Artikel 51

(1). Any proposal to introduce modifications to this Agreement, whether emanating from a participant, a governor or the Board of Directors, shall be communicated to the Chairman of the Board of Governors, who shall bring the proposal before that Board. If the proposed amendment is approved by the Board, the Fund shall, by circular letter or telegram, ask the participants whether they accept the proposed amendment. When three-fourths of the participants having eighty-five per cent of the voting power have accepted the proposed amendment, the Fund shall certify the fact by formal communication addressed to the participants. Amendments shall enter into force for all participants three months after the date of the formal communication provided for in this paragraph unless the Board of Governors specifies a different period or date.
(2). Notwithstanding the provisions of paragraph (1), the unanimous approval of the Board of Governors shall be required for the approval of any amendment modifying:
(i) the limitation on liability provided for in Article 10;
(ii) the provisions of Article 7 (2) and (3) relating to the subscription of additional funds;
(iii) the right to withdraw from the Fund; and
(iv) the voting majority requirements contained in this Agreement.