Commonwealth act

International Development Association (Further Payment) Act 1993

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

3 of 1993

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Australian Government to give up to $350 million to the International Development Association (IDA)—the part of the World Bank that provides low-interest loans and grants to the world's poorest countries.

What it does:

Lets the Minister notify the IDA that Australia will make the contribution
Allows the Treasurer to issue promissory notes (essentially government IOUs) to pay the money
Takes the money from the Consolidated Revenue Fund (the government's main bank account)

Key details:

The notes must be non-negotiable (can't be sold to someone else) and non-interest-bearing
The notes are payable immediately when the IDA asks for them
The Act borrows definitions from the International Development Association Act 1960

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Current sections

Direct links to the current provisions in International Development Association (Further Payment) Act 1993.

International Development Association (Further Payment) Act 1993

View image in the official source

International Development Association (Further Payment) Act 1993

No. 3 of 1993

View image in the official source View image in the official sourceAn Act to authorise a further contribution by Australia to the International Development Association

[Assented to 27 May 1993]

The Parliament of Australia enacts:

Short title

This Act may be cited as the International Development Association (Further Payment) Act 1993.

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

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 $350,000,000.

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

Appropriation

6. The money necessary for the purposes of the payment of the contribution, including payment under a promissory note issued under section 5, is to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

View image in the official source[Minister’s second reading speech made in—

House of Representatives on 5 May 1993

Senate on 18 May 1993]

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 International Development Association (Further Payment) Act 1993

International Development Association (Further Payment) Act 1993

No. 3 of 1993

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

[Assented to 27 May 1993]

The Parliament of Australia enacts:

Short title

This Act may be cited as the International Development Association (Further Payment) Act 1993.

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

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 $350,000,000.

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

Appropriation

[Minister’s second reading speech made in—

House of Representatives on 5 May 1993

Senate on 18 May 1993]