1
Short title
1 Short title
This Act may be cited as the International Bank for Reconstruction and Development (General Capital Increase) Act 1989.
//
© 2026 Zoe. All rights reserved.
Zoe is a legal information platform. Always consult the Federal Register of Legislation for authoritative text.
Commonwealth act
This Act authorises the Treasurer to purchase 7,880 additional shares of the International Bank for Reconstruction and Development at US$120,635 per share, to issue any necessary securities under existing international payments rules, and to pay from the Consolidated Revenue Fund. It also requires the Treasurer to report annually to Parliament on the purchase terms, Australia’s participation in the Bank and its affiliates, and assessments of their managerial, financial and economic effectiveness.
Want the full deep dive?
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Direct links to the current provisions in International Bank for Reconstruction and Development (General Capital Increase) Act 1989.
This Act may be cited as the International Bank for Reconstruction and Development (General Capital Increase) Act 1989.
This Act commences on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
affiliates means the Association and the Corporation.
Association means the International Development Association established under the Articles of Agreement set out in the Schedule to the International Development Association Act 1960.
Bank means the International Bank for Reconstruction and Development.
Bank Agreement has the same meaning as in the International Monetary Agreements Act 1947.
Corporation means the International Finance Corporation established under the Articles of Agreement referred to in section 3 of the International Finance Corporation Act 1955.
The Treasurer may, on behalf of Australia, make an agreement or agreements, containing such terms and conditions as the Treasurer determines, with the Bank for the purchase by Australia of 7,880 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 120,635 United States dollars.
(1) Subject to subsection (2), section 7 of the International Monetary Agreements Act 1947 applies to any payment to be made by Australia under an agreement made under section 4 of this Act as it applies to payments under that Act. (2) Securities issued for the purposes of this section shall be payable in accordance with the terms and conditions of an agreement under section 4.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the money necessary for the purpose of making any payment to be made by Australia under an agreement made under section 4.
(1) As soon as practicable after the end of each financial year the Treasurer shall prepare and cause to be laid before each House of the Parliament a report on the operations of this Act during that financial year. (2) Without limiting the generality of subsection (1), the report shall include: (a) a statement of the terms and conditions of any agreement or agreements made by the Treasurer with the Bank for the purchase by Australia of any additional shares under this Act; and (b) a statement describing the nature and extent of Australia’s participation as a member of the Bank and the affiliates during that year; and (c) an assessment of the managerial efficiency, and financial and economic effectiveness, of the Bank in carrying out its purposes as provided for in Article 1 of the Bank Agreement; and (d) an assessment of the managerial efficiency, and financial and economic effectiveness, of the Association in carrying out its purposes as provided for in Article 1 of the Articles of Agreement set out in the Schedule of the International Development Association Act 1960; and (e) an assessment of the managerial efficiency, and financial and economic effectiveness, of the Corporation in carrying out its purpose as provided for in Schedule 1 of the Articles of Agreement set out in the first Schedule of the International Finance Corporation Act 1955.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the International Bank for Reconstruction and Development (General Capital Increase) Act 1989.
This Act commences on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
affiliates means the Association and the Corporation.
Association means the International Development Association established under the Articles of Agreement set out in the Schedule to the International Development Association Act 1960.
Bank means the International Bank for Reconstruction and Development.
Bank Agreement has the same meaning as in the International Monetary Agreements Act 1947.
Corporation means the International Finance Corporation established under the Articles of Agreement referred to in section 3 of the International Finance Corporation Act 1955.
The Treasurer may, on behalf of Australia, make an agreement or agreements, containing such terms and conditions as the Treasurer determines, with the Bank for the purchase by Australia of 7,880 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 120,635 United States dollars.
(1) Subject to subsection (2), section 7 of the International Monetary Agreements Act 1947 applies to any payment to be made by Australia under an agreement made under section 4 of this Act as it applies to payments under that Act. (2) Securities issued for the purposes of this section shall be payable in accordance with the terms and conditions of an agreement under section 4.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the money necessary for the purpose of making any payment to be made by Australia under an agreement made under section 4.
(1) As soon as practicable after the end of each financial year the Treasurer shall prepare and cause to be laid before each House of the Parliament a report on the operations of this Act during that financial year. (2) Without limiting the generality of subsection (1), the report shall include: (a) a statement of the terms and conditions of any agreement or agreements made by the Treasurer with the Bank for the purchase by Australia of any additional shares under this Act; and (b) a statement describing the nature and extent of Australia’s participation as a member of the Bank and the affiliates during that year; and (c) an assessment of the managerial efficiency, and financial and economic effectiveness, of the Bank in carrying out its purposes as provided for in Article 1 of the Bank Agreement; and (d) an assessment of the managerial efficiency, and financial and economic effectiveness, of the Association in carrying out its purposes as provided for in Article 1 of the Articles of Agreement set out in the Schedule of the International Development Association Act 1960; and (e) an assessment of the managerial efficiency, and financial and economic effectiveness, of the Corporation in carrying out its purpose as provided for in Schedule 1 of the Articles of Agreement set out in the first Schedule of the International Finance Corporation Act 1955.