Asian Infrastructure Investment Bank Agreement (Ratification) Act

Asian Infrastructure Investment Bank Agreement (Ratification) Act

1. Short title.

2. Authorization of ratification, acceptance or approval of the Agreement establishing Asian Infrastructure Investment Bank.

3. Status, immunities, privileges and exemptions accorded to the Bank in Sri Lanka.

4. Payments out of the Consolidated Fund.

5. Issue of Government promissory notes or obligations.

6. Receipts.

8. General Provisions.

7. Orders.

8. General Provisions.

9. Interpretation.

10. Sinhala text to prevail in case of inconsistency.

7 of 2016.

AN ACT to enable Sri Lanka to become a member of the Asian Infrastructure Investment Bank authorising the ratification or acceptance by Sri Lanka of the agreement, establishing that bank, to which Sri Lanka is a signatory, and to provide for matters connected therewith.

[Date of Commencement: 3rd June, 2016]

1. Short title.

This Act may be cited as the Asian Infrastructure Investment Bank Agreement (Ratification) Act, No. 7 of 2016 and shall come into operation on such date as the Minister may by order published in the Gazette.

2. Authorization of ratification, acceptance or approval of the Agreement establishing Asian Infrastructure Investment Bank.

The Minister assigned the subject of Finance or a person authorized by him shall on behalf of the Government of Sri Lanka —

(a) ratify, accept or approve the Articles of Agreement establishing the Asian infrastructure investment Bank, (in this Act referred to as “the agreement” and “the bank” respectively), to which Sri Lanka is a signatory and which is set out in the Schedule to this Act; and

(b) deposit with the Bank an instrument of such ratification, acceptance or approval of the agreement by the Government of Sri Lanka without reservation in accordance with the written laws of Sri Lanka.

3. Status, immunities, privileges and exemptions accorded to the Bank in Sri Lanka.

The provisions of Chapter IX of the Agreement shall have the force of law in Sri Lanka and accordingly, the Bank shall have in Sri Lanka the status, immunities, privileges and exemptions as specified in chapter IX, of the Agreement or as granted in terms of the Diplomatic Privileges Act, No. 9 of 1996 or any other written law.

4. Payments out of the Consolidated Fund.

There shall be paid out of the Consolidated Fund such sums as are payable, or may, from time to time, become payable, to the Bank by the Government of Sri Lanka as required to be paid in terms of the Agreement.

5. Issue of Government promissory notes or obligations.

(1) The Minister assigned the subject of Finance may, if he deems necessary on behalf of the Government of Sri Lanka, for the purpose of payment of subscription under paragraph 5(b) of Article 6 of the agreement create and issue to the Bank, in such form as he deems necessary, any such non-negotiable and non-interest bearing promissory notes or other obligations payable at par value on demand to the account of the Bank, in lieu of the currency of Sri Lanka in such circumstances stipulated in Article 6 of the agreement.

(2) For the purpose of providing any sums required to be paid out of the Consolidated Fund under section 4, the Minister assigned the subject of Finance may raise loans, on behalf of the Government of Sri Lanka, by the creation and issue to the Central Bank of Sri Lanka, in such form as he may deem necessary, of non-interest bearing and non-negotiable promissory notes or obligations.

(3) The Central Bank of Sri Lanka is hereby authorized to accept and hold any promissory notes or obligations created and issued in accordance with the provisions of subsection (2) of this section subject to the provisions of any other written law.

(4) There shall be paid out of the Consolidated Fund such sums as may be required for the redemption of any notes or obligations created and issued to the Central Bank of Sri Lanka under subsection (1) of this section.