Page:United States Statutes at Large Volume 60 Part 2.djvu/345

 60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1433 Quotas-Continued United Kingdom United States Uruguay Venezuela Yugoslavia (In millions of United States dollars) 1300 2750 15 15 60 SCHEDULE B Provisions With, Respect to Repurchase by a Member of Its Currency Held by the Fund 1. In determining the extent to which repurchase of a member's currency from the Fund under Article V, Section 7 (b) shall be made with each type of monetary reserve, that is, with gold and with each convertible currency, the following rule, subject to 2 below, shall apply: (a) If the member's monetary reserves have not increased dur- ing the year, the amount payable to the Fund shall be dis- tributed among all types of reserves in proportion to the member's holdings thereof at the end of the year. (b) If the member's monetary reserves have increased during the year, a part of the amount payable to the Fund equal to one-half of the increase shall be distributed among those types of reserves which have increased in proportion to the amount by which each of them has increased. The remain- der of the sum payable to the Fund shall be distributed among all types of reserves in proportion to the member's remaining holdings thereof. (c) If after all the repurchases required under Article V, Section 7 (b), had been made, the result would exceed any of the limits specified in Article V, Section 7 (c), the Fund shall require such repurchases to be made by the members propor- tionately in such manner that the limits will not be exceeded. 2. The Fund shall not acquire the currency of any non-member un- der Article V, Section 7 (b) and (c). - 3. In calculating monetary reserves and the increase in monetary reserves during any year for the purpose of Article V, Section 7 (b) and (c), no account shall be taken, unless deductions have otherwise been made by the member for such holdings, of any increase in those monetary reserves which is due to currency previously inconvertible having become convertible during the year; or to holdings which are the proceeds of a long-term or medium-term loan contracted during the year; or to holdings which have been transferred or set aside for repayment of a loan during the subsequent year. 4. In the case of members whose metropolitan territories have been occupied by the enemy, gold newly produced during the five years after the entry into force of this Agreement from mines located within their metropolitan territories shall not be included in computations of their monetary reserves or of increases in their monetary reserves. Ante, p. 1407. Ante, p. 1408. Monetary reserves. Ante, pp. 1407 ,1408. Newly mined gold.

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