Law 21/1983, Of 26 November, By Which Authorises The Participation Of Spain In The General Increase In Regular Resources From The African Development Fund.

Original Language Title: Ley 21/1983, de 26 de noviembre, por la que se autoriza la participación de España en el aumento general ordinario de recursos del Fondo Africano de Desarrollo.

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
JUAN CARLOS I, King of Spain to all that the present join together and Act, know: that the Cortes Generales have approved and I come in to sanction the following law: article 1.


Spain will participate in the third ordinary general increase of the resources of the African Development Fund, for which purpose will make the corresponding additional subscriptions in the terms established in resolution 9-82, adopted in Paris, on February 3, 1982, by the Member countries of the African Development Fund, and entry into force on 12 November 1982 whose translation annexed to this law, with the amount of fifteen million eight hundred sixty thousand units of account, as defined in article 1 of the agreement of the creation of the African Development Fund, published as an annex to the Decree Law 1/1974, February 7, equivalent to on February 1, 1982, date adopted to secure the change to 1.654.956.100 pesetas.


Second article.


The Spanish subscription payment shall be made in three equal annual installments, in conditions that are set forth in the resolution cited, empowering the Minister of economy and finance, if it considers it convenient, to take advantage of the payment facilities laid down in paragraph five, to), of the above-mentioned resolution.


Third article.


The payment will be charged by the Bank of Spain, in accordance with the powers which under current regulations. The Bank of Spain may qualify for payment modalities provided for in paragraph 5., paragraph d), of the aforementioned resolution.


Fourth article.


It empowers the Ministry of economy and finance to adopt whatever measures are called for the implementation of the provisions of this law.


Fifth article.


This law shall enter into force the day following its publication in the.


Therefore, command to all Spaniards, private individuals and authorities, which have and will keep this law.


Palace of the Zarzuela, Madrid, to 26 of November of 1983-JUAN CARLOS R... -The President of the Government, Felipe Gonzalez Marquez.


Annex resolution on the increase in the Fund's resources: third general reconstitution of the Board of Governors seen resources articles 2., 4., 7., 8., 23 of the agreement on creation of the African Development Fund (hereinafter),.


Considered the opinion of the Board of Directors dated from 1982, about the use of resolution 05-80, relating to the increase of the Fund's resources, and in particular the recommendations made by the Board of Directors reflected in that opinion, on the basis of the consultations provided for in paragraph (b) of that resolution;


Whereas, also, that them Governments of them States participating, listed in the appendix attached, judge that them stud or important total that listed in said Appendix, as well as them conditions set out in this resolution, constitute a base appropriate for the elaboration of recommendations to their authorities legislative respective and since these Governments have the intention of request, if is relevant , to them above authorities legislative it approval of them amounts total previously mentioned, to the object of obtain authorization for subscribe them Stud that listed in the Appendix, well understood that no State participating can commit is definitely before have attained, case of be necessary, the approval of its respective authority legislative;


Recognizing the comprehensive review of the level of resources of the Fund, indicates whether to increase considerably the resources to tackle them needs in development of less and least developed countries;


He has decided: 1. the Fund is authorized to proceed to the third general reconstitution of its resources for a three-year period that begins on January 1, 1982.


2 to) the Fund is authorized to accept from each of the participating States, listed in the appendix attached to this resolution, the subscription of not less than that given in the appropriate column of the Appendix.


(b) no provision of this resolution prevents in any way to the Fund, subject to the agreement of the Board of Directors, to accept additional subscriptions and other resources above this amount.


3 to) to make a subscription in accordance with these provisions, each participating State shall be deposited near the bottom an instrument of subscription officially confirming their intention to sign in the background not less than that contained in the Appendix, expressed in concerning the participant commitment unit as shown in the Appendix. Except as indicated in paragraph b) of this paragraph, this instrument will have the value of commitment without reservation of the participating State which concerned carry out such subscription according to the modalities and conditions stipulated or referred to by this resolution. For the purposes of this resolution, the subscription will be considered.


