## Introduction of widespread system of exchange arrangements based on stable but adjustable par values

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### Special Drawing Rights (SDR)
- Authority for allocation and cancellation: Art. XV, Sec. 1; Art. XVIII.
- Principles and considerations governing allocation and cancellation: Art. XVIII, Sec. 1.
- Basic periods for allocation and cancellation, designation and reconstitution: Art. XVIII, Sec. 2, 3, 4; Sched. F, G.
- One-time special allocation: Art. XV, Sec. 1; Sched. M.
- Rates for allocation and cancellation: Art. XVIII, Sec. 2(b), 3, 4(c)(iii), (d).
- Net cumulative allocations defined and governed by: Art. XXX(e); Art. XVIII, Sec. 2(c)(iii); Art. XIX, Sec. 4(a); Art. XX, Sec. 2, 4; Art. XXV(c); Sched. F(a); Sched. G, par. 1(a)(i); Sched. I, par. 5, 7; Sched. M, par. 2(b), 3(b).
- Use of SDRs:
  - For payment of 25 percent of quota increase: Art. III, Sec. 3(a).
  - For payment of interest, charges, and assessments: Art. V, Sec. 8(e); Art. XX, Sec. 5; Art. XXIV, Sec. 2(a), 3.
  - For payment of remuneration: Art. V, Sec. 9(d).
  - For replenishing currency holdings: Art. VII, Sec. 1(ii).
  - For repurchases: Art. V, Sec. 7(i).
  - For operations and transactions, including between participants: Art. XVII, Sec. 2; Art. XIX, Sec. 1–2.
- Requirement of need for use of SDRs and purchases: Art. XIX, Sec. 3(a); Art. V, Sec. 3(b)(ii).
- Valuation and valuation method:
  - Valuation by members in terms of SDRs, Art. IV, Sec. 2(b).
  - Valuation method and of Fund’s assets in terms of SDRs, Art. XV, Sec. 2; Art. XXI(a)(iii); Art. V, Sec. 10, 11.
- Proper use obligation of participants: Art. XXII.

### Special Drawing Rights Department (SDR Department)
- Establishment and operation; separation from General Department: Introd. Art. (ii), (iii); Art. XVI, Sec. 1; Art. XVII, Sec. 1–2.
- Administration and Council decisions: Art. XVI; Art. XXI; Sched. M, par. 5(d); Sched. D, par. 5(b).
- Entry into force and right of members to participate: Art. XVII, Sec. 1; Introd. Art. (ii).
- General obligations and reconstitution obligations of participants: Art. XXII; Art. XIX, Sec. 6; Sched. G.
- Operations and transactions; exchange rates between participants: Art. XIX, Sec. 1–2, 7.
- Temporary suspension of operations in emergencies or unforeseen circumstances: Art. XXIII, Sec. 1; Art. XXV(a).
- Liquidation and termination of participation: Art. XXV; Sched. I; Art. XXIV; Sched. H; Sched. M, par. 5(b).
- Participants’ specific obligations and sanctions:
  - Reconstitution obligation and acquisition of SDRs from General Resources Account: Sched. G, par. 1(a)(iv); Art. XIX, Sec. 6.
  - Failure to comply with reconstitution rules: Sched. G, par. 2.
  - Failure to fulfill obligation to provide currency: Art. XXIII, Sec. 2(a), (c)–(e); Art. XXIII, Sec. 2 (participant sanctions).
  - Nonreceipt or nonacceptance (opting out) of allocations: Art. XVIII, Sec. 2(e); Sched. M, par. 4.

### Participants, Designation, and Currency Provision
- Designation to provide currency for SDRs and timing: Art. XIX, Sec. 4(a), 5; Sched. F; Sched. G, par. 1(a)(ii); Sched. I, par. 8.
- Designation rules and review: Art. XIX, Sec. 5(c).
- Due regard to replenishing currencies with SDRs: Art. VII, Sec. 1(ii).
- Operations and transactions with prescribed holders and other holders: Art. XVII, Sec. 3(iii); Art. XVII, Sec. 2–3.
- Obligation to provide currency for SDRs: Art. VII, Sec. 1(ii); Art. XIX, Sec. 4; Art. XXIII, Sec. 2(d).
- Specified by Fund to provide currency in settlement of obligation to terminating participant: Art. XXIV, Sec. 5.

