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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

Endnotes                                                                                                                                      4

Endnote 1—About the endnotes                                                                              4

Endnote 2—Abbreviation key                                                                                  6

Endnote 3—Legislation history                                                                               7

Endnote 4—Amendment history                                                                             8

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.

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