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Multilateral Investment Guarantee Agency Act 1988

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This is the original version (as it was originally enacted).

Payments to and from the Agency

2Payments to and from the Agency

(1)The Secretary of State may with the consent of the Treasury make out of money provided by Parliament—

(a)any payment in cash required to be made by the United Kingdom under Article 7(i) of the Convention;

(b)any payment required to be made by the United Kingdom for redeeming such notes or obligations as are there mentioned; and

(c)any payment required to be made by the United Kingdom under Article 7(ii) of the Convention.

(2)The Secretary of State may with the consent of the Treasury by order make provision—

(a)for the payment out of money provided by Parliament of any sums required by the Secretary of State for making any other payments by the United Kingdom under the Convention; and

(b)for the payment into the Consolidated Fund of any sums received by the United Kingdom in pursuance of the Convention.

(3)The power to make an order under subsection (2) above shall be exercisable by statutory instrument; and no such order shall be made unless a draft of it has been laid before and approved by the House of Commons.

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