BRETTON WOODS AGREEMENTS

(a) to sign the Articles of Agreement of the International Monetary Fund and the Articles of Agreement of the International Bank for Reconstruction and Development, respectively; and

(b) to deposit with the Government of the United States of America instruments of acceptance of the Articles of Agreement of the Fund (herein after referred to as “the Fund Agreement”) and of the Articles of Agreement of the Bank (hereinafter referred to as “the Bank Agreement”), stating that the Government of Ceylon has accepted in accordance with its law the respective Articles and the terms and conditions prescribed thereunder as the terms upon which the Government of Ceylon shall be admitted to membership of the Fund and of the Bank.

(1) There shall be paid out of the Consolidated Fund of Ceylon such part of the subscriptions of Ceylon specified in the terms and conditions set out in the First Schedule to this Act as may, in accordance with those terms and conditions the provisions of sections 3 and 5 of Article III of the Fund Agreement, be payable in gold or in Ceylon currency .

(2) The Minister is hereby authorized on behalf of the Government, to create and issue to the General Resources Account of the International Monetary Fund, in such form as he thinks fit, 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 Ceylon which would, but for such acceptance, be payable in Ceylon currency.

(1) There shall be paid out of the Consolidated Fund of Ceylon-

(2) The Minister of Finance, if he thinks fit so to do, may, on behalf of the Government, create and issue to the International Monetary Fund, in such form as he thinks fit, any such non-interest bearing and non-negotiable notes or other obligations as the Fund may, under section 5 of Article III of the Fund Agreement, determine to accept in place of any Ceylon currency payable to the Fund under any provisions of the Fund Agreement mentioned in paragraph (a) or paragraph (b) or paragraph (c) of subsection (1) of this section.

(1) There shall be paid out of the Consolidated Fund such part of the Subscription of Ceylon specified in paragraph 2 of the terms and conditions set out in the Second Schedule to this Act as may, in accordance with those terms and conditions and the provisions of Article II of the Bank Agreement, be payable in gold or United States dollars or in Ceylon currency.

(2) The Minister in charge of the subject of Finance is hereby authorized, on behalf of the Government, to create and issue to the International Bank for Reconstruction and Development, in such form as he thinks fit, any such non-interest-bearing and non-negotiable notes or other obligations as the Bank may, under section 12 of Article V of the Bank Agreement, determine to accept in place of any part of the subscription of Ceylon which would, but for such acceptance, be payable in Ceylon currency.

(a) all sums payable to the International Bank for Reconstruction and Development under section 9 of Article II of the Bank Agreement (which relates to changes in the par or foreign exchange value of currencies of members); and

(b) all sums required for the redemption of any notes or obligations created and issued to that Bank under this Act.

(1) For the purpose of providing any sums required to be paid out of the Consolidated Fund under subsection (1) of section 3 of this Act, or under paragraph (a) or paragraph (b) or paragraph (c) of subsection (1) of section 4 of this Act, or under section 5 or section 6 of this Act, the Minister in charge of the subject of Finance is hereby authorized to raise loans, on behalf of the Government, by the creation and issue to the Central Bank of Ceylon, in such form as he thinks fit, of non-interest-bearing and non-negotiable notes or obligations.

(2) Notwithstanding anything in the Monetary Law Act the Central Bank of Ceylon is hereby authorized to accept and hold any notes or obligations created and issued in accordance with the provisions of subsection (1) of this section.

(3) There shall be paid out of the Consolidated Fund all sums required for the redemption of any notes or obligations created and issued to the Central Bank of Ceylon under subsection (1) of this section.

(1) The Central Bank of Ceylon is hereby authorized to make payment of all sums required for the purpose of paying any charges payable to the International Monetary Fund under section 8 of Article V of the Fund Agreement.

(2) All sums received by or on behalf of the Government of Ceylon from the International Monetary Fund or from the International Bank for Reconstruction and Development, other than sums received by reason of operations of the Central Bank of Ceylon under Article V or Article VII or Article VIII of the Fund Agreement, shall be paid into the Consolidated Fund; and the sums so received, in so far as they represent capital, shall, unless otherwise provided in that behalf by any written law, be applied from time to time as the Minister in charge of the subject of Finance may direct in the redemption of notes or other obligations issued to the Central Bank under this Act.

(1) The President may, by Order, make such provision as he may consider reasonably necessary for carrying into effect any of the provisions of the Fund Agreement and the Bank Agreement relating to the status, immunities and privileges of the International Monetary Fund and of the International Bank for Reconstruction and Development and their respective Governors, executive directors, alternates, officers and employees, or any of the provisions of the Fund Agreement as to the unenforceability of exchange contracts.

(2) Without prejudice to the generality of the provisions of subsection (1), any Order made under that subsection may declare that any specified provisions of the Fund Agreement or the Bank Agreement shall have the force of law in Ceylon.