Amendment Of Articles Of Agreement


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1. Pension obligations which have been entered into in accordance with Article V(7)(b) before the date of the second amendment to this Agreement and which are not yet fulfilled by that date shall be fulfilled no later than the date on which the obligations under this Agreement were to be fulfilled before the second amendment. (7) In accordance with paragraph 6 of the transitional provisions of Scheme B, the rate of pay shall remain in force at the time of the amendment until it is modified by a decision pursuant to the amended Articles. However, the calculations for determining whether and to what extent remuneration is to be paid shall be made on the basis of the percentages of allowances fixed in or in accordance with Article V(9)(b) or (c) of the amended Articles, and on the basis of the average daily monetary balances in general to be taken into account in accordance with Article V; Section 9(a)(2). Where the commitment remaining after the clearing referred to in point (b) of Article XXIV(2) is established by the Fund and the agreement on the transaction is not concluded within six months of the date of termination, the resilient participant shall fulfil that obligation in equal half-yearly instalments within three years of the date of termination or within a longer period set by the Fund. The participant who terminates the obligation, as the Fund may determine, shall fulfil that obligation either by the payment of a currency freely available to the Fund, or by the acquisition of special drawing rights under Article XXIV, Section 6, of the General Resources Account, or in agreement with a participant designated by the Fund or by another holder, and the offsetting of these special drawing rights ahead of the rate due. The report of the Special Committee on the Reform of the International Monetary System and Related Matters of 14 June 1974 to the Board of Governors, together with a draft reform, considered that, under the conditions developed, it had been recognized that certain aspects of reform should be given priority. . . .