0.972.32 original text agreement establishing the African Development Fund signed at Abidjan on November 29, 1972, approved by the Federal Assembly on December 19, 1972, Instrument of ratification deposited by the Switzerland on June 28, 1973, entered into force for the Switzerland on June 30, 1973, the States parties to this agreement and the African Development Bank have agreed to create , hereby, the African Development Fund which will be governed by the following provisions: chapter first Definitions art. 1 1. Everywhere where the following terms are used in this agreement, they have the following meaning unless the context does not specify or requires a different meaning: the word 'Fund' means the African Fund for development established pursuant to this agreement.
The word 'Bank' means the African Development Bank.
The term "Member" means a member of the Bank.
The word "participant" means the Bank and any State which becomes a party to this agreement.
The term "Participating State" means one participant other than the Bank.
"Founding member" means the Bank and any participant who becomes participating State in accordance with the by. 1 of art. 57. the word "subscription" means amounts subscribed by the participants in accordance with the art. 5, 6 or 7.
"Unit of account" means a unit of account, with a value of 0,81851265 grams of fine gold.
The expression 'freely convertible currency' means the currency of a member, who, in the opinion of the Fund, after consultation with the international monetary fund, is considered convertible adequately in other currencies for the purposes of operations of the Fund.
The terms 'Président', "Board of Governors" and "Board of Directors" means respectively the President, the Board of Governors and the Board of Directors of the Fund, and in the case of Governors and administrators, include alternate Governors and alternate directors when they act respectively as governors and administrators.
The word "regional" means the African continent and the islands of Africa.
2. references to the chapters, articles, paragraphs and annexes refer to chapters, articles, paragraphs and annexes to this agreement.
3. the titles of chapters and articles have no other purpose than to facilitate the consultation of the document and are not an integral part of this agreement.
Chapter II objectives and participation art. 2 objectives the Fund is intended to help the Bank to contribute more effectively to the economic and social development of the members of the Bank and to promote cooperation (including regional and subregional cooperation) and international trade specifically between these members. The Fund provides funding conditions for the achievement of objectives that are of paramount importance for this development and promote it.
S. 3 participation 1. Participate in the Fund, the Bank and the States which have become parties to this agreement in accordance with its provisions.
2. founding participating States are States as listed in Annex A and which have become parties to this agreement by virtue of by. 1 of art. 57 3. A State which is not participating founder can become participating and party to this agreement to conditions which are not inconsistent with this agreement and which the Council of Governors will adopt in a unanimous resolution adopted by an affirmative vote of all of the votes of the participants. This participation is open only to States that are members of the United Nations or any of its specialized agencies or that are parties to the Statute of the International Court of Justice.
4. a State may authorize any entity or a body acting on its behalf to sign this agreement and represent him in all matters relating to this agreement with the exception of substances covered by art. 55 chapter III resources art. 4. the resources of the Fund consist of: (i) subscriptions to the Bank; (ii) the subscriptions of the States participants; (iii) all other resources obtained by the Fund; (iv) the amounts resulting from operations of the Fund or returning to the Fund to some tracks.
S. 5 subscription of the Bank the Bank shall pay to the Fund, as the initial subscription, the amount expressed in units of account contained next to its name in Annex A, using for this purpose of the amounts entered to the credit of the "African Development Fund" of the Bank. Are applicable to the payment terms and conditions laid down in the by. 2 of art. 6 for the payment of the initial subscriptions of the participating States. The Bank subscribed by any amount subsequently that can determine the Council of Governors of the Bank, under the terms and conditions laid down by mutual agreement with the Fund.
S. 6 initial subscriptions of participating States 1. When he became involved, each State agrees the amount assigned to it. These subscriptions are hereinafter referred to as "initial subscriptions.
2. initial subscription assigned to each participating State founder is equal to the amount indicated next to its name in Annex A; This sum is denominated in units of account and payable in freely convertible currency. The amount of the subscription is paid in three equal annual instalments according to the following timetable: the first instalment is paid within the period of thirty days after the date on which the Fund begins its operations in accordance with the provisions of art. 60 or the date on which the founder participating State becomes a party to this agreement, if it is after the expiration of the time limit above. the second instalment shall be paid in the following year and the third instalment within a period of one year from the date of the second instalment or the payment if it prior to the deadline. The Fund may request the advance payment of the second or the third instalment or two slices if its operations so require, but it depends on the free will of each participant to the prepayment amount.
3. the initial subscriptions of participating States other than the founding participants are also denominated in units of account and payable in freely convertible currency. The amount and terms of payment of these subscriptions are determined by the Fund in accordance with the provisions of by. 3 of art. 3 4. Subject to all other provisions that the Fund may be called upon to take, each participating State maintains the free convertibility of the sums paid by him in its currency, in accordance with this article.
5. Notwithstanding the provisions of the paragraphs above in this article, any participating State may extend for a maximum period of three months the due date of a payment under this section, if the adjournment is required for budgetary or other reasons.
S. 7 additional subscriptions of participating States 1. At any time where it considers it appropriate to do so, taking into account the schedule of payment of subscriptions initial founding participants and its own operations and at appropriate intervals thereafter, the Fund made point of its resources and, if it considers it desirable, may authorize a general increase in subscriptions of the participating States according to the terms and conditions as it may determine. Notwithstanding the foregoing, increases General or individual the amount of subscriptions may be authorized at any time provided that an individual increase be considered only at the request of the participating State concerned.
2. when a single additional subscription is authorized pursuant to paragraph 1, each participating State has discretion to subscribe to reasonably set by the Fund and conditions less favourable that those laid down in paragraph 1, an amount whereby it can retain its right to vote the same proportional value with the other participating States.
3. no participating State is required to obtain additional amounts in case of General or individual subscriptions increase.
4. permissions on targeted General increases in the by. 1 are granted and decisions regarding such increases shall be adopted by the majority of eighty-five per cent of the total of participants voting rights.
S. 8. other resources 1. Subject to the provisions of this article, the Fund may make arrangements to obtain other resources, including grants and loans, with members, participants, States which are not participating and all public or private entities.
2. the terms and conditions of such arrangements must be consistent with the objectives, operations and policy of the Fund and must not constitute an administrative or financial burden excessive for the Fund or the Bank.
3. these arrangements, with the exception of those who have for donations for technical assistance, must be established so that the Fund can comply with the requirements of by. 4 and 5 of art. 15 4. These arrangements are approved by the Board of Directors; in the case of arrangements with a non-Member State or non-participating or with an institution of such a State, this approval is gained majority of eighty-five percent of the total of the votes of the participants.
