BRETTON WOODS AGREEMENTS ACT

Arrangement of Sections

1. Short title.

Acceptance of the Agreements and Financial Provisions

2. Authorisation of signature of Articles of Agreement of the Fund and the Bank respectively.

3. Subscription to International Monetary Fund.

4. Other payments to the International Monetary Fund.

5. Subscription to international Bank for Reconstruction and Development.

6. Other payments to the International Bank.

7. Issue of Government notes or obligations to Central Bank.

8. Charges and receipts.

8A. Special provisions relating to the Central Bank in relation to operations in the Special Drawing Rights Department.

8B. Special provision in relation to the use of the General Resources of the International Monetary Fund.

Status and Immunities of the Fund and of the Bank

9. Orders for carrying the Agreements into effect.

10. Interpretation.

SCHEDULES

10 of 1978,

20 of 1950,

19 of 1959,

4 of 1961,

2 of 1969,

16 of 1992,

6 of 1999.

AN ACT to enable Ceylon to become a member of the International Monetary Fund and of the International Bank for Reconstruction and Development by acceptance of the International Agreements for the establishment and operation of the Fund and Bank.

[Date of Commencement: 22nd August, 1950]

1. Short title.

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

Acceptance of the Agreements and Financial Provisions

2. Authorisation of signature of Articles of Agreement of the Fund and the Bank respectively.

The Governor-General is hereby authorised by instruments under his hand to empower such person as may be named in such instruments, on behalf of the Government of Ceylon1

(a) to sign the Articles of Agreement of the International Monetary Fund and the Articles of Agreement of the International Bank for Reconstruction and Development, respectively; and

(b) to deposit with the Government of the United States of America instruments of acceptance of the Articles of Agreement of the Fund and of the Articles of Agreement of the Bank (hereinafter referred to as "the Bank Agreement”), stating that the Government of Ceylon1 has accepted in accordance with its law the respective Articles and the terms and conditions prescribed thereunder as the terms upon which the Government of Ceylon11 shall be admitted to membership of the Fund and of the Bank.

[S 2(b) am by s 3 of Act 2 of 1969.]

3. Subscription to International Monetary Fund.

(1) There shall be paid out of the Consolidated Fund of Sri Lanka such part of the subscriptions of Sri Lanka as may, in accordance with the provisions of sections 1 and 4 of Article 1H of the Fund Agreement, be payable in Sri Lanka currency or special drawing rights or such other currency as may be specified by the Fund.

(2) Where the subscription of Sri Lanka to the International Monetary Fund is increased in consequence of an increase in the quota for Sri Lanka, there shall be paid out of the Consolidated Fund such sums as may, under section 3 of Article III of the Fund Agreement, be necessary for paying in Sri Lanka currency or special drawing rights or any other currency specified by the Fund, the amount of the increase in such subscription.

(3) The Minister is hereby authorised on behalf of the Government, to create and issue to the General Resources Account of the International Monetary Fund, in such form as he thinks fit, any such non-interest bearing and non-negotiable notes or other obligations as the Fund may, under section 4 of Article III of the Fund Agreement, determine to accept in place of any part of the subscription of Sri Lanka which would, but for such acceptance, be payable in Sri Lanka currency.

[S 3 subs by s 3 of Law 10 of 1978.]

4. Other payments to the International Monetary Fund.

(1) There shall be paid out of the Consolidated Fund of Sri Lanka—

(a) all sums payable to the General Resources Account of the International Monetary Fund under section 11 of Article V of the Fund Agreement (which relates to changes in the exchange value of currencies of members);

(b) all sums required for implementing the guarantee required by section 3 of Article XIII of the Fund Agreement, that is to say, a guarantee of the assets of the Fund against loss resulting from failure or default of the depository designated by the Government of Sri Lanka under the said Article;

(c) all sums required for the redemption of any notes or obligations created and issued to the General Resources Account of the Fund under this Act;

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IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


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ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


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OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


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