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Short title
1 Short title
This Act may be cited as the Multilateral Investment Guarantee Agency Act 1997.
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Commonwealth act
Implements Australia’s financial obligations under the Multilateral Investment Guarantee Agency Convention by authorising payments from the Consolidated Revenue Fund and allowing the Treasurer, where the Agency accepts them, to issue non‑negotiable, non‑interest‑bearing promissory notes or other securities in lieu of cash. It affects the Commonwealth’s fiscal position and the Treasurer’s discretion: taxpayers ultimately fund payments and the Act creates contingent liabilities and redemption obligations for the government.
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Direct links to the current provisions in Multilateral Investment Guarantee Agency Act 1997.
This Act may be cited as the Multilateral Investment Guarantee Agency Act 1997.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
Agency means the Multilateral Investment Guarantee Agency.
Convention means the Convention establishing the Multilateral Investment Guarantee Agency, a copy of the English text of which is set out in Schedule 1 to this Act, as that Convention is amended by the resolution of the Council of Governors of the Agency, a copy of which is set out in Schedule 2.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purpose of: (a) making any payment that Australia is required to make (whether or not Australia may make the payment in a form other than money) to the Agency under the Convention; or (b) redeeming a security issued under subsection 5(1).
(1) To the extent to which the Agency is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Agency, promissory notes or other obligations issued by Australia, the Treasurer may authorise the issue of securities. (2) Securities issued under subsection (1): (a) must be payable to the Agency; and (b) must be non‑negotiable and non‑interest bearing.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Multilateral Investment Guarantee Agency Act 1997.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
Agency means the Multilateral Investment Guarantee Agency.
Convention means the Convention establishing the Multilateral Investment Guarantee Agency, a copy of the English text of which is set out in Schedule 1 to this Act, as that Convention is amended by the resolution of the Council of Governors of the Agency, a copy of which is set out in Schedule 2.
There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purpose of: (a) making any payment that Australia is required to make (whether or not Australia may make the payment in a form other than money) to the Agency under the Convention; or (b) redeeming a security issued under subsection 5(1).
(1) To the extent to which the Agency is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Agency, promissory notes or other obligations issued by Australia, the Treasurer may authorise the issue of securities. (2) Securities issued under subsection (1): (a) must be payable to the Agency; and (b) must be non‑negotiable and non‑interest bearing.