5. the Fund may accept loan (subject to temporary advances necessary for its operation) that is not consented to concessional. No commits borrowing on any market, nor does not participate as borrower, guarantor or otherwise the issuance of titles on any market. It emits not negotiable or transferable bond in recognition of debts in accordance with the provisions of by. 1 s. 9 payment of subscriptions the Fund accepts any part of the subscription that the participant must pay pursuant to arts. 5, 6 or 7 or art. 13, and that the Fund has no need for its operations, in the form of bonds, letters of credit or obligations of the same nature issued by the participant or by the depositary that it will be eventually designated, pursuant to art. 33. these good or other forms of obligation are not negotiable, non-interest-bearing and are payable at sight at their nominal value to the credit of the account to the Fund the designated depository, or, in the absence of depositary, on instructions given by the Fund. Notwithstanding the issuance or acceptance of any good, letter of credit or other form of obligation of this nature, the commitment of the participant pursuant to the art. 5, 6 and 7 and art. 13, remains. With regard to the sums that he holds in respect of subscriptions to participants who do not the provisions of this article take, the Fund can make the deposit or placement to make them generate income that will help to cover its cost of administration and other expenses. The Fund will be samples on all subscriptions to the pro rata thereof, as much as possible at reasonable intervals, to finance expenditure, in whatever form these subscriptions are made.
S. 10 limitation of liability no Member is required, because of his participation, responsible for acts or commitments of the Fund.
Chapter IV currencies art. 11 use of currencies 1. Currencies received in payment of subscriptions made pursuant to art. 5 and to the by. 2 of art. 6, or in respect of such subscriptions under art. 13, may be used and converted by the Fund for all of its operations and, with the permission of the Board of Directors, for the purposes of temporary placement of the capital that the Fund has no need for its operations.
2. the use of currencies received in payment for subscriptions made in accordance with the by. 3 of art. 6 and to the by. 1 and 2 of art. 7, or in respect of such subscriptions under section 13, or the resources referred to in art. 8, is governed by the terms and conditions under which these currencies are received or, in the case of currencies received under art. 13, by the terms and conditions under which the currencies whose value was received is thus maintained.
3. all other currencies received by the Fund may be freely used and converted by him for all of its operations and, with the permission of the Board of Directors, for the purposes of temporary placement of capital which he did not need for its operations.
4. it is imposed any restriction that is contrary to the provisions of this article.
S. 12 currencies 1 assessment. Whenever it is necessary, under the terms of this agreement, to determine the value of one currency compared with another or others, or to the unit of account, it belongs to the Fund reasonably determine the value after consultation with the international monetary fund.
2. If it is a currency whose parity is not established at the international monetary fund, the value of this currency in relation to the unit of account is determined by the Fund from time to time, in accordance with the by. 1 of the present article and the value so determined is regarded as the peer of this currency for the purposes of this agreement, including, without limitation, the provisions of by. 1 and 2 of art. 13 s. 13 maintaining the value of the holdings of currency 1. If the parity of the currency of a participating State, established by the international monetary fund is lowered compared to the unit of account or its rate of Exchange, in the opinion of the Fund significantly depreciated on the territory of the participant, it pays to the Fund, within a reasonable time, in its own currency, the complement necessary to maintain the value they had at the time of the initial subscription, the assets in that currency paid into the Fund by such participant under article 6 and in accordance with the provisions of this paragraph, that this currency whether or not held in the form of bonds, letters of credit or other obligations, accepted pursuant to art. 9 subject, however, that the foregoing provisions apply only in the cases and to the extent where such currency was not initially spent or converted to some other currency.
2. If the parity of the currency of a participating State has increased compared to the unit of account or the exchange rate for this currency has, in the opinion of the Fund, suffered a significant increase on the territory of the Member, the Fund renders to this participant, within a reasonable time, an amount of this currency equal to the increase in value of the assets in that currency to which apply the provisions of by. 1 3. The Fund may waive the application of the provisions of this section or declare them inoperative when the international monetary Fund conducts a uniformly proportional change in the parity of currencies of all participating States.
Chapter V transactions art. 14 use of resources 1. The Fund provides funding for projects and programmes aimed at promoting economic and social development in the territory of the Member. It provides these means of financing to members to have the situation and economic prospects require means of concessional financing.
2. the financial resources provided by the funds are intended for purposes which, in the opinion of the Fund, are high priority from the point of view of development, taking into account the needs of the region or regions concerned and, unless there are special circumstances, they are assigned to projects or groups of projects including those registered under the national programmes regional or subregional, including the provision of funding to the national banks of development or other institutions appropriate to enable them to provide loans for the purpose of financing specific projects approved by the Fund.
S. 15 conditions of funding 1. The Fund does not provide the means of financing necessary to a project if the Member, within the territory of which the project must be executed, objects; However, the Fund is not required to make sure that it has no opposition on the part of individual members where funds are provided to public international, regional or subregional.
2. (a) the Fund does not finance if, in his opinion, this funding can be assured by other means on terms as it deems reasonable for the beneficiary. (b) in granting funding to entities other than members, the Fund takes all necessary steps to ensure the benefits of the concessionary terms it awards only to members or other entities which, taking into account all relevant facts, should benefit from all or a portion of these benefits.
3. before any funding, the applicant filed a proposal in good standing through the President of the Bank and the President shall submit to the Board of Trustees of the Fund a written report in which this funding is recommended on the basis of a thorough examination of the subject of the request done by the staff.
4. (a) the Fund does not impose the condition that money from its loans are spent on the territories of participating State or Member; These amounts, however, are used for the acquisition, in the territories of the participating States or members, goods produced in those territories or services from, provided that, in the case of funds received pursuant to art. 8 of a State that is neither participant nor Member, territories of the State providing these funds can also be selected as a source of purchases made with these funds and can also be selected as a source of purchase through other funds received in respect of this article, according to the Board of Directors shall determine. (b) the acquisition of such goods and services is done by a call to international competition between suppliers meeting the requirements laid down, except in the case where the Board of Directors considers that the call to international competition is not justified.
5. the Fund takes all necessary measures to obtain that money from its loans are exclusively devoted to the purposes for which they have been granted, taking due account of considerations of economy, performance and international trade competition and without worrying about the influences or considerations of political or extra-economique.
6. the funds to provide in respect of any financing operation are made available to the recipient to enable it to cope with the expenditure related to the project, as they are actually incurred.
