The Caribbean Development Bank (Further Payments to Capital Stock) Order 2011

• Citation: S.I. 2011/1772
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Caribbean Development Bank (Further Payments to Capital Stock) Order 2011 and comes 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 18th October 1969 and ratified by the Government on 23rd January 1970 ;

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

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

“the Resolution” means Resolution No. 4/10 adopted by the Board of Governors of the Bank on 19th May 2010.

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 20,705,000 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) in accordance with the Agreement and any 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 the Secretary of State and accepted by the Bank pursuant to the arrangements mentioned in paragraph (a),

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