Agreement, dated this 4th day of May, 1966 between the Governments of Australia, Canada,
Denmark, Japan, Laos, the Netherlands, New Zealand, Thailand and the United States
of America and the International Bank for Reconstruction and Development (the Bank).
Whereas the Committee for Coordination of Investigations of the Lower Mekong Basin
(Cambodia, Laos, Thailand and the Republic of Vietnam) (hereinafter called the Mekong
Committee) operating under the aegis of the United Nations Economic Commission for
Asia and the Far East has been conducting a program of surveys of the Lower Mekong
Basin in the riparian countries and in the course of such program it has been recognized
that the Nam Ngum River in Laos, one of the tributaries of the Mekong, can be developed;
Whereas a feasibility study of the development of the Nam Ngum valley in Laos, including
the construction of a multi-purpose dam, has been financed by the United Nations Special
Fund and by the Government of Japan under its bilateral aid to Laos and has been carried
out within the framework of investigations undertaken by the Mekong Committee;
Whereas the Mekong Committee has recommended the early construction of the Nam Ngum
hydro-electric Project as an integral component of the comprehensive development of
the Lower Mekong Basin;
Whereas Laos and Thailand have agreed to make arrangements for the inter-connection
of the high tension electrical transmission networks of the two countries, initially
by means of the construction and operation of a transmission line which would cross
their common boundary on the Mekong River;
Whereas the United Nations and the Mekong Committee have sought contributions to the
financing of the cost of the Nam Ngum hydroelectric Project;
Whereas the Government of Japan has agreed to finance the detailed design of the Project
under its bilateral aid to Laos;
Whereas the Governments of Australia, Canada, Denmark, Japan, the Netherlands, New
Zealand and the United States of America have agreed to provide funds, as a grant,
for the Project up to twenty-two million eight hundred and fifteen thousand U.S. dollars
equivalent and, together with the Governments of Laos and Thailand and the United
Nations, have invited the Bank, and the Bank has agreed, to administer the funds so
provided; and
Whereas Thailand has agreed to supply to Laos cement for the said project for a value
equivalent to one million U.S. dollars in exchange for power from the Project;
Now therefore the Parties hereby agree as follows:
Section 1.01. Except where the context otherwise requires, the following terms have
the following meanings wherever used in this Agreement:
-
1. “Bank” means International Bank for Reconstruction and Development.
-
2. “Fund” means the Nam Ngum Development Fund established by this Agreement.
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3. “Administrator” means the Bank acting in the capacity of Administrator of the Fund.
-
4. “Project” means the project described in the Schedule to this Agreement, with such
changes as may be agreed upon between the Parties.
-
5. “Goods” means equipment, supplies and services required to construct and carry out
the Project or for the carrying out of the Administrator's duties hereunder.
-
6. “Currency” means such coin or currency as at the time referred to is legal tender
for the payment of public or private debts in the territories of the government referred
to.
-
7. “Dollars” and “$” mean the currency of the United States of America.
-
8. “Kip” means the currency of Laos.
-
9. “Parties” means the Governments named in the Preamble to this Agreement and the Bank,
and any other Government or institution which shall become a parity to this Agreement
pursuant to Article XI.
-
10. “Contributing Parties” means those Parties who agree to make contributions to the
Fund pursuant to this Agreement.
Article II. Establishment of Nam Ngum Development Fund
Section 2.01. There is hereby established the Nam Ngum Development Fund, constituted
by the monies which the Governments of Australia, Canada, Denmark, Japan, the Netherlands,
New Zealand and the United States of America shall from time to time contribute to
the Fund in accordance with the provisions of this Agreement, together with any additions
thereto and any other assets and receipts of the Fund, to be held in trust and administered
by the Bank and used only for the purposes, and in accordance with the provisions,
of this Agreement.
Section 2.02. The Fund and its assets and accounts shall be kept separate and apart
from all other accounts and assets of the Bank and shall be separately designated
in such appropriate manner as the Bank shall determine.
Section 2.03. The other Parties hereby designate the Bank as Administrator of the
Fund. The Bank agrees to act in that capacity in accordance with the provisions of
this Agreement.
