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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              INTERNATIONAL DEVELOPMENT 
                                              ASSOCIATION ACT, 1960 (ACT 11)</span></b></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
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                                              <span style="font-family: Arial">
                                              Section</span></p>
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                                              <span style="font-family: Arial">
                                              1. Authority to sign Agreement.</span></p>
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                                              <span style="font-family: Arial">
                                              2. Payments to Association.</span></p>
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                                              <span style="font-family: Arial">
                                              3. Personality of Association.</span></p>
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                                              <span style="font-family: Arial">
                                              4. Interpretation</span></p>
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                                              <span style="font-family: Arial">
                                              THE ELEVENTH</span></p>
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                                              <span style="font-family: Arial">
                                              ACT</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial">
                                              OF THE PARLIAMENT OF THE REPUBLIC 
                                              OF GHANA</span></p>
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                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              THE INTERNATIONAL DEVELOPMENT 
                                              ASSOCIATION ACT, 1960</span></b></p>
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                                              <span style="font-family: Arial">
                                              AN ACT to enable the Republic of 
                                              Ghana to be a member of the 
                                              International Development 
                                              Association.</span></p>
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                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 8th December, 1960</span></p>
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                                              <span style="font-family: Arial">
                                              WHEREAS by a resolution adopted by 
                                              the Board of Governors of the 
                                              International Bank for 
                                              Reconstruction and Development and 
                                              in pursuance of that resolution 
                                              the Executive Directors of the 
                                              International Bank for 
                                              Reconstruction and Development 
                                              formulated certain Articles of 
                                              Agreement for the establishment 
                                              and operation of an international 
                                              body to be called the 
                                              International Development 
                                              Corporation:</span></p>
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                                              <span style="font-family: Arial">
                                              AND WHEREAS on the twenty-sixth 
                                              day of January, in the year 
                                              nineteen hundred and sixty the 
                                              Articles of Agreement were 
                                              approved by the Executive 
                                              Directors of the International 
                                              Bank for Reconstruction and 
                                              Development, for submission to 
                                              member Governments of the 
                                              International Bank for 
                                              Reconstruction and Development 
                                              that is to say Articles of 
                                              Agreement for the establishment 
                                              and operation of an international 
                                              body&nbsp; to be called the 
                                              International Development 
                                              Association and this body was duly 
                                              set up in accordance with the said 
                                              Articles:</span></p>
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                                              <span style="font-family: Arial">
                                              AND WHEREAS copies of the text of 
                                              the said Agreement have been laid 
                                              before Parliament:</span></p>
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                                              <span style="font-family: Arial">
                                              AND WHEREAS it is expedient that 
                                              the Government of the Republic of 
                                              Ghana should be a member of this 
                                              International body, and adhere to 
                                              the said Agreement:</span></p>
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                                              <span style="font-family: Arial">
                                              AND WHEREAS in pursuance of the 
                                              said Agreement the Executive 
                                              Directors of the International 
                                              Bank for Reconstruction and 
                                              Development have prescribed the 
                                              terms and conditions on which the 
                                              Government of the Republic of 
                                              Ghana may become a member thereof 
                                              and on which the said Agreement 
                                              relating thereto may be signed on 
                                              behalf of the Government of the 
                                              Republic of Ghana:</span></p>
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                                              <span style="font-family: Arial">
                                              NOW, THEREFORE, BE IT ENACTED by 
                                              the President and the National 
                                              Assembly in this present 
                                              Parliament assembled as follows:&#8212;</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Authority to Sign 
                                              Agreement</span></b></p>
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                                              <span style="font-family: Arial">
                                              The Minister is hereby authorised 
                                              on behalf of the Government of the 
                                              Republic of Ghana to sign the 
                                              Agreement, and to deposit with the 
                                              Bank, instruments of acceptance of 
                                              the Agreement and of the terms and 
                                              conditions prescribed thereunder 
                                              relating to the admission of the 
                                              Government of the Republic of 
                                              Ghana to membership; or by 
                                              instrument under his hand to 
                                              empower such person as may be 
                                              named in that instrument to sign 
                                              the Agreement and to deposit the 
                                              said instrument of acceptance as 
