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International Finance Corporation Act 1955

Authoritative Version
Act No. 66 of 1955 as amended, taking into account amendments up to Treasury Laws Amendment (2020 Measures No. 2) Act 2020
An Act to approve Acceptance by Australia of Membership in the International Finance Corporation and for purposes connected therewith
Administered by: Treasury
Registered 12 Oct 2020
Start Date 04 Sep 2020
Table of contents.

Commonwealth Coat of Arms of Australia

International Finance Corporation Act 1955

No. 66, 1955

Compilation No. 3

Compilation date:                              4 September 2020

Includes amendments up to:            Act No. 79, 2020

Registered:                                         12 October 2020

About this compilation

This compilation

This is a compilation of the International Finance Corporation Act 1955 that shows the text of the law as amended and in force on 4 September 2020 (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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Interpretation....................................................................................... 1

4............ Membership of Australia of International Finance Corporation.......... 2

5............ Subscription to capital stock................................................................ 2

5A......... Notice of amendment of the Agreement.............................................. 3

5B......... Further agreements to buy extra shares in the International Finance Corporation     3

6............ Regulations......................................................................................... 3

Schedule A—Subscriptions to capital stock of the International Finance Corporation 4

Endnotes                                                                                                                                      7

Endnote 1—About the endnotes                                                                              7

Endnote 2—Abbreviation key                                                                                  9

Endnote 3—Legislation history                                                                             10

Endnote 4—Amendment history                                                                           11


An Act to approve Acceptance by Australia of Membership in the International Finance Corporation and for purposes connected therewith

1  Short title

                   This Act may be cited as the International Finance Corporation Act 1955.

2  Commencement

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

3  Interpretation

                   In this Act:

the Agreement means the Articles of Agreement of the International Finance Corporation, done at Washington on 25 May 1955, as amended:

                     (a)  in accordance with the following resolutions accepted in accordance with Article VII of those Articles:

                              (i)  the Amendment to [Article III of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 1 September 1961;

                             (ii)  the Amendments to [Articles III and IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 25 August 1965;

                            (iii)  the Amendments to Articles II and VII of the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 28 December 1992;

                            (iv)  the Amendment to [Article IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 9 March 2012; and

                     (b)  by any other amendment of those Articles that is notified under section 5A.

Note 1:       The Agreement is in Australian Treaty Series 1956 No. 14 ([1956] ATS 14) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Note 2:       The Amendment to [Article III of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 1961 No. 26 ([1961] ATS 26) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Note 3:       The Amendments to [Articles III and IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 1965 No. 25 ([1965] ATS 25) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Note 4:       The Amendments to Articles II and VII of the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 1993 No. 47 ([1993] ATS 47) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Note 5:       The Amendment to [Article IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 2012 No. 42 ([2012] ATS 42) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

4  Membership of Australia of International Finance Corporation

                   The membership of Australia of the International Finance Corporation established under the Agreement is approved.

5  Subscription to capital stock

                   The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia in respect of obligations that Australia has to subscribe to shares in the International Finance Corporation in accordance with the Agreement.

5A  Notice of amendment of the Agreement

             (1)  The Treasurer may, by legislative instrument, give notice of an amendment of the Agreement that has been accepted in accordance with Article VII of the Agreement.

             (2)  A legislative instrument under subsection (1) commences at the later of the following days or times:

                     (a)  the earliest day or time applicable under subsection 12(1) of the Legislation Act 2003;

                     (b)  the start of the day immediately after the last day on which a resolution referred to in subsection 42(1) of the Legislation Act 2003 disallowing the instrument could be passed.

5B  Further agreements to buy extra shares in the International Finance Corporation

             (1)  The Minister may, on behalf of Australia, enter into one or more agreements with the International Finance Corporation that:

                     (a)  provide for Australia to buy additional shares of the capital stock of the International Finance Corporation; and

                     (b)  contain terms and conditions determined by the Minister.

             (2)  The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia under an agreement referred to in subsection (1).

6  Regulations

             (1)  The Governor‑General may make regulations for carrying out or giving effect to the Agreement (other than Article VI).

