26 DE OUTUBRO DE 1977

64-(61)

pant and the Fund with respect to any obligation of the terminating participant or the Fund after the setoff in b) above. If agreement on a settlement is not reached promptly the provisions of schedule H shall apply.

Section 3. Interest and charges.

After the date of termination the Fund shall pay interest on any outstanding balance of special drawing rights held by a terminating participant and the terminating participant shall pay charges on any outsanding obligation owed to the Fund at the times and rates precribed under article xx. Payment shall be made in special drawing rights. A terminating participant shall be entitled to obtain special drawing rights with a freely usable currency to pay charges or assessments in a transaction with a participant specified by the Fund or by agreement from any other holder, or to dispose of special drawing rights received as interest in a transaction with any participant designated under article xix, section 5 or by agreement with any other holder.

Section 4. Settlement of obligation to the Fund.

Currency received by the Fund from a terminating participant shall be used by the Fund to redeem special drawing rights held by participants in proportion to the amount by which each participant's holdings of special drawing rights exceed its net cumulative allocation at the time the currency is received by the Fund. Special drawing rights so redeemed and special drawing rights obtained by a terminating participant under the provisions of this Agreement to meet any installment due under an agreement on settlement or under schedule H and set off against that installment shall be cancelled.

Section 5. Settlement of obligation to a terminating participant.

Whenever the Fund is required to redeem special drawing rights held by a terminating participant, redemption shall be made with currency provided by participants specified by the Fund. These participants shall be specified in accordance with the principles in article xix, section 5. Each specified participant shall provide at its option the currency of the terminating participant shall provide at its option the currency of the terminating participant or a freely usable currency to the Fund and shall receive an equivalent amount of special drawing rights. However, a terminating participant may use its special drawing rights to obtain its own currency, a freely usable currency, or any other asset from any holder, if the Fund so permits.

Section 6. General Resources Account transactions.

In order to facilitate settlement with a terminating participant, the Fund may decide that a terminating participant shall:

i) use any special drawing rights held by it after the set off in section 2-b) of this article, when they are to be redeemed, in a transaction

with the Fund conducted through the General Resources Account to obtain its own currency or a freely usable currency at the option of the Fund; or ii) obtain special drawing rights in a transaction with the Fund conducted through the General Resources Account for a currency acceptable to the Fund to meet any charges or installment due under an agreement or the provisions of schedule H.

ARTICLE XXV Liquidation of the Special Drawing Rights Department

a) The Special Drawing Rights Department may not be liquidated except by decision of the Board of Governors. In an emergency, if the Executive Board decides that liquidation of the Special Drawing Rights Department may be necessary, it may temporarily suspend allocations or cancellations and all operations and transactions in special drawing rights pending decision by the Board of Governors. A decision by the Board of Governors to liquidate the Fund shall be a decision to liquidate both the General Department and the Special Drawing Rights Department.

b) If the Board of Governors decides to liquidate the Special Drawing Rights Department, all allocations or cancellations and all operations and transactions in special drawing rights and the activities of the Fund with respect to the Special Drawing Rights Department shall cease except those incidental to the orderly discharge of the obligations of participants and of the Fund with respect to special drawing rights, and all obligations of the Fund and of participants under this Agreement with respect to special drawing rights shall cease except those set out in this article, article xx, article xxi, d), article xxiv, article xxix, c), and schedule H, or any agreement reached under article xxiv subject to paragraph 4 of schedule H, and schedule I.

c) Upon liquidation of the Special Drawing Rights Department, interest and charges that accrued to the date of liquidation and assessments levied before that date but not paid shall be paid in special drawing rights. The Fund shall be obligated to redeem all special drawing rights held by holders, and each participant shall be obligated to pay the Fund an amount equal to its net cumulative allocation of special drawing rights and such other amounts as may be due and payable because of its participation in the Special Drawing Rights Department.

d) Liquidation of the Special Drawing Rights Department shall be administered in accordance with the provisions of schedule I.

ARTICLE XXVI Withdrawal from membership

Section 1. Right of members to withdraw.

Any member may withdraw from the Fund at any time by transmitting a notice in writing to the Fund at its principal office. Withdrawal shall become effective on the date such notice is received.