INTERNATIONAL FINANCE CORPORATION ACT 1955

This compilation was prepared on 3 December 2010
taking into account amendments up to Act No. 133 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Interpretation ....................................................................................... 1

4............ Membership of Australia of International Finance Corporation .......... 1

5............ Subscription to capital stock ................................................................ 1

6............ Regulations ......................................................................................... 2

The Schedules 3

First Schedule--Articles of Agreement of the International Finance Corporation 3

Schedule A--Subscriptions to capital stock of the International Finance Corporation 21

Second Schedule--Resolution No. 21 23

Third Schedule--Resolution No. 56 24

Notes 25

Notes to the International Finance Corporation Act 1955

Note 1

The International Finance Corporation Act 1955 (a) as shown in this compilation comprises Act No. 66, 1955 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
International Finance Corporation Act 1955	66, 1955	4 Nov 1955	4 Nov 1955
International Finance Corporation Act 1961	69, 1961	24 Oct 1961	24 Oct 1961	--
International Finance Corporation Act 1963	52, 1963	18 Oct 1963	9 Nov 1988 (see Gazette 1988, No. S332)	--
International Finance Corporation Act 1966	36, 1966	12 Sept 1966	12 Sept 1966	--
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973	Ss. 9(1) and 10
as amended by
Statute Law Revision Act 1974	20, 1974	25 July 1974	31 Dec 1973	--
International Financial Institutions Legislation Amendment Act 2010	133, 2010	24 Nov 2010	Schedule 2 (items 1, 2): [see Note 2]	--

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 3......................................	rs. No. 36, 1966
S. 4......................................	rs. No. 36, 1966
Schedule Heading............	rs. No. 69, 1961
First Schedule...................	am. No. 216, 1973 (as am. by No. 20, 1974)
Second Schedule..............	ad. No. 69, 1961
Third Schedule..................	ad. No. 36, 1966

Note 2

International Financial Institutions Legislation Amendment Act 2010
(No. 133, 2010)

The following amendments commence on the day the amendment of the Articles of Agreement of the International Finance Corporation, that the Board of Directors of the Corporation recommended, in a report approved on 20 July 2010, that the Board of Governors of the Corporation approve, comes into force for Australia. However, the amendments may not commence, see subsection 2(1) (item 3):

Schedule 2

1 Section 3 (definition of the Agreement)

Repeal the definition, substitute:

the Agreement means the Articles of Agreement of the International Finance Corporation set out in the First Schedule to this Act, as amended in accordance with the following resolutions accepted in accordance with Article VII of those Articles:

(a) the resolutions set out in the Second and Third Schedules to this Act;

(b) the resolution the preamble to which and Part (A) of which are set out in Schedule 4 to this Act.

2 At the end of the Act

Add:

Schedule 4--Resolution recommended by the Board of Directors on 20 July 2010

Note: See the definition of the Agreement in section 3.

Amendment to the Articles of Agreement and 2010 Selective Capital Increase

WHEREAS at its April 2010 meeting, the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries endorsed proposals for the second phase of reforms to enhance the voice and participation of developing countries and countries in transition in the World Bank Group.

WHEREAS in their Report approved on July 20, 2010, the Board of Directors recommends that the Board of Governors approves:

(a) an increase in Basic Votes which requires an amendment of the Articles of Agreement of the Corporation as set forth in Part (A) of this Resolution;

(b) an increase in the authorized capital stock of the Corporation as set forth in Part (B) of this Resolution;

(d) a periodic review of the Corporation's shareholding as set forth in Part (D) of this Resolution.

NOW THEREFORE, the Board of Governors, noting the recommendations and the said Report of the Board of Directors, hereby resolves as set forth below.

(A) Increase in Basic Votes and Amendment of the Articles of Agreement of the Corporation

The Board of Governors hereby resolves that:

1. Article IV, Section 3(a) of the Articles of Agreement of the Corporation shall be amended to read as follows:

Section 3. Voting

"(a) The voting power of each member shall be equal to the sum of its basic votes and share votes.

(i) The basic votes of each member shall be the number of votes that results from the equal distribution among all members of 5.55 percent of the aggregate sum of the voting power of all the members, provided that there shall be no fractional basic votes.

(ii) The share votes of each member shall be the number of votes that results from the allocation of one vote for each share of stock held."

2. The amendment above shall enter into force for all members as of the date three months after the Corporation certifies, by formal communication addressed to all members, that three-fifths of the Governors exercising eighty-five percent of the total voting power, have accepted the amendment.

As at 3 December 2010 the amendments are not incorporated in this compilation.

Commonwealth Consolidated Acts

INTERNATIONAL FINANCE CORPORATION ACT 1955 - NOTES