{"id":"C1966A00025","name":"Asian Development Bank Act 1966","slug":"asian-development-bank-act-1966","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"25 of 1966","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":1905,"registerId":"C2024C00299","compilationNumber":"1","startDate":"2024-07-10","status":"InForce","reasons":[{"affect":"Amend","markdown":"sch 4 (items 1-3) of the [Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024](/C2024A00067)","dateChanged":null,"amendedByTitle":null,"affectedByTitle":{"name":"Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024","year":2024,"number":67,"titleId":"C2024A00067","provisions":"sch 4 (items 1-3)","seriesType":"Act","optionalSeriesNumber":null}}],"registeredAt":"2024-07-22T14:51:36.980Z"},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the Asian Development Bank Act 1966.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This Act shall come into operation on the day on which it receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Definitions","content":"#### 3 Definitions\n\n  In this Act:\n\n> Bank means the Asian Development Bank.\n\n> Bank Agreement means the Agreement establishing the Asian Development Bank, done at Manila on 4 December 1965, as in force for Australia from time to time.\n\n> Note: The Agreement establishing the Asian Development Bank is in Australian Treaty Series 1966 No. 13 (\\[1966\\] ATS 13) and could in 2024 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Appropriation","content":"#### 4 Appropriation\n\n  There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, any moneys necessary for the purpose of:\n    (a) making any payment that Australia is required to make to the Bank in accordance with the Bank Agreement; or\n    (b) redeeming a security issued under the next succeeding section.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Issue of securities","content":"#### 5 Issue of securities\n\n  (1) To the extent to which the Bank is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Bank, promissory notes or other obligations issued by Australia, the Governor‑General may authorize the issue of securities.\n  (2) Securities issued under the last preceding subsection:\n    (a) shall be payable to the Bank;\n    (b) shall be non-negotiable and non-interest‑bearing; and\n    (c) shall be payable at their par value on demand.","sortOrder":4}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Act’s scope is limited to authorising payment of Australia’s obligations under the Asian Development Bank Agreement and permitting issuance of specified securities in lieu of cash. It also defines the Bank and the Bank Agreement and commences on Royal Assent; there is no change in scope apparent within the text provided."},"complexity_factors":["Short, single-purpose Act with few provisions limiting interpretive issues.","Dependency on an external treaty (the Bank Agreement) for triggering payment obligations and the circumstances in which securities may be accepted (see definitions and s4–s5).","Appropriation of funds from the Consolidated Revenue Fund creates straightforward fiscal effect (s4).","Discretion to issue securities resides with the Governor‑General but is conditional on the Bank's willingness to accept promissory notes or obligations (s5(1)), adding a limited contingent-decision layer.","Characteristics of issued securities are tightly specified (non-negotiable, non-interest-bearing, payable on demand), reducing contractual complexity (s5(2))."],"plain_english_summary":"This Act authorises the Commonwealth to meet Australia’s financial obligations under the Agreement establishing the Asian Development Bank by appropriating funds from the Consolidated Revenue Fund and, where the Bank will accept them, issuing non‑interest, non‑negotiable promissory notes in lieu of cash. It defines the Bank and the Bank Agreement and takes effect on Royal Assent.\n\nWho pays: the Commonwealth from consolidated revenue. Who decides: the Governor‑General may authorise issuance of securities. It creates a binding fiscal payment mechanism."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: enabling Australia's membership in the Asian Development Bank through financial appropriations and securities issuance. No significant scope creep is evident."},"complexity_factors":["Only 3 defined terms in the interpretation section","No cross-references to other Acts","Straightforward conditional logic (single 'to the extent' clause in section 5)","Minimal exceptions or nested conditions","Very short length (5 sections total)","Simple appropriation mechanism with standard constitutional basis"],"plain_english_summary":"**What this law does:**\n\nThis Act allows Australia to become a member of the Asian Development Bank (ADB) — a regional financial institution that provides loans and development assistance to countries in Asia and the Pacific.\n\n**Key things it sets up:**\n\n* **Money payments:** It authorises the government to pay Australia's financial contributions to the Bank from the national budget (the Consolidated Revenue Fund).\n* **IOUs instead of cash:** It lets Australia issue \"securities\" (essentially government IOUs or promissory notes) to the Bank instead of handing over actual money, if the Bank agrees to accept them. These IOUs:\n  * Are made out specifically to the Bank\n  * Can't be sold or traded to anyone else (non-negotiable)\n  * Don't earn interest\n  * Must be paid back at face value whenever the Bank asks\n\n**Who it affects:**\n\nPrimarily the Australian Government and Treasury officials who manage our membership in international financial institutions. Ordinary Australians aren't directly affected, though their tax dollars fund Australia's contributions.\n\n**Why it matters:**\n\nThis legislation underpins Australia's participation in a major regional development bank. Without it, Australia couldn't meet its treaty obligations or make its promised financial contributions to the ADB, which would damage our diplomatic standing and ability to influence development policy in our region."}},"importantCases":[],"_links":{"self":"/api/acts/asian-development-bank-act-1966","history":"/api/acts/asian-development-bank-act-1966/history","analysis":"/api/acts/asian-development-bank-act-1966/analysis","conflicts":"/api/acts/asian-development-bank-act-1966/conflicts","importantCases":"/api/acts/asian-development-bank-act-1966/important-cases","documents":"/api/acts/asian-development-bank-act-1966/documents"}}