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The International Bank for Reconstruction and Development (1988 General Capital Increase) Order 1988

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1.—(1) This Order may be cited as the International Bank for Reconstruction and Development (1988 General Capital Increase) Order 1988 and shall come into operation forthwith.

(2) In this Order—

“the Agreement” means the Articles of Agreement of the International Bank for Reconstruction and Development(1);

“the International Bank” means the International Bank for Reconstruction and Development established by the Agreement;

“the Resolution” means Resolution No. 425 adopted by the Board of Governors of the International Bank on 27th April 1988.

2.  The Secretary of State may make payment on behalf of the Government of the United Kingdom out of money provided by Parliament of an additional subscription to the capital stock of the International Bank of sums not exceeding in the aggregate the equivalent of 3,673,335,750 United States dollars in accordance with arrangements made between the Government and the International Bank in accordance with the Resolution.

3.  The Secretary of State may out of money provided by Parliament 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 International Bank in accordance with the Agreement or the said arrangements.

4.  Any sums received by the Government of the United Kingdom in pursuance of the Agreement or the said arrangements shall be paid into the Consolidated Fund.

Geoffrey Howe

One of Her Majesty’s Principal Secretaries of State

27th July 1988

We approve,

Michael Neubert

Anthony Durant

Two of the Lords Commissioners of Her Majesty’s Treasury

22nd August 1988

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