The European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 1997

• Citation: S.I. 1997/1991
• Sections: 3

Section 1

(1) This Order may be cited as the European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 1997 and shall come into force on 31st July 1997.

(2) In this Order—

“the Agreement” means the Agreement establishing the European Bank for Reconstruction and Development done at Paris on 29 May 1990 and ratified by the Government of the United Kingdom on 10 August 1990 ;

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

“ ECU ” means the European Currency Unit as defined in Council Regulation ( EC ) No. 3320/94 or any Council regulation amending or replacing same;

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

“the Resolution” means Resolution No. 59 of the Board of Governors of the Bank entitled “Increase in Authorised Capital Stock and Subscriptions thereto”, adopted on 15 April 1996.

Section 2

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

(a) make payment of a further subscription to the increased authorised capital stock of the Bank of sums not exceeding in the aggregate ECU 851,750,000 in accordance with the arrangements made between the Government and the Bank pursuant to the terms of the Resolution;

(b) 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 her and accepted by the Bank pursuant to 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.