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Law 41/1985, Of 28 November On The Participation Of Spain In The Fourth Expansion Of Resources Of The African Development Fund.

Original Language Title: Ley 41/1985, de 28 de noviembre, sobre participación de España en la cuarta ampliación de recursos del Fondo Africano de Desarrollo.

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TEXT

JOHN CARLOS I,

KING OF SPAIN

To all who present it and understand,

Sabed: That the General Courts have approved and I come to sanction the following Law:

The African Development Fund, created in 1972 and linked to the African Development Bank, aims to provide loans on very concessional terms to the lowest-income African countries.

Spain, which joined the Fund in 1974, has since then attended the various repositions that the institution has called to reconstitute the financial resources it allocates to loans for various basic sectors. the beneficiary countries.

The Fund is now making its fourth replenishment, which provides for the collection of 1.5 billion units of account, and it is appropriate to establish Spain's participation in it according to the percentage charge that corresponds to it. Institution.

Article first.

The government is authorized to take all appropriate measures to ensure that Spain participates in the fourth extension of the African Development Fund's resources under the terms of Resolution No. 4/1984, adopted by its Board of Governors on 2 November 1984, which is published as annexed to this Law.

Article 2.

In accordance with the above Resolution, Spain is authorized to make a new contribution to the African Development Fund for a total of 3.450,859,039 pesetas.

Third item.

The Bank of Spain is authorised, in accordance with the provisions in force, to apply freely the pesetas necessary for the payment of the contribution referred to in the second article. The Banco de España may issue notes or other similar securities to the view, which are not negotiable or interest, in order to replace the immediate payment of each share of the said contribution.

ADDITIONAL PROVISIONS

First.

The Ministries of Foreign Affairs and Economy and Finance are empowered to take whatever measures are necessary for the implementation of this Law.

Second.

This Law will enter into force the day after its publication in the "Official State Gazette".

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this Law.

Palacio de la Zarzuela, Madrid, to 28 November 1985.

JOHN CARLOS R.

The President of the Government,

FELIPE GONZÁLEZ MARQUEZ

RESOLUTION NUMBER 4/1984

Relative to the increase of Fund resources: Fourth overall resource reconstitution

(Adopted by correspondence vote, November 2, 1984)

The Board of Governors,

Having regard to Articles 2, 4, 7, 7, 8 and 23 of the Agreement on the creation of the African Development Fund (hereinafter referred to as "the Agreement")

having regard to the report of the Board of Directors of 18 June 1984 on the implementation of Resolution 5/1983 on the increase in the resources of the Fund, and in particular the recommendations made, by the Board of Directors reflected in that report, on the basis of the consultations provided for in paragraph (b) of that Resolution,

Whereas, moreover, the governments of the participating States, listed in the attached appendix, judge that the amounts set out in that Appendix, together with the conditions set out in this Resolution, constitute a appropriate basis for the preparation of recommendations to their respective legislative authorities and given that these governments intend to request, if appropriate, the legislative authorities to approve the total amounts mentioned above, in order to obtain authorization to subscribe to amounts listed in the Appendix, well understood that no participating State can commit itself definitively before it has achieved, if necessary, the approval of its respective legislative authority;

Recognising that the general examination of the Fund's level of resources shows the desirability of considerably increasing these resources in order to meet with them the development needs of the Member States less gifted and less developed;

Recognizing moreover that the consultations on the fourth general reconstitution of resources have led to the establishment of a consensus according to which the level of operations desirable for the triennial period of the fourth reconstitution justifies a target of 1.5 billion units of account of the Fund, without prejudice to any other possible increases through new or additional subscriptions.

You have decided:

1. The Fund is hereby authorized to carry out the fourth general recovery of its resources for a three-year period beginning on 1 January 1985.

2. (a) The Fund is authorised to accept from each of the participating States, listed in the Appendix attached to this Resolution, the subscription of a quantity not less than that shown in the appropriate column of that Appendix.

(b) No provision of this Resolution in any way prevents the Fund, subject to the Agreement of the Board of Directors, from accepting additional subscriptions and other resources above that amount.

3. (a) In order to subscribe in accordance with these provisions, each participating State shall deposit with the Fund a subscription instrument that officially confirms its intention to subscribe to the Fund an amount not less than that shown in the Appendix, expressed in the unit of obligation corresponding to the participant in accordance with that Appendix.

