Document ID: chunk:federal_register_of_legislation:C2004A01896:body:0:p68
Version: federal_register_of_legislation:C2004A01896
Segment Type: other
Provision Reference: 
Character Range: 168570–171488

above, the Fund shall use the currencies of other members apportioned to that member under 2 (d) above to redeem the currency of that member apportioned to other members which have made agreements with the Fund under 3 above. Each amount so redeemed shall be redeemed in the currency of the member to which it was apportioned.
6. After carrying out the steps in the preceding paragraphs, the Fund shall pay to each member the remaining currencies held for its account.
7. Each member whose currency has been distributed to other members under 6 above shall redeem such currency in the currency of the member requesting redemption, or in such other manner as may be agreed between them. If the members involved do not otherwise agree, the member obligated to redeem shall complete redemption within five years of the date of distribution, but shall not be required to redeem in any half-yearly period more than one-tenth of the amount distributed to each other member. If the member does not fulfill this obligation, the amount of currency which should have been redeemed may be liquidated in an orderly manner in any market.
8. Each member whose currency has been distributed to other members under 6 above guarantees the unrestricted use of such currency at all times for the purchase of goods or for payment of sums due to it or to persons in its territories. Each member so obligated agrees to compensate other members for any loss resulting from the difference between the value of its currency in terms of the special drawing right on the date of the decision to liquidate the Fund and the value in terms of the special drawing right realized by such members on disposal of its currency.
9. The Fund shall determine the value of gold under this Schedule on the basis of prices in the market.
10. For the purposes of this Schedule, quotas shall be deemed to have been increased to the full extent to which they could have been increased in accordance with Article III, Section 2 (b) of this Agreement.

                  SCHEDULE 2     Section 16

FORMAL AMENDMENTS

Provision             Omit—                                           Substitute—
Section 3(2)........  section five c of this Act                      section 5c
Section 3(3)........  sub-section (1) of section five c of this Act   sub-section 5c(1)
                      the last preceding sub-section                  sub-section (2) of this section
Section 5c(2).......  the last preceding sub-section                  sub-section (1)
Section 6(1)........  section eight                                   section 8
Section 6(2)........  the last preceding sub-section                  sub-section (1)
                      the next succeeding section                     section 7
Second Schedule.....  SECOND SCHEDULE                                 SCHEDULE 2
Third Schedule......  THIRD SCHEDULE                                  SCHEDULE 3