International Monetary Fund and International Bank for Reconstruction and Development Order (P.C. 1945-7421)

Whereas there has been laid before His Excellency the Governor General in Council a report from the Secretary of State for External Affairs, concurred in by the Minister of Finance, representing, —

That the Bretton Woods Agreements Act, 1945, approved the Agreements for an International Monetary Fund and an International Bank for Reconstruction and Development set out in the Schedules to that Act;

That the said Act provides in Subsection (2) of Section 2 thereof that the Governor in Council may authorize the acceptance on behalf of Canada of the said 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 of Canada under the said Agreements;

That Article XX of the aforesaid Agreement for an International Monetary Fund provides that the Agreement shall enter into force when it has been signed on behalf of governments having 65 per cent of the total of the quotas set forth in Schedule A thereto and when each such government has deposited with the Government of the United States of America an Instrument setting forth that it has accepted the Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations thereunder, and further provides that each government shall become a member of the Fund as from the date of the deposit of such Instrument, except that no government shall become a member before the Agreement enters into force;

That Article XI of the aforesaid Agreement for an International Bank for Reconstruction and Development provides that the Agreement shall enter into force when it has been signed on behalf of the governments whose minimum subscriptions comprise not less than 65 per cent of the total of the quotas set forth in Schedule A thereto and when each such government has deposited with the Government of the United States of America an Instrument setting forth that it has accepted the Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations thereunder, and further provides that each government shall become a member of the Bank, as from the date of the deposit of such Instrument, except that no government shall become a member before the Agreement enters into force;

That it is expedient that Lester Bowles Pearson, Ambassador to the United States of America, be authorized to sign the aforementioned Agreements on behalf of Canada;

That it is expedient that the aforementioned Agreements be accepted on behalf of Canada and that Lester Bowles Pearson be authorized to sign and transmit to the Government of the United States of America instruments setting forth that Canada has accepted the Agreements in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations thereunder;

That it is expedient that, on and after the date on which Canada becomes a member of the International Monetary Fund, Sections 2 to 9 inclusive of Article IX of the Agreement therefor be given the force of law in Canada; and

That it is expedient that, on and after the date on which Canada becomes a member of the International Bank for Reconstruction and Development, Sections 2 to 9 inclusive of Article VII of the Agreement therefor be given the force of law in Canada.

Now, THEREFORE, His Excellency the Governor General in Council, on the recommendation of the Secretary of State for External Affairs, concurred in by the Minister of Finance, is pleased, hereby, —

• (a) to authorize Lester Bowles Pearson to sign the Agreements for an International Monetary Fund and an International Bank for Reconstruction and Development set out in the Schedules to the Bretton Woods Agreements Act, 1945;

• (b) to accept the aforementioned Agreements on behalf of Canada and to authorize Lester Bowles Pearson to sign and transmit to the Government of the United States of America instruments setting forth that Canada has accepted the aforementioned Agreements in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations thereunder.

His Excellency in Council, on the same recommendation and with the concurrence aforesaid, is further pleased to order and it is hereby ordered, —

• 1. That, on and after the date on which Canada becomes a member of the International Monetary Fund, Sections 2 to 9 inclusive of Article IX of the Agreement therefor shall have the force of law in Canada; and

• 2. That, on and after the date on which Canada becomes a member of the International Bank for Reconstruction and Development, Sections 2 to 9 inclusive of Article VII of the Agreement therefor shall have the force of law in Canada.