Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p24
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 57842–60594

Drawing Account.
(d) Liquidation of the Special Drawing Account shall be administered in accordance with the provisions of Schedule I.

Article XXXII
EXPLANATION OF TERMS WITH RESPECT TO SPECIAL DRAWING RIGHTS
In interpreting the provisions of this Agreement with respect to special drawing rights the Fund and its members shall be guided by the following:
(a) Net cumulative allocation of special drawing rights means the total amount of special drawing rights allocated to a participant less its share of special drawing rights that have been cancelled under Article XXIV, Section 2 (a).
(b) Currency convertible in fact means:
       (1) a participant's currency for which a procedure exists for the conversion of balances of the currency obtained in transactions involving special drawing rights into each other currency for which such procedure exists, at rates of exchange prescribed under Article XXV, Section 8, and which is the currency of a participant that
           (i) has accepted the obligations of Article VIII, Sections 2, 3, and 4, or
           (ii) for the settlement of international transactions in fact freely buys and sells gold within the limits prescribed by the Fund under Section 2 of Article IV; or
       (2) currency convertible into a currency described in paragraph (1) above at rates of exchange prescribed under Article XXV, Section 8.
(c) A participant's reserve position in the Fund means the sum of the gold tranche purchases it could make and the amount of any indebtedness of the Fund which is readily repayable to the participant under a loan agreement."

L
Schedule B
PROVISIONS WITH RESPECT TO REPURCHASE

BY A MEMBER OF ITS CURRENCY HELD BY THE FUND

1. Paragraph 1 shall read:
   "1. In determining the extent to which repurchase of a member's currency from the Fund under Article V, Section 7 (b), shall be made with each convertible currency and each of the other types of monetary reserve, the following rule, subject to 2 below, shall apply:

       (a) If the member's monetary reserves have not increased during the year, the amount payable to the Fund shall be distributed among all types of reserves in proportion to the member's holdings thereof at the end of the year.
       (b) If the member's monetary reserves have increased during the year, a part of the amount payable to the Fund equal to one-half of the increase, minus one-half of any decrease in the Fund's holdings of the member's currency that has occurred during the year, shall be distributed among those types of reserves which have increased in proportion to the amount by which each of them has increased. The remainder of the sum payable to the Fund shall be distributed among all types of reserves in proportion to the member's