Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p2
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 2597–5310

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' means the Articles of Agreement of the International Monetary Fund set out in the First Schedule to this Act, as amended in accordance with the resolution of the Board of Governors of that Fund set out in the Fourth Schedule to this Act;
     'the Reserve Bank' means the Reserve Bank of Australia;
     'the Special Drawing Account' means the Special Drawing Account 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 by the Fund Agreement.
"(2.) A reference in this Act to the number of special drawing rights re-transferable by the Reserve Bank to the Commonwealth shall be read as a reference to the number of special drawing rights transferred to the Reserve Bank by the Commonwealth under section five b of this Act less the number of any special drawing rights transferred by the Reserve Bank to the Commonwealth in pursuance of a notice or notices given to the Reserve Bank under section five c of this Act.
"(3.) Where the Reserve Bank complies, in whole or in part, with a notice given to the Reserve Bank under sub-section (1.) of section five c of this Act by making a payment to the Commonwealth in lieu of transferring a number of special drawing rights to the Commonwealth, the payment shall, for the purposes of the last preceding sub-section, be deemed to be a transfer of that number of special drawing rights by the Reserve Bank to the Commonwealth in pursuance of the notice.".

Reserve Bank to be depository.
7. Section 5 of the Principal Act is amended by omitting the words "Commonwealth Bank of Australia" and inserting in their stead the words "Reserve Bank".

8. After section 5 of the Principal Act the following sections are inserted:—

Powers of Reserve Bank in relation to special drawing rights.
"5a. The Reserve Bank may, in accordance with the directions in writing of the Treasurer, accept transfers of special drawing rights from the Commonwealth or governments of other countries, or from institutions, authorities or persons, and transfer such rights to the Commonwealth or such governments, or to institutions, authorities or persons.

Special drawing rights of Commonwealth may be transferred to the Reserve Bank.
"5b. The Treasurer may, on behalf of the Commonwealth, transfer to the Reserve Bank any special drawing rights of the Commonwealth.

Treasurer may require