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AFRICAN DEVELOPMENT BANK (MEMBERSHIP OF ZIMBABWE)ACT
AN ACT to provide for the membership of the African Development Bank by Zimbabwe and to ratify the accession of Zimbabwe to the agreement providing for the establishment and operation of such Bank; and to provide for matters incidental to or connected therewith.
[Date of commencement: 10th October, 1980.]
1 Short title
This Act may be cited as the African Development Bank (Membership of Zimbabwe) Act [Chapter 22:01].
2 Interpretation of terms
In this Act—
“Bank” means the African Development Bank;
“Bank Agreement” means the agreement providing for the establishment and operation of a body to be known as the African Development Bank which was adopted by the Conference of Finance Ministers held at Khartoum from the 31st July to the 4th August, 1963, as amended;
“Bank Resolution” means the resolution of the Board of Governors of the Bank relating to membership by Zimbabwe of the Bank, the text of which is set out in the First Schedule;
“Consolidated Revenue Fund” means the Consolidated Revenue Fund established by section 101 of the Constitution of Zimbabwe;
“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.
3 Membership of Bank by Zimbabwe and ratification of accession to Bank Agreement and payment of first instalment in terms of Bank Resolution
Zimbabwe is hereby authorized to become a member of the Bank on the terms and conditions specified in the Bank Agreement and the Bank Resolution and the execution by the Minister of the Instrument of Accession on the 23rd June, 1980, signifying the accession of Zimbabwe to the Bank Agreement and the payment of the first instalment of the initial subscription in terms of the Bank Resolution is hereby ratified.
4 Financial and other provisions
- There are hereby charged on and shall be paid out of the Consolidated Revenue Fund all payments required to be made from time to time to the Bank in terms of the Bank Agreement and the Bank Resolution.
- The Minister may, on behalf of Zimbabwe, issue, pursuant to the Bank Agreement and the Bank Resolution, such non-negotiable and non-interest bearing notes which may be necessary or appropriate in respect of the membership by Zimbabwe of the Bank and any sums payable under any such notes are hereby charged on and shall be paid out of the Consolidated Revenue Fund.
- For the purpose of providing any sums required for making any payments under this section, the Minister may, on behalf of the Government of Zimbabwe, raise loans by the creation and issue of securities bearing such rates of interest and subject to such terms and conditions as to repayment, redemption or otherwise as he may think fit, and the principal and interest of such securities and the charges and expenses incurred in connexion with their issue are hereby charged on and shall be paid out of the Consolidated Revenue Fund.
5 Certain provisions of Bank Agreement to have force of law
The Bank Agreement set out in the Second Schedule shall have the force of law in Zimbabwe:
Provided that nothing in Article 57 of the Bank Agreement shall be construed as—
- entitling the Bank to import goods free of customs duty without any restriction on their subsequent sale; or
- conferring on the Bank any exemption from duties or taxes which form part of the price of goods sold;
- conferring on the Bank any exemption from taxes or duties which are in fact no more than charges for services rendered.
6 Transactions with Bank
- In terms of paragraph 1 of Article 40 of the Bank Agreement, Zimbabwe shall deal with the Bank only through the Treasury.
- The Treasury shall have authority to carry on such dealings as may be required for the purposes of subsection (1).