International
Development Association (Further Payment)
No. 34 of 1971
An Act to approve the making by
Australia of a further Payment to the International Development Association.
[Assented to 17 May 1971]
BE
it enacted by the Queen’s Most Excellent Majesty, 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 (Further
Payment) Act 1971.
Commencement
2. This Act shall come into operation on the day on which it receives
the Royal Assent.
Definitions.
3. In this Act, “the Agreement” and “the Association” have the same
respective meanings as they have in the International
Development Association Act 1960.
Approval
of making of further payment.
4. The approval of the Parliament is hereby given to the making by
Australia to the Association of a further payment of a sum equivalent to
Forty-eight million dollars in currency of the United States of America,
including a sum by way of an additional subscription to the Association under
Section 1 of Article III of the Agreement equivalent to Five hundred and
eighty-three thousand four hundred and forty dollars in that currency.
Appropriation.
5. A payment under the last preceding section, and any payment
necessary to redeem a security issued under the next succeeding section, shall
be made out of the Consolidated Revenue Fund, which is appropriated
accordingly.
Issue
of securities.
6.—(1.) To the extent to which the Association is
prepared to accept from Australia, in place of a payment under this Act, notes
or similar obligations issued by Australia, the Treasurer may, on behalf of the
Commonwealth, execute notes or similar obligations payable to the Association
accordingly.
(2.) Section 6 of the International Development Association Act 1960