Asian Infrastructure Investment Bank Agreement (Ratification) Act 2016

This Act may be cited as the Asian Infrastructure

Investment Bank Agreement (Ratification) Act, No. 7 of 2016 and shall come into operation on such date as the

Minister may by order published in the Gazette.

The Minister assigned the subject of Finance or a person authorized by him shall on behalf of the Government of Sri Lanka -

ratify, accept or approve the Articles of Agreement establishing the Asian Infrastructure Investment

deposit with the Bank an instrument of such ratification, acceptance or approval of the agreement by the Government of Sri Lanka without reservation in accordance with the written laws of

The provisions of Chapter IX of the Agreement shall have the force of law in Sri Lanka and accordingly, the Bank shall have in Sri Lanka the status, immunities, privileges and exemptions as specified in chapter IX, of the Agreement or as granted in terms of the Diplomatic Privileges Act, No.

9 of 1996 or any other written law.

There shall be paid out of the Consolidated Fund such sums as are payable, or may, from time to time, become payable, to the Bank by the Government of Sri Lanka as required to be paid in terms of the Agreement.

The Minister assigned the subject of Finance may, if he deems necessary on behalf of the Government of Sri

For the purpose of providing any sums required to be paid out of the Consolidated Fund under section 4, the

The Central Bank of Sri Lanka is hereby authorized to accept and hold any promissory notes or obligations created and issued in accordance with the provisions of subsection (2) of this section subject to the provisions of any other written law.

There shall be paid out of the Consolidated Fund such sums as may be required for the redemption of any notes or obligations created and issued to the Central Bank of Sri

All sums received by or on behalf of the Government of Sri Lanka from the Bank under the Agreement shall be paid into the Consolidated Fund, and the sums so received, in so far as they represent capital, shall, unless otherwise

Asian Infrastructure Investment Bank Agreement provided in that behalf under any written law, be applied from time to time as the Minister assigned the subject of

Finance may direct in the redemption of notes or other obligations issued to the Central Bank of Sri Lanka under this Act.

The Minister assigned the subject of Finance may make Orders as he may consider reasonably necessary for giving effect to any of the provisions of the Articles.

Every Order made under subsection (1) shall be published in the Gazette and shall come into operation on the date of such publication.

Every Order made under subsection (1) shall as soon as is convenient after its publication in the Gazette be placed before Parliament for its approval. Any order not so approved shall be deemed to be rescinded as from the date of such disapproval.

Notification of the date of which any Order is so deemed to be rescinded shall be published in the Gazette.

The Minister assigned the subject of Finance may take all such steps, and make all such arrangements, as he may consider reasonably necessary to enable the

Government of Sri Lanka to meet or discharge its financial obligations or liabilities under the Agreement.

For the purposes of this Act –

“Central Bank” means the Central Bank of Sri Lanka established under the Monetary Law Act (Chapter 422).

In the event of any inconsistency between Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.