Agreement Of Article
In addition to the obligations arising from other provisions of this agreement, each member assumes the obligations under this article. Statutes are a company`s fouding document. They contain, among other things, the company`s main purpose and powers, members` voting rights and restrictions. It is similar to incoptrporation articles, but it is used more often to refer to the founding document of a non-profit organization. 4. Where the Fund`s holdings in the currency of an outgoing member are greater than the amount owed to it and no agreement is reached on the accounting method within six months of the date of withdrawal, the former member is required to repay the excess currency in a freely usable currency. The repayment is made at the rates at which the Fund would sell these currencies at the time of the Fund`s exit. The outgoing member is required to complete the withdrawal within five years of the date of revocation or a longer period set by the Fund, but is not required to repay more than one-tenth of the Fund`s excess assets on its currency at the time of exit, plus other purchases of the currency during that semester , over a period of one semester. If the member who retires does not fulfil this obligation, the fund may, in each market, liquidate in an orderly manner the amount of money that should have been repaid.
In addition to commitments made with respect to special drawing rights arising from other articles of this agreement, each participant undertakes to cooperate with the Fund and other participants to ensure the proper functioning of the Underwriting Rights Department and the correct use of special drawing rights in accordance with this agreement and to make the Special Drawing Right the main reserve asset of the international monetary system. Formal agreement between two or more parties to do something. The money the Fund receives from a resilient participant is used by the Fund to exchange special drawing rights held by participants in proportion to the amount of each participant`s participation in special drawing rights at the time the Fund receives the coin for its cumulative net allocation. Special drawing rights thus collected and special drawing rights received by a participant terminate, in accordance with the provisions of this agreement, in order to satisfy any waterproofing agreement or scheduleD rates due and charged at this rate are void. 2. If the Fund`s holdings in the member`s currency are not sufficient to pay the net amount owed by the Fund, the balance is paid in a freely usable currency or in some other form that can be agreed upon. If the Fund and the outgoing member fail to reach an agreement within six months of the date of withdrawal, the currency in question, which the Fund holds, is immediately paid to the outgoing member. The balance payable is paid in ten semi-annual instalments over the next five years.