Page:United States Statutes at Large Volume 60 Part 2.djvu/319

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 this Article, especially in the case of members with a record of avoiding large or continuous use of the Fund's resources. In making a waiver it shall take into consideration periodic or exceptional requirements of the member requesting the waiver. The Fund shall also take into con- sideration a member's willingness to pledge as collateral security gold, silver, securities, or other acceptable assets having a value sufficient in the opinion of the Fund to protect its interests and may require as a condition of waiver the pledge of such collateral security. Section 5. Ineligibility to use the Fund's resources Whenever the Fund is of the opinion that any member is using the resources of the Fund in a manner contrary to the purposes of the Fund, it shall present to the member a report setting forth the views of the Fund and prescribing a suitable time for reply. After present- ing such a report to a member, the Fund may limit the use of its re- sources by the member. If no reply to the report is received from the member within the prescribed time, or if the reply received is unsat- isfactory, the Fund may continue to limit the member's use of the Fund's resources or may, after giving reasonable notice to the member, declare it ineligible to use the resources of the Fund. Section 6. Purchasesof currenciesfrom the Fund for gold (a) Any member desiring to obtain, directly or indirectly, the currency of another member for gold shall, provided that it can do so with equal advantage, acquire it by the sale of gold to the Fund. (b) Nothing in this Section shall be deemed to preclude any member from selling in any market gold newly produced from mines located within its territories. Section 7. Repurchase by a member of its currency held by the Fund (a) A member may repurchase from the Fund and the Fund shall sell for gold any part of the Fund's holdings of its currency in excess of its quota. (b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with gold or convertible currencies, as de- termined in accordance with Schedule B, part of the Fund's holdings of its currency under the following conditions: (i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to one-half of any increase that has occurred during the year in the Fund's holdings of its currency plus one-half of any increase, or minus one-half of any decrease, that has occurred during the year in the member's monetary reserves. This rule shall not apply when a member's monetary reserves have de- creased during the year by more than the Fund's holdings of its currency have increased. (ii) If after the repurchase described in (i) above (if required) has been made, a member's holdings of another member's cur- rency (or of gold acquired from that member) are found to 80634°-48-PT.rI--20 Newly mined gold. r¢,e, p. 1433. 1407