### Quotas and Subscriptions
- Quotas:
  - Adjustment and general review at intervals of not more than five years: Art. III, Sec. 2; Art. III, Sec. 2(a).
  - Consent and payment required for change: Art. III, Sec. 2(d).
  - Basis for SDR allocation and cancellation: Art. XVIII, Sec. 2(c)(iii).
  - Distribution of net income and part of general reserve in proportion to quotas: Art. XII, Sec. 6(c)–(d).
  - Increase to full extent possible in event of liquidation: Sched. K, par. 10.
  - Proposal for increase at any time for members that were members on August 31, 1975: Art. III, Sec. 2(b).
- Subscriptions:
  - Amount to be transmitted to U.S. Government when Agreement is signed and deposit of instrument of acceptance: Art. XXXI, Sec. 2(a), (d), (h).
  - Equal to member’s quota; payment in full to Fund at appropriate depository: Art. III, Sec. 1.
  - Payment in SDRs or currencies of other members specified by the Fund, or member’s own currency: Art. III, Sec. 3(a).
  - Payment when quotas are changed: Art. III, Sec. 2(d), 3.

### Reserves and SDRs as Reserve Asset
- Objective and collaboration:
  - Objective of making SDR principal reserve asset: Art. VIII, Sec. 7; Art. XXII.
  - Obligation of members to collaborate regarding policies on reserve assets: Art. VIII, Sec. 7.
- Balanced relationship and considerations:
  - Balanced relationship of holdings of SDRs and other reserves: Sched. G, par. 1(b).
  - Global need to supplement reserves considered in allocation and cancellation decisions: Art. XVIII, Sec. 1.
- Position and selection of currencies to be sold:
  - Position is taken into account in selection of currencies to be sold, Art. V, Sec. 3(d).
  - Participants’ position related to designation to provide currency, Art. XIX, Sec. 5(a)(i).

### Use of Fund’s General Resources and Repurchases
- Conditions governing use of Fund’s general resources: Art. V, Sec. 3; Art. XXVII, Sec. 1(a)(i).
- Requirement of need for purchases from general resources and reserve tranche purchases: Art. V, Sec. 3(b)(ii); Art. V, Sec. 3(b)(iii); Art. XXX(c).
- Repurchases of currency held by Fund:
  - Conditions and periods governing repurchases, including installments prescription 3- to 5-year period and not later than five years after purchase: Art. V, Sec. 7(b)–(j); Art. V, Sec. 7(c); Art. XXVII, Sec. 1(a)(i); Sched. B.
  - Entitlement to repurchase at any time for holdings subject to charges: Art. V, Sec. 7(a).
  - Failure to make required repurchase leads to charges on Fund’s holdings: Art. V, Sec. 8(c).
  - Temporary suspension and postponement provisions: Art. XXVII, Sec. 1(a)(i); Art. V, Sec. 7(g).
- Scarce currencies:
  - Administration of restrictions and formal declaration by the Fund: Art. VII, Sec. 4; Art. VII, Sec. 3(a), (b).
  - Measures to replenish Fund’s holdings and notification/report requirements: Art. VII, Sec. 1–2.

### Charges, Interest, and Remuneration
- Charges and service charges: Art. V, Sec. 8; Art. XXVII, Sec. 1(a)(i); Art. V, Sec. 8(a)(i).
- Interest and charges on SDRs and during liquidation of SDR Department: Art. XX; Sched. I, par. 5; Art. XX, Sec. 4–5.
- Remuneration on members’ creditor positions:
  - Rate determination and relation to rate of interest and charges: Art. V, Sec. 9(a).
  - Percentage of quota applying to remuneration and payment details: Art. V, Sec. 9; Art. V, Sec. 9(d).