(b) in exceptional circumstances, if a participating State is found to be unable to sign a commitment without reservation for legislative reasons, the Fund may accept this participating State an instrument of subscription with reservation, consisting in payment of all the sections of your subscription, with the exception of the first, should be an opening of budget appropriations stipulating the commitment to apply for this opening credits during the period of reconstruction of resources and inform the Fund once the credit corresponding to each tranche is open. In accordance with the terms of this resolution subscription will be considered, but will be transformed in to the extent that take place the opening of the above credits.


4 to) the third general reconstitution of resources shall take effect when participating States have deposited instruments of subscription of a total amount equivalent to 45 per 100, less than the total amount of subscription pledges contained in the appendix to the present resolution near the bottom.


(b) subscription instruments deposited up to the date of entry into force of the reconstitution of resources or before that date, shall take effect on such date, and the deposited behind it shall take effect as of their respective dates of deposit.


5 to) corresponding to each subscription payment will take place in freely convertible currency, in three installments, the first of which will take place before October 1, 1982, or within a maximum of thirty days from the entry into force of the instrument's subscription, can be taken into account for this purpose the most recent of the two dates; subsequent deliveries will take place on the dates, anniversary of the entry into force of the instruments of subscription, but that appropriate amounts due after the dates indicated above must have been paid before December 31 or at any later date determined by the Board of Directors. The payment for a subscription provided booking will be held only in so far as such subscription is processed in without reservation and within a period of thirty days from the date on which the above subscription becomes in without reservations and the provisions relating to the anniversary dates set out above you shall apply.


(b) the totality of each subscription without reservation is payable in three equal, annual installments or amount increasing, being the first disbursement of an amount at least equal to 29 per 100 of the subscription, the second payment by an amount at least equal to 33 per 100 and the third equal to the balance of the subscription.


((c) provided for corresponding to each subscription reserve payments shall be made in accordance with a schedule that allows them to be available for the purpose of lending and in the proportions set out in paragraph 5, b).


(d) all payments corresponding to each subscription shall be made in metal, or, at the choice of the participant State, which must make payment in non-negotiable bonds and without interest, or similar obligations of the participating State, payable to the Fund at the same time.


(e) a participating State is not obligated to make payments rather than where your subscription is available for the purposes of loans in accordance with the provisions laid down in paragraph 6. of the present resolution. However, any participating State may, by means of a written statement addressed to the Fund, to indicate that you intend to make payments by reducing the number of deliveries or compromising on sections of one higher percentage, or on dates earlier than the specified in paragraphs to), b), c) above f) any participating State may, if you wish, you notify the Fund to your subscription , or a part of your subscription, should be considered as an advance subscription, which can be put at the disposal of the Fund, for the purpose of lending, before the entry into force of the reconstitution. On the date of entry into force of the reconstitution, entire quantity put in this way at the disposal of the Fund will no longer be considered as an advance payment.



6 a) for the purpose of granting of loans by the Fund within the framework of its program of lending for the period referred to in paragraph 1., all subscription without reservation will be divided into three sections corresponding to deliveries payable by virtue of paragraph 5, b), and may be used for granting of loans, in accordance with the following : (i) the first section: on the date on which the instrument of subscription takes effect.


(ii) the second stage: starting from the date on which instruments of subscription corresponding to 80 per 100 of the total indicated in Appendix 1 have effect; on the condition that that percentage includes all of the subscriptions that States they intend to provide booking, and that, for subscriptions provided reserve, the third part of the total amount of each one of them has transformed in without reservation.


(iii) the third segment: in the proportion in which the portion of subscriptions from reserve for which the reserve has been removed is greater than two-thirds of the total amount of each subscription.


(b) provided booking subscriptions can be used for loans when and to the extent that transform in without reservation, which should correspond to one third of the total amount of subscription for each of the three years covered by reconstitution.


(((c) any participating State may permit that the second and third sections of your subscription are used for loans, according to a calendar that is more favorable to the Fund as shown in paragraphs a) and b) above set forth.


(d) without prejudice to how much above, when a participating State, that carries out a subscription with reservation, can found in conditions, throughout the year either, make available, for granting of loans, a stretch that is equivalent to one third of the total amount of your subscription, the State concerned shall indicate to the Fund which is the quantity to be transformed in and measures does it intend to take to compensate for this lack to the tranche payment (or following sections (s), and the precondition to the release of the second tranche of subscription without reservation, indicating second paragraph a) (ii) of this paragraph, will be modified to reduce this section in proportion to the amount of the subscription with reservation that turns on without reservation.