7. the Fund applies to its operations the principles of sound financial management for development.
8. the Fund does not refinancing operations.
9. in granting a loan, the Fund attaches due weight to forecasts as to the ability of the borrower and, where appropriate, the guarantor to meet their obligations.
10. in considering a request for financing the Fund take due account of the measures taken by the recipient to help himself, or if he is not a member, the contribution made by the beneficiary and the Member or members to the territories from which the project or program must take advantage.
11. the Fund takes all necessary measures to ensure that the provisions of this article are effectively implemented.
S. 16 forms and modalities of funding 1. Financing carried out within the resources provided under arts. 5, 6 and 7 as well as refunds and income y thereto are granted by the Fund in the form of loans. The Fund may provide other means of funding, including donations collected on the resources received under arrangements concluded in accordance with art. 8 and expressly authorizing these forms of financing.
2. (a) subject to the provisions of the preceding paragraph, the Fund provides funding to conditions backdrops, depending on the circumstances. (b) where the borrower is a member or an intergovernmental organization which includes one or more members, the Fund takes into account primarily to establish funding arrangements, the position and the Economic Outlook of the Member or members for which funding is granted, and in addition, the nature and requirements of the project or programme in question.
3. the Fund may provide funding to: (a) any Member, any geographic or administrative subdivision or body of this member. (b) any institution or enterprise located in the territory of a Member; (c) any institution or any regional or subregional organization concerned with development in the territories of the members. All these means of funding must, in the opinion of the Fund, be devoted to the achievement of the objectives of this agreement. If the borrower is not itself a member, the Fund requires one or more appropriate, governmental or other guarantees.
4. the Fund may provide currencies for the settlement of local expenditure on a project, if and to the extent where, in the opinion of the Fund, the granting of these currencies is necessary or appropriate for the attainment of the objectives of the loan, being taken into consideration the situation and economic prospects of the Member or members to benefit from the funding provided by the Fund , as well as the nature and requirements of the project.
5. the loan amounts are repayable in the currency or currencies in which the loans have been made, or in any other freely convertible currency that the Fund determines.
6. the Fund provides funding to a member or for the benefit of a member or for a project to be executed in the territory of a member only if it is satisfied that this member has taken to its territory all legislative measures and administrative measures to give effect to the provisions of by. 4 of art. 11 and Chapter VIII, as if this member was a participating State, and this funding must be subordinated to the condition that such legislative and administrative measures are maintained and that, if there is a dispute between the Fund and a member and in the absence of any provision to this effect, the provisions of art. 53 shall apply, as if the Member was a State participating in the circumstances to which that article applies.
S. 17 analysis and assessment was thorough analysis and continuous execution of the projects, programmes and activities financed by the Fund, so as to assist the Board of Directors and the President to assess the effectiveness of the Fund in achieving its objectives. The President, with the consent of the Board of Directors, arranges to carry out this study whose results are brought, through the Chairman, to the knowledge of the Board of Directors.
S. 18 cooperation with other international organizations, other institutions and States to the achievement of its objectives, the Fund strives to cooperate and may enter into cooperative arrangements with other international organizations, regional and subregional organizations and other institutions and States, subject that none of these arrangements to be concluded with a non-Member State or non-participating or with an institution of such State , except as approved by a majority of eighty-five per cent of the total of the votes of the participants.
S. 19 technical assistance for the realization of its objectives, the Fund can provide technical assistance that will be normally refundable if it is not funded by special grants in respect of technical assistance or other means put at the disposal of the Fund for this purpose.
S. 20 operations in addition to the powers specified in other articles of this agreement, the Fund may undertake any other activities which, in the context of its operations will be necessary or advisable to enable it to achieve its objectives and shall comply with the provisions of this agreement.
S. 21 any political activity ban Ni the Fund nor any of its officials or other persons acting on its behalf, will intervene in the political affairs of any member. Their decisions will not be influenced by the political orientation of the Member or members in question and will be exclusively motivated by considerations relating to the economic and social development of members, and these considerations will be impartially weighed to achieve the objectives set out in this agreement.
Chapter VI Organization and management art. 22 Organization of the Fund the Fund has a Board of Governors, a Board of Directors and a President bodies. The Fund uses to perform its functions, officials and employees of the Bank as well as its organisation, its services and its facilities and, if the Board of Directors recognizes the need for additional staff, the Fund will have this staff, who will be hired by the Chairman in accordance with para. (v) by. 4 of art. 30 s. 23 Board of Governors: powers 1. All the powers of the Fund are vested in the Board of Governors.
2. the Governing Council may delegate its powers to the Board of Directors, with the exception of the power: (i) admit new members and determine the conditions of their admission;
(ii) to authorize additional subscriptions under art. 7 and to determine the terms and conditions y;
(iii) suspend a participant;
(iv) to decide on the appeals lodged against the decisions of the Board of Directors on the interpretation or application of this agreement;
(v) to allow the conclusion of general cooperation arrangements with other international organizations, except if it's temporary or administrative arrangements;
(vi) to choose foreign fund Auditors, responsible to audit the accounts of the Fund and certify in accordance with the balance sheet and the statement of income and expenditure of the Fund;
(vii) to approve, after consideration of the report of Auditors, the balance sheet and the statement of income and expenditure of the Fund;
(viii) modify this agreement;
(ix) to decide the permanent cessation of the operations of the Fund and distribute its assets;
(x) to exercise all other powers than the present agreement expressly confers on the Board of Governors.
3. the Governing Council may at any time revoke any delegation of authority to the Board of Directors.
S. 24 Board of Governors: Composition 1. Governors and Deputy Governors of the Bank are ex officio respectively Governors and alternate Governors of the Fund. The President of the Bank shall notify the Fund, when applicable, the names of the Governors and alternate Governors.
2. each participating State which is not a member appoints a Governor and an alternate Governor who shall hold office at the discretion of the Member which appointed to these posts.
3. an alternate may participate in the vote in the absence of the Governor that it compensates.
4. subject to the provisions of by. 4 of art. 60, Governors and their deputies exercise their functions without being remunerated or paid their expenses by the Fund.
S. 25 Board of Governors: Procedure 1. The Board of Governors holds an annual meeting and any other meetings planned by the Council or convened by the Board of Directors. The President of the Council of Governors of the Bank is ex officio President of the Council of Governors of the Fund.
2. the annual meeting of the Board of Governors is held on the occasion of the annual meeting of the Board of Governors of the Bank.
3. the quorum of any meeting of the Board of Governors is made up by a majority of the total number of Governors, representing at least three quarters of the total of the votes of the participants.
