2010-2011-2012-2013 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

 

 

 

 

 

International Monetary Agreements 

Amendment Bill 2013 

 

No.      , 2013 

 

(Treasury) 

 

 

 

A Bill for an Act to amend the International 

Monetary Agreements Act 1947, and for related 

purposes 

   

   

 

 

i       International Monetary Agreements Amendment Bill 2013       No.      , 2013 

Contents 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 1

 

3 

Schedule(s) ........................................................................................ 2

 

Schedule 1--IMF loan agreement 2012

 

3

 

International Monetary Agreements Act 1947

 

3

 

 

 

 

International Monetary Agreements Amendment Bill 2013       No.      , 2013       1 

A Bill for an Act to amend the International 

1 

Monetary Agreements Act 1947, and for related 

2 

purposes 

3 

The Parliament of Australia enacts: 

4 

1  Short title 

5 

 

  This Act may be cited as the International Monetary Agreements 

6 

Amendment Act 2013. 

7 

2  Commencement 

8 

 

  This Act commences on the day after this Act receives the Royal 

9 

Assent. 

10 

   

   

 

 

2            International Monetary Agreements Amendment Bill 2013       No.      , 2013 

3  Schedule(s) 

1 

 

  Each Act that is specified in a Schedule to this Act is amended or 

2 

repealed as set out in the applicable items in the Schedule 

3 

concerned, and any other item in a Schedule to this Act has effect 

4 

according to its terms. 

5 

IMF loan agreement 2012  Schedule 1 

   

 

 

International Monetary Agreements Amendment Bill 2013       No.      , 2013            3 

Schedule 1

--

IMF loan agreement 2012 

1 

   

2 

International Monetary Agreements Act 1947 

3 

1  Section 3 

4 

Insert: 

5 

IMF loan agreement 2012 means the Loan Agreement between 

6 

Australia and the International Monetary Fund, done at Tokyo on 

7 

13 October 2012, as amended by any amendment of the agreement 

8 

that is notified under subsection 8CAA(3). 

9 

Note: 

In 2013, the text of the Agreement was accessible through the 

10 

Australian Treaties Library on the AustLII website 

11 

(www.austlii.edu.au). 

12 

2  Subsection 6(1) 

13 

Omit "1911-1946", substitute "1911". 

14 

3  At the end of subsection 6(1) 

15 

Add: 

16 

 

; or (c)  its obligations under the IMF loan agreement 2012. 

17 

4  Subsection 6(3) 

18 

Repeal the subsection. 

19 

5  Section 8 (heading) 

20 

Repeal the heading, substitute: 

21 

8  Payments under the Fund Agreement 

22 

6  Section 8 

23 

Omit "in pursuance of Section 8 of Article V of the Fund Agreement.", 

24 

substitute: 

25 

 

  in pursuance of the following provisions of the Fund Agreement: 

26 

 

(a)  Section 3 of Article III (which deals with payments when 

27 

quotas are changed); 

28 

 

(b)  Section 8 of Article V (which deals with charges). 

29 

Schedule 1  IMF loan agreement 2012 

   

 

 

4            International Monetary Agreements Amendment Bill 2013       No.      , 2013 

7  After section 8C 

1 

Insert: 

2 

8CAA  Appropriation for the purposes of the IMF loan agreement 

3 

2012 

4 

Appropriation 

5 

 

(1)  If the Treasurer is satisfied that an amount should be paid out of 

6 

the Consolidated Revenue Fund to enable Australia to carry out its 

7 

obligations under the IMF loan agreement 2012, he or she may 

8 

direct that that amount be paid out of the Consolidated Revenue 

9 

Fund. 

10 

 

(2)  The Consolidated Revenue Fund is appropriated accordingly. 

11 

Amendment of the IMF loan agreement 2012 

12 

 

(3)  The Treasurer may, by legislative instrument, give notice of an 

13 

amendment of the IMF loan agreement 2012, except to the extent 

14 

that the amendment affects either or both of the following: 

15 

 

(a)  the maximum amount that Australia agrees to lend to the  

16 

Fund under the agreement; 

17 

 

(b)  the period during which the agreement remains in force. 

18 

Note 1: 

References to the agreement in this Act only incorporate references to 

19 

amendments that are notified under this subsection (see the definition 

20 

of IMF loan agreement 2012 in section 3). 

21 

Note 2: 

The agreement provides that it expires 2 years after it enters into force, 

22 

but may be extended for up to 2 additional 1-year periods, making for 

23 

a maximum term of 4 years (see clause 2 of the agreement). 

24 

 

(4)  A legislative instrument under subsection (3) comes into force at 

25 

the later of the following days or times: 

26 

 

(a)  the earliest day or time applicable under subsection 12(1) of 

27 

the Legislative Instruments Act 2003; 

28 

 

(b)  the start of the day immediately after the last day on which a 

29 

resolution referred to in subsection 42(1) of the Legislative 

30 

Instruments Act 2003 disallowing the instrument could be 

31 

passed. 

32 

 

(5)  A legislative instrument under subsection (3) is repealed on the day 

33 

after the IMF loan agreement 2012 expires. 

34