### Spot Exchange Transactions, Margins, and Exchange Arrangements
- Spot exchange transactions and margins within territories of member having par value: Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5.
- Introduction of widespread system of exchange arrangements based on stable but adjustable par values: Art. IV, Sec. 4.
- Price movements and price indices considered in determination to introduce par values: Art. IV, Sec. 4; Art. VIII, Sec. 5(a)(ix).
- Uniform proportionate changes in par values: Sched. C, par. 11.
- Unrealistic maintenance of par values to be discouraged: Sched. C, par. 7.

### Surveillance, Reports, and Transitional Arrangements
- Surveillance obligations and continuous regard by members in foreign exchange policies: Art. I; Art. XIV, Sec. 2.
- Reports:
  - Annual report and audited statement of accounts: Art. XII, Sec. 7(a).
  - Exchange restrictions annual report and consultations: Art. XIV, Sec. 3.
  - Publication of report to a member on monetary or economic conditions that produce serious disequilibrium: Art. XII, Sec. 8.
  - Summary statement of operations and transactions and holdings of SDRs, gold, and members’ currencies: Art. XII, Sec. 7(a).
- Transitional provisions and arrangements for repurchase, payment of additional subscriptions, gold, and operational matters: Sched. B; Sched. E; Art. XIV, Sec. 1–3.
- Unexpected major developments allow for change in rates or intervals for allocation or cancellation of SDRs: Art. XVIII, Sec. 3, 4(a), (d).
- Unforeseen circumstances provisions for temporary suspension: Art. XXIII, Sec. 1; Art. XXVII, Sec. 1(a); Sched. D, par. 5(a).

### Voting and Majorities
- 70 percent majority requirement applies to:
  - Authorization to agree on exchange rates for certain transactions, Art. XIX, Sec. 7(b).
  - Determination of charges and related rates, Art. V, Sec. 8(a), (b), (d).
  - Distribution from general reserve, Art. XII, Sec. 6(d).
  - Imposition of charges on failure to repurchase, Art. V, Sec. 8(c), (d).
  - Increase in percentage of quota as level for remuneration, Art. V, Sec. 9(c).
  - Postponement of repurchase, Art. V, Sec. 7(g).
- 85 percent majority requirement applies to:
  - Adjustment in quotas, Art. III, Sec. 2(c).
  - Allocation and cancellation of SDRs and related decisions, Art. XVIII, Sec. 2(a)–(c), 4(a), (d).
  - Change in rates or intervals of allocation or cancellation or change in length of a basic period or start of a new basic period, Art. XVIII, Sec. 3, 4(a), (d).
  - Compulsory withdrawal of member, Art. XXVI, Sec. 2(c).
  - Decisions to engage in certain gold operations or transactions, Art. V, Sec. 12(b)–(e).

### Introduction of par values, Art. IV, Sec. 4 — scope and governance
- Introduction of par values addressed under Art. IV, Sec. 4.
- Cross-references and related provisions:
  - Margins for spot exchange transactions, adoption, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5.
  - Objection to termination of par value, Sched. C, par. 8.
  - Provision for general exchange arrangements, Art. IV, Sec. 2(c).
  - Valuation of special drawing right, change in principle or in application of principle in effect, Art. XV, Sec. 2.
- Temporary suspensions and operational flexibility:
  - Temporary suspension of certain provisions, Art. XXVII, Sec. 1(a), (b).
  - Temporary suspension of operations and transactions in special drawing rights, Art. XXIII, Sec. 1.
  - Special policy on use of general resources, including repurchase period adjustments, Art. V, Sec. 7(c), (d); exclusions for reserve tranche calculation, Art. XXX(c)(iii); use of Special Disbursement Account assets, Art. V, Sec. 12(f)(ii), (iii); transfer of part of excess from sale of gold to Investment Account, Art. V, Sec. 12(g).
- SDR-related governance and voting mechanics pertaining exclusively to SDR Department: Board of Governors, Art. XXI(a)(i); Council, Sched. D, par. 5(b); Executive Board, Art. XXI(a)(ii); decisions affecting General and SDR Departments, Art. XXI(a)(iii).
- Voting, representation, and governance mechanics referenced for par-value context:
  - Alternate Governor and Board of Governors procedures: Art. XII, Sec. 2(a), 2(c).
  - Election and quorum provisions for Executive Board and Board of Governors: Art. XII, Sec. 3(d), 3(f), 3(h); Art. XII, Sec. 2(d).
  - Special-majority thresholds and suspension/waiver mechanisms relevant to implementation and suspension of par-value provisions.

