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Act No. 5 Of 1954

Original Language Title: Undang-Undang Nomor 5 Tahun 1954

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REPUBLIC OF INDONESIA LAW NUMBER 5 1954

ON THE MEMBERSHIP OF THE REPUBLIC OF INDONESIA FROM MONETARY FUNDS

INTERNATIONAL (INTERNATIONAL MONETERY FUND) AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

(INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT)

PRESIDENT OF THE REPUBLIC OF INDONESIA, WEIGHING: that the International Monetary Fund (subsequently named

"Dana") and the International Bank for Reconstruction and Development (subsequently named the "Bank") was established in accordance with the United Nations Monetary and Financial Conperence at Bretton Woods, New Hampshire in the United States in July 1944;

that the Funds and the Bank have accepted the resolutions

attached to this Act as consecutive Appendix A and Appendix B, which sets the rules and terms on the basis of which the Republic of Indonesia could be welcome to be a consecutive member of the Fund and the Bank; that The Republic of Indonesia needs to be a member of the Fund and the Bank;

Given: article 118 and article 120 of the Provisional Basic Law

Republic of Indonesia; With the approval of the People's Representative Council.

DECIDED: Assign: THE LAW ON MEMBERSHIP

THE REPUBLIC OF INDONESIA FROM THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT).

Article 1 of the President of the Republic of Indonesia may authorize: 1. Menanda on behalf of the Government of the Republic of Indonesia in a row-

section of the Fund Agreement and the Bank Approval section; and 2. submitted to the Government of the United States documents statement

acceptance of the provisions of the Funds Agreement and the Bank Agreement, which states that the Government of the Republic of Indonesia has accepted, in accordance with the The legislation, each of these articles and the rules and terms contained in each of these shared resolutions are attached as Appendix A and attachment B as the terms, on which basis the Republic of Indonesia will be allowed to be a member of the Fund and the Bank.

Article 2

(1) Minister Finance is hereby authorized to take any action to

fulfill the obligations and use the rights of the Republic of Indonesia according to its approvals and resolutions.

(2) The actions of the Republic of Indonesia.

(2) The actions that are in the past are not available. It is said to be the Minister of Finance according to paragraph 1, including: a. storage designation for the Fund and Bank inventory

in the form of Indonesian currency; b. the appointment of a financial representative to relate to

the Fund and the Bank on behalf of the Government of the Republic of Indonesia; c. payment or actions that result in the payment of

the number of Republican inclusion Indonesia to successive Funds and Banks;

d. the payment of any other amounts that may need to be paid due to the membership in the Fund or the Bank needs to be paid or that the Government of the Republic of Indonesia may be disnodded to be paid to the Fund or the Bank or to any member thereof;

e. recipients of all the amounts that the Fund and the Bank may be paid to the Government of the Republic of Indonesia;

f. hold and issue non-flowering and non-trafficked treasury papers or other obligations to be submitted to the Fund or the Bank as a substitute for each part of the Indonesian currency;

g. hold and issue other obligations with regulations and terms that the Minister of Finance may set forth to hold the loans to receive the amount required for payment according to the Any rules in this law, or in those agreements, or in those resolutions, or in those resolutions, or the payment or actions that result in the payment of all the amounts required to pay off. each of the treasury or the obligations of the bonds that are held and issued as set at the top.

Article 3 of the Bank of Indonesia on the order of the Minister of Finance will pay with gold, on behalf of the Republic of Indonesia, part of the inclusion of the Government of the Republic of Indonesia, to successive Funds and Banks, which must be paid with gold; The Government of the Republic of Indonesia will pay with the Indonesian currency part of the inclusion, to the Fund and the Bank, which must be paid with the currency of Indonesia; any amount payable with gold to the Republic of Indonesia by Funds and Banks pursuant to their respective approval sections in terms of withdrawal Whether or not they will be transferred to the Bank of Indonesia, but on the condition that the amount of gold should be transferred it will not exceed the amount of gold paid by the Bank of Indonesia, as a part of the The inclusion of the Republic of Indonesia to the Fund and the Bank, on the terms, that if the amount of gold received by the Republic of Indonesia is less than the amount of gold paid by the Bank of Indonesia, the Republic of Indonesia will pay with the eyes Indonesia's money to the Bank of Indonesia, as an increase in the gold, the difference between the numbers gold paid by the Bank of Indonesia and the amount of gold transferred to the Bank of Indonesia; the right of the Bank of Indonesia to receive payment-such payment from the Government of the Republic of Indonesia will be a property of Bank Indonesia, which can It's on the weather in the right way. The right of the Republic of Indonesia to accept such payments above from the Fund and the Bank shall be a property that can be included in its calculation books in the appropriate manner.

