1Short title
This Act may be cited as the International Monetary Agreements Act 1960.
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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:
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
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.
The Consolidated Revenue Fund is appropriated for the purposes of 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 3(a).
For payments required to be made by Australia in relation to the International Bank for Reconstruction and Development, see section 9 of the International Monetary Agreements Act 1947.
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.
The Schedules
First Schedule—Resolution of the Board of Governors of the International Monetary Fund
Section 3(a)
That the quota of Australia shall be changed to $400 million, provided that Australia consents to the change on or before June 6, 1960, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Australia. The change shall become effective on the date the Fund receives notice in writing that Australia consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.
Second Schedule—Resolution of the Board of Governors of the International Bank for reconstruction and development
Section 3(b)
THAT, pursuant to Article II, Section 3 (b) of the Articles of Agreement of the Bank, the Board of Governors hereby authorizes the acceptance by the Bank of the subscription of Australia to 1,330 shares of the capital stock of the Bank in addition to the 4,000 shares of said capital stock heretofore subscribed by Australia, upon the following conditions:
That the subscription price per share shall be $100,000 in terms of United States dollars of the weight and fineness in effect on July 1, 1944;
That Australia’s subscription shall be received by the Bank on or before June 6, 1960, provided, however, that if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of this date, the Executive Directors may extend it;
That before such subscription shall be accepted by the Bank, (i) Australia shall have taken all action which may be necessary to authorize such subscription and shall have furnished to the Bank such information thereon as the Bank may request, and (ii) Australia shall have paid to the Bank, on account of the subscription price of one‑half of such additional shares, 2% in gold or United States dollars and 18% in currency of Australia; and
With respect to the subscription price of the other one‑half of such shares, the 2% portion payable in gold or United States dollars and the 18% portion payable in the currency of Australia shall be left uncalled, as set forth in Resolution No. 129, on the same basis as the 2% and 18% portions of subscriptions made pursuant to Resolution No. 128 of the Board of Governors.