Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p25
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 60367–62954

types of reserves which have increased in proportion to the amount by which each of them has increased. The remainder of the sum payable to the Fund shall be distributed among all types of reserves in proportion to the member's remaining holdings thereof.
       (c) If after the repurchases required under Article V, Section 7 (b), had been made, the result would exceed either of the limits specified in Article V, Section 7 (c) (i) or (ii), the Fund shall require such repurchases to be made by the member proportionately in such manner that these limits will not be exceeded.
       (d) If after all the repurchases required under Article V, Section 7 (b), had been made, the result would exceed the limit specified in Article V, Section 7 (c) (iii), the amount by which the limit would be exceeded shall be discharged in convertible currencies as determined by the Fund without exceeding that limit.
       (e) If a repurchase required under Article V, Section 7 (b), would exceed the limit specified in Article V, Section 7 (c) (iv), the amount by which the limit would be exceeded shall be repurchased at the end of the subsequent financial year or years in such a way that total repurchases under Article V, Section 7 (b), in any year would not exceed the limit specified in Article V, Section 7 (c) (iv)."
2. Paragraph 2 shall read:
       "2. (a) The fund shall not acquire the currency of any non-member under Article V, Section 7 (b) and (c).
         (b) Any amount payable in the currency of a non-member under 1 (a) or 1 (b) above shall be paid in the convertible currencies of members as determined by the Fund."
3. The following paragraphs 5 and 6 shall be added to Schedule B:
   "5. In calculating monetary reserves and the increase in monetary reserves during any year for the purpose of Article V, Section 7 (b) and (c), the Fund may decide in its discretion, on the request of a member, that deductions shall be made for obligations outstanding as the result of transactions between members under a reciprocal facility by which a member agrees to exchange on demand its currency for the currency of the other member up to a maximum amount and on terms requiring that each such transaction be reversed within a specified period not in excess of nine months."
   "6. In calculating monetary reserves and the increase in monetary reserves for the purpose of Article V, Section 7 (b) and (c), Article XIX (e) shall apply except that the following provision shall apply at the end of a financial year if it was in effect at the beginning of that year:
       'A member's