Commonwealth Numbered Acts

INTERNATIONAL MONETARY AGREEMENTS AMENDMENT ACT 1978 No. 97 of 1978 - SECT 3

PART II-AMENDMENTS OF THE PRINCIPAL ACT
3. Section 3 of the Principal Act is amended-

   (a)  by omitting sub-section (1) and substituting the following
        sub-section:

''(1) In this Act, unless the contrary intention appears-

'Bank' means the International Bank for Reconstruction and Development
referred to in the Bank Agreement;

'Bank Agreement' means the Articles of Agreement of the International Bank for
Reconstruction and Development set out in Schedule 2, as amended in accordance
with the resolution of the Board of Governors of that Bank set out in Schedule
3;

'Fund' means the International Monetary Fund referred to in the Fund
Agreement;

'Fund Agreement' means the Articles of Agreement of the International Monetary
Fund set out in Schedule 1;

'Reserve Bank' means the Reserve Bank of Australia;

'special drawing rights' means special drawing rights allocated by the Fund
under Article XV of the Fund Agreement;

'Special Drawing Rights Department' means the Special Drawing Rights
Department maintained by the Fund under the Fund Agreement;

'value', in relation to special drawing rights, means the amount that is the
equivalent in the currency of Australia of the value of the rights as fixed
under the Fund Agreement.''; and

   (b)  by omitting from sub-section (2) ''section five B of this Act'' and
        substituting ''section 5B without charge to the Reserve Bank''.