Next (SCHEDULE AGREEMENT ESTABLISHING THE COMMON FUND FOR COMMODITIES)

7 1982

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Number 7 of 1982


INTERNATIONAL COMMON FUND FOR COMMODITIES ACT, 1982


ARRANGEMENT OF SECTIONS

Section

1.

Interpretation.

2.

Approval of terms of Agreement.

3.

Financial and other provisions.

4.

Disposal of moneys received by State under Agreement.

5.

Expenses.

6.

Short title.

SCHEDULE

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Number 7 of 1982


INTERNATIONAL COMMON FUND FOR COMMODITIES ACT, 1982


AN ACT TO APPROVE OF THE TERMS OF AN INTERNATIONAL AGREEMENT FOR THE ESTABLISHMENT OF A FUND TO BE KNOWN AS THE COMMON FUND FOR COMMODITIES AND SIGNED ON BEHALF OF THE STATE ON THE 24th DAY OF FEBRUARY, 1981, AND TO PROVIDE FOR MATTERS (INCLUDING PAYMENTS) RELATED TO THAT AGREEMENT. [22nd May, 1982]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Interpretation.

1. —In this Act—

the Agreement” means the international agreement done at Geneva on the 27th day of June, 1980, for the establishment of a fund to be known as the Common Fund for Commodities and signed on behalf of the State on the 24th day of February, 1981, of which the text is set out in the Schedule to this Act;

the Fund” means the Fund to be established by the Agreement;

the Minister” means the Minister for Finance.

Approval of terms of Agreement.

2. —The terms of the Agreement are hereby approved.

Financial and other provisions.

3. —(1) The subsequent subsections of this section shall come into operation on the day on which the Agreement, pursuant to Article 57 thereof, enters into force.

(2) There shall be paid by the Minister out of the Central Fund, or the growing produce thereof, as subscription for shares in the Fund issued under Article 10, 11 or 12 of the Agreement, an amount not exceeding, or amounts not exceeding in the aggregate, £1,000,000.

(3) The Minister may out of moneys provided by the Oireachtas—

(a) make under Article 13 of the Agreement an initial contribution, of such amount as he shall think fit, to, and for use in, the account referred to in the Agreement as the “Second Account”,

(b) having had regard to the review last made pursuant to and in accordance with the said Article 13, from time to time make contributions, of such amounts as he shall think fit, to, and for use in, the said account.

(4) (a) The Minister may by order provide guarantees required to be provided by Article 14 of the Agreement by reason of the State's being a member of an international commodity organisation which is associated with the Fund.

(b) Moneys required to be paid by the Minister to meet sums which may become payable by him on foot of a guarantee provided by an order under this subsection shall be advanced out of the Central Fund or the growing produce thereof.

(c) Where the whole or any part of moneys advanced under this subsection has not been repaid to the Minister within a period of five years from the date of advance, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(5) For the purposes of payments under subsection (2) of this section, the Minister may, in accordance with Article 11 (3) of the Agreement, create and issue to the Fund non-interest-bearing promissory notes of the State and any payments on behalf of the State in respect of such notes shall be made out of the Central Fund or the growing produce thereof.

(6) Where an order under this section is proposed to be made, a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving of the draft has been passed by each such House.

Disposal of moneys received by State under Agreement.

4. —Any moneys received by the State from the Fund in accordance with the arrangements set out in the Agreement shall be paid to the Minister and be disposed of for the benefit of the Exchequer as the the Minister may direct.

Expenses.

5. —The expenses incurred in the administration of this Act shall, subject to the approval of the Minister, be paid out of moneys provided by the Oireachtas.

Short title.

6. —This Act may be cited as the International Common Fund for Commodities Act, 1982.