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Asian Development Bank Act 1971

Chapter 82.

Asian Development Bank Act 1971.
Certified on: / /20 .

INDEPENDENT STATE OF PAPUA NEW GUINEA.

Chapter 82.

Asian Development Bank Act 1971.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.

AN ACT

entitled

Asian Development Bank Act 1971,

Being an Act relating to the Asian Development Bank and authorizing Papua New Guinea to subscribe for shares of the capital stock of that Bank.

1. INTERPRETATION.

In this Act, unless the contrary intention appears–

“the Agreement” means the Agreement establishing the Asian Development Bank, a copy of which is set out in Schedule 1;

“the Bank” means the Asian Development Bank established by the Agreement;

“callable shares” has the same meaning as in the Agreement;

“paid-in shares” has the same meaning as in the Agreement;

“United States dollar” means a dollar in the currency of the United States of America of the weight and fineness that was in effect on 31 January 1966.

2. APPROVAL OF PAPUA NEW GUINEA MEMBERSHIP OF BANK.

Approval is given to membership by the Independent State of Papua New Guinea in the Asian Development Bank.

3. ISSUE OF SECURITIES.

(1) Notwithstanding the Loans Securities Act 1960 or any other law, the Head of State, acting on advice, may authorize the issue of securities to the extent that the Bank is prepared to accept promissory notes or other obligations issued by the State instead of any payment that the State is required to make to the Bank under the Agreement or any agreement entered into under Section 4 of the pre-Independence Asian Development Bank (Additional Subscription) Act 1973.

(2) Securities issued under Subsection (1) shall be–

(a) payable to the Bank; and

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

(c) payable at their par value on demand.

4. EFFECT OF CHAPTER VIII OF THE AGREEMENT.

Chapter VIII (status, immunities, exemptions and privileges) of the Agreement has the force of law as if contained in this Act, and applies notwithstanding anything in force in any other law.

5. ISSUE OF PROMISSORY NOTES.

(1) Notwithstanding the Loans Securities Act 1960 or any other law, the Head of State, acting on advice, may execute and issue promissory notes to the Bank to the extent that the Bank is prepared to accept promissory notes from the State instead of any payment that the State is required to make to the Bank under an agreement made under this Act.

(2) A promissory note issued under Subsection (1) shall be–

(a) payable to the Bank; and

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

(c) payable at its par value on demand.

6. APPROPRIATION.

There shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, the money necessary for the purpose of–

(a) any payment that the State is required to make to the Bank in accordance with the Agreement; or

(b) redeeming a security issued under Section 3.

7. JUDICIAL NOTICE OF SEAL OF THE BANK.

All courts, Judges and persons acting judicially shall take judicial notice of the seal of the Bank affixed to a document, and shall presume that it was duly affixed.

SCHEDULE 1

Sec. 1.

AGREEMENT – AGREEMENT ESTABLISHING THE ASIAN DEVELOPMENT BANK.

Office of Legislative Counsel, PNG