CHAPTER 39:08
AFRICAN DEVELOPMENT BANK AND FUND

 

ARRANGEMENT OF SECTIONS

 

   SECTION

 

 

 

   1.   Short title

 

   2.   Interpretation

 

   3.   Accession to Agreement

 

   4.   Financial provisions relating to membership of Bank

 

   5.   Financial provisions relating to membership of Fund

 

   6.   Certain provisions of Agreements to have force of law

 

 

 

      First Schedule - Provisions of Bank Agreement having Force of Law in Botswana

 

      Second Schedule - Provisions of Fund Agreement having Force of Law in Botswana

 

 

Act 27, 1974,
Act 9, 1976.

An Act to provide for Botswana's accession to the African Development Bank and the African Development Fund, to provide for the carrying out of Botswana's obligations as a result thereof, and to provide for matters incidental thereto and connected therewith.

[Date of Commencement: 20th December, 1974]

   WHEREAS at the Conference of African Finance Ministers held at Khartoum in the Sudan in July and August, 1963, there were drawn up Articles of an Agreement (hereinafter referred to as "the Bank Agreement" which expression shall include any subsequent amendment thereto) for the establishment and operation of the African Development Bank (hereinafter referred to as "the Bank");

   AND WHEREAS on 17th March, 1972, Botswana acceded to the Bank Agreement and acquired full membership status with effect from 31st March, 1972;

   AND WHEREAS Botswana's Instrument of Accession has been deposited with the Secretary-General of the United Nations;

   AND WHEREAS as the Conference of Plenipotentiaries held at Abidjan in the Ivory Coast on 29th November, 1972, there were adopted Articles of an Agreement (hereinafter referred to as "the Fund Agreement" which expression shall include any subsequent amendment thereto) for the establishment and operation of the African Development Fund (hereinafter referred to as "the Fund");

   NOW THEREFORE BE it ENACTED by the Parliament of Botswana as follows:

 

1.   Short title

   This Act may be cited as the African Development Bank and Fund Act.

 

2.   Interpretation

   In this Act, unless the context otherwise requires-

   "Bank" means the African Development Bank;

   "Bank Agreement" means the Articles of Agreement for the establishment and operation of the Bank;

   "Fund" means the African Development Fund;

   "Fund Agreement" means the Articles of Agreement for the establishment and operation of the Fund;

   "Membership Resolutions" means resolutions adopted by the Boards of Governors of the Bank and the Fund respectively.

 

3.   Accession to Agreement

   The accession of Botswana to the Bank Agreement is hereby ratified.

 

4.   Financial provisions relating to membership of Bank

   (1) There shall be charged upon and paid out of the Consolidated Fund without further appropriation than this Act all payments required to be made from time to time by the Government to the Bank and Fund under the terms of the Bank Agreement and Fund Agreement and any Membership Resolution.

   (2) For the purpose of providing any sums required for making payments under this section, the Minister may, on behalf of the Government, make such arrangements as may be necessary, and may raise loans by the creation and issue of securities, whether interest-bearing or otherwise and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and the principal and interest (if any) of such securities and the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.

 

5.   Financial provisions relating to membership of Fund

   (1) If the Fund Agreement is signed in accordance with the provisions of section 4, then the provisions of this section shall have effect.

   (2) There shall be charged upon and paid out of the Consolidated Fund without further appropriation than this Act all payments required to be made from time to time by the Government to the Fund under the terms of the Fund Agreement and any Membership

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