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54 Except as otherwise provided in this Agreement, operations on the account of the Fund shall be limited to transactions for the purpose of supplying a member, on the initiative of such member, with the currency of another member in exchange for gold or for the currency of the member desiring to make the purchase.

a) A member shall be entitled to buy the currency of another member from the Fund in exchange for its own currency subject to the following conditions:


 * (I) The member desiring to purchase the currency represents that it is presently needed for making, in that currency, payments which are consistent with the provisions of this Agreement;


 * (II) The Fund has not given notice under Article VII, Section 3, that its holdings of the currency desired have become scarce;


 * (III) The proposed purchase would not cause the Fund's holdings of the purchasing member's currency to increase by more than twenty-five per cent. of its quota during the period of twelve months ending on the date of the purchase nor to exceed two hundred per cent. of its quota, but the twenty-five per cent. limitation shall apply only to the extent that the Fund's holdings of the member's currency have been brought above seventy-five per cent. of its quota if they had been below that amount;


 * (IV) The Fund has not previously declared, under Section 5 of this Article, Article IV, Section 6, Article VI, Section 1, or Article XV, Section 2 (a), that the member desiring to purchase is ineligible to use the resources of the Fund.

(b) A member shall not be entitled without the permission of the Fund to use the Fund's resources to acquire currency to hold against forward exchange transactions.

The Fund may, in its discretion, and on terms which safeguard its interests, waive any of the conditions prescribed in Section 3 (a) of this Article, especially in the case of members with a record of avoiding large or continuous use of the