ASIAN DEVELOPMENT FUND ACT 1978
No. 164 of 1978
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 1978.
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 $96,819,695.
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.