Articles of Agreement Wiki

After the date of termination, the Fund shall pay interest on any outstanding balance of Special Drawing Rights held by a terminating Participant and the terminating Participant shall pay a fee for all outstanding obligations due to the Fund at the times and rates set out in Article XX. Payment shall be made in special drawing rights. A terminating Participant shall have the right to acquire Special Drawing Rights with freely usable currency in order to pay fees or investments in a transaction with a participant designated by the Fund or in agreement with another holder, or to dispose of special drawing rights obtained as an interest in a transaction with a participant designated under Article XIX; Section 5 or by agreement with another holder. If a Member withdraws from the Fund, the normal activities and transactions of the Fund shall cease in its currency and all accounts between it and the Fund shall be settled with the appropriate expedient by agreement between it and the Fund. If an agreement is not concluded immediately, the provisions of Appendix J shall apply to the Regulation. In South Africa, the new Companies Act 2008, which came into force in 2011, replaced articles of association and letters of intent with a protocol of incorporation or moI. The MoI gives much more leeway to vary the way the company is governed than the previous agreement. [2] [3] In addition to its commitments with respect to special drawing rights under other Articles of this Agreement, each Participant undertakes to cooperate with the Fund and other participants in order to facilitate the efficient functioning of the Main Drawing Division and the correct use of Special Drawing Rights in accordance with this Agreement and for the purpose of establishing the Special Drawing Right on major reserve assets of the International Union. Monetary union. System. The „articles of the treaty“ define the fundamental obligations of the parties concerned. As a rule, they consist of four sections: 1. Where the obligation remaining after the set-off referred to in point (b) of Section XXIV of Section XXIV exists and no agreement is concluded between the Fund and the terminating participant within six months of the date of termination, the Fund shall redeem that balance of the Special Drawing Rights in equal semi-annual instalments within a maximum period of five years from the date of termination.

The Fund shall, at its discretion, redeem such balance, either (a) by paying the terminating Participant the amounts made available to the Fund by the remaining Participants in accordance with Section 5 of Article XXIV, or (b) by allowing the Terminating Participant to use its Special Drawing Rights to obtain its own currency or freely usable currency from a participant designated by the Fund; the General Resources account or another owner. The recitals contextualise the agreement and provide factual explanations on the basis of the contract. Seven recitals describe what is required and what events took place. In addition to commitments under other Articles of this Agreement, each Member shall assume the obligations set out in this Article. The Fund shall prepare annual reports on the restrictions applicable under Section 2 of this Article. Any Member which maintains restrictions inconsistent with Sections 2, 3 or 4 of Article VIII shall consult annually with the Fund on their subsequent maintenance. The Fund may, if it considers that such a measure is necessary in exceptional circumstances, provide assurance to any Member that the conditions for the lifting of a particular restriction or for the general lifting of restrictions are favourable, which is inconsistent with the provisions of other Articles of this Convention. The member shall have a reasonable period of time to respond to such statements. If the Fund finds that the Member continues to maintain restrictions inconsistent with the objectives of the Fund, it shall be subject to Article XXVI, Section 2(a). 4. If a Member has not reached an agreement with the Fund within the three-month period referred to in point 3, the Fund shall use the currencies of other Members allocated to that Member in accordance with Article 2(d); to exchange the currency of that Member allocated to other Members. Any currency allocated to a Member that has not reached an agreement shall be used, to the extent possible, to redeem its currency allocated to Members that have entered into agreements with the Fund in accordance with point 3.

5. Where a Member has concluded an agreement with the Fund in accordance with paragraph 3, the Fund shall use the currencies of other Members allocated to that Member in accordance with Point (d) of Article 2 to reimburse the currency of that Allocated Member to other Members which have concluded agreements with the Fund in accordance with point 3. Any amount so exchanged will be exchanged in the currency of the Member to whom it has been allocated. 2. If the assets of the Fund in the currency of the retiring Member are insufficient to pay the net amount due from the Fund, the balance shall be paid in a freely usable currency or by any other agreed means. . . .