{"id":"C2004A00081","name":"International Monetary Agreements Act 1974","slug":"international-monetary-agreements-act-1974","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"22 of 1974","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":2740,"registerId":"commonwealth-C2004A00081-current","compilationNumber":null,"startDate":"2026-03-29","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 Monetary Agreements Act 1974.","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":"Definitions","content":"#### 3 Definitions\n\n  In this Act, unless the contrary intention appears:\n\n> Bank means the International Bank for Reconstruction and Development.\n\n> United States dollar means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 1 July 1944.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Subscription for capital stock of Bank","content":"#### 4 Subscription for capital stock of Bank\n\n  (1) The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank providing for the purchase by Australia of 341 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 100,000 United States dollars.\n  (2) Subject to this Act, an agreement so made may contain such terms and conditions as the Treasurer determines.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Issue of promissory notes","content":"#### 5 Issue of promissory notes\n\n  (1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of Australia, execute and issue to the Bank promissory notes.\n  (2) A promissory note issued under subsection (1):\n    (a) shall be payable to the Bank;\n    (b) shall be non‑negotiable and non‑interest‑bearing; and\n    (c) shall be payable at its par value on demand.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Appropriation","content":"#### 6 Appropriation\n\n  There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia:\n    (a) in pursuance of an agreement made under this Act; or\n    (b) under a promissory note issued under this Act.","sortOrder":5}],"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 Australia's subscription to additional World Bank capital stock and establishing the payment mechanism. There is no evidence of scope creep or expansion beyond this specific financial commitment."},"complexity_factors":["Only 2 defined terms in the interpretation section ('Bank' and 'United States dollar')","Straightforward sequential structure with no cross-references between sections","No nested exceptions or conditional logic beyond basic 'unless the contrary intention appears' and 'subject to this Act' qualifiers","Single clear purpose: authorising a specific share purchase and payment mechanism","Very short length (6 sections total)"],"plain_english_summary":"This law lets Australia buy more shares in the World Bank (formally called the International Bank for Reconstruction and Development). Specifically, it authorises the purchase of 341 extra shares at US$100,000 each.\n\n**What it does:**\n- **Gives the Treasurer power** to sign an agreement with the World Bank to buy these shares on Australia's behalf.\n- **Allows flexible payment** — instead of paying cash upfront, Australia can issue promissory notes (basically IOUs) to the World Bank if the Bank agrees to accept them. These notes are non-negotiable (can't be sold to someone else), don't earn interest, and must be paid back at face value whenever the Bank asks.\n- **Provides the money** — the law appropriates (sets aside) funds from Australia's main government bank account (the Consolidated Revenue Fund) to cover any payments Australia needs to make under these agreements or promissory notes.\n\n**Who it affects:**\n- Primarily the Australian Government and the World Bank. Ordinary Australians aren't directly affected, though it involves Australia's financial commitments to international institutions.\n\n**Why it matters:**\n- This increases Australia's stake and voting power in the World Bank, which finances development projects in poorer countries. It also formalises how Australia can pay for these shares using promissory notes rather than immediate cash, giving the government flexibility in managing its international financial obligations."},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act is tightly scoped to a single, specific purpose: authorising the purchase of exactly 341 additional shares in the World Bank under defined conditions. There is no evidence of scope creep — the operative provisions directly and exclusively serve the stated goal of expanding Australia's capital subscription to the Bank."},"complexity_factors":["Historical currency reference (1 July 1944 US dollar value) requires contextual knowledge of the Bretton Woods system to fully understand","Use of promissory notes as a payment mechanism introduces a financial instrument concept unfamiliar to most laypeople","Cross-references between sections (agreements, promissory notes, appropriation) require reading the Act as a whole","Short and technically narrow in scope, keeping overall complexity low"],"plain_english_summary":"This Act authorises Australia’s Treasurer to purchase 341 additional shares in the International Bank for Reconstruction and Development (World Bank) at a historical unit price, and to pay by issuing non‑interest promissory notes the Bank may accept, repayable on demand. Payments are taken from the Consolidated Revenue Fund and are automatically authorised. It affects the Australian government’s finances, taxpayers who fund the purchase, and the World Bank’s capacity to support developing countries."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act itself sets a narrow, specific scope: authorising the Treasurer to subscribe for 341 shares at the stated price, to issue promissory notes under the Bank's acceptance, and to appropriate necessary funds from the Consolidated Revenue Fund (ss4–6). The text contains no provision indicating an expansion or change from that described scope."},"complexity_factors":["Very small number of provisions and limited subject-matter (subscription, promissory notes, appropriation).","Specific numeric commitment set out (341 shares at US$100,000 each) reduces ambiguity (s4(1)).","Discretion granted to the Treasurer to set terms and conditions of agreements introduces executive decision-making scope (s4(2)).","Promissory notes are conditional on the Bank's willingness to accept them, creating a dependency on a third party (s5(1)).","Promissory notes have unusual specified characteristics (non‑negotiable, non‑interest‑bearing, payable at par on demand) which affect valuation and cashflow treatment (s5(2)).","Direct appropriation from the Consolidated Revenue Fund creates a clear fiscal effect and a straightforward payment mechanism (s6).","Definition of 'United States dollar' tied to 1 July 1944 weight and fineness may complicate contemporary valuation or conversion mechanics (s3)."],"plain_english_summary":"This Act authorises the Treasurer to purchase 341 additional shares in the International Bank for Reconstruction and Development at an equivalent of US$100,000 per share, to issue non‑interest‑bearing, non‑negotiable promissory notes to the Bank if the Bank will accept them, and to draw the necessary funds from the Consolidated Revenue Fund (ss4–6). It affects the Commonwealth budget and gives the Treasurer discretion over agreement terms (s4(2)); it matters because it commits public funds and allows promissory‑note payment as an alternative to cash (s5(1))."}},"importantCases":[],"_links":{"self":"/api/acts/international-monetary-agreements-act-1974","history":"/api/acts/international-monetary-agreements-act-1974/history","analysis":"/api/acts/international-monetary-agreements-act-1974/analysis","conflicts":"/api/acts/international-monetary-agreements-act-1974/conflicts","importantCases":"/api/acts/international-monetary-agreements-act-1974/important-cases","documents":"/api/acts/international-monetary-agreements-act-1974/documents"}}