1International Development Association (Further Payment) Act 1974

INTERNATIONAL DEVELOPMENT

ASSOCIATION (FURTHER PAYMENT) ACT

1974

No. 142 of 1974

An Act to approve the making by Australia of a further Payment to the International Development Association.

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

Short title.

1. This Act may be cited as the International Development Association (Further Payment) Act 1974.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation.

3. In this Act, “Agreement” and “Association” have the same respective meanings as they have in the International Development Association Act 1960.

Approval of making of further payment.

4. The approval of the Parliament is hereby given to the making by Australia to the Association of a further payment of an amount not exceeding $60,810,811 in Australian currency, of which payment an amount not exceeding $399,003 is by way of an additional subscription to the Association under Section 1 of Article III of the Agreement.

Appropriation.

5. A payment under section 4, and any payment necessary to redeem a security issued under sub-section 6(1), shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.

Issue of securities.

6. (1) To the extent to which the Association is prepared to accept from Australia, in place of a payment under this Act, notes or similar obligations issued by Australia, the Treasurer may, on behalf of Australia, execute notes or similar obligations payable to the Association accordingly.

(2) Section 6 of the International Development Association Act 1960 does not apply to a payment under this Act.