ASIAN
DEVELOPMENT FUND ACT 1976
No.
146 of 1976
An Act to Authorize a
further contribution by Australia to the Asian Development Bank for the
purposes of the Asian Development Fund.
BE
IT ENACTED by the Queen, and the Senate and House of Representatives of the
Commonwealth of Australia, as follows:—
Short title.
1.
This Act may be cited as the Asian Development Fund Act 1976.
Commencement.
2.
This Act shall come into operation on the day on which it receives the Royal
Assent.
Interpretation.
3.
In this Act, “Bank” means the Asian Development Bank.
Contribution to
Asian Development Fund.
4.
The Minister may, on behalf of the Commonwealth, notify the Bank of the
intention of Australia to contribute to the Bank, for the purposes of the Asian
Development Fund, amounts not exceeding in the aggregate $30,730,586.
Issue of
promissory notes.
5.
(1) For the purposes of the payment of the contribution notified by the
Minister under section 4, the Treasurer may, on behalf of the Commonwealth,
execute and issue to the Bank promissory notes.
(2)
A promissory note issued under sub-section (1)—
(a)
shall be payable to the Bank;
(b)
shall be non-negotiable and non-interest-bearing; and
(c)
shall be payable at its par value on demand.
Appropriation.
6.
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 a
payment under a promissory note issued under section 5, shall be paid out of
the Consolidated Revenue Fund, which is appropriated accordingly.