Article 4 of the regulations in Article IX Verses 2 up to 9 (which about the position, immunity and privileges of the Fund) and the first sentence of Article VIII paragraph 2 (b) of the Funds Agreement (which regarding the exchange contracts that violate the rules of the law) (oversight of devisen) and Article VII of verses 2 to 9 of the Bank Agreement (which Regarding the position, immunity-immunity and special rights of the Bank) will have the full power and influence over the legislation in the Republic of Indonesia on the time the Republic of Indonesia receives membership in consecutive Funds and the Bank.

Article 5 of the Act is named "The International Monetary Fund and the International Bank of 1953" and came into effect on the day of promulgations. In order for everyone to be able to know it, order the invitation of this legislation with the placement in the State Sheet of the Republic of Indonesia.

Disdeployed in Jakarta on 13 January 1954. PRESIDENT OF THE REPUBLIC OF INDONESIA, ttd SUKARNO.

It was promulred on August 1, 1954. THE PRIME MINISTER REPRESENTS THE MINISTER OF JUSTICE,

ttd DJODY GONDOKUSUMO. FINANCE MINISTER,

ttd ALI SASTROAMIDJOJO.

MEMORY EXPLANATION FOR

LEGISLATION REPUBLIC INDONESIA NUMBER 5 IN 1954

ABOUT THE INDONESIAN REPUBLIC MEMBERSHIP OF THE MONETARY FUND

INTERNATIONAL (INTERNATIONAL MONETERY FUND) AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

(INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT) Immediately after the outbreak of the Second World War in 1939, in the United States it was a study of international financial relations for the expiration of the war, under the leadership of the United States. Harry D. White, who was late in 1941 produced a memorandum on " Usul for the Stabilization Fund of the United States " (Proposal for a Stabilization fund of the United and Associated Nations), which later called the White Plan. Meanwhile, these problems were studied in England by John Maynard Keynes, who in 1942 produced "The proposals for the International Clearing Union", later called the Keynes Plan. The compromis between the two plans resulted in a plan to establish the International Monetary Fund and the International Bank for the Reconstruction and development discussed at the United Nations Monetary and Financial Conperence in the United Nations. Bretton Woods, New Hampshire in the United States began on July 1, 1944, and which ended on 22 July 1944, with the approval of the Bretton Woods Agreement signed by 44 countries, which together with the translation was delivered to the United States. The House of Representatives. The agreement consists of two parts, the Articles of Agreement International Monetary Fund and the "International Bank of the Agreement for Reconstruction and Development" (Articles of the International Monetary Fund). Agreement International Bank for Reconstruction and Development). The provisions of the Fund as set forth in section 1 of the provisions of the Funds Agreement, are the Stabilisation of the dates, the expansion of international trade, the decline of the dances-the customs, adjustments and stabilization of money, abolition of the The restrictions are gradually, and in order to achieve it will provide financial aid to members to overcome the temporary balance of their balance of payment. The purpose of the Bank was to provide long-term assistance for the purpose of the product to the countries that suffered damage to the war and the countries that were underdeveloped in its economic development. with the path easier to plant capital over the proper terms. For that, the bank would give loans, take part in lending or guarantee loans provided with other roads for that purpose. For each member of the Fund, with the member's consent, a quota is based on the need for foreign payment tools. Based on this quota set the number of inclusion should be paid by the member, the number of votes given to him and the limits for his right to help

