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.

transactions or which will unduly delay transfers of funds in settlement of commitments, except as
provided in Article VII, Section 3(b) and in Article XIV, Section 2.

Article VII
Replenishment and Scarce Currencies

Section 1. Measures to replenish the Fund's holdings of currencies
The Fund may, if it deems such action appropriate to replenish its holdings of any member's currency
in the General Resources Account needed in connection with its transactions, take either or both of the
following steps:

(i) propose to the member that, on terms and conditions agreed between the Fund and the
member, the latter lend its currency to the Fund or that, with the concurrence of the member,
the Fund borrow such currency from some other source either within or outside the territories
of the member, but no member shall be under any obligation to make such loans to the Fund
or to concur in the borrowing of its currency by the Fund from any other source;

(ii) require the member, if it is a participant, to sell its currency to the Fund for special
drawing rights held in the General Resources Account, subject to Article XIX, Section 4. In
replenishing with special drawing rights, the Fund shall pay due regard to the principles of
designation under Article XIX, Section 5.

Section 2. General scarcity of currency
If the Fund finds that a general scarcity of a particular currency is developing, the Fund may so inform
members and may issue a report setting forth the causes of the scarcity and containing
recommendations designed to bring it to an end. A representative of the member whose currency is
involved shall participate in the preparation of the report.

Section 3. Scarcity of the Fund's holdings
(a) If it becomes evident to the Fund that the demand for a member's currency seriously threatens
the Fund's ability to supply that currency, the Fund, whether or not it has issued a report under Section
2 of this Article, shall formally declare such currency scarce and shall thenceforth apportion its
existing and accruing supply of the scarce currency with due regard to the relative needs of members,
the general international economic situation, and any other pertinent considerations. The Fund shall
also issue a report concerning its action.

(b) A formal declaration under (a) above shall operate as an authorization to any member, after
consultation with the Fund, temporarily to impose limitations on the freedom of exchange operations
in the scarce currency. Subject to the provisions of Article IV and Schedule C, the member shall have
complete jurisdiction in determining the nature of such limitations, but they shall be no more
restrictive than is necessary to limit the demand for the scarce currency to the supply held by, or
accruing to, the member in question, and they shall be relaxed and removed as rapidly as conditions
permit.

(c) The authorization under (b) above shall expire whenever the Fund formally declares the
currency in question to be no longer scarce.

Section 4. Administration of restrictions
Any member imposing restrictions in respect of the currency of any other member pursuant to the
provisions of Section 3(b) of this Article shall give sympathetic consideration to any representations
by the other member regarding the administration of such restrictions.

Section 5. Effect of other international agreements on restrictions
Members agree not to invoke the obligations of any engagements entered into with other members
prior to this Agreement in such manner as will prevent the operation of the provisions of this Article.


Article VIII
General Obligations of Members

Section 1. Introduction
In addition to the obligations assumed under other articles of this Agreement, each member undertakes
the obligations set out in this Article.

Section 2. Avoidance of restrictions on current payments
(a) Subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, no member
shall, without the approval of the Fund, impose restrictions on the making of payments and transfers
for current international transactions.

(b) Exchange contracts which involve the currency of any member and which are contrary to the
exchange control regulations of that member maintained or imposed consistently with this Agreement
shall be unenforceable in the territories of any member. In addition, members may, by mutual accord,
cooperate in measures for the purpose of making the exchange control regulations of either member
more effective, provided that such measures and regulations are consistent with this Agreement.

Section 3. Avoidance of discriminatory currency practices
No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to
engage in, any discriminatory currency arrangements or multiple currency practices, whether within or
outside margins under Article IV or prescribed by or under Schedule C, except as authorized under
this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date
when this Agreement enters into force, the member concerned shall consult with the Fund as to their
progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which
case the provisions of Section 3 of that Article shall apply.

Section 4. Convertibility of foreign-held balances
(a) Each member shall buy balances of its currency held by another member if the latter, in
requesting the purchase, represents:

(i) that the balances to be bought have been recently acquired as a result of current
transactions; or

(ii) that their conversion is needed for making payments for current transactions.

The buying member shall have the option to pay either in special drawing rights, subject to Article
XIX, Section 4, or in the currency of the member making the request.

(b) The obligation in (a) above shall not apply when:

(i) the convertibility of the balances has been restricted consistently with Section 2 of this
Article or Article VI, Section 3;

(ii) the balances have accumulated as a result of transactions effected before the removal by a
member of restrictions maintained or imposed under Article XIV, Section 2;

(iii) the balances have been acquired contrary to the exchange regulations of the member
which is asked to buy them;

(iv) the currency of the member requesting the purchase has been declared scarce under
Article VII, Section 3(a); or


(v) the member requested to make the purchase is for any reason not entitled to buy
currencies of other members from the Fund for its own currency.

