Singapore legislation

Section 4

of Asian Development Bank Act 1966

Section 4

Power to subscribe to shares of Bank

The Minister is hereby authorised to subscribe on behalf of the Government —

(a)

to shares of the original authorised capital stock of the Bank in accordance with paragraph 1 of Article 5 to such amount as will not exceed US$5 million;

(b)

where the original authorised capital stock of the Bank is increased in accordance with paragraph 2 of Article 5, to a proportion of the increase of stock as provided in that paragraph; and

(c)

where the shares of Singapore have been increased at the request of the Government in accordance with paragraph 3 of Article 5, to the amount of such increase:Provided that the subscription of Singapore shall not be increased, except with the approval signified by resolution of Parliament, so that its total subscription exceeds the sum of US$10 million.

Read in full context — Asian Development Bank Act 1966 →