*Source: International Monetary Fund*

### Introduction of widespread system of exchange arrangements based on sta-

### index - Introduction of widespread system of exchange arrangements based on sta-

### Special Drawing Rights (SDR)
- Authority for allocation and cancellation: Art. XV, Sec. 1; Art. XVIII.
- Principles and considerations governing allocation and cancellation: Art. XVIII, Sec. 1.
- Basic periods for allocation and cancellation, designation and reconstitution: Art. XVIII, Sec. 2, 3, 4; Sched. F, G.
- One-time special allocation: Art. XV, Sec. 1; Sched. M.
- Rates for allocation and cancellation: Art. XVIII, Sec. 2(b), 3, 4(c)(iii), (d).
- Net cumulative allocations: defined and governed by Art. XXX(e); Art. XVIII, Sec. 2(c)(iii); Art. XIX, Sec. 4(a); Art. XX, Sec. 2, 4; Art. XXV(c); Sched. F(a); Sched. G, par. 1(a)(i); Sched. I, par. 5, 7; Sched. M, par. 2(b), 3(b).
- Use of SDRs:
  - For payment of 25 percent of quota increase: Art. III, Sec. 3(a).
  - For payment of interest, charges, and assessments: Art. V, Sec. 8(e); Art. XX, Sec. 5; Art. XXIV, Sec. 2(a), 3.
  - For payment of remuneration: Art. V, Sec. 9(d).
  - For replenishing currency holdings: Art. VII, Sec. 1(ii).
  - For repurchases: Art. V, Sec. 7(i).
  - For operations and transactions, including between participants: Art. XVII, Sec. 2; Art. XIX, Sec. 1–2.
- Requirement of need for use of SDRs and purchases: Art. XIX, Sec. 3(a); Art. V, Sec. 3(b)(ii).
- Valuation and valuation method: Valuation by members in terms of SDRs, Art. IV, Sec. 2(b); Valuation method and of Fund’s assets in terms of SDRs, Art. XV, Sec. 2; Art. XXI(a)(iii); Art. V, Sec. 10, 11.
- Proper use obligation of participants: Art. XXII.

### Special Drawing Rights Department (SDR Department)
- Establishment and operation; separation from General Department: Introd. Art. (ii), (iii); Art. XVI, Sec. 1; Art. XVII, Sec. 1–2.
- Administration and Council decisions: Art. XVI; Art. XXI; Sched. M, par. 5(d); Sched. D, par. 5(b).
- Entry into force and right of members to participate: Art. XVII, Sec. 1; Introd. Art. (ii).
- General obligations and reconstitution obligations of participants: Art. XXII; Art. XIX, Sec. 6; Sched. G.
- Operations and transactions; exchange rates between participants: Art. XIX, Sec. 1–2, 7.
- Temporary suspension of operations in emergencies or unforeseen circumstances: Art. XXIII, Sec. 1; Art. XXV(a).
- Liquidation and termination of participation: Art. XXV; Sched. I; Art. XXIV; Sched. H; Sched. M, par. 5(b).
- Participants’ specific obligations and sanctions:
  - Reconstitution obligation and acquisition of SDRs from General Resources Account: Sched. G, par. 1(a)(iv); Art. XIX, Sec. 6.
  - Failure to comply with reconstitution rules: Sched. G, par. 2.
  - Failure to fulfill obligation to provide currency: Art. XXIII, Sec. 2(a), (c)–(e); Art. XXIII, Sec. 2 (participant sanctions).
  - Nonreceipt or nonacceptance (opting out) of allocations: Art. XVIII, Sec. 2(e); Sched. M, par. 4.

