Page:United States Statutes at Large Volume 60 Part 2.djvu/320

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. have increased by reason of transactions in terms of that cur- rency with other members or persons in their territories, the member whose holdings of such currency (or gold) have thus increased shall use the increase to repurchase its own currency from the Fund. (c) None of the adjustments described in (b) above shall be carried to a point at which (i) the member's monetary reserves are below its quota, or (ii) the Fund's holdings of its currency are below seventy-five per- cent of its quota, or (iii) the Fund's holdings of any currency required to be used are above seventy-five percent of the quota of the member con- cerned. Section 8. Oharges Servce charge. (a) Any member buying the currency of another member from the Fund in exchange for its own currency shall pay a service charge uniform for all members of three-fourths percent in addition to the parity price. The Fund in its discretion may increase this service charge to not more than one percent or reduce it to not less than one- half percent. Handling charge. (b) The Fund may levy a reasonable handling charge on any mem- ber buying gold from the Fund or selling gold to the Fund. (c) The Fund shall levy charges uniform for all members which shall be payable by any member on the average daily balances of its currency held by the Fund in excess of its quota. These charges shall be at the following rates: (i) On amounts not more than twenty-five percent in excess of the quota: no charge for the first three months; one-half per- cent per annum for the next nine months; and thereafter an increase in the charge of one-half percent for each subse- quent year. (ii) On amounts more than twenty-five percent and not more than fifty percent in excess of the quota: an additional one-half percent for the first year; and an additional one-half percent for each subsequent year. (iii) On each additional bracket of twenty-five percent in excess of the quota: an additional one-half percent for the first year; and an additional one-half percent for each subsequent year. (d) Whenever the Fund's holdings of a member's currency are such that the charge applicable to any bracket for any period has reached the rate of four percent per annum, the Fund and the member shall consider means by which the Fund's holdings of the currency can be reduced. Thereafter, the charges shall rise in accordance with the provisions of (c) above until they reach five percent and failing agree- ment, the Fund may then impose such charges as it deems appropriate. hange In rte (e) The rates referred to in (c) and (d) above may be changed bya three-fourths majority of the total voting power. 1408

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