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| ASIAN DEVELOPMENT BANK AGREEMENT (RATIFICATION) |
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AN ACT TO ENABLE CEYLON TO BECOME A MEMBER OF THE ASIAN DEVELOPMENT BANK AUTHORIZING THE RATIFICATION OR ACCEPTANCE BY CEYLON OF THE AGREEMENT, ESTABLISHING THAT BANK, TO WHICH CEYLON IS A SIGNATORY.
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[24th September
, 1966 ]
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Short title.
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1. This Act may be cited as the Asian Development Bank Agreement (Ratification) Act.
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Authorization of ratification or acceptance of the Agreement establishing the Asian Development Bank.
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2. The Governor-General* is hereby empowered by instruments under his hand to authorize such person as may be named in the instrument, on behalf of the Government of Ceylon,
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(a) to ratify or accept the Agreement establishing the Asian Development Bank, in this Act referred to as ” the Agreement” and ” the Bank” respectively, to which Ceylon is a signatory and which is set out in the Schedule to this Act; and
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(b) to deposit with the Secretary-General of the United Nations an instrument of such ratification or acceptance stating that the Government has accepted the Articles of the Agreement without reservation in accordance with the law of Ceylon and has taken all steps to enable the Government to carry out all the obligations of the Government under the said Articles in order that Ceylon which is entitled to be an original member of the Bank by virtue of Article 64 of, and Annex A to, the said Articles may accept membership in the Bank.
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* The Governor General has already exercised his power under this section on 24th September, m1966, and the instrument of ratification has been deposited with the Secretary-General of United Nations on September 29, 1966.
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Status, immunities, exemptions, and privileges accorded to the Bank in Sri Lanka.
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3. The provisions of Chapter VIII of the Agreement shall have the force of law in Sri Lanka, and accordingly the Bank shall have in Sri Lanka the status, immunities, exemptions and privileges specified in the said Chapter VIII.
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Payments out of the Consolidated Fund.
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4. There shall be paid out of the Consolidated Fund such sums as are payable, or may, from time to time, become payable, to the Bank by the Government of Sri Lanka under the Articles of the Agreement.
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Issue of Government notes or obligations to the Central Bank of Ceylon.
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5.
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(1) For the purpose of providing any sums required to be paid out of the Consolidated Fund under section 4, the Minister in charge of the subject of Finance is hereby authorized to raise loans, on behalf of the Government of Sri Lanka, by the creation and issue to the Central Bank of Ceylon, in such form as he thinks fit, of non-interest bearing and non-negotiable notes or obligations.
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(2) Notwithstanding anything in the Monetary Law Act, the Central Bank of Ceylon is hereby authorized to accept and hold any notes or obligations created and issued in accordance with the provisions of subsection (1) of this section.
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(3) There shall be paid out of the Consolidated Fund all sums required for the redemption of any notes or obligations created and issued to the Central Bank of Ceylon under subsection (1) of this section.
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Receipts,
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6. All sums received by or on behalf of the Government of Sri Lanka from the Bank under the Articles of the Agreement shall be paid into the Consolidated Fund ; and the sums so received, in so far as they represent capital, shall, unless otherwise provided in that behalf under any written law, be applied from time to time as the Minister in charge of the subject of Finance may direct in the redemption of notes or other obligations issued to the Central Bank of Ceylon under this Act.
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Power of the Minister to make Orders.
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7.
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(1) The Minister in charge of the subject of Finance may, by Order published in the Gazette, make such other provision as he may consider reasonably necessary for carrying into effect any of the provisions of the Articles of the Agreement, and every Order made under this subsection and so published shall be laid before Parliament at the earliest possible opportunity and shall have the force of law unless disapproved within one month.
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(2) The Minister in charge of the subject of Finance may take all such steps, and make all such arrangements, as he may consider reasonably necessary to enable the Government of Sri Lanka to meet or discharge its financial obligations or liabilities under the Articles of the Agreement.
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Schedules
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| Chapter 314 |
