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

International Monetary Agreements Act 1947

16   Subsections 7(1) and (2)

Repeal the subsections, substitute:

(1) To the extent that the Fund is prepared to accept from Australia promissory notes or other securities issued by Australia in place of any of the following, the Treasurer may make and issue those securities:

(a) any payment that Australia is required to make to the Fund;

(b) any Australian currency held by the Fund.

(1A) To the extent that the Bank or another body is prepared to accept from Australia promissory notes or other securities issued by Australia in place of any of the following, the Treasurer may make and issue those securities:

(a) any payment to the Bank or other body that Australia is required to make in accordance with a relevant financial obligation in relation to the Bank;

(b) any Australian currency held by the Bank.

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

(a) non-negotiable; and

(b) non-interest bearing; and

(c) payable to the Fund, Bank or other body, as the case may be, at its par value on demand.