Commonwealth act

Asian Development Fund Act 1982

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

151 of 1982

Collection

act

Plain English Summary

1/10 complexity

This Act authorizes the Australian Government to contribute up to $212,332,030 to the Asian Development Bank for its Asian Development Fund, which finances development projects across Asia.

How it works:

The Minister officially notifies the Bank that Australia intends to make the contribution.
The Treasurer can issue promissory notes (official IOUs) to the Bank instead of transferring cash immediately. These notes are payable on demand, don't earn interest, and cannot be sold to anyone else (non-negotiable).
All money comes from the Consolidated Revenue Fund (the government's main account), which this legislation specifically sets aside for this purpose.

Why it matters: This allows Australia to fulfill international commitments to support economic and social development in Asia, using a flexible payment mechanism that lets the government manage cash flow while guaranteeing the funds are available when the Bank needs them.

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Current sections

Direct links to the current provisions in Asian Development Fund Act 1982.

Asian Development Fund Act 1982

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Asian Development Fund Act 1982

No. 151 of 1982

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

[Assented to 31 December 1982]

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

Short title

This Act may be cited as the Asian Development Fund Act 1982.

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 Australia, 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 $212,332,030.

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.

Source text

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

1 Asian Development Fund Act 1982

Asian Development Fund Act 1982

No. 151 of 1982

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

[Assented to 31 December 1982]

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

Short title

This Act may be cited as the Asian Development Fund Act 1982.

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 Australia, 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 $212,332,030.

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.