What Is An Article In An Agreement

By October 15, 2021Uncategorised

2. If the assets of the fund in the currency of the retiring member are not sufficient to pay the net amount due from the fund, the balance shall be paid in a freely usable currency or by any other agreed means. If the Fund and the outgoing Member do not reach an agreement within six months of the date of withdrawal, the relevant currency of the Fund shall be paid without delay to the outgoing Member. The balance due must be paid in ten semi-annual instalments over the next five years. Each of these payments shall be payable, at the option of the Fund, either in the currency of the departing member acquired after withdrawal or in a freely usable currency. In addition to the obligations assumed under the other Articles of this Agreement, each Member shall assume the obligations set out in this Article. This Agreement is based on Article VII, Section 1(i), of the Fund`s Articles of Agreement, which authorizes the Fund to borrow from Fund Members or other sources if it deems such action appropriate to replenish a Member`s currency holdings in the General Resources Account (“GRA”). 4. If a Member has not reached an agreement with the Fund within the three-month period referred to in point 3, the Fund shall use the currencies of the other Members allocated to that Member in accordance with point 2(d) to redeem the currency of that Member allocated to the other Members.

Any currency granted to a Member that has not reached an agreement shall be used as far as possible to redeem its currency, which shall be exchanged to Members which have concluded agreements with the Fund in accordance with Article 3. If a Member leaves the Fund, the normal activities and transactions of the Fund shall cease in its currency and all accounts between it and the Fund shall be settled with the appropriate expedient by agreement between it and the Fund. If an agreement is not concluded immediately, the provisions of Annex J. Ne D 4188 – Articles of Contract between Roger Watkinson and William Mason on the sale of a Walkeringham estate from Watkinson to Mason apply to the settlement; 1 April 1775 The Fund shall report annually on the restrictions applicable under Division 2 of this article. Any Member which maintains restrictions inconsistent with Sections 2, 3 or 4 of Article VIII shall consult annually with the Fund on their subsequent maintenance. The Fund may, if it considers that such a measure is necessary in exceptional circumstances, grant to any Member that the conditions for the withdrawal of a particular restriction or the general lifting of restrictions inconsistent with the provisions of other Articles of this Agreement are favourable. The member shall be given a reasonable period of time to respond to such statements. If the Fund finds that the Member continues to maintain restrictions inconsistent with the objectives of the Fund, it shall be subject to Article XXVI, Section 2(a).

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