ARRANGEMENT OF SECTIONS
1 Short title
3 Approval of acceptance of Corporation Agreement
4 Financial provisions
5 Status, immunities and privileges of the Corporation
THE INTERNATIONAL FINANCE CORPORATION AGREEMENT ACT
[Date of Commencement: 5th March, 1964]
Act 3 of 1964 .
This Act may be cited as the International Finance Corporation Agreement Act.
<TS:0.196528,NM,NO,0.39375,NM,NO,0.590278,NM,NO,0.7875,NM,NO,0.984028,NM,NO,1.18056,NM,NO,1.37778,NM,NO,1.575,NM,NO,1.77153,NM,NO,1.96875,NM,NO,4.1875,NM,NO> In this Act-
<TS:0.196528,NM,NO,0.39375,NM,NO,0.590278,NM,NO,0.7875,NM,NO,0.984028,NM,NO,1.18056,NM,NO,1.37778,NM,NO,1.575,NM,NO,1.77153,NM,NO,1.96875,NM,NO,4.1875,NM,NO> "the Corporation" means the International Finance Corporation established by the Corporation Agreement;
<TS:0.196528,NM,NO,0.39375,NM,NO,0.590278,NM,NO,0.7875,NM,NO,0.984028,NM,NO,1.18056,NM,NO,1.37778,NM,NO,1.575,NM,NO,1.77153,NM,NO,1.96875,NM,NO,4.1875,NM,NO> "the Corporation Agreement" means the Agreement, as amended, for the establishment and operation of an international body to be called the International Finance Corporation, and of which the text of the Articles is set out in the Schedule;
<TS:0.196528,NM,NO,0.39375,NM,NO,0.590278,NM,NO,0.7875,NM,NO,0.984028,NM,NO,1.18056,NM,NO,1.37778,NM,NO,1.575,NM,NO,1.77153,NM,NO,1.96875,NM,NO,4.1875,NM,NO> "the Membership Resolution" means the Resolution adopted by the Board of Governors of the Corporation, specifying the terms and conditions upon which Jamaica shall be admitted to membership of the Corporation.
<TS:0.196528,NM,NO,0.39375,NM,NO,0.590278,NM,NO,0.7875,NM,NO,0.984028,NM,NO,1.18056,NM,NO,1.37778,NM,NO,1.575,NM,NO,1.77153,NM,NO,1.96875,NM,NO,5.625,NM,NO> Acceptance by the Government of the Corporation Agreement is hereby approved.
(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 Membership Resolution and the Corporation 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 depository for the holdings of currency of Jamaica and other assets of the Corporation.
The provisions of sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article VI of the Corporation Agreement shall have the force of law in Jamaica, subject to the proviso that nothing in section 9 of Article VI of the Corporation Agreement shall be construed-
(i) as entitling the Corporation to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported;
(ii) as conferring on the Corporation any exemption from duties or taxes which form part of the price of goods sold; or
(iii) as conferring on the Corporation any exemption from taxes or duties which are in fact no more than charges for services rendered.
ARTICLES OF AGREEMENT OF THE INTERNATIONAL FINANCE CORPORATION
The Governments on whose behalf this Agreement is signed agree as follows:
THE INTERNATIONAL FINANCE CORPORATION (hereinafter called the Corporation) is established and shall operate in accordance with the following provisions:
The purpose of the Corporation is to further economic development by encouraging the growth of productive private enterprise in member countries, particularly in the less developed areas, thus supplementing the activities of the International Bank for Reconstruction and Development (hereinafter called the Bank). In carrying out this purpose, the Corporation shall:
(i) in association with private investors, assist in financing the establishment, improvement and expansion of productive private enterprises which would contribute to the development of its member countries by making investments, without guarantee of repayment by the member government concerned, in cases where sufficient private capital is not available on reasonable terms;
(ii) seek to bring together investment opportunities, domestic and foreign private capital, and experienced management; and
(iii) seek to stimulate, and to help create conditions conducive to, the flow of private capital, domestic and foreign, into productive investment in member countries.
The Corporation shall be guided in all its decisions by the provisions of this Article.
Membership and Capital
SECTION 1. Membership
(a) The original members of the Corporation shall be those members of the Bank listed in Schedule A hereto which shall, on or before the date specified in Article IX, section 2(c), accept membership in the Corporation.
(b) Membership shall be open to other members of the Bank at such times and in accordance with such terms as may be prescribed by the Corporation.
SECTION 2. Capital Stock
(a) The authorised capital stock of the Corporation shall be $100,000,000, in terms of United States dollars.
(b) The authorised capital stock shall be divided into 100,000 shares having a par value of one thousand United States dollars each. Any such shares not initially subscribed by original members shall be available for subsequent subscription in accordance with section 3(d) of this Article.
(c) The amount of capital stock at any time authorised may be increased by the Board of Governors as follows:
(i) by a majority of the votes cast, in case such increase is necessary for the purpose of issuing shares of capital stock on initial subscription by members other than original members, provided that the aggregate of any increases authorised pursuant to this subparagraph shall not exceed 10,000 shares;
(ii) in any other case by a three-fourths majority of the total voting power.
(d) In case of an increase authorised pursuant to paragraph (c)(ii) above, each member shall have a reasonable opportunity to subscribe, under such conditions as the Corporation shall decide, to a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Corporation, but no member shall be obligated to subscribe to any part of the increased capital.
(e) Insurance of shares of stock, other than those subscribed either on initial subscription or pursuant to paragraph (d) above, shall require a three-fourths majority of the total voting power.
(f) Shares of stock of the Corporation shall be available for subscription only by, and shall be issued only to, members.
SECTION 3. Subscriptions
(a) Each original member shall subscribe to the number of shares of stock set forth opposite its name in Schedule A. The number of shares of stock to be subscribed by other members shall be determined by the Corporation.
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