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This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1977.
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Commonwealth act
This Act authorises the Treasurer to subscribe, on behalf of Australia, for 2,869 paid‑in shares and 25,818 callable shares in the Asian Development Bank at US$10,000 per share; allows the Treasurer to issue non‑negotiable, non‑interest promissory notes if the Bank accepts them; and provides appropriation from the Consolidated Revenue Fund to meet cash or promissory‑note payments (ss 4, 6, 7).
The Commonwealth funds payments (s 7); the Treasurer negotiates agreement terms and may issue notes (ss 4(2), 6(1)). The agreement only takes effect after the Bank’s authorised capital is increased (s 5).
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Direct links to the current provisions in Asian Development Bank (Additional Subscription) Act 1977.
This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1977.
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 on the commencement of this Act.
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).
callable shares has the same meaning as in the Bank Agreement.
paid‑in shares has the same meaning as in the Bank Agreement.
United States dollar means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 31 January 1966.
(1) The Treasurer may, on behalf of the Commonwealth, make an agreement or agreements with the Bank providing for the purchase by Australia of 2,869 paid-in shares, and 25,818 callable shares, of the capital stock of the Bank at a price per share that is the equivalent of 10,000 United States dollars. (2) Subject to this Act, an agreement so made may contain such terms and conditions as the Treasurer determines.
An agreement made under this Act does not have effect before the authorized capital stock of the Bank has been increased in pursuance of the resolution adopted by the Board of Governors of the Bank on 29 October 1976, a copy of the text of which is set out in the Schedule to this Act.
(1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes. (2) A promissory note issued under subsection (1): (a) shall be payable to the Bank; (b) shall be non-negotiable and non-interest-bearing; and (c) shall be payable at its par value on demand.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia: (a) in pursuance of an agreement made under this Act; or (b) under a promissory note issued under this Act.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1977.
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 on the commencement of this Act.
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).
callable shares has the same meaning as in the Bank Agreement.
paid‑in shares has the same meaning as in the Bank Agreement.
United States dollar means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 31 January 1966.
(1) The Treasurer may, on behalf of the Commonwealth, make an agreement or agreements with the Bank providing for the purchase by Australia of 2,869 paid-in shares, and 25,818 callable shares, of the capital stock of the Bank at a price per share that is the equivalent of 10,000 United States dollars. (2) Subject to this Act, an agreement so made may contain such terms and conditions as the Treasurer determines.
An agreement made under this Act does not have effect before the authorized capital stock of the Bank has been increased in pursuance of the resolution adopted by the Board of Governors of the Bank on 29 October 1976, a copy of the text of which is set out in the Schedule to this Act.
(1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes. (2) A promissory note issued under subsection (1): (a) shall be payable to the Bank; (b) shall be non-negotiable and non-interest-bearing; and (c) shall be payable at its par value on demand.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia: (a) in pursuance of an agreement made under this Act; or (b) under a promissory note issued under this Act.