International Financial Organisations Act

Arrangement of Sections

1. Short title.

2. Interpretation.

3. Authorisation for signing of the agreements.

4. Financial provisions.

5. Status and immunities of organisations.

6. Certain provisions not to take effect.

An Act to enable Nigeria to become a member of the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation and the International Development Association.

[1960 No. 47.]

1. Short title

This Act may be cited as the International Financial Organisations Act.

2. Interpretation

In this Act, unless the context otherwise requires-

"Association" means the International Development Association;

"Association Agreement" means the articles of agreement for the establishment and
operation of the Association;

"Bank" means the International Bank for Reconstruction and Development;

"Bank Agreement" means the articles of agreement for the establishment and operation of the Bank;

"Corporation" means the International Finance Corporation;

"Corporation Agreement" means the articles of agreement for the establishment of
the Corporation;

"Federal Government" means the Government of the Federal Republic of Nigeria;

"Federation" means the Federal Republic of Nigeria;

"Fund" means the International Monetary Fund;

"Fund Agreement" means the articles of agreement for the establishment of the
Fund;

"Minister" means the Minister charged with responsibility for matters relating to finance.

3. Authorisation for signing of the agreements

Subject to the provisions of section 6 of this Act, the Minister is hereby authorised on behalf of the Federal Government to sign the Fund Agreement, the Bank Agreement, the Corporation Agreement and the Association Agreement and to deposit, in the cases of the Fund Agreement and the Bank Agreement, with the Government of the United States, and, in the cases of the Corporation Agreement and the Association Agreement, with the Bank, instruments of acceptance of the said agreements and of the terms and conditions respectively prescribed thereunder, relating to the admission of the Federal Government to membership, or by instruments under his hand, to empower such person as may be named in such instruments to sign the said Agreements and to deposit the said instruments of acceptance as aforesaid.