Page:United States Statutes at Large Volume 60 Part 2.djvu/332

 1420 Other assets in des- ignated depositories. Transfers of gold. Post, p. 1427. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. Section 2. Depositories (a) Each member country shall designate its central bank as a depository for all the Fund's holdings of its currency, or if it has no central bank it shall designate such other institution as may be accept- able to the Fund. (b) The Fund may hold other assets, including gold, in the deposi- tories designated by the five members having the largest quotas and in such other designated depositories as the Fund may select. Initially, at least one-half of the holdings of the Fund shall be held in the depository designated by the member in whose territories the Fund has its principal office and at least forty percent shall be held in the depositories designated by the remaining four members referred to above. However, all transfers of gold by the Fund shall be made with due regard to the costs of transport and anticipated requirements of the Fund. In an emergency the Executive Directors may transfer all or any part of the Fund's gold holdings to any place where they can be adequately protected. Section 3. Guaranteeof the Fund's assets Each member guarantees all assets of the Fund against loss result- ing from failure or default on the part of the depository designated by it. ARTICLE XIV TRANSITIONAL PERIOD Section 1. Introduction The Fund is not intended to provide facilities for relief or recon- struction or to deal with international indebtedness arising out of the war. Section 2. Exchange restrictions In the post-war transitional period members may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances (and, in the case of members whose territories have been occupied by the enemy, introduce where neces- sary) restrictions on payments and transfers for current international transactions. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the fund; and, as soon as conditions permit, they shall take all possible measures to de- velop such commercial and financial arrangements with other mem- bers as will facilitate international payments and the maintenance of exchange stability. In particular, members shall withdraw re- strictions maintained or imposed under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the resources of the Fund. Section 3. Notification to the Fund Each member shall notify the Fund before it becomes eligible under Article XX, Section 4 (c) or (d), to buy currency from the Fund, whether it intends to avail itself of the transitional arrangements in

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