Bretton Woods Agreements (Amendment) Bill

Bill No. 39/1979

Read the first time on 11th December 1979.

An Act to amend the Bretton Woods Agreements Act (Chapter 61 of the Revised Edition).

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

Short title

1. This Act may be cited as the Bretton Woods Agreements (Amendment) Act, 1979.

Amendment of section 2

2. Section 2 of the Bretton Woods Agreements Act (hereinafter in this Act referred to as the principal Act) is amended by deleting the words “(hereinafter in this Act referred to as “the Fund Agreement”)” in paragraph (b).

New section 2A

3. The principal Act is amended by inserting, immediately after section 2, the following section: —

“Interpretation

2A. In this Act —

“Fund Agreement” means the Articles of Agreement of the International Monetary Fund as originally adopted and as subsequently amended —

(a)	pursuant to Resolution No. 23-5 adopted by the Board of Governors of the Fund on 31st May, 1968 in order to institute a facility based on special drawing rights; and
(b)	pursuant to Resolution No. 31-4 adopted by the Board of Governors of the Fund on 30th April, 1976 in order to establish a reformed international monetary system;

“Monetary Authority of Singapore” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 195);

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

Repeal and re-enactment of sections 3 and 4

4. Sections 3 and 4 of the principal Act are repealed and the following substituted therefor: —

“Subscription to International Monetary Fund

3.—(1) It shall be the function of the Monetary Authority of Singapore to pay to the Fund the subscription payable on account of Singapore and to include in the Authority’s own account the payments of the subscription to the Fund already made by the Government.

(2) The Monetary Authority of Singapore may, with the approval of the Minister for Finance, accept on behalf of the Government any increase in the subscription of Singapore to the Fund in consequence of an increase in the quota of Singapore, and make payment of such part of the increase as may, under section 3 of Article III of the Fund Agreement, be payable in special drawing rights or in the currency of Singapore or in any other currency specified by the Fund.

(3) The Monetary Authority of Singapore is hereby authorised to create and issue to the Fund in such form as is appropriate any such non-interest bearing and non-negotiable notes or other obligations as the Fund may, under section 4 of Article III of the Fund Agreement, determine to accept in place of any part of the subscription of Singapore which would, but for such acceptance, be payable in the currency of Singapore.

Power of Monetary Authority of Singapore in respect of special drawing rights

4. The Monetary Authority of Singapore shall have power from time to time to acquire, hold and deal with special drawing rights of the Government in accordance with the Fund Agreement and to perform all acts supplemental or incidental thereto, including —

(a)	the payment of any charges payable to the Fund under section 2 of Article XX of the Fund Agreement and any sums payable to the Fund under section 4 of that Article;
(b)	the receipt of the interest payable by the Fund in respect of special drawing rights under section 1 of the said Article XX; and
(c)	the discharge of any other obligations as a participant in the Special Drawing Rights Department maintained by the Fund.

Power of Monetary Authority of Singapore in relation to the operations of the General Resources Account of the Fund

4A. The Monetary Authority of Singapore is hereby authorised —

(a)	to take steps to ensure that the balances of the currency of Singapore purchased from the Fund by a member of the Fund can be exchanged at the time of purchase, by that member, for a freely usable currency selected by Singapore, in accordance with section 3 of Article V of the Fund Agreement;
(b)	to take steps to ensure that any member of the Fund repurchasing its own currency from the Fund can obtain the currency of Singapore (if the currency of Singapore is specified by the Fund for repurchase) at the time of repurchase in exchange for a freely usable currency selected by Singapore in accordance with section 7 of Article V of the Fund Agreement;
(c)	to make payment of any charges payable to the Fund under section 8 of Article V of the Fund Agreement or any other sums payable to the Fund; and
(d)	to receive any remuneration payable by the Fund under section 9 of Article V of the Fund Agreement or any other sums payable by the Fund.”.

Repeal of section 7

5. Section 7 of the principal Act is repealed.

Amendment of section 9

6. Section 9 of the principal Act is amended by deleting the words “from the Fund or the Bank in connection with the membership of Singapore in these institutions” and substituting the words “from the Bank in connection with the membership of Singapore”.

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