Federal Register of Legislation - Australian Government

Primary content

Act No. 7 of 1982 as made
An Act relating to the purchase of additional shares of the capital stock of the International Bank for Reconstruction and Development and of the International Finance Corporation
Administered by: Treasury
Date of Assent 30 Mar 1982
Table of contents.

 

 

 

 

 

 

International Financial Institutions (Share Increase) Act 1982

 

No. 7 of 1982

 

 

 

 

An Act relating to the purchase of additional shares of the capital stock of the International Bank for Reconstruction and Development and of the International Finance Corporation

  

  

  



 

 

International Financial Institutions (Share Increase) Act 1982

 

No. 7 of 1982

 

 

 

An Act relating to the purchase of additional shares of the capital stock of the International Bank for Reconstruction and Development and of the International Finance Corporation

[Assented to 30 March 1982]

1  Short title

                   This Act may be cited as the International Financial Institutions (Share Increase) Act 1982.

2  Commencement

                   This Act shall come into operation on the day on which it receives the Royal Assent.

3  Interpretation

                   In this Act, unless the contrary intention appears:

Bank means the International Bank for Reconstruction and Development established under the Articles of Agreement set out in Schedule 2 to the International Monetary Agreements Act 1947.

Corporation means the International Finance Corporation established under the Articles of Agreement set out in the First Schedule to the International Finance Corporation Act 1955.

4  Agreements for purchase of additional shares of capital stock of the Bank

                   The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank for the purchase by Australia of 6,287 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 100,000 United States dollars, being dollars in the currency of the United States of America of the weight and fineness that was in effect on 1 July 1944.

5  Agreements for purchase of additional shares of capital stock of the Corporation

                   The Treasurer may, on behalf of Australia, make an agreement or agreements with the Corporation for the purchase by Australia of 9,976 additional shares of the capital stock of the Corporation at a price per share of 1,000 United States dollars or their equivalent in any other freely convertible currency.

6  Agreements subject to terms and conditions

                   Subject to this Act, an agreement referred to in section 4 or 5 may contain such terms and conditions as the Treasurer determines.

7  Appropriation and issue of securities

             (1)  There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment to be made by Australia in pursuance of an agreement made under section 4 or section 5.

             (2)  Section 7 of the International Monetary Agreements Act 1947 applies to any payment to be made by Australia in pursuance of an agreement made under section 4 as it applies to payments under that Act.