Page:United States Statutes at Large Volume 60 Part 2.djvu/331

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1419 provided, that neither net purchases nor net sales shall be deemed at any time to exceed an amount equal to the quota of the member involved. (c) For the purpose of all computations under this Section, United States dollars shall be deemed to be of the weight and fineness in effect on July 1, 1944, adjusted for any uniform change under Article IV, Section 7, if a waiver is made under Section 8 (d) of that Article. A"te p. 1405 (d) Except as otherwise specifically provided, all decisions of the fund shall be made by a majority of the votes cast. Section 6. Distributionof net income (a) The Board of Governors shall determine annually what part of the Fund's net income shall be placed to reserve and what part, if any, shall be distributed. (b) If any distribution is made, there shall first be distributed a two percent non-cumulative payment to each member on the amount by which seventy-five percent of its quota exceeded the Fund's average holdings of its currency during that year. The balance shall be paid to all members in proportion to their quotas. Payments to each member shall be made in its own currency. Section 7. Publication of reports (a) The Fund shall publish an annual report containing an audited statement of its accounts, and shall issue, at intervals of three months or less, a summary statement of its transactions and its holdings of gold and currencies of members. (b) The Fund may publish such other reports as it deems desirable for carrying out its purposes. Section 8. Communication of views to members The Fund shall at all times have the right to communicate its views informally to any member on any matter arising under this Agree- ment. The Fund may, by a two-thirds majority of the total voting ePorts. power, decide to publish a report made to a member regarding its monetary or economic conditions and developments which directly tend to produce a serious disequilibrium in the international balance of payments of members. If the member is not entitled to appoint an executive director, it shall be entitled to representation in accord- ance with Section 3 (j) of this Article. The Fund shall not publish a Ae, p. 1418. report involving changes in the fundamental structure of the economic organization of members. ARTICLE XIII OFFICES AND DEPOSITORIES Section 1. Location of offices The principal office of the Fund shall be located in the territory of the member having the largest quota, and agencies or branch offices may be established in the territories of other members.

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