Clause 2

The Bretton Woods Agreements Act is amended by inserting, immediately after section 10, the following section: —“Companies Act not to apply to Bank and to the issue by the Bank of shares, debentures, etc.

11. The International Bank for Reconstruction and Development shall be deemed not to be a corporation within the meaning of the Companies Act (Cap. 185); and the provisions of that Act shall not, accordingly, apply to the Bank or to the issue by the Bank of any shares, debentures, bonds, notes or other securities.”.