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Bretton Woods Agreements Act

Act 1963 No. 3 Act 3 of 1963 Current version · as at 31 December 2000

An Act to make provision with respect to acceptance by Uganda of the agreements for the International Monetary Fund and the International Bank for Reconstruction and Development and to provide for related matters.

Enacted1963
Commenced22 February 1963
Last amended—
Point-in-time consolidation · as at 31 December 2000. This page may not reflect amendments made after that date. Confirm the current position against the latest Uganda Gazette before relying on it.

About this Act

An Act to make provision with respect to acceptance by Uganda of the agreements for the International Monetary Fund and the International Bank for Reconstruction and Development and to provide for related matters.

Jurisdiction
Uganda
Type
Principal Legislation
Status
In force
Language
English

Full text of the Act

0 parts · 15 sections

Enhanced Annotated View adds approved, source-linked propositions, operative requirements, judicial passages, related provisions, amendment notes and authority status. Choose Original PDF to inspect the source consolidation.

Uganda

Bretton Woods Agreements Act

Act 1963 No. 3

Commenced on 22 February 1963

[This is the version of this document at 31 December 2000.]

An Act to make provision with respect to acceptance by Uganda of the agreements for the International Monetary Fund and the International Bank for Reconstruction and Development and to provide for related matters.

1. Interpretation

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

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Definition

This section supplies the definitions or statutory meaning governing “Interpretation”.

“In this Act, unless the context otherwise requires, "Minister" means the Minister for the time being responsible for finance”
Primary legislation Source quotation matched
Practical effect

Use this definition when interpreting other provisions that employ the language addressed by “Interpretation”.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

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

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

2. Acceptance of agreements

The Minister is authorised by instruments under his or her hand to empower such persons as may be named in the instruments, on behalf of the Government of Uganda (a) to sign the articles of the fund agreement and the articles of the bank agreement, respectively; and

(b)

to deposit with the Government of the United States of America instruments of acceptance of the fund agreement and of the bank agreement stating that the Government of Uganda has accepted in accordance with its law the respective agreements and the terms and conditions prescribed under them as the terms upon which the Government of Uganda shall be admitted to membership of the fund and of the bank.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Statutory power

This section confers or regulates the statutory power described as “Acceptance of agreements”.

“The Minister is authorised by instruments under his or her hand to empower such persons as may be named in the instruments, on behalf of the Government of Uganda (a) to sign the articles of the fund agreement and the articles of the bank agreement, respectively; and”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

1
  1. (b) to deposit with the Government of the United States of America instruments of acceptance of the fund agreement and of the bank agreement stating that the Government of Uganda has accepted in accordance with its law the respective agreements and the terms and conditions prescribed under them as the terms upon which the Government of Uganda shall be admitted to membership of the fund and of the bank.
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

3. Acceptance of the amendment to the fund agreement

The Minister is authorised on behalf of the Government to communicate its acceptance of the amendment to the fund agreement, to the International Monetary Fund, and to execute an instrument setting forth that the Government undertakes all the obligations of a participant in the special drawing account in accordance with the law of that account.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Governing rule

This section states the governing statutory rule for “Acceptance of the amendment to the fund agreement”.

“The Minister is authorised on behalf of the Government to communicate its acceptance of the amendment to the fund agreement, to the International Monetary Fund, and to execute an instrument setting forth that the Government undertakes all the obligations of a participant in the special drawing account in accordance with the law of that account.”
Primary legislation Source quotation matched
Practical effect

Use this section as the starting statutory rule for “Acceptance of the amendment to the fund agreement”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

4. Financial provisions

(1)

There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all sums required for making on behalf of the Government any of the following payments-

(a)

the subscription payable to the fund in accordance with section 2 of article II of the fund agreement and the resolution of the board of governors of the fund relating to membership of Uganda in the fund;

(b)

payments under section 4(a) of article III of the fund agreement (which relates to the increase of the quotas of members of the fund);

(c)

payments under section 8(b) or (d) of article IV of the fund agreement (which relates to falls in the par or foreign exchange value of currencies of members of the fund);

(d)

payments under section 3 , 7 or 8 of article V of the fund agreement (which relate to the purchase and repurchase of the currencies of members of the fund);

(e)

payments relating to the implementation of the guarantee required by section 3 of article XIII of the fund agreement, that is to say, a guarantee of the assets of the fund against loss resulting from failure or default of the depositary designated by the Government under that article;

(f)

payments required to be paid to any member of the fund under Schedule D of the fund agreement (which relates to the withdrawal of members from the fund) or under Schedule E of that agreement (which relates to the liquidation of the fund);

(g)

payments in respect of the subscription for shares in the bank under article II of the bank agreement and the resolution of the board of governors of the bank relating to membership of Uganda in the bank;

(h)

payments under section 9 of article II of the bank agreement (which relates to falls in the par or foreign exchange value of currencies of members of the bank); and

(i)

payments under section 4(c)(iv) of article VI of the bank agreement (which relates to the cessation of membership of the bank).

