CHAPTER 40:04
AFRICAN DEVELOPMENT BANK

ARRANGEMENT OF SECTIONS

   SECTION

   1.   Short title

   2.   Malawi’s accession to the Bank Agreement

   3.   Financial provision

   4.   Certain provisions of the Bank Agreement to have force of law

      First Schedule

      Second Schedule

16 of 1968

An Act to provide for Malawi’s accession to the African Development Bank Agreement, to provide for the carrying out of Malawi’s obligations arising under the agreement and for matters related thereto or connected therewith

[26TH JULY 1968]

   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 term shall include all subsequent amendments to the Bank Agreement) for the establishment and operation of the African Development Bank (hereinafter referred to as the Bank):

   AND WHEREAS on the 25th July, 1966, Malawi acceded to the Bank Agreement and acquired full membership status in the Bank with effect from the 1st August, 1966:

   AND WHEREAS Malawi’s instrument of accession has been deposited with the Secretary General of the United Nations and Malawi has paid to the Bank the first two instalments of its paid-up subscription totalling $150,000.

   NOW, THEREFORE BE IT ENACTED by the Parliament of Malawi as follows—

1.   Short title

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

2.   Malawi’s accession to the Bank Agreement

   The accession of Malawi to the Bank Agreement is hereby ratified, and the payment of the first two instalments of Malawi’s paid-up subscription as set out in the First Schedule is approved.

3.   Financial provision

   (1) There shall be charged on 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 under the terms of the Bank Agreement and in accordance with the resolution of the Board of Governors of the Bank relating to the membership of Malawi in the Bank.

   (2) The payments referred to in subsection (1) include payments of the instalments of Malawi’s paid-up subscription to the Bank, as set out in the First Schedule and all administrative costs arising out of such payments to the Bank.

4.   Certain provisions of the Bank Agreement to have force of law

   The provisions of the Bank Agreement set out in the Second Schedule shall have the force of law in Malawi:

   Provided that nothing in the Bank Agreement shall be construed as—

   (a)   entitling the Bank to import goods free of customs duty without any restrictions on their subsequent sale in Malawi;

   (b)   conferring on the Bank any exemption from duties or taxes which form part of the price of goods sold;

   (c)   conferring on the Bank exemption from taxes or duties which are in fact no more than charges for services rendered.

FIRST SCHEDULE

INSTALMENTS OF MALAWI’S PAID-UP SUBSCRIPTION

U.S. Dollars

First Instalment (already paid) 5 % ....................................

50,000

Second Instalment (already paid) 10% August, 1967 ..........

100,000

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