Appropriation (Development Bank) Act 1975
Act No. 7 of 1975 as amended
[Note: This Act was repealed by Act No. 25 of 2012 on 4 April 2012]
This compilation was prepared on 21 December 2010
taking into account amendments up to Act No. 148 of 2010
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
1 Short title [see Note 1]
2 Commencement [see Note 1]
3 Appropriation
Notes
An Act to appropriate a sum out of the Consolidated Revenue Fund for the purpose of loans to the Commonwealth Development Bank of Australia.
1 Short title [see Note 1]
This Act may be cited as the Appropriation (Development Bank) Act 1975.
2 Commencement [see Note 1]
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Appropriation
(1) The Treasurer may issue out of the Consolidated Revenue Fund and apply for the purposes of section 85 of the Commonwealth Banks Act 1959–1974 an amount not exceeding, or amounts in total not exceeding, $20,000,000.
Notes to the Appropriation (Development Bank) Act 1975
Note 1
The Appropriation (Development Bank) Act 1975 as shown in this compilation comprises Act No. 7, 1975 amended as indicated in the Tables below.
Table of Acts
Act | Number
and year | Date
of Assent | Date of commencement | Application, saving or transitional provisions |
Appropriation (Development Bank) Act 1975 | 7, 1975 | 7 Mar 1975 | 7 Mar 1975 | |
Financial Framework Legislation Amendment Act 2010 | 148, 2010 | 17 Dec 2010 | Schedule 11 (item 9): 18 Dec 2010 | — |
|
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
S. 3.................... | am. No. 148, 2010 |
Overview
The Appropriation (Development Bank) Act 1975 was enacted by the Australian Parliament to address the need for additional funding mechanisms to support the Commonwealth Development Bank of Australia. This legislation was introduced to facilitate financial operations and economic development by authorising the Treasurer to appropriate a specific sum from the Consolidated Revenue Fund, up to a maximum of $20,000,000, for loans to the Commonwealth Development Bank. The primary purpose of this Act was to provide the necessary funds for the Bank to undertake its development activities, thereby contributing to the economic growth and diversification of Australia. This Act was repealed by the Financial Framework Legislation Amendment Act 2010 on 4 April 2012, reflecting changes in financial and economic policy approaches over time.
Scope and Application
The Appropriation (Development Bank) Act 1975 was enacted to allocate a sum from the Consolidated Revenue Fund for the purpose of providing loans to the Commonwealth Development Bank of Australia. This Act applies specifically to the Treasurer and the Consolidated Revenue Fund, facilitating the financial operations of the Commonwealth Development Bank. The geographic reach of the Act is national, as it pertains to federal financial operations within Australia. The Act was repealed by the Appropriation (No. 1) Act 2012 on 4 April 2012, but its provisions were in effect until that date. The Act allows for the appropriation of up to $20,000,000 for the specified purpose, and this amount can be issued in one or multiple transactions. The application of the Act may be extended or modified through subordinate instruments, although the primary focus remains on the appropriation for the Commonwealth Development Bank.
Key Provisions
The Appropriation (Development Bank) Act 1975 (sections 1-3) is a concise piece of legislation that authorises the appropriation of a sum from the Consolidated Revenue Fund for the purpose of loans to the Commonwealth Development Bank of Australia. Specifically, section 3(1) allows the Treasurer to issue an amount not exceeding, or in total not exceeding, $20,000,000, to be applied for the purposes of section 85 of the Commonwealth Banks Act 1959-1974. The Act came into operation on the day it received Royal Assent, as per section 2, which was 7 March 1975.
The primary obligation imposed by the Act is on the Treasurer, who is authorised to issue and apply the appropriated funds for the specified purpose. This obligation is clearly defined in section 3(1), which sets the maximum amount that can be appropriated and applied to the Commonwealth Development Bank of Australia. The Act does not impose any additional obligations on other parties or entities beyond the scope of this appropriation.
Regarding consequences for breach, the Act itself does not explicitly outline offences, penalties, or consequences for non-compliance with its provisions. However, the authority granted to the Treasurer under section 3(1) is subject to the limitations set by the Act, which means that any misuse or unauthorised application of the appropriated funds could potentially lead to legal consequences under other relevant laws or regulations. The absence of specific penalties in the Act suggests that any breach would be addressed through broader legal frameworks concerning financial mismanagement or misuse of public funds.