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Short title
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This Act may be cited as the International Finance Corporation Act 1955.
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Commonwealth act
Approves Australia’s membership of the International Finance Corporation and authorises the Commonwealth to pay for Australia’s share subscriptions and any additional share purchases from the Consolidated Revenue Fund (ss 4–5, 5B). The Treasurer may notify treaty amendments by legislative instrument (s5A). The Minister may agree to buy extra shares on terms the Minister sets (s5B). The Governor‑General may make regulations to give effect to the Agreement, and those regulations operate despite inconsistency with other Acts (s6).
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Direct links to the current provisions in International Finance Corporation Act 1955.
This Act may be cited as the International Finance Corporation Act 1955.
This Act shall come into operation on the day on which it receives the Royal Assent.
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).
The membership of Australia of the International Finance Corporation established under the Agreement is approved.
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.
(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.
(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).
(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.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the International Finance Corporation Act 1955.
This Act shall come into operation on the day on which it receives the Royal Assent.
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 ().
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).
The membership of Australia of the International Finance Corporation established under the Agreement is approved.
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.
(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.
(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).
(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.