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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Asian Infrastructure Investment Bank
Bill 2015
No. , 2015
(Treasury)
A Bill for an Act relating to the Asian
Infrastructure Investment Bank, and for related
purposes
No. , 2015
Asian Infrastructure Investment Bank Bill 2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Simplified outline of this Act ............................................................. 2
4
Definitions ......................................................................................... 3
5
Payments required to be made to the Bank ........................................ 3
6
Issue of promissory notes .................................................................. 4
7
Appropriation ..................................................................................... 4
8
Privileges and immunities .................................................................. 4
9
Regulations ........................................................................................ 5
No. , 2015
Asian Infrastructure Investment Bank Bill 2015
1
A Bill for an Act relating to the Asian
1
Infrastructure Investment Bank, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Asian Infrastructure Investment Bank
6
Act 2015.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
Section 3
2
Asian Infrastructure Investment Bank Bill 2015
No. , 2015
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
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.
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.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Simplified outline of this Act
10
•
This Act facilitates Australia's membership of the Asian
11
Infrastructure Investment Bank.
12
•
Australia may make a payment to the Bank:
13
(a)
if Australia is required to make the payment by way of
14
subscription to shares in the Bank; or
15
Section 4
No. , 2015
Asian Infrastructure Investment Bank Bill 2015
3
(b)
if Australia is otherwise required to make the payment in
1
accordance with the Bank Agreement.
2
•
The Minister may, on behalf of Australia, make promissory
3
notes and issue them to the Bank.
4
•
Regulations may confer privileges and immunities on:
5
(a)
the Bank; and
6
(b)
officers and employees of the Bank; and
7
(c)
experts and consultants performing missions or services
8
for the Bank.
9
4 Definitions
10
In this Act:
11
Bank means the Asian Infrastructure Investment Bank.
12
Bank Agreement means the Asian Infrastructure Investment Bank
13
Articles of Agreement, done at Beijing on 29 June 2015, as
14
amended from time to time.
15
Note:
The Bank Agreement could in 2015 be viewed:
16
(a) on the Bank's website (http://www.aiibank.org); or
17
(b) in the Australian Treaties Library on the AustLII website
18
(http://www.austlii.edu.au).
19
payment includes a payment in a foreign currency.
20
5 Payments required to be made to the Bank
21
Share subscription
22
(1) If Australia is required, under the Bank Agreement, to subscribe to
23
shares of the capital stock of the Bank, Australia may make a
24
payment for or by way of:
25
(a) such a subscription; or
26
(b) an instalment of such a subscription.
27
Section 6
4
Asian Infrastructure Investment Bank Bill 2015
No. , 2015
Other payments
1
(2) Australia may make any other payment to the Bank that Australia
2
is required to make in accordance with the Bank Agreement.
3
6 Issue of promissory notes
4
(1) The Minister may, on behalf of Australia, make promissory notes
5
and issue them to the Bank.
6
(2) A promissory note made under subsection (1) is to be:
7
(a) non-negotiable; and
8
(b) non-interest-bearing; and
9
(c) payable to the Bank at par value upon demand.
10
7 Appropriation
11
The Consolidated Revenue Fund is appropriated for the purposes
12
of making:
13
(a) payments under section 5; and
14
(b) payments under promissory notes made under section 6, so
15
long as the promissory notes were made for the purposes of
16
making a payment that Australia is required to make to the
17
Bank in accordance with the Bank Agreement.
18
8 Privileges and immunities
19
(1) The regulations may confer on the Bank such privileges and
20
immunities as are necessary or desirable to give effect to Chapter
21
IX of the Bank Agreement.
22
(2) The regulations may confer on the following individuals:
23
(a) Governors of the Bank;
24
(b) Directors of the Bank;
25
(c) Alternate Directors of the Bank;
26
(d) the President of the Bank;
27
(e) Vice-Presidents of the Bank;
28
(f) other officers and employees of the Bank;
29
Section 9
No. , 2015
Asian Infrastructure Investment Bank Bill 2015
5
(g) experts and consultants performing missions or services for
1
the Bank;
2
such privileges and immunities as are necessary or desirable to
3
give effect to Article 50 of the Bank Agreement.
4
(3) The regulations may confer on the following individuals:
5
(a) Directors of the Bank;
6
(b) Alternate Directors of the Bank;
7
(c) the President of the Bank;
8
(d) Vice-Presidents of the Bank;
9
(e) other officers and employees of the Bank;
10
(f) experts and consultants performing missions or services for
11
the Bank;
12
such privileges and immunities as are necessary or desirable to
13
give effect to paragraph 2 of Article 51 of the Bank Agreement.
14
(4) The privileges and immunities conferred by the regulations are
15
privileges and immunities in relation to the operation of the laws of
16
the Commonwealth and of the laws of the States and Territories.
17
(5) This section does not limit the International Organisations
18
(Privileges and Immunities) Act 1963.
19
9 Regulations
20
The Governor-General may make regulations prescribing matters:
21
(a) required or permitted by this Act to be prescribed; or
22
(b) necessary or convenient to be prescribed for carrying out or
23
giving effect to this Act.
24