EXPLANATORY STATEMENT
INTERNATIONAL ORGANIZATIONS (PRIVILEGES AND IMMUNITIES) ACT 1963
COMMON FUND FOR COMMODITIES (PRIVILEGES AND IMMUNITIES) REGULATIONS
STATUTORY RULES 1985 NO. 20 ISSUED BY THE AUTHORITY OF THE MINISTER OF STATE FOR FOREIGN AFFAIRS
The Agreement establishing the Common Fund for Commodities, which was drawn up in Geneva on 27 June 1980, was signed for Australia on 20 May 1981. Australia’s instrument of ratification of the Agreement was deposited on 9 October 1981.
The major objectives of the Fund are to fulfil UNCTAD’s Integrated Programme for Commodities, and to facilitate the conclusions and functionings of International Commodity Agreements or Arrangements. These objectives are to be achieved through the financing of international buffer stocks, internationally coordinated national stocks and measures in the field of commodities other than stocking, with appropriate coordination and consultation.
Chapter X of the Agreement requires Members to accord to the Fund and its employees the status, privileges and immunities there set forth. In order to give effect to these
requirements within Australia, it is necessary to make regulations under the International Organizations (Privileges and Immunities) Act 1963.
Section 5 of the Act provides that regulations may be made to declare an international organization to be an international organization to which the Act applies. Section 6 of the Act provides that the regulations may confer upon such an international organization juridical personality, such legal capacities as are necessary for the exercise of the powers and the performance of its functions, and all or any of the privileges and immunities specified in the First Schedule to the Act.
Section 6 of the Act further provides that persons who hold office in the international organization may be granted all or any of the privileges and immunities specified in Part I of the Fourth Schedule to the Act, and that other persons connected with the international organization may be granted all or any of the privileges and immunities specified in Part I of the Fifth Schedule to the Act.
The regulations enclosed herewith have been prepared to give effect within Australia to the requirements of Chapter X of the Agreement.
Statutory Rules 1985