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  • BRETTON WOODS AGREEMENTS THE BRETTON WOODS AGREEMENTS ACT

    ARRANGEMENT OF SECTIONS

    1. Short title.

    2. Interpretation.

    3. Approval of acceptance of Fund Agreement and Bank Agreement.

    4. Financial provisions.

    5. Status, immunities and privileges of the Fund and the Bank. 6. Amendment of Schedule and matters consequential on

    amendment.

    SCHEDULE

    PART I. The Fund Agreement

    ARTICLE I—Purposes

    ARTICLE II—Membership

    ARTICLE III—Quotas and Subscriptions

    ARTICLE IV—Obligations Regarding Exchange Arrangements

    ARTICLE V—Operations and Transactions of the Fund

    ARTICLE VI—Capital Transfer

    ARTICLE VII—Replenishment and Scarce Currencies

    ARTICLE VIII—General Obligations of Members

    ARTICLE IX—Status, Immunities, and Privileges

    ARTICLE X—Relations with Other International Organizations

    ARTICLE XI—Relations with Non-Member Countries

    ARTICLE XII—Organization and Management

    ARTICLE XIII—Offices and Depositories

    ARTICLE XIV—Transitional Arrangements

    ARTICLE XV—Special Drawing Rights

    ARTICLE XVI—General Department and Special Drawing Rights Department

    ARTICLE XVII—Participants and Other Holders of Special Drawing Rights

    [The inclusion of this page is authorized by L.N. 480/1973]

  • BRETTON WOODS AGREEMENTS

    ARTICLE XVIII—Allocation and Cancellation of Special Drawing Rights

    ARTICLE XIX—Operations and Transaction in Special Drawing Rights

    ARTICLE XX—Special Drawing Rights Department Interest and Charges

    ARTICLE XXI—Administration of the General Department and the Special Drawing Rights Department

    ARTICLE XXII—General Obligations of Participants

    ARTICLE XXIII—Suspension of Operations and Transactions in Special Drawing Rights

    ARTICLE XXIV—Termination of Participation

    ARTICLE XXV—Liquidation of the Special Drawing Rights Department

    ARTICLE XXVI—Withdrawal from membership

    ARTICLE XXVII—Emergency Provisions

    ARTICLE XXVIII—Amendments

    ARTICLE XXIX—Interpretation

    ARTICLE XXX—Explanation of Terms

    ARTICLE XXXI—Final Provisions

    SCHEDULE A—Quotas

    SCHEDULE B

    SCHEDULE C—Par Values

    SCHEDULE D—Council

    SCHEDULE E—Election of Executive Directors

    SCHEDULE F—Designation

    SCHEDULE G—Reconstitution

    SCHEDULE H—Termination of Participation

    SCHEDULE I—Administration of Liquidation of the Special Drawing Rights Department

    SCHEDULE J—Settlement of Accounts with Members Withdrawing

    [The inclusion of this page is authorized by L.N. 480/1973]

  • BRETTON WOODS AGREEMENTS SCHEDULE K—Administration of Liquidation

    SCHEDULE L—Suspension of Voting Rights

    SCHEDULE M—Special One-Time Allocation of Special Drawing Rights

    SCHEDULE K—Administration of Liquidation

    PART II. The Bank Agreement

    ARTICLE I—Purposes ARTICLE II—Membership in and Capital of the Bank

    ARTICLE III—General Provisions relating to Loans and Guarantees

    ARTICLE IV—Operations

    ARTICLE V—Organization and Management

    ARTICLE VI—Withdrawal and Suspension of Membership: Suspension of Operations

    ARTICLE VII—Status, Immunities and Privileges

    ARTICLE VIII—Amendments

    ARTICLE IX—Interpretation

    ARTICLE X—Approval deemed given

    ARTICLE XI—Final Provisions

    ARTICLE III—Quotas and Subscriptions

    ARTICLE IV—Obligations Regarding Exchange Arrangements

    ARTICLE V—Operations and Transactions of the Fund

    SCHEDULE A—Subscriptions

    SCHEDULE B—Election of Executive Directors

    [The inclusion of this page is authorized by L.N. 480/1973]

  • BRETTON WOODS AGREEMENTS

    THE BRETTON WOODS AGREEMENTS ACT ,o~1962 Acta s3 of 1968.

