Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p9
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 20030–22709

3. The title of Section 6 shall read:
"Reserves and distribution of net income"

4. In Section 6, subsection (b) shall read:
   "(b) If any distribution is made of the net income of any year, there shall first be distributed to members eligible to receive remuneration under Article V, Section 9, for that year an amount by which two percent per annum exceeded any remuneration that has been paid for that year. Any distribution of the net income of that year beyond that amount shall be made to all members in proportion to their quotas. Payments to each member shall be made in its own currency."
5. The following subsection (c) shall be added to Section 6:
   "(c) The Fund may make transfers to general reserve from any special reserve."

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Article XVIII
INTERPRETATION
Article XVIII (b) shall read:
   "(b) In any case where the Executive Directors have given a decision under (a) above, any member may require, within three months from the date of the decision, that the question be referred to the Board of Governors, whose decision shall be final. Any question referred to the Board of Governors shall be considered by a Committee on Interpretation of the Board of Governors. Each Committee member shall have one vote. The Board of Governors shall establish the membership, procedures, and voting majorities of the Committee. A decision of the Committee shall be the decision of the Board of Governors unless the Board by an eighty-five percent majority of the total voting power decides otherwise. Pending the result of the reference to the Board the Fund may, so far as it deems necessary, act on the basis of the decision of the Executive Directors."

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Article XIX
EXPLANATION OF TERMS
1. Article XIX (a) shall read:
   "(a) A member's monetary reserves means its official holdings of gold, of convertible currencies of other members, and of the currencies of such non-members as the Fund may specify."
2. Article XIX (e) shall read:
   "(e) The sums deemed to be official holdings of other official institutions and other banks under (c) above shall be included in the member's monetary reserves."
3. The following shall be added to Article XIX:
   "(j) Gold tranche purchase means a purchase by a member of the currency of another member in exchange for its own currency which does not cause the Fund's holdings of the member's currency to exceed one hundred percent of its quota, provided that for the purposes of this definition the Fund may exclude purchases and holdings under policies on the use of its resources for compensatory financing of export fluctuations."

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Article XX
FINAL PROVISIONS
The title of Article XX shall read:
   "INAUGURAL PROVISIONS"

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