Section 5. Furnishing of information
(a) The Fund may require members to furnish it with such information as it deems necessary for its
activities, including, as the minimum necessary for the effective discharge of the Fund's duties,
national data on the following matters:

(i) official holdings at home and abroad of (1) gold, (2) foreign exchange;

(ii) holdings at home and abroad by banking and financial agencies, other than official
agencies, of (1) gold, (2) foreign exchange;

(iii) production of gold;

(iv) gold exports and imports according to countries of destination and origin;

(v) total exports and imports of merchandise, in terms of local currency values, according to
countries of destination and origin;

(vi) international balance of payments, including (1) trade in goods and services, (2) gold
transactions, (3) known capital transactions, and (4) other items;

(vii) international investment position, i.e., investments within the territories of the member
owned abroad and investments abroad owned by persons in its territories so far as it is
possible to furnish this information;

(viii) national income;

(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of
export and import prices;

(x) buying and selling rates for foreign currencies;

(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the
time of assuming membership in the Fund and details of subsequent changes as they occur;
and

(xii) where official clearing arrangements exist, details of amounts awaiting clearance in
respect of commercial and financial transactions, and of the length of time during which such
arrears have been outstanding.

(b) In requesting information the Fund shall take into consideration the varying ability of members
to furnish the data requested. Members shall be under no obligation to furnish information in such
detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to
furnish the desired information in as detailed and accurate a manner as is practicable and, so far as
possible, to avoid mere estimates.

(c) The Fund may arrange to obtain further information by agreement with members. It shall act as
a centre for the collection and exchange of information on monetary and financial problems, thus
facilitating the preparation of studies designed to assist members in developing policies which further
the purposes of the Fund.

Section 6. Consultation between members regarding existing international agreements

Where under this Agreement a member is authorized in the special or temporary circumstances
specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are
other engagements between members entered into prior to this Agreement which conflict with the
application of such restrictions, the parties to such engagements shall consult with one another with a
view to making such mutually acceptable adjustments as may be necessary. The provisions of this
Article shall be without prejudice to the operation of Article VII, Section 5.

Section 7. Obligation to collaborate regarding policies on reserve assets
Each member undertakes to collaborate with the Fund and with other members in order to ensure that
the policies of the member with respect to reserve assets shall be consistent with the objectives of
promoting better international surveillance of international liquidity and making the special drawing
right the principal reserve asset in the international monetary system.

Article IX
Status, Immunities, and Privileges

Section 1. Purposes of Article
To enable the Fund to fulfill the functions with which it is entrusted, the status, immunities, and
privileges set forth in this Article shall be accorded to the Fund in the territories of each member.

Section 2. Status of the Fund
The Fund shall possess full juridical personality, and in particular, the capacity:
(i) to contract;

(ii) to acquire and dispose of immovable and movable property; and

(iii) to institute legal proceedings.

Section 3. Immunity from judicial process
The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity
from every form of judicial process except to the extent that it expressly waives its immunity for the
purpose of any proceedings or by the terms of any contract.

Section 4. Immunity from other action
Property and assets of the Fund, wherever located and by whomsoever held, shall be immune from
search, requisition, confiscation, expropriation, or any other form of seizure by executive or legislative
action.

Section 5. Immunity of archives
The archives of the Fund shall be inviolable.

Section 6. Freedom of assets from restrictions
To the extent necessary to carry out the activities provided for in this Agreement, all property and
assets of the Fund shall be free from restrictions, regulations, controls, and moratoria of any nature.

Section 7. Privilege for communications
The official communications of the Fund shall be accorded by members the same treatment as the
official communications of other members.

Section 8. Immunities and privileges of officers and employees
All Governors, Executive Directors, Alternates, members of committees, representatives appointed
under Article XII, Section 3(j), advisors of any of the foregoing persons, officers, and employees of
the Fund:
(i) shall be immune from legal process with respect to acts performed by them in their official
capacity except when the Fund waives this immunity;


(ii) not being local nationals, shall be granted the same immunities from immigration
restrictions, alien registration requirements, and national service obligations and the same
facilities as regards exchange restrictions as are accorded by members to the representatives,
officials, and employees of comparable rank of other members; and

(iii) shall be granted the same treatment in respect of traveling facilities as is accorded by
members to representatives, officials, and employees of comparable rank of other members.

Section 9. Immunities from taxation
(a) The Fund, its assets, property, income, and its operations and transactions authorized by this
Agreement shall be immune from all taxation and from all customs duties. The Fund shall also be
immune from liability for the collection or payment of any tax or duty.

(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to Executive
Directors, Alternates, officers, or employees of the Fund who are not local citizens, local subjects, or
other local nationals.

(c) No taxation of any kind shall be levied on any obligation or security issued by the Fund,
including any dividend or interest thereon, by whomsoever held:

(i) which discriminates against such obligation or security solely because of its origin; or

(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued,
made payable or paid, or the location of any office or place of business maintained by the Fund.

Section 10. Application of Article
Each member shall take such action as is necessary in its own territories for the purpose of making
effective in terms of its own law the principles set forth in this Article and shall inform the Fund of the
detailed action which it has taken.

Article X
Relations with Other International Organizations

The Fund shall cooperate within the terms of this Agreement with any general international
organization and with public international organizations having specialized responsibilities in related
fields. Any arrangements for such cooperation which would involve a modification of any provision of
this Agreement may be effected only after amendment to this Agreement under Article XXVIII.

Article XI
Relations with Non-Member Countries

Section 1. Undertakings regarding relations with non-member countries
Each member undertakes:
(i) not to engage in, nor to permit any of its fiscal agencies referred to in Article V, Section 1
to engage in, any transactions with a non-member or with persons in a non-member's
territories which would be contrary to the provisions of this Agreement or the purposes of the
Fund;

(ii) not to cooperate with a non-member or with persons in a non-member's territories in
practices which would be contrary to the provisions of this Agreement or the purposes of the
Fund; and