Commonwealth act

International Development Association (Further Payment) Act 1990

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

130 of 1990

Collection

act

Plain English Summary

2/10 complexity

This Act authorises Australia to contribute up to $382.5 million to the World Bank’s concessional arm, the International Development Association (IDA), funding aid for the poorest countries.

It lets the Treasurer issue non‑negotiable, no‑interest promissory notes payable on demand, with payments drawn from the Consolidated Revenue Fund. It mainly affects the Government (Minister/Treasurer), Australian taxpayers who fund it, and IDA recipient countries.

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Current sections

Direct links to the current provisions in International Development Association (Further Payment) Act 1990.

International Development Association (Further Payment) Act 1990

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International Development Association
(Further Payment) Act 1990

No. 130 of 1990

An Act to authorise a further contribution by Australia to
the International Development Association

[Assented to 28 December 1990]

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 International Development Association (Further Payment) Act 1990.

Commencement

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

Interpretation

In this Act, expressions have the same meanings as they have in the International Development Association Act 1960.

Contribution to Association

The Minister may, on behalf of Australia, notify the Association that Australia intends to contribute to the Association amounts not exceeding in the aggregate $382,500,000.

Issue of promissory notes

(1) For the purposes of the payment of the contribution, the Treasurer may, on behalf of Australia, execute and issue promissory notes to the Association.

(2) A promissory note:

(a) must be payable to the Association; and

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

Appropriation

The money necessary for the purpose of making any payment under this Act, including payment under a promissory note issued under section 5, is to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.