4. the Governing Council may, by regulation, establish a procedure allowing the Governing Council, when it considers it appropriate, to obtain a vote of the Governors on a matter determined without convening the Board of Governors.
5. the Board of Governors and the Board of Directors, insofar as it is authorised by the Board of Governors, can create subsidiary bodies as they deem necessary or appropriate to the conduct of the Affairs of the Fund.
6. the Board of Governors and the Board of Directors, to the extent where it is allowed by the Board of Governors or by this agreement, may adopt regulations necessary or appropriate to the conduct of the Affairs of the Fund provided that these regulations are not inconsistent with the provisions of this agreement.
S. 26 Board of Directors: functions without prejudice to the powers of the Board of Governors provided for in art. 23, the Board of Directors is responsible for the conduct of the General operations of the Fund. To this end, it exercises the powers expressly this agreement or which are delegated to him by the Board of Governors, and in particular: (i) prepare the work of the Governing Council; (ii) following the General guidelines given to him by the Board of Governors makes decisions on individual loans and other means of financing that the Fund must grant under this agreement; (iii) adopt the regulations and other measures necessary to ensure that the accounts and accounting records of operations of funds be kept and audited regularly and the appropriately; (iv) ensures the most effective functioning and the most economical possible fund services; (v) shall submit the accounts for each financial year for the approval of the Board of Governors at each annual meeting, making a distinction between the accounts relating to operations of the Fund and those of the operations financed from the resources to the extent necessary available to the Fund in accordance with art. 8; (vi) submit an annual report for the approval of the Board of Governors at each annual meeting; and (vii) approves the budget, the general program and account funding policy, in light of resources respectively available for these purposes.
S. 27 Board of Directors: Composition 1. The Board of Directors consists of 12 directors.
2. participating States, in accordance with Annex B, select six and six alternate directors.
3. the Bank must designate, in accordance with Annex B, six directors and their alternates among the members of the Board of Directors of the Bank.
4. an alternate Director of the Fund may attend all meetings of the Board of Directors but cannot participate in the deliberations and vote only in the absence of the administrator that it compensates.
5. the Board invites the other directors of the Bank and their alternates to attend the meetings of the Board of Directors as an observer and any Director of the Bank thus invited or, in his absence, his Deputy can participate in the discussion of any proposed project designed in the interests of the country he represented on the Board of Directors of the Bank.
6. (a) a Director appointed by the Bank remains in office until his successor has been appointed in accordance with Annex B and came into function. If a Director appointed by the Bank ceases to be a Director of the Bank, he also ceases to be the Fund Administrator. (b) the term of Directors selected by the participating States is three years, but it ends when a general subscriptions increase decided pursuant to the by. 1 of art. 7 becomes effective. Of these directors may be reappointed for one or more further periods of three years. They remain in office until their successors have been chosen and entered functions. If an administrator post becomes vacant before the expiration of the mandate of the holder, it shall be filled by a new administrator chosen by the State or participating States for which its predecessor was entitled to vote. The new administrator remains in office for the duration of the term of his predecessor remaining. (c) as long as the a professional post remains vacant, the Deputy of the former administrator exercises the powers of the latter, except that if this is a temporary alternate to represent it at meetings to which he cannot attend to appoint an alternate.
7. If a State becomes participating State in accordance with the by. 3 of art. 3 or if a participating State increases its subscription or that for any other reason, the voting rights available to participating States are changed in the interval of the periods provided for the choice of the directors representing the participating States: (i) there will be no change of Directors of that fact, provided that if a Director ceases to have voting rights , its mandate and that of his alternate cease immediately; (ii) voting rights available to participating States and directors chosen by them will be adjusted from the date of the increase of the subscription, the new subscription or any other modification of the voting rights, as the case may be; (iii) if the new participating State has voting rights It may designate one of the directors representing one or more participating States to represent it and to exercise its voting rights until the day where it will be proceeded to the next General appointment of the directors of the participating States.
8. administrators and alternate members perform their duties without being remunerated or paid their expenses by the Fund.
S. 28 Board of Directors: Procedure 1. The Board of Directors shall meet as often as required by the business of the funds. The Chairman shall convene a meeting of the Board of Directors whenever it is requested by four directors.
2. the quorum of any meeting of the Board of Directors is constituted by a majority of the total number of administrators that have three quarters at least of the total of participants voting rights.
S. 29 vote 1. The Bank and the Group of participating States each hold 1000 votes.
2. each Governor of the Fund who is Governor of the Bank has in the proportion of the votes of the Bank that the President of the Bank has notified to the Fund, and exercising the corresponding voting rights.
3. each participating State has a percentage of the total number of votes of participating States calculated on the basis of the amounts subscribed by that participant in accordance with art. 6 and also, to the extent where the participating States agreed authorized additional subscriptions in virtue of by. 1 and 2 of art. 7, in function of such additional subscriptions. When it votes to the Board of Governors, each Governor representing a participating State has the votes of the Member he represents.
4. when they vote on the Board of Directors, administrators appointed by the Bank have together 1000 votes and administrators selected by the participating States have together 1000 votes. Each Director appointed by the Bank has voices that are attributed to him by the Bank and whose number is indicated in the notification of its designation, which is provided for in the first part of Annex B. Each administrator chosen by one or more participating States has the number of votes held by the participant or participants who have chosen him.
5. each Director representing the Bank must give bulk all voices that are attributed to him. Administrator that represents more than one participating State may separately give the voices available to the various States it represents.
6. Notwithstanding any other provisions of this agreement: (i) If a regional member is or becomes participating State, it does not or does acquire a voice of this fact, and if a regional participating State becomes a member, it no longer has to count the day where he acquires this quality with no voice as a participating State; and (ii) If a non-regional State is, or becomes, both participating State and Member, this State is treated, for the only purpose of the agreement, in all respects as if he was not a member.
7. except as otherwise provided in this agreement, all matters which the Board of Governors or the Board of Directors are called to know are decided by a majority of three quarters of the total of the votes of the participants.
S. 30. the President 1. The President of the Bank is ex officio President of the Fund. He chairs the Board of Directors, but did not take part in the votes. It may participate in the meetings of the Governing Council but without taking part in the votes.
2. the President is the legal representative of the Fund.
3. in case of absence of the President of the Bank or if his office becomes vacant, the person temporarily to perform the duties of President of the Bank also fulfils those of President of the Fund.
