Contents
1Short title#
This Act may be cited as the European Bank for Reconstruction and Development Act 1990.
3Definitions#
In this Act:
Bank Agreement means the Agreement establishing the European Bank for Reconstruction and Development, done at Paris on 29 May 1990, as in force for Australia from time to time.
Note: The Agreement establishing the European Bank for Reconstruction and Development is in Australian Treaty Series 1991 No. 15 ([1991] ATS 15) and could in 2024 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
relevant financial obligation has the meaning given by section 3A.
3AMeaning of relevant financial obligation#
(1)For the purposes of this Act, a relevant financial obligation is an obligation of Australia (contingent or otherwise) for which the following requirements are satisfied:
(a)the obligation requires (or could require) Australia to make one or more payments;
(b)the obligation is undertaken or imposed under:
(i)the Bank Agreement; or
(ii)an agreement or arrangement between Australia and the Bank; or
(iii)a resolution adopted by the Board of Governors of the Bank;
(c)for an obligation undertaken or imposed under an agreement, arrangement or resolution mentioned in subparagraph (b)(ii) or (iii)—the agreement, arrangement or resolution relates to Australia:
(i)purchasing or subscribing to shares of the capital stock of the Bank; or
(ii)purchasing a bond, debenture, convertible note or similar financial instrument issued by the Bank; or
(iii)granting a guarantee in support of the purpose of the Bank; or
(iv)providing any other form of financial accommodation in support of the purpose of the Bank;
(d)the obligation is not excluded by a determination under subsection (4).
(2)However, for the purposes of this Act:
(a)an obligation that is undertaken or imposed after the commencement of this section is a relevant financial obligation only if notice of the obligation has been given under subsection (5); and
(b)an increase in an amount of a relevant financial obligation because of the variation of, or making of a new, agreement, arrangement or resolution after the commencement of this section is to be taken into account only if notice of the increase has been given under subsection (5).
(3)To avoid doubt, for the purposes of subsection (2), the timing of when a contingency happens or may happen does not affect the timing of when a contingent obligation itself is undertaken or imposed.
Note: For example, an obligation to make one or more payments in response to a call on callable shares is undertaken or imposed when the callable shares are purchased or subscribed to (rather than when the call is made).
Treasurer may exclude obligations
(4)The Treasurer may, by legislative instrument, determine that an obligation is excluded for the purposes of paragraph (1)(d).
Notification of new financial obligations
(5)The Treasurer may, by legislative instrument, give notice of:
(a)the undertaking or imposition of an obligation for the purposes of paragraph (2)(a); or
(b)an increase in an amount for the purposes of paragraph (2)(b).
(6)A legislative instrument under subsection (5) commences at the later of the following days or times:
(a)the earliest day or time applicable under subsection 12(1) of the Legislation Act 2003;
(b)the start of the day immediately after the last day on which a resolution referred to in subsection 42(1) of the Legislation Act 2003 disallowing the instrument could be passed.
4Appropriation#
The Consolidated Revenue Fund is appropriated for the purposes of:
(a)making any payments necessary to meet relevant financial obligations; and
(b)making any payments necessary to redeem securities issued under section 5.
5Issue of securities#
(1)To the extent that the Bank or another body is prepared to accept promissory notes or other securities issued by Australia in place of any payment that Australia is required to make to the Bank or other body in accordance with a relevant financial obligation, the Treasurer may make and issue those securities.
(2)A security issued under subsection (1) is to be:
(a)non-negotiable; and
(b)non-interest bearing; and
(c)payable to the Bank or other body at its par value on demand.
6Delegation by the Treasurer#
(1)The Treasurer may, in writing, delegate all or any of the Treasurer’s powers under section 5 to:
(a)the Secretary of the Department; or
(b)an SES employee, or an acting SES employee, in the Department.
Note: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations.
(2)A person exercising powers under a delegation under subsection (1) must comply with any written directions of the Treasurer under subsection (3).
(3)The Treasurer may, in writing, give directions for the purposes of subsection (2).
Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.