CHAPTER 363
BRETTON WOODS AGREEMENTS ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

   1.   Short title.

   2.   Interpretation.

   3.   Approval of Agreements.

   4.   Acceptance of amendments to the Fund Agreement.

   5.   Approval of participation in special drawing rights department.

   6.   Acceptance of Second Amendment to the Fund Agreement.

   7.   Financial and other provisions.

   8.   Financial provisions relating to membership in the Fund.

SCHEDULE

CHAPTER 363
THE BRETTON WOODS AGREEMENTS ACT

An Act to make provision with respect to acceptance by the Government of the Agreements for the International Monetary Fund and the International Bank for Reconstruction and Development and to provide for matters related thereto.

[13th July, 1962]

Acts Nos.
22 of 1962
[R.L. Cap. 469]
3 of 1968
7 of 1969
7 of 1978

1.   Short title

   This Act may be cited as the Bretton Woods Agreements Act.

2.   Interpretation

   In this Act, unless the context requires otherwise–

   "Minister" means the Minister responsible for finance.

3.   Approval of Agreements

   Acceptance by the Government of the Fund Agreement and the Bank Agreement is hereby approved and that acceptance shall be signified by the Minister on behalf of the Government.

4.   Acceptance of amendments to the Fund Agreement Act No. 7 of 1969 s. 2">

   Acceptance by the Government of the proposed amendments to the Fund Agreement for the purpose of establishing a new facility based on special drawing rights in the Fund and of giving effect to certain changes in the present rules and practices of the Fund is hereby approved and that acceptance shall be signified by the Minister on behalf of the Government.

5.   Approval of participation in special drawing rights department Act No. 7 of 1969 s. 2">

   Participation by the United Republic in the special drawing rights department is hereby approved.

6.   Acceptance of Second Amendment to the Fund Agreement Act No. 7 of 1978 s. 3">

   The Acceptance by the Government of the proposed Second Amendment to the Fund Agreement is hereby approved, and that acceptance shall be signified by the Minister on behalf of the Government.

7.   Financial and other provisions Act No. 7 of 1969 s. 2">

   (1) The subsequent provisions of this section shall come into operation on the date on which the acceptance of the Fund Agreement and the Bank Agreement is signified by the Minister on behalf of the Government.

   (2) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all sums required for making on behalf of the Government any of the following payments–

   (a)   payments in respect of subscriptions payable to the Bank under section 3 of Article II of the Bank Agreement;

   (b)   payments under section 9 of Article II of the Bank Agreement (which relates to falls in the par or foreign exchange value of currencies of members of the Bank); and;

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.