Document ID: chunk:federal_register_of_legislation:C2013A00083:clause:1_8caa
Version: federal_register_of_legislation:C2013A00083
Segment Type: clause
Provision Reference: sch 1 cl 8CAA
Character Range: 2049–3899

8CAA  Appropriation for the purposes of the IMF loan agreement 2012

Appropriation
 (1) If the Treasurer is satisfied that an amount should be paid out of the Consolidated Revenue Fund to enable Australia to carry out its obligations under the IMF loan agreement 2012, he or she may direct that that amount be paid out of the Consolidated Revenue Fund.
 (2) The Consolidated Revenue Fund is appropriated accordingly.

Amendment of the IMF loan agreement 2012
 (3) The Treasurer may, by legislative instrument, give notice of an amendment of the IMF loan agreement 2012, except to the extent that the amendment affects either or both of the following:
 (a) the maximum amount that Australia agrees to lend to the
Fund under the agreement;
 (b) the period during which the agreement remains in force.
Note 1: References to the agreement in this Act only incorporate references to amendments that are notified under this subsection (see the definition of IMF loan agreement 2012 in section 3).
Note 2: The agreement provides that it expires 2 years after it enters into force, but may be extended for up to 2 additional 1‑year periods, making for a maximum term of 4 years (see clause 2 of the agreement).
 (4) A legislative instrument under subsection (3) comes into force at the later of the following days or times:
 (a) the earliest day or time applicable under subsection 12(1) of the Legislative Instruments 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 Legislative Instruments Act 2003 disallowing the instrument could be passed.
 (5) A legislative instrument under subsection (3) is repealed on the day after the IMF loan agreement 2012 expires.

[Minister's second reading speech made in—
House of Representatives on 14 March 2013
Senate on 17 June 2013]
(48/13)