Development Banks Act 2005

Amendment of Act of 1957.

5

5.—(1) Section 1 of the Act of 1957 is amended—

(a) in the definition of “the Fund Agreement” by inserting “, and any amendments to the Agreement which are or have been approved by Dáil Éireann pursuant to Article 29.5.2. of the Constitution” after “set out in Part I of the Schedule to this Act”, and the said definition, as so amended, is set out in the Table to this subsection, and

(b) in the definition of “the Bank Agreement” by inserting “, and any amendments to the Agreement which are or have been approved by Dáil Éireann pursuant to Article 29.5.2 of the Constitution” after “set out in Part II of the Schedule to this Act”, and the said definition, as so amended, is set out in the Table to this subsection.

TABLE

“the Bank Agreement” means the agreement, for the establishment and operation of an international body to be called the International Bank for Reconstruction and Development, which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, and of which the text of the Articles is set out in Part II of the Schedule to this Act, and any amendments to the Agreement which are or have been approved by Dáil Éireann pursuant to Article 29.5.2 of the Constitution;

“the Fund Agreement” means the agreement, for the establishment and operation of an international body to be called the International Monetary Fund, which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, and of which the text of the Articles is set out in Part I of the Schedule to this Act, and any amendments to the Agreement which are or have been approved by Dáil Éireann pursuant to Article 29.5.2 of the Constitution;

(2) Section 2 of the Act of 1957 is amended, with effect from the passing of this Act—

(a) by re-numbering that section as subsection (1) of that section, and

(b) by inserting the following subsection after subsection (1):

“(2) The Minister for Finance shall cause notice of the approval by Dáil Éireann, pursuant to Article 29.5.2 of the Constitution, of an amendment to the Agreement to be published in the Iris Oifigiúil as soon as may be after its approval.”.