Rządowy projekt ustawy o ratyfikacji Poprawki do Umowy o Międzynarodowym Funduszu Walutowym dotyczącej reformy Rady Wykonawczej, przyjętej przez Radę Gubernatorów Międzynarodowego Funduszu Walutowego Rezolucją Nr 66-2 w dniu 15 grudnia 2010 r.

this Article not later than five years after the date on which the purchase was made. The Fund may
prescribe that repurchase shall be made by a member in installments during the period beginning three
years and ending five years after the date of a purchase. The Fund, by an eighty-five percent majority
of the total voting power, may change the periods for repurchase under this subsection, and any period
so adopted shall apply to all members.

(d) The Fund, by an eighty-five percent majority of the total voting power, may adopt periods other
than those that apply in accordance with (c) above, which shall be the same for all members, for the
repurchase of holdings of currency acquired by the Fund pursuant to a special policy on the use of its
general resources.

(e) A member shall repurchase, in accordance with policies that the Fund shall adopt by a seventy
percent majority of the total voting power, the Fund's holdings of its currency that are not acquired as a
result of purchases and are subject to charges under Section 8(b)(ii) of this Article.

(f) A decision prescribing that under a policy on the use of the general resources of the Fund the
period for repurchase under (c) or (d) above shall be shorter than the one in effect under the policy
shall apply only to holdings acquired by the Fund subsequent to the effective date of the decision.

(g) The Fund, on the request of a member, may postpone the date of discharge of a repurchase
obligation, but not beyond the maximum period under (c) or (d) above or under policies adopted by the
Fund under (e) above, unless the Fund determines, by a seventy percent majority of the total voting
power, that a longer period for repurchase which is consistent with the temporary use of the general
resources of the Fund is justified because discharge on the due date would result in exceptional
hardship for the member.

(h) The Fund's policies under Section 3(d) of this Article may be supplemented by policies under
which the Fund may decide after consultation with a member to sell under Section 3(b) of this Article
its holdings of the member's currency that have not been repurchased in accordance with this Section
7, without prejudice to any action that the Fund may be authorized to take under any other provision of
this Agreement.

(i) All repurchases under this Section shall be made with special drawing rights or with the
currencies of other members specified by the Fund. The Fund shall adopt policies and procedures with
regard to the currencies to be used by members in making repurchases that take into account the
principles in Section 3(d) of this Article. The Fund's holdings of a member's currency that is used in
repurchase shall not be increased by the repurchase above the level at which they would be subject to
charges under Section 8(b)(ii) of this Article.

(j)
(i) If a member's currency specified by the Fund under (i) above is not a freely usable
currency, the member shall ensure that the repurchasing member can obtain it at the time of
the repurchase in exchange for a freely usable currency selected by the member whose
currency has been specified. An exchange of currency under this provision shall take place at
an exchange rate between the two currencies equivalent to the exchange rate between them on
the basis of Article XIX, Section 7(a).

(ii) Each member whose currency is specified by the Fund for repurchase shall collaborate
with the Fund and other members to enable repurchasing members, at the time of the
repurchase, to obtain the specified currency in exchange for the freely usable currencies of
other members.

(iii) An exchange under (j)(i) above shall be made with the member whose currency is
specified unless that member and the repurchasing member agree on another procedure.


(iv) If a repurchasing member wishes to obtain, at the time of the repurchase, the freely usable
currency of another member specified by the Fund under (i) above, it shall, if requested by the
other member, obtain the currency from the other member in exchange for a freely usable
currency at the rate of exchange referred to in (j)(i) above. The Fund may adopt regulations on
the freely usable currency to be provided in an exchange.

Section 8. Charges
(a)
(i) The Fund shall levy a service charge on the purchase by a member of special drawing
rights or the currency of another member held in the General Resources Account in exchange
for its own currency, provided that the Fund may levy a lower service charge on reserve
tranche purchases than on other purchases. The service charge on reserve tranche purchases
shall not exceed one-half of one percent.

(ii) The Fund may levy a charge for stand-by or similar arrangements. The Fund may decide
that the charge for an arrangement shall be offset against the service charge levied under (i)
above on purchases under the arrangement.

(b) The Fund shall levy charges on its average daily balances of a member's currency held in the
General Resources Account to the extent that they

(i) have been acquired under a policy that has been the subject of an exclusion under Article
XXX(c), or

(ii) exceed the amount of the member's quota after excluding any balances referred to in (i)
above.

The rates of charge normally shall rise at intervals during the period in which the balances are held.

(c) If a member fails to make a repurchase required under Section 7 of this Article, the Fund, after
consultation with the member on the reduction of the Fund's holdings of its currency, may impose such
charges as the Fund deems appropriate on its holdings of the member's currency that should have been
repurchased.

