Bretton woods agreements (amendment) act 2012

• Act Number: 5
• Enactment Date: 05 March 2012

Number 5 of 2012
BRETTON WOODS AGREEMENTS (AMENDMENT) ACT 2012
ARRANGEMENT OF SECTIONS
Section
1. Definitions.
2. Approval of acceptance of Seventh Amendment of Articles.
3. Short title, construction and collective citation.
SCHEDULE
Seventh Amendment of the Articles
Act Referred to
Bretton Woods Agreements Acts 1957 to 2011
Number 5 of 2012
BRETTON WOODS AGREEMENTS (AMENDMENT) ACT 2012
AN ACT TO MAKE PROVISION IN RESPECT OF THE ACCEPTANCE BY THE GOVERNMENT OF THE AMENDMENT OF THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND APPROVED BY THE BOARD OF GOVERNORS OF THAT FUND ON 15 DECEMBER 2010 AND TO PROVIDE FOR RELATED MATTERS.
[5th March, 2012]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Definitions.	1.— In this Act—
	“Articles” means the Articles of Agreement of the International Monetary Fund;
	“Board of Governors” means the Board of Governors of the International Monetary Fund.
	Approval of acceptance of Seventh Amendment of Articles.	2.— Acceptance by the Government of the amendment of the Articles set out (in the English language) in the Schedule (being the amendment approved by the Board of Governors by Resolution 66-2 adopted on 15 December 2010) is approved.
	Short title, construction and collective citation.	3.— (1) This Act may be cited as the Bretton Woods Agreements (Amendment) Act 2012.
	(2) The Bretton Woods Agreements Acts 1957 to 2011 and this Act shall be construed together as one Act.
	(3) This Act shall be included in the collective citation “Bretton Woods Agreements Acts 1957 to 2012”.
SCHEDULE Seventh Amendment of the Articles
Section 2 .
1. The text of Article XII, Section 3(b) shall be amended to read as follows:
“(b) Subject to (c) below, the Executive Board shall consist of twenty Executive Directors elected by the members, with the Managing Director as chairman.”.
2. The text of Article XII, Section 3(c) shall be amended to read as follows:
“(c) For the purpose of each regular election of Executive Directors, the Board of Governors, by an eighty-five percent majority of the total voting power, may increase or decrease the number of Executive Directors specified in (b) above.”.
3. The text of Article XII, Section 3(d) shall be amended to read as follows:
“(d) Elections of Executive Directors shall be conducted at intervals of two years in accordance with regulations which shall be adopted by the Board of Governors. Such regulations shall include a limit on the total number of votes that more than one member may cast for the same candidate.”.
4. The text of Article XII, Section 3(f) shall be amended to read as follows:
“(f) Executive Directors shall continue in office until their successors are elected. If the office of an Executive Director becomes vacant more than ninety days before the end of his term, another Executive Director shall be elected for the remainder of the term by the members that elected the former Executive Director. A majority of the votes cast shall be required for election. While the office remainsvacant, the Alternate of the former Executive Director shall exercise his powers, except that of appointing an Alternate.”.
5. The text of Article XII, Section 3(i) shall be amended to read as follows:
“(i) (i) Each Executive Director shall be entitled to cast the number of votes which counted towards his election.
(ii) When the provisions of Section 5(b) of this Article are applicable, the votes which an Executive Director would otherwise be entitled to cast shall be increased or decreased correspondingly. All the votes which an Executive Director is entitled to cast shall be cast as a unit.
(iii) When the suspension of the voting rights of a member is terminated under Article XXVI, Section 2(b), the member...