The African Development Fund (Additional Subscriptions) Order 2002

• Citation: S.I. 2002/2404
• Sections: 2

Section 1

(1) This Order may be cited as the African Development Fund (Additional Subscriptions) Order 2002 and shall come into force forthwith.

(2) In this Order—

“the Agreement” means the Agreement establishing the African Development Fund dated 29th November 1972, as ratified by the Government of the United Kingdom on 30th June 1973 ;

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

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

“the Resolution” means Resolution F/BG/2002/03 concerning additional individual subscriptions to the Fund adopted by the Board of Governors of the Fund on 28th May 2002.

Section 2

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

(a) make payment of a further contribution to the Fund not exceeding £40,000,000 in accordance with arrangements made between the Government and the Fund in accordance with the Resolution; and

(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 Fund pursuant to the arrangements mentioned in paragraph (a) above.