The Asian Development Bank (Further Payments to Capital Stock) Order 1995

• Citation: S.I. 1995/1503
• Sections: 3

Section 1

(1) This Order may be cited as the Asian Development Bank (Further Payments to Capital Stock) Order 1995 and shall come into force forthwith.

(2) In this Order—

“the Agreement” means the Agreement establishing the Asian Development Bank dated 4th December 1965 and ratified by the Government of the United Kingdom on 26th September 1966 ;

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

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

“the Resolution” means Resolution No. 232 of the Board of Governors of the Asian Development Bank entitled “Increase in Authorised Capital Stock and Subscriptions thereto”, adopted on 22nd May 1994.

Section 2

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

(a) make payment in sterling of a further subscription to the increased authorised capital stock of the Bank of sums not exceeding in the aggregate the equivalent of 435,866,318.50 United States dollars pursuant to arrangements made between the Government and the Bank in accordance with the terms of the Resolution;

(b) make payment in sterling of sums required to maintain the value of the payments mentioned in paragraph (a) above in accordance with paragraph 1 of Article 25 of the Agreement and with arrangements made between the Government and the Bank;

(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 the Secretary of State and accepted by the Bank in accordance with the said arrangements.

Section 3

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