Act No. 26 Of 1956

Original Language Title: Undang-Undang Nomor 26 Tahun 1956

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þÿ law of the Republic of INDONESIA number 26 in 1956 ABOUT MEMBERSHIP of the REPUBLIC of INDONESIA in INTERNATIONAL FINANCIAL BODIES (INTERNATIONAL FINANCE CORPORATION) *) President of Indonesia, Considering: a. that the articles of agreement of the international financial Body on 11 April 1955 has been endorsed by the Board of Directors of the International Bank for reconstruction and development (hereinafter referred to as "the Bank") and stored in the archives of the Bank in order to be signed and approved on behalf of the Governments of the Member States respectively; b. that the inclusion of the Republic of Indonesia is important in international financial Bodies in accordance with the articles. the above mentioned. Remember: article-article 89, 118, and 120 of the Constitution While the Republic of Indonesia. With the approval of the House of representatives; Decide: define: laws on membership of the Republic of Indonesia in international financial Bodies. Article 1. The President of the Republic of Indonesia can give power: 1. sign on behalf of the Government of the Republic of Indonesia, the articles of the international financial Agency Agreement; and 2. the submission to the Bank for signs of approval of the articles of agreement of the international financial Bodies, which stated that the Government of the Republic of Indonesia has received without such limitations, in accordance with his rule, the articles in question, the terms and conditions contained therein as a condition the use of the Republic of Indonesia as a member of international financial Bodies, and have taken the steps necessary in order to carry out all obligations due to the agreement. Article 2. (1) the Minister of finance hereby delegated to take all actions and deeds that need or intention to implement the main obligations and use of the rights of the Republic of Indonesia since the agreement. (2) the Act which delegated to the Minister of finance in order to be done by him, as mentioned in paragraph 1 shall include the following, among others: a. appointment of Bank Indonesia as storage according to article IV, paragraph 9 of the agreement; b. designation of certain agencies to conduct the relationship-according to section IV, paragraph 10 of that agreement; c. payment or payment of the amount of ordered dues of the Republic of Indonesia on the international financial Bodies; d. payment amount-the amount of money the other because the international financial Agency membership must be paid by the Government of the Republic or Indonesia was about to do to the international financial Agency or something other members of that Body; e. receipt of all amounts-the amount of money that may be paid to the international financial agency of the Government of the Republic of Indonesia; f. creation and spending bonds-bonds with terms and conditions that will be established by the Minister of finance with a view to organising a loan create provides something that amount of money to be paid because of something the provisions of this Act or the agreement, or payments or orders the payment of all amounts of money to the redemption of the obligation created something, held as decomposes above. Article 3. Bank Indonesia will, by order of the Minister of finance, pay with gold or with the United States dollar to the interests of the Republic of Indonesia Republic of Indonesia Government dues to international financial Bodies. Article 4. The provisions of article VI (dealing with the position, the immunity and privileges of the main international financial Bodies) will apply fully and have the power of legislation at the time of the Republic of Indonesia became a member of the international financial Bodies. Of article 5. This Act may be referred to as "the Financial Entities Act 1956 International" and came into force on the day of promulgation. So that everyone can know it, ordered the enactment of this legislation with the placement in the State Gazette of Republic of Indonesia.

Ratified in Jakarta on 18 December 1956. The President of the Republic of Indonesia, ttd. SUKARNO Enacted on 18 December 1956. The Minister of Justice, ttd. MULJATNO the Minister of finance, ttd. JUSUF WIBISONO MEMORY EXPLANATION.