                                              above set out.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Payments to Association.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) The following sums are hereby 
                                              charged on the Development Fund, 
                                              that is to say&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              (a) the subscription payable to 
                                              the Association under paragraph 
                                              (a) of section 2 of Article II of 
                                              the Agreement;</span></p>
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                                              <span style="font-family: Arial">
                                              (b) any sums payable to the 
                                              Association under Article III of 
                                              the Agreement;</span></p>
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                                              <span style="font-family: Arial">
                                              (c) any amounts or charges 
                                              required to be paid to the 
                                              Association incidentally to the 
                                              Government's membership therein, 
                                              or operations or transactions 
                                              therewith;</span></p>
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                                              <span style="font-family: Arial">
                                              (d) any sums required to be paid 
                                              under paragraph (i) of subsection 
                                              (c) of section 4 of Article VII of 
                                              the Agreement;</span></p>
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                                              <span style="font-family: Arial">
                                              and for the purpose of providing 
                                              any sums to be paid out of the 
                                              Development Fund as aforesaid 
                                              money may if required from time to 
                                              time be borrowed in the manner 
                                              provided in the Treasury Bills 
                                              Ordinance (Cap. 207) or in the 
                                              Local Loans Ordinance (No. 12 of 
                                              1953) (but without prejudice to 
                                              any other method of raising the 
                                              money) without any authorization 
                                              of the National Assembly other 
                                              than this section and any moneys 
                                              so borrowed shall be paid into the 
                                              Development Fund.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) The Minister may, if he thinks 
                                              fit so to do, create and issue to 
                                              the Association, in such form as 
                                              he thinks fit, any such 
                                              non-interest-bearing and 
                                              non-negotiable notes or similar 
                                              obligations as are provided for by 
                                              subsection (e) of section 2 of 
                                              Article II of the Agreement (which 
                                              section relates to the acceptance 
                                              by the Association of notes or 
                                              similar obligations in place of 
                                              currency), and the sums payable 
                                              under any such notes or similar 
                                              obligations so created and issued 
                                              shall be charged on the 
                                              Development Fund.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) Any sums received by the 
                                              Government of the Republic of 
                                              Ghana from the Association shall 
                                              be paid into the Development Fund.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Personality of 
                                              Association</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) The Association shall be a 
                                              body corporate with perpetual 
                                              succession and may, subject to the 
                                              provisions of subsection (2) of 
                                              this section, sue and be sued in 
                                              its corporate name and may enter 
                                              into contracts and, for and in 
                                              connection with the purposes of 
                                              the Agreement, may acquire and 
                                              dispose of real and personal 
                                              property.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) The President may, by 
                                              executive instrument, make such 
                                              provision as may be reasonably 
                                              necessary for carrying into effect 
                                              any of the provisions of the 
                                              Agreement, relating to the status, 
                                              immunities and privileges of the 
                                              Association and of the Governors, 
                                              Executive Directors, Alternates, 
                                              officers and employees.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) Nothing in this Act shall be 
                                              construed as limiting the power of 
                                              the President under section 2 of 
                                              the Diplomatic Privileges 
                                              Ordinance (Cap. 268) to declare 
                                              the Association to be such an 
                                              organisation as is mentioned in 
                                              that section or any power of the 
                                              President under that or any other 
                                              enactment to confer any immunities 
                                              or privileges on the Association, 
                                              or on any other persons connected 
                                              with it.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Interpretion</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) In this Act, unless the 
                                              context otherwise requires:&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              &quot;Agreement&quot; means the Articles of 
                                              Agreement hereinbefore referred to 
                                              for the establishment and 
                                              operation of an international body 
                                              to be called the International 
                                              Development Association;</span></p>
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                                              <span style="font-family: Arial">
                                              &quot;Association&quot; means the 
                                              International Development 
                                              Association;</span></p>
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                                              <span style="font-family: Arial">
                                              &quot;Bank&quot; means the International 
                                              Bank for Reconstruction and 
                                              Development;</span></p>
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                                              <span style="font-family: Arial">
                                              &quot;Minister&quot; means the Minister 
                                              responsible for Finance.</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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