INTERNATIONAL
DEVELOPMENT
ASSOCIATION
(FURTHER PAYMENT) ACT
1974
No. 142 of 1974
An Act to approve
the making by Australia of a further Payment to the International Development
Association.
BE IT ENACTED by
the Queen, the Senate and the House of Representatives of Australia, as
follows:—
Short title.
1. This Act may be cited as the International Development Association (Further
Payment) Act 1974.
Commencement.
2.This Act shall come into
operation on the day on which it receives the Royal Assent.
Interpretation.
3.In this Act, “Agreement” and “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 an
amount not exceeding $60,810,811 in Australian currency, of which payment an
amount not exceeding $399,003 is by way of an additional subscription to the
Association under Section 1 of Article III of the Agreement.
Appropriation.
5.A payment under section 4, and any payment
necessary to redeem a security issued under sub-section 6(1), 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 Australia, execute notes or similar obligations payable to the Association
accordingly.
(2) Section 6 of
the International Development Association Act
1960