Article III. Contributions to Fund
Section 3.01. Each of the Governments specified below hereby undertakes, subject to
such parliamentary or congressional action as may be necessary, to contribute to the
Fund, as a grant, the amount specified opposite its name below:
|
Australia . . . . . . . . . . . . .
Canada . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . .
Japan . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . .
New Zealand . . . . . . . . . . . . .
|
$
$
$
$
$
$
|
500,000
2,000,000
600,000
4,000,000
3,300,000
350,000
|
|
United States of America . . . . . .
|
$
|
12,065,000
|
Section 3.02.
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(a) Upon the entry into force of this Agreement the Administrator shall promptly notify
each of the contributing Parties of the amount required to be paid by it as part of
its contribution to the Fund to cover estimated disbursements of the Fund during the
period ending December 31, 1966, and shall before the beginning of each period commencing
1st January or 1st July thereafter (at a time to be agreed between the Administrator
and each Party concerned) notify each of the contributing Parties of the amount so
required to be contributed by it during such period. Each of the contributing Parties
undertakes to make the payment specified in such notice at the time or times and in
the amounts specified or provided for therein or at such other times during such period
as may be agreed upon between the Administrator and the contributing Party.
-
(b) The Administrator may include in its estimate of amounts required to be paid in any
period pursuant to this Section such sums as it shall consider necessary or desirable
to establish and maintain a reasonable reserve against an excess of actual expenditures
over the estimates of such expenditures.
Section 3.03. It is understood and agreed that:
-
(a) Australia shall pay its contribution to the Fund in six installments, the first of
$ 85,000 and the others of $ 83,000 each, payable in the first six periods referred
to in Section 3.02 (a);
-
(b) Japan shall pay its contribution to the Fund in eight equal installments of $ 500,000
each, payable in the first eight periods referred to in Section 3.02 (a);
-
(c) New Zealand shall pay its contribution to the Fund in eight equal installments of
$ 43,750 each, payable in the first eight periods referred to in Section 3.02 (a);
-
(d) the amount to be called up for payment to the Fund from the other contributing Parties
in each period referred to in Section 3.02 (a) shall be apportioned among them in
proportion to their contributions as set forth in Section 3.01.
Section 3.04. Payments of contributions shall be made in dollars, or in the equivalent
thereof in such other currencies, useable or convertible, as may be agreed upon between
the contributing Party and the Administrator.
Section 3.05. The Parties agree to accept the Administrator's decisions as to estimated
requirements and receipts of the Fund, and of the reserve required, for the purposes
of this Agreement. The Administrator and any two or more of the contributing Parties
may agree upon a change, for one or more semi-annual periods, in the relative proportions
to be paid by such Parties, provided that the aggregate amounts to be paid by them
for such period or periods remain substantially unchanged and that appropriate compensating
adjustments are made in respect of later periods.
Article IV. Disbursements from Fund
Section 4.01. Amounts in the Fund shall be used or disbursed by the Administrator
exclusively to finance the cost of the goods. The specific items to be financed from
the Fund and the methods to be used in procuring and financing them shall be determined
from time to time by the Administrator, after consultation with Laos or, in respect
of goods for Part B of the Project, with Thailand.
Section 4.02. Except as shall be otherwise determined by the Administrator, no disbursements
shall be made on account of (i) expenditures prior to March 11, 1966, or (ii) expenditures
in the territories of any country which is not a Party to this Agreement, or for goods
produced in, or services supplied from, such territories.
Section 4.03. Disbursements from the Fund shall be in such currencies as the Administrator
shall elect.
Section 4.04. Laos shall make and maintain arrangements for the sale of kip required
for the carrying out of the Project at the most advantageous legal rate.
Article V. Applications for Disbursement
Section 5.01. When Laos, or Thailand in respect of Part B of the Project, shall desire
any disbursement to be made from the Fund, it shall deliver to the Administrator a
written application in such form, and containing such statements and agreements, as
the Administrator shall request.
Section 5.02. Laos or Thailand, as the case may be, shall furnish to the Administrator
such documents and other evidence in support of each such application as the Administrator
shall request, whether before or after the Administrator shall have permitted any
withdrawal requested in the application.
Section 5.03. Each application and the supporting documents must be sufficient in
form and substance to satisfy the Administrator that the amount requested is to be
used only for the purposes specified in this Agreement, that the goods on account
of which disbursement is requested are suitable for the Project, and that the cost
thereof is not unreasonable.
