Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The European Bank for Reconstruction and Development (Subscriptionto Capital Stock) Order 1991, ISBN 011014144X. The print version may be purchased by clicking . The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
STATUTORY INSTRUMENTS
1991No. 1144
OVERSEAS DEVELOPMENT AND CO-OPERATION
The European Bank for Reconstruction and Development (Subscription
to Capital Stock) Order 1991
Made
1st May 1991
Coming into force
1st May 1991
Whereas it is provided in section 4(1) of the Overseas Development
and Co-operation Act 1980 ("the Act"
) [1] that if the Government of the United Kingdom becomes
bound by an international agreement for the establishment and operation
of an international development bank which provides for the making by
members of the bank of an initial subscription or other initial
contribution to the capital stock of the bank, the Secretary of State
may with the approval of the Treasury by order made by statutory
instrument make provision for payment out of monies provided by
Parliament of sums required by him for any of the purposes specified in
that subsection;
And whereas a draft of this Order has been laid before the House of
Commons in accordance with section 4(3) of the Act and has been approved
by a resolution of that House;
Now, therefore, the Secretary of State, in exercise of the powers
conferred upon him by section 4 of the Act and with the approval of the
Treasury, hereby makes the following Order:
1.—(1) This Order may be cited as the European Bank for Reconstruction and
Development (Subscription to Capital Stock) Order 1991 and shall come
into force forthwith.
(2) In this Order—
"the Agreement" means the Agreement establishing the European Bank for
Reconstruction and Development done at Paris on 29th May 1990[2]
;
"the Bank" means the European Bank for Reconstruction and Development
established by the Agreement;
"ECU" means the European Currency Unit as defined in Council Regulation
(EEC) No. 3180/78[3]
or any Council regulation amending or replacing same;
"the Government" means the Government of the United Kingdom.
2. The Secretary of State may, on behalf of the Government out of money
provided by Parliament—
(a) make payment of an initial subscription to the authorised capital
stock of the Bank not exceeding in the aggregate ECU 851,750,000 in
accordance with the Agreement;
(b) make payment of sums required to redeem any non-interest-bearing and
non-negotiable notes or other obligations which may be issued or created
by him and accepted by the Bank in accordance with the Agreement.
3. Any sums received by the Government from the Bank in pursuance of
the Agreement as applied by the said arrangements shall be paid into the
Consolidated Fund.
Douglas Hurd
One of Her Majesty's Principal Secretaries of State
24th April 1991 We approve,
Thomas Sackville
Irvine Patnick
Two of the Lords Commissioners of Her Majesty's Treasury
The Overseas Development and Co-operation Act 1980, section 4(1),
provides that if the Government of the United Kingdom becomes bound by
an international agreement for the establishment and operation of an
international development bank, the Secretary of State may, with the
approval of the Treasury, provide by order for the payment out of money
provided by Parliament of any sums required by him for any of the
purposes specified in that subsection.
This Order provides for the payment to the Bank of sums not
exceeding ECU 851,750,000 as an initial subscription to the original
authorised capital of the Bank, and for the redemption of
non-interest-bearing and non-negotiable notes issued by the Secretary of
State in payment of that subscription. The Order further provides that
certain sums which may be received by the Government of the United
Kingdom from the Bank shall be paid into the Consolidated Fund.
[3] OJ No. L379, 30.12.1978, p.1. That regulation was
amended by Council Regulation (EEC) No. 2626/84 (OJ No. L247, 16.9.1984,
p.1) and Council Regulation (EEC) No. 1971/89(OJ No. L189, 19.6.1989,
p.1). back