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International Finance Agreements Amendment Bill (Consistent) [2011] NZBORARp 39 (21 September 2011)

Last Updated: 29 April 2019

International Finance Agreements Amendment Bill

21 SEPTEMBER 2011 ATTORNEY-GENERAL

LEGAL ADVICE

CONSISTENCY WITH THE NEW ZEALAND BILL OF RIGHTS ACT 1990:

INTERNATIONAL FINANCE AGREEMENTS AMENDMENT BILL

1. We have considered whether the International Finance Agreements Amendment Bill (PCO 14511/4.0) (“the Bill”) is consistent with the New Zealand Bill of Rights Act 1990 (“the Bill of Rights Act”). We understand that the Bill is likely to be considered by the Cabinet Legislation Committee at its meeting on Thursday, 29 September 2011.
2. The purpose of the Bill is to amend the International Finance Agreements Act 1961 (“the Act”) to provide for New Zealand to recognise changes to the Articles of Agreement (“the

Articles”) of the International Monetary Fund (“the IMF”). These changes focus on improving the representation of fast-growing emerging market countries at the IMF by realigning members’ quota share with their relative economic weight and enhancing the voting power and representation of low-income countries. The IMF’s main source of lending resources will also be doubled.

3. The Bill also creates a regulation making power in the Act so that future updates to the Articles can be made by regulation to amend a schedule to the Act. The Articles set out the rules and obligations of membership in the International Financial Institutions and are included in the schedules to the Act.
4. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed in the Bill of Rights Act. This advice has been prepared by the Public Law Group and the Office of Legal Counsel.
   

Jeff Orr

Chief Legal Counsel Office of Legal Counsel

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the International Finance Agreements Amendment Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor does its release constitute a general waiver of legal professional privilege in respect of this or any other matter.

Whilst care has been taken to ensure that this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.