Lei n.º 27/82

TEXTO :

Lei n.º 27/82

de 14 de Outubro

Adesão de Portugal ao Fundo Africano de Desenvolvimento

A Assembleia da República decreta, nos termos da alínea j) do artigo 164.º da Constituição, o seguinte:

ARTIGO 1.º

É aprovada a adesão de Portugal ao tratado internacional de criação do Fundo Africano de Desenvolvimento, cujas versões em língua inglesa, francesa e portuguesa se publicam em anexo.

ARTIGO 2.º

São aprovados os actos praticados pelo Governo Português com vista à adesão de Portugal ao Fundo Africano de Desenvolvimento.

Aprovada em 6 de Julho de 1982.

O Presidente da Assembleia da República, Francisco Manuel Lopes Vieira de Oliveira Dias.

Promulgada em 6 de Setembro de 1982.

Publique-se.

O Presidente da República, ANTÓNIO RAMALHO EANES. - O Primeiro-Ministro, Francisco José Pereira Pinto Balsemão.

Agreement Establishing the African Development Fund

The States parties to this Agreement and the African Development Bank have agreed to establish hereby the African Development Fund which shall be governed by the following provisions:

CHAPTER I

Definitions

ARTICLE I

1 - The following terms wherever used in this Agreement shal have the following meanings, unless the context shall otherwise specify or require:

«Fund» shall mean the African Development Fund established by this Agreement;

«Bank» shall mean the African Development Bank;

«Member» shall mean a member of the Bank;

«Participant» shall mean the Bank and any State which shall become a party to this Agreement;

«State participant» shall mean a participant other than the Bank;

«Original participant» shall mean the Bank and each State participant which becomes a participant pursuant to article 57, 1;

«Subscription» shall mean amounts subscribed by participants pursuant to articles 5, 6 or 7;

«Unit of account» shall mean a unit of account having a value of 0.81851265 gramme of fine gold;

«Freely convertible currency» shall mean currency of a participant which the Fund determines, after consultation with the International Monetary Fund, is adequately convertible into other currencies for the purpose of the Fund's operations;

«President», «Board of Governors» and «Board of Directors» shall mean respectively the president, Board of Governors and Board of Directors of the Fund and in the case of the governors and directors shall include alternate governors and alternate directors when acting as governors and directors respectively;

«Regional» shall mean located in the continent of Africa or the African islands.

2 - Reference to chapters, articles, paragraphs and schedules shall mean the chapters, articles and paragraphs of, or schedules to, this Agreement.

3 - The headings of the chapters and articles are inserted for convenience of reference only and are not part of this Agreement.

CHAPTER II

Purpose and participation

ARTICLE 2

Purpose

The purpose of the Fund shall be to assist the Bank in making an increasingly effective contribution to the economic and social development of the Bank's members and to the promotion of co-operation (including regional and sub-regional co-operation) and increased international trade, particularly among such members. It shall provide finance on concessional terms for purposes which are of primary importance for and serve such development.

ARTICLE 3

Participation

1 - The participants in the Fund shall be the Bank and those States which shall have become parties to this Agreement in accordance with its terms.

2 - The original State participants shall be those States listed in schedule A which shall have become parties to this Agreement pursuant to article 57, 1.

3 - A State which is not an original participant may become a participant and a party to this Agreement upon such terms, not inconsistent with this Agreement, as the Board of Governors shall determine by a unanimous resolution adopted by the affirmative vote of the total voting power of the participants. Such participation shall be open only to those States which are members of the United Nations or any of its specialized agencies or are parties to the Statue of the International Court of Justice.

4 - A State may authorize an entity or agency acting on its behalf to sign this Agreement and to represent it in all matters relating to this Agreement with the exception of the matters referred to in article 55.

CHAPTER III

Resources

ARTICLE 4

Resources

The resources of the Fund shall consist of:

ii) Subscriptions by State participants;

iii) Other resources received by the Fund; and

iv) Funds derived from operations or otherwise accruing to the Fund.

ARTICLE 5

Subscriptions by the Bank

The Bank shall pay to the Fund as its initial subscription the amount, expressed in units of account, set forth opposite its name in schedule A, utilizing for that purpose the funds standing to the credit of the «African Development Fund» of the Bank. Payment shall be made on the same terms and conditions as are specified in article 6, 2, for the payment of the initial subscriptions of State participants. The Bank will thereafter subscribe such other amounts as the Board of Governors of the Bank may determine, on such terms and conditions as shall be agreed with the Fund.

