Page:United States Statutes at Large Volume 60 Part 2.djvu/317

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 (e) A member may change the par value of its currency without the concurrence of the Fund if the change does not affect the inter- national transactions of members of the Fund. (f) The Fund shall concur in a proposed change which is within the terms of (c) (ii) or (c) (iii) above if it is satisfied that the change is necessary to correct a fundamental disequilibrium. In particular, provided it is so satisfied, it shall not object to a proposed change because of the domestic social or political policies of the member proposing the change. Section 6. Effect of unauthorized changes If a member changes the par value of its currency despite the objec- tion of the Fund, in cases where the Fund is entitled to object, the member shall be ineligible to use the resources of the Fund unless the Fund otherwise determines; and if, after the expiration of a reason- able period, the difference between the member and the Fund con- tinues, the matter shall be subject to the provisions of Article XV, Section 2 (b). Section 7. Uniform changes in par values Notwithstanding the provisions of Section 5 (b) of this Article, the Fund by a majority of the total voting power may make uniform pro- portionate changes in the par values of the currencies of all members, provided each such change is approved by every member which has ten percent or more of the total of the quotas. The par value of a mem- ber's currency shall, however, not be changed under this provision if, within seventy-two hours of 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. Section 8. Maintenance of gold value of the Fund's assets (a) The gold value of the Fund's assets shall be maintained not- withstanding changes in the par or foreign exchange value of the currency of any member. (b) Whenever (i) the par value of a member's currency is reduced, or (ii) the foreign exchange value of a member's currency has, in the opinion of the Fund, depreciated to a significant extent within that member's territories, the member shall pay to the Fund within a rea- sonable time an amount of its own currency equal to the reduction in the gold value of its currency held by the Fund. (c) Whenever the par value of a member's currency is increased, the Fund shall return to such member within a reasonable time an amount in its currency equal to the increase in the gold value of its currency held by the Fund. (d) The provisions of this Section shall apply to a uniform pro- portionate change in the par values of the currencies of all members, unless at the time when such a change is proposed the Fund decides otherwise. Section 9. Separate currencies within a member's territories A member proposing a change in the par value of its currency shall be deemed, unless it declares otherwise, to be proposing a correspond- ing change in the par value of the separate currencies of all territories Post, p. 1421. Reduction in gold value. Increase in gold value. 1405

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