WHEREAS, the ASEAN Central Banks and Monetary Authorities, in pursuit of their common objective to promote monetary cooperation among ASEAN member countries, have established on August 5, 1977, an ASEAN swap arrangement ("the Arrangement") for a period of one year as laid down in the Memorandum of understanding on ASEAN Swap Arrangement ("the Memorandum") signed on the said date;
AND WHEREAS, the ASEAN (Central Banks and Monetary Authorities, Article X of the Memorandum providing for the renewal of the Arrangement, have on September 26, 1978 , entered into supplementary Agreement to the Memorandum of understanding on ASEAN Swap Arrangement (hereinafter referred to as "the First Supplementary Agreement") to, inter alia, renew the arrangement for a further period of one year from August 5, 1978, and 1978, and to modify certain provision of the Memorandum,
AND WHEREAS, Article X of the Memorandum as modified by the First Supplementary Agreement provides for the further renewal of the Arrangement by the participants.
AND WHEREAS, the ASEAN Central Banks and Monetary Authorities are desirous of further extending the Arrangement in the interest of closer ASEAN monetary cooperation;
THE ASEAN CENTRAL BANKS AND MONETARY AUTHORITIES hereby enter into a Second Supplementary agreement to the Memorandum of Understanding on ASEAN Swap Arrangement (hereinafter referred to as "this Second Supplementary Agreement") the following terms:
Article I
All Provisions in the Memorandum as modified by the First Supplementary Agreement concerning the Arrangement shall remain in force and effect as if they were fully set forth herein, subject h however to the modifications made under this Second Supplementary Agreement.
Article II
Article X of the Memorandum as modified by the First Supplementary Agreement is hereby amended by substituting therefor the following.
Article X
DURATION OF THE ARRANGEMENT
AND PROCEDURE FOR RENEWAL AND MODIFICATION
The Arrangement shall remain in force and effect for a period of three years from the date the Second Supplementary Agreement to the Memorandum of Understanding on ASEAN Swap Arrangement comes into force:
PROVIDED that, upon the written request of any participant served on all participants, the provisions of the Arrangement may be reviewed and, if necessary, modified by agreement;
PROVIDED ALWAYS that the Arrangement shall be terminated on the occasion of any anniversary of the date of the coming into force of the said Second Supplementary Agreement upon written notice for termination by any participant served on all participants at least one month before such anniversary.
In the event of termination of the Arrangement, the provisions hereof shall be considered still in force, but only in respect of the settlement of outstanding balances existing at the time of such termination.
The Arrangement may be renewed for such further period as may be agreed upon by the participants. The Agent Bank shall at least one by before the expiry date hereof, initiate consultations in order to review the provisions of the Arrangement either for the purpose of such renewal with or without any modification of the Arrangement as may be necessary, or for the purpose of the participants entering into a new purpose on replacement of the existing into one".
Article III
This Second Supplementary Agreement shall be deemed to have come into force on August 5, 1979.
DONE in Denpasar, Bali this ninth day of September, 1979.
Bank Indonesia By :
(signed)
RACHMAT SALEH
Governor
Bank Negara Malaysia By :
(signed)
ISMAIL BIN MOHAMED ALI
Governor
Central Bank of the Philippines By :
(signed)
AMADOR R. BRINAS
Senior Deputy Governor
The Monetary Authority of Singapore By :
(signed)
MICHAEL WONG PAKSHONG
Managing Director
Bank of Thailand By :
(signed)
CHAVALIT THANACHANAN
Acting Governor
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