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International Monetary Agreements

No. 130 of 1968

An Act relating to the International Monetary Fund.

[Assented to 9 December 1968]

BE it enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.
1.—(1.) This Act may be cited as the International Monetary Agreements Act 1968.
(2.) The International Monetary Agreements Act 1947, as amended by the International Monetary Agreements Act 1966, is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the International Monetary Agreements Act 1947-1968.

Commencement.
2.—(1.) Sections 1, 2, 3, 4, 5 and 10 of this Act shall come into operation on the day on which this Act receives the Royal Assent.
(2.) The remaining provisions of this Act shall come into operation on a date to be fixed by Proclamation.

Repeal of International Monetary Agreements Act 1963.
3.—(1.) The International Monetary Agreements Act 1963 is repealed.
(2.) The International Monetary Agreements Act 1965 and the International Monetary Agreements Act 1966 have effect, and shall be deemed to have had effect at all times, as if each reference in either of those Acts to the International Monetary Agreements Act 1947-1963 were a reference to the International Monetary Agreements Act 1947.

Approval of acceptance of amendments of Articles of Agreement of the Fund.
4. Approval is given to Australia accepting the proposed amendments of the Articles of Agreement of the International Monetary Fund contained in the resolution of the Board of Governors of that Fund set out in section 11 of this Act.

Approval of participation in Special Drawing Account of the Fund.
5. Approval is given to Australia participating in the Special Drawing Account to be maintained by the International Monetary Fund under the Articles of Agreement of that Fund as proposed to be amended by the amendments referred to in the last preceding section.

6. Section 3 of the Principal Act is repealed and the following section inserted in its stead:—

Interpretation.
"3.—(1.) In this Act, unless the contrary intention appears—
     'special drawing rights' means special drawing rights allocated by the Fund under Article XXI of the Fund Agreement;
     'the Bank' means the International Bank for Reconstruction and Development established under the Bank Agreement;
     'the Bank Agreement' means the Articles of Agreement of the International Bank for Reconstruction and Development set out in the Second Schedule to this Act, as amended in accordance with the resolution of the Board of Governors of that Bank set out in the Third Schedule to this Act;
     'the Fund' means the International Monetary Fund established under the Fund Agreement;
     'the Fund Agreement'