4. subject to art. 26, the President manages the current affairs of the Fund, and in particular: (i) offers the operations budget and the administrative budget; (ii) offers the general programme of financing; (iii) organizes the studies and evaluations of projects and programmes to be financed by the Fund, in accordance with the by. 3 of art. 15; (iv) uses, depending on the needs, officials and employees of the Bank as well as its organisation, its services and its facilities, to conduct the Affairs of the Fund, being responsible to the Board of Directors the establishment and control of the Organization, staff and services, provided for in art. 22; (v) appeals to the personnel services, including the consultants and experts whose Fund may need, and can terminate their services.
S. 31 reports with the Bank
1. the Fund shall reimburse the Bank just cost of the use of officials and employees, as well as the Organization, services and facilities of the Bank, in accordance with the arrangements between the Fund and the Bank.
2. the Fund is an entity legally separate and distinct from the Bank and the Fund's assets are kept separate from those of the Bank.
3. no provision of this agreement engages the responsibility of the Fund at the rate of the acts or obligations of the Bank or the Bank for the acts or obligations of the Fund.
S. 32 seat of the Fund the Fund headquarters is the headquarters of the Bank.
S. 33 custodians each participating State means its Central Bank or any other institution that may be approved by the Fund custodian with which the Fund can retain its assets in the currency of said participant and any other assets. In the absence of a different designation, the depositary for each Member is the Depositary designated by him for the purposes of the agreement establishing the Bank.
S. 34 each participating State communication procedure designates a competent authority with which the Fund can liaise on any matter covered by this agreement. In the absence of a different designation, the procedure of communication indicated by a member to the Bank is also that which applies to the Fund.
S. 35 reports and information 1. The Fund publishes an annual report containing a certified statement of its accounts and shall communicate, at appropriate intervals, to the participants and members a summary of its financial position and a statement of revenues and expenses that indicate what are the results of its operations.
2. the Fund may publish such other reports he considers relevant to the achievement of its objectives.
3. copies of all reports, reports and documents published pursuant to this section shall be communicated to participants and members.
S. 36 allocation of net income the Board of Governors from time to time determines the allocation of the net income of the Fund, taking due account of the funds to be allocated to the reserves and provisions for contingencies.
Chapter VII withdrawal and suspension of judgment of operations article participants 37 withdrawal all participant may withdraw from the Fund at any time by sending a written notification to this effect to the headquarters of the Fund. The resignation becomes effective on the date of the receipt of the notification or at any time to be specified in the notification, provided that it is not more after six months on the date of receipt of the notification.
S. 38 suspension 1. If a participant is missing one of its obligations to the Fund, it may suspend its participant capacity, by a decision of the Board of Governors. The Member so suspended ceases automatically to be attending one year after the date of its suspension unless a decision by the Board of Governors not restore it in its quality of participant.
2. for the duration of the suspension, the participant in question is entitled to exercise any of the rights conferred by this agreement with the exception of the right of withdrawal, while remaining subject to all obligations.
S. 39 rights and obligations of States which cease to be participants 1. The State which ceases to be a participant has other rights in respect of this agreement than those under this article and art. 53, but, unless otherwise provided in this article, shall be taken of all financial obligations that it subscribed to the Fund, either as participant, borrower, guarantor, or otherwise.
2. If a State ceases to be participating, the Fund and the State shall undertake a clearance of accounts. As part of such clearance of accounts, the Fund and the State concerned may agree to amounts that must be paid to the State in respect of its subscription as well as the date and the currency of the payment. When it is used about a participant, the word "subscription" is supposed to, for the purposes of this section and the art. 40, cover both the initial subscription than any subscription additional said participating.
3. pending the conclusion of such an agreement, and in any way if it is not concluded an agreement of this kind within six months following the date to which the State ceased to be participating or the expiry of any period which can suit the Fund and the State in question, it is appropriate to apply the following provisions: (i) the State is relieved of any obligation subsequent to the Fund in respect of its subscription , but it must pay at the due dates of amounts which it remained liable to pay in respect of its subscription to the date on which he ceased to be participating and which, in the opinion of the Fund, are necessary for the latter to honor commitments he had to that date, as part of its financing operations; (ii) the Fund reverse the State the amounts paid by it in respect of its subscription or from refunds are capital y related and that the funds held on the date on which the State in question has ceased to be participating, except to the extent where the Fund considers that these sums are required to honour the commitments he had to that date in its financing operations. (iii) the Fund shall pay to the State a proportionate share of the total amount of reimbursements capital received by the Fund after the date on which the State ceased to be participating and relating to loans previously made on that date, with the exception of loans granted by levy on resources provided to the Fund under arrangements with specific provisions for liquidation. The report of this share in the total amount of these loans reimbursed capital is the same as the relationship between the total amount paid by the State in respect of its subscription and who not will have not been refunded pursuant to the al. (ii) above and the total amount paid by all participants in their subscriptions which have been used or which, in the opinion of the Fund, it is necessary to honor commitments he had as part of its financing operations to the day where the State in question has ceased to be participating. The Fund makes this payment by instalments that it receives amounts in respect of loan principal repayments, but at intervals of at least one year. These payments are made in the currencies received by the Fund may however, at its discretion, make the payment in the currency of the State in question; (iv) the payment of any amount owed to the State in respect of its subscription may be deferred as long as this State or any subdivision thereof policy or any service of one of them has even commitments towards the Fund as borrower or guarantor; at the discretion of the Fund, this amount can be attributed to one any amounts due to maturity; (v) in no case the State in question receive under that subsection an amount exceeding in total the lesser of the following two amounts: (1) the amount paid by the State in respect of its subscription, or (2) the percentage of the net assets of the Fund in its records on the date on which the State in question has ceased to be participating which corresponds to the percentage of the amount of the subscription of the State concerned by report total subscriptions to all participants.
(vi) all calculations subject to these provisions are made on a basis reasonably determined by the Fund.
4. in any case, money owed to a State under this section not paid before the expiration of a period of six months after the date on which the State ceased to be participating. If during this period of six months, from the date on which a State ceases to be a participant, the Fund stops its operations in accordance with art. 40, all rights of the State concerned are determined by the provisions of art. 40 and the said State is considered as a participant to the Fund for the purposes of art. 40 except that it has no right to vote.
