Page:United States Statutes at Large Volume 60 Part 2.djvu/335

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1423 ARTICLE XVII AMENDMENTS (a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a governor or the Executive Di- rectors, shall be communicated to the chairman of the Board of Gov- ernors who shall bring the proposal before the Board. If the proposed amendment is approved by the Board the Fund shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having four-fifths of the total voting power, have accepted the proposed amendment, the Fund shall certify the fact by a formal communication addressed to all members. (b) Notwithstanding (a) above, acceptance by all members is re- quired in the case of any amendment modifying (i) the right to withdraw from the Fund (Article XV, Section 1); (ii) the provision that no change in a member's quota shall be made without its consent (Article III, Section 2); (iii) the provision that no change may be made in the par value of a member's currency except on the proposal of that member (Article IV, Section 5 (b)). (c) Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram. ARTICLE XVIII INTERPRETATION (a) Any question of interpretation of the provisions of this Agree- ment arising between any member and the Fund or between any mem- bers of the Fund shall be submitted to the Executive Directors for their decision. If the question particularly affects any member not entitled to appoint an executive director it shall be entitled to repre- sentation in accordance with Article XII, Section 3 (j). (b) In any case where the Executive Directors have given a deci- sion under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board the Fund may, so far as it deems necessary, act on the basis of the decision of the Executive Directors. (c) Whenever a disagreement arises between the Fund and a mem- ber which has withdrawn, or between the Fund and any member dur- ing liquidation of the Fund, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Fund, another by the member or withdrawing member and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted 80634-48-PT. II -- -21 Ante, p. 1421. Ante, p. 1402. Ante, p. 1404. Ante, p. 1418. Submittal of dis- agreement to arbitra- tion.

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