International Monetary Fund and World Bank Group Membership Act 2010
INTERNATIONAL MONETARY FUND
AND WORLD BANK GROUP
MEMBERSHIP ACT 2010
International Monetary Fund and World Bank
Group Membership Act 2010 Arrangement of Sections
Act No.5 of 2010 Page 3
INTERNATIONAL MONETARY FUND AND WORLD
BANK GROUP MEMBERSHIP ACT 2010
Arrangement of Sections
Section
1 Short Title .............................................................................................................. 5
2. Commencement ..................................................................................................... 5
3. Authorisation of Expenditure ................................................................................. 5
4. Authorisation of Membership ................................................................................ 6
5. Participation in Special Drawing Rights Department ............................................ 6
6. Authorisation to borrow ......................................................................................... 7
7. Authorisation to issue nonnegotiable, noninterest-bearing notes .......................... 7
8 Designation to serve as fiscal agency .................................................................... 7
9 Designation of channel of communication ............................................................ 7
10 Authorisation to designate depository ................................................................... 7
11 Authorisation to receive and be credited with amounts ......................................... 7
12 Incorporation of the Articles of Agreements and the Conventions........................ 8
13 Power to issue directions and make regulations .................................................... 8
International Monetary Fund and World Bank Group
Membership Act 2010 Section 1
Act No.5 of 2010 Page 5
INTERNATIONAL MONETARY FUND AND WORLD
BANK GROUP MEMBERSHIP ACT 2010
AN ACT TO PROVIDE FOR MEMBERSHIP OF TUVALU IN THE
INTERNATIONAL MONETARY FUND, THE INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT, THE
INTERNATIONAL FINANCE CORPORATION, THE INTERNATIONAL
DEVELOPMENT ASSOCIATION, THE MULTILATERAL INVESTMENT
GUARANTEE AGENCY, AND THE INTERNATIONAL CENTRE FOR
THE SETTLEMENT OF INVESTMENT DISPUTES, AND FOR RELATED
PURPOSES
ENACTED BY THE PARLIAMENT OF TUVALU
21st April 2010
Commencement [21st April, 2010]
1 Short Title
This Act may be cited as the International Monetary Fund and World Bank Group
Membership Act 2010.
2. Commencement
This Act shall commence on publication by exhibition.
3. Authorisation of Expenditure
The Minister responsible for Finance and Economic Planning (hereinafter referred to
as “the Minister”) may by warrant under his hand, in addition to the sum already
authorised for the service of Tuvalu for the financial year ending 31 December 2010,
Section 4.
International Monetary Fund and World Bank Group
Membership Act 2010
Page 6 Act No.5 of 2010
further authorise the issue from the Consolidated Fund for the service of the same
financial year a sum not exceeding nine hundred and eighty-six thousand and thirty-
five dollars ($986,035) and which sum shall be appropriated for the purpose of
payment of the membership quotas and subscriptions of Tuvalu in the International
Monetary Fund (hereinafter referred to as “the Fund”), the International Bank for
Reconstruction and Development (hereinafter referred to as “the Bank”), the
International Finance Corporation (hereinafter referred to as “the Corporation”), the
International Development Association (hereinafter referred to as “the
Association”), the Multilateral Investment Guarantee Agency (hereinafter referred to
as “the Agency”), and the International Centre for the Settlement of Investment
Disputes (hereinafter referred to as “ICSID”) (hereinafter referred to collectively as
“the Institutions”), as provided for in the Membership Resolutions of the Boards of
Governors, the Council of Governors, and the Administrative Council of the
Institutions (hereinafter referred to collectively as “the Membership Resolutions”).
All funds appropriated by this Act shall be allotted, managed, administered, and
accounted for in accordance with applicable law.
4. Authorisation of Membership
The Minister is hereby authorised on behalf of Tuvalu to accept membership in the
Institutions by accepting the respective Articles of Agreement of the Fund, the Bank,
the Corporation, and the Association, and the Agency and ICSID Conventions as
amended, and to accept the terms and conditions of the Membership Resolutions and
other documents that may be required for membership related purposes. The
Minister, or a person designated by the Minister, is hereby authorised to sign the
originals of the Articles of Agreement of the Fund, the Bank, the Corporation, and
the Association and the Agency and ICSID Conventions, and to execute and deposit
any instrument of acceptance and other document that may be required for these
purposes.
