EXPLANATORY STATEMENT
Subject: INTERNATIONAL FINANCE CORPORATION ACT 1955
INTERNATIONAL FINANCE CORPORATION REGULATIONS (REPEAL) 1987 No. 39
Section 6 of the International Finance Corporation Act 1955 (“the Act”) empowers the Governor-General to make regulations for carrying out or giving effect to the Articles of Agreement of the International Finance Corporation (“IFC”).
The International Finance Corporation Regulations (Repeal) repeal the International Finance Corporation Regulations (Statutory Rules 1957, No 72 and Statutory Rules 1962, No 73) (“the repealed Regulations”). The repealed Regulations provided for the incorporation of the IFC and for its status, immunities and privileges.
Prior to Australia becoming a party to the Convention on the Privileges and Immunities of the Specialized Agencies (of which the IFC is one) on 9 May 1986, the Specialised Agencies (Privileges and Immunities) Regulations (Statutory Rules 1986, No 67) were made to declare the IFC is a Specialised Agency to which the International Organizations (Privileges and Immunities) Act 1963 applies. This Act and these regulations provide for the incorporation of Specialised Agencies and for their status, immunities and privileges and cover the same subject matter as the repealed Regulations.
As the. repealed Regulations were no longer required, they have been repealed by the International Finance Corporation Regulations (Repeal).
Statutory Rules 1987 No
(Issued under the authority of the Minister for Foreign Affairs for and on behalf of the Treasurer).