Page:United States Statutes at Large Volume 60 Part 2.djvu/333

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1421 Section 2 of this Article, or whether it is prepared to accept the obli- gations of Article VIII, Sections 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept the above-mentioned obligations. Section 4. Action of the Fund relating to restrictions Not later than three years after the date on which the Fund begins operations and in each year thereafter, the Fund shall report on the restrictions still in force under Section 2 of this Article. Five years after the date on which the Fund begins operations, and in each year thereafter, any member still retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4, shall consult the Fund as to their further retention. The Fund may, if it deems such action neces- sary in exceptional circumstances, make representations to any mem- ber that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, incon- sistent with the provisions of any other articles of this Agreement. The member shall be given a suitable time to reply to such representa- tions. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XV, Section 2 (a). Section 5. Nature of transitionalperiod In its relations with members, the Fund shall recognize that the post-war transitional period will be one of change and adjustment and in making decisions on requests occasioned thereby which are presented by any member it shall give the member the benefit of any reasonable doubt. ARTICLE XV WITHDRAWAL FROM MEMBERSHIP Section 1. Right of members to withdraw Any member may withdraw from the Fund at any time by trans- mitting a notice in writing to the Fund at its principal office. With- drawal shall become effective on the date such notice is received. Section 2. Compulsory withdrawal (a) If a member fails to fulfill any of its obligations under this Agreement, the Fund may declare the member ineligible to use the resources of the Fund. Nothing in this Section shall be deemed to limit the provisions of Article IV, Section 6, Article V, Section 5, or Article VI, Section 1. (b) If, after the expiration of a reasonable period the member persists in its failure to fulfill any of its obligations under this Agree- ment, or a difference between a member and the Fund under Article IV, Section 6, continues, that member may be required to withdraw from membership in the Fund by a decision of the Board of Gover- nors carried by a majority of the governors representing a majority of the total voting power. (c) Regulations shall be adopted to ensure that before action is taken against any member under (a) or (b) above, the member shall Ante, p. 1411. Ante, p. 1411. Ante, pp. 1405,1407, 1409. Ante, p. 1405.

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