26 DE OUTUBRO DE 1977 64-(63)

b) In any case where the Executive Board has given a decision under a) above, any member may require, within three months from the date of the decision, that the question be referred to the Board of Governors, whose decision shall be final. Any question referred to the Board of Governors shall be considered by a Committee on Interpretation of the Board of Governors. Each Committee member shall have one vote. The Board of Governors shall establish the membership, procedures, and voting majorities of the Committee. A decision of the Committee shall be the decision of the Board of Governors unless the Board of Governors, by an eighty-five percent majority of the total voting power, decides otherwise. Pending the result of the reference to the Board of Governors the Fund may, so far as it deems necessary, act on the basis of the decision of the Executive Board.

c) Whenever a disagreement arises between the Fund and a member which has withdrawn, or between the Fund and any member during liquidation of the Fund, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Fund, another by the member or withdrawing member, and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the International Court of Justice or such other authority as may have been prescribed by regulation adopted by the Fund. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

ARTICLE XXX Explanation of terms

In interpreting the provisions of this Agreement the Fund and its members shall be guided by the following provisions:

a) The Fund's holdings of a member's currency in the General Resources Account shall include any securities accepted by the Fund under article iii, section 4.

b) Stand-by arrangement means a decision of the Fund by which a member is assured that it will be able to make purchases from the General Resources Account in accordance with the terms of the decision during a specified period and up to a specified amount.

c) Reserve tranche purchase means a purchase by a member of special drawing rights or the currency of another member in exchange for its own currency which does not cause the Fund's holdings of the member's currency in the General Resources Account to exceed its quota, provided that for the purposes of this definition the Fund may exclude purchases and holdings under:

i) Policies on the use of its general resources for compensatory financing of export fluctuations;

ii) Policies on the use of its general resources in connection with the financing of contributions to international buffer stocks of primary products; and

iii) Other policies on the use of its general resources in respect of which the Fund decides, by an eighty-five percent majority of the total voting power, that an exclusion shall be made.

d) Payments for current transactions means payments which are not for the purpose of transferring capital, and includes, without limitation:

1) All payments due in connection with foreign

trade, other current business, including services, and normal short-term banking and credit facilities;

2) Payments due as interest on loans and as

net income from other investments;

3) Payments of moderate amount for amortiza-

tion of loans or for depreciation of direct investments; and

4) Moderate remittances for family living es-

penses.

The Fund may, after consultation with the members concerned, determine whether certain specific transactions are to be considered current transactions or capital transactions.

e) Net cumulative allocation of special drawing rights means the total amount of special drawing rights allocated to a participant less its share of special drawing rights that have been cancelled under article xviii, section 2-a).

f) A freely usable currency means a member's currency that the Fund determines i) is, in fact, widely used to make payments for international transactions, and ii) is widely traded in the principal exchange markets.

g) Members that were members on August 31, 1975, shall be deemed to include a member that accepted membership after that date pursuant to & resolution of the Board of Governors adopted before that date.

h) Transactions of the Fund means exchanges of monetary assets by the Fund for other monetary assets. Operations of the Fund means other uses or receipts of monetary assets by the Fund.

i) Transactions in special drawing rights means exchanges of special drawing rights for other monetary assets. Operations in special drawing rights means other uses of special drawing rights.

ARTICLE XXXI Final provisions

Section 1. Entry into force.

This Agreement shall enter into force when it has been signed on behalf of governments having sixty-five percent of the total of the quotas set forth in schedule A and when the instruments referred Co in section 2-a) of this article have been deposited on their behalf, but in no event shall this Agreement enter into force before May 1, 1945.

Section 2. Signature.

a) Each government on whose behalf this Agreement is signed shall deposit with the Government of the United States of America an instrument setting forth that it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.