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Short title
1 Short title
This Act may be cited as the International Financial Institutions (Share Increase) Act 1986.
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Commonwealth act
This Act authorises the Treasurer to purchase additional shares in two World Bank bodies on Australia's behalf: 815 shares in the International Bank for Reconstruction and Development at US$100,000 each, and 14,560 shares in the International Finance Corporation at US$1,000 each (or equivalent). Payments are to be made from the Consolidated Revenue Fund, and the Treasurer may set the terms and conditions of the purchases. It therefore creates a specific government fiscal obligation and gives executive discretion over how the purchases are carried out (see ss 4–7).
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Direct links to the current provisions in International Financial Institutions (Share Increase) Act 1986.
This Act may be cited as the International Financial Institutions (Share Increase) Act 1986.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
Bank means the International Bank for Reconstruction and Development.
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.
The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank for the purchase by Australia of 815 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.
The Treasurer may, on behalf of Australia, make an agreement or agreements with the Corporation for the purchase by Australia of 14,560 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 or currencies.
Subject to this Act, an agreement referred to in section 4 or 5 may contain such terms and conditions as the Treasurer determines.
(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 5. (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.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the International Financial Institutions (Share Increase) Act 1986.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
Bank means the International Bank for Reconstruction and Development.
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.
The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank for the purchase by Australia of 815 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.
The Treasurer may, on behalf of Australia, make an agreement or agreements with the Corporation for the purchase by Australia of 14,560 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 or currencies.
Subject to this Act, an agreement referred to in section 4 or 5 may contain such terms and conditions as the Treasurer determines.
(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 5. (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.