International Development Association Act
Jurisdiction | Singapore |
Coming into Force | 31 July 2003 |
copyrightNote | © Singapore legislation sourced from Singapore Statutes Online. It is subject to copyright of the Singapore Government and is reproduced with the permission of the Attorney-General’s Chambers of Singapore. |
Enactment Date | 01 August 2002 |
Published date | 31 July 2003 |
Record Number | Cap. 144A |
Act Number | (Original Enactment: Act 11 of 2002) |
International Development Association Act |
(CHAPTER 144A) |
(Original Enactment: Act 11 of 2002)
REVISED EDITION 2003 |
(31st July 2003) |
An Act to enable Singapore to become a member of the International Development Association by acceptance of the Articles of Agreement of the establishment and operation of the International Development Association. |
[1st August 2002] |
Short title |
1. This Act may be cited as the International Development Association Act. |
Interpretation |
2. In this Act, unless the context otherwise requires —
|
Acceptance of Agreement |
3. The President is hereby authorised by instrument under his hand to empower such person as may be named in the instrument, on behalf of the Government —
|
Financial provision for membership subscriptions and contributions |
4.—(1) Subject to subsection (2), there shall be charged and paid out of the Consolidated Fund all sums necessary for the purpose of making all payments of subscriptions and other contributions on behalf of the Government required to be made to the Association under the Agreement and the membership resolution. [10/2004 wef 15/05/2004]
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Issue of non-negotiable notes and creation of other obligations |
5.—(1) To the extent to which the Association is prepared to accept from the Government notes or other obligations that are non-interest bearing and non-negotiable and that are payable at their par value on demand in place of any payment that the Government has made, intends to make or is required to make to the Association under section 4, the Minister may, with the concurrence of the President under Article 144(1) of the Constitution, create and issue to the Association in such form as the Minister thinks fit and as is acceptable to the Association, any such notes or other obligations.
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Power to raise loans |
6.—(1) For the purpose of providing any sums required for making payments to the Association under section 4, the Minister may, with the concurrence of the President under Article 144(1)(b) of the Constitution, raise loans, on behalf of the Government, by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as the Minister thinks fit.
|
Receipts from Association |
7. All sums received by or on behalf of the Government from the Association on account of its subscriptions therein or of supplementary resources provided by it under the Agreement shall be paid into the Consolidated Fund. |
Certain provisions of Agreement to have force of law |
8.—(1) Notwithstanding anything to the contrary in any other written law, the provisions of the Agreement set out in the Schedule shall have the force of law.
|
Application of Companies Act |
9. The Association shall not be regarded as a corporation within the meaning of the Companies Act (Cap. 50), and the provisions of that Act shall not apply to the Association or to the issue by the Association of any shares, debentures, bonds, notes or other securities. |
Power to make regulations |
10.—(1) The Minister may make regulations for carrying out or giving effect to the provisions of this Act.
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Section 8 |
Provisions having force of law |
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