(2)

The Minister may, on behalf of the Government, create and issue to the fund or the bank, in such form as he or she thinks fit, any such non-interest-bearing and nonnegotiable notes or other obligations as are provided for by section 5 of article III of the fund agreement and section 12 of article V of the bank agreement, and any payments in respect of any such notes or obligations so created and issued shall be charged on and paid out of the Consolidated Fund.

(3)

For the purpose of providing any sums required for making any payments under this section, the Minister may, on behalf of the Government, raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as the Minister may think fit; and the principal and interest of the securities and the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.

(4)

Any monies received by the Government from the fund or the bank or raised under subsection (3) shall be paid into and form part of the Consolidated Fund and shall be available in any manner in which that fund is available.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Statutory power

This section confers or regulates the statutory power described as “Financial provisions”.

“(1) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all sums required for making on behalf of the Government any of the following payments-”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

13
  1. (1) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all sums required for making on behalf of the Government any of the following payments-
  2. (a) the subscription payable to the fund in accordance with section 2 of article II of the fund agreement and the resolution of the board of governors of the fund relating to membership of Uganda in the fund;
  3. (b) payments under section 4(a) of article III of the fund agreement (which relates to the increase of the quotas of members of the fund);
  4. (c) payments under section 8(b) or (d) of article IV of the fund agreement (which relates to falls in the par or foreign exchange value of currencies of members of the fund);
  5. (d) payments under section 3, 7 or 8 of article V of the fund agreement (which relate to the purchase and repurchase of the currencies of members of the fund);
  6. (e) payments relating to the implementation of the guarantee required by section 3 of article XIII of the fund agreement, that is to say, a guarantee of the assets of the fund against loss resulting from failure or default of the depositary designated by the Government under that article;
  7. (f) payments required to be paid to any member of the fund under Schedule D of the fund agreement (which relates to the withdrawal of members from the fund) or under Schedule E of that agreement (which relates to the liquidation of the fund);
  8. (g) payments in respect of the subscription for shares in the bank under article II of the bank agreement and the resolution of the board of governors of the bank relating to membership of Uganda in the bank;

5 further items remain in the statutory text above.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions
Section 2 · Acceptance of agreements Section 8 · Regulations Section 3 · Acceptance of the amendment to the fund agreement Section 7 · Effect of certain East African Community Acts modified Section 5 · Special drawing rights
Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

5. Special drawing rights

The Bank of Uganda is authorised, on behalf of the Government, to acquire or dispose of special drawing rights and to make or receive payments in or in respect of any use of special drawing rights in accordance with the Fund Agreement

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Governing rule

This section states the governing statutory rule for “Special drawing rights”.

“The Bank of Uganda is authorised, on behalf of the Government, to acquire or dispose of special drawing rights and to make or receive payments in or in respect of any use of special drawing rights in accordance with the Fund Agreement”
Primary legislation Source quotation matched
Practical effect

Use this section as the starting statutory rule for “Special drawing rights”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

6. Certain provisions of agreements to have force of law

The provisions of the fund agreement and the bank agreement set out in the Schedule to this Act shall have the force of law in Uganda; but nothing in section 9 of article IX of the fund agreement or in section 9 of article VII of the bank agreement shall be construed as (a) entitling the fund or the bank to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported;

(b)

conferring on the fund or the bank any exemption from duties or taxes which form part of the price of goods sold; or

(c)

conferring on the fund or the bank any exemption from taxes or duties which are in fact no more than charges for services rendered.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Mandatory duty

This section imposes mandatory requirements concerning “Certain provisions of agreements to have force of law”.

“The provisions of the fund agreement and the bank agreement set out in the Schedule to this Act shall have the force of law in Uganda; but nothing in section 9 of article IX of the fund agreement or in section 9 of article VII of the bank agreement shall be construed as (a) entitling the fund or the bank to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported;”
Primary legislation Source quotation matched
Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

2
  1. (b) conferring on the fund or the bank any exemption from duties or taxes which form part of the price of goods sold; or
  2. (c) conferring on the fund or the bank any exemption from taxes or duties which are in fact no more than charges for services rendered.
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

7. Effect of certain East African Community Acts modified

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

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Mandatory duty

This section imposes mandatory requirements concerning “Effect of certain East African Community Acts modified”.

