International Finance Agreements Act 1961

1: Short Title
This Act may be cited as the International Finance Agreements Act 1961.
1A: Purpose
1: The purpose of this Act, as it was enacted in 1961, is to enable the Government of New Zealand to be a member of the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation.
2: A further purpose, implemented by the International Finance Agreements Amendment Act 1966
3: A further purpose, implemented by the International Finance Agreements Amendment Act 1975
4: A further purpose, implemented by the International Finance Agreements Amendment Act 2007, is to enable the Government of New Zealand to be a member of the Multilateral Investment Guarantee Agency.
5: A further purpose, implemented by the International Finance Agreements Amendment Act 2015 Section 1A inserted 20 September 2007 section 5 International Finance Agreements Amendment Act 2007 Section 1A(5) inserted 11 December 2015 section 4 International Finance Agreements Amendment Act 2015
2: Interpretation
In this Act, unless the context otherwise requires,— Agency Bank Bank Agreement Schedule 2 Convention Schedule 7 Corporation Corporation Agreement Schedule 3 Fund Fund Agreement Schedule 1 Schedule International Finance Agreements Amendment Act 1976 Infrastructure Bank Infrastructure Bank Agreement Schedule 8 Minister Section 2 Agency inserted 20 September 2007 section 6 International Finance Agreements Amendment Act 2007 Section 2 Convention inserted 20 September 2007 section 6 International Finance Agreements Amendment Act 2007 Section 2 Fund Agreement replaced 21 April 1978 section 2 International Finance Agreements Amendment Act 1976 Section 2 Infrastructure Bank inserted 11 December 2015 section 5 International Finance Agreements Amendment Act 2015 Section 2 Infrastructure Bank Agreement inserted 11 December 2015 section 5 International Finance Agreements Amendment Act 2015 Section 2 Minister inserted 25 June 1997 section 2 Treasurer (Statutory References) Act 1997
3: Membership of Fund, Bank, Corporation,
Agency, and Infrastructure Bank
1: Approval is hereby given to the New Zealand Government's becoming a member of the Fund and of the Bank and of the Corporation in accordance with the Fund Agreement, the Bank Agreement, and the Corporation Agreement, and in accordance with the terms and conditions set out in Schedules 4 5 6
2: Approval is also given for the New Zealand Government to become a member of the Agency in accordance with the Convention.
3: Approval is also given for the New Zealand Government to become a member of the Infrastructure Bank in accordance with the Infrastructure Bank Agreement. Section 3 heading replaced 20 September 2007 section 7(1) International Finance Agreements Amendment Act 2007 Section 3 heading amended 11 December 2015 section 6(1) International Finance Agreements Amendment Act 2015 Section 3(2) inserted 20 September 2007 section 7(2) International Finance Agreements Amendment Act 2007 Section 3(3) inserted 11 December 2015 section 6(2) International Finance Agreements Amendment Act 2015
4: Reserve Bank of New Zealand to be depository
1: The Reserve Bank of New Zealand is hereby designated as the depository in New Zealand for all the holdings of New Zealand currency and of other assets of the Fund, the Bank, the Corporation, the Agency, and the Infrastructure Bank
2: The Reserve Bank of New Zealand shall have power from time to time to acquire, hold, and deal with special drawing rights in accordance with the Fund Agreement; and, without limiting the generality of the expression foreign exchange Reserve Bank of New Zealand Act 2021 Section 4(1) amended 11 December 2015 section 7 International Finance Agreements Amendment Act 2015 Section 4(1) amended 20 September 2007 section 8 International Finance Agreements Amendment Act 2007 Section 4(2) replaced 1 February 1990 section 185 Reserve Bank of New Zealand Act 1989 Section 4(2) amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021
5: Payments under Agreements
and Convention
1: There shall be paid out of public money
a: all payments required to be made from time to time to the Fund under the terms set out in Schedule 4
b: all payments required to be made from time to time to the Bank under the terms set out in Schedule 5
c: all payments required to be made from time to time to the Corporation under the terms set out in Schedule 6 :
d: all payments required to be made from time to time to the Agency under the terms of the Convention :
e: all payments required to be made from time to time to the Infrastructure Bank under the terms of the Infrastructure Bank Agreement.
