Law Nos,
28 of 1978
Act Nos,
4 of 1956
[2nd February
, 1956
Short title.

1. This Act may be cited as the International Finance Corporation Agreement Act.

Authorization of signature of Articles of Agreement of the International Finance Corporation.

2. The Governor-General is hereby authorized by instrument under his hand to empower such person as may be named in the instrument, on behalf of the Government of Ceylon*-

(a) to sign the Articles of Agreement (hereinafter referred to as “the Articles”) of the International Finance Corporation (hereinafter referred to as “the Corporation”) which are set out in the Schedule to this Act, and

(b) to deposit with the International Bank for Reconstruction and Development (hereinafter referred to as ” the Bank “) an instrument stating that the Government of Ceylon* (hereinafter referred to as ” the Government”) has accepted the Articles without reservation in accordance with the law of Ceylon* and has taken all steps necessary to enable the Government to carry out all the obligations of the Government under the Articles, in order that Ceylon*, which is entitled to be an original member of the Corporation by virtue of Section 1 (a) of Article II of the Articles and Schedule A to the Articles, may accept membership + in the Corporation on or before the date specified in Section 2 (c) of Article IX of the Articles.

Subscription to the corporation.

3. There shall be paid out of the Consolidated Fund of Ceylon* such sum as may be required to pay to the Corporation 166,000 United States dollars as subscription to 166 shares of stock of the Corporation which are the number of shares to which Ceylon* is entitled to subscribe by virtue of Section 3 (a) of Article II of the Articles and Schedule A to the Articles.

* Now Sri Lanka, + Ceylon (now Sri Lanka has accepted membership in the International Finance Corporation with the effect from 20th July, 1956.

increase of subscription.

[ 2, Law 28 of 1978]

3. Where the authorized capital stock of the Corporation is increased in pursuance of sub-paragraph (ii) of paragraph (c) of Section 2 of Article II of the Articles and Sri Lanka decides to subscribe such proportion of the increase of that capital stock as Sri Lanka is entitled to subscribe under paragraph (d) of Section 2 of Article II of the Articles, there shall be paid out of the Consolidated Fund of Sri Lanka such sum as may be necessary for making such subscription in accordance with such conditions as may be decided by the Corporation under the aforesaid paragraph (d).

Status, immunities and previllage accorded in Sri Lanka to the Corporation.

4. The provisions of Sections 2 to 9 and Section 11 of Article VI of the Articles shall have the force of law in Sri Lanka, and accordingly the Corporation-

(a) shall have in Sri Lanka the status and capacity specified in Section 2 of the said Article VI, and

(b) shall, subject to the provisions of Section 11 of the said Article VI, have in Sri Lanka the immunities and privileges specified in Sections 3 to 9 of the said Article VI.

Orders for carrying the Articles into effect.

5. The President 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, and every Order made under this section and so published shall have the force of law.


Chapter 328