International Monetary Agreements Amendment (Loans) Act 2012

No. 139, 2012

An Act to amend the International Monetary Agreements Act 1947, and for related purposes

Contents

1 Short title

2 Commencement

3 Schedule(s)

Schedule 1—International Monetary Agreements Act 1947

Part 1—Amendments commencing on or after 17 November 2012

Part 2—Amendments with later contingent commencement

International Monetary Agreements Amendment (Loans) Act 2012

No. 139, 2012

An Act to amend the International Monetary Agreements Act 1947, and for related purposes

[Assented to 25 September 2012]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the International Monetary Agreements Amendment (Loans) Act 2012.

2  Commencement

 (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

 (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedule(s)

  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—International Monetary Agreements Act 1947

Part 1—Amendments commencing on or after 17 November 2012

1  Subsection 3(1)

Omit “(1)”.

2  Subsection 3(1) (definition of New Arrangements to Borrow)

Repeal the definition, substitute:

New Arrangements to Borrow means Decision No. 11428‑(97/6), dated 27 January 1997, of the Executive Board of the Fund, as amended and renewed by the following decisions of the Executive Board of the Fund:

 (a) Decision No. 14577‑(10/35), dated 12 April 2010;

 (b) Decision No. 15014‑(11/110), dated 16 November 2011.

A copy of Decision No. 11428‑(97/6) as so amended is set out in Schedule 4.

3  Schedule 4 (heading)

Repeal the heading, substitute:

Schedule 4—New Arrangements to Borrow

4  Schedule 4 (note to Schedule heading)

Repeal the note, substitute:

Note: See the definition of New Arrangements to Borrow in section 3.

5  Schedule 4 (paragraph 11(a) of New Arrangements to Borrow)

Omit “five” (wherever occurring), substitute “ten”.

6  Schedule 4 (paragraph 4(a) of Annex II to New Arrangements to Borrow)

After “Notes”, insert “shall”.

7  Schedule 4 (paragraph 4(a) of Annex II to New Arrangements to Borrow)

Omit “five”, substitute “ten”.

Part 2—Amendments with later contingent commencement

8  Section 3 (paragraph (b) of the definition of New Arrangements to Borrow)

Omit “2011.”, substitute “2011;”.

9  Section 3 (after paragraph (b) of the definition of New Arrangements to Borrow)

Insert:

 (c) Decision No. 15073‑(12/1), dated 21 December 2011.

10  Schedule 4 (at the end of paragraph 11(b) of New Arrangements to Borrow)

Add “At the request of a participant, the Fund shall repay, in accordance with this subparagraph (b), any claims resulting from calls under the participant’s credit arrangement that exceed the amount of the participant’s credit arrangement as changed in accordance with Executive Board Decision No. 15073 adopted December 21, 2011, provided that no such repayment shall be made until the quota increase for the relevant member under the Fourteenth General Review of Quotas has become effective.”.

11  Schedule 4 (Annex I to New Arrangements to Borrow)

Repeal the Annex, substitute:

Annex I

[Minister’s second reading speech made in—

House of Representatives on 15 August 2012

Senate on 23 August 2012]