INTERNATIONAL DEVELOPMENT ASSOCIATION (FURTHER
PAYMENT) ACT 1977
No. 86 of 1977
An Act to approve the making by Australia of a
further Payment to the International Development Association.
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 International Development Association (Further Payment) Act 1977.
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. Approval is
given to the making by Australia to the Association of a further payment of an
amount not exceeding $133,764,342, of which payment an amount not exceeding
$212,415.77 is by way of an additional subscription to the Association under
Section 1 of Article III of the Agreement.
Minister
may notify Association of intention to make payment
5. The Minister
may, on behalf of Australia, notify the Association of the intention of
Australia to make the payment referred to in section 4.
Issue of
securities
6. (1) To the
extent to which the Association is prepared to accept from Australia, in place
of a payment under section 4, promissory notes or similar obligations issued by
Australia, the Treasurer may, on behalf of Australia, execute promissory notes
or similar obligations payable to the Association.
(2) Section 6 of the International Development
Association Act 1960 does not apply to a payment under this Act.
Appropriation
7. 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.