Commonwealth act

Asian Development Fund Act 1976

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

146 of 1976

Collection

act

Plain English Summary

1/10 complexity

This Act authorizes the Australian government to make a financial contribution to the Asian Development Fund — a pool of money managed by the Asian Development Bank that provides low-interest loans and grants to poorer countries in the Asia-Pacific region.

Specifically, the Act allows:

The Minister to notify the Bank that Australia intends to contribute up to $30,730,586
The Treasurer to issue promissory notes (essentially government IOUs) to the Bank to cover this contribution
Payment to come from the Consolidated Revenue Fund (Australia's main government bank account)

The promissory notes are non-negotiable (can't be sold to others) and non-interest-bearing (no extra cost beyond the face value), and can be cashed in by the Bank whenever needed.

This is a straightforward "money appropriation" law — it simply opens the government chequebook for a specific international aid commitment.

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Current sections

Direct links to the current provisions in Asian Development Fund Act 1976.

Asian Development Fund Act 1976

ASIAN DEVELOPMENT FUND ACT 1976

No. 146 of 1976

An Act to Authorize a further contribution by Australia to the Asian Development Bank for the purposes of the Asian Development Fund.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

This Act may be cited as the Asian Development Fund Act 1976.

Commencement.

This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation.

In this Act, “Bank” means the Asian Development Bank.

Contribution to Asian Development Fund.

The Minister may, on behalf of the Commonwealth, notify the Bank of the intention of Australia to contribute to the Bank, for the purposes of the Asian Development Fund, amounts not exceeding in the aggregate $30,730,586.

Issue of promissory notes.

(1) For the purposes of the payment of the contribution notified by the Minister under section 4, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes.

(2) A promissory note issued under sub-section (1)—

(a) shall be payable to the Bank;

(b) shall be non-negotiable and non-interest-bearing; and

Appropriation.

The moneys necessary for the purpose of making any payment that is to be made by Australia in pursuance of a notification under section 4, including a payment under a promissory note issued under section 5, shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

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Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Asian Development Fund Act 1976