1International 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

1. This Act may be cited as the International Development Association (Further Payment) Act 1990.

Commencement

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

Interpretation

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

Contribution to Association

4. 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

5. (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

(c) must be payable at its par value on demand.

Appropriation

6. 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.

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[Minister’s second reading speech made in—

House of Representatives on 18 October 1990

Senate on 13 November 1990]