International
Development Association Act 1987
No. 179 of 1987
An Act to
authorise a further contribution by Australia to the International Development
Association
[Assented to 26 December 1987]
BE
IT ENACTED by the Queen, and the Senate and the House of Representatives of the
Commonwealth of Australia, as follows:
Short
title
1. This Act may be cited
as the International Development
Association Act 1987.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
Interpretation
3. In this Act,
expressions have the same meanings as they have in the International Development Association Act 1960.
Contribution
to Association
4. The Minister may, on
behalf of Australia, notify the Association of the intention of Australia to
contribute to the Association amounts not exceeding in the aggregate
$335,000,000.
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 Australia, execute and issue to the Association
promissory notes.
(2) A promissory note issued
under subsection (1):
(a)
shall be payable to the Association;
(b)
shall be non-negotiable and non-interest-bearing; and
(c)
shall be payable at its par value on demand.
Appropriation
6. The money 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.
[Minister’s second reading speech made in—
House
of Representatives on 19 November 1987
Senate
on 26 November 1987