2: Expenses or capital expenditure may be incurred without further appropriation than this section for the purpose of the payments authorised by subsection (1) ( see sections 4 11 Section 5 heading amended 20 September 2007 section 9(1) International Finance Agreements Amendment Act 2007 Section 5(1) amended 26 July 1989 section 86(1) Public Finance Act 1989 Section 5(1) amended 1 April 1978 Public Finance Act 1977 Section 5(1)﻿(c) amended 11 December 2015 section 8(1) International Finance Agreements Amendment Act 2015 Section 5(1)﻿(d) inserted 20 September 2007 section 9(2) International Finance Agreements Amendment Act 2007 Section 5(1)﻿(d) amended 11 December 2015 section 8(1) International Finance Agreements Amendment Act 2015 Section 5(1)﻿(e) inserted 11 December 2015 section 8(2) International Finance Agreements Amendment Act 2015 Section 5(2) inserted 11 December 2015 section 8(3) International Finance Agreements Amendment Act 2015
6: Power to borrow
1: The Minister section 5
2: All money borrowed under the authority of this section shall, as and when borrowed, be paid to a Crown Bank Account
3: All money borrowed under the authority of this section shall be borrowed under and subject to the provisions of Part 6 Public Finance Act 1989 Section 6(1) amended 25 June 1997 section 2 Treasurer (Statutory References) Act 1997 Section 6(2) amended 25 January 2005 section 83(7) Public Finance Act 1989 Section 6(2) amended 1 April 1978 Public Finance Act 1977 Section 6(3) amended 26 July 1989 section 86(1) Public Finance Act 1989
7: Issue of securities
1: The Minister section 4 section 12
2: The Minister is authorised by this subsection to create, and to issue to the Agency, non-negotiable, non-interest-bearing promissory notes or similar obligations, in conformity with Article 7 of the Convention. Section 7(1) amended 25 June 1997 section 2 Treasurer (Statutory References) Act 1997 Section 7(1) amended 21 April 1978 section 5 International Finance Agreements Amendment Act 1976 Section 7(2) inserted 20 September 2007 section 10 International Finance Agreements Amendment Act 2007
8: Application of certain Articles
of Agreements
1: The first sentence of section 2(b) of Article VIII of the Fund Agreement (which relates to contracts that involve the currency of any member and are contrary to the exchange control regulations of that member) shall have the force of law in New Zealand.
2: Sections 2 to 9 of Article IX of the Fund Agreement, sections 2 to 9 sections 2 to 9 11 , and Articles 45 to 52 of the Infrastructure Bank Agreement
2A: Paragraph (b) of Article XXI
3: In this section, other than in subsection (2) in relation to Articles 45 to 52 of the Infrastructure Bank Agreement, New Zealand and Tokelau
4:
5: Section 8 heading amended 20 September 2007 section 11 International Finance Agreements Amendment Act 2007 Section 8(2) amended 11 December 2015 section 9(1)﻿(a) International Finance Agreements Amendment Act 2015 Section 8(2) amended 11 December 2015 section 9(1)﻿(b) International Finance Agreements Amendment Act 2015 Section 8(2A) inserted 21 April 1978 section 6 International Finance Agreements Amendment Act 1976 Section 8(3) amended 11 December 2015 section 9(2)﻿(a) International Finance Agreements Amendment Act 2015 Section 8(3) amended 11 December 2015 section 9(2)﻿(b) International Finance Agreements Amendment Act 2015 Section 8(3) amended 9 December 1976 section 3(8) Tokelau Amendment Act 1976 Section 8(3) amended 1 January 1962 section 9 Western Samoa Act 1961 Section 8(4) repealed 17 November 1964 section 58 Cook Islands Amendment Act 1964 Section 8(5) repealed 1 January 1962 section 10(1) Western Samoa Act 1961
9: Application of certain Articles of Convention
Articles 44 to 48 50 Section 9 inserted 20 September 2007 section 12 International Finance Agreements Amendment Act 2007
10: Power to amend schedules
1: The Governor-General may, by Order in Council,—
a: amend any schedule specified in subsection (2) to bring the text of the agreement or convention set out in that schedule up to date; and
b: repeal any schedule specified in subsection (2) and substitute a new schedule setting out in an up-to-date form the text of the agreement or convention set out in the repealed schedule.
2: The schedules that may be amended, or repealed and substituted, are—
a: Schedule 1
b: Schedule 2
c: Schedule 3
d: Schedule 7
da: Schedule 8
e: Schedule 1
f: Schedule 2
3: An order under this section is secondary legislation ( see Part 3
3: The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 10 inserted 27 February 2013 section 4 International Finance Agreements Amendment Act 2013 Section 10(2)﻿(da) inserted 11 December 2015 section 10(1) International Finance Agreements Amendment Act 2015 Section 10(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021 Section 10(3) repealed 11 December 2015 section 10(2) International Finance Agreements Amendment Act 2015