BRETTON WOODS AGREEMENTS (AMENDMENT) ACT, 1977

AN ACT TO MAKE PROVISION WITH RESPECT TO ACCEPTANCE BY THE GOVERNMENT OF THE PROPOSED SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND APPROVED BY THE BOARD OF GOVERNORS OF THAT FUND ON THE 30th DAY OF APRIL, 1976, TO PROVIDE FOR CERTAIN PAYMENTS BY THE CENTRAL BANK OF IRELAND UNDER THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND, TO PROVIDE FOR MATTERS (INCLUDING PAYMENTS) RELATED TO THE AFORESAID MATTERS AND TO AMEND THE BRETTON WOODS AGREEMENTS ACT, 1957, AND THE BRETTON WOODS AGREEMENTS (AMENDMENT) ACT, 1969. [1st June, 1977]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1 Definitions.

1.—In this Act—

“the Act of 1969” means the Bretton Woods Agreements (Amendment) Act, 1969;

“the Principal Act” means the Bretton Woods Agreements Act, 1957;

“the proposed amendment” means the proposed Second Amendment to the Articles of Agreement of the International Monetary Fund, which was approved by the Board of Governors of that Fund on the 30th day of April, 1976.

2 Approval of acceptance of proposed amendment.

2.—Acceptance by the Government of the proposed amendment is hereby approved.

3 Construction of references to Fund Agreement in Bretton Woods Agreements Acts, 1957 to 1977, and consequential repeal.

3.—(1) In the Bretton Woods Agreements Acts, 1957 to 1977, references to the Fund Agreement shall be construed as references to the Fund Agreement (as amended by the amendment the text of which is set out in the Schedule to the Act of 1969 and by the proposed amendment), the text of which is set out in the Schedule to this Act.

• (2) Section 7 of the Act of 1969 is hereby repealed.

4 Consequential amendments of Principal Act and Act of 1969.

4.—(1) Section 3 of the Principal Act (as amended by the Act of 1969) is hereby amended—

• (a) by the substitution in subsection (2) of the following paragraphs for paragraphs (b), (c), (f) and (g), respectively:

• “(b) payments under paragraph (a) of Section 3 of Article III of the Fund Agreement,

• (c) payments under paragraph (b) of Section 11 of Article V of the Fund Agreement,

• (f) payments under Schedule J of the Fund Agreement,

• (g) payments under Schedule K of the Fund Agreement,”,

and

• (b) by the substitution in subsection (8) of “Article XXI” for “Article XXVII” in each place where it occurs.

• (2) Section 3 of the Act of 1969 is hereby amended by the substitution of “Special Drawing Rights Department” for “Special Drawing Account” in each place where it occurs.

• (3) Section 6 of the Act of 1969 is hereby amended by the substitution of “Section 4” for “Section 5”.

5 Provision for certain payments.

5.—(1) Any payment required to be made in respect of gold sold by the Fund under Section 12 of Article V of the Fund Agreement or under Schedule B of that Agreement shall be made by the Central Bank of Ireland on behalf of the Government, and the property in any gold received in respect of such a payment shall be vested in that Bank.

• (2) Any payment required to be made under Section 4 of Article VIII of the Fund Agreement in respect of the purchase of currency of the State shall be made by the Central Bank of Ireland on behalf of the Government.

6 Amendment of section 3(2) of Principal Act.

6.—(1) (a) Section 3 (2) of the Principal Act (as amended by section 4 (1) of the Act of 1969) is hereby amended by the substitution for paragraph (d) of the following:

• “(d) payments under Section 3, Section 7 or Section 8 of Article V, or under Section 2 of Article VII, of the Fund Agreement,”.

• (b) This subsection shall be deemed to have come into operation on the day referred to in section 3 (1) of the Principal Act.

• (2)
• (a) Paragraph (d) (inserted by subsection (1) of this section) of section 3 (2) of the Principal Act is hereby amended by the substitution of “Section 1” for “Section 2”.

• (b) This subsection shall come into operation on the making of the proposed amendment.

7 Commencement of sections 3 to 5.

7.—Sections 3 to 5 of this Act shall come into operation on the making of the proposed amendment.

8 Expenses of Minister for Finance.

8.—Any expenses incurred by the Minister for Finance in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

9 Short title, construction and collective citation.

9.—(1) This Act may be cited as the Bretton Woods Agreements (Amendment) Act, 1977.

• (2) The Bretton Woods Agreements Acts, 1957 and 1969, and this Act shall be construed together as one Act and may be cited together as the Bretton Woods Agreements Acts, 1957 to 1977.

SCHEDULE

PROPOSED SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND

PREPARED PURSUANT TO BOARD OF GOVERNORS RESOLUTION No. 29-10

The text of the Articles of Agreement of the International Monetary Fund shall read as follows: