The African Development Bank (Subscription to Capital Stock) Order 1983

• Citation: S.I. 1983/816
• Sections: 3

Section 1

(1) This Order may be cited as the African Development Bank (Subscription to Capital Stock) Order 1983 and shall come into operation forthwith.

(2) In this Order—

“ the Agreement ” means the Agreement establishing the African Development Bank dated 4th August 1963, as amended in accordance with Resolution 05–79 adopted by the Board of Governors of the Bank (particulars of which Agreement, as so amended, were laid before Parliament by Command of Her Majesty in July 1981) ;

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

“ the Resolutions ” means Resolution 06–79 concerning the general increase in the capital stock of the bank and subscriptions thereto in connection with the admission of non-regional member countries, adopted by the Board of Governors of the Bank on 17th May 1979, and Resolution 07–79 concerning the adoption of General Rules governing the admission of non-regional countries to membership of the Bank, adopted by the Board of Governors of the Bank on 17th May 1979 (particulars of which Resolutions were laid before Parliament by Command of Her Majesty in July 1981) .

Section 2

The Secretary of State may, on behalf of the Government of the United Kingdom, out of money provided by Parliament—

(a) make payment of an initial subscription to the capital stock of the Bank of a sum of £44,079,721 in accordance with the Agreement and the Resolutions; and

(b) make any payments which may become payable in accordance with the Agreement and the Resolutions to maintain the value of the payment mentioned in paragraph (a) above; and

(c) make payment in sterling of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Bank in accordance with the Agreement and the Resolutions.

Section 3

Any sums received by the Government of the United Kingdom from the Bank in pursuance of the Agreement shall be paid into the Consolidated Fund.