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Short title
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This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1995.
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Commonwealth act
This Act authorises the Treasurer to buy extra capital in the Asian Development Bank — 2,047 paid‑in shares and 100,323 callable shares — at a fixed US dollar price per share, and to issue non‑interest, non‑negotiable promissory notes to fund the purchase. The required money is drawn from the Consolidated Revenue Fund.
The Treasurer decides the purchase terms and must carry out the administrative tasks of negotiating the agreements and issuing notes. The measure creates a clear fiscal commitment and administrative workload for Treasury.
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Direct links to the current provisions in Asian Development Bank (Additional Subscription) Act 1995.
This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1995.
This Act commences 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.
(1) The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank for the purchase by Australia of an additional 2,047 paid‑in shares, and an additional 100,323 callable shares, of the capital stock of the Bank at a price per share that is the equivalent of 12,063.50 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) is to be: (a) payable to the Bank; and (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)) are to 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 1995.
This Act commences 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.
(1) The Treasurer may, on behalf of Australia, make an agreement or agreements with the Bank for the purchase by Australia of an additional 2,047 paid‑in shares, and an additional 100,323 callable shares, of the capital stock of the Bank at a price per share that is the equivalent of 12,063.50 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) is to be: (a) payable to the Bank; and (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)) are to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.