The Asian Infrastructure Investment Bank (Initial Capital Contribution) Order 2015

Made: 27th October 2015

Coming into force in accordance with Article 1

Accordingly, the First Secretary of State makes the following Order:

Citation, commencement and interpretation

1

• (1) This Order may be cited as the Asian Infrastructure Investment Bank (Initial Capital Contribution) Order 2015 and comes into force on the day after the day on which it is made.

• (2) In this Order —

• “the Bank” means the Asian Infrastructure Investment Bank established by Articles of Agreement dated 29th June 2015;

• “the Government” means the Government of the United Kingdom.

Relevant payment

2

The Secretary of State or the Treasury may, on behalf of the Government, and in accordance with section 11 of the Act, make payment of an initial capital contribution not exceeding the equivalent in pounds sterling at the time of the payment of USD 3,054,700,000 as required by the Articles 5 and 58 of, and Schedule A to the Articles of Agreement of the Bank.

Signed

George Osborne — First Secretary of State — 24th October 2015

We approve

John Penrose — David Evennett — Two of the Lords Commissioners of Her Majesty’s Treasury — 27th October 2015

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order approves the making of a payment on behalf of the Government of the United Kingdom to the Asian Infrastructure Development Bank of an initial capital contribution not exceeding the sterling equivalent at the time of payment of $USD 3,054,700,000, in accordance with the Articles of Agreement of the Bank signed on 29th June 2015. The Articles are available at http://www.aiibank.org/uploadfile/2015/0629/20150629094900288.pdf.

An impact assessment has not been prepared in relation to this Order as it will have no effect on the costs of business or the voluntary sector.

Footnotes

[^f00001]: 2002 c.1.

Editorial notes

[^key-fd327eec6ec4602755aa8830e52322d7]: Art. 1 in force at 28.10.2015, see art. 1(1)

[^key-764e3d8589d8878d64410d9c9e464041]: Art. 2 in force at 28.10.2015, see art. 1(1)

[^key-46e427cea7cf604cf436609059bbc435]: Words in art. 2 inserted (10.1.2018) by The Transfer of Functions (International Development) Order 2017 (S.I. 2017/1283), art. 1(2), Sch. para. 11 (with art. 3)