International Finance Agreements Order 2022
Checking for alerts... Loading...
2022/280
International Finance Agreements Order 2022
Cindy Kiro, Governor-General
Order in Council
At Wellington this 25th day of October 2022
Present:
The Hon Grant Robertson presiding in Council
This order is made under section 10 of the International Finance Agreements Act 1961 on the advice and with the consent of the Executive Council.
Order
1 Title
This order is the International Finance Agreements Order 2022.
2 Commencement
This order comes into force on the 28th day after the date of its notification in the Gazette.
3 Principal Act
Clause 4 amends the International Finance Agreements Act 1961.
4 Schedule 3 amended
In Schedule 3, Article II, replace section 2(c)(ii) with—
(ii)
In any other case, by an eighty-five percent majority of the total voting power.
Rachel Hayward,
Acting Clerk of the Executive Council.
Explanatory note
This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force 28 days after it is notified in the Gazette, amends the International Finance Agreements Act 1961 to update the text of the Articles of Agreement of the International Finance Corporation (the agreement) set out in Schedule 3.
Schedule 3 is amended to reflect that the previous four-fifths majority voting requirement (relating to increases in capital) in section 2(c)(ii) of Article II of the agreement has been changed to require an 85% majority of total voting power.
Date of notification in Gazette: 27 October 2022.
This order is administered by the Treasury.
Versions
International Finance Agreements Order 2022
RSS feed link copied, you can now paste this link into your feed reader.