Maintenance of Value of Currency Holdings. (a) Whenever the par value of a member's currency is reduced or the foreign exchange value of a member's currency has, in the opinion of the Association, depreciated to a significant extent within that member's territories, the member shall pay to the Association within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of subscription, of the amount of the currency of such member paid in to the Association by the member under Article II, Section 2(d), and currency furnished under the provisions of the present paragraph, whether or not such currency is held in the form of notes accepted pursuant to Article II, Section 2(e), provided, however, that the foregoing shall apply only so long as and to the extent that such currency shall not have been initially disbursed or exchanged for the currency of another member.
Maintenance of Value of Currency Holdings. 1. Whenever the par value in the International Monetary Fund of the currency of a State participant is reduced in terms of the unit of account, or its foreign exchange value has, in the opinion of the Fund, depreciated to a significant extent within that participant’s territory, that participant shall pay to the Fund within a reasonable time an amount of its currency required to maintain the value, as of the time of subscription, of the amount of such currency paid in to the Fund by that participant pursuant to Article 6 and pursuant to the provisions of the present paragraph, whether or not such currency is held in the form of notes, letters of credit or other obligations accepted pursuant to Article 9, provided that the foregoing shall apply only so long as and to the extent that such currency shall not have been initially disbursed or exchanged for another currency.
Maintenance of Value of Currency Holdings. ( a ) Whenever the par value of a member’s currency is reduced or the foreign exchange value of a member’s currency has, in the opinion of the Association, depreciated to a significant extent within that member’s territories, the member shall pay to the Association within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of subscription, of the amount of the currency of such member paid in to the Association by the member under Article II, Section 2( d ) , and currency furnished under the provisions of the present paragraph, whether or not such currency is held in the form of notes accepted pursuant to Article II, Section 2( e ), provided, however, that the foregoing shall apply only so long as and to the extent that such currency shall not have been initially disbursed or exchanged for the currency of another member. 8 CAP. 235. h MEMBERSHIP OF INTERNATIONAL FINANCIAL ORGANISATIONS ( b ) Whenever the par value of a member’s currency is increased, or the foreign exchange value of a member’s currency has, in the opinion of the Association, appreciated to a significant extent within that member’s territories, the Association shall return to such member within a reasonable time an amount of that member’s currency equal to the increase in the value of the amount of such currency to which the provisions of paragraph ( a ) of this Section are applicable. ( c ) The provisions of the preceding paragraphs may be waived by the Association when a uniform proportionate change in the par value of the currencies of all its members is made by the International Monetary Fund. ( d ) Amounts furnished under the provisions of paragraph ( a ) of this Section to maintain the value of any currency shall be convertible and usable to the same extent as such currency. Article V Operations SECTION 1.