(d) A seventy percent majority of the total voting power shall be required for the determination of
the rates of charge under (a) and (b) above, which shall be uniform for all members, and under (c)
above.

(e) A member shall pay all charges in special drawing rights, provided that in exceptional
circumstances the Fund may permit a member to pay charges in the currencies of other members
specified by the Fund, after consultation with them, or in its own currency. The Fund's holdings of a
member's currency shall not be increased as a result of payments by other members under this
provision above the level at which they would be subject to charges under (b)(ii) above.

Section 9. Remuneration
(a) The Fund shall pay remuneration on the amount by which the percentage of quota prescribed
under (b) or (c) below exceeds the Fund's average daily balances of a member's currency held in the
General Resources Account other than balances acquired under a policy that has been the subject of an
exclusion under Article XXX(c). The rate of remuneration, which shall be determined by the Fund by
a seventy percent majority of the total voting power, shall be the same for all members and shall be not
more than, nor less than four-fifths of, the rate of interest under Article XX, Section 3. In establishing
the rate of remuneration, the Fund shall take into account the rates of charge under Article V, Section
8(b).

(b) The percentage of quota applying for the purposes of (a) above shall be:


(i) for each member that became a member before the second amendment of this Agreement, a
percentage of quota corresponding to seventy-five percent of its quota on the date of the
second amendment of this Agreement, and for each member that became a member after the
date of the second amendment of this Agreement, a percentage of quota calculated by dividing
the total of the amounts corresponding to the percentages of quota that apply to the other
members on the date on which the member became a member by the total of the quotas of the
other members on the same date; plus

(ii) the amounts it has paid to the Fund in currency or special drawing rights under Article III,
Section 3(a) since the date applicable under (b)(i) above; and minus

(iii) the amounts it has received from the Fund in currency or special drawing rights under
Article III, Section 3(c) since the date applicable under (b)(i) above.

(c) The Fund, by a seventy percent majority of the total voting power, may raise the latest
percentage of quota applying for the purposes of (a) above to each member to:

(i) a percentage, not in excess of one hundred percent, that shall be determined for each
member on the basis of the same criteria for all members, or

(ii) one hundred percent for all members.

(d) Remuneration shall be paid in special drawing rights, provided that either the Fund or the
member may decide that the payment to the member shall be made in its own currency.

Section 10. Computations
(a) The value of the Fund's assets held in the accounts of the General Department shall be expressed
in terms of the special drawing right.

(b) All computations relating to currencies of members for the purpose of applying the provisions of
this Agreement, except Article IV and Schedule C, shall be at the rates at which the Fund accounts for
these currencies in accordance with Section 11 of this Article.

(c) Computations for the determination of amounts of currency in relation to quota for the purpose
of applying the provisions of this Agreement shall not include currency held in the Special
Disbursement Account or in the Investment Account.

Section 11. Maintenance of value
(a) The value of the currencies of members held in the General Resources Account shall be
maintained in terms of the special drawing right in accordance with exchange rates under Article XIX,
Section 7(a).

(b) An adjustment in the Fund's holdings of a member's currency pursuant to this Section shall be
made on the occasion of the use of that currency in an operation or transaction between the Fund and
another member and at such other times as the Fund may decide or the member may request. Payments
to or by the Fund in respect of an adjustment shall be made within a reasonable time, as determined by
the Fund, after the date of adjustment, and at any other time requested by the member.

Section 12. Other operations and transactions
(a) The Fund shall be guided in all its policies and decisions under this Section by the objectives set
forth in Article VIII, Section 7 and by the objective of avoiding the management of the price, or the
establishment of a fixed price, in the gold market.


(b) Decisions of the Fund to engage in operations or transactions under (c), (d), and (e) below shall
be made by an eighty-five percent majority of the total voting power.

(c) The Fund may sell gold for the currency of any member after consulting the member for whose
currency the gold is sold, provided that the Fund's holdings of a member's currency held in the General
Resources Account shall not be increased by the sale above the level at which they would be subject to
charges under Section 8(b)(ii) of this Article without the concurrence of the member, and provided
that, at the request of the member, the Fund at the time of sale shall exchange for the currency of
another member such part of the currency received as would prevent such an increase. The exchange
of a currency for the currency of another member shall be made after consultation with that member,
and shall not increase the Fund's holdings of that member's currency above the level at which they
would be subject to charges under Section 8(b)(ii) of this Article. The Fund shall adopt policies and
procedures with regard to exchanges that take into account the principles applied under Section 7(i) of
this Article. Sales under this provision to a member shall be at a price agreed for each transaction on
the basis of prices in the market.

(d) The Fund may accept payments from a member in gold instead of special drawing rights or
currency in any operations or transactions under this Agreement. Payments to the Fund under this
provision shall be at a price agreed for each operation or transaction on the basis of prices in the
market.

