International Fund for Agricultural Development Act 1982

Overview

The International Fund for Agricultural Development Act 1982 was enacted to address the need for Australia to contribute to the International Fund for Agricultural Development, thereby supporting global agricultural initiatives aimed at alleviating poverty and hunger, particularly in developing countries. This Act was passed by the Commonwealth Parliament, signifying the national commitment to international cooperation in agricultural development. The fundamental policy objective of the Act is to facilitate Australia’s financial contribution to the Fund, which seeks to improve food security and nutrition in less developed nations by enhancing agricultural productivity and sustainability. Under the Act, the Minister is authorised to notify the President of the Fund of Australia’s intention to contribute up to a specified amount, while the Treasurer is empowered to issue promissory notes for the payment of this contribution. The funds required for these contributions are appropriated from the Consolidated Revenue Fund, ensuring a structured financial commitment towards the Fund’s objectives. This legislative framework thus enables Australia to play a significant role in global efforts to combat agricultural-related poverty and foster sustainable development.

Scope and Application

The International Fund for Agricultural Development Act 1982 applies to the Minister and the Treasurer of Australia, who are authorised to act on behalf of the nation in contributing to the International Fund for Agricultural Development. The Act outlines the financial mechanisms for this contribution, including the issuance of promissory notes. The geographical reach of this Act is national, as it pertains to the actions of Commonwealth officials in relation to an international body. There are no specified exclusions, exemptions, or thresholds within the Act itself, and the amount of the contribution is capped at $8,965,000 in aggregate. The Act also provides for the appropriation of necessary funds from the Consolidated Revenue Fund. While the Act is specific in its provisions, its application may be further defined or extended through subordinate instruments, such as regulations or orders, which would be subject to the scope and limitations of the primary legislation.

Key Provisions

The International Fund for Agricultural Development Act 1982 (section 1) authorises Australia to contribute to the International Fund for Agricultural Development. Under section 4 of the Act, the Minister may notify the President of the Fund of Australia's intention to contribute a specified amount, up to a total of $8,965,000. The Act further specifies that for the purpose of making such payments, the Treasurer may issue promissory notes (section 5). These notes are payable to the Fund, non-negotiable, non-interest-bearing, and payable at their par value on demand. The Act imposes several obligations on the parties it governs. Firstly, the Minister is responsible for notifying the President of the Fund about Australia’s intention to contribute to the Fund (section 4). Secondly, the Treasurer has the authority to issue promissory notes for the payment of these contributions (section 5). The funds required for these payments must be appropriated from the Consolidated Revenue Fund (section 6), ensuring that the necessary financial resources are allocated for this purpose. Breaching the provisions of the Act may result in legal consequences. Although the Act does not explicitly outline offences or penalties for non-compliance, the failure to adhere to the specified procedures for contributing to the Fund could potentially lead to financial mismanagement or breach of trust, particularly if the allocated funds are not properly sourced or used. The Act does not provide for specific penalties, but any breach of statutory obligations could result in broader legal repercussions under Australian law, including financial restitution or other civil or administrative penalties. In summary, the International Fund for Agricultural Development Act 1982 mandates the Minister to notify the Fund of Australia’s contribution and authorises the Treasurer to issue promissory notes for such payments. The Act outlines the appropriation of funds from the Consolidated Revenue Fund and implicitly requires adherence to these procedures to avoid potential legal and financial consequences.