Commonwealth Consolidated Acts

EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT 1990 - SECT 5

  (1)   To the extent to which the Bank is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Bank, promissory notes or other obligations issued by Australia, the Treasurer may authorise the issue of securities.

  (2)   Securities issued under subsection   (1):

  (a)   must be payable to the Bank; and

  (b)   must be non - negotiable and non - interest - bearing; and

  (c)   must be payable at their par value on demand.