(e) The Fund may sell gold held by it on the date of the second amendment of this Agreement to
those members that were members on August 31, 1975 and that agree to buy it, in proportion to their
quotas on that date. If the Fund intends to sell gold under (c) above for the purpose of (f)(ii) below, it
may sell to each developing member that agrees to buy it that portion of the gold which, if sold under
(c) above, would have produced the excess that could have been distributed to it under (f)(iii) below.
The gold that would be sold under this provision to a member that has been declared ineligible to use
the general resources of the Fund under Section 5 of this Article shall be sold to it when the
ineligibility ceases, unless the Fund decides to make the sale sooner. The sale of gold to a member
under this subsection (e) shall be made in exchange for its currency and at a price equivalent at the
time of sale to one special drawing right per 0.888 671 gram of fine gold.

(f) Whenever under (c) above the Fund sells gold held by it on the date of the second amendment of
this Agreement, an amount of the proceeds equivalent at the time of sale to one special drawing right
per 0.888 671 gram of fine gold shall be placed in the General Resources Account and, except as the
Fund may decide otherwise under (g) below, any excess shall be held in the Special Disbursement
Account. The assets held in the Special Disbursement Account shall be held separately from the other
accounts of the General Department, and may be used at any time:

(i) to make transfers to the General Resources Account for immediate use in operations and
transactions authorized by provisions of this Agreement other than this Section;

(ii) for operations and transactions that are not authorized by other provisions of this
Agreement but are consistent with the purposes of the Fund. Under this subsection (f)(ii)
balance of payments assistance may be made available on special terms to developing
members in difficult circumstances, and for this purpose the Fund shall take into account the
level of per capita income;

(iii) for distribution to those developing members that were members on August 31, 1975, in
proportion to their quotas on that date, of such part of the assets that the Fund decides to use
for the purposes of (ii) above as corresponds to the proportion of the quotas of these
members on the date of distribution to the total of the quotas of all members on the same
date, provided that the distribution under this provision to a member that has been declared
ineligible to use the general resources of the Fund under Section 5 of this Article shall be
made when the ineligibility ceases, unless the Fund decides to make the distribution sooner.


Decisions to use assets pursuant to (i) above shall be taken by a seventy percent majority of the total
voting power, and decisions pursuant to (ii) and (iii) above shall be taken by an eighty-five percent
majority of the total voting power.

(g) The Fund may decide, by an eighty-five percent majority of the total voting power, to transfer a
part of the excess referred to in (f) above to the Investment Account for use pursuant to the provisions
of Article XII, Section 6(f).

(h) Pending uses specified under (f) above, the Fund may invest a member's currency held in the
Special Disbursement Account in marketable obligations of that member or in marketable obligations
of international financial organizations. The income of investment and interest received under (f)(ii)
above shall be placed in the Special Disbursement Account. No investment shall be made without the
concurrence of the member whose currency is used to make the investment. The Fund shall invest only
in obligations denominated in special drawing rights or in the currency used for investment.

(i) The General Resources Account shall be reimbursed from time to time in respect of the expenses
of administration of the Special Disbursement Account paid from the General Resources Account by
transfers from the Special Disbursement Account on the basis of a reasonable estimate of such
expenses.

(j) The Special Disbursement Account shall be terminated in the event of the liquidation of the Fund
and may be terminated prior to liquidation of the Fund by a seventy percent majority of the total voting
power. Upon termination of the account because of the liquidation of the Fund, any assets in this
account shall be distributed in accordance with the provisions of Schedule K. Upon termination prior
to liquidation of the Fund, any assets in this account shall be transferred to the General Resources
Account for immediate use in operations and transactions. The Fund, by a seventy percent majority of
the total voting power, shall adopt rules and regulations for the administration of the Special
Disbursement Account.

Article VI
Capital Transfers

Section 1. Use of the Fund's general resources for capital transfers
(a) A member may not use the Fund's general resources to meet a large or sustained outflow of
capital except as provided in Section 2 of this Article, and the Fund may request a member to exercise
controls to prevent such use of the general resources of the Fund. If, after receiving such a request, a
member fails to exercise appropriate controls, the Fund may declare the member ineligible to use the
general resources of the Fund.

(b) Nothing in this Section shall be deemed:
(i) to prevent the use of the general resources of the Fund for capital transactions of
reasonable amount required for the expansion of exports or in the ordinary course of trade,
banking, or other business; or

(ii) to affect capital movements which are met out of a member's own resources, but
members undertake that such capital movements will be in accordance with the purposes of
the Fund.

Section 2. Special provisions for capital transfers
A member shall be entitled to make reserve tranche purchases to meet capital transfers.

Section 3. Controls of capital transfers
Members may exercise such controls as are necessary to regulate international capital movements, but
no member may exercise these controls in a manner which will restrict payments for current