2010-2011-2012-2013 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

 

 

 

 

 

African Development Bank Bill 2013 

 

No.      , 2013 

 

(Treasury) 

 

 

 

A Bill for an Act relating to Australia's 

participation in the African Development Bank and 

the African Development Fund, and for related 

purposes 

   

   

   

 

 

i       African Development Bank Bill 2013       No.      , 2013 

Contents 

Part 1--Preliminary

 

1

 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 2

 

3 

Definitions ......................................................................................... 2

 

Part 2--African Development Bank

 

3

 

4 

Arrangement for initial subscription to shares in the Bank ................ 3

 

Part 3--African Development Fund

 

4

 

5 

Arrangement for subscription to the Fund ......................................... 4

 

Part 4--Issue of securities

 

5

 

6 

Issue of securities for payments to the Bank or the Fund .................. 5

 

Part 5--Miscellaneous

 

6

 

7 

Act does not limit executive power ................................................... 6

 

8 

Rules .................................................................................................. 6

 

 

 

 

African Development Bank Bill 2013       No.      , 2013       1 

A Bill for an Act relating to Australia's 

1 

participation in the African Development Bank and 

2 

the African Development Fund, and for related 

3 

purposes 

4 

The Parliament of Australia enacts: 

5 

Part 1--Preliminary 

6 

   

7 

1  Short title 

8 

 

  This Act may be cited as the African Development Bank Act 2013. 

9 

   

Part 1  Preliminary 

   

 

Section 2 

 

2            African Development Bank Bill 2013       No.      , 2013 

2  Commencement 

1 

 

  This Act commences on the day after this Act receives the Royal 

2 

Assent. 

3 

3  Definitions 

4 

 

  In this Act: 

5 

Bank means the African Development Bank established by the 

6 

Bank Agreement. 

7 

Bank Agreement means the Agreement Establishing the African 

8 

Development Bank, done at Khartoum on 4 August 1963. 

9 

Note: 

In 2013, the text of the Agreement was accessible through the 

10 

Australian Treaties Library on the AustLII website 

11 

(www.austlii.edu.au). 

12 

callable share has the same meaning as in the Bank Agreement. 

13 

Fund means the African Development Fund established by the 

14 

Agreement Establishing the African Development Fund, done at 

15 

Abidjan on 29 November 1972. 

16 

Note: 

In 2013, the text of the Agreement was accessible through the 

17 

Australian Treaties Library on the AustLII website 

18 

(www.austlii.edu.au). 

19 

paid-up share has the same meaning as in the Bank Agreement. 

20 

special drawing right has the same meaning as in the Articles of 

21 

Agreement of the International Monetary Fund adopted at the 

22 

United Nations Monetary and Financial Conference at Bretton 

23 

Woods on 22 July 1944, as amended by any amendment of those 

24 

Articles that has entered into force for Australia. 

25 

Note: 

The text of the Articles as adopted is set out in Australian Treaty 

26 

Series 1947 No. 11 ([1947] ATS 11). In 2013, the text of an 

27 

agreement in the Australian Treaty Series was accessible through the 

28 

Australian Treaties Library on the AustLII website 

29 

(www.austlii.edu.au). 

30 

   

African Development Bank  Part 2 

   

 

Section 4 

 

African Development Bank Bill 2013       No.      , 2013            3 

Part 2--African Development Bank 

1 

   

2 

4  Arrangement for initial subscription to shares in the Bank 

3 

 

(1)  On behalf of Australia, the Minister may make an arrangement for 

4 

Australia to become a member of the Bank and subscribe to: 

5 

 

(a)  5,912 paid-up shares of the authorised capital stock of the 

6 

Bank at a price not more than 10,000 special drawing rights a 

7 

share; and 

8 

 

(b)  92,616 callable shares of the authorised capital stock of the 

9 

Bank at a price not more than 10,000 special drawing rights a 

10 

share. 

11 

 

(2)  Australia may make payments for the subscription and for any calls 

12 

on the callable shares. 

13 

 

(3)  The Consolidated Revenue Fund is appropriated for the purposes 

14 

of payments under subsection (2) (including payments connected 

15 

with securities issued under section 6 for payments under that 

16 

subsection). 

17 

   

Part 3  African Development Fund 

   

 

Section 5 

 

4            African Development Bank Bill 2013       No.      , 2013 

Part 3--African Development Fund 

1 

   

2 

5  Arrangement for subscription to the Fund 

3 

 

(1)  On behalf of Australia, the Minister may make an arrangement for 

4 

Australia to subscribe to the Fund (either in connection with 

5 

becoming a participant in the Fund or after becoming a participant 

6 

in the Fund). 

7 

 

(2)  Australia may make a payment for the subscription. 

8 

   

Issue of securities  Part 4 

   

 

Section 6 

 

African Development Bank Bill 2013       No.      , 2013            5 

Part 4--Issue of securities 

1 

   

2 

6  Issue of securities for payments to the Bank or the Fund 

3 

 

  The Minister may authorise the issue of securities by Australia for 

4 

a payment authorised by Part 2 or 3. 

5 

   

Part 5  Miscellaneous 

   

 

Section 7 

 

6            African Development Bank Bill 2013       No.      , 2013 

Part 5--Miscellaneous 

1 

   

2 

7  Act does not limit executive power 

3 

 

  This Act does not limit the executive power of the Commonwealth. 

4 

8  Rules 

5 

 

  The Minister may, by legislative instrument, make rules 

6 

prescribing matters: 

7 

 

(a)  required or permitted by this Act to be prescribed by the 

8 

rules; or 

9 

 

(b)  necessary or convenient to be prescribed for carrying out or 

10 

giving effect to this Act. 

11