International Development Association (Further Payment) Act 1993

No. 3 of 1993

An Act to authorise a further contribution by Australia to the International Development Association

[Assented to 27 May 1993]

The Parliament of Australia enacts:

Short title

1. This Act may be cited as the International Development Association (Further Payment) Act 1993.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

Interpretation

3. In this Act, expressions have the same meanings as they have in the International Development Association Act 1960.

Contribution to Association

4. The Minister may, on behalf of Australia, notify the Association that Australia intends to contribute to the Association amounts not exceeding in the aggregate $350,000,000.

Issue of promissory notes

5.(1) For the purposes of the payment of the contribution, the Treasurer may, on behalf of Australia, execute and issue promissory notes to the Association.

(2) A promissory note:

(a)     must be payable to the Association; and

(b)     must be non-negotiable and non-interest-bearing; and

(c)     must be payable at its par value on demand.

Appropriation

6. The money necessary for the purposes of the payment of the contribution, including payment under a promissory note issued under section 5, is to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

[Minister’s second reading speech made in—

House of Representatives on 5 May 1993

Senate on 18 May 1993]