Asian Development Fund Act 1982

Overview

The Asian Development Fund Act 1982 was enacted to enable Australia to contribute further funds to the Asian Development Bank, specifically for the purposes of the Asian Development Fund. Authorised by the Queen, the Senate and the House of Representatives of the Commonwealth of Australia, the Act provides a legal framework for the Australian government to make its contribution to the Asian Development Fund, facilitating economic and developmental projects in the Asia-Pacific region. The primary objective of this legislation is to support the development initiatives of the Asian Development Bank by providing a financial contribution from Australia. The Act authorises the Minister to notify the Bank of Australia's intention to contribute up to a specified amount, with payments to be made through non-negotiable and non-interest-bearing promissory notes, ensuring the funds are directed appropriately and in accordance with the agreed terms.

Scope and Application

The Asian Development Fund Act 1982 applies to the Commonwealth of Australia and is intended to facilitate Australia's contribution to the Asian Development Fund through the Asian Development Bank. The Act empowers the Minister to notify the Bank of Australia's intention to contribute specific amounts to the Fund, with a total aggregate limit set at $212,332,030. This contribution mechanism is supported by the issuance of non-negotiable, non-interest bearing promissory notes by the Treasurer, payable at par value on demand and intended solely for the Bank. The Act also specifies that the necessary funds for these payments are to be sourced from the Consolidated Revenue Fund, which is appropriated for this purpose. The Act does not explicitly outline exclusions, exemptions, or thresholds beyond the stated contribution limit, and it does not extend or restrict its application through subordinate instruments.

Key Provisions

The Asian Development Fund Act 1982 (section 4) authorises the Minister to notify the Asian Development Bank (referred to as "Bank" in the Act) of Australia's intention to contribute up to a total of $212,332,030 to the Asian Development Fund. This contribution is the primary financial commitment outlined in the Act, with the Minister acting on behalf of Australia in notifying the Bank. The issuance of promissory notes to facilitate this contribution is covered under section 5, where it is specified that these notes are non-negotiable, non-interest bearing, and payable at par value on demand. The Treasurer is empowered to issue these notes on behalf of the Commonwealth to the Bank. The Act imposes several obligations on the parties involved. Primarily, the Minister has the duty to notify the Bank of Australia's contribution intention (section 4). The Treasurer, on behalf of the Commonwealth, must execute and issue the promissory notes as a means of fulfilling this contribution (section 5). Moreover, the Act mandates that the necessary funds for these payments be sourced from the Consolidated Revenue Fund, with an appropriate appropriation made accordingly (section 6). This ensures that the financial obligations outlined in the Act are met through designated government funds. Under the Asian Development Fund Act 1982, there are no explicit provisions detailing offences, penalties, or consequences for breach. However, the failure to meet the financial obligations as outlined in the Act could potentially lead to diplomatic or financial repercussions, given the international nature of the contribution to the Asian Development Fund. The Act focuses primarily on establishing the framework for Australia's financial commitment to the Bank rather than penalising non-compliance. The absence of penalties in the text suggests that the primary emphasis is on ensuring the smooth execution of the contribution process rather than punitive measures for failure to comply.