### Participants, Designation, and Currency Provision
- Designation to provide currency for SDRs and timing: Art. XIX, Sec. 4(a), 5; Sched. F; Sched. G, par. 1(a)(ii); Sched. I, par. 8.
- Designation rules and review: Art. XIX, Sec. 5(c).
- Due regard to replenishing currencies with SDRs: Art. VII, Sec. 1(ii).
- Operations and transactions with prescribed holders and other holders: Art. XVII, Sec. 3(iii); Art. XVII, Sec. 2–3.
- Obligation to provide currency for SDRs: Art. VII, Sec. 1(ii); Art. XIX, Sec. 4; Art. XXIII, Sec. 2(d).
- Specified by Fund to provide currency in settlement of obligation to terminating participant: Art. XXIV, Sec. 5.

### Quotas and Subscriptions
- Quotas:
  - Adjustment and general review at intervals of not more than five years: Art. III, Sec. 2; Art. III, Sec. 2(a).
  - Consent and payment required for change: Art. III, Sec. 2(d).
  - Basis for SDR allocation and cancellation: Art. XVIII, Sec. 2(c)(iii).
  - Distribution of net income and part of general reserve in proportion to quotas: Art. XII, Sec. 6(c)–(d).
  - Increase to full extent possible in event of liquidation: Sched. K, par. 10.
  - Proposal for increase at any time for members that were members on August 31, 1975: Art. III, Sec. 2(b).
- Subscriptions:
  - Amount to be transmitted to U.S. Government when Agreement is signed and deposit of instrument of acceptance: Art. XXXI, Sec. 2(a), (d), (h).
  - Equal to member’s quota; payment in full to Fund at appropriate depository: Art. III, Sec. 1.
  - Payment in SDRs or currencies of other members specified by the Fund, or member’s own currency: Art. III, Sec. 3(a).
  - Payment when quotas are changed: Art. III, Sec. 2(d), 3.

### Reserves and SDRs as Reserve Asset
- Objective and collaboration:
  - Objective of making SDR principal reserve asset: Art. VIII, Sec. 7; Art. XXII.
  - Obligation of members to collaborate regarding policies on reserve assets: Art. VIII, Sec. 7.
- Balanced relationship and considerations:
  - Balanced relationship of holdings of SDRs and other reserves: Sched. G, par. 1(b).
  - Global need to supplement reserves considered in allocation and cancellation decisions: Art. XVIII, Sec. 1.
- Position and selection of currencies to be sold: Position is taken into account in selection of currencies to be sold, Art. V, Sec. 3(d); participants’ position related to designation to provide currency, Art. XIX, Sec. 5(a)(i).

### Use of Fund’s General Resources and Repurchases
- Conditions governing use of Fund’s general resources: Art. V, Sec. 3; Art. XXVII, Sec. 1(a)(i).
- Requirement of need for purchases from general resources and reserve tranche purchases: Art. V, Sec. 3(b)(ii); Art. V, Sec. 3(b)(iii); Art. XXX(c).
- Repurchases of currency held by Fund:
  - Conditions and periods governing repurchases, including installments prescription 3- to 5-year period and not later than five years after purchase: Art. V, Sec. 7(b)–(j); Art. V, Sec. 7(c); Art. XXVII, Sec. 1(a)(i); Sched. B.
  - Entitlement to repurchase at any time for holdings subject to charges: Art. V, Sec. 7(a).
  - Failure to make required repurchase leads to charges on Fund’s holdings: Art. V, Sec. 8(c).
  - Temporary suspension and postponement provisions: Art. XXVII, Sec. 1(a)(i); Art. V, Sec. 7(g).
- Scarce currencies:
  - Administration of restrictions and formal declaration by the Fund: Art. VII, Sec. 4; Art. VII, Sec. 3(a), (b).
  - Measures to replenish Fund’s holdings and notification/report requirements: Art. VII, Sec. 1–2.

