64-(70)

II SÉRIE — NÚMERO 1

at the date of withdrawal plus further acquisitions of the currency during such half-yearly period If the withdrawing member does not fulfill this obligation, the Fund may in an orderly manner liquidate in any market the amount of currency which should have been redeemed.

5. Any member desiring to obtain the currency of a member which has withdrawn shall acquire it by purchase from the Fund, to the extent that such member has access to the general resources of the Fund and that such currency is available 4 above.

6. The withdrawing member guarantees the unrestricted use at all times of the currency disposed of under 4 and 5 above for the purchase of goods or for payment of sums due to it or to persons within its territories. It shall compensate the Fund for any loss resulting from the difference between the value of its currency in terms of the special drawing right on the date of withdrawal and the value realized in terms of the special drawing right by the Fund on disposal under 4 and 5 above.

7. It the withdrawing member is indebted to the Fund as the result of transactions conducted through the Special Disbursement Account under article v, section 12-f), ii), the indebtedness shall be discharged in accordance with the terms of the indebtedness.

8. It the Fund holds the withdrawing member's currency in the Special Disbursement Account or in the Investment Account, the Fund may in an orderly manner exchange in any market for the currencies of members the amount of the currency of the withdrawing member remaining in each account after use under 1 above, and the proceeds of the exchange of the amount in each account shall be kept in that account. Paragraph 5 above and the first sentence of 6 above shall apply to the withdrawing member's currency.

9. It the Fund holds obligations of the withdrawing member in the Special Disbursement Account pursuant to article v, section 12-h), or in the Investment Account, the Fund may hold them until the date of maturity or dispose of them sooner. Paragraph 8 above shall apply to the proceeds of such disinvestment.

10. In the event the Fund going into liquidation under article xxvii, section 2 within six months of the date on which the member withdraws, the accounts the Fund and that government shall be setted in accordance with article xxvii, section 2 and schedule X.

SCHEDULE K Administration of liquidation

1. In the event of liquidation the liabilities of the Fund other than the repayment of subscriptions shall have priority in the distribution of the assets of the Fund. In meeting each such liability the Fund shall use its assets in the following order:

a) The currency in which the liability is payable;

b) Gold;

c) All other currencies in proportion, so far as

may be practicable, to the quotas of the members.

2. After the discharge of the Fund's liabilities in accordance with 1 above, the balance of the Fund's assets shall be distributed and apportioned as follows:

a):

i) The Fund shall calculate the value of gold held on August 31, 1975 that it continues to hold on the date of the decision to liquidate. The calculation shall be made in accordance with 9 below and also on the basis of one special drawing right per 0.888 671 gram of fine gold on the date of liquidation. Gold equivalent to the excess of the former value over the latter shall be distributed to those members that were members on August 31, 1975 in proportion to their quotas on that date;

ii) The Fund shall distribute any assets held in the Special Disbursement Account on the date of the decision to liquidate to those members that were members on August 31, 1975 in proportion to their quotas on that date. Each type of asset shall be distributed proportionately to members.

b) The Fund shall distribute its remaining holdings

of gold among the members whose currencies are held by the Fund in amounts less than their quotas in the proportions, but not in excess of, the amounts by which their quotas exceed the Fund's holdings of their currencies;

c) The Fund shall distribute to each member one-

half the Fund's holdings of its currency but such distribution shall not exceed fifty percent of its quota;

d) The Fund shall apportion the remainder of its

holdings of gold and each currency:

i) Among all members in proportion to, but not in excess of, the amounts due to-each member after the distributions under b) and c) above, provided that distribution under 7-a) above shall not be taken into account for determining the amounts due; and ii) Any excess holdings of gold and currency among all the members in proportion to their quotas.

3. Each member shall redeem the holdings of its currency apportioned to other members under 2-d) above, and shall agree with the Fund within three months after a decision to liquidate upon an ordely procedure for such redemption.

4. If a member has not reached agreement with the Fund within the three-month period referred to in 3 above, the Fund shall use the currencies of other members apportioned to that member under 2-d) above to redeem the currency of that member apportioned to other members. Each currency apportioned to a member which has not reached agreement shall be used, so far as possible, to redeem its currency apportioned to the members which have made agreements with the Fund under 3 above.