Page:United States Statutes at Large Volume 63 Part 2.djvu/887

 PART 3-ADJUSTMENT OF GUARANTEED QUANTITIES ARTICLE IX Adjustments in Case of Nonparticipation or Withdrawal of Countries 1. In the event of any difference occurring between the total of the Ante, p. 2177. guaranteed purchases in Annex A to Article III and the total of the Ante, p. 2178. guaranteed sales in Annex B to Article III as a result of any country or countries listed in Annex A or Annex B (a) not signing or (b) not depositing an instrument of acceptance of or (c) withdrawing under Pot, pp. 2194, 2195. paragraph 5, 6, or 7 of Article XXII from or (d) being expelled under Post, p. 2192. Article XIX from or (e) being found by the Council under Article XIX to be in default of the whole or part of its guaranteed quantities under this Agreement, the Council shall, without prejudice to the right of any country to withdraw from this Agreement under paragraph 6 of Article XXII, adjust the remaining guaranteed quantities so as to make the total in the one Annex equal to the total in the other Annex. 2. The adjustment under this Article shall, unless the Council decides otherwise by two-thirds of the votes cast by the exporting countries and two-thirds of the votes cast by the importing countries, be made by reducing pro rata the guaranteed quantities in Annex A or Annex B, as the case may be, by the amount necessary to make the total in the one Annex equal to the total in the other Annex. 3. In making adjustments under this Article, the Council shall keep in mind the general desirability of maintaining the total guaran- teed purchases and the total guaranteed sales at the highest possible level. ARTICLE X Adjustment in Case of Short Crop or Necessity to Safeguard Balance of Payments or Monetary Reserves 1. Any exporting or importing country which fears that it may be prevented, by a short crop in the case of an exporting country or the necessity to safeguard its balance of payments or monetary re- serves in the case of an importing country, from carrying out its obligations under this Agreement in respect of a particular crop-year shall report the matter to the Council. 2. If the matter reported relates to balance of payments or mone- tary reserves, the Council shall seek and take into account, together with all facts which it considers relevant, the opinion of the Inter- national Monetary Fund, as far as the matter concerns a country which is a member of the Fund, on the existence and extent of the necessity referred to in paragraph 1 of this Article. 3. The Council shall discuss with the reporting country the matter reported under paragraph 1 of this Article and shall decide whether such country's representations are well founded. If it finds that they are well founded, it shall decide whether and to what extent and on what conditions the reporting country shall be relieved of its guar- anteed quantity for the crop-year concerned. The Council shall in- form the reporting country of its decision. [63 STAT. TREATIES

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