The Laws of Fiji
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AN ACT TO ENABLE FIJI TO BECOME A MEMBER OF THE INTERNATIONAL MONETARY FUND, THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT, THE INTERNATIONAL DEVELOPMENT ASSOCIATION, THE ASIAN DEVELOPMENT BANK AND THE ASIAN INFRASTRUCTURE INVESTMENT BANK
[Long title subst Act 34 of 1974, effective 28 November 1974; am Act 43 of 2017 s 2, effective 11 August 2017]
WHEREAS pursuant to the Articles of Agreement drawn up at the United Nations Monetary and Financial Conference held in the year 1944 at Bretton Woods in New Hampshire in the United States of America, two international organisations known as the International Monetary Fund and the International Bank for Reconstruction and Development were established:
And whereas pursuant to the Articles of Agreement approved by the directors of the said International Bank for Reconstruction and Development in the year 1960 an international organisation known as the International Development Association was established:
And whereas pursuant to the Articles of Agreement adopted at the Economic Commission for Asia and the Far East’s Second Ministerial Conference on Asian Economic Co-operation held at Manila on 4 December 1965 an international organisation known as the Asian Development Bank was established:
[Recital insrt Act 34 of 1974 s 2, effective 28 November 1974]
And whereas pursuant to the Articles of Agreement adopted at Beijing in the People’s Republic of China on 29 June 2015 an international organisation known as the Asian Infrastructure Investment Bank was established:
[Recital insrt Act 43 of 2017 s 3, effective 11 August 2017]
And whereas in pursuance of their Articles of Agreement the said international organisations have each prescribed terms and conditions on which Fiji may become a member of the respective organisations and on which the Articles of Agreement relating to each such organisation may be signed and accepted on behalf of Fiji:
And whereas it is expedient that Fiji should be a member of the said international organisations:
Section 2 — Board of Governors
- (a)All the powers of the Bank shall be vested in the Board of Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as Chairman.
- (b)The Board of Governors may delegate to the Executive Directors authority to exercise any powers of the Board, except the power to:
- (i)Admit new members and determine the conditions of their admission;
- (ii)Increase or decrease the capital stock;
- (iii)Suspend a member;
- (iv)Decide appeals from interpretations of this Agreement given by the Executive Directors;
- (v)Make arrangements to co-operate with other international organizations (other than informal arrangements of a temporary and administrative character);
- (vi)Decide to suspend permanently the operations of the Bank and to distribute its assets;
- (vii)Determine the distribution of the net income of the Bank.
- (c)The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one-quarter of the total voting power.
- (d)A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power.
- (e)The Board of Governors may by regulation establish a procedure whereby the Executive Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board.
- (f)The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Bank.
- (g)Governors and alternates shall serve as such without compensation from the Bank, but the Bank shall pay them reasonable expenses incurred in attending meetings.
- (h)The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.