Bretton Woods and Related Agreements Act (R.S.C., 1985, c. B-7)

Act current to 2012-05-02 and last amended on 2009-12-15. Previous Versions

Bretton Woods and Related Agreements Act

R.S.C., 1985, c. B-7

An Act for carrying into effect the Agreements for an International Monetary Fund, an International Bank for Reconstruction and Development, an International Development Association and an International Finance Corporation and the Convention establishing the Multilateral Investment Guarantee Agency

Preamble

WHEREAS the United Nations Monetary and Financial Conference held at Bretton Woods in July 1944 prepared the Articles of Agreement set out in Schedule I for an International Monetary Fund and in Schedule II for an International Bank for Reconstruction and Development;

AND WHEREAS since that time there have been prepared Articles of Agreement set out in Schedule III for an International Development Association, in Schedule IV for an International Finance Corporation and in Schedule V for a Multilateral Investment Guarantee Agency;

AND WHEREAS it is expedient that Canada become a member of the International Monetary Fund, the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation and the Multilateral Investment Guarantee Agency and that provision be made for acceptance by Canada of the Agreements and the Convention therefor and for carrying out the obligations and exercising any rights of Canada thereunder;

THEREFORE Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

R.S., 1985, c. B-7, Preamble; R.S., 1985, c. 24 (1st Supp.), s. 2, c. 32 (3rd Supp.), s. 2.
Marginal note:Short title

1. This Act may be cited as the Bretton Woods and Related Agreements Act.

  • R.S., 1985, c. B-7, s. 1;
  • R.S., 1985, c. 24 (1st Supp.), s. 3.
Marginal note:Agreements approved

2. The Agreements for an International Monetary Fund, an International Bank for Reconstruction and Development, an International Development Association and an International Finance Corporation and the Convention establishing the Multilateral Investment Guarantee Agency, in this Act referred to as “the Agreements”, set out in Schedules I to V, respectively, are hereby approved.

  • R.S., 1985, c. B-7, s. 2;
  • R.S., 1985, c. 24 (1st Supp.), s. 4, c. 32 (3rd Supp.), s. 3.
Marginal note:Acceptance authorized

3. The Governor in Council may authorize the acceptance on behalf of Canada of the Agreements and may make such appointments, do and authorize such acts and things and make such orders and regulations as are necessary for that purpose and for carrying out the obligations and exercising any rights of Canada under the Agreements.

  • R.S., c. B-9, s. 2;
  • 1980-81-82-83, c. 128, s. 1.
Marginal note:Establishment of par value

4. Without restricting the generality of section 3 and notwithstanding any other statute or law, the Governor in Council may take such measures as he deems necessary to establish, for the purposes and in accordance with the terms of the Agreement for an International Monetary Fund, the par value of the Canadian dollar.

  • R.S., c. B-9, s. 2;
  • 1980-81-82-83, c. 128, s. 1.
Marginal note:Non-enforceability of certain exchange contracts

5. The first sentence of paragraph 2(b) of Article VIII of the Agreement set out in Schedule I has the force of law in Canada.

  • R.S., c. B-9, s. 3.
Marginal note:Bank of Canada designated as depository

6. The Bank of Canada has capacity and power to act as the depository in Canada for the holdings of Canadian currency and other assets of the International Monetary Fund, the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation and the Multilateral Investment Guarantee Agency and shall act as such depository.

  • R.S., 1985, c. B-7, s. 6;
  • R.S., 1985, c. 24 (1st Supp.), s. 5, c. 32 (3rd Supp.), s. 4.
Marginal note:Payment of subscription out of C.R.F.

6.1 The Minister of Finance may pay out of the Consolidated Revenue Fund to the Multilateral Investment Guarantee Agency, in the manner and at the times provided for in the Convention set out in Schedule V, a sum or sums of money not exceeding in the whole six million, four hundred and sixteen thousand, two hundred and sixty American dollars in respect of the initial subscription required to be made by Canada under the Convention.

  • R.S., 1985, c. 32 (3rd Supp.), s. 4.