The African Development Bank (Further Subscription to Capital Stock) Order 2000

• Citation: S.I. 2000/1398
• Sections: 3

Section 1

(1) This Order may be cited as the African Development Bank (Further Subscription to Capital Stock) Order 2000 and shall come into force forthwith.

(2) In this Order–

“the Agreement” means the Agreement establishing the African Development Bank dated 4th August 1963, as amended in accordance with Resolution 05–79 adopted by the Board of Governors of the Bank (particulars of which Agreement, as so amended, were laid before Parliament by Command of Her Majesty in July 1981) ; 2

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

“Units of Account” means the currency of the Bank as determined by or under the Agreement, each Unit having a value equivalent to one Special Drawing Right of the IMF;

“the Resolution” means Resolution B/BG/98/05 concerning the general increase in the capital stock of the Bank adopted by the Board of Governors of the Bank on 29th May 1998.

Section 2

The Secretary of State may, on behalf of the Government of the United Kingdom, 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 the equivalent of 139,900,000 Units of Account in accordance with arrangements made between the Government and the Bank in accordance with the Agreement and the Resolution; and

(b) make any payments which may become payable in accordance with the said arrangements to maintain the value of the payment mentioned in paragraph (a) above; and

(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 her and accepted by the Bank in accordance with the said arrangements.

Section 3

Any sums received by the Government of the United Kingdom from the Bank in pursuance of the said arrangements shall be paid to the Consolidated Fund.