ANDEAN DEVELOPMENT CORPORATION AGREEMENT ACT

<TS:0.5,NM,NO>ARRANGEMENT OF SECTIONS

<TS:0.5,NM,NO>   1   Short title

<TS:0.5,NM,NO>   2   Interpretation

<TS:0.5,NM,NO>   3   Financial provisions

<TS:0.5,NM,NO>   4   Status, immunities and privileges of the Corporation

<TS:0.5,NM,NO>   5   Subscription to Series "C" shares

<TS:0.5,NM,NO>   6   Exemption of Corporation from provisions of certain enactments

<TS:0.5,NM,NO>      SCHEDULES

 

<TS:0.5,NM,NO>THE ANDEAN DEVELOPMENT CORPORATION AGREEMENT ACT

<TS:0.5,NM,NO>[Date of Commencement: 26th March, 1999]

<TS:0.5,NM,NO>Act 12 of 1999.

1   Short title

   This Act may be cited as the Andean Development Corporation Agreement Act.

2   Interpretation

   In this Act-

   "the Corporation" means the Andean Development Corporation established by the Corporation Agreement;

   "the Corporation Agreement" means the Agreement done at Bogota, Republic of Colombia on the 7th day of February, 1968 for the establishment and operation of an international body to be called the Andean Development Corporation, the text of which is set out in Part I of the Schedule;

   "the Operating Conditions Agreement" means the Agreement Relating to Operating Conditions of the Corporation, the text of which is set out in Part II of the Schedule;

   "the Subscription Agreement" means the Agreement for the Subscription of Common Capital Stock of the Corporation, the text of which is set out in Part III of the Schedule.

3   Financial provisions

   (1) The Minister responsible for finance is authorised to pay for the account of Jamaica the amounts payable from time to time to the Corporation under the Subscription Agreement and the Operating Conditions Agreement:

   Provided that the Bank of Jamaica may from time to time, subject to the terms of any agreement made by that Bank with the Government, pay from its own funds such of the amounts aforesaid as may be specified in the agreement.

   (2) The Minister responsible for finance may borrow from any person, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

   (3) The principal and interest of any securities issued under subsection (2) and the expenses incurred in connection with their issue shall be charged on the Consolidated Fund.

   (4) Subject to the terms of any agreement to the contrary made by the Bank of Jamaica with the Government pursuant to the proviso to subsection (1), any moneys received by the Government from the Corporation or raised by securities under subsection (2) shall be paid into the Consolidated Fund Account and shall form part of the Consolidated Fund and be available in any manner in which that Fund is available.

   (5) The Bank of Jamaica shall act as a depositary for the holdings of currency of Jamaica and other assets of the Corporation.

4   Status, immunities and privileges of the Corporation

   (1) The provisions of-

   (a)   Articles 4 LL., 47, 49, 50, 52, 53 a and b and 54 of the Corporation Agreement; and

   (b)   paragraphs 2.2, 7, 8, 11.2, 12, 13, 14, 15, 16 and 18 of the Operating Conditions Agreement,

shall have the force of law in Jamaica.

5   Subscription to Series "C" shares

   The Government shall, pursuant to the Subscription Agreement, subscribe to the Series "C" shares of Common Capital Stock of the Corporation.

6   Exemption of Corporation from provisions of certain enactments

   The Corporation shall be exempt from the provisions of the Banking Act, the Companies Act, the Financial Institutions Act and the Moneylending Act.

SCHEDULE

(Section 2)

PART I
AGREEMENT ESTABLISHING THE ANDEAN DEVELOPMENT CORPORATION

   The Governments of the Republics of Bolivia, Colombia, Chile, Ecuador, Perú and Venezuela, encouraged by the mutual desire of procuring, in the shortest possible time, the economic integration of their countries in order to accelerate the economic and social development of their people, in accordance with the principles set out in the Treaty of Montevideo, in the Charter of Punta del Este, in the Declaration signed in Bogotá by the Presidents of Colombia, Chile and Venezuela and by the Presidents of Bolivia, Ecuador and Perú, represented by their Personal Delegates, and in the Declaration of the Presidents of America at Punta del Este.

   Manifesting the necessity that each of the signatory countries of the Declaration of Bogotá set as an object the creation of more adequate economic conditions for their participation in the Latin American Common Market;

   Declaring that to attain the ends indicated they must overcome the difficulties that arise due to the different stages of development, from their different economic conditions in general and particularly of the markets in order to achieve a harmonious and balanced growth of the sub-region;

   Bearing in mind that the Declaration of Bogotá created the Mixed Commission and other entities as organs for promotion, consultation and coordination of the policies which are to be adapted in the diverse sub-regional countries and advised on the creation of an organisation to materialise and concretise the actions agreed to, especially those related to the study and execution of multinational projects and which serve as the dynamic element in the operation and completion of a sub-regional integration agreement;

   Estimating that for the better realisation of the diverse activities that the aforementioned organisation must carry out in the su-bregion to fulfill its objectives, it is advisable that each of the countries proceed to promulgate the pertinent legal, regulatory and administrative provisions;

   Considering that the participation by public and private sectors of the countries within and outside of the sub-region, as well as the participation of international financing organisations has a significant importance because of technical, scientific and financial assistance they may provide;

   Expressing that joint action by the sub-regional countries is important to achieve a balanced and harmonious economic development, together with the rest of the Latin American nations which, when integrated, will form the Common Market;

   Have resolved to create a development corporation and, to that effect, enter into the Agreement which constitutes it; designating for this purpose their Plenipotentiaries who, after having exhibited their full powers and these found to be in good and due form, have agreed to organise the Andean Development Corporation which shall be governed by the following provisions:

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