S. 40 shutdown operations and settlement of obligations of the Fund 1. The Fund can put an end to its operations by a vote of the Board of Governors. The withdrawal of the Bank or all participating States in accordance with art. 37 causes the permanent cessation of the operations of the Fund. After this shutdown of its operations, the Fund shall cease all activities with the exception of those relating to the orderly realization, conservation and the safeguarding of its assets, as well as the settlement of its obligations. Until the final settlement of these obligations and to the distribution of such assets, the Fund continues to exist and all the rights and mutual commitments of funds and participants under this Agreement remain intact provided that no participant may be suspended or withdraw and that any distribution be made to participants if this is in accordance with the provisions of this article.
2. no distribution is made to the participants in their subscriptions until all liabilities to creditors have been paid or have been the subject of provisions and before that the Governing Council has decided to make such a distribution.
3. subject to the foregoing and all special arrangements for the allocation of resources in the provision of these resources to the Fund, the Fund distributes its assets among the participants in proportion to the amounts they have paid in respect of their subscriptions. Any distribution, pursuant to the provision of this paragraph, is subject in the case of any participant, to the prior settlement of all claims under the Fund against the participant said. This distribution is made on the dates, in the currencies and in the form of cash or other assets, depending on whether the Fund considers fair and equitable. The distribution between the various participants is not necessarily uniform nature as follows assets or the currencies in which they are denominated.
4. any member receiving assets distributed by the Fund pursuant to this section or art. 39 is subrogated in all the rights that the Fund had on those assets before their distribution.
Chapter VIII status, immunities, exemptions and privileges s. 41 object of this chapter so that the Fund can actually achieve and perform the duties entrusted, it enjoys on the territory of each State participant of the legal status, of immunities, exemptions and privileges outlined in this chapter; each participating State shall inform the fund specific measures taken to this end.
S. 42 legal status the Fund enjoys the full legal personality and particular the capacity: (i) to contract; (ii) to acquire and dispose of movable and immovable property; (iii) to institute legal proceedings.
S. 43 actions in justice 1. The Fund enjoys immunity from jurisdiction in respect of any form of legal action except for disputes arising or resulting from the exercise by the Fund of its power to accept loans in accordance with the provisions of art. 8. the Fund, in this case, can be prosecuted before a Court of competent jurisdiction in the territory of a State where it has its seat or an officer receive assignments or notifications, or even in which it accepts to be sued.
2. Notwithstanding the provisions of paragraph 1 no action may be brought against the Fund by participating States, their agencies or services, or by an entity or person which would be directly or indirectly for the account of a participant or his successor in title or of a body or service of the participant. Participants have recourse to special procedures for the settlement of disputes between the Fund and its participants, established by this agreement, by the regulations of the Fund or the contracts with the Fund.
3. the Fund takes all necessary provisions concerning the arrangements for the settlement of disputes which are not provided for by the provisions of paragraph 2 of this article as well as of art. 52 and 53, and subject of the immunity of the funds resulting from paragraph 1 of this article.
4. where, pursuant to the provisions of this agreement, it lacks immunity, the Fund, its property and assets, wherever they are and whatever is the holder, are exempt from any form of seizure and sale, garnishment or execution as long as a final judicial decision has not been made against the Fund.
S. 44 unseizability of the assets the property and assets of the Fund, wherever they may be and whatever is the holder, are protected from any search, requisition, confiscation, expropriation or other forms of seizure or control on the part of the Executive or legislative power.
S. 45 unseizability of the archives the archives of the Fund and, in General, all documents which belong to him or it holds, shall be inviolable wherever they may be.
S. 46 assets exemption from all restrictions to the extent necessary to ensure that the Fund achieves its objectives and fulfil its functions and subject to the provisions of this agreement, all property and other assets of the Fund are exempt from restrictions by way of financial controls, regulations or moratoria of any nature.
S. 47 communication all participating State privileges apply to official communications of the Fund the same regime to the official communications of other financial institutions international which he belongs.
S. 48 immunities and privileges of members of boards and staff all Governors and administrators and their alternates, the President and staff, including experts performing missions for the Fund: (i) enjoy immunity for acts performed by them in the exercise of their official functions; (ii) if they are not nationals of the State where they perform their duties , enjoy immunities relating to provisions limiting immigration to formalities for the registration of foreigners and the obligations of national service and facilities in the regulation of foreign exchange not less favourable than those accorded by the participating State concerned to the representatives, officials and employees of comparable rank of other international financial institution which he part; (iii) benefit from the point of view of travel facilities treatment not less favourable than that accorded by the participating State concerned to the representatives, officials and employees of comparable rank of other international financial institution which it is part.
S. 49 tax immunity 1. The Fund, its assets, property, revenue, operations and transactions are exempt from all direct taxes, as well as all customs duties on the goods that it imports or exports for its use for official purposes, and of all charges having an effect equivalent. The Fund is also free from any obligation concerning payment, withholding or collection of any tax or right.
2. Notwithstanding the provisions of by. 1, the Fund will not exemption for taxes which are only the consideration of services request.
3. articles imported duty-free under paragraph 1 will not be sold in the territory of the participating State which granted the exemption, if the conditions agreed with the participant said.
4. it is perceived no taxes on salaries and emoluments, or in respect of salaries and emoluments paid by the Fund to the President and staff, including experts performing missions for the Fund.
S. 50 waiver clause 1. The immunities, exemptions and privileges provided in this chapter are granted in the interests of the Fund. The Board of Directors may, to the extent and under the conditions that it determines, waive the immunities, exemptions and privileges provided for in this chapter where, in his opinion, this decision would favour the interests of the Fund.
2. Notwithstanding the provisions of by. 1, the President has the right and the duty to waive the immunity granted to one of the staff members, including experts performing missions for the Fund, where it considers that immunity would impede the course of justice and it can be waived without prejudice to the interests of the Fund.
Chapter IX amendments art. 51 1. Any proposal to make changes to this agreement, it is made a participant, a Governor or the Board of Directors, shall be communicated to the President of Council of Governors who grasps the Council. If the Governing Council approves the proposed amendment, the Fund application to the participants by letter or circular telegram, if they accept the amendment. If three quarters of the participants with eighty-five percent of the votes accept the proposed amendment, the Fund endorses the fact in an official communication to the participants. The amendments shall enter into force with respect to all participants three months after the date of the formal communication provided for in this paragraph, unless the Board of Governors specifies a date or a different time limit.
2. Notwithstanding the provisions of by. 1, the Board of Governors must unanimously approve any amendment to: (i) the limitation of liability provided for in art. 10; (ii) the provisions of by. 2 and 3 of art. 7 relating to additional subscriptions; (iii) the right to withdraw from the Fund; (iv) the voting majorities required in this agreement.
