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Short title
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This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1983.
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Commonwealth act
This Act authorises the Treasurer to buy extra Asian Development Bank capital: 2,622 paid‑in shares and 49,811 callable shares at US$10,000 each, and to issue non‑negotiable, non‑interest promissory notes to the Bank for payment. Payments are to be made from the Consolidated Revenue Fund, producing immediate budget outlays for paid‑in shares and a contingent liability for callable shares; the Treasurer may determine purchase terms (s4) and s5 of the Asian Development Bank Act 1966 is displaced for these payments (s5(3)).
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Direct links to the current provisions in Asian Development Bank (Additional Subscription) Act 1983.
This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1983.
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 Australia, make an agreement or agreements with the Bank for the purchase by Australia of an additional 2,622 paid‑in shares, and an additional 49,811 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 made under subsection (1) may contain such terms and conditions as the Treasurer determines.
(1) For the purpose of making any payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1), the Treasurer may, on behalf of Australia, make promissory notes and issue them to the Bank. (2) A promissory note made under subsection (1) shall be: (a) payable to the Bank; (b) non‑negotiable and non‑interest bearing; and (c) payable at its par value on demand. (3) Section 5 of the Asian Development Bank Act 1966 does not apply in relation to a payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1).
The moneys necessary for making any payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1), including any payment that is to be made under a promissory note made under subsection 5(1), shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.
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 1983.
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 Australia, make an agreement or agreements with the Bank for the purchase by Australia of an additional 2,622 paid‑in shares, and an additional 49,811 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 made under subsection (1) may contain such terms and conditions as the Treasurer determines.
(1) For the purpose of making any payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1), the Treasurer may, on behalf of Australia, make promissory notes and issue them to the Bank. (2) A promissory note made under subsection (1) shall be: (a) payable to the Bank; (b) non‑negotiable and non‑interest bearing; and (c) payable at its par value on demand. (3) Section 5 of the Asian Development Bank Act 1966 does not apply in relation to a payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1).
The moneys necessary for making any payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1), including any payment that is to be made under a promissory note made under subsection 5(1), shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.