    [29rh November, 1962.1

    1. This Act may be cited as the Bretton Woods Agree- shorttitla men& Act.

    InIcrprr- lation. 2. In this Act-

    “the Bank” means the International Bank for Reconstruction and Development established under the Bank Agreement;

    “the Bank Agreement” means the agreement, for the establishment and operation of an international body to be called the International Bank for Recon- struction and Development, which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hamp- shire in the United States of America in July, 1944, and of which the text of the Articles is set out in Part I1 of the Schedule;

    “the Fund” means the International Monetary Fund established under the Fund Agreement;

    “the Fund Agreement” means the agreement, for the establishment and operation of an international body to be called the International Monetary Fund, which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, and of which the text of the Articles is set out in Part I of the Schedule;

    “the Membership Resolutions” means the resolutions adopted by the Board of Governors of the Fund

    SChcdUlC.

    m e inclusion of this page is authorized by LH. 480119731

  • 2 BRETTON WOODS AGREEMENTS

    and the Bank, respectively, specifying the terms and conditions upon which Jamaica shall be admitted to membership in the Fund and the Bank.

    3. Acceptance by the Government of the Fund Agree- Approvalof ofFund acceptance

    Agrcrmcnt and Bank Agreement.

    ment and the Bank Agreement is hereby approved.

    Fmanc'al 4 4 1 ) The Minister responsible for finance is authorized to pay for the account of Jamaica the amounts payable from time to time to the Fund and the Bank under the Member- ship Resolutions, the Fund Agreement and the Bank Agree ment :

    Provided that the Bank of Jamaica may from time to time, subject to the terms of any agreement made by that Bank with the Government and except where payments are required to be made pursuant to subsection (2), pay from its own funds such of the amounts aforesaid as may be specified in the agreement.

    (2) The Minister responsible for finance may create and issue to the Fund or the Bank any such non-interest bearing and non-negotiable notes or other obligations as are provided for by section 5 of Article I11 of the Fund Agree- men4 and section 12 of Article V of the Bank Agreement, and any payments in respect of any such notes or obligations so created and issued shall be charged on the Consolidated Fund.

    pronaions.

    (3) The Minister responsible for finance may borrow from any person, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he t h i s fit.

    lFhc inclusion of this p a ~ c is nuQorizsd by LN. 480/19731

  • BRETTON WOODS AGREEMENTS 3

    (4) The principal and interest of any securities issued under subsection (3) and the expenses incurred in connection with their issue shall be charged on the Consolidated Fund.

    (5) Subject to the terms of any agreement to the con- trary made by the Bank of Jamaica with the Government pursuant to the proviso to subsection (1) any moneys received by the Government from the Fund or the Bank or raised by securities under subsection (3) shall be paid into the Consolidated Fund Account and shall form part of the Consolidated Fund and be available in any manner in which that Fund is available.

    (6) The Bank of Jamaica shall act as a depository for the holdings of currency of the Island and other assets of the Fund and the Bank.

    5. The provisions of- status.. .

    privileges

    immunitles

    Fund Agreement; of the Fund (a) sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article Ix of the and (b) sections 2, 3, 4, 5 , 6, 7, 8 and 9 of Article VII of E&!

    the Bank Agreement; and (c) the first sentence of paragraph (b) of section 2 of

    Article VIII of the Fund Agreement, shall have the force of law in the Island, subject to the pro- viso that nothing in section 9 of Article IX of the Fund Agreement or in section 9 of Article VII of the Bank Agree- ment shall be construed-

    (i) as entitling the Fund or the Bank to import goods free of customs duty without any restric- tion on their subsequent sale in the country to which they were imported;

    (ii) as conferring on the Fund or the Bank any exemption from duties or taxes which form part of the price of goods sold; or

    m e inclusion of I h i s page is authorized by L.N. 480119731

  • 4 BRETTON WOODS AGREEMENTS

    (iii) as conferring on the Fund or the Bank any exemption from taxes or duties which are in fact no more than charges for services rendered.

    6.-(1) Where any amendment to the Fund Agreement or the Bank Agreement is accepted by the Government, the Minister responsible for finance may by order amend the Schedule to t

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