60 STAT.] MULTILATERAL-INTERNATIONAL MONETARY FUND-DEC. 27, 1945 1437 3. Each member shall redeem the holdings of its currency appor- ,io5",gy p or- rioned to other mem- tioned to other members under 2 (c) above, and shall agree with the be". Fund within three months after a decision to liquidate upon an orderly procedure for such redemption. 4. If a member has not reached agreement with the Fund within the three-month period referred to in 3 above, the Fund shall use the currencies of other members apportioned to that member under 2 (c) above to redeem the currency of that member apportioned to other members. Each currency apportioned to a member which has not reached agreement shall be used, so far as possible, to redeem its cur- rency apportioned to the members which have made agreements with the Fund under 3 above. 5. If a member has reached agreement with the Fund in accordance with 3 above, the Fund shall use the currencies of other members apportioned to that member under 2 (c) above to redeem the currency of that member apportioned to other members which have made agreements with the Fund under 3 above. Each amount so redeemed shall be redeemed in the currency of the member to which it was apportioned. 6. After carrying out the preceding paragraphs, the Fund shall pay to each member the remaining currencies held for its account. 7. Each member whose currency has been distributed to other mem- bers under 6 above shall redeem such currency in gold or, at its option, in the currency of the member requesting redemption, or in such other manner as may be agreed between them. If the members involved do not otherwise agree, the member obligated to redeem shall complete redemption within five years of the date of distribution, but shall not be required to redeem in any half-yearly period more than one-tenth of the amount distributed to each other member. If the member does not fulfill this obligation, the amount of currency which should have been redeemed may be liquidated in an orderly manner in any market. 8. Each member whose currency has been distributed to other mem- bers under 6 above guarantees the unrestricted use of such currency at all times for the purchase of goods or for payment of sums due to it or to persons in its territories. Each member so obligated agrees to compensate other members for any loss resulting from the difference between the par value of its currency on the date of the decision to liquidate the Fund and the value realized by such members on dis- posal of its currency.
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