finance of the Fund, however, does not limit the help that can be provided with the delivery of experts. Every five years this quota is revisited and if it needs to be adjusted to the circumstances that may change. For each member of the Bank, with the approval of the member, the Bank is set to be a total number of inclusion in the world's economic arrangement. This amounts to the basis for the designation of the number of votes given to the member, the amount payable by him, but it has nothing to do with the amount of help that the member of the bank can receive. Bank membership is only open to members of the Fund. Each member each time can resign from the Fund and/or the Bank. It may also be removed from the Fund and/or Bank, if it does not comply with its obligations. The member who resigned from the Fund, can remain a member of the Bank, if approved by the Bank. If the members are out of the Fund and/or the Bank, he gets back the amount that his debts are reduced by his debts in terms of the Funds and/or the Bank of each member receiving part of the results of those livvates. The Chief of the Fund is located on the Board of Governors, the Board of Directors of the Exarchate and a Director of Leaders. The head of the Bank is on the Board of Governors, the Board of Directors and the President of the Exarchate. Each member in each Board of Governors is represented by a Governor and his deputy. In each of the Council Directors, the members can be represented directly by a Director (for the five largest members of the quota or its inclusion) or indirectly by joining the other members and the members of the Board of Directors. choosing a Director among them. The Director of the Leader of the Fund and the President of the Bank are elected by the Board of Directors of the Exarchate Directors On June 24, 1950, the Government put forward a request to become a member of the Fund and the Bank, and after it was held talks and taken away enough time to consider all things as well as its good. On September 10, 1952 by the Board of Governors of the Fund and the Board of Governors of the Bank on its trial in Mexico City approved resolutions containing regulations and terms, on the basis of which the Government of the Republic of Indonesia can be allowed became a member of each of the Funds and the Bank. The resolutions, as well as the translation, were presented as an appendix to the law. THE EXPLANATION OF THE ARTICLE BY SECTION. Article 1 1. In accordance with the rules in chapter XX, paragraph 2 (f) of the Approval

Fund and section XI paragraph 2 (f) of the Bank Agreement, which stipulaes, that the approval of the aseli stored in Washington, must be signed. It is also set in paragraph 6 (b) of the Bank Resolution and paragraph 8 (b) of the Resolution of the Fund.

2. It is necessary to fulfill the terms of article XX paragraph 2 (a) of the Funds Agreement and Section XI of paragraph 2 (a) of the Bank Agreement, which stipulaes, that it will be kept to the United States Government of a tool that states, that the members of the It has received its approval according to its undraing and that the members have taken all actions to allow the hosting of all obligations under those agreements. This is in accordance with the terms in paragraph 8 (a) of the resolution of the Fund and paragraph 6 (a) of the Bank resolution.

Article 2 is a broad section that gives power to the Finance Minister to take each and all actions and Work on each and every way possible to fulfill the obligations and use of the rights of the Republic of Indonesia under the terms of consent-resolutions and resolutions. This is specified in section 2 of paragraph 1. 2. provide the details of some, but not all actions made available to the Minister of Finance. The so-called power is to meet the various articles of the Dana and Bank Agreement. Power to:

a. Designating the storage for the provisions of the Indonesian currency from the Fund and the Bank is to meet the specified in section XIII paragraph 2 of the Funds Agreement and the section V paragraph II of the Bank Agreement.

b. Designating the financial body to connect with the Fund and the Bank on behalf of the Republic of Indonesia is to meet the specified in section V paragraph 1 of the Funds Agreement and section III paragraph 2 of the Bank Agreement.

c. Pay or take actions that result in the payment of the amount of the inclusion of the Republic of Indonesia to the Fund and the Bank is to meet the specified nature of section III of the Fund Agreement as set forth in paragraphs 3 and 4 from the Resolution of the Fund and section II (especially verses 3 and 7 of him) of the Bank Agreement as specified in paragraph 2 and 4 of the Bank Resolution.

d. Pay or take actions that result in payment of each other amount, which due to membership in the Fund and the Bank may need to be paid, or which the Government of the Republic of Indonesia may be dispelted to be paid to the Fund or a bank or to something a member of him. Those amounts may have to be paid, for example if the par value of the member's currency is lowered or the value in the devisen from the member's currency has dropped a mean price in its own area (article IV of paragraph 8 (b) of the Funds Agreement, the section 2nd paragraph 9 of the Bank Agreement). Payment may also need to pay the loss due to the guarantee specified in section XIII paragraph 3 of the Approval Fund which specifies, that the member must warrant the Fund's property against the loss due to the cunchness or cheating of the the storage designated by the Government of the Republic of Indonesia; the payment may be required to pay off the treasury papers or the obligations

