Updated: Monday April 11, 2016/AlEthnien
Rajab 04, 1437/Somavara
Chaitra 22, 1938, at 04:40:05 PM
1The Asian Development Bank Ordinance, 1971
ORDINANCE NO. IX of 1971
[16th April, 1971]
An Ordinance to implement the international agreement for
the establishment and operation of the Asian Development Bank and for matters
connected therewith.
WHEREAS
AND WHEREAS it is expedient to make
provision for the implementation of the international agreement for the
establishment and operation of the aforesaid Bank and for carrying out the
obligations of Pakistan as a member of the said Bank and for matters connected
therewith;
NOW, THEREFORE, in pursuance of the
Proclamation of the 25th day of March, 1969, read with the Provisional
Constitution Order, and in exercise of all powers enabling him in that behalf,
the President is pleased to make and promulgate the following Ordinance:---
1. Short
title, extent and commencement.—(1) This Ordinance may be called the Asian
Development Bank Ordinance, 1971.
(2) It extends to the whole of
(3) It shall come into force at once and
shall be deemed to have taken effect from the 19th December, 1966.
2. Definitions. In this Ordinance, unless there is anything repugnant in
the subject or context,---
(a) ”Agreement”
means the Agreement for the establishment and operation of the international
body known as the Asian Development Bank;
(b) “Bank” means the
Asian Development Bank established under the Agreement.
3. Financial provisions.—(1) There shall be paid out of the 2[Federal
Consolidated Fund] all such sums as may, from time to time, be required for the
purpose of paying—
(a) the
subscriptions payable by the 3[Federal
Government] to the Bank under paragraphs 1, 2 and 3 of Article 5 of the
Agreement; and
(b) any sums payable by the 3[Federal
Government] to the Bank under paragraph 1 of Article 25 of the Agreement.
(2) The 3[Federal
Government] may, if it thinks fit so to do, create and issue to the Bank, in
such form as it thinks fit, any such non-interest Bearing and non-negotiable
1Validated by the Validation of Laws Act, 1975 (63 of
1975), s. 2 and Sch.,
2Subs' by the F.A.O., 1975 (P.O. No. 4 of 1975) Art. 2 and
Table, for “Central Consolidated Fund”.
3See foot-note 1, on page 558, supra.
notes or
other obligations as are provided for by paragraph 3 of Article 6 of the
Agreement.
(3) Any sums received by or on behalf of the 1[Federal
Government] from the Bank shall be paid into the2[Federal
Consolidated Fund.]
4. State Bank to be depository of the
Bank. The State Bank of
5. Certain provisions of the agreement to
have force of law.—(1) Notwithstanding
anything to the contrary contained in any other law, the provisions of the
Agreement set out in the Schedule shall have the force of law in Pakistan:
Provided
that nothing in Article 56 of the Agreement shall be construed as,---
(a) entitling the
Bank to import into
(b) conferring on
the Bank any exemption from duties or taxes which form part of the price of
goods sold or which are in fact no more than charges for services rendered.
(2) The 1[Federal
Government] may, by notification in the official Gazette, amend the Schedule in
conformity with any amendments, which may hereafter be duly made and adopted,
of the provisions of the Agreement set out therein.
6. Power
to make rules. The 1[Federal
Government] may, by notification in the
official Gazette, make rules for carrying out the purposes of this Ordinance.
THE SCHEDULE
(See section 5)
Provisions
of the Agreement which shall have the force of law..
CHAPTER VIII
STATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES
ARTICLE 48
Purpose of Chapter
To enable the Bank effectively to fulfil its
purpose and carry out the functions entrusted to it, the status, immunities,
exemptions and privileges set forth in this Chapter shall be accorded to the
Bank in the territory of each member.
1See foot-note 1, on page 558, supra.
2Subs, by the F.A.O., 1975 (P.O. No. 4 of .1975) Art. 2
arid Table, for “Central Consolidated Fund”.,
ARTICLE 49
Legal Status
The Bank shall possess full juridical
personality and, in particular, full capacity :
(i) to contract;
(ii) to acquire,
and dispose of, immovable and movable property; and
(iii) to
institute legal proceedings.
