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Union of India - Section
Section 238 in The African Development Bank Act, 1983
238.
Statement of Objects and Reasons.-India has decided to become a member of the African Development Bank by acceding to the agreement establishing the African Development Bank. Chapter VII of the Articles of the Agreement provides for granting to the Bank and its officers and employees, certain status, immunities, exemptions and privileges in the territory of each member country. Article 50 of the Agreement stipulates that to enable the Bank effectively to fulfil its purpose and carry out functions entrusted to it, status, immunities, exemptions and privileges set forth in Chapter VII of the Agreement shall be accorded to the Bank in the territory of each member. By this Bill, it is proposed to enact the necessary legislation to give effect to the provisions of the said Chapter VII of the Agreement. Provision has also been made in the Bill empowering the Central Government to make payments to the Bank towards the subscriptions and other charges and for matters connected therewith.[26th May, 1983]An Act to implement the international agreement for the establishment and operation of the African Development Bank and for matters connected therewith.Be it enacted by Parliament in the Thirty-fourth Year of the Republic of India as follows:-| Brought into force on 15.12.1983 vide G.S.R. 889(E), dated 14.12.1983, published in the Gazette of India, Extraordinary, Part II, Section 3(i), dated 15.12.1983. |