Section 5.04. The Administrator may make payments or arrangements for payment directly
to the suppliers of goods or others without any application by Laos or Thailand therefor
whenever, after consultation with Laos (or, in respect of Part B of the Project, Thailand)
it determines that such procedure is necessary or desirable for the efficient carrying
out of the Project.
Article VI. Undertakings of Laos
Section 6.01.
-
(a) Laos shall cause the Project to be carried out with due diligence and efficiency and
in conformity with sound engineering and financial practices and shall accord first
priority, in its development program, to the Project.
-
(b) To assist it in the carrying out of the Project, Laos shall employ or cause to be
employed qualified and experienced consultants acceptable to the Administrator to
an extent and on terms and conditions satisfactory to the Administrator.
-
(c) Laos shall, at its own expense and promptly as needed: (i) obtain and make available
all land and interests in land required for the carrying out or operation of the Project
and (ii) make all necessary arrangements for the resettlement of persons living in
the Project area.
-
(d) Subject to the provisions of Section 4.02 (ii), all goods required for the Project
shall be procured on the basis of international competition pursuant to arrangements
acceptable to the Administrator, except as the Administrator shall otherwise determine
on grounds of appropriateness, efficiency, expedition or economy, after consultation
with Laos.
Section 6.02. Laos shall cause all goods financed out of monies disbursed by the Fund
to be used exclusively in the carrying out of the Project, except as the Administrator
may otherwise agree in respect of goods no longer required for the Project.
Section 6.03.
-
(a) Loas shall furnish or cause to be furnished to the Administrator, promptly upon their
preparation, draft contracts, plans and specifications, cost estimates, plans of construction
and construction schedules for the Project, and any material modifications subsequently
made therein, in such detail as the Administrator shall from time to time request.
The Administrator, after consultation with Laos, may request that modifications shall
be made in any of the foregoing and Laos shall cause any such requests issued by the
Administrator in respect thereof to be promptly complied with. Such requests may be
issued directly by the Administrator to consultants or contractors employed by Laos
for the Project whenever the Administrator, after consultation with Laos, determines
that special circumstances make such procedure necessary or desirable for the efficient
carrying out of the Project, and all contracts shall contain appropriate provisions
requiring such consultants or contractors to comply with any such request of the Administrator
as if issued by Laos itself.
-
(b) Laos shall maintain or cause to be maintained, in a manner satisfactory to the Administrator,
records adequate to identify the goods financed out of monies disbursed by the Fund,
to disclose the use thereof in the Project, to record the progress of the Project
(including the cost thereof) and to reflect in accordance with consistently maintained
sound accounting practices the receipt and disposition of the monies disbursed by
the Fund to it or for its account; shall enable the Administrator's representatives
to inspect the Project, the goods used or acquired for the Project, and any relevant
records and documents and to visit any part of the territories of Laos for any purpose
related to the Project or the Fund; and shall furnish or cause to be furnished to
the Administrator all such information as the Administrator shall reasonably request
concerning the expenditure of the monies disbursed by the Fund, the Project, and the
operations and administration of the agency or agencies of Laos responsible for the
construction of the Project.
Section 6.04.
-
(a) Laos and the Administrator shall cooperate fully to assure that the purposes of this
Agreement will be accomplished. To that end, each of them shall furnish to the other
all such information as it shall reasonably request with regard to the general status
of the Project.
-
(b) Laos and the Administrator shall from time to time exchange views through their representatives
with regard to matters relating to the purposes of this Agreement. Laos shall promptly
inform the Administrator of any condition which interferes with, or threatens to interfere
with, the accomplishment of the purposes of this Agreement.
Section 6.05. The Administrator may enter into such agreements or arrangements with
Laos, or any agency designated by Laos for this purpose, as it shall deem desirable
for implementing the terms and purposes of this Agreement. Laos hereby agrees to perform
its obligations and cause such agency to perform its obligations under any such agreements
or arrangements.
Section 6.06.
