Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 (35 of 2026)

Schedule 3   Multilateral development banks - modernising and technical amendments

Part 1   Main amendments

Asian Development Bank Act 1966

4   Section 5

Repeal the section, substitute:

5 Issue of securities

(1) To the extent that the Bank or another body is prepared to accept promissory notes or other securities issued by Australia in place of any payment that Australia is required to make to the Bank or other body in accordance with a relevant financial obligation, the Minister may make and issue those securities.

(2) A security issued under subsection (1) is to be:

(a) non-negotiable; and

(b) non-interest bearing; and

(c) payable to the Bank or other body at its par value on demand.

6 Delegation by the Minister

(1) The Minister may, in writing, delegate all or any of the Minister's powers under section 5 to:

(a) the Secretary of the Department; or

(b) an SES employee, or an acting SES employee, in the Department.

Note: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations.

(2) A person exercising powers under a delegation under subsection (1) must comply with any written directions of the Minister under subsection (3).

(3) The Minister may, in writing, give directions for the purposes of subsection (2).