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EAST AFRICAN DEVELOPMENT BANK ACT.

ARRANGEMENT OF SECTIONS.

   Section

   1.   Interpretation.

   2.   Financial provisions.

   3.   Certain provisions of the charter to have the force of law.

 

      Schedule   Provisions of the charter annexed to the Treaty of 1980, which are to have the force of law in Uganda.

 

CHAPTER 52
EAST AFRICAN DEVELOPMENT BANK ACT.

Commencement: 24 May, 1985.

   An Act to provide for the carrying out of the obligations of Uganda under the treaty amending and reenacting the charter of the East African Development Bank, and to provide for other matters related thereto.

   Whereas the Governments of the United Republic of Tanzania, the Republic of Uganda and the Republic of Kenya (hereafter referred to as the Parties) did in Article 21 of the Treaty for East African Co-operation of 6th"> June, 1967 (hereafter referred to as the Treaty of 1967), agree to establish a development bank known as the East African Development Bank (hereafter referred to as the bank) being set out in Annex VI of the Treaty of 1967;

   And Whereas the said Treaty of 1967 is no longer operative;

   And Whereas the parties, by a treaty signed on the 23rd"> July, 1980 (hereafter referred to as the Treaty of 1980), agreed to amend and reenact the charter of the bank;

   And Whereas it is expedient that Uganda should make provision for giving legal effect to certain provisions of the charter and fulfill her obligations thereunder: Now therefore,

   Be It Enacted by the President and the National Assembly in this present Parliament assembled as follows—

 

1.   Interpretation.

   In this Act, unless the context otherwise requires, "Minister" means the Minister responsible for finance.

 

2.   Financial provisions.

   (1) There shall be charged on and paid out of the Consolidation Fund without further appropriation than this Act, all payments required to be made from time to time by the Government to the bank under the terms of the Treaty of 1980.

   (2) For the purpose of providing any sums required for making payments under this section, the Minister may, on behalf of the Government, make such arrangements as are necessary, or raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as repayment, redemption or otherwise as he or she thinks fit, and the principal and interest of the securities and the charges and expenses incurred in connection with their issue sh

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