-
(a) Except as the Administrator shall otherwise agree, Laos shall make and maintain arrangements,
satisfactory to the Administrator: (i) to ensure that the importation, acquisition,
purchase, felling, extraction, sale, furbishing, use, consumption and ownership of
goods and other property or services necessary or desirable for the purposes of carrying
out the Project shall be exempt from customs duties, sales and excise taxes, and all
other taxes and duties; and (ii) to exempt from income and similar taxes income and
receipts of non-Laotian contractors, suppliers, consultants and other companies, firms
and entities, furnishing or supplying property or services for the purposes of the
Project, and of their non-Laotian employees.
-
(b) The application of specific exemptions under sub-section (a) of this Section 6.06
to any person, company, firm or entity shall be set forth in the contractual arrangements
between Laos and such person, company, firm or entity or in arrangements made between
Laos and the Administrator for that purpose.
Section 6.07. Since Part B of the Project will not be in the territory of Laos, it
is understood and agreed that the undertakings and responsibilities of Laos shall
not extend to said Part B of the Project except to the extent required to assure the
proper coordination with the other parts of the Project.
Article VII. Undertakings of Thailand
Section 7.01.
-
(a) Thailand shall cause Part B of the Project to be carried out with due diligence and
efficiency and in accordance with sound engineering and financial practices.
-
(b) Thailand shall, at its own expense and promptly as needed, obtain and make available
all land and interests in land required for the carrying out of Part B of the Project.
-
(c) Subject to the provisions of Section 4.02 (ii), all goods required for Part B of the
Project shall be procured on the basis of international competition pursuant to arrangements
acceptable to the Administrator, except as the Administrator shall otherwise determine
on grounds of appropriateness, efficiency, expedition or economy, after consultation
with Thailand.
Section 7.02. Thailand shall cause all goods financed out of monies disbursed to it
or on its request from the Fund to be used exclusively in the carrying out of Part
B of the Project, except as the Administrator may otherwise agree in respect of goods
no longer required for Part B of the Project.
Section 7.03. To the extent that Thailand or any agency thereof shall be responsible
therefor:
-
(a) Thailand shall furnish or cause to be furnished to the Administor, promptly upon their
preparation, draft contracts, plans and specifications, cost estimates, plans of construction
and construction schedules for Part B of the Project, and any material modification
made therein, in such detail as the Administrator shall from time to time request.
The Administrator, after consultation with Thailand, may request that modifications
shall be made in any of the foregoing and Thailand shall cause any such requests issued
by the Administrator in respect thereof to be promptly complied with. Such requests
may be issued directly by the Administrator to consultants or contractors employed
by Thailand for Part B of the Project whenever the Administrator, after consultation
with Thailand, determines that special circumstances make such procedure necessary
or desirable for the efficient carrying out of Part B of the Project, and all contracts
shall contain appropriate provisions requiring such consultants or contractors to
comply with any such request of the Administrator as if issued by Thailand itself;
-
(b) Thailand shall maintain or cause to be maintained, in a manner satisfactory to the
Administrator, records adequate to identify the goods financed out of monies disbursed
from the Fund to it or for its account, to disclose the use thereof in Part B of the
Project, to record the progress of Part B of the Project (including the cost thereof)
and to reflect in accordance with consistently maintained sound accounting practices
the receipt and disposition of monies disbursed by the Fund to it or for its account;
shall enable the Administrator's representatives to inspect Part B of the Project,
the goods used or acquired for said Part B, and any relevant records and documents
and to visit any part of the territories of Thailand for any purpose related to Part
B of the Project or the Fund; and shall furnish or cause to be furnished to the Administrator
all such information as the Administrator shall reasonably request concerning the
expenditure of the monies disbursed by the Fund or Part B of the Project.
Section 7.04.
-
(a) Thailand and the Administrator shall cooperate fully to assure that the purposes of
this Agreement will be accomplished. To that end, each of them shall furnish to the
other all such information as it shall reasonably request with regard to the general
status of Part B of the Project.
-
(b) Thailand and the Administrator shall from time to time exchange views through their
representatives with regard to matters relating to the purposes of this Agreement.
Thailand shall promptly inform the Administration of any condition which interferes
with, or threatens to interfere with, the accomplishment of the purposes of this Agreement.
