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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
International Monetary Agreements
Amendment Bill 2017
No. , 2017
(Treasury)
A Bill for an Act to amend the International
Monetary Agreements Act 1947, and for related
purposes
No. , 2017
International Monetary Agreements Amendment Bill 2017
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
International Monetary Agreements Act 1947
3
No. , 2017
International Monetary Agreements Amendment Bill 2017
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
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This Act is the International Monetary Agreements Amendment Act
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2017.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
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commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2
International Monetary Agreements Amendment Bill 2017
No. , 2017
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The later of:
(a) the day after this Act receives the Royal
Assent; and
(b) the day the Loan Agreement between
Australia and the International Monetary
Fund, done at Canberra on 19 December
2016 and Washington D.C. on 4 January
2017, enters into force for Australia.
However, the provisions do not commence
at all if the event mentioned in paragraph (b)
does not occur within the period of 6 months
beginning on the day this Act receives the
Royal Assent.
The Minister must announce, by notifiable
instrument, the day the Loan Agreement
enters into force for Australia.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
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3 Schedules
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Legislation that is specified in a Schedule to this Act is amended or
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repealed as set out in the applicable items in the Schedule
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concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
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Amendments Schedule 1
No. , 2017
International Monetary Agreements Amendment Bill 2017
3
Schedule 1--Amendments
1
2
International Monetary Agreements Act 1947
3
1 Section 3 (definition of IMF loan agreement 2012)
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Repeal the definition.
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2 Section 3
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Insert:
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IMF loan agreement 2016 means the Loan Agreement between
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Australia and the International Monetary Fund, done at Canberra
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on 19 December 2016 and Washington D.C. on 4 January 2017, as
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amended by any amendment of the agreement that is notified under
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subsection 8CAA(3).
12
Note:
The Loan Agreement could in 2017 be viewed in the Australian
13
Treaties Library on the AustLII website (http://www.austlii.edu.au).
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3 Paragraph 6(1)(c)
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Omit "IMF loan agreement 2012", substitute "IMF loan agreement
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2016".
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4 Section 8CAA (heading)
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Repeal the heading, substitute:
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8CAA Appropriation for the purposes of the IMF loan agreement
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2016
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5 Subsection 8CAA(1)
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Omit "IMF loan agreement 2012", substitute "IMF loan agreement
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2016".
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6 Subsection 8CAA(3) (heading)
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Repeal the heading, substitute:
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Schedule 1 Amendments
4
International Monetary Agreements Amendment Bill 2017
No. , 2017
Amendment of the IMF loan agreement 2016
1
7 Subsection 8CAA(3)
2
Omit "IMF loan agreement 2012", substitute "IMF loan agreement
3
2016".
4
8 Subsection 8CAA(3) (note 1)
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Omit "IMF loan agreement 2012", substitute "IMF loan agreement
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2016".
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9 Subsection 8CAA(3) (note 2)
8
Repeal the note, substitute:
9
Note 2:
The agreement provides that it expires on 31 December 2019, but may
10
be extended for 1 year (see paragraph 2(a) of the agreement).
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10 Subsection 8CAA(5)
12
Omit "IMF loan agreement 2012", substitute "IMF loan agreement
13
2016".
14
11 Application of amendments
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(1)
This item applies if, before the commencement of this item, notice has
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been given as described in subparagraph 2(b) of the IMF loan
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agreement 2012 that the activation threshold (within the meaning of that
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agreement) has been reached.
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(2)
Despite the amendments made by this Schedule, the International
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Monetary Agreements Act 1947 continues to apply, in relation to
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Australia's obligations under the IMF loan agreement 2012, as if those
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amendments had not been made.
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(3)
For this item:
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IMF loan agreement 2012 has the meaning given by section 3 of the
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International Monetary Agreements Act 1947 (as in force immediately
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before the commencement of this item).
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