Page:United States Statutes at Large Volume 82.djvu/231

 82 STAT.]

189

PUBLIC LAW 90-349-JUNE 19, 1968

(b) Special Drawing Right certificates owned by the Federal Reserve banks shall be redeemed from the resources of the Exchange Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine. SEC. 5. (a) The third sentence of the second paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 412), is amended by inserting "or Special Drawing Right certificates," after "gold certificates,". (b) The first sentence of the fifth paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 415), is amended by inserting "Special Drawing Right certificates," after "gold certificates,". (c) The seventh paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 417), is amended by (i) inserting ", Special Drawing Right certificates," after "gold certificates" in the first sentence; (ii) inserting "Special Drawing Right certificates," after "gold certificates," in the second sentence; and (iii) inserting "and Special Drawing Right certificates" after "gold certificates" in the third sentence. (d) The fifteenth paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 467), is amended by inserting (i) "or of Special Drawing Right certificates" after "gold certificates" in the first sentence, and (ii) by striking the third sentence and inserting in lieu thereof "Deposits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the Laiited States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent." SEC. 6. T^nless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article X X IV, sections 2 and 3, of the Articles of Agreement of the Fund so that net cumulative allocations to the United States exceed an amount equal to the United States quota, in the Fund as heretofore authorized under the Bretton Woods Agreements Act of 1945, as amended (e31 U.S.C. 822a (c), 22 U.S.C. 286e, 286e-l(a), 286e-lb). SEC. 7. The provisions of article X X VII (b) of the Articles of Agreement of the F u n d shall have full force and effect in the United States and its territories and possessions when the United States becomes a participant in the special drawing account. Approved June 19, 1968.

Redemption.

59 Stat. 237.

40 Stat. 237.

Deposit provisions. 40 Stat. 238.

59 Stat. 514; 73 Stat. 80; 79 Stat. 119.

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