Commonwealth act

International Fund for Agricultural Development Act 1982

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

50 of 1982

Collection

act

Plain English Summary

1/10 complexity

This Act authorizes Australia to give $8,965,000 to the International Fund for Agricultural Development (IFAD) — a global organization that funds farming and rural development projects in poor countries.

What it does:

Lets the Minister formally tell IFAD that Australia intends to make this contribution
Allows the Treasurer to issue "promissory notes" (government IOUs) to pay the money when requested
Draws the funds from Australia's general government bank account (the Consolidated Revenue Fund)

Key details:

The promissory notes are non-negotiable (IFAD can't sell them to anyone else) and non-interest-bearing (no extra money accrues while waiting for payment)
IFAD can demand payment in full at any time ("payable on demand")
This is a one-time authorization for a specific amount, not an open-ended commitment

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in International Fund for Agricultural Development Act 1982.

International Fund for Agricultural Development Act 1982

1.jpg

International Fund for Agricultural Development Act 1982

No. 50 of 1982

An Act to authorize a further contribution by Australia to the International Fund for Agricultural Development

[Assented to 9 June 1982]

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 Fund for Agricultural Development Act 1982.

Commencement

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

Interpretation

In this Act, “Fund” means the International Fund for Agricultural Development.

Contribution to Fund

The Minister may, on behalf of Australia, notify the President of the Fund of the intention of Australia to contribute to the Fund amounts not exceeding in the aggregate $8,965,000.

Issue of promissory notes

(1) For the purposes of the payment of the contribution notified by the Minister under section 4, the Treasurer may, on behalf of Australia, execute and issue to the Fund promissory notes.

(2) A promissory note issued under sub-section (1)—

(a) shall be payable to the Fund;

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

Appropriation

The moneys necessary for the purpose of making any payment that is to be made by Australia in pursuance of a notification under section 4, including payment under a promissory note issued under section 5, shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

Source text

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

1 International Fund for Agricultural Development Act 1982

International Fund for Agricultural Development Act 1982

No. 50 of 1982

An Act to authorize a further contribution by Australia to the International Fund for Agricultural Development

[Assented to 9 June 1982]

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 Fund for Agricultural Development Act 1982.

Commencement

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

Interpretation

In this Act, “Fund” means the International Fund for Agricultural Development.

Contribution to Fund

The Minister may, on behalf of Australia, notify the President of the Fund of the intention of Australia to contribute to the Fund amounts not exceeding in the aggregate $8,965,000.

Issue of promissory notes

(1) For the purposes of the payment of the contribution notified by the Minister under section 4, the Treasurer may, on behalf of Australia, execute and issue to the Fund promissory notes.

(2) A promissory note issued under sub-section (1)—

(a) shall be payable to the Fund;

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

Appropriation

The moneys necessary for the purpose of making any payment that is to be made by Australia in pursuance of a notification under section 4, including payment under a promissory note issued under section 5, shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.