Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p5
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 10178–13018

Agreement as set forth in the attachment to this Resolution.
     3. The circular letter or telegram to be sent to all members in accordance with 2 above shall specify that the Proposed Amendment to the Articles of Agreement set forth in the attachment to this Resolution shall enter into force for all members as of the date on which the Fund certifies, by formal communication addressed to all members, that three-fifths of the members, having four-fifths of the total voting power, have accepted the modifications.

Proposed Amendment to the Articles of Agreement of the International Monetary Fund Prepared Pursuant to Board of Governors Resolution No. 22-8
A
Introductory Article
The Introductory Article shall read:
      "(i) The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted, and as subsequently amended in order to institute a facility based on special drawing rights and to effect certain other changes.
      (ii) To enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Account and a Special Drawing Account. Membership in the Fund shall give the right to participation in the Special Drawing Account.
      (iii) Operations and transactions authorized by this Agreement shall be conducted through the General Account except that operations and transactions involving special drawing rights shall be conducted through the Special Drawing Account."

B
Article I
PURPOSES
1. Article I (v) shall read:
      "(v) To give confidence to members by making the Fund's resources temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity."
2. The last sentence of Article I shall read:
   "The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article."

C
Article III
QUOTAS AND SUBSCRIPTIONS
1. Section 2 shall read:
      "Section 2. Adjustment of quotas
   The Fund shall at intervals of not more than five years conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members. It may also, if it thinks fit, consider at any other time the adjustment of any particular quota at the request of the member concerned. An eighty-five percent majority of the total voting power shall be required for any change in quotas proposed as the result of a general review and a four-fifths majority of the total voting power shall be required for any other change in quotas. No quota shall be changed without the consent of the member concerned."
2. The following subsection (c) shall be added to Section 4. Payments when quotas are changed:
   "(c) A majority