Document ID: chunk:federal_register_of_legislation:C2004A01896:body:0:p2
Version: federal_register_of_legislation:C2004A01896
Segment Type: other
Provision Reference: 
Character Range: 2709–5364

the Reserve Bank to accept special drawing rights from the Commonwealth, the governments of other countries, the Fund or other institutions, authorities or persons;

     (b) give directions in writing to the Reserve Bank to effect a transfer of special drawing rights to the Commonwealth, being directions that, subject to sub-section (2)—
         (i) if the transfer is for the purpose of the discharge of an obligation of the Commonwealth to the Fund under Section 8 of Article V, or Section 2 or 4 of Article XX, of the Fund Agreement—direct that the transfer be without charge to the Commonwealth or be in exchange for an amount equal to the value of the rights; or
         (ii) in any other case—direct that the transfer be in exchange for an amount equal to the value of the rights; and

     (c) give directions in writing to the Reserve Bank to effect a transfer of special drawing rights to the governments of other countries, the Fund or other institutions, authorities or persons, being directions that the transfer be in exchange for an amount that is the equivalent in the currency of Australia, or in any other currency, of the value of the rights as fixed under the Fund Agreement.

"(2) The Treasurer shall, before giving directions to the Reserve Bank under sub-paragraph (1)(b)(i) to effect a transfer of special drawing rights to the Commonwealth, consult with the Reserve Bank on the question whether the transfer be without charge to the Commonwealth or be in exchange for an amount equal to the value of the rights.

"(3) Where—
     (a) the Commonwealth proposes to transfer to the Fund a number of special drawing rights for the purpose of the discharge of an obligation of the Commonwealth to pay charges under Section 2 of Article XX of the Fund Agreement in respect of a period; and
     (b) the Commonwealth is entitled under that Article to receive from the Fund a number of special drawing rights by way of interest in respect of that period,
the number of special drawing rights that may be specified in directions given to the Reserve Bank under paragraph (1)(b) to effect a transfer of special drawing rights to the Commonwealth without charge to the Commonwealth for the purpose of the discharge of that obligation shall not exceed the number (if any) by which the number of special drawing rights referred to in paragraph (a) exceeds the number of special drawing rights referred to in 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