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'UNITED NATIONS '~CONOMIC
}\ND
SOCIAL COUNCIL
ECONOMIC CO~JJISSION FOR AFRICA Conforence of Finance Ministers on tho Establishment of an African Development Bank
Khartoum, 30 July -
9
August 1963DRAFT RESOLUTION
Distro LIMITED
E/CN.14/FJ1AB/37 2 August 1963
Qrji"inaJ - Ji)"NGTTSH
CONCER1~ING THE APPOINTMENT Aim DUTIES OF THE TRUSTEE FOR THE AGREDftffiJT ESTABLISHING THE AFRICAN DEVELOPMENT BAlJK
(Propared by the Secre tariat)
KEAR-63-145
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EleN.14/FMA]/3 7
DRicFT RESOLUTION
CONCERllIlTG TB:E APPonH'MKIT AND DunES OF THE TRUSTEE FOR TIlE ,iGREEl;E{;'[' ES1'liBLISHING '['HE ;_FR.I CAN DEVELOPMENT BAl'!K
(Prepared by the Secretariat) The Conference
Considerinp, that paragraph (1) of Article 66 of the Agreement pro- vides for the appointment of a 'Trustee' for the purposes defined in that paragreph and in paragraph
(5)
of Article7
ef the AgreeP.lent,Taking note of the de c La ra tion n.ade , on behalf of tho Secretary- General of the United Nations, by the Executive Secretary of its Econo- mic COP.lmission for Africa at this Conference, stating that the Secretary- General would take such action and perform such duties as are provided for the Tnlstee in the said Article of tho Agreement and in this Reso- lution,
Considering the need to give promptly effect to this Resclution, Have agreed as follows,
Article 1
The Secretary-General of the United Nations (hereinafter called the
"Trwltee") is hereby appointed Trustee for the purposes defined in para- graph (5) of Article 7 and paragraph (1) of Article 66 of the Agreement.
;_rticle 2
(a) The Trustee shall at all tirr.8S koep all gold and currenoies rG- ceived frum the Signatories of the Agreement in pursuance of the provisions of Article
7
thereof as well as any income accruing thereto (SUCh currencies and income, in their entirety, hereinafter called the "funds received") en-tirely s6par~t8 and apart from all other assets and accounts in a special account desiplated the "United Nations African Development Bank Trust Accountllo
(b) The Trustee shall not ho Ld , deposit, use, cammit , Lnve st , transfer or otherwise di s po s e of the gold or funds received or any part thereof except
E/CN.14/FMAB/37
Page 2 ~2*
as is providel ir this Pro'bocal,
(c) r.l~lle r.[1l'~stoe may :
.,i) d cposit tho fU1...d s rec ai ved or any part theroof in a doposit account c_e~~'.:'-t~nat8J. tho I:Afric2,1.1 Df~~-olOIJ:JOnt Bank Deposit Acco.mt" for a period not exc oc.c.Lng six uontr s sub.j oct t. intorost and to c,,:'crangolTIonts whereby he
may vIith0- ?2:i'i the fUE::'] so d.o:posito~ OI" Q.l1~Y :paY:~ thereof at any time upon a
ten days1 call not.Lcs ; and
(ii) :::'n",;8bL: tho fV.~:ll;; :::'O(j 1:1-""3:J or any part t.ho r cof in first class govcrnmel.t borid c d81l,O~~ii_l;-.:.,G8d 2..YlQ :0~"J-E'11o .in a. c orrve.r-t i.bLo currency and
m a t ur in g ",,.i" t h i n c : . : p a r i . a d o f S:L.::" Ll(,:'1ths fI'Cil che d a te o f L n v ea ' t m e n t,
Tl,.iJ rrruRteu s h a L'l corr.v.ne the; fi:.:·:.:.:'~, r..coti ng of tva Bo a.cd of Governors of the Af'rioar: r8vo"l.op~nont l:3a:"11:: (:1.":)}.:'ein~ft9r GEl-Ilea. tho IlEank l1) to take pJ ace 1:i thin thirty days f'rorn tho drcte on >lhioh the Agroement enters into force,
Al'_!!,Cl?!
~he Trustee shall transfer the geld and funds received te the Bank not ] cltO",' than on the dato of tho first '"C'E1";;ing of j"ts Borrrd of Governors and shaJ} _ at tho aame ;~irr:e, -cra:r..G::-;'it to that 13o[....rd a statement of accounts
relrding to the gold. arid. f\..-'.Ylcls 1"lc-.:iv;::;u., ~1.:l1llitQd in a.cc o'rd.anc c lrith the audi ting proceduros of tho Uni tod. Nations"
!~~~!~.~Jg_":~
If tho AgreemeCl"' has not ont or cd in~o :(')",ee by 1s"0 July 1965 the
T",ustee shall, not later t.han en 15 Jl'ly 1965, rsturn all gold and curreneies to the Signateries of the Agreement from whom they >lere received in pursuance of the previsions of Artiole I thereof and distribute any income accrued from those cuz-r onci e a in p:'_'CPO":'ti.Ol1 to tho '"~·nOi('.lt3~hES r ocoi ved , taking into
a oc ourrt thG p e r ic d f o r w h i c h 8£"'.)1:,. a m c u n; b o r e L n co m e, At tho sa~o time, the Truetee shall tlTdsmit to the 8aic: Signator;"es a statement of acceunts relating to the gold and funds received, audited in aocordance with the auditing procedures ef the United Nations.
