International Development Association Act 1960
| Jurisdiction | UK Non-devolved |
| Citation | 1960 c. 35 |
| Year | 1960 |
International Development Association Act, 1960
(8 & 9 Eliz. 2) 35
An Act to enable effect to be given to an international agreement for the establishment and operation of an International Development Association, and for purposes connected therewith.
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 The Agreement and the Association.
1. In this Act ‘the Agreement’ means any agreement which may be signed and accepted on behalf of Her Majesty's Government in the United Kingdom in pursuance of Articles approved on the twenty-sixth day of January, nineteen hundred and sixty, by the executive directors of the International Bank for Reconstruction and Development and providing for the establishment and operation of an international body to be called the International Development Association (copies of which Articles, and of a report thereon of the said directors, were laid before Parliament by command of Her Majesty on the ninth day of March, nineteen hundred and sixty); and ‘the Association’ means the International Development Association established by the Agreement.
2 Financial provisions.
(1) There shall be paid out of the Consolidated Fund of the United Kingdom all sums required for the purpose of making payments on behalf of Her Majesty's said Government under the following provisions of the Agreement, that is to say—
(a ) paragraphs (a ) to (d ) of section 2 of Article II (which relate to the initial subscription of members);
(b ) paragraph (a ) of section 2 of Article IV (which relates to falls in the par or foreign exchange value of currencies of members).
(2) The Treasury may, for the purpose of providing any sums to be paid out of the Consolidated Fund under subsection (1) of this section or any part of such sums, or of providing for the replacement of sums so paid, raise money in any manner in which they are authorised to raise money under the National Loans Act, 1939 ; and any securities created and issued for that purpose shall be deemed for all purposes to have been created and issued under that Act.
(3) Any sums received by Her Majesty's said Government from the Association in pursuance of the Agreement shall be paid into the Exchequer; and the sums so paid into the Exchequer shall be issued out...
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