African Development Bank Act, 1983

1983 · State unknown · central · act_text

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Sections (18)

1 · Short title, extent and commencement . — (1) This Act may be called the African Development Bank Act, 1983 .

2 · Definitions . — In this Act, unless the context otherwise requires,—

3 · Payments to Bank . — (1) There shall be paid out of the Consolidated Fund of India, after due appropriation made by Parliament by law in this behalf, all such sums as may, from time to time, be required for the purpose of paying,—

4 · Reserve Bank to be depository for Bank . — The Reserve Bank of India shall be the depository of the Indian currency holdings of the Bank .

5 · Conferment of status and certain immunities, exemptions and privileges on Bank and conferment of certain immunities, exemptions and privileges on its officers and employees . — (1) Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in India;

6 · Power to make rules . — The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act .

7 · Notifications issued under section 5 and rules made under section 6 to be laid before Parliament . — Every notification issued under sub-section (2) of section 5 and every rule made under section 6 shall be laid, as soon as may be after it is issued or made, before each of the House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session

1 · 15th December, 1983, vide notification No. G.S.R. 889(E), dated 14th December, 1983, see Gazette of India, Extraordinary, Part II, sec. 3(i).

1 · . The Bank shall enjoy immunity from every form of legal process except in cases arising out of the exercise of its borrowing powers when it may be sued only in a court of competent jurisdiction in the territory of a member in which the Bank has its principal office, or in the territory of a member or non-member State where it has appointed an agent for the purpose of accepting service or notice of process or has issued or guaranteed securities . No actions shall, however, be brought by members or persons acting for or deriving claims from members .

2 · . The property and assets of the Bank shall, wherever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank .

1 · . Property and assets of the Bank, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by executive or legislative action .

2 · . The archives of the Bank and, in general, all documents belonging to it, or held by it, shall be inviolable, wherever located .

1 · . All governors, directors, alternates, officers and employees of the Bank and experts and consultants performing missions for the Bank;

2 · . Experts and consultants performing missions for the Bank shall be accorded such immunities and privileges as are, in the opinion of the Bank, necessary for the independent exercise of their functions during the period of their mission, including the time spent on journeys in connection therewith .

1 · . The Bank, its property, other assets, income and its operations and transactions shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation relating to the payment, withholding or collection of any tax or duty .

2 · . No tax shall be levied on or in respect of salaries and emoluments paid by the Bank, to directors, alternates, officers and other professional staff of the Bank .

3 · . No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:

4 · . No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held:

Subordinates (0)

African Development Bank Act, 1983 — Roop's Law Assist Statutes