Treasury Laws Amendment (2020 Measures No. 2) Act 2020 (79 of 2020)

Schedule 4   Funding capital increases for the World Bank Group

International Finance Corporation Act 1955

2   Section 5

Repeal the section, substitute:

5 Subscription to capital stock

The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia in respect of obligations that Australia has to subscribe to shares in the International Finance Corporation in accordance with the Agreement.

5A Notice of amendment of the Agreement

(1) The Treasurer may, by legislative instrument, give notice of an amendment of the Agreement that has been accepted in accordance with Article VII of the Agreement.

(2) A legislative instrument under subsection (1) commences at the later of the following days or times:

(a) the earliest day or time applicable under subsection 12(1) of the Legislation Act 2003;

(b) the start of the day immediately after the last day on which a resolution referred to in subsection 42(1) of the Legislation Act 2003 disallowing the instrument could be passed.

5B Further agreements to buy extra shares in the International Finance Corporation

(1) The Minister may, on behalf of Australia, enter into one or more agreements with the International Finance Corporation that:

(a) provide for Australia to buy additional shares of the capital stock of the International Finance Corporation; and

(b) contain terms and conditions determined by the Minister.

(2) The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia under an agreement referred to in subsection (1).