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Short title
1 Short title
This Act may be cited as the International Monetary Agreements Act 1960.
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Commonwealth act
This Act approves Australia consenting to a specified increase in its IMF quota and subscribing 1,330 additional shares in the International Bank for Reconstruction and Development, and authorises payment of any sums required. Payments may be made from the Consolidated Revenue Fund (s 4). The Act also applies section 7 of the International Monetary Agreements Act 1947 to those payments (s 5). It converts specified international decisions into domestic legal authority to pay and to hold related securities.
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Direct links to the current provisions in International Monetary Agreements Act 1960.
This Act may be cited as the International Monetary Agreements Act 1960.
This Act shall come into operation on the day on which it receives the Royal Assent.
The approval of the Parliament is hereby given: (a) to Australia consenting to the change in the quota of Australia in the International Monetary Fund referred to in the Resolution of the Board of Governors of the Fund a copy of which is set out in the First Schedule to this Act and the effective date of which is the sixth day of April, One thousand nine hundred and sixty; and (b) to Australia subscribing One thousand three hundred and thirty additional shares of the capital stock of the International Bank for Reconstruction and Development in accordance with the conditions specified in the Resolution of the Board of Governors of the Bank a copy of which is set out in the Second Schedule to this Act and the effective date of which is the sixth day of April, One thousand nine hundred and sixty.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, any moneys required for the purpose of making: (a) any payment required to be made by Australia to the International Monetary Fund by reason of the change in the quota of Australia in the Fund referred to in paragraph (a) of the last preceding section; and (b) any payment required to be made by Australia to the International Bank for Reconstruction and Development by reason of sub-paragraph (ii) of paragraph (c) of the conditions specified in the Resolution referred to in paragraph (b) of the last preceding section.
Section seven of the International Monetary Agreements Act 1947 applies to any payment referred to in the last preceding section 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 Monetary Agreements Act 1960.
This Act shall come into operation on the day on which it receives the Royal Assent.
The approval of the Parliament is hereby given: (a) to Australia consenting to the change in the quota of Australia in the International Monetary Fund referred to in the Resolution of the Board of Governors of the Fund a copy of which is set out in the First Schedule to this Act and the effective date of which is the sixth day of April, One thousand nine hundred and sixty; and (b) to Australia subscribing One thousand three hundred and thirty additional shares of the capital stock of the International Bank for Reconstruction and Development in accordance with the conditions specified in the Resolution of the Board of Governors of the Bank a copy of which is set out in the Second Schedule to this Act and the effective date of which is the sixth day of April, One thousand nine hundred and sixty.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, any moneys required for the purpose of making: (a) any payment required to be made by Australia to the International Monetary Fund by reason of the change in the quota of Australia in the Fund referred to in paragraph (a) of the last preceding section; and (b) any payment required to be made by Australia to the International Bank for Reconstruction and Development by reason of sub-paragraph (ii) of paragraph (c) of the conditions specified in the Resolution referred to in paragraph (b) of the last preceding section.
Section seven of the International Monetary Agreements Act 1947 applies to any payment referred to in the last preceding section as it applies to payments under that Act.