Next (SCHEDULE AGREEMENT)

20 1978

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Number 20 of 1978


INTERNATIONAL DEVELOPMENT ASSOCIATION (SPECIAL ACTION ACCOUNT) ACT, 1978


ARRANGEMENT OF SECTIONS

Section

1.

Interpretation.

2.

Approval of terms of the Agreement.

3.

Financial and other provisions.

4.

Disposal of moneys received by State under Agreement.

5.

Short title and collective citation.

SCHEDULE

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Number 20 of 1978


INTERNATIONAL DEVELOPMENT ASSOCIATION (SPECIAL ACTION ACCOUNT) ACT, 1978


AN ACT TO APPROVE OF THE TERMS OF THE AGREEMENT BETWEEN THE EUROPEAN ECONOMIC COMMUNITY AND BELGIUM, DENMARK, THE FEDERAL REPUBLIC OF GERMANY, FRANCE, IRELAND, ITALY, LUXEMBOURG, THE NETHERLANDS, THE UNITED KINGDOM, MEMBER STATES OF THAT COMMUNITY, ON THE ONE HAND, AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION, ON THE OTHER HAND, DONE AT BRUSSELS ON THE 2nd DAY OF MAY, 1978, AND TO PROVIDE FOR MATTERS (INCLUDING PAYMENTS) RELATED TO THAT AGREEMENT. [5th July, 1978]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Interpretation.

1. —In this Act—

the Agreement” means the Agreement between the European Economic Community and Belgium, Denmark, the Federal Republic of Germany, France, Ireland, Italy, Luxembourg, the Netherlands, the United Kingdom, Member States of that Community, on the one hand, and the International Development Association, on the other hand, done at Brussels on the 2nd day of May, 1978, of which the text is set out in the Schedule to this Act;

the Association” means the International Development Association;

the Minister” means the Minister for Finance;

the Special Action Account” means the special account entitled the Special Action Account established by the Association by Section 1 of Article I of the Agreement.

Approval of terms of the Agreement.

2. —The terms of the Agreement are hereby approved of.

Financial and other provisions.

3. —(1) The subsequent subsections of this section shall come into operation on the day on which the Agreement becomes effective pursuant to Section 3 of Article V thereof.

(2) There shall be paid out of the Central Fund or the growing produce thereof, in accordance with the Agreement, a contribution not exceeding £569,395 to the Special Action Account.

(3) For the purpose of the payment to the Special Action Account of the contribution provided for in subsection (2) of this section, the Minister may create and issue non-interest bearing notes of the State and any payments on behalf of the State in respect of such notes shall be made out of the Central Fund or the growing produce thereof.

Disposal of moneys received by State under Agreement.

4. —Any moneys received by the State from the Association in accordance with the arrangements set out in the Agreement shall be paid to the Minister and shall be disposed of for the benefit of the Exchequer as the Minister may direct.

Short title and collective citation.

5. —(1) This Act may be cited as the International Development Association (Special Action Account) Act, 1978.

(2) The International Development Association Acts, 1960 to 1977, and this Act may be cited together as the International Development Association Acts, 1960 to 1978.