LIQUIDATION OF THE FUND. (a) The Fund may not be liquidated except by decision of the Board of Governors. In an emergency, if the Executive Directors decide that liquidation of the Fund may be necessary, they may temporarily suspend all transactions, pending decision by the Board. (b) If the Board of Governors decides to liquidate the Fund, the Fund shall forthwith cease to engage in any activities except those incidental to the orderly collection and liquidation of its assets and the settlement of its liabilities, and all obligations of members under this Agreement shall cease except those set out in this Article, in Article XVIII, paragraph (c), in Schedule D, paragraph 7, and in Schedule E. (c) Liquidation shall be administered in accordance with the provisions of Schedule E.
Appears in 4 contracts
Samples: Agreement of the International Monetary Fund, Articles of Agreement of the International Bank for Reconstruction and Development, Articles of Agreement of the International Bank for Reconstruction and Development
LIQUIDATION OF THE FUND. (a) The Fund may not be liquidated except by decision of the Board of Governors. In an emergency, if the Executive Directors decide that liquidation of the Fund may be necessary, they may temporarily suspend all transactions, pending decision by the Board.
(b) If the Board of Governors decides to liquidate the Fund, the Fund shall forthwith cease to engage in any activities except those incidental to the orderly collection and liquidation of its assets and the settlement of its liabilities, and all obligations of members under this Agreement shall cease except those set out in this Article, in Article XVIII, paragraph (c), in Schedule D, paragraph 7, and in Schedule E.
(c) Liquidation shall be administered in accordance with the provisions of Schedule E.
Appears in 1 contract
Samples: Articles of Agreement of the International Bank for Reconstruction and Development
