Page:United States Statutes at Large Volume 60 Part 2.djvu/314

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international bal- ances of payments of members. The Fund shall be guided in all its decisions by the purposes set forth in this Article. ARTICLE II MEMBERSHIP Section 1. Originalmembers The original members of the Fund shall be those of the countries represented at the United Nations Monetary and Financial Conference whose governments accept membership before the date specified in Post, p. 1426. Article XX, Section 2 (e). Section 2. Other members Membership shall be open to the governments of other countries at such times and in accordance with such terms as may be prescribed by the Fund. ARTIcrL III QUOTAS AND SUBSCRIPTIONS Section 1. Quotas Each member shall be assigned a quota. The quotas of the members represented at the United Nations Monetary and Financial Conference which accept membership before the date specified in Article XX, Pos, p. 1426. Section 2 (e). shall be those set forth in Schedule A. The quotas of other members shall be determined by the Fund. Section 2. Adjustment of quotas Review every five The Fund shall at intervals of five years review, and if it deems it appropriate propose an adjustment of, the quotas of the members. It may also, if it thinks fit, consider at any other time the adjustment clinlgecin quotas. of any particular quota at the request of the member concerned. A four-fifths majority of the total voting power shall be required for any change in quotas and no quota shall be changed without the consent of the member concerned. Section 3. Subscriptions: time, place, and form of payment (a) The subscription of each member shall be equal to its quota and shall be paid in full to the Fund at the appropriate depository on or before the date when the member becomes eligible under Article Pose, p. 1427. XX, Section 4 (c) or (d), to buy currencies from the Fund. (b) Each member shall pay in gold, as a minimum, the smaller of (i) twenty-five percent of its quota; or (ii) ten percent of its net official holdings of gold and United States dollars as at the date when the Fund notifies members under posi, p. 1427. Article XX, Section 4 (a) that it will shortly be in a position to begin exchange transactions. Each member shall furnish to the Fund the data necessary to deter- mine its net official holdings of gold and United States dollars. 1402

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