Document ID: chunk:federal_register_of_legislation:C2004A00768:clause:1_2:p3
Version: federal_register_of_legislation:C2004A00768
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 3/3)
Character Range: 7510–8776

being held in an escrow account shall not be available for any use and shall not be included in any calculations of allocations or holdings of special drawing rights for the purposes of the Articles, except for calculations under this Schedule. If special drawing rights allocated to a participant are held in an escrow account when the participant terminates its participation in the Special Drawing Rights Department or when it is decided to liquidate the Special Drawing Rights Department, such special drawing rights shall be canceled.

 (c)  For purposes of this paragraph, overdue obligations to the Fund consist of overdue repurchases and charges in the General Resources Account, overdue principal and interest on loans in the Special Disbursement Account, overdue charges and assessments in the Special Drawing Rights Department, and overdue liabilities to the Fund as trustee.

 (d)  Except for the provisions of this paragraph, the principle of separation between the General Department and the Special Drawing Rights Department and the unconditional character of special drawing rights as reserve assets shall be maintained.

[Minister's second reading speech made in—
House of Representatives on 12 October 2000
Senate on 30 November 2000]

(168/00)