Chalet Views Apartment

Writers' Retreat in the Yarra Valley

Adb Article Of Agreement

Adb Article Of Agreement

CONSIDERING that the Asian Development Bank and the agreement reached on 4 December 1965 establishing the Asian Development Bank are an organisation and an agreement, as has been said above: inviolability, exemptions, facilities, immunities, immunities, privileges or rights provided for by an international agreement of which the State or government is or intends to become a member of the State. : Loans to the Bank under this article are paid by the Bank to the loan member at an interest rate equal to the average interest rate paid by the Bank for its special fund borrowings for one year prior to the conclusion of the loan agreement. This rate cannot exceed a maximum rate set from time to time by the Governing Council. In the event of a dispute between the bank and a former member or between the bank and a member after the bank`s activities have ceased, this dispute is referred to an arbitration tribunal of three arbitrators. Each party appoints an arbitrator and the two arbitrators so appointed appoint the third, who is the president. If, within 30 days of the arbitration application, a party has not appointed an arbitrator or if the third arbitrator has not been appointed within a fortnight of the appointment of two arbitrators, one of the parties may ask the President of the International Court of Justice or any other authority imposed by the regulations adopted by the Governing Council. to appoint an arbitrator. The procedure is set by the arbitrators. However, the third arbitrator has full authority to resolve all procedural issues in the event of disagreement with them. A majority of arbitrators is sufficient to make a final and binding decision for the parties.

Explicitly state the currency in which all payments to the Bank are made under the contract in question. However, at the borrower`s choice, these payments can still be made in convertible currency or, subject to the bank`s agreement, in another currency; to approve the conclusion of general cooperation agreements with the authorities of African countries that have not yet obtained independent status, or general cooperation agreements with African governments that are not yet members of the Bank, as well as such agreements with other governments and other international organizations; The Bank has an international personality in its own right to fulfill its objective and the tasks entrusted to it. To this end, it can enter into agreements with members, third countries and other international organizations. To this end, the Bank enjoys, on the territory of each member, the status, immunities, immunities and privileges covered in this chapter.