1Asian Development Fund Act 1992

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Asian Development Fund Act 1992

No. 36 of 1992

Image unavailable in extracted textImage unavailable in extracted textAn 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

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

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

Interpretation

3. 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

(c) payable at its par value on demand.

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.

Image unavailable in extracted text[Minister's second reading speech made in—

House of Representatives on 27 February 1992

Senate on 30 April 1992]