The Inter-American Development Bank (Subscription to Shares of the Additional Capital Stock) Order 1976

• Citation: S.I. 1976/1121
• Sections: 3

Section 1

(1) This Order may be cited as the Inter-American Development Bank (Subscription to Shares of the Additional Capital Stock) Order 1976 and shall come into operation on 17th July 1976.

(2) In this Order—

“ the Bank ” means the Inter-American Development Bank established by the Agreement;

“ the Agreement ” means the Articles of Agreement establishing the Inter-American Development Bank dated 8th April 1959;

“ 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 additional capital stock of the Bank of a sum equivalent to 51,060,000 United States dollars of the weight and fineness in effect on 1st January 1959 in accordance with the terms of the Agreement;

(b) make any payments which may become payable under section 3(a) of Article V 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 the terms of the Agreement.

Section 3

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