Document ID: chunk:federal_register_of_legislation:C2004A01896:body:0:p20
Version: federal_register_of_legislation:C2004A01896
Segment Type: other
Provision Reference: 
Character Range: 47131–49920

paid from the General Resources Account by transfers from the Special Disbursement Account on the basis of a reasonable estimate of such expenses.
(j) The Special Disbursement Account shall be terminated in the event of the liquidation of the Fund and may be terminated prior to liquidation of the Fund by a seventy percent majority of the total voting power. Upon termination of the account because of the liquidation of the Fund, any assets in this account shall be distributed in accordance with the provisions of Schedule K. Upon termination prior to liquidation of the Fund, any assets in this account shall be transferred to the General Resources Account for immediate use in operations and transactions. The Fund, by a seventy percent majority of the total voting power, shall adopt rules and regulations for the administration of the Special Disbursement Account.
SCHEDULE 1—continued

ARTICLE VI

CAPITAL TRANSFERS

Section 1. Use of the Fund's general resources for capital transfers
(a) A member may not use the Fund's general resources to meet a large or sustained outflow of capital except as provided in Section 2 of this Article, and the Fund may request a member to exercise controls to prevent such use of the general resources of the Fund. If, after receiving such a request, a member fails to exercise appropriate controls, the Fund may declare the member ineligible to use the general resources of the Fund.
(b) Nothing in this Section shall be deemed:
    (i) to prevent the use of the general resources of the Fund for capital transactions of reasonable amount required for the expansion of exports or in the ordinary course of trade, banking, or other business; or
    (ii) to affect capital movements which are met out of a member's own resources, but members undertake that such capital movements will be in accordance with the purposes of the Fund.

Section 2. Special provisions for capital transfers
A member shall be entitled to make reserve tranche purchases to meet capital transfers.

Section 3. Controls of capital transfers
Members may exercise such controls as are necessary to regulate international capital movements, but no member may exercise these controls in a manner which will restrict payments for current transactions or which will unduly delay transfers of funds in settlement of commitments, except as provided in Article VII, Section 3(b) and in Article XIV, Section 2.

ARTICLE VII

REPLENISHMENT AND SCARCE CURRENCIES

Section 1. Measures to replenish the Fund's holdings of currencies
The Fund may, if it deems such action appropriate to replenish its holdings of any member's currency in the General Resources Account needed in connection with its transactions, take either or both of the following steps:
    (i) propose to the member