ARTICLE 6

Initial subscriptions of State participants

1 - Upon becoming a participant each State participant shall subscribe funds in the amount assigned to it. Such subscriptions are hereinafter referred to as initial subscriptions.

2 - The initial subscription assigned to each original State participant shall be in the amount set forth opposite its name in schedule A, and shall be expressed in units of account and payable in freely convertible currency. Payment shall be made in three equal annual instalments as follows: the first such instalment shall be paid within thirty days after the Fund shall begin operations pursuant to article 60 or on the date on which the original State participant becomes a party to this Agreement, whichever is later; the second instalment within one year thereafter, and the third instalment within one year after the payment or the due date of the second instalment, whichever is earlier. The Fund may request earlier payment of either or both of the second and third instalments if the operations of the Fund shall require it, but such earlier payment shall he entirely voluntary on the part of each participant.

3 - The initial subscriptions of State participants other than original participants shall also be expressed in units of account and payable in freely converible currency. The amount and terms of payment of such subscriptions shall be determined by the Fund pursuant to article 3, 3.

4 - Except as the Fund may otherwise agree, each State participant shall maintain the free convertibility of its currency paid in by it pursuant to this article.

5 - Notwithstanding the foregoing provisions of this article, a State participant may defer for a period of not more than three months the making of any payment required by this article when budgetary or other circumstances necessitate such delay.

ARTICLE 7

Additional subscriptions by State participants

1 - The Fund shall at such time as it deems appropriate in the light of the schedule of payments of the initial subscriptions of original participants and of its own operations, and at appropriate intervals thereafter, review the adequacy of its resources and, if it deems it desirable, may authorize a general increase int the subscriptions of State participants on such terms and conditions as the Fund shall determine. Notwithstanding the foregoing, the Fund may authorize general or individual increases in such subscriptions at any time, provided that an individual increase shall be considered only at the request of the State participant involved.

2 - When any additional individual subscription is authorized pursuant to paragraph 1, each State participant shall be given an opportunity to subscribe, under no less favourable conditions, reasonably determined by the Fund, than those prescribed under paragraph 1, an amount which will enable it to maintain its relative voting power as among State participants.

3 - No State participant shall be obliged to subscribe additional amounts in the case of general or individual increases in subscriptions.

4 - All authorizations for, and determinations in respect of, general increases under paragraph 1 shall be by an eighty-five per cent majority of the total voting power of the participants.

ARTICLE 8

Other resources

1 - Subject to the following provisions of this article, the Fund may enter into arrangements to receive other resources, including grants and loans, from members, participants, States which are not participants and from any public or private entity or entities.

2 - Such arrangements shall be on terms and conditions which are consistent with the Fund's purposes, operations and policies and which will not impose an undue administrative or financial burden on the Fund of the Bank.

3 - Such arrangements, other than those for grants for technical assistance, shall be on terms which will permit the Fund to comply with the requirements of article 15, 4 and 5.

4 - Such arrangements shall be approved by the Board of Directors, in the case of arrangements with a State which is not a member or a participant or with an agency of such State, by an eighty-five per cent majority of the total voting power of the participants.

5 - The Fund shall not accept any loan (except temporary accommodations required for its operations) which is not on concessional terms and shall not borrow in any market or, as a borrower, guarantor, or otherwise, participate in the issue of securities in any market and shall not issue negotiable or transferable obligations evidencing indebtedness for loans received pursuant to paragraph 1.

ARTICLE 9

Payment of subscriptions

The Fund shall accept any part of a participant's subscription payable by the participant under articles 5, 6 or 7 or under article 13 and not needed by the Fund in its operations, in the form of notes, letters of credit or similar obligations issued by the participant or the depository, if any, designated by the participant pursuant to article 33. Such notes or other obligations shall be non-negotiable, non-interest-bearing and payable at their par value on demand to the account of the Fund in the designated depository or, if there is none, as the Fund shall direct. NOtwithstanding the issuance or acceptance of any such note, letter of credit or other obligation, the obligation of the participant under articles 5, 6 and 7 and article 13 shall continue to subsist. Amounts held by the Fund in respect of subscriptions of participants which do not avail themselves of the provisions of this article may be deposited or invested by the Fund to produce income to help defray its administrative and other expenses. The Fund shall draw down all subscriptions on a pro rata basis, as far as practicable over reasonable periods of time, to finance expenditures regardless of the form in which such subscriptions are made.