### Charges, Interest, and Remuneration
- Charges and service charges: Art. V, Sec. 8; Art. XXVII, Sec. 1(a)(i); Art. V, Sec. 8(a)(i).
- Interest and charges on SDRs and during liquidation of SDR Department: Art. XX; Sched. I, par. 5; Art. XX, Sec. 4–5.
- Remuneration on members’ creditor positions:
  - Rate determination and relation to rate of interest and charges: Art. V, Sec. 9(a).
  - Percentage of quota applying to remuneration and payment details: Art. V, Sec. 9; Art. V, Sec. 9(d).

### Spot Exchange Transactions, Margins, and Exchange Arrangements
- Spot exchange transactions and margins within territories of member having par value: Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5.
- Introduction of widespread system of exchange arrangements based on stable but adjustable par values: Art. IV, Sec. 4.
- Price movements and price indices considered in determination to introduce par values: Art. IV, Sec. 4; Art. VIII, Sec. 5(a)(ix).
- Uniform proportionate changes in par values: Sched. C, par. 11.
- Unrealistic maintenance of par values to be discouraged: Sched. C, par. 7.

### Surveillance, Reports, and Transitional Arrangements
- Surveillance obligations and continuous regard by members in foreign exchange policies: Art. I; Art. XIV, Sec. 2.
- Reports:
  - Annual report and audited statement of accounts: Art. XII, Sec. 7(a).
  - Exchange restrictions annual report and consultations: Art. XIV, Sec. 3.
  - Publication of report to a member on monetary or economic conditions that produce serious disequilibrium: Art. XII, Sec. 8.
  - Summary statement of operations and transactions and holdings of SDRs, gold, and members’ currencies: Art. XII, Sec. 7(a).
- Transitional provisions and arrangements for repurchase, payment of additional subscriptions, gold, and operational matters: Sched. B; Sched. E; Art. XIV, Sec. 1–3.
- Unexpected major developments allow for change in rates or intervals for allocation or cancellation of SDRs: Art. XVIII, Sec. 3, 4(a), (d).
- Unforeseen circumstances provisions for temporary suspension: Art. XXIII, Sec. 1; Art. XXVII, Sec. 1(a); Sched. D, par. 5(a).

### Voting and Majorities
- 70 percent majority requirement applies to:
  - Authorization to agree on exchange rates for certain transactions, Art. XIX, Sec. 7(b).
  - Determination of charges and related rates, Art. V, Sec. 8(a), (b), (d).
  - Distribution from general reserve, Art. XII, Sec. 6(d).
  - Imposition of charges on failure to repurchase, Art. V, Sec. 8(c), (d).
  - Increase in percentage of quota as level for remuneration, Art. V, Sec. 9(c).
  - Postponement of repurchase, Art. V, Sec. 7(g).
- 85 percent majority requirement applies to:
  - Adjustment in quotas, Art. III, Sec. 2(c).
  - Allocation and cancellation of SDRs and related decisions, Art. XVIII, Sec. 2(a)–(c), 4(a), (d).
  - Change in rates or intervals of allocation or cancellation or change in length of a basic period or start of a new basic period, Art. XVIII, Sec. 3, 4(a), (d).
  - Compulsory withdrawal of member, Art. XXVI, Sec. 2(c).
  - Decisions to engage in certain gold operations or transactions, Art. V, Sec. 12(b)–(e).

*Source: International Monetary Fund*

### Introduction of par values, Art. IV, Sec.   4

### Introduction of par values, Art. IV, Sec. 4

### Scope and legal provisions referenced
- Introduction of par values is addressed under Art. IV, Sec. 4.
- Related provisions and cross-references include:
  - Margins for spot exchange transactions, adoption, Art. XXVII, Sec. 1(a)(iv); Sched. C, par. 5
  - Objection to termination of par value, Sched. C, par. 8
  - Provision for general exchange arrangements, Art. IV, Sec. 2(c)
  - Valuation of special drawing right, change in principle or in application of principle in effect, Art. XV, Sec. 2

