Asian Development Fund Act 1992

Overview

The Asian Development Fund Act 1992 was enacted by the Parliament of Australia to authorise a further contribution by Australia to the Asian Development Bank for the purposes of the Asian Development Fund. The Act was assented to on 5 June 1992 and it came into effect on the same day. This legislative measure was introduced to facilitate Australia's financial support to the Asian Development Bank, thereby enabling the country to contribute to the development efforts in the Asia-Pacific region. The policy objective of this Act is to allow the Minister to notify the Bank of Australia's intention to contribute up to $350,000,000 for the Asian Development Fund and for the Treasurer to issue promissory notes for the payment of the contribution. The funds required for these payments are to be paid out of the Consolidated Revenue Fund.

Scope and Application

The Asian Development Fund Act 1992 is an Australian legislative instrument that facilitates the Commonwealth's contribution to the Asian Development Fund, administered by the Asian Development Bank. The Act applies to the Minister and the Treasurer, who are empowered to notify the Bank of Australia's intention to contribute funds and to execute and issue promissory notes respectively for the purpose of meeting these contributions. The geographic scope of the Act is international, extending to the operations of the Asian Development Bank, which operates across multiple countries in Asia and the Pacific. The Act does not specify any exclusions, exemptions, or thresholds apart from the cap on the total contribution amount of $350,000,000. The application of the Act is primarily financial, concerning the modalities of funding Australia's commitment to the Asian Development Fund. The Act's provisions are self-contained, without indication of extension or restriction through subordinate instruments.

Key Provisions

The Asian Development Fund Act 1992 (section 1) authorises a contribution by Australia to the Asian Development Fund, managed by the Asian Development Bank (section 4). Under this Act, the Minister can notify the Bank of Australia's intention to contribute up to $350,000,000. The payment of this contribution is facilitated by the issuance of promissory notes (section 5). These promissory notes are non-negotiable, non-interest-bearing, and payable at their par value on demand. The necessary funds for these payments are appropriated from the Consolidated Revenue Fund (section 6). The Act imposes certain obligations on the Minister and the Treasurer. The Minister is authorised to notify the Bank of Australia's intention to contribute to the Asian Development Fund (section 4). This authorisation is crucial as it formalises Australia's commitment to the fund. The Treasurer, on behalf of the Commonwealth, has the responsibility to issue the promissory notes required for these payments (section 5). These notes must adhere to specific criteria, including being payable to the Bank and being non-negotiable and non-interest-bearing. The Act also mandates that the funds for these payments are to be sourced from the Consolidated Revenue Fund (section 6). The Act does not explicitly detail any offences, penalties, or consequences for breaches of its provisions. However, it is implicit that any failure to comply with the obligations laid out in the Act, such as the Minister not notifying the Bank or the Treasurer not issuing the required promissory notes, could lead to legal repercussions. Given the nature of the Act, breaches could potentially result in financial and administrative consequences, though the specific penalties are not outlined within the text of the Act itself.