Bretton Woods Agreements (Amendment) Act 1999

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Official translationFrom Department of Government Printing, unchanged

s 1Short title and date of operation

This Act may be cited as the Bretton Woods Agreements

(Amendment) Act, No.6 of 1999 and shall come into operation on such date as the Minister, by Order published in the Gazette, certifies as the date on which the Fourth Amendment of the

Articles of Agreement to the International Monetary Fund enters into force in respect of Sri Lanka.

H - 022545

s 2Amendment of Section 10 of Chapter 424

Section 10 of the Bretton Woods Agreements Act is hereby amended by the repeal of the definition of “Fund

Agreement”, and the substitution, of the following definition therefor :–

“Fund Agreement” means the Articles of Agreement of the International Monetary Fund as originally adopted and as subsequently amended –

(a)

in order to establish a facility based on Special

Drawing Rights (the text of which amendment was laid before the House of Representatives on

November 23, 1968) ;

(b)

in order to establish a new International Monetary

System (which amendment was, incorporated in the text of the Articles of Agreement of the

Fund laid before the National State Assembly on

April 4, 1978) ;

(c)

in order to provide for the suspension of voting and related rights of a member country which does not fulfill it’s obligations under such articles (the text of which amendment was laid before Parliament on

October 11, 1991) ;

(d)

in order to provide for a special one time allocation of Special Drawing Rights to existing and new members (the text of which amendment was laid before Parliament on August 4, 1998).”

s 3Sinhala text to prevail in case of inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.