Cap. 235 Art. 5Financial provisions relating to membership.

(1) There may be paid out of the Consolidated Fund on the warrant of the Minister all sums required for the purpose of making-

(a) all payments required to be made from time to time to the Bank under the provisions of the Membership Resolution and the Bank Agreement;

(b) all payments required to be made from time to time to the Corporation under the provisions of the Membership Resolution and the Corporation Agreement;

(c) all payments required to be made from time to time to the Association under the provisions of the Membership Resolution and the Association Agreement.

(2) The Minister may, if he thinks fit, create and issue, or direct the Central Bank of Malta (as depository for the Government of Malta for the purposes of Section 11 of Article V of the Bank Agreement) to create and issue, to the Bank or the Association, non-interest bearing and non-negotiable notes or other obligations as is provided for by Section 12 of Article V of the Bank Agreement and by paragraph (e) of Section 2 of Article II of the Association Agreement (which sections relate to the acceptance by the Bank or the Association, as the case may be, of notes or similar obligations in place of currency): Provided that where the Minister has directed the Central Bank of Malta to create and issue notes or other obligations as aforesaid, the Minister shall also undertake as a firm and irrevocable commitment to repay to the Central Bank of Malta such amount or amounts of notes or other obligations as may be called for payment by the Bank or the Association, such repayments to be made as soon as possible and in no case later than a month after the date of payment to the Bank or the Association; and in case of any such payment all repayments due as aforesaid shall be a charge on the Consolidated Fund and the sums required for such repayments are hereby appropriated for that purpose.

(3) Any sums received by the Central Bank of Malta from the Bank or the Corporation on account of Malta’s subscription to the capital stock thereof and any sums received by the Central Bank of Malta from the Association on account of Malta’s subscriptions therein or of supplementary resources provided by it shall be paid into the Consolidated Fund.

*The Bank Agreement was signed on the 26th September, 1983.

(b) Sections 2 to 9 inclusive of Article VI of the Corporation Agreement; and

(c) Sections 2 to 9 inclusive of Article VIII of the Association Agreement shall have force of law in Malta, so however, that nothing in Section 9 of Article VII of the Bank Agreement, Section 9 of Article VI of the Corporation Agreement and Section 9 of Article VIII of the Association Agreement shall be construed -

(i) as entitling the Bank, the Corporation or the Association to import goods free of customs duty without any restriction on their subsequent sale in Malta;

(ii) as conferring on the Bank, the Corporation or the Association any exemption from taxes and duties which form part of the prices of goods acquired by the Bank, the Corporation or the Association in Malta; or

(iii) as conferring on the Bank, the Corporation or the Association any exemption from taxes or duties which are in fact no more than charges for services rendered.