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  "title": "Asian Development Bank Ordinance, 1971",
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  "text": "Page 1 of 6 \r\n \r\n \r\n \r\nTHE ASIAN DEVELOPMENT BANK ORDINANCE, 1971 \r\n \r\n \r\n \r\nCONTENTS \r\nSections \r\n \r\n1.  Short title, extent and commencement \r\n2.  Definitions \r\n3.  Financial provisions \r\n4.  State Bank to be depository of the Bank \r\n5.  Certain provisions of the agreement to have force of law \r\n6.  Power to make rules \r\nTHE SCHEDULE \r\n \r\n \r\n\r\n \r\nPage 2 of 6 \r\n \r\n1THE ASIAN DEVELOPMENT BANK ORDINANCE, 1971 \r\nORDINANCE NO. IX of 1971 \r\n[16th April, 1971] \r\nAn Ordinance to implement the international agreement for the establishment and operation of the \r\nAsian Development Bank and for matters connected therewith. \r\n WHEREAS PAKISTAN is a signatory to the Agreement establishing the Asian  Development \r\nBank and thereby became a member of the said Bank; \r\n AND  WHEREAS  it  is  expedient  to make  provision  for the  im plementation  of the \r\ninternational agreement for the establishment and operation of the aforesaid Bank and for carrying \r\nout the obligations of Pakistan as a member of the said Bank and for matters connected therewith; \r\n NOW, THEREFORE, in pursuance of the P roclamation of the 25th day of March, 1969, read \r\nwith the Provisional Constitution Order, and in exercise of all powers enabling him in that behalf, the \r\nPresident is pleased to make and promulgate the following Ordinance :— \r\n 1. Short title, extent and comm encement.— (1) This Ordinance may be called the Asian \r\nDevelopment Bank Ordinance, 1971. \r\n (2) It extends to the whole of Pakistan. \r\n (3) It shall come into force at once and shall be deemed to have taken effect from the 19th \r\nDecember, 1966. \r\n 2. Definitions. In this Ordinance, unless there is anything repugnant in the subject or \r\ncontext,— \r\n(a)  “Agreement” means the Agreement for the establishment and operation of the \r\ninternational body known as the Asian Development Bank; \r\n(b)  “Bank” means the Asian Development Bank established under the Agreement. \r\n 3. Financial provisions.—(1) There shall be paid out of the 2[Federal Consolidated Fund] all \r\nsuch sums as may, from time to time, be required for the purpose of paying— \r\n(a)  the subscriptions payable by the 3[Federal Government] to the Bank under \r\nparagraphs 1, 2 and 3 of Article 5 of the Agreement; and \r\n(b)  any sums payable by the 3[Federal Government] to the Bank under paragraph \r\n1 of Article 25 of the Agreement. \r\n (2) The 3[Federal Government] may, if it thinks fit so to do, create and issue to the Bank, in \r\nsuch form as it thinks fit, any such non-interest Bearing and non-negotiable notes or other obligations \r\nas are provided for by paragraph 3 of Article 6 of the Agreement., \r\n \r\n1Validated by the Validation of Laws Act, 1975 (63 of 1975), s. 2 and Sch., \r\n2Subs' by the F.A.O., 1975 (P.O. No. 4 of 1975) Art. 2 and Table, for “Central Consolidated Fund”. \r\n3See foot-note 1, on page 558, supra. \r\n \r\nPage 3 of 6 \r\n \r\n (3) Any sums received by or on behalf of the 1[Federal Government] from the Bank shall be \r\npaid into the 2[Federal Consolidated Fund.] \r\n 4. State Bank to be depository of the Bank. The State Bank of Pakistan shall be the \r\ndepository of the Pakistan currency holdings and other assets of the Bank located in Pakistan. \r\n 5. Certain provisions of the agreement to have force of law.— (1) Notwithstanding \r\nanything to the contrary contained in any other law, the provisions of the Agreement set out in the \r\nSchedule shall have the force of law in Pakistan; \r\n Provided that nothing in Article 56 of the Agreement shall be construed as— \r\n(a)  entitling the Bank to import into Pakistan goods free of any duty of customs \r\nwithout any restriction on their subsequent sale therein, or \r\n(b)  conferring on the Bank any exemption from duties or taxes which form part of \r\nthe price of goods sold or which are in fact no more than charges for services \r\nrendered. \r\n (2) The 1[Federal Government] may, by notification in the official Gazette, amend the \r\nSchedule in conformity with any amendments, which may hereafter be duly made and adopted, of \r\nthe provisions of the Agreement-set out therein. \r\n 6. Power to make rules. The 1[Federal Government] may, by notification in the official \r\nGazette, make rules for carrying out the purposes of this Ordinance. \r\nTHE SCHEDULE \r\n(See section 5) \r\n Provisions of the Agreement which shall have the force of law. \r\n___________ \r\n \r\nCHAPTER VIII \r\nSTATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES \r\nARTICLE 48 \r\nPurpose of Chapter \r\n To enable the Bank effectively to fulfil its purpose and carry out the functions entrusted to it, \r\nthe status, immunities, exemptions and privileges set forth in this Chapter shall be accorded to the \r\nBank in the territory of each member. \r\n \r\n1See foot-note 1, on page 558, supra. \r\n2Subs, by the F.A.O., 1975 (P.O. No. 4 of .1975) Art. 2 and Table, for “Central Consolidated Fund”., \r\n \r\nPage 4 of 6 \r\n \r\nARTICLE 49 \r\nLegal Status \r\nThe Bank shall possess full juridical personality and, in particular, full capacity :  \r\n(i)  to contract; \r\n(ii)  to acquire, and dispose of, immovable and movable property; and \r\n(iii)  to institute legal proceedings. \r\nARTICLE 50 \r\nImmunity from Judicial Proceedings \r\n 1. The Bank shall enjoy