Commonwealth act

Asian Development Fund Act 1992

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

36 of 1992

Collection

act

Plain English Summary

1/10 complexity

This law authorises Australia to make a $350 million contribution to the Asian Development Bank for its Asian Development Fund, which finances development projects across Asia and the Pacific.

How it works:

The Minister can officially notify the Bank that Australia intends to pay up to $350 million
The Treasurer can issue promissory notes (essentially government IOUs) to make the payments. These notes must be:
- Payable only to the Bank
- Non-negotiable (can't be transferred to other parties)
- Interest-free
- Paid in full whenever the Bank requests it
The money comes from the Consolidated Revenue Fund (Australia's main government bank account), which this Act automatically appropriates for this purpose

Why it exists: This allows Australia to fulfil its international commitment to support economic and social development in the Asia-Pacific region through the Asian Development Bank's concessional lending arm.

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Current sections

Direct links to the current provisions in Asian Development Fund Act 1992.

Asian Development Fund Act 1992

View image in the official source

Asian Development Fund Act 1992

No. 36 of 1992

View image in the official source View image in the official sourceAn Act to authorise a further contribution by Australia to the Asian Development Bank for the purposes of the Asian Development Fund

[Assented to 5 June 1992]

The Parliament of Australia enacts:

Short title

This Act may be cited as the Asian Development Fund Act 1992.

Commencement

This Act commences 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

4. The Minister may, on Australia's behalf, notify the Bank of Australia's intention to contribute to the Bank, for the purposes of the Asian Development Fund, amounts totalling not more than $350,000,000.

Issue of promissory notes

5.(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 subsection (1) must be:

(a) payable to the Bank; and

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

Appropriation

6. The money necessary to make any payment under a notice given under section 4, including a payment under a promissory note issued under section 5, is to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

View image in the official source[Minister's second reading speech made in—

House of Representatives on 27 February 1992

Senate on 30 April 1992]

Source text

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

1 Asian Development Fund Act 1992

Asian Development Fund Act 1992

No. 36 of 1992

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

[Assented to 5 June 1992]

The Parliament of Australia enacts:

Short title

This Act may be cited as the Asian Development Fund Act 1992.

Commencement

This Act commences 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

Issue of promissory notes

5.(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 subsection (1) must be:

(a) payable to the Bank; and

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

Appropriation

[Minister's second reading speech made in—

House of Representatives on 27 February 1992

Senate on 30 April 1992]