Print View

[Section Index]

The International Financial Organisations Order, 1972 (President's Order)

( PRESIDENT'S ORDER NO. 86 OF 1972 )

[ 31st July, 1972 ]

4. (1) There shall be paid out of the Consolidated Fund of the Government all sums required for the purpose of making-
 
 
(a) all payments and transfers or other adjustments required to be made from time to time 1[* * *] under the provisions of the Membership Resolutions and the Fund Agreement;
 
 
(b) all payments or transfers or other adjustments on account of the participation of the People's Republic of Bangladesh in the 2[Special Drawing Rights Department];
 
 
(c) all payments required to be made from time to time to the Bank under the provisions of the Membership Resolutions and the Bank Agreement;
 
 
(d) all payments required to be made from time to time to the Association under the Membership Resolutions and the Association Agreement.
 
 
(2) The Government is hereby authorised by borrowing, or by any other appropriate means, to acquire and pay on behalf of the People's Republic of Bangladesh the amounts that may fall due from time to time to the Fund, the Bank and the Association under the provisions of the Membership Resolutions upon which the People's Republic of Bangladesh shall be admitted to the membership in the said Organisations and under their respective Articles of Agreement, and to pay, transfer or make adjustments of amounts required on account of the People's Republic of Bangladesh's participation in the 3[Special Drawing Rights Department].
 
 
(3) The Government may, if it thinks fit, create and issue to the Fund, the Bank or the Association non-interest bearing and non-negotiable notes or other obligations as are provided for by 4[Section 4] of Article III of the Fund Agreement, by Section 12 of Article V of the Bank Agreement and by paragraph (e) of Section 2 of Article II of the Association Agreement (which sections relate to the acceptance by the Fund, the Bank, or the Association, as the case may be, of notes or similar obligations in place of Bangladesh currency) and the sums payable under such notes or obligations so created and issued shall be a charge on the Consolidated Fund.
 
 
 
 
(4) For the purpose of providing any sums required to be paid out of the Consolidated Fund under sub-clauses (a), (b), (c) and (d) of clause (1), and clause (3) of this Article, the Government may raise loans by the creation and issue to the Bangladesh Bank in such form as it thinks fit, of non-interest bearing and non-negotiable notes or obligations.
  • 1
    The words “to the Fund” were omitted by section 4 of the International Financial Organisations (Amendment) Ordinance, 1976 (Ordinance No. XCIV of 1976)
  • 2
    The words “Special Drawing Rights Department” were substituted for the words “Special Drawing Account in the Fund” by section 4 of the International Financial Organisations (Amendment) Ordinance, 1976 (Ordinance No. XCIV of 1976)
  • 3
    The words “Special Drawing Rights Department” were substituted for the words “Special Drawing Account in the Fund” by section 4 of the International Financial Organisations (Amendment) Ordinance, 1976 (Ordinance No. XCIV of 1976)
  • 4
    The word and figure “Section 4” were substituted for the word and figure “Section 5” by section 4 of the International Financial Organisations (Amendment) Ordinance, 1976 (Ordinance No. XCIV of 1976)
Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs