GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Measures to replenish the Fund’s holdings of currencies The Fund may, if it deems such action appropriate to replenish its holdings of any member’s currency in the General Resources Account needed in connection with its transactions, take either or both of the following steps: (i) propose to the member that, on terms and conditions agreed between the Fund and the member, the latter lend its currency to the Fund or that, with the concurrence of the member, the Fund borrow such currency from some other source either within or outside the territories of the member, but no member shall be under any obligation to make such loans to the Fund or to concur in the borrowing of its currency by the Fund from any other source; (ii) require the member, if it is a participant, to sell its currency to the Fund for special drawing rights held in the General Resources Account, subject to Article XIX, Section 4. In replenishing with special drawing rights, the Fund shall pay due regard to the principles of designation under Article XIX, Section 5.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) propose to the member that, on terms and conditions agreed between the Fund and the member, the latter lend its currency to the Fund or that, with the concurrence of the member, the Fund borrow such currency from some other source either within or outside the territories of the member, but no member shall be under any obligation to make such loans to the Fund or to concur in the borrowing of its currency by the Fund from any other source;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) require the member, if it is a participant, to sell its currency to the Fund for special drawing rights held in the General Resources Account, subject to Article XIX, Section 4. In replenishing with special drawing rights, the Fund shall pay due regard to the principles of designation under Article XIX, Section 5.
Bretton Woods and Related Agreements Act — B-7 Section 2
Section 2 General scarcity of currency If the Fund finds that a general scarcity of a particular currency is developing, the Fund may so inform members and may issue a report setting forth the causes of the scarcity and containing recommendations designed to bring it to an end. A representative of the member whose currency is involved shall participate in the preparation of the report.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) If it becomes evident to the Fund that the demand for a member’s currency seriously threatens the Fund’s ability to supply that currency, the Fund, whether or not it has issued a report under Section 2 of this Article, shall formally declare such currency scarce and shall thenceforth apportion its existing and accruing supply of the scarce currency with due regard to the relative needs of members, the general international economic situation, and any other pertinent considerations. The Fund shall also issue a report concerning its action.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) A formal declaration under (a) above shall operate as an authorization to any member, after consultation with the Fund, temporarily to impose limitations on the freedom of exchange operations in the scarce currency. Subject to the provisions of Article IV and Schedule C, the member shall have complete jurisdiction in determining the nature of such limitations, but they shall be no more restrictive than is necessary to limit the demand for the scarce currency to the supply held by, or accruing to, the member in question, and they shall be relaxed and removed as rapidly as conditions permit.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The authorization under (b) above shall expire whenever the Fund formally declares the currency in question to be no longer scarce.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Administration of restrictions Any member imposing restrictions in respect of the currency of any other member pursuant to the provisions of Section 3(b) of this Article shall give sympathetic consideration to any representations by the other member regarding the administration of such restrictions.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Effect of other international agreements on restrictions Members agree not to invoke the obligations of any engagements entered into with other members prior to this Agreement in such a manner as will prevent the operation of the provisions of this Article.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Introduction In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, cooperate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Avoidance of discriminatory currency practices No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply.
Bretton Woods and Related Agreements Act — B-7 a)
a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents: (i) that the balances to be bought have been recently acquired as a result of current transactions; or (ii) that their conversions is needed for making payments for current transactions.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) that the balances to be bought have been recently acquired as a result of current transactions; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) that their conversions is needed for making payments for current transactions.
Bretton Woods and Related Agreements Act — B-7
The buying member shall have the option to pay either in special drawing rights, subject to Article XIX, Section 4, or in the currency of the member making the request.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The obligation in (a) above shall not apply when: (i) the convertibility of the balances has been restricted consistently with Section 2 of this Article or Article VI, Section 3; (ii) the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2; (iii) the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them; (iv) the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3(a); or (v) the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the convertibility of the balances has been restricted consistently with Section 2 of this Article or Article VI, Section 3;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them;
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3(a); or
Bretton Woods and Related Agreements Act — B-7 (v)
(v) the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters: (i) official holdings at home and abroad of (1) gold, (2) foreign exchange; (ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange; (iii) production of gold; (iv) gold exports and imports according to countries of destination and origin; (v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin; (vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items; (vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information; (viii) national income; (ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices; (x) buying and selling rates for foreign currencies; (xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and (xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) official holdings at home and abroad of (1) gold, (2) foreign exchange;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange;
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) gold exports and imports according to countries of destination and origin;
Bretton Woods and Related Agreements Act — B-7 (v)
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
Bretton Woods and Related Agreements Act — B-7 (vi)
(vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
Bretton Woods and Related Agreements Act — B-7 (vii)
(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;
Bretton Woods and Related Agreements Act — B-7 (ix)
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
Bretton Woods and Related Agreements Act — B-7 (x)
(x) buying and selling rates for foreign currencies;
Bretton Woods and Related Agreements Act — B-7 (xi)
(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
Bretton Woods and Related Agreements Act — B-7 (xii)
(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable and, so far as possible, to avoid mere estimates.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.