### Temporary suspensions, special policies, and operational flexibility
- Temporary suspension provisions:
  - Temporary suspension of certain provisions, Art. XXVII, Sec. 1(a), (b)
  - Temporary suspension of operations and transactions in special drawing rights, Art. XXIII, Sec. 1
- Special policy on use of general resources:
  - Repurchase, change of periods or adoption of other periods pursuant to special policy on use of general resources, Art. V, Sec. 7(c), (d)
  - Policies on use of Fund’s general resources, exclusions of purchases and holdings for purpose of calculating member’s reserve tranche, Art. XXX(c)(iii)
  - Use of assets of Special Disbursement Account for operations and transactions not authorized by other provisions and for distribution to developing members, Art. V, Sec. 12(f)(ii), (iii)
  - Transfer of part of excess from sale of gold to Investment Account, Art. V, Sec. 12(g)

### Special Drawing Rights (SDR) related matters
- Prescription of other holders of special drawing rights, Art. XVII, Sec. 3(i)
- Board of Governors and Council matters pertaining exclusively to Special Drawing Rights Department:
  - Board of Governors, matters pertaining exclusively to Special Drawing Rights Department, Art. XXI(a)(i)
  - Council, matters pertaining exclusively to Special Drawing Rights Department, Sched. D, par. 5(b)
  - Executive Board, matters relating exclusively to Special Drawing Rights Department, Art. XXI(a)(ii)
  - Decisions, General Department, Special Drawing Rights Department, Art. XXI(a)(iii)

### Voting, representation, and governance mechanics
- Voting and composition references:
  - Alternate Governor, Art. XII, Sec. 2(a)
  - Board of Governors, meetings called by Executive Board, Art. XII, Sec. 2(c)
  - Election of Executive Director to fill vacancy, Art. XII, Sec. 3(f)
  - Election of Executive Directors, procedures, Art. XII, Sec. 3(d), (f), (i); Sched. E
  - Number of votes, cast by Executive Directors, Art. XII, Sec. 3(i)
  - Number of votes, Councillors, Sched. D, par. 3(b), 5(b)
  - Number of votes, Governors, Art. XII, Sec. 2(e)
  - Number of votes, members, Art. XII, Sec. 5
  - Basic votes, Art. XII, Sec. 5(a)(i); Sched. L, par. 2
  - Quorum for meetings of Board of Governors, Art. XII, Sec. 2(d)
  - Quorum for meetings of Executive Board, Art. XII, Sec. 3(h)
  - Without meeting, Council, Sched. D, par. 5(c)
  - Without meeting, Governors, Art. XII, Sec. 2(f); Sched. D, par. 5(a)

- Majorities and special-majority thresholds:
  - Majority of votes cast for Fund decisions unless otherwise provided for, Art. XII, Sec. 5(c)
  - Majority of total voting power of Executive Board for termination of suspension of operation of certain provisions, Art. XXVII, Sec. 1(c)
  - Special majorities referenced include "70 percent majority requirement" and "85 percent majority requirement"
  - Quota-based votes, Art. XII, Sec. 5(a)(ii)

- Suspension and waiver of voting rights and conditions:
  - Suspension of voting rights, Art. XII, Sec. 3(i)(iii); Art. XXVI, Sec. 2(b); Sched. D, par. 5(e); Sched. L
  - Waiver of conditions governing use of general resources, Art. V, Sec. 4
  - Adjustment of votes, waiver of conditions and ineligibility to use Fund’s general resources, Art. V, Sec. 4, 5; Art. XII, Sec. 5(b)

- Voting procedures for specific circumstances:
  - Cast by Councillor for member whose votes cannot be cast by an Executive Director, Sched. D, par. 3(b), 5(b)

### Amendments, withdrawals, and institutional adjustments
- Amendment of the Agreement, Art. XXVIII(a)
- Withdrawal from membership; see Members (index cross-reference)
- Transfer and institutional finance adjustments:
  - Transfer of part of excess from sale of gold to Investment Account, Art. V, Sec. 12(g)

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