Document ID: chunk:federal_register_of_legislation:C1968A00130:body:0:p3
Version: federal_register_of_legislation:C1968A00130
Segment Type: other
Provision Reference: 
Character Range: 5038–7826

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 Reserve Bank to re-transfer special drawing rights to the Commonwealth.
"5c.—(1.) The Treasurer may, by notice in writing to the Reserve Bank under this section, require the Reserve Bank to transfer to the Commonwealth, without charge to the Commonwealth, such number of special drawing rights as is specified in the notice, being a number that does not exceed the number of special drawing rights re-transferable by the Reserve Bank to the Commonwealth.
"(2.) The Reserve Bank may, with the approval of the Treasurer, comply, in whole or in part, with a notice given under the last preceding sub-section by paying to the Commonwealth an amount equal to the value of special drawing rights in lieu of transferring special drawing rights to the Commonwealth.

Treasurer may require Reserve Bank to transfer to the Commonwealth additional special drawing rights held by the Bank.
"5d.—(1.) Where at any time the Reserve Bank holds a number of special drawing rights exceeding the number of special drawing rights re-transferable by the Reserve Bank to the Commonwealth, the Treasurer may, by notice in writing to the Reserve Bank under this section, require the Reserve Bank to transfer to the Commonwealth such number of special drawing rights as is specified in the notice, being a number that does not exceed the excess.
"(2.) Upon the transfer by the Reserve Bank to the Commonwealth of any special drawing rights in pursuance of a notice given under the last preceding sub-section, the Commonwealth shall pay to the Reserve Bank an amount equal to the value of the special drawing rights.

Exemption of special drawing rights from taxation.
"5e. Special drawing rights, and operations and transactions in relation to special drawing rights, are not liable to taxation under any law of the Commonwealth, of a State or of a Territory of the Commonwealth.".
9. After section 8 of the Principal Act the following section is inserted:—

Appropriation for purposes of Special Drawing Account.
"8a.—(1.) An amount payable by the Commonwealth under sub-section (2.) of section five d of this Act shall be paid out of the Consolidated Revenue Fund, which is, to the necessary extent, hereby appropriated accordingly.

"(2.) Where the Treasurer is satisfied that an amount should be paid out of the Consolidated Revenue Fund to enable the Commonwealth to carry out its obligations as a participant in the Special Drawing Account, he may direct that that amount shall be paid out of the Consolidated Revenue Fund, which is,