immunity from every form of legal process, except in cases arising, \r\nout of or in connection with the exercise of its powers to borrow money, to guarantee obligations, or \r\nto buy and sell or underwrite the sale of securities, in which cases actions may be brought against the \r\nBank in a court of competent jurisdiction in the territory of a country in which the Bank has its \r\nprincipal or a branch office, or has appointed an agent for the purpose of accepting service, or notice \r\nof process, or has issued or guaranteed securities. \r\n 2. Notwithstanding the provisions of paragraph 1 of this Article, no action shall be brought \r\nagainst the Bank by any member, or by any agency or instrumentality of a member, or by any entity \r\nor person directly or indirectly acting for or deriving claims from a member or from any agency or \r\ninstrumentality of a member. Members shall have recourse to such special procedures for the \r\nsettlement of controversies between the Bank and its members as may be prescribed in this \r\nAgreement, in the bye-laws and regulations of the Bank, or in contracts entered into with the Bank. \r\n 3. Property and assets of the Bank, shall, wheresoever located and by whomsoever held, be \r\nimmune from all forms of seizure, attachment or execution, before the delivery of final judgement \r\nagainst the Bank. \r\nARTICLE 51 \r\nImmunity of assets \r\n Property and assets of the Bank, wheresoever located and by whomsoever held, shall be \r\nimmune from search, requisition, confiscation, expropriation or any other form of taking or \r\nforeclosure by executive or legislative action. \r\nARTICLE 52 \r\nImmunity of Archives \r\n The archives of the Bank, and, in general, all documents belonging to it, or held by it, shall be \r\ninviolable, wherever located. \r\n \r\nPage 5 of 6 \r\n \r\nARTICLE 53 \r\nFreedom of Assets from Restrictions \r\n To the extent necessary to carry out the purpose and functions of the Bank effectively, and \r\nsubject to the provisions of this Agreement, all property and assets of the Bank shall be free from \r\nrestrictions, regulations, controls and moratoria of any nature. \r\nARTICLE 54 \r\nPrivilege for Communications \r\n Official communications of the Bank shall be accorded by each member treatment not less \r\nfavourable than that it accords to the official communications of any other member. \r\nARTICLE 55 \r\nImmunities and Privileges of Bank Personnel \r\n All Governors, Directors, alternates, officers and employees of the Bank, including experts \r\nperforming missions for the Bank: \r\n(i)  shall be immune from legal process with respect to acts performed by them in \r\ntheir official capacity, except when the Bank waives the immunity; \r\n(ii)  where they are not local citizens or nationals, shall be accorded the same \r\nimmunities from immigration restrictions, alien registration requirements and \r\nnational service obligations, and the same facilities as regards exchange, \r\n.regulations, as are accorded by members to the representatives, officials and \r\nemployees of comparable rank of other members; and \r\n(iii)  shall be granted the same treatment in respect of travelling facilities as is \r\naccorded by members to representatives, officials and employees of \r\ncomparable rank of other members. \r\nARTICLE 56 \r\nExemption from Taxation \r\n 1. The Bank, its assets, property, income and its operations and transactions, shall be exempt \r\nfrom all taxation and from all customs duties. The Bank shall also be exempt from any obligation for \r\nthe payment, withholding or collection of any tax or duty. \r\n 2. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to \r\nDirectors, alternates, officers or employees of the Bank, including experts performing missions for \r\nthe Bank, except where a member deposits with its instrument of ratification or acceptance a \r\ndeclaration, that such member retains for itself and its political sub-divisions the right to tax salaries \r\nand emoluments paid by the Bank to citizens or nationals of such member. \r\n \r\nPage 6 of 6 \r\n \r\n 3. No tax of any kind shall be levied on any obligation or security issued by the Bank, \r\nincluding any dividend or interest thereon, by whomsoever held : \r\n(i)  which discriminates against such obligation .or security solely because it is \r\nissued by the Bank; or \r\n(ii)  if the sole jurisdictional basis for such taxation is the place or currency in \r\nwhich it is issued, made payable or paid, or the location of any office or place \r\nof business maintained by the Bank. \r\n 4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, \r\nincluding any dividend or interest thereon, by whomsoever held : \r\n(i)  which discriminates against such obligation or security solely because it is \r\nguaranteed by the Bank; or \r\n(ii)  if the sole jurisdictional basis for such taxation is the location of any office or \r\nplace of business maintained by the Bank. \r\n  1 * * * * * * *  \r\nARTICLE 57 \r\nWaiver of Immunities, Exemptions and Privileges \r\n The Bank at its discretion may waive any of the privileges, immunities and exemptions \r\nconferred under this Chapter in any case or instance, in such manner and upon such conditions as it \r\nmay determine to be appropriate in the best interests of the Bank. \r\n \r\n \r\n________ \r\n \r\n \r\n            \r\n \r\n          Date: 11-11-2024  \r\n1Validated by the validation of laws Act, 1975 (63 of 1975), s. 2 and Sch.,",
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