 me afrl':an ~evelupm e~n· banl bill, 1983 ll 0 be/·as introduced in lok sabha71 page 2, 1 in e 4,-(i) for "banksn read "b ank" (11) for "th inks, fit" ~ "thinks fit,"  2 page 2, line 21,-for "duty" ~ "dul y" -3 page 3, line 3,-i£l "cjr" read ncjf" 4 page 7, l~ne 14,-( i) for "us $ 133" ~ "ug $ 133" (ii) for "sharges" ~ ii shares" -5 page 7, line 18,-~'us $ )6575" "us $ 731500" for "us $ 36575" ~ -o page 7, line 1'1,-m "us $ 731ioo" rgad 7 page 7, line 9 frum bottqn, -~ " rates" i£! "rote= sit new delhi; m~rcb 14, 1983  bill ~o 16 of 1983 the african development bank biil, 1983 a billto implement the international agreemmt for the                                                                    el~li8hmert and operation of the african development bank and for matters connected                                        therewith    be it enacted by parliament in the thirty-fourth year of the republic of india as follows:-5 1 (1) this act may be called the african development bank act, short 1983 title, extent (2) it extends to the whole of india and com-(3) it shall come into force on such date as the central government mencemay, by notification in the official gazette, appoint mint '2 in this act, unless the context otherwise reqliires,-defh\l· (a) "agreement" means the agreement for the establishment of tioftb the afric~n development bank; jo (b) "bank" means the african development bank established under the agreement 3 (1) there silau be paid out of the conlolidated fand of ladle, pa~nts after ue kpproprlatlml made by paruaent ity law iii ads bellalf au to bank suck sums  may, from time to time, be rettairei for the purpose f 15 payin,~  (a) the subscriptions payable by the central government to the bank udder artides t, 7, 18 add 21 of the arreemenf; (jb) any sudls payable by the central govei'nment to the bank under article 28 of the al1'eenlent (2) the central government may, if it thinks fit so to do, create and issue to the banks, in such form as it thinks, 8t any non-interest bearing and don-negotiable notes or other obligations 5 4 the reserve bank of india shall be the depository of the indian currency holdings of the bank reserve bank to be depository fof bank 5 (1) l'olotwltnstanding 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 india: 10 provided'that nothing in article 57 of the agreement shall be construed as-(a) entitling the bank to import into india goods flree of any duty of c'ustoms without any restriction on their subsequent sale thel'ein; or 15 (b) conferring on the bank any exemption from duties or taxes which form part of the price of goods sold; or lc) conferring on the bank any exemption from duties or tax which are in fact no more thah cnarges for services rendereu confermentof status anei certain immunities, exemp-tions and privileges on bank and conferment of certain immunities, exemptiona and privi-}ieps on (2) the central government may hy notification in the official 20 gazette, amend the schedule in conformity with any amendments, duty  made and adopted, of the provisions of the agreement set out therein i~ oftlcers and em-ployeell 6 the central government may, by notification in the official gazette, make rules for carrying out the purposes of this act power to make rules nd"jftea\ions issued under section land rulei made wuier section 8 to be laid before parliament 7 every notification issued under sub-section (2) of section 5 and 25 every rule made under section 6 shall be laid, as soon as may be after it il ilsued or made, before each hause of parliament, while it is in lenion, for a total period of thirty days which may be comprised in one  session or in two or more s'uccessive sessions, and if, before the expiry of the se~ion immediately following the session or the buccessive 30 sessions aforesaid, both houses agree in making any modification in the notification or, as the case maybe, in the ll'ule or both houses agree that the notification or rule should not be issued or made, the notification or rule shall thereafter have effect only in such modified form or be of no effect, as the ca~e may be; so, however, that any such modiflca- 35 tfon or annulment shall be without prejudice to the validity of anything previously dode 'under that notification or il'ule  provisions or the agreement which shall have force of law agreement establishing the african development bank chapter vii status, immunities, exemptions and privileges article 5010 status to enable it to fulfil its purpose and the functions with which it is entrusted, the bank shall possess full international personality to those ends, it may enter into agreements with members, non-member states and other international organizations to the same ends, the status, 'immunities,exemptions and privileges set forth in this chapter 15 shan ,be accorded to the bank in the territory of each tnember article 51 status in member countries in the territory of each member the bank shall possess full juridical personality and, in particular, full capacity: 20 (a) to contra~t; '(b) to acquire and dispose of immovable and movable property; and (c) to'institute