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Short title
1 Short title
This Act may be cited as the International Monetary Agreements Act 1974.
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Commonwealth act
This Act authorises the Treasurer to purchase 341 additional shares in the International Bank for Reconstruction and Development at an equivalent of US$100,000 per share, to issue non‑interest‑bearing, non‑negotiable promissory notes to the Bank if the Bank will accept them, and to draw the necessary funds from the Consolidated Revenue Fund (ss4–6). It affects the Commonwealth budget and gives the Treasurer discretion over agreement terms (s4(2)); it matters because it commits public funds and allows promissory‑note payment as an alternative to cash (s5(1)).
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Direct links to the current provisions in International Monetary Agreements Act 1974.
This Act may be cited as the International Monetary Agreements Act 1974.
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.
United States dollar means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 1 July 1944.
(1) The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank providing for the purchase by Australia of 341 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 100,000 United States dollars. (2) Subject to this Act, an agreement so made may contain such terms and conditions as the Treasurer determines.
(1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of Australia, execute and issue to the Bank promissory notes. (2) A promissory note issued under subsection (1): (a) shall be payable to the Bank; (b) shall be non‑negotiable and non‑interest‑bearing; and (c) shall be payable at its par value on demand.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia: (a) in pursuance of an agreement made under this Act; or (b) under a promissory note issued under this 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 1974.
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.
United States dollar means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 1 July 1944.
(1) The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank providing for the purchase by Australia of 341 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 100,000 United States dollars. (2) Subject to this Act, an agreement so made may contain such terms and conditions as the Treasurer determines.
(1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of Australia, execute and issue to the Bank promissory notes. (2) A promissory note issued under subsection (1): (a) shall be payable to the Bank; (b) shall be non‑negotiable and non‑interest‑bearing; and (c) shall be payable at its par value on demand.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia: (a) in pursuance of an agreement made under this Act; or (b) under a promissory note issued under this Act.