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International Monetary Fund

Payments When Quotas are Changed Interpretation It is determined as a matter of interpretation that Art. III, Sec. 4, and not Art. III, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950

International Monetary Fund

It is determined as a matter of interpretation that Art. III , Sec. 4, and not Art. III, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950

International Monetary Fund

Interpretation It is determined as a matter of interpretation that Art. III, Sec. 4, and not Art. III, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950

International Monetary Fund

Payments When Quotas Are Changed Interpretation It is determined as a matter of interpretation that Art. III, Sec. 4, and not Art. III, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950

International Monetary Fund

Interpretation It is determined as a matter of interpretation that Art. III, Sec. 4, and not Art. III, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950

International Monetary Fund

Payments When Quotas Are Changed Interpretation It is determined as a matter of interpretation that Art. Ill, Sec. 4, and not Art. Ill, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950 Quota Increases: Gold Subscriptions In connection with any quota increases granted in accordance with the Fund’s decision on “Compensatory Financing of Export Fluctuations” and any quota increases granted as the result of requests received before the decision referred to, it is decided: (a) to recommend to the Board of

International Monetary Fund

Interpretation It is determined as a matter of interpretation that Art. III, Sec. 4, and not Art. III, Sec. 3, applies to all changes in quotas. Decision No. 595-3 July 20, 1950 Quota Increases: Gold Subscriptions In connection with any quota increases granted in accordance with the Fund’s decision on “Compensatory Financing of Export Fluctuations” and any quota increases granted as the result of requests received before the decision referred to, it is decided: (a) to recommend to the Board of Governors, where a member represents, for

International Monetary Fund

The Fund is one of the international organizations that have a power of internal authoritative interpretation. This power is conferred on the Fund by Article XVIII and is exercised by the same organs, the Executive Directors and the Board of Governors, as exercise most of the other powers of the Fund. Although voting is avoided, if a vote had to be taken on a matter of interpretation, it would be taken in accordance with the system of weighted voting that prevails in the Fund, and a majority of the votes cast would be decisive. The interpretations adopted

International Monetary Fund

Abstract

This paper presents Selected Decisions and Selected Documents’ Fourth Issue of the IMF. In order to ensure the uniform application of the relevant Articles of Agreement as they apply to determinations of member's net official holdings of gold and US dollars for the purposes of Article III, Section 3(&)(ii), the IMF adopts or reaffirms several principles of interpretation for the indicated provisions of the IMF Agreement. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The IMF does not intend to apply the rules set forth in II to its holdings of members' currencies having fluctuating rates when there is no practical interest for the IMF or members to do so. In order to avoid misunderstanding, it may be useful to point out that these rules do not constitute a formula for dealing with the currencies of countries in which current transactions are conducted at multiple rates.

International Monetary Fund

Abstract

In response to the request of the Government of [a member], and after having considered the arguments put forward by that Government, the Executive Directors, acting pursuant to Article XVIII (a) of the Fund Agreement, interpret Article XV, Section 2 as follows: