Asian Development Bank (Special Funds Contributions) Act 1970 (Cth)
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 [Note: This Act is "repealed" by Act No. 76 of 1986]
(#DATE 31:07:1981)
(#DATE 31:07:1981)
Compilation Information - Reprinted as at 31 July 1981
*1* The Asian Development Bank (Special Funds Contributions) Act 1970 as shown
in this reprint comprises Act No. 113, 1970 as amended by the other Act
specified in the following table:
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Application,
saving
Number Date of Date of or
transitional
Act and year Assent commencement provisions
---------------------------------------------------------------------------- Asian Development
Bank (Special Funds
Contributions) Act
1970 113, 1970 11 Nov 1970 11 Nov 1970
Asian Development
Bank (Special Funds
Contributions)
Amendment Act 1976 147, 1976 9 Dec 1976 9 Dec 1976 -
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ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - TABLE OF
PROVISIONSTABLE
TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Interpretation
4. Contributions to Special Funds of the Bank
5. Agreement relating to Multi-Purpose Special Fund
5A. Transfer to Asian Development Fund
6. Agreement relating to Technical Assistance Special Fund
7. Appropriation
8. Issue of promissory notes
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ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - LONG TITLE SECT
An Act to authorize certain Contributions by Australia to the Special Funds of the Asian Development Bank
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 1.
Short titleSECT
1. This Act may be cited as the Asian Development Bank (Special Funds Contributions) Act 1970.*1*
See notes to first article of this CHAPTER.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 2.
CommencementSECT
2. This Act shall come into operation on the day on which it receives the Royal Assent.*1*
See notes to first article of this CHAPTER.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 3.
InterpretationSECT
3. In this Act-
''moneys contributed'' does not include-
(a) moneys received by the Bank in repayment of loans made out of moneys contributed in accordance with this Act; or
(b) interest received by the Bank on moneys so contributed;
''the Bank'' means the Asian Development Bank referred to in the Asian Development Bank Act 1966.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 4.
Contributions to Special Funds of the BankSECT
4. (1) The Treasurer may, on behalf of the Commonwealth, make an agreement or agreements with the Bank providing for contributions by Australia to the Consolidated Special Funds of the Bank of Amounts in Australian currency not exceeding the equivalent of Ten million United States dollars, comprising-
(a) a contribution not exceeding the equivalent of Nine million seven hundred and fifty thousand United States dollars for allocation to the Multi-Purpose Special Fund of the Bank; and
(b) a contribution not exceeding the equivalent of Two hundred and fifty thousand United States dollars for allocation to the Technical Assistance Special Fund of the Bank.
(2) Subject to this Act, an agreement made in accordance with this section may contain such terms and conditions as the Treasurer determines.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 5.
Agreement relating to Multi-Purpose Special FundSECT
5. An agreement made in accordance with this Act in relation to a contribution to be allocated to the Multi-Purpose Special Fund of the Bank-
(a) shall provide for the contribution to be payable by three equal annual instalments, the first instalment to be payable in the year that commenced on the first day of July, One thousand nine hundred and seventy;
(b) may provide for performance of Australia's obligation to pay those instalments by the issue to the Bank of non-negotiable and non-interest-bearing promissory notes payable on demand; and
(c) shall contain provision for ensuring that, except as otherwise agreed by the Government of Australia, the moneys contributed will be used only for-
(i) financing expenditure on or in connexion with the procurement of goods produced in, or services supplied from, Australia; or
(ii) meeting administrative expenses of the Bank to the extent that they are related to the use of those moneys.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 5A.
Transfer to Asian Development FundInserted by No. 147, 1976, s. 3
SECT
5A. (1) Notwithstanding anything in sections 4 and 5, the Minister may, on behalf of the Commonwealth, make an agreement with the Bank providing for-
(a) the transfer to the Asian Development Fund of the Bank of so much of the amount standing to the credit of the Multi-Purpose Special Fund of the Bank at a date specified in the agreement as consists of-
(i) moneys contributed in accordance with this Act;
(ii) moneys received by the Bank in repayment of loans made out of moneys so contributed; and
(iii) interest received by the Bank on moneys referred to in sub-paragraphs (i) and (ii); and
(b) the use, for the purposes of the Asian Development Fund, of the amount so transferred.
(2) An agreement in accordance with this section may contain such terms and conditions as the Minister determines, and may vary or rescind an agreement made under section 4.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 6.
Agreement relating to Technical Assistance Special FundSECT
6. An agreement made in accordance with this Act in relation to a contribution to be allocated to the Technical Assistance Special Fund of the Bank shall contain provision for ensuring that, except as otherwise agreed by the Government of Australia, the moneys contributed will be used only for-
(a) financing expenditure on or in connexion with the procurement of the services of Australian consultants and experts in connexion with the technical assistance operations of the Bank; or
(b) meeting administrative expenses of the Bank to the extent that they are related to the use of those moneys.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 7.
AppropriationSECT
7. There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia under an agreement made in accordance with this Act or under a promissory note issued in accordance with such an agreement.
ASIAN DEVELOPMENT BANK (SPECIAL FUNDS CONTRIBUTIONS) ACT 1970 - SECT. 8.
Issue of promissory notesSECT
8. The Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank any promissory note that is provided for by an agreement made in accordance with this Act.
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