{"id":"C2004A02566","name":"International Financial Institutions (Share Increase) Act 1982","slug":"international-financial-institutions-share-increase-act-1982","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"7 of 1982","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":7211,"registerId":"commonwealth-C2004A02566-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"##### 1 Short title\n\n  This Act may be cited as the International Financial Institutions (Share Increase) Act 1982.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"##### 2 Commencement\n\n  This Act shall come into operation on the day on which it receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"##### 3 Interpretation\n\n  In this Act, unless the contrary intention appears:\n\n> Bank means the International Bank for Reconstruction and Development.\n\n> 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.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Agreements for purchase of additional shares of capital stock of the Bank","content":"##### 4 Agreements for purchase of additional shares of capital stock of the Bank\n\n  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.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Agreements for purchase of additional shares of capital stock of the Corporation","content":"##### 5 Agreements for purchase of additional shares of capital stock of the Corporation\n\n  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.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Agreements subject to terms and conditions","content":"##### 6 Agreements subject to terms and conditions\n\n  Subject to this Act, an agreement referred to in section 4 or 5 may contain such terms and conditions as the Treasurer determines.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Appropriation and issue of securities","content":"##### 7 Appropriation and issue of securities\n\n  (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.\n  (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.","sortOrder":6}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: authorising specific share purchases in two named international financial institutions. The scope has not expanded beyond this narrow, technical financial authorisation."},"complexity_factors":["Only 2 defined terms in the interpretation section ('Bank' and 'Corporation')","Straightforward operative provisions with no nested conditions or exceptions","Single cross-reference to another Act (International Monetary Agreements Act 1947)","No subordinate legislation or regulation-making powers","Specific, fixed numerical values (share quantities and prices) rather than formulas","Only 7 sections total, with minimal conditional language ('unless the contrary intention appears', 'subject to this Act')"],"plain_english_summary":"This law lets Australia buy more shares in two major international financial organisations: the World Bank (formally called the International Bank for Reconstruction and Development) and the International Finance Corporation (IFC).\n\n**What it does:**\n- **Authorises share purchases:** The Treasurer (Australia's finance minister) can sign agreements to buy:\n  - **6,287 shares** in the World Bank at US$100,000 per share (using the 1944 gold standard value of the US dollar)\n  - **9,976 shares** in the IFC at US$1,000 per share (or equivalent in other convertible currency)\n\n- **Provides the money:** The law automatically sets aside funds from Australia's main government bank account (the Consolidated Revenue Fund) to pay for these shares.\n\n- **Sets payment rules:** Payments to the World Bank follow the same rules as Australia's contributions to the International Monetary Fund (IMF).\n\n**Who it affects:**\n- Primarily the Australian government and its Treasury officials\n- Indirectly, Australian taxpayers (who ultimately fund these investments)\n\n**Why it matters:**\nThis was part of a global effort in the early 1980s to increase the capital (financial resources) of these institutions so they could lend more money to developing countries. By buying these shares, Australia maintained its voting power and influence in these important global financial bodies, while also earning returns on its investment."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act is narrowly confined to authorising the specified purchases, permitting the Treasurer to set terms, and providing appropriation for payments. The text contains no provisions that expand or restrict powers beyond those specified transactions."},"complexity_factors":["Numeric specificity of share quantities and fixed prices increases legal precision but limits flexibility (ss 4–5).","Treasurer has discretion to set terms and conditions of agreements, introducing executive decision-making considerations (s 6).","Appropriation from the Consolidated Revenue Fund and cross-application of existing payment rules create budgetary and procedural links to other statutes (s 7).","References to external institutional definitions and historical currency formulation require interpretation of linked instruments (s 3; ss 4–5)."],"plain_english_summary":"This Act authorises the Treasurer to purchase additional shares in the International Bank for Reconstruction and Development (6,287 shares at US$100,000 each) and the International Finance Corporation (9,976 shares at US$1,000 each), and to determine the terms of those purchase agreements (ss 4–6). Payments are to be made from the Consolidated Revenue Fund and certain existing payment rules apply to the Bank purchase (s 7)."},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act is narrowly focused and does exactly what its title suggests — it authorises the purchase of additional shares in two specific international financial institutions. There is no evidence of scope creep or deviation from its original purpose. The provisions are tightly drafted around two discrete financial transactions."},"complexity_factors":["References to external legislation (International Monetary Agreements Act 1947, International Finance Corporation Act 1955) that must be read alongside this Act","Unusual pricing mechanism for World Bank shares referencing 1944 gold-standard dollar weight and fineness, which requires historical context to understand","Dual-institution structure requires the reader to distinguish between two separate international bodies and their different share pricing arrangements","Section 7(2) incorporates provisions from another Act by reference, adding a layer of indirect complexity"],"plain_english_summary":"This Act authorises the Treasurer to purchase additional shares in the World Bank and the International Finance Corporation, with the cost drawn from the Consolidated Revenue Fund. It affects the Australian Government (and indirectly taxpayers) by committing public funds to boost Australia’s voting power and influence in those institutions. The Treasurer may negotiate the purchase terms, making this both a diplomatic and financial commitment."}},"importantCases":[],"_links":{"self":"/api/acts/international-financial-institutions-share-increase-act-1982","history":"/api/acts/international-financial-institutions-share-increase-act-1982/history","analysis":"/api/acts/international-financial-institutions-share-increase-act-1982/analysis","conflicts":"/api/acts/international-financial-institutions-share-increase-act-1982/conflicts","importantCases":"/api/acts/international-financial-institutions-share-increase-act-1982/important-cases","documents":"/api/acts/international-financial-institutions-share-increase-act-1982/documents"}}