Page:United States Statutes at Large Volume 60 Part 2.djvu/318

 1406 PoF, p. 1426. Buying currency of another member. Post, p. 1410. Ante, p: 1405; IV, pp. 1409,1421. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. in respect of which it has accepted this Agreement under Article XX, Section 2 (g). It shall, however, be open to a member to declare that its proposal relates either to the metropolitan currency alone, or only to one or more specified separate currencies, or to the metropolitan currency and one or more specified separate currencies. ARTICLE V TRANSACTIONS WITH THE FUND Section 1. Agencies dealing with the Fund Each member shall deal with the Fund only through its Treasury, central bank, stabilization fund or other similar fiscal agency and the Fund shall deal only with or through the same agencies. Section 2. Limitation on the Fund's operations 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 cur- rency of another member in exchange for gold or for the currency of the member desiring to make the purchase. Section 3. Conditions governing use of the Fund's resources (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 percent of its quota during the period of twelve months ending on the date of the purchase nor to exceed two hundred percent of its quota, but the twenty-five percent limi- tation shall apply only to the extent that the Fund's holdings of the member's currency have been brought above seventy- five percent 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 theresources 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. Section 4. Waiver of conditions The Fund may in its discretion, and on terms which safeguard its interests, waive any of the conditions prescribed in Section 3 (a) of

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