Part II International Financial Institutions
Particular international development banks
7 The Asian Development Bank.
1
Subject to subsection (2) below, the Secretary of State shall pay out of money provided by Parliament any sum which may be required to make payments—
a
in fulfilment of any undertaking given by the Government of the United Kingdom in pursuance of paragraph 3 of Article 3 of the Agreement for the establishment and operation of the Asian Development Bank (undertaking to be responsible for obligations of another member for whose external relations the United Kingdom is responsible); or
b
under paragraph 1 of Article 25 of the Agreement (falls in the par or foreign exchange value of currencies of members).
2
The aggregate amount of the sums which may be paid under subsection (1)(a) above shall not exceed £90,000,000 or such greater sum as may from time to time be specified in an order made by statutory instrument by the Secretary of State with the approval of the Treasury.
3
An order under this section shall not be made unless a draft of the order has been laid before and approved by the House of Commons.
4
Section 14 of the M1Interpretation Act 1978 (implied power to revoke, amend and re-enact subordinate legislation) does not apply to an order under this section.
5
Any sums—
a
received by the Secretary of State on behalf of the Government of the United Kingdom from the Asian Development Bank in pursuance of the Agreement, or
b
paid to the Government of the United Kingdom in repayment of any payment mentioned in subsection (1)(a) above,
shall be paid into the Consolidated Fund.