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International Financial Institutions Legislation Amendment Bill 2010

2010

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

International Financial Institutions Legislation Amendment Bill 2010

 

No.      , 2010

 

 

 

 

 

A Bill for an Act to amend the law relating to some international financial institutions, and for related purposes

   

   



Contents

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

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 3

Schedule 1—Extra shares in International Bank for Reconstruction and Development               4

International Monetary Agreements Act 1947                                                       4

Schedule 2—Changes to international agreements                                            5

Part 1—Articles of Agreement of the International Finance Corporation              5

International Finance Corporation Act 1955                                                        5

Part 2—Convention establishing the Multilateral Investment Guarantee Agency              7

Multilateral Investment Guarantee Agency Act 1997                                           7

 



A Bill for an Act to amend the law relating to some international financial institutions, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the International Financial Institutions Legislation Amendment Act 2010 .

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.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

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 day after this Act receives the Royal Assent.

 

3.  Schedule 2, Part 1

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day the amendment of the Articles of Agreement of the International Finance Corporation, that the Board of Directors of the Corporation recommended, in a report approved on 20 July 2010, that the Board of Governors of the Corporation approve, comes into force for Australia.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

The Minister must announce by notice in the Gazette the day that amendment of those Articles of Agreement comes into force for Australia.

 

4.  Schedule 2, Part 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day the amendments of the Convention Establishing the Multilateral Investment Guarantee Agency that were approved by the Council of Governors by the resolution set out in the provision(s) come into force for Australia.

The Minister must announce by notice in the Gazette the day those amendments come into force for Australia.

 

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.