Chapter X Interpretation and arbitration arts. 52 interpretation 1. Any question relating to the interpretation or the application of the provisions of this agreement which arises between a member and the Fund or between participants is submitted for decision to the Governing Council. If the issue particularly affects a participating State which is not represented in the Board of directors by a Director of nationality, that participant has the right in such cases to be represented directly. This right of representation is regulated by the Governing Council.
2. in any case where the Board of Directors held pursuant to paragraph 1, any participant may request that the issue be referred to the Board of Governors, whose decision is without appeal. Pending the decision of the Board of Governors, the Fund may, to the extent where he deems it necessary, act under the decision of the Board of Directors.
S. 53 arbitration any dispute between the Fund and a State which has ceased to be a participant, or between the Fund and any participating during the final cessation of the operations of the Fund, the dispute is submitted to arbitration by a tribunal composed of three arbitrators.
An arbitrator is appointed by the Fund, another by the participant or former participant interested and both parties shall appoint the third arbitrator who shall be Chairman of the arbitral tribunal. If, in the forty-five days of the receipt of the request for arbitration, the other party has not appointed an arbitrator or if within thirty days of the appointment of two arbitrators the third arbitrator has not appointed, either party may request the President of the International Court of Justice, or in any other proceeding provided for in the regulations adopted by the Board of Governors to appoint an arbitrator. The arbitration shall be fixed by the arbitrators, but the third arbitrator is empowered to settle all questions of procedure on which the parties would disagree. Just a vote by a majority of the arbitrators to make an award which is final and calls upon the parties.
Chapter XI provisions finals s. 54 signature the original text of this agreement remains open until March 31, 1973 at the signature of the Bank and States whose names are listed in Appendix A.
S. 55 ratification, acceptance or approval 1. This agreement is subject to ratification, acceptance or approval of the signatories.
2. the instruments of ratification, acceptance or approval shall be deposited at the Bank headquarters by each signatory before December 31, 1973, with the understanding that if the agreement was not entered into force on that date in accordance with art. 56, the Board of Directors of the Bank may extend the period of deposit of instruments of ratification, acceptance or approval of a duration not exceeding six months.
S. 56 entry into force this Agreement shall enter into force on the date on which the Bank and eight signatory States that the sum of the subscriptions specified in Annex A to this agreement represents at least 55 million units of account, have deposited their instruments of ratification, acceptance or approval.
S. 57 participation 1. The signatory whose instrument of ratification, acceptance or approval is deposited on the date or before the date of entry into force of this agreement becomes participating on the said date. The signatory whose instrument of ratification, acceptance or approval is deposited later and before the date in the by. 2 of art. 55 or under that subsection is participating at the date of this filing.
2. a State which is not participating founder can become participant in accordance with the by. 3 of art. 3-Notwithstanding the provisions of the art. 54 and 55, this participation is carried out by the signing of this agreement and the deposit with the Bank of an instrument of ratification, acceptance or approval, which shall take effect on the date of such deposit.
S. 58 reserves a participating State may, by depositing its instrument of ratification, acceptance or approval, declare: (i) that the immunity conferred by the by. 1 of art. 43 and the al. (i) of art. 48 does not apply on its territory in civil action born of an accident caused by a vehicle engine belonging to the Fund or duct on behalf, or in breach of the highway code committed by the driver of such a vehicle; (ii) that it reserves, as well as to its political subdivisions the right to tax salaries and emoluments paid by the Fund to the citizens nationals or residents of that participating State; (iii) that according to his interpretation, the Fund does not require, in principle, the exemption from excise duty levied by the State on the goods produced on its territory or taxes on the sale of movable and immovable property which are incorporated in the price, but that if the Fund performs to its use for official purposes large purchases of property on which such duties and taxes have been levied or which are liable, appropriate administrative measures will be taken by that State, whenever it will be possible to do so, for the remission or repayment of the amount of such fees and taxes; (iv) that the provisions of by. 3 of art. 49 shall apply when it was delivered or refund rights or tax on items under the administrative arrangements referred to in the al. (iii). art. 59 notification door Bank to the attention of all signatories: (a) any signature of this agreement; (b) any deposit of an instrument of ratification, acceptance or approval; (c) the date of entry into force of this agreement; and (d) any statement or any reservation formulated when the deposit of an instrument of ratification, acceptance or approval.
S. 60 constituent assembly 1. Upon the entry into force of this agreement, each participating State appoints a Governor, and the President of the Governing Council shall convene the inaugural meeting of the Board of Governors.
2. in this constituent Assembly: (i) 12 fund managers are nominated and selected in accordance with the by. 2 and 3 of art. 27; (ii) arrangements are made to determine the date on which the Fund will begin operations.
3. the Fund shall inform all participants of the date on which it will begin operations.
4. the reasonable and necessary expenses that the Bank will incur during the creation of the Fund including subsistence of Governors and alternates during their participation in the constituent Assembly will be reimbursed by the Fund.
In witness whereof, the undersigned, being duly authorized, have signed this agreement.
Done at Abidjan on 29 November, one thousand nine hundred and seventy-two, in a single copy in language English and in French, both texts being equally authentic, which shall be deposited with the Bank.
The Bank will provide certified copies of this agreement to each signatory.
Appendix A 1. Founding participants can become founders of the Fund the following States participants: the Federal Republic of Germany, the Belgium, the Brazil, the Canada, the Denmark, the Spain, the United States of America, the Finland, the Italy, the Japan, the Norway, the Netherlands, the United Kingdom, the Sweden, the Switzerland and Yugoslavia.
Any State referred to in the preceding paragraph, who would carry out a subscription to the Fund of at least US $ 15 million after December 31, 1973, will become nevertheless participating founder, subject to sign and ratify this agreement before December 31, 1974.
2 initial subscription the Bank and States signatories of the agreement endorsed the following amounts: subscriptions in units of account African Development Bank 5 000 000 Belgium 3 000 000 Brazil 2 000 000 Canada 15 000 000 Confederation Switzerland 3 000 000 Denmark 5 000 Spain 2 000 000 Finland 2 000 000 000 Italy 10 000 Japan 15 000 000 Norway 5 000 000 000 Netherlands 4 000 000 Federal Republic of Germany 7 447 630 United Kingdom
5 211 420 Sweden 5 000 000 Yugoslavia 2 000 000 Total 90 659 050 State on June 10, 1997 Annex B Designation and selection of Directors 1 part Designation of directors by Bank 1. The President of the Bank shall notify the Fund during any appointment of administrators of the funds by the Bank: (i) the names of the appointed directors; (ii) the number of votes available to each of them.
