participant has failed to fulfill its obligations under article xix, section 4, the right of the participant to use its special drawing rights shall be suspended unless the Fund otherwise decides.

b) If the Fund finds that a participant has failed to fulfill any other obligation with respect to special drawing rights, the Fund may suspend the right of the participant to use special drawing rights it acquires after the suspension.

c) Regulations shall be adopted to ensure that before action is taken against any participant under a) or b) above, the participant shall be informed immediately of the complaint against it and given an adequate opportunity for stating its case, both orally and in

writing. Whenever the participant is thus informed of a complaint relating to a) above, it shall not use special drawing rights pending the disposition of the complaint.

d) Suspension under a) or b) above or limitation under c) above shall not affect a participant's obligation to provide currency in accordance with article xix, section 4.

e) The Fund may at any time terminate a suspension under a) or b) above, provided that a suspension imposed on a participant under b) above for failure to fulfill the obligations under article xix, section 6-a) shall not be terminated until one hundred eighty days after the end of the first calendar quarter during which the participant complies with the rules for reconstitution.

f) The right of a participant to use its special drawing rights shall not be suspended because it has become ineligible to use the Fund's general resources under article v, section 5, article vi, section 1, or article xxvi, section 2-c). Article xxvi, section 2 shall not apply because a participant has failed to fulfill any obligations with respect to special drawing rights.

ARTICLE XXIV Termination of participation

Section 1. Reght to terminate participation.

a) Any participant may terminate its participation in the Special Drawing Rights Department at any time by transmitting a notice in writing to the Fund at its principal office. Termination shall become effective on the date the notice is received.

b) A participant that withdraws from membership in the Fund shall be deemed to have simultaneously terminated its participation in the Special Drawing Rights Department.

Section 2. Settlement on termination.

a) When a participant terminates its participation in the Special Drawing Rights Department, all operations and transactions by the terminating participant in special drawing rights shall cease except as otherwise permitted under an agreement made pursuant to c) below in order to facilitate a settlement or as provided in sections 3, 5, and 6 of this article or in schedule H. Interest and charges that accrued to the date of termination and assessments levied before that date but not paid shall be paid in special drawing rights.

b) The Fund shall be obligated to redeem all special drawing rights held by the terminating participant, and the terminating participant shall be obligated to pay to the Fund an amount equal to its net cumulative allocation and any other amounts that may be due and payable because of its participation in the Special Drawing Rights Department. These obligations shall be set off against each other and the amount of special drawing rights held by the terminating participant that is used in the setoff to extinguish its obligation to the Fund shall be cancelled.

c) A settlement shall be made with reasonable despatch by agreement between the terminating partici-