CHAPTER 231
EAST AFRICAN DEVELOPMENT BANK ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

   1.   Short title and application.

   2.   Interpretation.

   3.   Financial provision.

   4.   Certain provisions of Charter to the Treaty of 1980 to have force of law.

SCHEDULE

CHAPTER 231
THE EAST AFRICAN DEVELOPMENT BANK ACT

An Act to provide for the carrying out of the obligations of the Government of the United Republic arising under the Treaty amending and re-enacting the Charter of the East African Development Bank and to provide for related matters.

[8th June, 1984]
[DPG]

Acts Nos.
7 of 1984
15 of 1985
13 of 2005
8 of 2012

   WHEREAS the Governments of the United Republic of Tanzania, the Republic of Uganda and the Republic of Kenya (hereinafter referred to as "the Parties") did in Article 21 of the Treaty for East African Co-operation of 6th June, 1967 (hereinafter referred to as "the Treaty of 1967"), agree to establish a development bank, known as the East African Development Bank (hereinafter referred to as "the Bank"), the Charter therefor (hereinafter referred to as "the Charter") being set out in Annex VI of the Treaty of 1967:

   AND WHEREAS the said Treaty of 1967 is no longer operative:

   AND WHEREAS the Parties by a Treaty signed on 23rd July, 1980, (hereinafter referred to as "the Treaty of 1980") agreed to amend and re-enact the Charter of the Bank:

   NOW, THEREFORE, BE IT ENACTED by the Parliament of the United Republic of Tanzania as follows:

1.   Short title and application

   (1) This Act may be cited as the East African Development Bank Act.

   (2) This Act shall apply to Tanzania Zanzibar as well as to Mainland Tanzania.

2.   Interpretation

   In this Act–

   "Minister" means the Minister responsible for Finance.

3.   Financial provision

   (1) There shall be charged on and paid out of the Consolidated Fund, without further appropriation other than this Act, all payments required to be made from time to time by the Government to the Bank under the terms of the Treaty.

   (2) For the purpose of providing any sums required for making payments under this section, the Minister may, on behalf of the Government, make such arrangements as are necessary, or raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and the principal and interest of such securities and the charges and expenses incurred in connection with their issue shall be charged on and be issued out of the Consolidated Fund.

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