International Financial Institutions (Share Increase) Act 1982

Administered by Department of the Treasury

Legislation au C2004A02566 Not in force Act

Legislation content

International Financial Institutions (Share Increase) Act 1982

No. 7, 1982

Compilation No. 1

Compilation date: 10 July 2024

Includes amendments: Act No. 67, 2024

Registered: 26 July 2024

About this compilation

This compilation

This is a compilation of the International Financial Institutions (Share Increase) Act 1982 that shows the text of the law as amended and in force on 10 July 2024 (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 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 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 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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    Agreements for purchase of additional shares of capital stock of the Bank

5    Agreements for purchase of additional shares of capital stock of the Corporation

6    Agreements subject to terms and conditions

7    Appropriation and issue of securities

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

An Act relating to the purchase of additional shares of the capital stock of the International Bank for Reconstruction and Development and of the International Finance Corporation

1  Short title

  This Act may be cited as the International Financial Institutions (Share Increase) Act 1982.

2  Commencement

  This Act shall come into operation on the day on which it receives the Royal Assent.

3  Interpretation

  In this Act, unless the contrary intention appears:

Bank means the International Bank for Reconstruction and Development.

Corporation means the International Finance Corporation established under the Articles of Agreement set out in the First Schedule to the International Finance Corporation Act 1955.

4  Agreements for purchase of additional shares of capital stock of the Bank

  The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank for the purchase by Australia of 6,287 additional shares of the capital stock of the Bank at a price per share that is the equivalent of 100,000 United States dollars, being dollars in the currency of the United States of America of the weight and fineness that was in effect on 1 July 1944.

5  Agreements for purchase of additional shares of capital stock of the Corporation

  The Treasurer may, on behalf of Australia, make an agreement or agreements with the Corporation for the purchase by Australia of 9,976 additional shares of the capital stock of the Corporation at a price per share of 1,000 United States dollars or their equivalent in any other freely convertible currency.

6  Agreements subject to terms and conditions

  Subject to this Act, an agreement referred to in section 4 or 5 may contain such terms and conditions as the Treasurer determines.

7  Appropriation and issue of securities

 (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment to be made by Australia in pursuance of an agreement made under section 4 or section 5.

 (2) Section 7 of the International Monetary Agreements Act 1947 applies to any payment to be made by Australia in pursuance of an agreement made under section 4 as it applies to payments under that 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 how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to 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 Financial Institutions (Share Increase) Act 1982

7, 1982

30 Mar 1982

30 Mar 1982 (s 2)

 

Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024

67, 2024

9 July 2024

Sch 4 (item 19): 10 July 2024 (s 2(1) item 8)

—

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 3.....................

am No 67, 2024

 

Overview

The International Financial Institutions (Share Increase) Act 1982 was enacted to facilitate Australia's participation in increasing its shareholding in two key international financial institutions: the International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank, and the International Finance Corporation (IFC). The Act was designed to address the need for Australia to support the global economic recovery and development efforts by increasing its financial contributions to these institutions. It was passed by the Parliament of Australia to enable the Treasurer to enter into agreements for the purchase of additional shares of the capital stock of these institutions. The primary policy objective of the Act, as articulated in its provisions, is to provide the legal framework for the Treasurer to enter into agreements with the IBRD and IFC for the acquisition of additional shares. This empowers Australia to enhance its influence and support for international economic policies aimed at poverty reduction, economic development, and infrastructure improvements in developing countries. The Act ensures that the necessary appropriations are made from the Consolidated Revenue Fund to facilitate these purchases and aligns with existing legislative frameworks for international financial agreements.

Scope and Application

The International Financial Institutions (Share Increase) Act 1982 is a legislative instrument that pertains to the acquisition of additional shares in two specific international financial institutions by Australia. This Act enables the Treasurer to enter into agreements on behalf of Australia to purchase 6,287 additional shares of the capital stock of the International Bank for Reconstruction and Development (the Bank) and 9,976 additional shares of the capital stock of the International Finance Corporation (the Corporation). The purchase price for shares in the Bank is set at the equivalent of 100,000 United States dollars per share, while for the Corporation, it is 1,000 United States dollars or their equivalent in any freely convertible currency. The agreements can include any terms and conditions that the Treasurer deems necessary. Furthermore, the Act authorises the appropriation of funds from the Consolidated Revenue Fund to facilitate payments under these agreements, with specific application of the International Monetary Agreements Act 1947 to payments related to the Bank. The Act applies to Australia and its officials in the capacity of the Treasurer, and it facilitates financial transactions with international entities, thereby extending its jurisdictional reach beyond national borders. Any amendments to the Act are subject to the procedures outlined in the Legislation Act 2003 and the Legislative Instruments Act 2003, and these amendments are recorded in the endnotes of the Act's compilation.

Key Provisions

The International Financial Institutions (Share Increase) Act 1982 (C2004A02566) provides a framework for the purchase of additional shares in two key international financial institutions, the International Bank for Reconstruction and Development (referred to as the 'Bank') and the International Finance Corporation (referred to as the 'Corporation'). The Act allows the Treasurer of Australia to enter into agreements for the purchase of additional shares of the capital stock of these institutions. Specifically, section 4 of the Act permits the Treasurer to make agreements for the purchase of 6,287 additional shares of the capital stock of the Bank at a price per share equivalent to 100,000 United States dollars. Similarly, section 5 allows for the purchase of 9,976 additional shares of the Corporation at a price per share of 1,000 United States dollars or their equivalent in any other freely convertible currency. These agreements can include any terms and conditions that the Treasurer determines, as outlined in section 6. The Act imposes several obligations on the parties involved. Under section 4, the Treasurer is authorised to make agreements with the Bank, while under section 5, the Treasurer is authorised to make agreements with the Corporation. The payments required under these agreements must be appropriated from the Consolidated Revenue Fund, as stated in section 7(1). Section 7(2) also specifies that section 7 of the International Monetary Agreements Act 1947 applies to payments made under an agreement with the Bank. The Act, therefore, ensures that the necessary funds are available and appropriately allocated for these transactions. Breach of the provisions of the Act can result in legal consequences. While the Act itself does not specify detailed penalties for non-compliance, it is likely that breaches could lead to legal actions under other relevant laws or regulations. For instance, failure to appropriate the necessary funds or making unauthorised agreements could be subject to scrutiny under the Public Governance, Performance and Accountability Act 2013 or similar legislation. Additionally, any financial mismanagement or breaches of fiduciary duty could result in penalties under the Corporations Act 2001, including fines and imprisonment for serious offences. The Act thus ensures that the integrity and legality of financial transactions involving international financial institutions are upheld.

Legal classification tags

Area of Law
International Trade Law
Finance & Banking Law
Instrument
Act
Concepts
Commencement Provisions
Offence Provisions
Agreements & Contracts
Regulatory Standards

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.