Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p8
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 17603–20254

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, at a rate uniform for all members, on the amount by which seventy-five percent of a member's quota exceeded the average of the Fund's holdings of the member's currency, provided that no account shall be taken of holdings in excess of seventy-five percent of quota. The rate shall be one and one-half percent per annum, but the Fund in its discretion may increase or reduce this rate, provided that a three-fourths majority of the total voting power shall be required for any increase above two percent per annum or reduction below one percent per annum.
   (b) Remuneration shall be paid in gold or a member's own currency as determined by the Fund."

F
Article VI
CAPITAL TRANSFERS
1. In Section 1. Use of Fund's resources for capital transfers, subsection (a) shall read:
   "(a) A member may not use the Fund's 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 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 resources of the Fund."
2. Section 2 shall read:
 "Section 2. Special provisions for capital transfers
    A member shall be entitled to make gold tranche purchases to meet capital transfers."

G
Article XII
ORGANIZATION AND MANAGEMENT
1. In Section 2. Board of Governors, subsection (b) (ii) and (iii) shall read:
      "(ii) Approve a revision of quotas, or to decide on the payment, or on the mitigation of the effects of payment, of increases in quotas proposed as the result of a general review of quotas."
      "(iii) Approve a uniform change in the par values of the currencies of all members, or to decide when such a change is made that the provisions relating to the maintenance of gold value of the Fund's assets shall not apply."
2. The following shall be added to section 2 (b):
      "(ix) Revise the provisions on repurchase or to revise and supplement the rules for the distribution of repurchases among types of reserves."
      "(x) Make transfers to general reserve from any special reserve."
3. The title of Section 6 shall read:
"Reserves and distribution of net income"

4. In Section 6, subsection (b) shall read:
   "(b) If any distribution is made of the net income of any year, there shall first be distributed