ARTICLE 50
Immunity from Judicial Proceedings
1. The Bank shall enjoy immunity from every form of legal
process, except in cases arising out of or in connection with the exercise of
its powers to borrow money, to guarantee obligations, or to buy and sell or
underwrite the sale of securities, in which cases actions may be brought against
the Bank in a court of competent jurisdiction in the territory of a country in
which the Bank has its principal of a branch office, or has appointed an agent
for the purpose of accepting service or notice of process, or has issued or
guaranteed securities.
2.
Notwithstanding the provisions of paragraph 1 of this Article, no action shall
be brought against the Bank by any member, or by any agency or instrumentality
of a member, or by any entity or person directly or indirectly acting for or
deriving claims from a member or from any agency or instrumentality of a
member. Members shall have recourse to such special procedures for the
settlement of controversies between the Bank and its members as may be
prescribed in this Agreement, in the bye-laws and regulations of the Bank, or
in contracts entered into with the Bank.
3.
Property and assets of the Bank, shall, wheresoever located and by whomsoever
held, be immune from all forms of seizure, attachment or execution, before the
delivery of final judgement against the Bank.
ARTICLE 51
Immunity of assets
`Property and assets of the Bank,
wheresoever located and by whomsoever held, shall be immune from search,
requisition, confiscation, expropriation or any other form of taking or foreclosure
by executive or legislative action.
ARTICLE 52
Immunity of Archives
The archives of the Bank, and, in general,
all documents belonging to it, or held by it, shall be inviolable, wherever
located.
ARTICLE 53
Freedom of Assets from Restrictions
To the extent necessary to carry out the
purpose and functions of the Bank effectively, and subject to the provisions of
this Agreement, all property and assets of the Bank shall be free from
restrictions, regulations, controls and moratoria of any nature.
ARTICLE 54
Privilege for Communications
Official communications of the Bank shall be
accorded by each member treatment not less favourable than that it accords to
the official communications of any other member.
Article 55
Immunities and Privileges of Bank Personnel
All Governors, Directors, alternates,
officers and employees of the Bank, including experts performing missions for
the Bank:---
(i) shall be
immune from legal process with respect to acts performed by them in their
official capacity, except when the Bank waives the immunity;
(ii) where they
are not local citizens or nationals, shall be accorded the same immunities from
immigration restrictions, alien registration requirements and national service
obligations, and the same facilities as regards exchange regulations, as are
accorded by members to the representatives, officials and employees of
comparable rank of other members; and
(iii) shall be
granted the same treatment in respect of travelling facilities as is accorded
by members to representatives, officials and employees of comparable rank of
other members.
ARTICLE 56
Exemption from Taxation
1. The Bank, its assets, property, income
and its operations and transactions, shall be exempt from all taxation and from
all customs duties. The Bank shall also be exempt from any obligation for the
payment, withholding or collection of any tax or duty.
2. No tax shall be levied on or in respect
of salaries and emoluments paid by the Bank to Directors, alternates, officers
or employees of the Bank, including experts performing missions for the Bank,
except where a member deposits with its instrument of ratification or
acceptance a declaration that such member retains for itself and its political
sub-divisions the right to tax salaries and emoluments paid by the Bank to
citizens or nationals of such member.
3. No tax of any kind shall be levied on any
obligation or security issued by the Bank, including any dividend or interest
thereon, by whomsoever held :
(i) which
discriminates against such obligation .or security solely because it is issued
by the Bank; or
(ii) if the sole
jurisdictional basis for such taxation is the place or currency in which it is
issued, made payable or paid, or the location of any office or place of
business maintained by the Bank.
4. No tax of any kind shall be levied on any
obligation or security guaranteed by the Bank, including any dividend or
interest thereon, by whomsoever held :
(i) which
discriminates against such obligation or security solely because it is
guaranteed by the Bank; or
(ii) if the sole
jurisdictional basis fox such taxation is the location of any office or place
of business maintained by the Bank.
1 * * * * * * *
ARTICLE 58
Waiver of Immunities, Exemptions and Privileges
The Bank at its discretion may waive any of
the privileges, immunities and exemptions conferred under this Chapter in any
case or instance, in such manner and upon such conditions as it may determine
to be appropriate in the best interests of the Bank.
1Validated by the validation of laws Act, 1975 (63 of
1975), s. 2 and Sch.,
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