Act No. 26 of 1956 ABOUT MEMBERSHIP of the REPUBLIC of INDONESIA in INTERNATIONAL FINANCIAL BODIES (INTERNATIONAL FINANCE CORPORATION) GENERAL EXPLANATION. In March 1951 the International Development AdviSory Board of the United States Government proposed the establishment of an International Finance Corporation with the intention to help the pemodalan efforts partikelir productive in underdeveloped regions with the participation in its capital and by loan-unsecured loans to the Government. After a few reports in the ranks of the United Nations and the economic and Social Committee (of which is mentioned in the "Measures for the Economic Development of Underdeveloped Countries") of the World Bank were invited in August 1951 by the economic and Social Committee to review whether an International Finance Corporation can provide relief to taste in addition to assistance that can be provided by the agencies. In April 1952 the World Bank delivered its report to the Secretary-General of the United Nations, with the conclusion that an organisation which is of its nature and its function in accordance with what is proposed in the report can fill a vast Shortfall in pemodalan economic development in international relations. On 11 April 1955, the Board of Directors of the World Bank approved the establishment of the International Finance Corporation in its shape as it is today. The goal of international financial Bodies (International Finance Corporation) is to advance economic development, with the way advocated the growth of productive partikelir shareholding arrangements in underdeveloped areas, and thus help job-the job Bank for International Reconctruction and Development. To achieve this goal, the Agency will: a. assist, with co-operation with planter-investing partikelir, memodali establishment, modernization and expansion of the productive parkelir companies, which can contribute to the progress of its member countries by way of planting-capital investment without guarantees of the Government concerned, in the case where there is not enough capital partikelir with the terms deserve; b. trying to unite the capital investment opportunities. domestic capital and foreign capital partikelir, with an experienced leader; and c. attempted to guide and help engender a climate of good to partikelir capital investment domestic and foreign productive enterprises into the dinegara-negara member. Sunggguhpun the Agency basically will only help companies partikelir, but asserted the probability, that companies may also receive Government assistance. Planting-capital investment by the Agency will not constitute a capital investment in the form of capital sero. The advantages that can be gained from Indonesia Corporation, if a member, is likely to get foreign capital through the Agency, while the obligations which must be assumed (the remittance of capital for Indonesia only amounted to $1,218,000.0.-) are not heavy. In the "Articles of Agreement of the Intertional Finance Corporation" there are no problems which endanger political non country Indonesia. EXPLANATION OF ARTICLE FOR THE SAKE OF THE ARTICLE. Article I (1) of article IX, paragraph 2 (c) the approval of the international financial Agencies determine that script Approval, which is stored on the World Bank, must be signed by pajabat which is authorized by the Governments of the Member. (2) This is to satisfy the provisions of article IX, paragraph 2 (a). Memberships begin upon submission of signs this agreement. Article 2 (1) the Minister of finance authorized to conduct actions that he deems necessary in order to fulfill the obligations and rights of countries using Indonesia because of membership in that Body. (2) Here mentioned some, but not all, measures that need to be taken. a. appointment of Bank Indonesia as the keeper of the Bodies belonged to ditahanya here; b. designation of the Agency will hold a State on behalf of Indonesia's relationship with the Agency; c. payment or disburse command dues country Indonesia to the Agency; d. payment or order of paying out the amount-the amount of money the other because the membership must be paid or the amount of the payout-the number of disanggupi by Indonesia to the body or limbs that. This for example can arise when giving loans to the Entity or other members; e. acceptance of the amount-the amount of money paid by the Agency to the country such as Indonesia in case Indonesia received dividend or payment-repayment contributions in the case of the dissolution of the body or when Indonesia ceases to be a member or due to other things; f. the possibility of issuing bonds is reasonably necessary in the acceptance-acceptance of Government insufficient to immediately meet the obligations because of this law or the agreement. Article 3 of the Bank Indonesia must pay dues of State of Indonesia by order of the Minister of finance in the form of gold or United States dollars. Article 4 it is necessary to fulfil article VI concerning the position of the body, immune-immunity against property confiscated, the right of inspection related and so on. Article 5 does not require explanation. Including the Gazette No. 67 countries in 1956. -–-–-–-–-–-–-–-–-–-–-–-–-–-–-–-– Note *) Approved in the plenary meeting of D.P.R. open to-117 on Tuesday December 18, 1956, P. 75/1956 excerpt: STATE GAZETTE and ADDITIONAL STATE GAZETTE of 1956 which HAD BEEN REPRINTED source: LN 1956/67; TLN No. 1115

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