Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p7
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 15174–17851

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 not be subject to challenge."
3. In Section 7. Repurchase by a member of its currency held by the Fund, the first sentence of subsection (b) shall read:
   "(b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with each type of monetary reserve, as determined in accordance with Schedule B, part of the Fund's holdings of its currency under the following conditions:
      (i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to the following changes that have occurred during the year: one-half of any increase in the Fund's holdings of the member's currency, plus one-half of any increase, or minus one-half of any decrease, in the member's monetary reserves, or, if the Fund's holdings of the member's currency have decreased, one-half of any increase in the member's monetary reserves minus one-half of the decrease in the Fund's holdings of the member's currency."
4. In Section 7, subsection (c) shall read:
   "(c) None of the adjustments described in (b) above shall be carried to a point at which
      (i) the member's monetary reserves are below one hundred fifty percent of its quota, or
      (ii) the Fund's holdings of its currency are below seventy-five percent of its quota, or
      (iii) the Fund's holdings of any currency required to be used are above seventy-five percent of the quota of the member concerned, or
      (iv) the amount repurchased exceeds twenty-five percent of the quota of the member concerned."

5. The following subsection (d) shall be added to Section 7:
   "(d) The Fund by an eighty-five percent majority of the total voting power may revise the percentages in (c) (i) and (iv) above and revise and supplement the rules in paragraph 1 (c), (d), and (e) and paragraph 2 (b) of Schedule B."
6. In Section 8. Charges, subsection (a) shall read:
   "(a) Any member buying the currency of another member from the Fund in exchange for its own currency shall pay, in addition to the parity price, a service charge uniform for all members of not less than one-half percent and not more than one percent, as determined by the Fund, provided that the Fund in its discretion may levy a service charge of less than one-half percent on gold tranche purchases."
7. The following Section shall be added to Article V:
     "Section 9. Remuneration
   (a) The Fund shall pay remuneration,