(b) With the exception of paragraph (c) of this paragraph, this instrument shall be regarded as an unconditional commitment of the participating State to which the subscription is to be made in accordance with the modalities and the conditions laid down or provided for in this Resolution. For the purposes of this Resolution, subscriptions shall be deemed to be made "without reservation",

(c) By way of exception, if a participating State is unable to enter into a commitment without reserve for reasons of a legislative nature, the Fund may accept from this participating State a subscription instrument which contains the reservation, that the payment of all the tranches of the subscription with the exception of the first one, will be conditional on the approval of the corresponding budgetary appropriations, provided that the instrument includes the commitment to request the approval of the appropriations during the period of reconstitution of resources and of informing the Fund once the credit for each tranche is approved. In accordance with the terms of this Resolution, the subscription will be considered as "with reservation", but will be transformed into "no reserve" as long as the approval of the above credits takes place.

4. (a) The fourth general replenishment of resources shall take effect when the participating States have deposited at least 45 per 100 of the total amount of the promises of the subscription to the Fund for an overall amount equivalent to 45 per 100 the subscription listed in the Appendix to this Resolution, provided that any subscription to the third reconstitution which had been made with reservation has been released from it in a quantity exceeding two thirds of its total amount.

(b) The subscription instruments deposited on or before the date of entry into force of the replenishment of resources shall take effect on that date, and those deposited after that date shall take effect from their respective deposit dates.

5. (a) The payment for each subscription shall be made in freely convertible currency, in three instalments, the first of which shall be made within a maximum of 30 days, from the date of entry into force of the (i) the Commission will be able to take the necessary measures to take account of the situation of the Member States and to take account of the situation of the Member States. Notwithstanding the foregoing, all sums due must have been paid before 31 December 1987 or any other later date which the Board of Directors determines. The payment corresponding to a subscription with reservation must be made within thirty days, from the date on which the subscription becomes without reservation, and the provisions relating to the anniversary dates stated They will be applicable to you.

(b) The total of each unreserved subscription shall be payable in three equal or increasing annual instalments, the first disbursement being for an amount of at least 29 per 100 of the subscription, the second for an amount of at least 33 per 100, and the third for an amount equal to the remaining balance of the subscription.

(c) The payments for the subscriptions shall be made in accordance with a timetable which enables them to be available for the purpose of granting loans and in the proportions provided for in paragraph 6, b).

(d) All payments for each subscription shall be made in cash or, at the choice of the State involved, to be paid, in non-negotiable and non-interest bonds or similar obligations of the participating State, expressed in one of the units of obligation provided for and payable to the Fund at par.

(e) A participating State shall not be obliged to make payments other than to the extent that its subscription becomes available for the purposes of granting loans in accordance with the provisions set out in the paragraph 6. of this Resolution. However, any participating State may, by means of a written statement addressed to the Fund, indicate that it intends to make the payments by reducing the number of deliveries or by engaging in tranches of a greater percentage or on dates prior to those specified in paragraphs (a), (b) and (c) above.

f) Any participating State may, if it wishes, notify the Fund that its subscription, or a portion of its subscription, should be considered as an advance subscription, which may be made available to the Fund, for the purposes of granting of loans, before the entry into force of the reconstitution. On the date of entry into force of the reconstitution, any amount made available to the Fund shall cease to be considered as an advance payment.

6. (a) For the purposes of the approval of loans by the Fund under its programme of loans for the period referred to in paragraph 1., any unreserved subscription shall be divided into three tranches corresponding to the deliveries payable under (b), and may be used for the granting of loans, in accordance with the following:

i) The first tranche: On the date on which the corresponding subscription instrument takes effect, in the proportion in which any subscription with a reserve corresponding to the third reconstitution is released from reserve in a a quantity exceeding two thirds of the total amount. However, if a subscription with a reservation corresponding to the third reconstitution is not fully released from its reservation, any participating State may request the Fund not to include in the commitments its share of this tranche until this subscription with reservation has not been fully released.

(ii) The second tranche: As from the date on which the subscription instruments corresponding to 80 per 100 of the total indicated in the Appendix have taken effect, provided that the percentage includes all the subscriptions that the States intend to provide for reservation, and that for subscriptions with reservation, in accordance with the provisions of paragraph 3c) above, the third part of the total amount of each of them has been transformed into reservation.

(iii) The third instalment: From the second anniversary of the entry into force of the corresponding subscription instrument, in the proportion in which any subscription with reservation has been released from its reservation in a the amount equal to the third of its total amount and on condition that if any subscription with reservation is not fully released from its reserve, any participating State may ask the Fund not to commit its part of this tranche more which in the proportion in which any subscription with reservation has been released from its reservation in a amount greater than two-thirds of your total amount.

(b) Reserve subscriptions may be used for the granting of loans when and to the extent that they are processed without reservation, which should occur at a rate of one-third of the total amount of the subscription for each of the three years covered by reconstitution.

c) Any participating State may allow the second and third tranches of its subscription to be used for loans in accordance with a more favourable schedule for the Fund than the one referred to in paragraphs (a) and (b) above. statements.

