64-(66)

II SÉRIE —NÚMERO 1

changes the par value of its currency despite the objection of the Fund, the member shall be subject to article xxvi, section 2. Maintenance of an unrealistic par value by a member shall be discouraged by the Fund.

8. The par value of a member's currency established under this Agreement shall cease to exist for the purposes of this Agreement if the member informs the Fund that it intends to terminate the par value. The Fund may object to the termination of a par value by a decision taken by an eighty-five percent majority of the total voting power. If a member terminates a par value for its currency despite the objection of the Fund, the member shall be subject to article xxvi, section 2. A par value established under this Agreement shall cease to exist for the purposes of this Agreement if the member terminates the par value despite the objection of the Fund, or if the Fund finds that the member does not maintain rates for a substantial volume of exchange transactions in accordance with 5 above, provided that the Fund may not make such finding unless is has consulted the member and given it sixty days notice of the Fund's intention to consider whether to make a finding.

9. If the par value of the currency of a member has ceased to exist under 8 above, the member shall consult with the Fund and ensure that its exchange arrangements are consistent with the purposes of the Fund and are adequate to fulfill its obligations under article iv, section 1.

10. A member for whose currency the par value has ceased to exist under 8 above may, at any time, propose a new par value for its currency.

11. Notwithstanding 6 above, the Fund, by a seventy percent majority of the total voting power, may make uniform proportionate changes in all par values if the special drawing right is the common denominator and the changes will not affect the value of the special drawing right. The par value of a member's currency shall, however, not be changed under this provision if, within seven days after the Fund's action, the member informs the Fund that it does not wish the par value of its currency to be changed by such action.

SCHEDULE D Council

1:

a) Each member that appoints an Executive

Director and each group of members that has the number of votes alloted to them cast by an elected Executive Director shall appoint to the Council one Councillor, who shall be a Governor, Minister in the government of a member, or person of comparable rank, and may appoint not more than seven Associates. The Board of Governors may change, by an eighty-five percent majority of the total voting power, the number of Associates who may be appointed. A Councillor or Associate shall serve until a new appointement is made or until the next regular election of Executive Directors, whichever shall occur sooner;

b) Executive Directors, or in their absence their

Alternates, and Associates shall be entitled to attend meetings of the Council, unless

the Council decides to hold a restricted session. Each member and each group of members that appoints a Councillor shall appoint an Alternate who shall be entitled to attend a meeting of the Council when the Councillor is not present, and shall have full power to act for the Councillor.

2:

a) The Counsil shall supervise the management

and adaptation of the international monetary system, including the continuing operation of the adjustment process and developments in global liquidity, end in this connection shall review developments in the transfer of real resources to developing countries;

b) The Council shall consider proposals pursuant

to article xxviii, a), to amend the articles of Agreement.

3:

a) The Board of Governors may delegate to the

Council authority to exercise any powers of the Board of Governors except the powers conferred directly by this Agreement on the Board of Governors;

b) Each Councillor shall be entitled to cast the

number of votes allotted under article xii, section 5, to the member or group of members appointing him. A Councillor appointed by a group of members may cast separately the votes allotted to each member in the group. If the number of votes allotted to a member cannot be cast by an Executive Director, the member may snake arrangements with a Councillor for casting the number of votes allotted to the member;

c) The Council shall not take any action pursuant

to powers delegated by the Board of Governors that is inconsistent with any action taker by the Board of Governors end the Executive Board shall not take any action pursuant to powers delegated by the Board of Governors that is inconsistent with any action taken by either the Board of Governors or the Council.

4. The Council shall select a Councillor as chairman, shall adopt regulations as may be necessary or appropriate to perform its functions, and shall determine any aspect of its procedure. The Council shall hold such meetings as may be provided for by the Council or called by the Executive Board.

5:

a) The Council shall have powers corresponding to those of the Executive Board under the following provisions: article xii, section 2-c), f), g) and j); article xviii, section 4-a) and section 4-c), iv); article xxiii, section 1, and article xxvii,. section 1-a);

b) For decisions by the Council on matters pertaining exclusively to the Special Drawing Rights Department only Councillors appointed by a member that is a participant or a group of members at least one member of which is a participant shall be entitled to vote. Each of these Councillors shall be entitled to cast the number of votes