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Short title
1 Short title
This Act may be cited as the European Bank for Reconstruction and Development Act 1990.
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Commonwealth act
This Act authorises payments from the Consolidated Revenue Fund to meet Australia’s obligations to the European Bank for Reconstruction and Development and permits the Treasurer to substitute promissory notes or similar obligations for cash; those securities must be payable to the Bank, non‑negotiable, non‑interest‑bearing and payable at par on demand (ss 3–5).
It therefore affects the public budget (who pays) and Treasury decision‑making (who may issue substitute securities), creating modest administrative duties to appropriate, record and redeem such payments (s4–5).
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Direct links to the current provisions in European Bank for Reconstruction and Development Act 1990.
This Act may be cited as the European Bank for Reconstruction and Development Act 1990.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
Bank means the European Bank for Reconstruction and Development.
Bank Agreement means the Agreement establishing the European Bank for Reconstruction and Development, done at Paris on 29 May 1990, as in force for Australia from time to time.
Note: The Agreement establishing the European Bank for Reconstruction and Development is in Australian Treaty Series 1991 No. 15 ([1991] ATS 15) and could in 2024 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purpose of: (a) making any payment that Australia is required to make (whether or not Australia may make the payment in a form other than money) to the Bank under the Bank Agreement; or (b) redeeming a security issued under subsection 5(1).
(1) To the extent to which the Bank is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Bank, promissory notes or other obligations issued by Australia, the Treasurer may authorise the issue of securities. (2) Securities issued under subsection (1): (a) must be payable to the Bank; and (b) must be non‑negotiable and non‑interest‑bearing; and (c) must be payable at their par value on demand.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the European Bank for Reconstruction and Development Act 1990.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
Bank means the European Bank for Reconstruction and Development.
Bank Agreement means the Agreement establishing the European Bank for Reconstruction and Development, done at Paris on 29 May 1990, as in force for Australia from time to time.
Note: The Agreement establishing the European Bank for Reconstruction and Development is in Australian Treaty Series 1991 No. 15 ([1991] ATS 15) and could in 2024 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purpose of: (a) making any payment that Australia is required to make (whether or not Australia may make the payment in a form other than money) to the Bank under the Bank Agreement; or (b) redeeming a security issued under subsection 5(1).
(1) To the extent to which the Bank is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Bank, promissory notes or other obligations issued by Australia, the Treasurer may authorise the issue of securities. (2) Securities issued under subsection (1): (a) must be payable to the Bank; and (b) must be non‑negotiable and non‑interest‑bearing; and (c) must be payable at their par value on demand.