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Short title
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This Act may be cited as the Asian Development Bank (Additional Subscription) Act 2009.
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Commonwealth act
This Act authorises the Treasurer to buy a fixed number of additional Asian Development Bank shares (16,379 paid‑in and 393,101 callable) at US$12,063.50 each, to pay using non‑negotiable, non‑interest‑bearing promissory notes if desired, and to meet payments from the Consolidated Revenue Fund. It gives the Treasurer discretion over contract terms, creates an immediate budgeted outlay and a contingent liability (callable shares), and makes taxpayers ultimately responsible for payments.
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Direct links to the current provisions in Asian Development Bank (Additional Subscription) Act 2009.
This Act may be cited as the Asian Development Bank (Additional Subscription) Act 2009.
This Act commences on the day this Act 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 the following shares of the capital stock of the Bank at a price per share that is the equivalent of 12,063.50 United States dollars: (a) 16,379 additional paid‑in shares; (b) 393,101 additional callable shares. (2) Subject to this Act, an agreement made under subsection (1) may contain such terms and conditions as the Treasurer determines.
(1) The Treasurer may, on behalf of Australia, make promissory notes and issue them to the Bank, for the purposes of making any payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1). (2) A promissory note made under subsection (1) is to be: (a) non‑negotiable; and (b) non‑interest‑bearing; and (c) payable to the Bank at par value upon 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 money necessary for making a payment for the purposes of an agreement made under subsection 4(1) (including any payment that is to be made under a promissory note made under subsection 5(1)) is 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 2009.
This Act commences on the day this Act 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 the following shares of the capital stock of the Bank at a price per share that is the equivalent of 12,063.50 United States dollars: (a) 16,379 additional paid‑in shares; (b) 393,101 additional callable shares. (2) Subject to this Act, an agreement made under subsection (1) may contain such terms and conditions as the Treasurer determines.
(1) The Treasurer may, on behalf of Australia, make promissory notes and issue them to the Bank, for the purposes of making any payment that is to be made by Australia to the Bank under an agreement made under subsection 4(1). (2) A promissory note made under subsection (1) is to be: (a) non‑negotiable; and (b) non‑interest‑bearing; and (c) payable to the Bank at par value upon 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 money necessary for making a payment for the purposes of an agreement made under subsection 4(1) (including any payment that is to be made under a promissory note made under subsection 5(1)) is to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.