Page:Asian Infrastructure Investment Bank Act 2015.pdf/3

4 Short title and commencement

1. This Act may be cited as the Asian Infrastructure Investment Bank Act 2015 and comes into operation on such date as the Minister may, by notification in the Gazette, appoint.

Interpretation

2. In this Act, unless the context otherwise requires—

“Agreement” means the Agreement for the establishment and operation of the international body known as the Asian Infrastructure Investment Bank;

“Article” means Article of the Agreement;

“Bank” means the Asian Infrastructure Investment Bank established under the Agreement;

“Minister” means the Minister responsible for finance.

Deposit of instrument of ratification

3. The President may empower a person named in an instrument under the President’s hand to deposit, on behalf of the Government of Singapore, an instrument of ratification of the Agreement with the Government of the People’s Republic of China stating that the Government of Singapore—
 * (a) has accepted the Agreement in accordance with the law of Singapore; and
 * (b) has taken all steps necessary to enable the Government of Singapore to carry out all its obligations under the Agreement.

Power to subscribe to shares of Bank

4.—(1) Subject to subsection (2), the Minister may, on behalf of the Government—
 * (a) subscribe to shares of the original authorised capital stock of the Bank in accordance with paragraph 1 of Article 5 to an amount not exceeding US$250 million;