INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - NOTES

INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - NOTES

No. 5, 1947

Compilation No. 24

Compilation date: 2 January 2021

Includes amendments up to: Act No. 79, 2020

Registered: 19 February 2021

This compilation includes commenced amendments made by Act No. 61, 2020

About this compilation

This compilation

This is a compilation of the International Monetary Agreements Act 1947 that shows the text of the law as amended and in force on 2 January 2021 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Short title

2 Commencement

3 Interpretation

4 Membership of Australia of the Fund and of the Bank

4A Participation in Special Drawing Rights Department of Fund

5 Reserve Bank to be depository

5A Transfers to and from Reserve Bank of special drawing rights

5E Exemption of special drawing rights from taxation

6 Authority to borrow

7 Issue of securities

8 Payments under the Fund Agreement

8A Appropriation for purposes of Special Drawing Rights Department

8B Appropriation for the purposes of the New Arrangements to Borrow

8C Financial assistance by Australia in support of Fund programs

8CAB Further agreements to provide loans to the Fund

8CA Financial assistance by Australia in support of World Bank or Asian Development Bank programs

8D Public release and tabling of national interest statement

8E Contents of national interest statement

8F Inquiry and report by Joint Standing Committee on Foreign Affairs, Defence and Trade

9 Further agreements to buy extra shares in the Bank

10 Annual report

11 Regulations

Schedule 1--Articles of Agreement of the International Monetary Fund

Schedule 2--Articles of Agreement of the International Bank for Reconstruction and Development

Schedule 3--Resolution of the Board of Governors of the International Bank for Reconstruction and Development

Endnotes

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

 The quota of Denmark shall be determined by the Fund after the Danish Government has declared its readiness to sign this Agreement but before signature takes place.

 The quota of Denmark shall be determined by the Bank after Denmark accepts membership in accordance with these Articles of Agreement.