Commonwealth Numbered Regulations - Explanatory Statements

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SPECIALIZED AGENCIES (PRIVILEGES AND IMMUNITIES) REGULATIONS 1986 SUB-REGULATION 5(1) (AMENDMENT) 1991 NO. 319

EXPLANATORY STATEMENT

Statutory Rules 1991 No. 319

INTERNATIONAL ORGANIZATIONS (PRIVILEGES AND IMMUNITIES) ACT 1963

SPECIALIZED AGENCIES (PRIVILEGES AND IMMUNITIES) REGULATIONS 1986 SUB-REGULATION 5(1) (AMENDMENT)

Issued by the authority of the Minister of State for Foreign Affairs and Trade.

1.       Section 13 of the International Organizations (Privileges and Immunities) Act 1963 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters which are required, or which are necessary or convenient to be prescribed, for carrying out or giving effect to the Act.

2.       The Specialized Agencies (Privileges and Immunities) Regulations 1986 accord certain privileges and immunities available under the Act to prescribed international organisations. Sub-regulation 5(1) extends the privileges and immunities specified in Schedule 1 of the Act to four organisations: the International Bank for Reconstruction and Development (World Bank), the International Monetary Fund, the International Finance Corporation and the International Development Association. Sub-regulation 5(2) extends to specialised agencies which are not specified in sub-regulation 5(1), the privileges and immunities specified in Schedule 1 of the Act, except for item 8 of schedule 1.

3.        Item 8 provides an exemption from taxes of obligations and securities issued or guaranteed by the organisation and of interest or dividends on those obligations or securities. The Regulations. amend subregulation 5(1) so that item 8 will no longer apply.

This will bring the privileges and immunities afforded these organisations more in line with their Articles of Agreement.


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