Asian Development Bank (Additional Subscription) Act 1972

Administered by Department of the Treasury

Legislation au C1972A00060 Not in force Act

Select Document

No. 60, 1972

Compilation No. 1

Compilation date: 10 July 2024

Includes amendments: Act No. 67, 2024

Registered: 24 July 2024

About this compilation

This compilation

This is a compilation of the Asian Development Bank (Additional Subscription) Act 1972 that shows the text of the law as amended and in force on 10 July 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Short title

2 Commencement

3 Definitions

4 Subscription for capital stock of the Bank

5 Agreement subject to increase of capital stock

6 Issue of promissory notes

7 Appropriation

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

An Act to authorize Australia to subscribe for shares of the capital stock of the Asian Development Bank

1 Short title

This Act may be cited as the Asian Development Bank (Additional Subscription) Act 1972.

2 Commencement

This Act shall come into operation on the day on which it receives the Royal Assent.

3 Definitions

In this Act:

Bank means the Asian Development Bank.

Bank Agreement means the Agreement establishing the Asian Development Bank, done at Manila on 4 December 1965, as in force for Australia on the commencement of this Act.

Note: The Agreement establishing the Asian Development Bank is in Australian Treaty Series 1966 No. 13 ([1966] ATS 13) and could in 2024 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

callable shares has the same meaning as in the Bank Agreement.

paid‑in shares has the same meaning as in the Bank Agreement.

United States dollar means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 31 January 1966.

4 Subscription for capital stock of the Bank

(1) The Treasurer may, on behalf of the Commonwealth, make an agreement or agreements with the Bank providing for the purchase by Australia of Two thousand five hundred and fifty paid‑in shares, and Ten thousand two hundred callable shares, of the capital stock of the Bank at a price per share that is the equivalent of Ten thousand United States dollars.

(2) Subject to this Act, an agreement so made may contain such terms and conditions as the Treasurer determines.

5 Agreement subject to increase of capital stock

An agreement made under this Act does not have effect before the authorized capital stock of the Bank has been increased by an amount that is the equivalent of One thousand six hundred and fifty million United States dollars.

6 Issue of promissory notes

(1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes.

(2) A promissory note issued under the last preceding subsection:

(a) shall be payable to the Bank;

(b) shall be non‑negotiable and non‑interest‑bearing; and

7 Appropriation

There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the moneys necessary for the purpose of making any payment that is to be made by Australia:

(a) in pursuance of an agreement made under this Act; or

(b) under a promissory note issued under this Act.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3—Legislation history

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Asian Development Bank (Additional Subscription) Act 1972	60, 1972	31 Aug 1972	31 Aug 1972 (s 2)
Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024	67, 2024	9 July 2024	Sch 4 (item 4): 10 July 2024 (s 2(1) item 8)	—

Endnote 4—Amendment history

Provision affected	How affected
s 3.....................	rs No 67, 2024

Overview

The Asian Development Bank (Additional Subscription) Act 1972 was enacted to facilitate Australia's participation in increasing its subscription to the capital stock of the Asian Development Bank. This Act empowers the Treasurer to enter into agreements for the purchase of additional shares in the Bank, subject to the Bank's capital stock being increased by a specified amount. The primary objective of this legislation is to support Australia's engagement in regional development initiatives by enabling it to contribute more significantly to the Bank's financial resources. The Act was passed by the Australian Parliament and came into effect on the date of Royal Assent, as stipulated in section 2 of the Act. This legislation addresses the need for Australia to enhance its contribution to the Asian Development Bank, thereby enabling the country to play a more active role in promoting economic development and cooperation in the Asian region. By authorising the purchase of additional shares in the Bank, the Act ensures that Australia can support the Bank's efforts to finance projects that foster sustainable development and improve living standards across member countries. The appropriation of necessary funds from the Consolidated Revenue Fund, as outlined in section 7, underscores the government's commitment to this initiative.

Scope and Application

The Asian Development Bank (Additional Subscription) Act 1972 (C1972A00060) authorises the Australian Treasurer to subscribe to additional shares of the capital stock of the Asian Development Bank (ADB) on behalf of the Commonwealth. The Act permits the Treasurer to enter into agreements with the ADB for the purchase of 2,550 paid-in shares and 10,200 callable shares of the ADB's capital stock at a price equivalent to US$10,000 per share. These agreements are conditional upon an increase in the ADB's authorised capital stock by an amount equivalent to US$1,650 million. The Act also allows for the issuance of promissory notes in lieu of payments under the agreements, provided the ADB agrees to accept them. The funds necessary for these payments may be appropriated from the Consolidated Revenue Fund. The Act applies specifically to the Treasurer and the Commonwealth in relation to their dealings with the ADB, with its jurisdiction spanning federally across Australia. The Act does not explicitly state exclusions or exemptions but does note that it becomes effective upon receiving Royal Assent. Any further application or interpretation of the Act may be extended or restricted through subordinate instruments.

Key Provisions

The Asian Development Bank (Additional Subscription) Act 1972 (C1972A00060) outlines the process by which Australia can subscribe for additional shares in the Asian Development Bank (ADB). The Act allows the Treasurer, on behalf of the Commonwealth, to enter into agreements with the ADB to purchase 2,550 paid-in shares and 10,200 callable shares of the Bank’s capital stock at a price per share equivalent to 10,000 United States dollars (sections 4(1) and 4(2)). These agreements can only take effect once the ADB has increased its authorized capital stock by 1,650 million United States dollars (section 5). Furthermore, the Act provides for the issuance of promissory notes by Australia in lieu of payments due to the ADB, subject to the Bank's acceptance (section 6). Any payments made under these agreements or promissory notes can be funded from the Consolidated Revenue Fund (section 7). The Act imposes several obligations on the parties involved. The Treasurer must ensure that any agreements made under the Act adhere to the specified terms and conditions, which can be determined by the Treasurer themselves (section 4(2)). Additionally, the Act mandates that any promissory notes issued under section 6 must be non-negotiable, non-interest-bearing, and payable at par value on demand (section 6(2)). Furthermore, the Act requires that any necessary payments be appropriated from the Consolidated Revenue Fund (section 7). Breach of the provisions of this Act can result in legal consequences. While the Act does not explicitly detail specific offences, penalties, or civil/criminal consequences for breaches, it operates within the broader framework of Australian law where non-compliance with legislative requirements can lead to legal action. The penalties for such breaches would depend on the specific nature of the non-compliance and could range from civil penalties to criminal charges, depending on the severity and intent behind the breach. The exact penalties are not specified within this Act but would be governed by other relevant Australian legislation.

Area of Law: International Trade Law; Finance & Banking Law
Instrument: Act
Concepts: Definitions & Interpretation; Commencement Provisions; Offence Provisions; Appropriation

Interactions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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