The Multilateral Investment Guarantee Agency (Further Subscription to Capital Stock) Order 2000

• Citation: S.I. 2000/1406
• Sections: 3

Section 1

(1) This Order may be cited as the Multilateral Investment Guarantee Agency (Further Subscription to Capital Stock) Order 2000 and shall come into force forthwith.

(2) In this Order–

“the Agency” means the Multilateral Investment Guarantee Agency established by the Convention;

“the Convention” means the Convention establishing the Multilateral Investment Guarantee Agency dated 11th October 1985, and laid before Parliament by Command of Her Majesty in October 1989 ; 2

“the Resolution” means Resolution No. 57 concerning the general increase in the capital stock of the Agency adopted by the Board of Governors of the Agency on 29th March 1999.

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 Agency of sums not exceeding in the aggregate the equivalent of US$40,088,100 in accordance with arrangements made between the Government and the Agency in accordance with the Convention and the Resolution; and

(b) 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 Agency in accordance with the said arrangements.

Section 3

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