INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - SECT 7 Issue of securities

INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - SECT 7

  (1)   To the extent to which the Fund or the Bank is prepared to accept from Australia, in place of any payment which Australia is required to make to the Fund or to the Bank, or in substitution for any Australian currency held by the Fund or by the Bank, notes or similar obligations issued by Australia, the Treasurer may, on behalf of Australia, execute and issue to the Fund or to the Bank, as the case may be, securities.

  (2)   Securities so issued:

  (a)   shall be payable to the Fund or the Bank, as the case may be;

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

  (c)   shall be payable at their par value on demand.

  (3)   Sums payable under any security issued under this section shall be a charge on the Consolidated Revenue Fund.

  (4)   Where, upon the redemption of any such security, the moneys necessary to redeem the security are not paid out of the proceeds of any loan raised under this Act, the moneys shall be paid out of the Consolidated Revenue Fund, which is, to the necessary extent, hereby appropriated accordingly.