Document ID: chunk:federal_register_of_legislation:C2004A01728:section:6:p12
Version: federal_register_of_legislation:C2004A01728
Segment Type: section
Provision Reference: s 6 (pt 12/24)
Character Range: 29871–32632

after deposit of such instrument.

Section 2—Suspension of membership
(a) If a Member fails to fulfil any of its obligations to the Fund, the Governing Council may, by a three‑fourths majority of the total number of votes, suspend its membership. The Member so suspended shall automatically cease to be a Member one year from the date of its suspension, unless the Council decides by the same majority of the total number of votes to restore the Member to good standing.
(b) While under suspension, a Member shall not be entitled to exercise any rights under this Agreement except the right of withdrawal, but shall remain subject to all of its obligations.

Section 3—Rights and duties of States ceasing to be Members
Whenever a State ceases to be a Member, whether by withdrawal or through the operation of Section 2 of this Article, it shall have no rights under this Agreement except as provided in this Section or in Section 2 of Article II, but it shall remain liable for all financial obligations undertaken by it to the Fund, whether as Member, borrower or otherwise.

Section 4—Termination of operations and distribution of assets
(a) The Governing Council may terminate the Fund's operations by a three‑fourths majority of the total number of votes. After such termination of operations the Fund shall forthwith cease all activities, except those incidental to the orderly realization and conservation of its assets and the settlement of its obligations. Until final settlement of such obligations and the distribution of such assets, the Fund shall remain in existence and all rights and obligations of the Fund and its Members under this Agreement shall continue unimpaired, except that no Member may be suspended or may withdraw.
(b) No distribution of assets shall be made to Members until all liabilities to creditors have been discharged or provided for. The Fund shall distribute its assets to contributing Members pro rata to the contributions that each Member has made to the resources of the Fund. Such distributions shall be decided by the Governing Council by a three‑fourths majority of the total number of votes and shall be effected at such times, and in such currencies or other assets as the Governing Council shall deem fair and equitable.

ARTICLE 10
Legal status, privileges and immunities

Section 1—Legal status
The Fund shall possess international legal personality.

Section 2—Privileges and immunities
(a) The Fund shall enjoy in the territory of each of its Members such privileges and immunities as are necessary for the exercise of its functions and for the fulfilment of its objective. Representatives of Members, the President and the staff of the Fund shall enjoy such privileges and immunities as are necessary for the