Commonwealth act

Asian Development Fund Act 1978

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

164 of 1978

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Australian Government to contribute up to $96,819,695 to the Asian Development Fund (managed by the Asian Development Bank) and appropriates that amount from the Consolidated Revenue Fund. The Minister may notify the Bank and the Treasurer may issue non‑negotiable, non‑interest, payable‑on‑demand promissory notes to make payment. It affects Australian taxpayers and supports development projects across Asia‑Pacific, fulfilling Australia’s multilateral financing commitments.

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Current sections

Direct links to the current provisions in Asian Development Fund Act 1978.

Asian Development Fund Act 1978

ASIAN DEVELOPMENT FUND ACT 1978

No. 164 of 1978

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 1978.

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 $96,819,695.

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 1978