Page:United States Statutes at Large Volume 61 Part 5.djvu/46

 i;1 SI. ] (I:NI:AIL. \A(I':I'\1lNT (N.TAII.I. AN 'l.T AI ;-- )('T'.30(, 147 A45 which prove to be inconsistent with that sub-paragraph, but the contracting party shall not be required to satisfy itself, when it is not practicable to do so, that the requirements of that sub- paragraph are fulfilled in respect of individual transactions. (d) Contracting parties undertake, in framing and carrying out any programme for additional imports under this paragraph, to have due regard to the need to facilitate the termination of any exchange arrangements which deviate from the obligations of Sections 2, 3 and 4 of Article VIII of the Articles of Agreement of the International Monetary Fund .'] nd to the need to restore equilibrium in their balances of payments on a sound and lasting basis. 2. Any contracting party taking action under paragraph 1 of this Article shall keep the CONTRACTING PARTIES regularly informed regarding such action and shall provide such available relevant information as they may request. 3. (a) Not later than March 1, 1952 (five years after the date on which the International Monetary Fund began operations) and in each year thereafter, any contracting party maintaining or proposing to institute action under paragraph 1 of this Article shall seek the approval of the CONTRACTING PARTIES which shall thereupon determine whether the circumstances of the contracting party justify the maintenance or institution of action by it under paragraph 1 of this Article. After March 1, 1952, no contracting party shall maintain or institute such action without determination by the CONTRACTING PARTIES that the con- tracting party's circumstances justify the maintenance or [60 Stat. 1411 .] 91W47 O--pt. 5-4

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