held and issued for the Fund or the Bank, or the loss needs to be paid to the Fund according to the order of D of the Fund Agreement regarding the withdrawal of a member of the Fund or according to the order of E thereof concerning the Fund's likwitie. It is also possible that payment is required under section VI of paragraph 4 (c) (i) of the Bank Agreement regarding the cessation of membership in the Bank. Payment may be held in accordance with the terms of the Agreement, as applicable, in accordance with the terms of the Agreement. It also contains the power to repurchase transactions with the Fund according to section V paragraph 7 of the Fund's approval.

e. Accepting all amounts may be paid by the Fund and the Bank to the Government of the Republic of Indonesia; such may occur, for example the time withdrawing from the Fund according to the arrangement of D or the likwitie of the Fund according to the order of E. In terms of withdrawal with its own will of the Bank pursuant to section VI of paragraph 1 or due to a termination of the membership in the Fund which may result in the termination of a member as a member of the Bank, certain payments may be held to Minister of Finance, according to article VI of paragraph 4 (b) and (c). If the Bank stops its work according to section VI, the Bank may need to pay it to members according to Article VI of paragraph 5.

f. To conduct and issue non-flowering, non-trading or other bonds to be handed over to the Fund and the Bank, to replace each part of the Indonesian currency is in accordance with the terms of the IBM International Trade Association ("IBM"). section III paragraph 5 of the Funds Agreement which allows the Funds to receive untraded treasury letters and non-flowering or other obligations as a substitute for the member's currency, and section V of the section 12 of the Bank ' s Approval Approval to the Bank to accept Treasury letters or bonds that are non-flowering and may not be traded and payable in a request, in lieu of payment with the member's currency according to section II of paragraph 7 (i).

g. To conduct and issue other bonds with regulations and terms that the Minister of Finance may set forth to hold the loans to receive the amount required according to each of the The rules of this Act, of the consent, or of the resolutions, or to pay or to take actions that result in the payment of all the amounts required to pay each of the letters. Treasury or Obligations are held and issued as Set it up. Holding and issuing other bonds may be necessary, for example, if the Bank requests payment from 80% of the issuer of the previously unpaid Republic of Indonesia (see verse 4 of the Bank Resolution). If the power of the Minister is limited to holding unbloated bonds and cannot be traded as mentioned at (f) above, it may be difficult for the Minister to hold the money that might be needed to pay for the money. Bank request, due to the nature of non-flowering bonds

and cannot be traded, which is not easy to sell. The Minister of Finance may need to also issue other bonds to replace it or to replace the previously issued obligations in accordance with the powers that were first granted.

Article 3 Gives power to the Minister of Finance to order the Bank of Indonesia to pay in the name of the Republic of Indonesia, parts of the Inclusion in the Fund and the Bank that are gold, while the parts of the inclusion of the Republic of Indonesia are the same. Which is the currency of Indonesia will be paid for by the Government. The right of the Republic of Indonesia to accept payments from the Fund and the Bank, in the event of withdrawal from it or the liviation of those bodies belongs to the Republic of Indonesia which can be included in its books in a proper manner. Some of these rights, who knew the payments by the Fund and the Bank were gold, were transferred to the Bank of Indonesia on the condition that the amount of gold, whose rights were transferred, would not exceed the amount paid by the Bank. Indonesia, and that if the amount is less than the amount paid by the Bank of Indonesia, the Government will pay its shortfall to the Bank of Indonesia with the Indonesian currency. The Bank of Indonesia's right to receive gold, and if necessary, that payment, it belongs to the Bank of Indonesia which can be listed in its weather in a proper manner. Section 4 is required to meet the specified in Section IX, paragraph 2 to 9 of the Funds Agreement and section VIII, paragraph 2 to 9 of the Bank's Approval, which provides the position, immunity and privileges to the Fund and Bank, and it is necessary to meet the specified in section VIII, paragraph 2 (b) of the Funds Agreement, which states that the contract of the exchange, as opposed to the Devisen Surveillance Act of any member as well, is In accordance with the Fund's approval, it will not be forced into any of these Members. Article 5 calls the name of the law.