CHAPTER 368
INTERNATIONAL FINANCE CORPORATION ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Acceptance of agreement and resolution

   4.   Financial provisions

   5.   Certain provisions of agreement to have force of law

   6.   Bank of Zambia to be depositary and channel of communication

      FIRST SCHEDULE

      SECOND SCHEDULE

AN ACT

to make provision for acceptance by Zambia of the agreement for the establishment and operation of the International Finance Corporation; and to provide for matters related thereto.

Act 52 of 1965.

[10th September, 1965]

1.   Short title

This Act may be cited as the International Finance Corporation Act.

2.   Interpretation

   (1) In this Act, unless the context otherwise requires—

“the Corporation” means the International Finance Corporation;

“the Corporation Agreement” means the amended agreement providing for the establishment and operation of the Corporation;

“the Corporation Resolution” means the resolution of the Board of Governors of the Corporation relating to membership of Zambia in the Corporation, the text of which is set out in the First Schedule.

   (2) If a further amendment modifying the Corporation Agreement enters into force before the signing of that Agreement, references in this Act to the Corporation Agreement shall be construed as references to the Corporation Agreement as modified by that further amendment.

3.   Acceptance of agreement and resolution

The President is hereby authorised by instruments under his hand to empower such persons as may be named in such instruments, on behalf of the Government of Zambia—

      (a)   to sign the Corporation Agreement; and

      (b)   to deposit with the International Bank for Reconstruction and Development an instrument of acceptance of the Corporation Agreement executed by the President stating that—

      (i)   the Government of Zambia accepts without reservation in accordance with its law the Corporation Agreement and the terms and conditions prescribed in the Corporation Resolution as the terms upon which Zambia shall be admitted to membership in the Corporation; and

      (ii)   the Government of Zambia has taken all steps necessary to enable Zambia to carry out all its obligations under the Corporation Agreement and the Corporation Resolution.

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