64 -(62)

II SÉRIE — NÚMERO 1

Section 2. Compulsory withdrawal.

a) If a member fails to fulfill any of its obligations under this Agreement, the Fund may declare the member ineligible to use the general resources of the Fund. Nothing in this section shall be deemed to limit the provisions of article v, section 5 or article vi, section 1.

b) If, after the expiration of a reasonable period the member persists in its failure to fulfill any of its obligations under this Agreement, that member may be required to withdraw from membership in the Fund by a decision of the Board of Governors carried by a majority of the Governors having eighty-five percent of the total voting power.

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

Section 3. Settlement of accounts with members withdrawing.

When a member withdraws from the Fund, normal operations and transactions of the Fund in its currency shall cease and settlement of all accounts between it and the Fund shall be made with reasonable despatch by agreement between it and the Fund. If agreement is not reached promptly, the provisions of schedule J shall apply to the settlement of accounts.

ARTICLE XXVII

Emergency provisions

Section 1. Temporary suspension.

a) In the event of an emergency or the development of unforeseen circumstances threatening the activities of the Fund, the Executive Board, by an eighty-five percent majority of the total voting power, may suspend for a period of not more than one year the operation of any of the following provisions:

i) Article v, sections 2, 3, 7, 8-a), i) and e);

ii) Article vi, section 2; iii) Article xi, section 1;

iv) Schedule C, paragraph 5.

b) A suspension of the operation of a provision under a) above may not be extended beyond one year except by the Board of Governors which, by an eighty-five percent majority of the total voting power, may extend a suspension for an additional period of not more than two years if it finds that the emergency or unforeseen circumstances referred to in a) above continue to exist.

c) The Executive Board may, by a majority of the total voting power, terminate such suspension at any time.

d) The Fund may adopt rules with respect to the subject matter of a provision during the period in which its operation is suspended.

Section 2. Liquidation of the Fund.

a) The Fund may not be liquidated except by decision of the Board of Governors, in an emergency, if the Executive Board decides that liquidation of the Fund may be necessary, it may temporarily suspend all operations and transactions, pending decision by the Board of Governors.

b) If the Board of Governors decides to liquidate the Fund, the Fund shall forthwith cease to engage in any activities except those incidental to the orderly collection and liquidation of its assets and the settlement of its liabilities, and all obligations of members under this Agreement shall cease except those set out in this article, in article xxix, c), in schedule I, paragraph 7, and in schedule K.

c) Liquidation shall be administered in accordance with the provisions of schedule K.

ARTICLE XXVIII Amendments

a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a Governor, or the Executive Board, shall be communicated to the chairman of the Board of Governors who shall bring the proposal before the Board of Governors. If the proposed amendment is approved by the Board of Governors, the Fund shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having eighty-five percent of the total voting power, have accepted the proposed amendment, the Fund shall certify the fact by a formal communication addressed to all members.

b) Notwithstanding a) above, acceptance by all members is required in the case of any amendment modifying:

i) The right to withdraw from the Fund (article

xxvi, section 1); ii) The provision that no change in a member's quota shall be made without its consent (article iii, section 2-d); and HO The provision that no change may be made in the par value of a member's currency except on the proposal of that member (schedule C, paragraph 6).

c) Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.

ARTICLE XXIX Interpretation

a) Any question of interpretation of the provisions of this Agreement arising between any member and the Fund or between any members of the Fund shall be submitted to the Executive Board for its decision. If the question particularly affects any member not entitled to appoint an Executive Director, it shall be entitled to representation in accordance with article xii, section 3-j).