60 SrAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1403 (c) Each member shall pay the balance of its quota in its own currency. (d) If the net official holdings of gold and United States dollars of any member as at the date referred to in (b) (ii) above are not ascer- tainable because its territories have been occupied by the enemy, the Fund shall fix an appropriate alternative date for determining such holdings. If such date is later than that on which the country be- comes eligible under Article XX, Section 4 (c) or (d), to buy curren- cies from the Fund, the Fund and the member shall agree on a provi- sional gold payment to be made under (b) above, and the balance of the member's subscription shall be paid in the member's currency, subject to appropriate adjustment between the member and the. Fund when the net official holdings have been ascertained. Section 4. Payments when quotas are changed (a) Each member which consents to an increase in its quota shall, within thirty days after the date of its consent, pay to the Fund twenty-five percent of the increase in gold and the balance in its own currency. If, however, on the date when the member consents to an increase, its monetary reserves are less than its new quota, the Fund may reduce the proportion of the increase to be paid in gold. (b) If a member consents to a reduction in its quota, the Fund shall, within thirty days after the date of the consent, pay to the member an amount equal to the reduction. The payment shall be made in the member's currency and in such amount of gold as may be nec- essary to prevent reducing the Fund's holdings of the currency below seventy-five percent of the new quota. Section 5. Substitution of securities for currency The Fund shall accept from any member in place of any part of the member's currency which in the judgment of the Fund is not needed for its operations, notes or similar obligations issued by the member or the depository designated by the member under Article XIII, Section 2, which shall be non-negotiable, non-interest bearing and pay- able at their par value on demand by crediting the account of the Fund in the designated depository. This Section shall apply not only to currency subscribed by members but also to any cuirency otherwise due to, or acquired by, the Fund. AmTICLE IV PAR VALUES OF CURRENCIES Section 1. Expression of par values (a) The par value of the currency of each member shall be ex- pressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on July 1, 1944. (b) All computations relating to currencies of members for the purpose of applying the provisions of this Agreement shall be on the basis of their par values. Post,p. .1427. Increase in quota. Reduction in quota. Post, p. 1420 .
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