The European Bank for Reconstruction and Development (Subscription to Capital Stock) Order 1991

• Citation: S.I. 1991/1144
• Sections: 3

Section 1

(1) This Order may be cited as the European Bank for Reconstruction andDevelopment (Subscription to Capital Stock) Order 1991 and shall comeinto force forthwith.

(2) In this Order—

“the Agreement” means the Agreement establishing the European Bank forReconstruction and Development done at Paris on 29th May 1990 ;

“the Bank” means the European Bank for Reconstruction and Developmentestablished by the Agreement;

“ ECU ” means the European Currency Unit as defined in Council Regulation ( EEC ) No. 3180/78 or any Council regulation amending or replacing same;

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

Section 2

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

(a) make payment of an initial subscription to the authorised capitalstock of the Bank not exceeding in the aggregate ECU 851,750,000 inaccordance with the Agreement;

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

Section 3

Any sums received by the Government from the Bank in pursuance ofthe Agreement as applied by the said arrangements shall be paid into theConsolidated Fund.