CHAPTER 40:03
INTERNATIONAL FINANCE CORPORATION AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION AGREEMENTS

ARRANGEMENT OF SECTIONS

   SECTION

   1.   Short title

   2.   Interpretation

   3.   Acceptance of agreements

   4.   Financial and other provisions

   5.   Reserve Bank of Malawi authorized to act as depository

   6.   Regulations

9 of 1965

An Act to provide for acceptance by Malawi of the international agreements for the establishment and operation of the International Finance Corporation and the International Development Association and to provide for matters related thereto or connected therewith

[26TH FEBRUARY 1965]

   WHEREAS on the 11th day of April, 1955, and on the 26th day of January, 1960, respectively, the Executive Directors of the International Bank for Reconstruction and Development approved Articles of the following respective Agreements, that is to say—

   (a)   an agreement (hereafter in this Act referred to as “the Finance Corporation Agreement"), which term shall be taken to include all subsequent amendments thereof, for the establishment and operation of an international body to be known as the International Finance Corporation (hereafter in this Act referred to as “the Corporation"); and

   (b)   an agreement (hereafter in this Act referred to as “the Development Association Agreement"), which term shall be taken to include all subsequent amendments thereof, for the establishment and operation of an international body to be called the International Development Association (hereafter in this Act referred to as “the Association"):

   AND WHEREAS copies of the text of the articles of the Finance Corporation Agreement and the Development Association Agreement have been laid before the National Assembly:

   AND WHEREAS it is expedient that Malawi becomes a member of the Corporation and of the Association and that provision be made for acceptance by Malawi of the Finance Corporation Agreement and the Development Association Agreement and for carrying out the obligations of Malawi thereunder:

   NOW, THEREFORE, be it enacted by the Parliament of Malawi—

1.   Short title

    This Act may be cited as the International Finance Corporation and the International Development Association Agreements Act.

2.   Interpretation

   In this Act, unless the context otherwise requires, “Minister” means the Minister for the time being responsible for the administration of the Act.

3.   Acceptance of Agreements

   The Minister, or such person as may be authorized by him in that behalf in writing shall be empowered on behalf of the Government of Malawi—

   (a)   to sign the Articles of the Finance Corporation Agreement and the Articles of the Development Association Agreement respectively; and

   (b)   to deposit with the International Bank for Reconstruction and Development instruments of acceptance of the Finance Corporation Agreement and of the Development Association Agreement stating that the Government of Malawi accepts in accordance with its law the respective Agreements and the terms and conditions prescribed under the Resolution of the Board of Governors of the Corporation relating to membership of Malawi in the Corporation and under the Resolution of the Board of Governors of the Association relating to membership of Malawi in the Association as the terms upon which the Government of Malawi shall be admitted to membership of the Corporation and of the Association.

4.   Financial and other provisions

   (1) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act—

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