legal proceedings article 52 - judicial proceedings 1 the bank shali enjoy immunity from every form of legal process except in cases arising out of the exercise of its' borrowing powers when it may be sued only in a court of competent jurisdiction in the territory of a member in which the bank has its principal office, or in the territory 30 of a member or non-member'state where it has appointed an agent 'for the purpose of accepting service or notice of process or has issued or guaranteed securities no actions shall, however, be brought by j1)embers or persons acting for or deriving cllums from members 2 the property and assets of the bank shall, wherever located and by whomsoever held, be immune from all forms of seizure,' attachment 35 qr e~ecution before the delivery of final judgment against the bank article 53  ,-immunity of assets and archives 1 property and asiets of the bank, wherever located and by whomsoever held, shall be immline from search, requisition, confiscation, 40 expropriation or any other form of taking or foreclosure' by executive or legislative action 45 2 the archives of the bank and, in general, all documents belonging to it, or held by it, shall be inviolable, wherever located article 54 freedom of assets from res'l'riction to the extent necessa;ry to carry out the purpose and functions of the bank and 'subject to the provisions of this agreement, all property and other ,assets of the bank shall be exempt from restrictions, regulations, controls and moratoria of any nature  article 55 privilege for communicationsofficial communications of the bank shall be accorded by each member the same treatment that it accords to the official communications of other members 5  article 56 personal immunitles and privileges1 all governors, directors, alternates, officers and employees of the :a~nk and experts and consultants performing missions for the bank: (i) shall be immune from legal process with respect to acts 10 performed by them in their official capacity; (h) wh~re they are not local nllt~nals, shall be aceorded 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 '5 rep~atives, officials and employees of comparable il'ank of other members; and {iu) sballbe granted the same treatment in respect 01 travelling facilities as is accorded by members to representatives, oftlcials and ~mployees of comparable rank of other members 20 2 experts and consultants performing missions for the bank shall be accorded such immunities and privileges as 'are, in the opinion of tde bank, necessl8:ry fv the independent exercise of their functions cluridg the period of their mission, including the time spept on joumeys in c&ddexion therewith  i, article 57 exemption from taxation1 the bank, its properly, other assets, income and its operations and trusaetigdi shall be exempt from all taxation and from all customs du:tiel the beak· shall also be exempt from any obligation relating to the payment, withholding or collection of any tax or duty 30 2 no tax shall be levied on or in respect of salaries and emoluments paid by the bank to directors, alternates, officers and other professional staft of the bank 3 nn' tax of any kind shall be levied on any obligation or secuiity 35 issued by the bank, including, any dividend or interest thereon, by whomboever held~ (i) which discriminates against such obligation or ·security solely because it is issued by tht: bank; or (ii) if the sole' j'urisdictional 'basis for such taxation is the place , or, curreney in which it is issued, made payable or paid, or the 40 laeation of any offtce or place of business maintained by _ the bank 4 no tax of any lqnd shall be levied on any obligation or security guaranteed by the bank, including any dividend or interest thereon, by vvhornsoever held: (i) which discriminates against such obligation or security solely because it is guaranteed by the bank; or 5 (ii) if the sole jurisdictional basis for such taxation is tbe location of any office or place of business maintained by the bank   article 58 notification of implementation10 eaeh member shall promptly inforrn the bank of the speclfte aettea vvateh it has taken to make effective in its territory the proviliom of thlis chapter  article 59 application of immunities, exemptions and privllbcesthe imrnunities, exernptiolls and privileges provided in this cn,ter t5 are granted in the interests of the bank the board of directon liiay waive, to such extent and upon such conditions as it rnay determine, the immunities and exemptions provided in articles 52, 54, 56 and 57 of this agreement in cases where its action would in its opinion further 20 the interests of the bank the president shall have the right and the duty to waive the irnmunity of any official in cases where, in his opinion, the immunity would impede the co'urse of justice and can be waived without prejudice to the interests of the bank  statement of objects an~ reasonsindi~ h~ decided to become a member of the 'african development bank' by acceding to the agreement establishing the african development bank chapter vii of the articles of the agreement provides