The Caribbean Development Bank (Seventh Replenishment of the Unified Special Development Fund) Order 2009

• Citation: S.I. 2009/2947
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Caribbean Development Bank (Seventh Replenishment of the Unified Special Development Fund) Order 2009 and shall come into force on the day after the day on which it is made.

Section 2 Interpretation

In this Order—

“the Agreement” means the Agreement establishing the Caribbean Development Bank dated 18 October 1969, as ratified by the Government of the United Kingdom on 23 January 1970 ;

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

“the Fund” means the Special Development Fund (Unified) of the Bank, established by Article 8 of the Agreement;

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

“the Resolution” means the “Resolution of Contributors to the Special Development Fund of the Caribbean Development Bank (SDF7)” adopted by the Board of Directors on 5 March 2009.

Section 3 Relevant Payments

The Secretary of State may, on behalf of the Government—

(a) make payment of a further contribution to the Fund not exceeding £35,357,000 in accordance with arrangements made between the Government and the Bank 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 him and accepted by the Bank pursuant to the arrangements mentioned in paragraph (a),

in accordance with section 11 of the International Development Act 2002.