2. If the vacancy of a Director appointed by the Bank, the President shall notify the Fund the name to the administrator designated by the Bank to replace.
Part 2, choice of directors by governors representing the participating States scope of the agreement of 15 July 1974 reservations and declarations 1. For the election of Directors, each Governor representing a participating State to make a single candidate all the votes allocated to the participating State that it represents. The six candidates who receive the greatest number of votes are declared administrators, subject that no one is deemed elected if he gets fewer twelve percent of the total votes have governors representing the participating States.
2. If six directors are not elected in the first ballot, was taken to a second round; the candidate who gets the least amount of votes in the first round is ineligible and only vote: (a) the Governors who voted in the first round for a candidate who was not elected; and (b) those Governors whose votes for a candidate elected are deemed, under the terms of by. 3 below, have increased the number of votes obtained by the candidate to more than fifteen per cent of the total of the votes allocated to the participating States.
3. to determine whether the voices given by a Governor should be deemed have brought the total of the votes obtained by a candidate any more than fifteen per cent of the total of the votes allocated to the participating States, fifteen percent are deemed include, first, the votes of the Governor who brought the largest number of votes audit candidate and then those of the Governor having issued the immediately lower number of votes, and so on up to a maximum of 15 per cent.
4. any Governor whose vote must be partially counted to bring the total obtained by a candidate in more than twelve percent is deemed to give all its audit candidate votes, even if the total of the votes obtained by the person concerned is, hence, exceed fifteen percent.
5. If, after the second round, there was not yet six elected, it is process, following the foregoing principles, additional ballots, provided that after the election of five directors, the sixth can be elected with a simple majority of the remaining votes and be deemed elected by all such votes.
6. the rules given above can be modified by governors representing the participating States by a majority of 75% of the total of the votes available to participating States.
7. There shall be a new choice of Directors representing the States participating in each of the first three annual meetings of the Board of Governors.
8. each Director shall designate a Deputy Director who is fully empowered to act in his absence. Directors and alternate directors must be nationals of participating States.
Scope of the agreement of 15 July 1974 States parties Ratification entry into force Germany * December 30, 1973 December 30, 1973 Belgium * 2 July 1974 2 July 1974 Brazil December 28, 1973 28 December 1973 Canada June 8, 1973 30 June 1973 Denmark * 26 June 1973 30 June 1973 Spain * December 28, 1973 28 December 1973 Finland * 21 December 1973 21 December 1973 Great Britain * June 30, 1973 30 June 1973 Japan * June 27, 1973 30 June 1973 Norway * 26 June
1973 June 30, 1973 Netherlands * June 23, 1973 30 June 1973 Serbia * 1 July 1973 1 July 1973 Sweden 18 June 1973 30 June 1973 Switzerland * 28 June 1973 June 30, 1973 African Development Bank June 22, 1973 30 June 1973 * reservations and declarations, see below.
Reservations and declarations Federal Republic of Germany the Federal Republic of Germany, by depositing its instrument of ratification, said: 1...
2. has) that the immunity conferred by the art. 43 (1) and 48 (i) agreement does not on its territory in civil action born of an accident caused by a motor vehicle belonging to the Fund or conduit for its account or for offences committed by the driver of such a vehicle; b) that the Federal Republic of Germany reserves the right to impose the salary or emoluments paid by the Fund to its citizens as well as to its political subdivisions, (, nationals or residents; (c)) that, according to his interpretation, the Fund does not require, in principle, the exemption from excise duty levied by the Federal Republic of Germany on the goods produced on its territory, or taxes on the sale of movable and immovable property which are incorporated in the price, but if the Fund performs for use for official purposes (, purchasing important goods on which those rights and taxes were collected or which are punishable, appropriate administrative arrangements will be made by the Federal Republic of Germany, whenever it will be possible to do so, for the remission or repayment of the amount of these fees and taxes; d) that the provisions of by. 3 of art. 49 shall apply when it was delivered or refund rights or taxes on articles by virtue of administrative provisions referred to in the al. (iii). Belgium when it deposited its instrument of ratification, the Belgium has made the reservation provided for in art. 58, al. (i) of the agreement.
Denmark when it deposited the instrument of ratification, the Denmark reiterated the statement it had made at the signing of the agreement: under the terms of the main provision of by. 4 (a) of art. 15 of the agreement establishing the African Development Fund, money from loans made by the Fund are used for acquisition in the territories of the participating States or member of goods produced in those territories or services provided by them.
The Danish Government maritime transport policy is based on the principle of the free movement in international trade, in the context of a free and fair competition. Under this policy, transactions and transfers related to maritime transport should not be hampered by provisions granting preferential treatment to a country or a group of countries, in accordance with its objective constant but still common commercial considerations which must determine the mode of maritime transport and the Pavilion. The Danish Government is therefore convinced that the by. 4 (a) of art. 15 will not be applied as an exception to this principle.
Spain the Spain said in its instrument of ratification approve and ratify all the provisions of the agreement, with all the reservations set out in art. 58, promising to watch it in all its details.
Finland when it deposited its instrument of ratification, the Finland made the same declarations relating to art. 58, al. (i) and (ii) those made by the Federal Republic of Germany, to the by. 2, let. ((a) and b) above.
Great Britain in accordance with art. 58 of the agreement, Britain made the same statements than those made by the Federal Republic of Germany to the by. (e) 2, under let. (a), b), c) and (d)) above.
Japan when it deposited its instrument of acceptance, the Japan made the same declarations relating to art. 58, al. (i) and (ii) those made by the Federal Republic of Germany to the by. 2, let. ((a) and b) above.
Norway the provision of by. 4 of art. 49 of the agreement shall not affect the right of the Norwegian authorities collect taxes on or at the rate of salaries and emoluments paid by the Fund to Norwegian citizens and other staff resident in Norway.
Netherlands same statements than those made by the Federal Republic of Germany to the by. 2 under let. (a), b), c) and (d)) above.
Serbia same statements than those made by the Federal Republic of Germany to the by. 2 under let. (a), b), c) and (d)) above.
Switzerland in accordance with the by. (ii) of art. 58 of the agreement, the Switzerland reserves the right to submit to the federal, cantonal and municipal income tax salaries and emoluments paid by the Fund to Swiss citizens resident in Switzerland.
1974 1346 RO; FF 1972 II 429 s. 1, let. (a) of the AF from 19 Dec. 1972 (1973 1138 RO).
State on June 10, 1997