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International Monetary Fund Bill

Bill No. 14/1969

Read the first time on 15th October 1969.

An Act to enable effect to be given to certain amendments of the Articles of Agreement of the International Monetary Fund, and for purposes connected therewith.

WHEREAS certain amendments have been made to the Articles of Agreement of the International Monetary Fund for the purpose, among other things, of enabling special drawing rights to be used by members of the Fund who participate in the Special Drawing Account for which provision is included in the proposed amendments:

AND WHEREAS the text of the amendments has been laid before Parliament:

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —

Short title and commencement

1. This Act may be cited as the International Monetary Fund Act, 1969, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Effect of participation in Special Drawing Account by the Government

2.—(1) If the Government becomes a participant in the said Special Drawing Account, subsections (2) and (3) of this section shall have effect.

(2) Notwithstanding the provisions of any written law, the purposes for which the Consolidated Fund and the Currency Fund are to be used shall include the purpose of carrying out any of the functions of the Government under the amendments; and accordingly —

(a)	the Minister may cause any monies in the Consolidated Fund or the Currency Fund to be invested in the acquisition of special drawing rights in pursuance of the amendments; and
(b)	any special drawing rights received or disposed of by the Government in pursuance of the amendments shall, in the case of receipts be treated as assets of, and, in the case of disposals be transferred from, the Consolidated Fund or the Currency Fund as the case may be.

(3) In this section —

“the amendments” means the amendments of the Articles of Agreement of the International Monetary Fund relating to the Special Drawing Account and special drawing rights;

“Consolidated Fund” means the Consolidated Fund established by the Constitution of Singapore; and

“Currency Fund” means the Currency Fund established by the Currency Act, 1967 (Act 5 of 1967).