ity shall be limited to the obligations which the Fund shall have entered into pursuant to this Agreement.
4.03 Each Member of the Fund shall within sixty days of the entry into force of this Agreement in respect thereof, or of its final approval of any increase of its contribution, issue a letter of undertaking indicating the amount of its contribution, or the increase thereof as the case may be, to the benefit of the Fund and shall deposit such letter with the President of the Fund and a copy thereof with its Executing National Agency. 4.04 a) Contributions to the Fund shall be paid by each Member in such amounts and at such dates as the Governing Board shall determine to enable the Fund to meet its commit- ments. Each payment shall be effected in freely usable cur- rencies the amount of which shall be equivalent, at the time it is received by the Fund, to the U.S. Dollar amount required for payment. b) For the purpose of Article 4.04 “freely usable currencies” shall mean currencies that are in fact widely used to make payments for international transactions and are widely traded in the principal exchange markets.
4.05 a) Any Member may, with the approval of the Ministerial Council, increase its contribution to the Fund.
b) No Member shall be obliged to increase its contribution to the Fund without its own accord.
Article Five: Administration of the Fund
5.01 The Fund shall have: i)
a Ministerial Council
ii) a Governing Board iii) a President and such staff as shall be necessary for the
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