The Asian Development Bank (Further Payments to Capital Stock) Order 2010

• Citation: S.I. 2010/285
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Asian Development Bank (Further Payments to Capital Stock) Order 2010 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 Asian Development Bank dated 4th December 1965 and ratified by the Government of the United Kingdom on 26th September 1966 ;

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

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

“the Resolution” means Resolution No. 336 of the Board of Governors of the Asian Development Bank entitled “‘Increase in Authorised Capital Stock and Subscriptions Thereto”, adopted by the Board of Directors on 29 th April 2009.

Section 3 Relevant Payments

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

(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 69,739,093.50 United States dollars pursuant to arrangements made between the Government and the Bank in accordance with the terms of the Resolution;

(b) make payment of sums required to maintain the value of the payment mentioned in paragraph (a) above in accordance with paragraph 1 of Article 25 of the Agreement and with arrangements made between the Government and the Bank; and

(c) 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.