Contents
2Commencement#
(1)Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information | ||
|---|---|---|
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 13 October 2015 |
| 2. Sections 3 to 9 | The later of:(a) the day after this Act receives the Royal Assent; and(b) the day Australia becomes a member of the Asian Infrastructure Investment Bank.The Minister must announce by notice in the Gazette the day Australia becomes a member of the Asian Infrastructure Investment Bank. The notice is not a legislative instrument. | 25 December 2015(C2016G00070)(paragraph (b) applies) |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2)Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3Simplified outline of this Act#
• This Act facilitates Australia’s membership of the Asian Infrastructure Investment Bank.
• Regulations may confer privileges and immunities on:
(a) the Bank; and
(b) officers and employees of the Bank; and
(c) experts and consultants performing missions or services for the Bank.
4Definitions#
In this Act:
Bank Agreement means the Asian Infrastructure Investment Bank Articles of Agreement, done at Beijing on 29 June 2015, as amended from time to time.
Note: The Bank Agreement could in 2015 be viewed:
(a) on the Bank’s website (http://www.aiibank.org); or
(b) in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
relevant financial obligation has the meaning given by section 4A.
4AMeaning 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).
Minister may exclude obligations
(4)The Minister may, by legislative instrument, determine that an obligation is excluded for the purposes of paragraph (1)(d).
Notification of new financial obligations
(5)The Minister 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.
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 Minister 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.
6Appropriation#
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.
7Delegation by the Minister#
(1)The Minister may, in writing, delegate all or any of the Minister’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 Minister under subsection (3).
(3)The Minister may, in writing, give directions for the purposes of subsection (2).
8Privileges and immunities#
(1)The regulations may confer on the Bank such privileges and immunities as are necessary or desirable to give effect to Chapter IX of the Bank Agreement.
(2)The regulations may confer on the following individuals:
(a)Governors of the Bank;
(b)Directors of the Bank;
(c)Alternate Directors of the Bank;
(d)the President of the Bank;
(e)Vice-Presidents of the Bank;
(f)other officers and employees of the Bank;
(g)experts and consultants performing missions or services for the Bank;
such privileges and immunities as are necessary or desirable to give effect to Article 50 of the Bank Agreement.
(3)The regulations may confer on the following individuals:
(a)Directors of the Bank;
(b)Alternate Directors of the Bank;
(c)the President of the Bank;
(d)Vice-Presidents of the Bank;
(e)other officers and employees of the Bank;
(f)experts and consultants performing missions or services for the Bank;
such privileges and immunities as are necessary or desirable to give effect to paragraph 2 of Article 51 of the Bank Agreement.
(4)The privileges and immunities conferred by the regulations are privileges and immunities in relation to the operation of the laws of the Commonwealth and of the laws of the States and Territories.
(5)This section does not limit the International Organisations (Privileges and Immunities) Act 1963.
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.