FIRST SCHEDULE
Sections 4 and 9
TERMS AND CONDITIONS UPON WHICH SINGAPORE IS ADMITTED TO
MEMBERSHIP OF THE INTERNATIONAL MONETARY FUND
Fund
“Fund” means the International Monetary Fund established under the Fund Agreement;
Resolution adopted by the Board of Governors of the International Monetary
Fund, on February 21 1966
Whereas the Government of Singapore, on September 8 1965, applied for
membership in the International Monetary Fund in accordance with section 2 of
Article II of the Articles of Agreement of the Fund:
And Whereas, pursuant to section 21 of the By-laws of the Fund, the Executive
Directors have consulted with the representative of that Government and have
agreed upon the terms and conditions which, in the opinion of the Executive
Directors, the Board of Governors may wish to prescribe for admitting Singapore
to membership in the Fund:
Now, Therefore, the Board of Governors, having considered the recommendations
of the Executive Directors, hereby resolves that the terms and conditions upon
which Singapore shall be admitted to membership in the Fund shall be as follows:
1. Definitions: As used in this Resolution —
the term “Fund” means the International Monetary Fund;
the term “Articles” means the Articles of Agreement of the
International Monetary Fund;
the term “dollars” or “$” means United States dollars of the weight and
fineness in effect on July 1 1944.
2. Quota: The quota of Singapore shall be $30 million.
3. Subscription: The subscription of Singapore shall be equal to its quota.
Singapore shall pay in gold, as a minimum, 25% of its quota. The balance of the
subscription shall be paid in the currency of Singapore.
4. Payment of Subscription: The portion of the subscription to be paid in gold
shall be paid not later than the day the Articles are signed on behalf of Singapore.
In case Singapore does not acquire membership in the Fund the gold so paid shall
be returned to it by the Fund. The remaining part of the subscription which has not
been paid in gold shall be paid before the thirtieth day after the initial par value of
the currency of Singapore has been agreed in accordance with paragraph 5 below.
Bretton Woods Agreements
Act 1966
5. Determination of Par Value: Within 30 days after the Fund so requests,
Singapore shall communicate to the Fund a proposed par value for its currency,
and within 60 days following the Fund’s receipt of the proposed par value,
Singapore and the Fund shall agree on an initial par value for the currency:
provided that the Fund may extend the period of 60 days and that Singapore shall
be deemed to have withdrawn from the Fund if agreement on a par value has not
been reached when the extended period expires. In the period between accepting
membership and the establishment of an initial par value pursuant to this
paragraph, Singapore shall not change its exchange rates prevailing at the time of
accepting membership without agreement with the Fund after prior consultation.
6. Exchange Transactions with the Fund: Singapore may not engage in
exchange transactions with the Fund until both (a) the par value of its currency
has been agreed in accordance with paragraph 5 above and put into operation and
its subscription has been paid in full: provided, however, that at any time
before the requirements under (a) and (b) have been met, the Executive Directors
are authorised to permit exchange transactions with Singapore under such
conditions and in such amounts as may be prescribed by the Executive Directors.
7. Representation and Information: Before accepting membership in the Fund,
Singapore shall represent to the Fund that it has taken all action necessary to sign
and deposit the Instrument of Acceptance and sign the Articles, as contemplated
by paragraph 8(a) and (b) of this Resolution, and Singapore shall furnish to the
Fund such information in respect of such action as the Fund may request.
8. Acceptance of Membership: After the Fund shall have informed the
Government of the United States of America that Singapore has complied with
the conditions set out in paragraph 7 of this Resolution, Singapore shall become a
member of the Fund as of the date when Singapore shall have complied with the
following requirements:
Singapore shall deposit with the Government of the United States of
America an instrument stating that it has accepted in accordance with
its law the Articles and all the terms and conditions prescribed in this
Resolution, and that it has taken all steps necessary to enable it to carry
out all its obligations under the Articles and this Resolution; and
Singapore shall sign the original copy of the Articles held in the
Archives of the Government of the United States of America.
Bretton Woods Agreements
Act 1966
9. Limitation on Period of Acceptance of Membership: Singapore may accept
membership in the Fund pursuant to this Resolution within 6 months of the
effective date of this Resolution, which date shall be the date of its adoption by the
Board of Governors; provided, however, that, if extraordinary circumstances are
deemed by the Executive Directors to warrant an extension of the period during
which the applicant may accept membership pursuant to this Resolution, the
Executive Directors may extend such period until such later date as they may
determine.