Bretton Woods and Related Agreements Act — B-7 Section 6
Section 6 Consultation between members regarding existing international agreements Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements shall consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Obligation to collaborate regarding policies on reserve assets Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Purposes of Article To enable the Fund to fulfill the functions with which it is entrusted, the status, immunities, and privileges set forth in this Article shall be accorded to the Fund in the territories of each member.
Bretton Woods and Related Agreements Act — B-7 Section 2
Section 2 Status of the Fund The Fund shall possess full juridical personality, and in particular, the capacity: (i) to contract; (ii) to acquire and dispose of immovable and movable property; and (iii) to institute legal proceedings.
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) to acquire and dispose of immovable and movable property; and
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Immunity from judicial process The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Immunity from other action Property and assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation, or any other form of seizure by executive or legislative action.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Immunity of archives The archives of the Fund shall be inviolable.
Bretton Woods and Related Agreements Act — B-7 Section 6
Section 6 Freedom of assets from restrictions To the extent necessary to carry out the activities provided for in this Agreement, all property and assets of the Fund shall be free from restrictions, regulations, controls, and moratoria of any nature.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Privilege for communications The official communications of the Fund shall be accorded by members the same treatment as the official communications of other members.
Bretton Woods and Related Agreements Act — B-7 Section 8
Section 8 Immunities and privileges of officers and employees All Governors, Executive Directors, Alternates, members of committees, representatives appointed under Article XII, Section 3(j), advisors of any of the foregoing persons, officers, and employees of the Fund: (i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Fund waives this immunity; (ii) not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements, and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members; and (iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials, and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Fund waives this immunity;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements, and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials, and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The fund, its assets, property, income, and its operations and transactions authorized by this Agreement shall be immune from all taxation and from all customs duties. The Fund shall also be immune from liability for the collection or payment of any tax or duty.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to Executive Directors, Alternates, officers, or employees of the Fund who are not local citizens, local subjects, or other local nationals.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) No taxation of any kind shall be levied on any obligation or security issued by the Fund, including any dividend or interest thereon, by whomsoever held: (i) which discriminates against such obligation or security solely because of its origin; or (ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Fund.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) which discriminates against such obligation or security solely because of its origin; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Fund.
Bretton Woods and Related Agreements Act — B-7 Section 10
Section 10 Application of Article Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Fund of the detailed action which it has taken.
Bretton Woods and Related Agreements Act — B-7
The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Undertakings regarding relations with non-member countries Each member undertakes: (i) not to engage in, nor to permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any transactions with a non-member or with persons in a non-member’s territories which would be contrary to the provisions of this Agreement or the purposes of the Fund; (ii) not to cooperate with a non-member or with persons in a non-member’s territories in practices which would be contrary to the provisions of this Agreement or the purposes of the Fund; and (iii) to cooperate with the Fund with a view to the application in its territories of appropriate measures to prevent transactions with non-members or with persons in their territories which would be contrary to the provisions of this Agreement or the purposes of the Fund.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) not to engage in, nor to permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any transactions with a non-member or with persons in a non-member’s territories which would be contrary to the provisions of this Agreement or the purposes of the Fund;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) not to cooperate with a non-member or with persons in a non-member’s territories in practices which would be contrary to the provisions of this Agreement or the purposes of the Fund; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) to cooperate with the Fund with a view to the application in its territories of appropriate measures to prevent transactions with non-members or with persons in their territories which would be contrary to the provisions of this Agreement or the purposes of the Fund.
Bretton Woods and Related Agreements Act — B-7 Section 2
Section 2 Restrictions on transactions with non-member countries Nothing in this Agreement shall affect the right of any member to impose restrictions on exchange transactions with non-members or with persons in their territories unless the Fund finds that such restrictions prejudice the interests of members and are contrary to the purposes of the Fund.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Structure of the Fund The Fund shall have a Board of Governors, an Executive Board, a Managing Director, and a staff, and a Council if the Board of Governors decides, by an eighty-five percent majority of the total voting power, that the provisions of Schedule D shall be applied.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) All powers under this Agreement not conferred directly on the Board of Governors, the Executive Board, or the Managing Director shall be vested in the Board of Governors. The Board of Governors shall consist of one Governor and one Alternate appointed by each member in such manner as it may determine. Each Governor and each Alternate shall serve until a new appointment is made. No Alternate may vote except in the absence of his principal. The Board of Governors shall select one of the Governors as chairman.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Board of Governors may delegate to the Executive Board authority to exercise any powers of the Board of Governors except the powers conferred directly by this Agreement on the Board of Governors.