The Caribbean Development Bank (Further Payments) Order 1988

• Citation: S.I. 1988/906
• Sections: 3

Section 1

(1) This Order may be cited as the Caribbean Development Bank (Further Payments) Order 1988 and shall come into force forthwith.

(2) In this Order—

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

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

“the Fund” means the Special Development Fund of the Bank established by Article 8 of the Agreement;

“the Government” means the Government of the United Kingdom;

“the Resolution” means the Resolution entitled “Resolution of Contributors to Special Development Fund II of the Caribbean Development Bank” adopted at the meeting of Contributors on 22nd September 1987.

Section 2

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

(a) make payment of a further contribution to the Fund of a sum not exceeding £9,252,510 in accordance with arrangements made between the Government and the Bank pursuant to the Resolution;

(b) 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 the Secretary of State and accepted by the Bank in accordance with the arrangements mentioned in paragraph (a) above.

Section 3

Any sums received by the Government in pursuance of the said arrangements shall be paid into the Consolidated Fund.