The African Development Bank (Further Payments to Capital Stock) Order 2015

• Citation: S.I. 2015/1702
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the African Development Bank (Further Payments to Capital Stock) Order 2015 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 African Development Bank dated 4th August 1963 and ratified by the Government on 29th April 1983 ;

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

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

“the Resolutions” means

Resolution B/BG/2012/04 adopted by the Board of Governors of the Bank on 31st May 2012; and

Resolution B/BG/2010/08 adopted by the Board of Governors of the Bank on 27th 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 7,946,866.67 pounds sterling pursuant to arrangements made between the Government and the Bank in accordance with the terms of the Resolutions;

(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.