The Caribbean Development Bank (Subscription to Shares of the Capital Stock) Order 1970

• Citation: S.I. 1970/437
• Sections: 3

Section 1

(1) This Order may be cited as the Caribbean Development Bank (Subscription to Shares of the Capital Stock) Order 1970 and shall come into operation on 10th March 1970.

(2) In this Order—

“ the Bank ” means the Caribbean Development Bank established by the Agreement ;

“ the Agreement ” means the Articles of Agreement establishing the Caribbean Development Bank dated 18th October 1969 ;

“ the Minister ” means the Minister of Overseas Development .

(3) The Interpretation Act 1889 shall apply to the interpretation of, and otherwise in relation to, this Order as it applies to the interpretation of, and otherwise in relation to, an Act of Parliament.

Section 2

The Minister may, on behalf of Her Majesty's Government in the United Kingdom, out of monies provided by Parliament—

(a) make payment of an initial subscription to the capital stock of the Bank of a sum equivalent to ten million United States dollars of the weight and fineness in effect on 1st September 1969 in accordance with paragraph 1 of Article 6 of the Agreement, paragraphs 1 and 2 of Article 7 thereof and Annex A thereof (which relate to the initial subscription of members, that of the United Kingdom being fixed by category B of the said Annex);

(b) make any payments which may become payable under Article 24 of the Agreement (which relates to falls in the par or foreign exchange value of currencies of members);

(c) make payment of sums required to redeem any non-interest-bearing non-negotiable notes or other obligations which may be issued or created by the Minister and accepted by the Bank in accordance with paragraph 5 of Article 7 of the Agreement in place of any amount due in currency from Her Majesty's Government in the United Kingdom by way of initial subscription to the Bank.

Section 3

Any sums received by Her Majesty's said Government in pursuance of the Agreement shall be paid into the Consolidated Fund.