Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) To the extent to which the Bank is prepared to accept promissory notes from Australia in lieu of any payment that Australia is required to make to the Bank in pursuance of an agreement made under this Act, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes.
(2) A promissory note issued under the last preceding subsection:
(a) shall be payable to the Bank;
(b) shall be non - negotiable and non - interest - bearing; and
(c) shall be payable at its par value on demand.