             (2)  Regulations so made shall have effect notwithstanding that the regulations are inconsistent with an Act or with an instrument having effect by virtue of an Act.


Schedule ASubscriptions to capital stock of the International Finance Corporation

  

  

 

Country


Number of shares

Amount (in United States Dollars)

Australia               

2,215

2,215,000

Austria  

554

554,000

Belgium

2,492

2,492,000

Bolivia  

78

78,000

Brazil    

1163

1,163,000

Burma  

166

166,000

Canada

3,600

3,600,000

Ceylon  

166

166,000

Chile      

388

388,000

China    

6,646

6,646,000

Colombia             

388

388,000

Costa Rica           

22

22,000

Cuba     

388

388,000

Denmark.             

753

753,000

Dominican Republic          

22

22,000

Ecuador

35

35,000

Egypt.   

590

590,000

El Salvado           

11

11,000

Ethiopia

33

33,000

Finland 

421

421,000

France   

5,815

5,815,000

Germany              

3,655

3,655,000

Greece   

277

277,000

Guatemala           

22

22,000

Haiti      

22

22,000

Honduras             

11

11,000

Iceland 

11

11,000

India     

4,431

4,431,000

Indonesia             

1218

1,218,000

Iran       

372

372,000

Iraq       

67

67,000

Israel     

50

50,000

Italy      

1994

1,994,000

Japan    

2,769

2,769,000

Jordan   

33

33,000

Lebanon               

50

50,000

Luxembourg        

111

111,000

Mexico 

720

720,000

Netherlands         

3,046

3,046,000

Nicaragua            

9

9,000

Norway 

554

554,000

Pakistan               

1,108

1,108,000

Panama

2

2,000

Paraguay              

16

16,000

Peru       

194

194,000

Philippines            

166

166,000

Sweden 

1,108

1,108,000

Syria      

72

72,000

Thailand               

139

139,000

Turkey  

476

476,000

Union of South Africa       

1,108

1,108,000

United Kingdom 

14,400

14,400,000

United States       

35,168

35,168,000

Uruguay               

116

116,000

Venezuela            

116

116,000

Yugoslavia           

443

443,000

Total     

100,000

$100,000,000


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

 

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

/sub‑subparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

Sub‑Ch = Sub‑Chapter(s)

cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

International Finance Corporation Act 1955

66, 1955

4 Nov 1955

4 Nov 1955 (s 2)

 

International Finance Corporation Act 1961

69, 1961

24 Oct 1961

24 Oct 1961 (s 2)

International Finance Corporation Act 1963

52, 1963

18 Oct 1963

9 Nov 1988 (s 2 and gaz 1988, No S332)

International Finance Corporation Act 1966

36, 1966

12 Sept 1966

12 Sept 1966 (s 2)

Statute Law Revision Act 1973

216, 1973

19 Dec 1973

31 Dec 1973 (s 2)

s 9(1) and 10

as amended by

 

 

 

 

Statute Law Revision Act 1974

20, 1974

25 July 1974

31 Dec 1973 (s 2)

International Financial Institutions Legislation Amendment Act 2010

133, 2010

24 Nov 2010

Sch 2 (items 1, 2): 27 June 2012 (s 2(1) item 3)

Treasury Laws Amendment (2020 Measures No. 2) Act 2020

79, 2020

3 Sept 2020

Sch 4 (items 1–7): 4 Sept 2020 (s 2(1) item 3)

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 3........................................

rs No 36, 1966

 

am No 133, 2010; No 79, 2020

s 4........................................

rs No 36, 1966

s 5........................................

rs No 79, 2020

s 5A.....................................

ad No 79, 2020

s 5B.....................................

ad No 79, 2020

Schedule Heading.................

rs No 69, 1961

 

rep No 79, 2020

First Schedule......................

am No 216, 1973 (as am by No 20, 1974)

 

rep No 79, 2020

Second Schedule..................

ad No 69, 1961

 

rep No 79, 2020

Third Schedule.....................

ad No 36, 1966

 

rep No 79, 2020

Schedule 4...........................

ad No 133, 2010

 

rep No 79, 2020