The Caribbean Development Bank (Further Payments) Order 1991

• Citation: S.I. 1991/717
• Sections: 3

Section 1

(1) This Order may be cited as the Caribbean Development Bank (Further Payments) Order 1991 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 Government” means the Government of the United Kingdom;

“the Resolution” means Resolution No. 4/90 entitled “Increase in the Authorized Capital Stock of the Bank and in subscriptions of Members of the Bank” adopted at the meeting of the Board of Governors on 17th May 1990.

Section 2

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

(a) make payment of a subscription to the increased authorised capital stock of the Bank of sums not exceeding in the aggregate the equivalent of 20,881,884 United States dollars pursuant to arrangements made between the Government and the Bank in accordance with the terms of the Resolution;

(b) make payment of sums required to maintain the value of the payments mentioned in paragraph (a) above, in accordance with arrangements made between the Government and the Bank;

(c) make payment 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.