E--SUBSTITUTION OF SECURITIES FOR CURRENCY
E-1. Each member is authorized to substitute, in accordance with Article III, Section 4, non-negotiable, non-interest bearing notes or similar obligations payable to the Fund on demand for that part of the currency holdings of the Fund in the General Resources Account which exceed 1/4 of 1 per cent of the member's quota, and the depository shall hold such notes or similar obligations for the account of the Fund. Such notes or similar obligations shall not be accepted until the Fund is satisfied that they are in proper form and that their issue has been authorized. The balances held in the administrative accounts of the Fund shall not be considered as part of the currency holdings of the Fund for the application of this Rule.
Adopted September 25, 1946, amended February 20, 1950, January 30, 1974, April 1, 1978, and June 23, 1988
E-2. The Executive Board may agree to alter the 1/4 of 1 percent requirement in the case of any member should circumstances in the opinion of the Executive Board warrant a different percentage.
Adopted September 25, 1946, amended February 20, 1950, and January 30, 1974
E-3. The member is allowed 24 hours in which to deposit the currency necessary to maintain the amount required under E-1 and E-2.
Adopted September 25, 1946, amended April 1, 1978