Commonwealth: International Finance Corporation Act 1955 (Cth)

International Finance Corporation Act 1955 No. 66, 1955 Compilation No. 3 Compilation date: 4 September 2020 Includes amendments up to: Act No. 79, 2020 Registered: 12 October 2020 About this compilation This compilation This is a compilation of the International Finance Corporation Act 1955 that shows the text of the law as amended and in force on 4 September 2020 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Interpretation 4 Membership of Australia of International Finance Corporation 5 Subscription to capital stock 5A Notice of amendment of the Agreement 5B Further agreements to buy extra shares in the International Finance Corporation 6 Regulations Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to approve Acceptance by Australia of Membership in the International Finance Corporation and for purposes connected therewith 1 Short title This Act may be cited as the International Finance Corporation Act 1955. 2 Commencement This Act shall come into operation on the day on which it receives the Royal Assent. 3 Interpretation In this Act: the Agreement means the Articles of Agreement of the International Finance Corporation, done at Washington on 25 May 1955, as amended: (a) in accordance with the following resolutions accepted in accordance with Article VII of those Articles: (i) the Amendment to [Article III of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 1 September 1961; (ii) the Amendments to [Articles III and IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 25 August 1965; (iii) the Amendments to Articles II and VII of the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 28 December 1992; (iv) the Amendment to [Article IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955, done on 9 March 2012; and (b) by any other amendment of those Articles that is notified under section 5A. Note 1: The Agreement is in Australian Treaty Series 1956 No. 14 ([1956] ATS 14) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). Note 2: The Amendment to [Article III of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 1961 No. 26 ([1961] ATS 26) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). Note 3: The Amendments to [Articles III and IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 1965 No. 25 ([1965] ATS 25) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). Note 4: The Amendments to Articles II and VII of the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 1993 No. 47 ([1993] ATS 47) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). Note 5: The Amendment to [Article IV of] the Articles of Agreement of the International Finance Corporation [IFC] of 25 May 1955 is in Australian Treaty Series 2012 No. 42 ([2012] ATS 42) and could in 2020 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). 4 Membership of Australia of International Finance Corporation The membership of Australia of the International Finance Corporation established under the Agreement is approved. 5 Subscription to capital stock The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia in respect of obligations that Australia has to subscribe to shares in the International Finance Corporation in accordance with the Agreement. 5A Notice of amendment of the Agreement (1) The Treasurer may, by legislative instrument, give notice of an amendment of the Agreement that has been accepted in accordance with Article VII of the Agreement. (2) A legislative instrument under subsection (1) commences at the later of the following days or times: (a) the earliest day or time applicable under subsection 12(1) of the Legislation Act 2003; (b) the start of the day immediately after the last day on which a resolution referred to in subsection 42(1) of the Legislation Act 2003 disallowing the instrument could be passed. 5B Further agreements to buy extra shares in the International Finance Corporation (1) The Minister may, on behalf of Australia, enter into one or more agreements with the International Finance Corporation that: (a) provide for Australia to buy additional shares of the capital stock of the International Finance Corporation; and (b) contain terms and conditions determined by the Minister. (2) The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia under an agreement referred to in subsection (1). 6 Regulations (1) The Governor‑General may make regulations for carrying out or giving effect to the Agreement (other than Article VI). (2) Regulations so made shall have effect notwithstanding that the regulations are inconsistent with an Act or with an instrument having effect by virtue of an Act. Endnotes Endnote 1—About the endnotes The endnotes provide information about this compilation and the compiled law. The following endnotes are included in every compilation: Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Abbreviation key—Endnote 2 The abbreviation key sets out abbreviations that may be used in the endnotes. Legislation history and amendment history—Endnotes 3 and 4 Amending laws are annotated in the legislation history and amendment history. The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation. The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law. Editorial changes The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date. If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history. If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history. Endnote 2—Abbreviation key ad = added or inserted o = order(s) am = amended Ord = Ordinance amdt = amendment orig = original c = clause(s) par = paragraph(s)/subparagraph(s) C[x] = Compilation No. x /sub‑subparagraph(s) Ch = Chapter(s) pres = present def = definition(s) prev = previous Dict = Dictionary (prev…) = previously disallowed = disallowed by Parliament Pt = Part(s) Div = Division(s) r = regulation(s)/rule(s) ed = editorial change reloc = relocated exp = expires/expired or ceases/ceased to have renum = renumbered effect rep = repealed F = Federal Register of Legislation rs = repealed and substituted gaz = gazette s = section(s)/subsection(s) LA = Legislation Act 2003 Sch = Schedule(s) LIA = Legislative Instruments Act 2003 Sdiv = Subdivision(s) (md) = misdescribed amendment can be given SLI = Select Legislative Instrument effect SR = Statutory Rules (md not incorp) = misdescribed amendment Sub‑Ch = Sub‑Chapter(s) cannot be given effect SubPt = Subpart(s) mod = modified/modification underlining = whole or part not No. = Number(s) commenced or to be commenced Endnote 3—Legislation history Act Number and year Assent Commencement Application, saving and transitional provisions International Finance Corporation Act 1955 66, 1955 4 Nov 1955 4 Nov 1955 (s 2) International Finance Corporation Act 1961 69, 1961 24 Oct 1961 24 Oct 1961 (s 2) — International Finance Corporation Act 1963 52, 1963 18 Oct 1963 9 Nov 1988 (s 2 and gaz 1988, No S332) — International Finance Corporation Act 1966 36, 1966 12 Sept 1966 12 Sept 1966 (s 2) — Statute Law Revision Act 1973 216, 1973 19 Dec 1973 s 9(1), 10 and Sch 1: 31 Dec 1973 (s 2) s 9(1) and 10 as amended by Statute Law Revision Act 1974 20, 1974 25 July 1974 Sch 1 (item 20): 31 Dec 1973 (s 2) — International Financial Institutions Legislation Amendment Act 2010 133, 2010 24 Nov 2010 Sch 2 (items 1, 2): 27 June 2012 (s 2(1) item 3) — Treasury Laws Amendment (2020 Measures No. 2) Act 2020 79, 2020 3 Sept 2020 Sch 4 (items 1–7): 4 Sept 2020 (s 2(1) item 3) — Endnote 4—Amendment history Provision affected How affected s 3..................... rs No 36, 1966 am No 133, 2010; No 79, 2020 s 4..................... rs No 36, 1966 s 5..................... rs No 79, 2020 s 5A.................... ad No 79, 2020 s 5B.................... ad No 79, 2020 The Schedules heading........ ad No 69, 1961 rep No 79, 2020 The Schedule heading........ rep No 69, 1961 First Schedule heading........ ad No 69, 1961 rep No 79, 2020 First Schedule............. am No 216, 1973 (as am by No 20, 1974) rep No 79, 2020 Second Schedule............ ad No 69, 1961 rep No 79, 2020 Third Schedule............. ad No 36, 1966 rep No 79, 2020 Schedule 4................ ad No 133, 2010 rep No 79, 2020