International Monetary Fund Act

186
THE INTERNATIONAL MONETARY FUND ACT,
1969
No. 16 of 1969
Date of Assent: 3rd September, 1969
Date of Commencement: 5th September, 1969
An Act of Parliament to provide for the acceptance by Kenya
of an amendment to the Articles of Agreement of the
International Monetary Fund, and to provide for Kenya's
participation in the Special Drawing Account established
thereunder
WHEREAS the Board of Governors of the International
Monetary Fund have approved, in Resolution No. 23-5 of
31st May, 1968, an Amendment (hereinafter in this Act
referred to as the Amendment) to the Articles of Agreement
of the said Fund:
AND WHEREAS the Amendment provides for the establish-
ment of a Special Drawing Account for special drawing rights
to meet the need, as and when it arises, for a supplement to
existing reserve assets:
AND WHEREAS copies of the text of the Amendment have
been laid before the National Assembly:
AND WHEREAS it is expedient that Kenya should accept
the Amendment and become a participant in the said Special
Drawing Account :
Now THEREFORE, BE IT ENACTED by the Parliament of
Kenya, as follows:-
1. This Act may be cited as the International Monetary
Fund Act, 1969. 2.

ount :
Now THEREFORE, BE IT ENACTED by the Parliament of
Kenya, as follows:-
1. This Act may be cited as the International Monetary
Fund Act, 1969. 2.

In this Act, "the Minister" means the Minister for
the time being responsible for matters relating to finance. 3. The Minister is hereby authorized to communicate,
on behalf of the Government of Kenya, the acceptance by the
Government of the Amendment, and to execute an instrument
under his hand setting forth that the Government undertakes
Short title . Interpretation. Acceptance of
the Amendment
and participation
in the Special
Drawing
Amount.

etting forth that the Government undertakes
Short title . Interpretation. Acceptance of
the Amendment
and participation
in the Special
Drawing
Amount.

187
1969 The International Monetary fund No. 16
all of the obligations of a participant in the Special Drawing
Account in accordance with its law and that the Government
has taken all steps necessary to carry out all the said
obligations. 4. (1) As from the date that the Amendment enters into Implementation
force as provided by the hereinbefore recited Resolution, the of the
Amendment. Bretton Woods Agreement Act shall apply to the Articles of cap 464 . Agreement of the International Monetary Fund as modified
by the Amendment. (2) Special drawing rights and any proceeds from their
use shall be kept in a special account in the Central Bank of
Kenya and, nothwithstanding the provisions of any other law,
that Bank is hereby authorized, on behalf of the Government
of Kenya, to acquire or dispose of such special drawing rights,
to make payments in or in respect of any use of such rights
and to use any sums in that account in accordance with the
Amendment.

cial drawing rights,
to make payments in or in respect of any use of such rights
and to use any sums in that account in accordance with the
Amendment.

(3) For the purpose of providing any sums required for
making any payments under this section, the Minister may,
on behalf of the Government—
(a) make payments out of the Consolidated Fund without
further appropriation than this Act; and
(b) raise loans by the creation and issue of securities
bearing such rates of interest and subject to such
conditions as to repayment, redemption or otherwise
as he may think fit, and the principal and interest
of such securities and the charges and expenses
incurred in connexion with their issue shall be
charged on and paid out of the Consolidated Fund. (4) The right of the Minister to raise loans and of the
Central Bank of Kenya to purchase and hold securities issued
under this section shall not be affected by any limitations
which have been or may be imposed, whether by law, agree-
ment or otherwise, upon the power of the Minister to borrow
and the Central Bank of Kenya to lend. (5) The provisions of Article XXVII (b) of the Articles
of Agreement of the International Monetary Fund, as inserted
therein by the Amendment, set out in the Schedule to this
Act shall have the force of law in Kenya.

nt of the International Monetary Fund, as inserted
therein by the Amendment, set out in the Schedule to this
Act shall have the force of law in Kenya.

188
No. 16 The International Monetary fund 1969
Regulations. 5. The Minister may make any such regulations as may
be necessary to enable the Government to carry out its
obligations as a participant in the Special Drawing Account.
SCHEDULE (s. 4 (5))
ARTICLE X_XVII—ADMINISTRATION OF THE GENERAL ACCOUNT AND
THE SPECIAL DRAWING ACCOUNT
(b) In addition to the privileges and Immunities that are accorded
under Article IX of this Agreement, no tax of any kind
shall be levied on special drawing rights or on operations or
transactions in special drawing rights.