5. Participation in Special Drawing Rights Department
Upon the admission of Tuvalu to membership in the Fund, Tuvalu is hereby
authorised to become a participant in the Special Drawing Rights Department, and
the Minister is hereby authorised to execute and deposit with the Fund on behalf of
Tuvalu an Instrument of Participation stating that Tuvalu undertakes all the
obligations of a participant in the Special Drawing Rights Department of the Fund in
accordance with the law of Tuvalu and representing that Tuvalu has undertaken all
steps necessary to enable it to carry out all of the obligations of a participant in the
Special Drawing Rights Department.
International Monetary Fund and World Bank Group
Membership Act 2010 Section 6.
Act No.5 of 2010 Page 7
6. Authorisation to borrow
The Minister is authorised and directed to borrow or otherwise acquire, by any
appropriate means and to pay on behalf of Tuvalu, the amounts that are payable
from time to time to the Institutions under the terms and conditions of the
Membership Resolutions relating to the membership of Tuvalu in the Institutions
and under their respective Articles of Agreement or Conventions, and to make
payments in connection with Tuvalu’s participation in the Special Drawing Rights
Department of the Fund.
7. Authorisation to issue nonnegotiable, noninterest-bearing notes
The Minister is authorised to issue in accordance with the Articles of Agreement of
the Fund, the Bank, the Association and the Agency Convention any nonnegotiable,
noninterest-bearing notes which may be necessary or appropriate in respect of
Tuvalu’s membership in the Fund, the Bank, the Association or the Agency.
8 Designation to serve as fiscal agency
The Minister is designated to serve as the fiscal agency as required under Article V,
Section 1 of the Articles of Agreement of the Fund, and Article III, Section 2 of the
Articles of Agreement of the Bank, and is accordingly authorised to carry out, on
behalf of Tuvalu, all operations and transactions authorised under the various
provisions of the Articles of Agreement of the Fund and the Bank, including the
receipt of any amounts which may be paid or transferred to Tuvalu pursuant to these
operations and transactions.
9 Designation of channel of communication
The Minister is designated to serve as the channel of communication referred to in
Article IV, Section 10 of the Articles of Agreement of the Corporation, Article VI,
Section 10 of the Articles of Agreement of the Association, and Article 38 of the
Agency Convention.
10 Authorisation to designate depository
The Minister is authorised to designate a depository for all of the Fund’s, the
Bank’s, the Corporation’s, the Association’s, and the Agency’s holdings of the
currency of Tuvalu that is acceptable to the Institutions.
11 Authorisation to receive and be credited with amounts
The Minister shall be entitled to receive and be credited with on behalf of Tuvalu
any amount which may be paid or transferred to Tuvalu in operations and
Section 12
International Monetary Fund and World Bank Group
Membership Act 2010
Page 8 Act No.5 of 2010
transactions authorized under the Articles of Agreement of the Fund and the Bank,
the Corporation, the Association, and the Agency Convention.
12 Incorporation of the Articles of Agreements and the Conventions
The provisions of —
(1) Articles VIII, Section 2(b), Article IX, Sections 2 to 9 inclusive, and Article
XXI(b) of the Articles of Agreement of the Fund;
(2) Articles VII, Sections 2 to 9 inclusive, of the Articles of Agreement of the
Bank;
(3) Article VI, Sections 2 to 9 inclusive, of the Articles of Agreement of the
Corporation;
(4) Article VIII, Sections 2 to 9 inclusive, of the Articles of Agreement of the
Association;
(5) Articles 44 to 48 inclusive of the Agency Convention ; and
(6) Chapter I, Section 6, Article 18 to 24 inclusive, of the ICSID Convention,
are hereby incorporated into this Act and shall have full force and effect in Tuvalu
from the date of the Minister’s signature of the respective Articles of Agreements
and the Conventions.
13 Power to issue directions and make regulations
The Minister is authorised to issue directions and make regulations that are
consistent with the provisions of this Act in order to carry out the obligations of
Tuvalu under the Articles of Agreement, the Conventions, and the Membership
Resolutions referred to in Section 3 above, and to give full force and effect to the
provisions of this law.