“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”
Primary legislation Source quotation matched
Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

1
  1. 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
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

8. Regulations

The Minister may, by statutory instrument, make regulations which he or she may deem necessary to enable the Government to carry out its obligations as a participant in the special drawing account Schedule (Section 6 )

Provisions of agreements which have the force of law

The fund agreement

Article VIII - General obligations of members

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Statutory power

This section confers or regulates the statutory power described as “Regulations”.

“The Minister may, by statutory instrument, make regulations which he or she may deem necessary to enable the Government to carry out its obligations as a participant in the special drawing account Schedule (Section 6)”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

1
  1. The Minister may, by statutory instrument, make regulations which he or she may deem necessary to enable the Government to carry out its obligations as a participant in the special drawing account Schedule (Section 6)
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions
Section 6 · Certain provisions of agreements to have force of law
Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

2. Avoidance

(b)

Exchange contracts which involve the currency of any member and which are contrary to the of exchange control regulations of that member maintained or imposed consistently with this restrictions Agreement shall be unenforceable in the territories of any member. on current payments

Article IX - Status, immunities and privileges

2. Status of the Fund The Fund

shall possess full juridical personality, and in particular, the capacity

3. Immunity from judicial process The Fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity

for the purpose of any proceedings or by the terms of any contract

4. Immunity from other action Property and

assets of the Fund, wherever located and by whomsoever held, shall be immune from search The archives of the Fund shall be inviolable.

To the extent necessary to carry out the operations provided for in this Agreement, all property and assets of the Fund shall be free from restrictions, regulations, controls and moratoria of any nature.

The official communications of the Fund shall be accorded by members the same treatment as the official communications of other members.

All Governors, Executive Directors, Alternates, officers and employees of the Fund-

except when the Fund waives this immunity;

(ii)

not being local nationals, shall be granted the same immunities from immigration restrictions, representatives, officials, and employees of comparable rank of other members.

(a)

The Fund, its assets, property, income and its operations and transactions authorised by this Agreement, shall be immune from all taxation and from all customs duties. The Fund shall also be

(b)

No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to executive directors, alternates, officers or employees of the Fund who are not local citizens, local subjects, or

(c)

No taxation of any kind shall be levied on any obligation or security issued by the Fund, including any dividend or interest thereon, by whomsoever held-

(i)

which discriminates against such obligation or security solely because of its origin; or Fund.

Article XXVII - Administration of the general account and the special drawing account

(b)

In addition to the privileges and immunities that are accorded under Article IX of this Agreement, no tax of any kind shall be levied on special drawing rights or on operations or transactions in special drawing rights.

The bank agreement

Article VII - Status, immunities and privileges

2. Status of the Bank The Bank

shall possess full juridical personality, and, in particular, the capacity

3. Position of the Bank with regard to judicial process Actions may be brought against the Bank only in a court of competent jurisdiction in the territories of a member in which the Bank has an office, has appointed an agent

for the purpose of accepting service or notice of process, or has issued or guaranteed securities. No actions shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Bank shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank

4. Immunity of assets from seizure Property

and assets of the Bank, wherever located and by whomsoever held, shall be immune from search The archives of the Bank shall be inviolable.

To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.

The official communications of the Bank shall be accorded by each member the same treatment that it accords to the official communications of other members.

All Governors, Executive Directors, Alternates, officers and employees of the Bank-

except when the Bank waives this immunity;

(ii)

not being local nationals, shall be accorded the same immunities from immigration restrictions, representatives, officials and employees of comparable rank of other members.

(a)

The Bank, its assets, property, income and its operations and transactions authorised by this Agreement, shall be immune from all taxation and from all customs duties. The Bank shall also be

(b)

No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to executive directors, alternates, officials or employees of the Bank who are not local citizens, local subjects, or

(c)

No taxation of any kind shall be levied on any obligation or security issued by the Bank (including any dividend or interest thereon) by whomsoever held-

(i)

which discriminates against such obligation or security solely because it is issued by the Bank; or Bank.

(d)

No taxation of any kind shall be levied on any obligation or security guaranteed by the Bank (including any dividend or interest thereon) by whomsoever held-

(i)

which discriminates against such obligation or security solely because it is guaranteed by the Bank; or

(ii)

if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

Original Laws of Uganda consolidation (as at 31 December 2000) — public-domain legislation, consolidated by ULII / Laws.Africa (CC BY 4.0). This is a point-in-time text and may not reflect later amendments; confirm against the latest Uganda Gazette before relying on it.