The International Bank for Reconstruction and Development (Selective Capital Increase) Order 2019

• Citation: S.I. 2019/1207
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the International Bank for Reconstruction and Development (Selective Capital Increase) Order 2019 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 Articles of Agreement of the International Bank for Reconstruction and Development, accepted on behalf of the Government on 27 December 1945 ;

“the Bank” means the International Bank for Reconstruction and Development established by the Agreement;“the Government” means the Government of the United Kingdom; and

“the Resolution” means Resolution No 664 adopted by the Board of Governors of the Bank on 1 October 2018.

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 66,481,948.50 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) 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.