Singapore legislation

Clause 5

of Asian Development Bank Bill

Clause 5

Sums payable to the Bank to be charged on the Consolidated Fund

(1)

There shall be charged on the Consolidated Fund —

(a)

all sums payable to the Bank by way of subscription to its paid-in capital stock as provided in paragraph 1 of Article 6;

(b)

all sums payable to the Bank by way of subscription to its callable capital stock as and when required by the Bank, as provided in paragraph 5 of Article 6;

(c)

all sums payable to the Bank by way of increase of the shares of the Bank’s capital stock subscribed by the Government in accordance with paragraphs 2 and 3 of Article 5;

(d)

all sums payable to the Bank under any other provisions of the Agreement; and

(e)

all sums required for the redemption of any notes or obligations created and issued to the Bank under section 7 of this Act.

(2)

All sums charged on the Consolidated Fund under this section may be paid in gold or United States dollars or in local currency.