Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p6
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 12783–15424

shall be required for any other change in quotas. No quota shall be changed without the consent of the member concerned."
2. The following subsection (c) shall be added to Section 4. Payments when quotas are changed:
   "(c) A majority of eighty-five percent of the total voting power shall be required for any decisions dealing with the payment, or made with the sole purpose of mitigating the effects of the payment, of increases in quotas proposed as the result of a general review of quotas."

D
Article IV
PAR VALUES OF CURRENCIES
1. Section 7 shall read:
      "Section 7. Uniform changes in par values
   Notwithstanding the provisions of Section 5 (b) of this Article, the Fund by an eighty-five percent majority of the total voting power may make uniform proportionate changes in the par values of the currencies of all members. The par value of a member's currency shall, however, not be changed under this provision if, within seventy-two hours of the Fund's action, the member informs the Fund that it does not wish the par value of its currency to be changed by such action."
2. In Section 8. Maintenance of gold value of the Fund's assets, subsection (d) shall read:
   "(d) The provisions of this Section shall apply to a uniform proportionate change in the par values of the currencies of all members, unless at the time when such a change is made the Fund decides otherwise by an eight-five percent majority of the total voting power."

E
Article V
TRANSACTIONS WITH THE FUND
1. In section 3. Conditions governing use of the Fund's resources, subsection (a) (iii) shall read:
      "(iii) The proposed purchase would be a gold tranche purchase, or would not cause the Fund's holdings of the purchasing member's currency to increase by more than twenty-five percent of its quota during the period of twelve months ending on the date of the purchase or to exceed two hundred percent of its quota;"
2. The following subsections (c) and (d) shall be added to Section 3:
   "(c) A member's use of the resources of the Fund shall be in accordance with the purposes of the Fund. The Fund shall adopt policies on the use of its resources that will assist members to solve their balance of payments problems in a manner consistent with the purposes of the Fund and that will establish adequate safeguards for the temporary use of its resources."
   "(d) A representation by a member under (a) above shall be examined by the Fund to determine whether the proposed purchase would be consistent with the provisions of this Agreement and with the policies adopted under them, with the exception that proposed gold tranche purchases shall