Document ID: chunk:federal_register_of_legislation:C2004A01728:section:6:p4
Version: federal_register_of_legislation:C2004A01728
Segment Type: section
Provision Reference: s 6 (pt 4/24)
Character Range: 9670–12370

the forms set forth in Section 5(b) and (c) of this Article, either in a single sum or, at the option of the Member, in three equal annual instalments. The single sum or the first annual instalment shall be due on the thirtieth day after this Agreement enters into force with respect to that Member; any second and third instalments shall be due on the first and on the second anniversary of the date on which the first instalment was due.

Section 3—Additional contributions
In order to assure continuity in the operations of the Fund, the Governing Council shall periodically, at such intervals as it deems appropriate, review the adequacy of the resources available to the Fund; the first such review shall take place not later than three years after the Fund commences operations. If the Governing Council, as a result of such a review, deems it necessary or desirable, it may invite Members to make additional contributions to the resources of the Fund on terms and conditions consistent with Section 5 of this Article. Decisions under this Section shall be taken by a two‑thirds majority of the total number of votes.

Section 4—Increases in contributions
The Governing Council may authorize, at any time, a Member to increase the amount of any of its contributions.

Section 5—Conditions governing contributions
(a) Contributions shall be made without restriction as to use and shall be refunded to contributing Members only in accordance with Section 4 of Article 9.
(b) Contributions shall be made in freely convertible currencies, except that Members in category III may pay contributions in their own currency whether or not it is freely convertible.
(c) Contributions to the Fund shall be made in cash or, to the extent that any part of such contributions is not needed immediately by the Fund in its operations, such part may be paid in the form of non‑negotiable, irrevocable, non‑interest bearing promissory notes or obligations payable on demand. In order to finance its operations, the Fund shall draw down all contributions (regardless of the form in which they are made) as follows:
     (i) contributions shall be drawn down on a pro rata basis over reasonable periods of time as determined by the Executive Board;
     (ii) where a contribution is paid partly in cash, the part so paid shall be drawn down, in accordance with paragraph (i), before the rest of the contribution. Except to the extent that the part paid in cash is thus drawn down, it may be deposited or invested by the Fund to produce income to help defray its administrative and other expenditures;
     (iii) all initial contributions, as well as any increases in them, shall be drawn down before any additional