Cap. 209 Art. 4seventy-five of shall be be repur- use of the was than four of this 65 5. chases under shall be in 6. All at the date of effect until Agreement. 7. To the below have ment of this (a) (b) Upon the ceeds in the special the General 66 to disposition to (b) above
A member’s currency held by the Fund in excess of percent of the member’s quota at the date of the second amendment this Agreement and not subject to repurchase under 1 above repurchased in accordance with the following rules:
(i) Holdings that resulted from a purchase shall chased in accordance with the policy on the Fund’s general resources under which the purchase made.
(ii) Other holdings shall be repurchased not later years after the date of the second amendment Agreement.
Repurchases under 1 above that are not subject to 2 above, repur-4 above, and any specification of currencies under 2 above accordance with Article V, Section 7(i).
rules and regulations, rates, procedures, and decisions in effect the second amendment of this Agreement shall remain in they are changed in accordance with the provisions of this extent that arrangements equivalent in effect to (a) and (b) not been completed before the date of the second amend-Agreement, the Fund shall sell up to 25 million ounces of fine gold held by it on August 31, 1975, to those members that were members on that date and that agree to buy it, in proportion to their quotas on that date. The sale to a member under this subparagraph (a) shall be made in exchange for its cur-rency and at a price equivalent at the time of sale to one special drawing right per 0.888 671 gram of fine gold, and sell up to 25 million ounces of fine gold held by it on August 31, 1975, for the benefit of developing members that were members on that date, provided, however, that the part of any profits or surplus value of the gold that corresponds to the proportion of such a member’s quota on August 31, 1975, to the total of the quotas of all mem-bers on that date shall be transferred directly to each such member. The requirements under Article V, Section 12(c) that the Fund consult a member, obtain a member’s con-currence, or exchange a member’s currency for the curren cies of other members in certain circumstances shall apply with respect to currency received by the Fund as a result of sales of gold under this provision, other than sales to a member in return for its own currency, and placed in the General Resources Account.
sale of gold under this paragraph 7, an amount of the pro-currencies received equivalent at the time of sale to one drawing right per 0.888 671 gram of fine gold shall be placed in ResourcesAccount and other assets held by the Fund under arrangements pursuant to (b) above shall be held separately from the general resources of the Fund. Assets that remain subject by the Fund upon termination of arrangements pursuant shall be transferred to the Special Disbursement Account.
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