(d) Without prejudice to the foregoing, if a participating State making a subscription with a reserve is not in a position for one year to make available to the Fund, for the granting of loans, a tranche equivalent to the third part of the total amount of his subscription, the State in question shall indicate to the Fund what amount shall be transformed into "without reserve" and what measures it intends to take to compensate for this insufficiency for the payment of the following tranche or tranches (s). In such a case, the condition prior to the release of the second unreserved subscription tranche referred to in the second subparagraph of paragraph (a), (ii) of this subparagraph shall be amended to reduce this tranche in proportion to the amount of the subscription Reserve to be transformed into no reservation.

7. If, during the period of reconstitution, delays in the deposit of the subscription instruments or in completing the preconditions laid down in paragraph 6 (a) of this Resolution, they shall cause or threaten to cause (a) suspensions in the operations of loans from the Fund, or in some way preventing the achievement of the objectives of recovery to a large extent, the Fund shall convene a meeting of representatives of the participating States to examine the situation and to study the means to implement the necessary conditions for the re-launch of the Fund lending operations or the realisation of a large part of the objectives of reconstitution.

8. (a) To calculate the proportion of votes to which a participating State shall be entitled under Article 29.3 of the "Agreement", each additional subscription of the State shall be added, in so far as the payment has been made, to the subscription made in accordance with the terms of Articles 6 and 7 of the Agreement establishing the SDF on 31 March, 30 June, 30 September and 31 December of each year following the entry into force of the Resolution.

(b) Each participating State has approved the provisions of paragraph (a) of this paragraph to the extent that its conformity is required in accordance with the terms of Article 29.3 of the "Agreement".

(c) In accordance with Article 27, 6, (b), the elections to the Board of Directors shall take place during the annual Assembly of the Board of Governors of the Fund in 1986.

9. The rights and obligations of participating States making additional subscriptions in accordance with this Resolution, as well as those of any other State participating in the White Paper or the Fund, as a result of subscriptions Additional provisions provided for in this Resolution shall be (unless such resolution indicates otherwise) identical to those governing the initial subscriptions made by the founding members pursuant to Article 6 of the Agreement. However, as regards the additional subscriptions authorised by this Resolution, the provisions of Article 13, 1 and 2 of the "Agreement" on value maintenance shall not apply.

10. The subscriptions made pursuant to this Resolution set out in the Appendix, together with the name of each participant, have been determined by the Fund in accordance with a weighted conventional measure of the monthly exchange rates. The European Monetary Fund, established by the International Monetary Fund, for the period from 4 February to 3 May 1984.

AFRICAN DEVELOPMENT FUND

APPENDAGES

Subscriptions in the fourth reconstitution

Participations

United States

Percentage

Equivalent Quantity in FUA (Millions)

Obligation Unit

FUA Change Type

Amount to

Bad

2,270

34,050

SDR/DTS

0.921052

31.361,821

Argentina

-

-

Weight

30,557335

-

Austria

1,250

18,750

Schiling

18.119655

339.743,531

Belgium

1,700

25,500

Belgian Franco

52.628049

1.342.015.249

Brazil

1,250

18,750

Cruceiro

1.233,349380

23.125.300.875

Canada

9,500

142,500

Canadian Dollar

1.233114

175,718.745

Denmark

2.830

42.450

Danish krone

9.425593

400.116.423

Finland

1,320

19,800

Finnish Frame

5.522222

109.339,996

France

7,500

112,500

French Franco

7.919642

890 959,725

Federal Republic

9,000

135,000

German Frame

2,572981

347.352.435

India

0.740

11,100

Rupee

10,494222

116.485.864

Italy

7,250

108,750

Lira

1.593, 370100

173.279,000,000

Japan

14,000

210,000

Yen

221,624384

46.541.120.640

Korea

0.695

10.425

Won

773.320478

8.061.865.983

Kuwait

1,293

19,395

Dinar

0.284664

5.521,058

Netherlands

2,390

35.847

2,901194

104,000,000

Norway

3,540

53,100

Corona.

7.386755

392.236.691

Portugal

0.633

9,500

Shield

129,367132

1.228.987.107

Saudi Arabia

2,740

41,100

Dollar US

0.972948

39,988,163

Spain

1,565

23,475

147,001450

147.001450

3.450.859.39

Sweden

71,400

71,400

Crown

7.639826

545.483,576

Switzerland

4,000

60,000

Swiss Franc

2,122308

127.338.480

Arab Emirates

-

-

Dinar

3,571686

UK

3.050

45.750

0.676174

0.676174

30,934,981

15,417

231.256

0.972948

225,000,000

To Assign

0.555

8,322

-

-

-