ARTICLE 10

Limitation on liability

No participant shall be liable, by reason of its participation, for acts or obligations of the Fund.

CHAPTER IV

Currencies

ARTICLE 11

Use of currencies

1 - Currencies received in payment of, or under article 13 in respect of, subscriptions made pursuant to article 5 and article 6, 2, may be used and exchanged by the Fund for any of its operations and, subject to the approval of the Board of Directors, for the temporary investment of funds not needed in its operations.

2 - The use of currencies received in payment of, or under article 13 in respect of, subscriptions under article 6, 3, and article 7, 1 and 2, or as other resources under article 8 shall be governed by the terms and conditions pursuant to which such currencies are received or, in the case of currencies received under article 13, the use shall be governed by the terms and conditions on which the currencies whose value is so maintained were received.

3 - All other currencies received by the Fund maybe freely used and exchanged by the Fund for any of its operations and, subject to the approval of the Board of Directors, for the temporary investment of funds not needed in its operations.

4 - No restriction shal be imposed which is contrary to the provisions of this article.

ARTICLE 12

Valuation of currencies

1 - Whenever it shall be necessary under this Agreement to determine the value of any currency in terms of another currency or currencies or of the unit of account, such valuation shall be reasonably made by the Fund after consultation with the International Monetary Fund.

2 - In the case of a curency which does not have a par value established with the International Monetary Fund, the value of such currency in terms of the unit of account shall be determined from time to time by the Fund pursuant to paragraph 1 of this article and the value so determined shall be treated as if it were the par value of such currency for the purpose of this Agreement, including, without limitation, article 13, 1 and 2.

ARTICLE 13

Maintenance of value of currency holdings

1 - Whenever the par value in the International Monetary Fund of the currency of a State participant is reduced in terms of the unit of account, or its foreign exchange value has, in the opinion of the Fund, depreciated to a significant extent within that participant's territory, that participant shall pay to the Fund within a reasonable time an amount of its currency required to maintain the value, as of the time of subscription, of the amount of such currency paid in to the Fund by hat participant pursuant to article 6 and pursuant to the provisions of the present paragraph, whether or not such currency is held in the form of notes, letters of credit or other obligations accepted pursuant to article 9, provided that the foregoing shall apply only so long as and to the extent that such currency shall not have been initially disbursed or exchanged for another currency.

2 - Whenever the par value of the currency of a State participant is increased in terms of the unit of account or its foreign exchange value has, in the opinion of the Fund, appreciated to a significant extent within that participant's territory, the Fund shall return to that participant within a reasonable time an amount of such currency equal to the increase in the value of the amount of such currency to which the provisions of paragraph 1 are applicable.

3 - The Fund waive or declare inoperative the provisions of this article when a uniform change in the par value of the currencies of all State participants is made by the International Monetary Fund.

CHAPTER V

Operations

ARTICLE 14

Use of resources

1 - The Fund shall provide financing for projects and programmes to further economic and social development in the territory of members. The Fund shall provide such financing for the benefit of those members whose economic situation and prospects require such financing to be on concessional terms.

2 - Financing provided by the Fund shall be for purposes which in the opinion of the Fund are of high developmental priority in the light of the needs of the area or areas concerned and shall, except in special circumstances, be for specific projects or groups of projects, particularly those forming part of a national or regional or sub-regional programme, including provision of financing for national development banks or other suitable institutions for relending for specific projects approved by the Fund.

ARTICLE 15

Conditions of financing

1 - The Fund shall not provide financing for any project in the territory of a member if that member objects thereto, except that it shall not be necessary for the Fund to assure itself that individual members do not object in the case of financing provided to a public international, regional or sub-regional organization.

2 - a) The Fund shall not provide financing if in its opinion such financing is available from other sources on terms that the Fund considers are reasonable for the recipient.

3 - Before financing is provided, the applicant shall have presented an adequate proposal through the president of the Bank and the President shall have presented to the Board of Directors of the Fund a written report recommending such financing, on the basis of a staff study of its merits.

4 - a) The Fund shall impose no conditions that the proceeds of its financing shall be spent in the territories of any particular State participant or member, but such proceeds shall be used only for procurement in the territories of State participants or members, of goods produced in and services supplied from the territories of State participants or members, provided that, in the case of funds received pursuant to article 8 from a State which is not a participant or member, the territories of that State shall also be eligible sources of procurement from such funds, and may be eligible sources of procurement form such funds, and may be eligible sources of procurement from such other funds received under that article as the Board of Directors shall determine.