7 If during the period of reconstruction, the delays in making the deposit of the instruments of subscription or supplement the conditions precedent set forth in paragraph 6, to), this resolution they caused or threatened to cause the suspensions in loans from the Fund operations or prevented somehow largely achieve the objectives of the reconstitution , the Fund shall convene a meeting of representatives of them States participating to examine the situation and study them media for implement them conditions necessary for the relaunch of them operations of loan of the Fund or the realization of a great part of them objectives of it reconstitution.


(8. to) to calculate the proportion of votes to a State participant may have right, according to the article 29.3 of the agreement, each subscription additional of this State will be added, to the extent that the payment has been effected, to the subscription made, according to them terms of them articles 6. and 7. the agreement of creation of the FAD, on 31 March, 30 June, 30 September and 31 December of each year from the entry into force of the resolution.


((b) each State participant has approved them provisions of the paragraph to) of the present paragraph, to the extent that is requires its conformity, according to the terms of the article 29.3 of the agreement.


((c) in accordance with the article 27.6, b), the elections to the Council of Administration will have place during the Assembly annual of the Council of Governors of the Fund in 1983.


9. the rights and obligations of participating States which carried out additional subscriptions, in accordance with the present resolution, as well as those of any other participating State in the Bank or in the background so that additional subscriptions set forth in the present resolution regarding, shall be (unless this resolution otherwise) identical to those governing the initial subscriptions made by the founding members , pursuant to article 6. of the agreement, except that, in relation to the purpose of the additional subscriptions authorized by this resolution, the provisions of article 13(1) and 2 of the agreement, are by the suspended present and shall not apply.


10. the subscriptions carried out pursuant to the present resolution shall be determined in accordance with the rates of Exchange in force on February 1, 1982, as they are reported by the International Monetary Fund, and as shown in the amounts corresponding to each participant in the attached appendix.


Appendix subscriptions in the third reconstitution of resources participants * equivalent amount in FUA (million) * obligation unit * types of changes in FUA to the 1-2-1982 * quantity to subscribe (in millions) * BAD * 25,00 * $ USA * 1,0505 * 26,2625 * Argentina * 7.62 * weight * 10.100,9220 * 76.969,0250 * Austria * 12.50 * Austrian Schilling * 17,2084 * 215,1050 * Belgium * 17,00 * Belgian franc * 41,9072 * 712,4224 * Brazil * 12.50 * Brazilian stone * 140,535 * 1.756,6875 * Canada * 80,00 * Canadian dollar * 1,2621 * 100,9680 * Denmark * 34.70 * Danish krone * 8,0500 * 279,3350 * Finland * 13.22 * Finnish markka * 4,68975 * 81,9985 * France * 70,50 * French franc * 6,2598 * 441,3159 * R. F. Alemana * 98,00 * SDR * 0,921052 * 90,2631 * India * 7.55 * rupee * 9,6682 * 72,9949 * Italy * 62,36 * Italian Lira * 1.316,6254 * 82.104,7590 * Japan * 133,26 * Yen * 242,5765 * 32.325,7440 * Korea * 8.40 * Korean Won * 774,119 * 6.250,5996 * Kuwait * 15.11 Dinar kuwait * 0,298488 * 4,5102 * Holland * 22.16 * Dutch guilder * 2,6973 * 58,7722 * Norway * 35,96 * Crown * 6,2278 * 223,9517 * Saudi Arabia * 38,07 * dollar USA * 1,0505 * 39,9925 * Spain * 15.86 * Peseta * 104,4378 * 1.654.9561 * Sweden * 55,04 * Swedish krona * 5,9904 * 329,7116 * Switzerland * 42,20 * Swiss franc * 1,9572 * 82,5936 * United Kingdom * 43,00 * pound * 0,5621 * 24,1703 * UEA *) 4.76) * dirham * 3,85665 * 18,3577 * USA * 142,78 * dollar USA * 1,0505 * 150,0000 * Yugoslavia * 10.47 * Yugoslav Dinar * 45,8867 * 480,4340 *

Related Laws