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

Multilateral Investment Guarantee Agency Act 1997

27   Sections 4 and 5

Repeal the sections, substitute:

4 Appropriation

The Consolidated Revenue Fund is appropriated for the purposes of:

(a) making any payments necessary to meet relevant financial obligations; and

(b) making any payments necessary to redeem securities issued under section 5.

5 Issue of securities

(1) To the extent that the Agency 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 Agency or other body in accordance with a relevant financial obligation, the Treasurer 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 Agency or other body.

6 Delegation by the Treasurer

(1) The Treasurer may, in writing, delegate all or any of the Treasurer'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 Treasurer under subsection (3).

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