The African Development Fund (Sixth Replenishment) Order 1992

Statutory Instruments

1992 No. 398

OVERSEAS DEVELOPMENT AND CO-OPERATION

The African Development Fund (Sixth Replenishment) Order 1992

Made

24th February 1992

Coming into force

24th February 1992

Whereas it is provided in section 4(1) of the Overseas Development and Co-operation Act 1980 ( “the Act”)(1) that if the Government of the United Kingdom becomes bound by arrangements for the making of any further payment to an international development bank beyond the initial subscription or other initial contribution to its capital stock, the Secretary of State may with the approval of the Treasury by order made by statutory instrument make provision for any of the purposes specified in that subsection;

And whereas a draft of this Order has been laid before the House of Commons in accordance with section 4(3) of the Act and has been approved by a resolution of that House;

Now therefore, the Secretary of State, in exercise of the powers conferred upon him by section 4 of the Act and with the approval of the Treasury, hereby makes the following Order:

1.—(1) This Order may be cited as the African Development Fund (Sixth Replenishment) Order 1992 and shall come into force forthwith.

(2) In this Order—

“the Agreement” means the Agreement establishing the African Development Fund dated 29th November 1972 and ratified by the Government of the United Kingdomon 30th June 1973(2);

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

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

“the Resolution” means the Resolution entitled “Resolution F/BG/91/05 concerning additions to the Resources of the Fund: Sixth General Replenishment” adopted by the Board of Governors of the Fund on 8th May 1991.

2.  The Secretary of State may make payment on behalf of the Government out of money provided by Parliament of a further subscription to the Fund of a sum not exceeding £71,915,912 in accordance with arrangements made between the Government and the Fund in accordance with the Resolution.

3.  The Secretary of State may out of money provided by Parliament make payment in sterling 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 Fund in accordance with the Agreement or the said arrangements.

4.  Any sums received by the Government in pursuance of the said arrangements shall be paid into the Consolidated Fund.

Douglas Hurd

One of Her Majesty’s Principal Secretaries of State

12th February 1992

We approve,

Irvine Patnick

Sydney Chapman

Two of the Lords Commissioners of Her Majesty’s Treasury

24th February 1992

Explanatory Note

(This note is not part of the Order)

This Order provides for the payment on behalf of the Government of the United Kingdom of a sum not exceeding £71,915,912 as a further subscription to the African Development Fund in accordance with arrangements made with the Fund pursuant to the Resolution entitled “Resolution F/BG/91/05 concerning additions to the Resources of the Fund: Sixth Replenishment” adopted by the Board of Governors of the Fund on 8th May 1991. The Order further provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in payment of the further subscription. The Order also provides that any sums which may be received by the Government of the United Kingdom in pursuance of the arrangements relating to the further subscription shall be paid into the Consolidated Fund.

The provisions of the Resolution F/BG/91/05 may be obtained by application to the Overseas Development Administration, 94 Victoria Street, London, SW1E 5JL.

(1)

1980 c. 63.

(2)

Cmnd. 7551.