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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
International
Monetary Agreements Amendment Bill (No. 1)
2000
No. ,
2000
(Treasury)
A Bill
for an Act to amend the International Monetary Agreements Act 1947, and
for related purposes
ISBN: 0642 452040
Contents
A Bill for an Act to amend the International Monetary
Agreements Act 1947, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the International Monetary Agreements
Amendment Act (No. 1) 2000.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Schedule 1 commences on a day to be fixed by
Proclamation.
(3) If Schedule 1 does not commence within the period of 6 months
beginning on the day on which the Fourth Amendment of the Articles of Agreement
of the Fund enters into force, that Schedule commences on the first day after
the end of that period.
Note: The Fourth Amendment of the Articles of Agreement
comprises the amendments referred to in Schedule 1 and enters into force
when the Fund certifies that three-fifths of the members having 85% of the total
voting power have accepted it.
Subject to section 2, each Act that is specified in a Schedule to
this Act is amended or repealed as set out in the applicable items in the
Schedule concerned, and any other item in a Schedule to this Act has effect
according to its terms.
1 Schedule 1 (section 1 of Article XV
of the Articles of Agreement of the International Monetary
Fund)
Repeal the section, substitute:
Section 1. Authority to
allocate special drawing rights
(a) To meet the need, as and when it
arises, for a supplement to existing reserve assets, the Fund is authorized to
allocate special drawing rights in accordance with the provisions of Article
XVIII to members that are participants in the Special Drawing Rights
Department.
(b) In
addition, the Fund shall allocate special drawing rights to members that are
participants in the Special Drawing Rights Department in accordance with the
provisions of Schedule M.
2 Schedule 1 (at the end of the Articles of
Agreement of the International Monetary Fund)
Add:
SCHEDULE M
Special One-Time Allocation of Special Drawing
Rights
1. Subject to 4 below, each member that, as of September 19, 1997, is a
participant in the Special Drawing Rights Department shall, on the 30th day
following the effective date of the fourth amendment of this Agreement, receive
an allocation of special drawing rights in an amount that will result in its net
cumulative allocation of special drawing rights being equal to 29.315788813
percent of its quota as of September 19, 1997, provided that, for participants
whose quotas have not been adjusted as proposed in Resolution No. 45-2 of
the Board of Governors, calculations shall be made on the basis of the quotas
proposed in that resolution.
2. (a) Subject to 4 below, each country
that becomes a participant in the Special Drawing Rights Department after
September 19, 1997 but within three months of the date of its membership in the
Fund shall receive an allocation of special drawing rights in an amount
calculated in accordance with (b) and (c) below on the 30th day following the
later of: (i) the date on which the new member becomes a participant in the
Special Drawing Rights Department, or (ii) the effective date of the fourth
amendment of this Agreement.
(b) For the purposes of (a) above, each
participant shall receive an amount of special drawing rights that will result
in such participant’s net cumulative allocation being equal to
29.315788813 percent of its quota as of the date on which the member becomes a
participant in the Special Drawing Rights Department, as adjusted:
(i)
first, by multiplying 29.315788813 percent by the ratio of the total of quotas,
as calculated under 1 above, of the participants described in (c) below to the
total of quotas of such participants as of the date on which the member became a
participant in the Special Drawing Rights Department, and
(ii) second,
by multiplying the product of (i) above by the ratio of the total of the sum of
the net cumulative allocations of special drawing rights received under Article
XVIII of the participants described in (c) below as of the date on which the
member became a participant in the Special Drawing Rights Department and the
allocations received by such participants under 1 above to the total of the sum
of the net cumulative allocations of special drawing rights received under
Article XVIII of such participants as of September 19, 1997 and the allocations
received by such participants under 1 above.
(c) For the purposes of
the adjustments to be made under (b) above, the participants in the Special
Drawing Rights Department shall be members that are participants as of September
19, 1997 and (i) continue to be participants in the Special Drawing Rights
Department as of the date on which the member became a participant in the
Special Drawing Rights Department, and (ii) have received all allocations made
by the Fund after September 19, 1997.
3. (a) Subject to 4 below, if the
Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds to the membership in
the Fund and the participation in the Special Drawing Rights Department of the
former Socialist Federal Republic of Yugoslavia in accordance with the terms and
conditions of Executive Board Decision No. 10237-(92/150), adopted December
14, 1992, it shall receive an allocation of special drawing rights in an amount
calculated in accordance with (b) below in the 30th day following the later of:
(i) the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro)
succeeds to membership in the Fund and participation in the Special Drawing
Rights Department in accordance with the terms and conditions of Executive Board
Decision No. 10237-(92/150), or (ii) the effective date of the fourth
amendment of this Agreement.
(b) For the purposes of (a) above, the
Federal Republic of Yugoslavia (Serbia/Montenegro) shall receive an amount of
special drawing rights that will result in its net cumulative allocation being
equal to 29.315788813 percent of the quota proposed to it under paragraph 3(c)
of Executive Board Decision No. 10237-(92/150), as adjusted in accordance
with 2(b)(ii) and (c) above as of the date on which the Federal Republic of
Yugoslavia (Serbia/Montenegro) qualifies for an allocation under (a)
above.
4. The Fund shall not allocate special drawing rights under this
Schedule to those participants that have notified the Fund in writing prior to
the date of the allocation of their desire not to receive the
allocation.
5. (a) If, at the time an allocation is made to a
participant under 1, 2, or 3 above, the participant has overdue obligations to
the Fund, the special drawing rights so allocated shall be deposited and held in
an escrow account within the Special Drawing Rights Department and shall be
released to the participant upon discharge of all its overdue obligations to the
Fund.
(b) Special drawing rights being held in an escrow account shall
not be available for any use and shall not be included in any calculations of
allocations or holdings of special drawing rights for the purposes of the
Articles, except for calculations under this Schedule. If special drawing rights
allocated to a participant are held in an escrow account when the participant
terminates its participation in the Special Drawing Rights Department or when it
is decided to liquidate the Special Drawing Rights Department, such special
drawing rights shall be canceled.
(c) For purposes of this paragraph,
overdue obligations to the Fund consist of overdue repurchases and charges in
the General Resources Account, overdue principal and interest on loans in the
Special Disbursement Account, overdue charges and assessments in the Special
Drawing Rights Department, and overdue liabilities to the Fund as
trustee.
(d) Except for the provisions of this paragraph, the principle
of separation between the General Department and the Special Drawing Rights
Department and the unconditional character of special drawing rights as reserve
assets shall be maintained.