for granting to the bank and its officers and employees, certain status, immunities, exemptions and privileges in the territory of each member country article 50 of the agreement stipulates that to enable the bank effectiv~ly 'to fulfil its purpose and carry out functions entrusted to it, stat'1s, immunities, exemptions and privileges set forth in chapter :vii of the agreement shall be accorded to the bank in the territory of each member by this bill, it is proposed to enact the neces~ry legislation to give effect to the provisions of the said chapter vii of the agreement provision has also been made in the bill empowering the central gov,ern-· ment "to make payments to the bi:mk towards s'ubscriptions and other 'charges ~nd for matters connected therewith · '  n-ew delhi; pranab mukherjee · the 29th january, 1983  president's recommendation under articles 117 and 274 of the constitution of india[copy of letter no 114\afdbi82, dated the 1st march; 1983 from shri pranab kumar mukherjee, minister of finance to the secretary, lok babha] the pr~ident, having been informed of the subject matter of the proposed bill to implement the international agreement for the establishment and operation of the african development bank and for matters connected therewith, recommends the introduction of the bill in lok sabha under articles 117 (1) and 274(1) of the constitution of india and also consideration of the bill by lok sabha under article 117 (3) of the constitution the above recommendation was made by the president on the 1st february, 1983 sub-clause (1) of clause 3 of the bill makes provision for payments of the nature mentioned therein to the bank after du~ appropriation made by parliament by law sub-clause (2) of the same clause envisages the creation and issuing to the bank by the, central goveriunent, if it thinks fit so to do; of certain non-interest bearing and non-negotiable note~ , or other obligations it is not possible to make at this stage a ;precise estimate of the expenditure that would be "involved on account of these provisions however, in accordance with the initial negotiations conducted by the representatives ,of the government of india and the management of the african development bank, india is expected to be allocated 1100 shares; each costing ten thou, sand bank units of account (1 bank unit, of account being currently equivalent to us $ 133) the total cost of the 1100 sharges will be 11,000,000 bank units of account or us'$ 1463 million of our total subscription only 25 per cent, is expected to be paid-in and the rest will il'emain outstanding as callable capital the paid-in portion of us $ 3·6575 million has to be remitted in five equal instalments· of approj(imately us $ 731500 each accordingly, our financial liabilities are ljrojected to be as under:-| in      | million    | bank units    ||---------|------------|---------------|| 1985    |            |               || 19      |            |               || 86      |            |               || total   |            |               || 0'55    |            |               || 0'55    |            |               || 0'55    | 0'55       | 2'75          || or      | us,        |               || 3,6575  |            |               || million | at         | current       || rote,   | of         | exchan;e     |will have to be made in free foreign 2 all the above payments exchange 3 article 5(3) of the agreement establishing the bank permits the management of the bank to call for a general capital increase from time to time it is therefore expected that the management would exercise this right any payments that may have to be made by india on account of such general capital increases cannot be foreseen at this d~ i  memorandum regarding delegated legislationclause 5 (2) of the bill confers power on the central government to amend the schedule in confonnity with any amendmelltb,duly made lid· -adopted, of the provisions of the agreement set out therein   "2 clause ·6 of the bill confers power on the "central government to make rules for carrying o'lit pwrposes of the act the immunities, exemptions and privileges of the african development bank and its offteials and employees having been specified in the schedule to the bm, occasions for making rules, if any, will be few and far between ewn if such an occasion arises, as the immunities, exemptions and prtvileges have been specified in the bill, it is clear that rules, ifany, win be confined to matters of procedure and other matters or minar debril relating to the enjoyment of those immunities, exemptions and prioif1eges and their waiver for instance, if the bank decides to waive any ·of the immunities, exemptions or privileges, a rule may be neeesaary prescribing the manner in which and the officer of the govemment to whom such waiver shcruld be communicated~ 3 the delegation df legislative power is thus of a normal character  a billto implement the international agreement for the establit!tment and operation of the african development bank and for matters connected therewith   - (shri p1'anab kumar mukherjee, minister of finance) 