the provisions of Article IV, Sections 3 and 4, the member shall have complete jurisdiction in determining the nature of such limitations, but they shall be no more restrictive than is necessary to limit the demand for the scarce currency to the supply held by, or accruing to, the member in question; and they shall be relaxed and removed as rapidly as conditions permit.
(c) The authorization under (b) above shall expire whenever the Fund formally declares the currency in question to be no longer scarce.
Section 4. Administration of restrictions
Any member imposing restrictions in respect of the currency of any other member pursuant to the provisions of Section.3 (b) of this Article shall give sympathetic consideration to any representations by the other member regarding the administration of such restrictions.
Section 5. Effect of other internationalagreements on restrictions
Members agree not to invoke the obligations of any engagements entered into with other members prior to this Agreement in such a manner as will prevent the operation of the provisions of this Article.
Article VIII
General Obligations of Members
Section 1. Introduction
In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.
Section 2. Avoidance of restrictions on current payments
(a) Subject to the provisions of Article VII, Section 3 (b), and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.
(b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord,
