Document ID: chunk:federal_register_of_legislation:C2004A01896:body:0:p3
Version: federal_register_of_legislation:C2004A01896
Segment Type: other
Provision Reference: 
Character Range: 5133–7848

paragraph (b).

"(4) The power of the Treasurer under this section to give directions to the Reserve Bank to effect a transfer of special drawing rights to the Commonwealth is in addition to the power of the Treasurer under section 5c to require the Reserve Bank to transfer special drawing rights to the Commonwealth, and the provisions of this section shall not be read as being in derogation of the provisions of section 5c.
"(5) An instrument giving directions under sub-section (1) may contain such incidental or supplementary directions as the Treasurer thinks necessary.
"(6) Amounts from time to time payable by the Commonwealth in exchange for special drawing rights transferred to it by the Reserve Bank under this section are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.".

Special drawing rights of Commonwealth maybe transferred to Reserve Bank
7. Section 5b of the Principal Act is amended by adding at the end thereof "without charge to the Reserve Bank or in exchange for an amount equal to the value of the rights".

Repeal of section 5d
8. Section 5d of the Principal Act is repealed.

Issue of securities
9. Section 7 of the Principal Act is amended by omitting from sub-section (1) "the Governor-General may authorize the issue of securities." and substituting "the Treasurer may, on behalf of Australia, execute and issue to the Fund or to the Bank, as the case may be, securities.".

Payment of charges
10. Section 8 of the Principal Act is amended by omitting "paragraph (c) or (d) of section eight" and substituting "Section 8".
11. Section 8a of the Principal Act is repealed and the following section substituted:

Appropriation for purposes of Special Drawing Rights Department
"8a. Where the Treasurer is satisfied that an amount should be paid out of the Consolidated Revenue Fund to enable Australia to carry out its obligations as a participant in the Special Drawing Rights Department, he may direct that that amount shall be paid out of the Consolidated Revenue Fund, which is, to the necessary extent, hereby appropriated accordingly.".

Payments from Fund or Bank
12. Section 9 of the Principal Act is amended by omitting "as a distribution of net income".

Repeal of heading
13. The heading immediately preceding the First Schedule to the Principal Act is repealed.

First Schedule
14. The First Schedule to the Principal Act is repealed and the Schedule set out in Schedule 1 to this Act is substituted.

Fourth Schedule
15. The Fourth Schedule to the Principal Act is repealed.

Formal amendments
16. The Principal Act is amended as set out in Schedule 2 to this Act.

PART III—INCREASE OF QUOTA IN THE FUND AND
ADDITIONAL SHARES OF CAPITAL