The report of the ad hoc Committee on the Reform of the International Monetary System and Related Issues (Committee of Twenty) to the Governing Council, dated 14 June 1974 and accompanied by a draft reform, established that, under the conditions that had developed, priority had been given to certain aspects of the reform. The Committee considered it of the utmost importance that immediate action be taken to initiate an evolving reform process. Part II of the agreement outlines the actions taken immediately by the Committee. This included drafting changes to the statutes of the International Monetary Fund. (v) the interest rate and the special drawing fee that came into effect at the time of the amendment remain in effect until it is amended in accordance with the new provisions. (b) the fund may sell to members or other members a portion of the balance of gold held at the time of the change at a market-oriented price (section 12, point c), in order to transfer a portion of the proceeds beyond the value of the capital to the investment account (section 12, point g), for the investments covered in Article XII. , Section 6 (f) and the rest of the proceeds that exceed the value of the capital, until it is used for any of the following objectives: b) For a member who joined the Fund after the change date, the provision is applied on the same basis as for other members, except that the 55% of the quota covered in point (a) are replaced by a percentage , (a) (a) (i), based on a weighted average of the percentages of quotas applicable to other members at the time of the member`s entry into the Fund. 2. If the Fund`s holdings in the member`s currency are not sufficient to pay the net amount owed by the Fund, the balance is paid in a freely usable currency or in some other form that can be agreed upon. If the Fund and the outgoing member fail to reach an agreement within six months of the date of withdrawal, the currency in question, which the Fund holds, is immediately paid to the outgoing member. The balance payable is paid in ten semi-annual instalments over the next five years.
Each of these tranches is paid, at the Fund`s choice, either in the outgoing member`s currency acquired at the exit of the fund, or in a freely usable currency. 1. Paragraph 1 of paragraph J has been revised, as, according to the amended articles, there would be three accounts in the Fund department.