Infrastructure growth Pakistan ADB

THE ASIAN DEVELOPMENT BANK ORDINANCE, 1971   The Asian Development Bank (ADB) Ordinance of 1971 is a significant piece of legislation in Pakistan that pertains to the country’s relationship with the Asian Development Bank. The ADB is a multilateral financial institution that provides development assistance and loans to its member countries in Asia and the Pacific region. This ordinance authorizes Pakistan’s participation in the ADB and outlines the legal framework for the country’s collaboration with the bank in various development projects and initiatives. SECTIONS: Short title, extent and commencement. Definitions. Financial provisions. State Bank to be depository of the Bank. Certain provisions of the agreement to have force of law. Power to make rules. THE SCHEDULE Page 1 of 7 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  PAKISTAN  is  a  signatory  to  the  Agreement  establishing the  Asian  Development Bank and thereby became a member of the said Bank; AND WHEREAS it is expedient  to make provision for the  implementation of the  international agreement  for  the  establish ment  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 :— Short title, extent  and  commencement.—(1)  This  Ordinance  may  be  called  the  Asian Develop ment Bank Ordinance, 1971. (2) It extends to the whole of Pakistan. (3)  It shall  come  into force  at  once  and shall be  deemed  to  have  taken  effect  from  the  19th December, 1966. Definitions. In this Ordinance, unless there is anything repugnant in the subject or context,— (a) “Agreement”  means  the  Agreement  for  the  estab lishment  and  operation  of  the international body known as the Asian Development Bank; (b) “Bank” means the Asian Development Bank estab lished under the Agreement. 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 Federal Govern ment to the Bank under paragraphs 1, 2 and 3 of Article 5 of the Agreement; and (b) any sums payable by the Federal Government to the Bank under paragraph 1 of Article 25 of the Agreement. (2) The 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 non­interest Bearing and non­negotiable 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”. Page 2 of 7 notes or other obliga tions as are provided for by paragraph 3 of Article 6 of the Agreement. (3) Any sums received by or on behalf of the Federal Government from the Bank shall be paid into the 1 [Federal Consolidated Fund.] State Bank to be depository of the Bank. The State Bank of Pakistan shall be the depository of the Pakistan currency holdings and other assets of the Bank located in Pakistan. 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 Pakistan goods free of any duty of customs without any restriction on their subsequent sale therein, or (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 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. Power to make rules. The 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. 1Subs, by the F.A.O., 1975 (P.O. No. 4 of .1975) Art. 2 and Table, for “Central Consolidated Fund”., Page 3 of 7 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 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 or a branch office, or has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. 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,