Bretton Woods Agreements (Amendment) Act, 1969

Provisions relating to special drawing rights.

3.—(1) If, but only if, the proposed amendment (in this section referred to as the amendment) is made and the Government becomes a participant in the Special Drawing Account for which provision is included in the amendment, the provisions of this section shall have effect.

(2) The Central Bank is hereby authorised on behalf of the Government,

(a) to receive from the Fund any special drawing rights allocated to the Government in pursuance of the amendment, and

(b) to acquire in pursuance of the amendment special drawing rights other than those mentioned in paragraph (a) of this subsection.

(3) The Central Bank shall, on behalf of the Government, exercise the rights and accept and discharge the obligations whether relating to special drawing rights received or acquired under this section or otherwise arising from participation in the Special Drawing Account.