International Finance Corporation Act

Section 1. Interpretation Section In this Act, unless the context otherwise requires, "Minister" means the Minister for the time being responsible for finance.

Section 2. Acceptance of agreement Section to sign the agreement; and

Section 3. Financial provisions Section 3(1) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all sums required for the purpose of making payments on behalf of the Government— Section 3(1)(a) under section 3 of article II of the agreement (which provides for the subscription of shares of stock of the corporation); and Section 3(1)(b) under section 4 of article V of the agreement (which relates to the cessation of membership of the corporation). Section 3(2) For the purposes of providing any sums required for making any payments under subsection (1), the Minister may, on behalf of the Government, raise loans by creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as he or she may think fit, and the principal and interest of those securities and the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund. Section 3(3) Any monies received by the Government from the corporation in pursuance of the agreement or raised under subsection (2) shall be paid into and form part of the Consolidated Fund and shall be available in the same manner as that fund is available.

Section 4. Certain provisions of agreement to have the force of law Section entitling the corporation to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported;

Section 5. Effect of certain East African Community Acts modified Section This Act shall have effect notwithstanding the provisions of the East African Customs and Transfer Tax Management Act, the East African Income Tax Management Act, or any Act of the East African Community amending or replacing either of those Acts of the East African Community.