The African Development Fund (Initial Subscription) Order 1973

• Citation: S.I. 1973/1446
• Sections: 5

Section 1

(1) This Order may be cited as the African Development Fund (Initial Subscription) Order 1973 and shall come into operation on 23rd August 1973.

(2) In this Order—

“ the Fund ” means the African Development Fund established by the Agreement;

“ the Agreement ” means the Articles of Agreement of the African Development Fund completed in Abidjan on 29th November 1972 and signed on behalf of Her Majesty's Government in the United Kingdom on 29th November 1972 ;

(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 Secretary of State may make payment on behalf of Her Majesty's Government in the United Kingdom out of moneys provided by Parliament of an initial subscription to the Fund of a sum equivalent to five million two hundred and eleven thousand four hundred and twenty units of account of the Fund, each unit of account being equal to 0.81851265 gramme of fine gold, in accordance with the terms of the Agreement.

Section 3

The Secretary of State may make on behalf of Her Majesty's said Government out of moneys provided by Parliament any payment to the Fund which may become payable in accordance with paragraph (1) of Article 13 of Chapter IV of the Agreement.

Section 4

The Secretary of State may redeem out of moneys provided by Parliament any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Fund in accordance with the Agreement.

Section 5

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