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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97-98
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
International
Monetary Agreements Amendment Bill 1998
No.
, 1998
(Treasury)
A
Bill for an Act to amend the International Monetary Agreements Act 1947,
and for related purposes
9801920—647/10.3.1998—(19/98) Cat.
No. 97 2742 6 ISBN 0644 516577
Contents
International Monetary Agreements Act
1947 0644516577.html
A Bill for an Act to amend the International Monetary
Agreements Act 1947, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the International Monetary Agreements
Amendment Act 1998.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
International
Monetary Agreements Act 1947
1 Title
Omit “by reason of the Membership of Australia of the Fund and of
the Bank”, substitute “in relation to Australia’s
membership of the Fund and Bank, or in relation to Australia’s support of
the Fund and its programs”.
2 After section 8B
Insert:
(1) If:
(a) the Fund requests Australia to provide assistance to another country
(the recipient country) in support of a Fund program for the
benefit of the recipient country; and
(b) the Treasurer is satisfied that at least one other government or
organisation has provided, or intends to provide, financial assistance to the
recipient country in response to a similar request from the Fund;
then the Treasurer, on behalf of Australia, may enter into an agreement
that provides for Australia to lend money to the recipient country or to enter
into a currency swap with the recipient country.
(2) An agreement under subsection (1) must provide for Australia to be
able to require early repayment in the event of the suspension, or premature
termination, of the Fund program.
(3) The Consolidated Revenue Fund is appropriated for the purposes of
payments by Australia under, or in connection with:
(a) an agreement made under subsection (1); or
(b) a pre-commencement agreement referred to in subsection (4).
(4) For the purposes of subsection (3), pre-commencement
agreement means an agreement that satisfies the following
conditions:
(a) the agreement was entered into on behalf of Australia before the
commencement of this section, in response to a request by the Fund for Australia
to provide assistance to the Republic of Indonesia or the Republic of Korea (the
recipient country) in support of a Fund program for the benefit of
the recipient country;
(b) the agreement provides for Australia to lend money to the recipient
country or to enter into a currency swap with the recipient country;
(c) the Treasurer is satisfied that at least one other government or
organisation has provided, or intends to provide, financial assistance to the
recipient country in response to a similar request from the Fund;
(d) the agreement provides for Australia to be able to require early
repayment in the event of the suspension, or premature termination, of the Fund
program.
(5) Payments referred to in subsection (3), and transactions in relation
to those payments, are not liable to taxation under any law of the Commonwealth
or of a State or Territory.