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INTERNATIONAL MONETARY AGREEMENTS AMENDMENT ACT 1978

No. 97 of 1978

An Act relating to the International Monetary Fund and to the International Bank for Reconstruction and Development.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title, &c.
1. (1) This Act may be cited as the International Monetary Agreements Amendment Act 1978.
(2) The International Monetary Agreements Act 1947 is in this Act referred to as the Principal Act.

Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.

PART II—AMENDMENTS OF THE PRINCIPAL ACT

Interpretation
3. Section 3 of the Principal Act is amended—
     (a) by omitting sub-section (1) and substituting the following sub-section:
          "(1) In this Act, unless the contrary intention appears—
          'Bank' means the International Bank for Reconstruction and Development referred to in the Bank Agreement;
          'Bank Agreement' means the Articles of Agreement of the International Bank for Reconstruction and Development set out in Schedule 2, as amended in accordance with the resolution of the Board of Governors of that Bank set out in Schedule 3;
          'Fund' means the International Monetary Fund referred to in the Fund Agreement;
          'Fund Agreement' means the Articles of Agreement of the International Monetary Fund set out in Schedule 1;
          'Reserve Bank' means the Reserve Bank of Australia;
          'special drawing rights' means special drawing rights allocated by the Fund under Article XV of the Fund Agreement;
          'Special Drawing Rights Department' means the Special Drawing Rights Department maintained by the Fund under the Fund Agreement;
          'value', in relation to special drawing rights, means the amount that is the equivalent in the currency of Australia of the value of the rights as fixed under the Fund Agreement."; and
     (b) by omitting from sub-section (2) "section five b of this Act" and substituting "section 5b without charge to the Reserve Bank".

4. After section 4 of the Principal Act the following section is inserted:

Participation in Special Drawing Rights Department of Fund
"4a. Participation by Australia in the Special Drawing Rights Department is approved.".

Reserve Bank to be depository
5. Section 5 of the Principal Act is amended by inserting ", and for other assets," after "currency".

6. Section 5a of the Principal Act is repealed and the following section substituted:

Transfers to and from Reserve Bank of special drawing rights
"5a. (1) The Treasurer may—
     (a) give directions in writing to 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