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Short title
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This Act may be cited as the Asian Development Bank Act 1966.
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Commonwealth act
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.
Who pays: the Commonwealth from consolidated revenue. Who decides: the Governor‑General may authorise issuance of securities. It creates a binding fiscal payment mechanism.
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Direct links to the current provisions in Asian Development Bank Act 1966.
This Act may be cited as the Asian Development Bank Act 1966.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act:
Bank means the Asian Development Bank.
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.
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).
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, any moneys necessary for the purpose of: (a) making any payment that Australia is required to make to the Bank in accordance with the Bank Agreement; or (b) redeeming a security issued under the next succeeding section.
(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. (2) Securities issued under the last preceding subsection: (a) shall be payable to the Bank; (b) shall be non-negotiable and non-interest‑bearing; and (c) shall be payable at their par value on demand.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Asian Development Bank Act 1966.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act:
Bank means the Asian Development Bank.
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.
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).
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, any moneys necessary for the purpose of: (a) making any payment that Australia is required to make to the Bank in accordance with the Bank Agreement; or (b) redeeming a security issued under the next succeeding section.
(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. (2) Securities issued under the last preceding subsection: (a) shall be payable to the Bank; (b) shall be non-negotiable and non-interest‑bearing; and (c) shall be payable at their par value on demand.