Commonwealth legislation

Bank for International Settlements (Privileges and Immunities) Regulations

In ForceCTH

Jurisdiction

Commonwealth

Act Number

284 of 1989

Collection

legislative instrument

Plain English Summary

2/10 complexity

These Regulations declare the Bank for International Settlements (BIS) an international organisation under the International Organizations (Privileges and Immunities) Act 1963, give the BIS corporate legal personality and the capacity to contract, hold property and institute legal proceedings, and exempt specified investment income and gains from Australian tax. They affect the BIS, the Australian Taxation Office and third parties contracting with or paying the BIS by changing who pays tax, who can hold assets, and how legal capacity is recognised.

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Bank for International Settlements (Privileges and Immunities) Regulations

Commonwealth Coat of Arms of Australia

Statutory Rules 1989 No. 2841

——————

Bank for International Settlements

(Privileges and Immunities) Regulations

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the International Organizations (Privileges and Immunities) Act 1963.

Dated 25 October 1989.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

John N Button.

Minister of State for Industry, Technology and Commerce, for and on behalf of the

Minister of State for Foreign Affairs

and Trade

––––––

Citation

These Regulations may be cited as the Bank for International Settlements (Privileges and Immunities) Regulations.

Interpretation

In these Regulations, unless the contrary intention appears:

“Bank” means the Bank for International Settlements;

“the Act” means the International Organizations (Privileges and Immunities) Act 1963.

Act to apply to the Bank

The Bank is declared to be an international organization to which the Act applies.

Bank to have juridical personality and legal capacities

The Bank:

(a) is a body corporate:

(S.R. 321/89)—Cat. No. 14/11.10.1989

(b) has the capacity to contract; and

(c) is capable, in its corporate name, of acquiring, holding and disposing of real and personal property and of instituting legal proceedings.

Privileges and immunities of the Bank

The Bank is exempt from tax on income or gains it derives from investments in Australia, being income or gains that, if it were not so exempt:

(a) would be subject to withholding tax in accordance with subsection 128b (5) of the Income Tax Assessment Act 1936; or

(b) would be included in the assessable income of the Bank in accordance with section 26bb or 26c of that Act.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 31 October 1989.

Printed by Authority by the Commonwealth Government Printer

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Bank for International Settlements (Privileges and Immunities) Regulations