Section 7.05. The Administrator may enter into such agreements or arrangements with
Thailand, or any agency or authority designated by Thailand for this purpose, as it
shall deem desirable for implementing the terms and purposes of this Agreement. Thailand
hereby agrees to perform its obligations and to cause any such agency or authority,
to perform its obligations under any such agreements or arrangements.
Section 7.06. Except as the Administrator shall otherwise agree, Thailand shall make
and maintain arrangements, satisfactory to the Administrator: (i) to ensure that custom
duties, sales and excise taxes and all other taxes and duties on the importation,
acquisition, purchase, sale, furnishing, use, consumption and ownership of goods and
other property or services necessary or desirable for the purpose of carrying out
Part B of the Project levied by or in Thailand shall be reimbursed by Thailand to
the Fund or as directed by the Administrator; and (ii) to reimburse non-Thai contractors,
suppliers, consultants and other companies, firms and entities, furnishing or supplying
property or services for the purposes of Part B of the Project, for any income and
similar taxes levied by or in Thailand on their own income and receipts and on the
income of their non-Thai employees.
Section 7.07. Thailand agrees to cooperate with Laos and with the Administrator in
carrying out the Project, and in particular will facilitate the transport and movement
through its territories of persons, equipment, materials and supplies in connection
with the construction of the Project.
Article VIII. The Administrator
Section 8.01. The Administrator shall, within 30 days after December 31, 1966 and
after each 30th June and 31st December thereafter, send to each Party a report containing
appropriate information with respect to the receipts and disbursements of, and balances
in, the Fund, the progress of the Project, and other matters relating to the Fund,
the Project and this Agreement. The Administrator will consult with the respective
Parties from time to time concerning the form and substance of such reports.
Section 8.02. The Administrator may, but shall not be required to, deposit and invest
monies held by the Fund pending disbursement in such manner as it shall deem appropriate.
The income from such deposits and investments, net of related expenses and charges,
shall become part of the assets of the Fund.
Section 8.03. Whenever it shall be necessary for the purposes of this Agreement to
value one currency in terms of another currency, such value shall be as reasonably
determined by the Administrator in accordance with the Bank's usual procedures.
Section 8.04. The Administrator shall receive no compensation other than for expenses
incurred solely because of services rendered under this Agreement, for which it shall
be entitled to reimburse itself out of the Fund.
Section 8.05. Whenever the Administrator determines that special circumstances so
require, it may make, or require or approve the making of, such agreement or arrangements
with engineering and other consultants, contracting firms and other enterprises or
entities as it shall deem necessary or desirable for carrying out the Project in the
most efficient, expeditious and economical manner.
Section 8.06. The Bank, in acting as Administrator, shall exercise the same care in
the administration and management of the Fund, and in the discharge of its other functions
under this Agreement, as it exercises in respect of the administration and management
of its own affairs.
Article IX. Consultation and Termination
Section 9.01. The following are hereby specified as Events for the purposes of Section
9.02 of this Agreement:
-
(a) a situation shall exist which shall make it improbable that the Project can be completed;
-
(b) the Administrator shall have determined that the resources of the Fund are insufficient
to meet the estimated cost of the Project; or
-
(c) a default shall have occurred in the performance of any undertaking on the part of
Laos under this Agreement.
Section 9.02.
-
(a) If any of the Events specified in Section 9.01 shall have happened and, in the judgment
of the Administrator is likely to continue, the Administrator shall promptly notify
the other Parties hereto and may by notice to said Parties suspend disbursements from
the Fund in whole or in part.
-
(b) The Parties hereto shall forthwith consult with one another concerning the measures
to be taken to correct the Event or Events. A majority of the contributing Parties,
whose contributions also constitute more than half of the aggregate contributions
to the Fund, shall have the power to decide that any suspension imposed by the Administrator
pursuant to sub-section (a) of this Section 9.02 shall be removed. The Administrator
shall act in accordance with such decision; pending such decision the suspension shall
continue.
-
(c) If any such Event shall continue and a similar majority of the contributing Parties
shall decide that it is not likely to be corrected and that the purposes of this Agreement
are not likely to be substantially fulfilled, the obligations of the Parties to make
contributions to the Fund and the obligations of the Administrator under this Agreement
shall cease and this Agreement shall terminate.
Section 9.03.
-
(a) If the Administrator shall have determined that circumstances have arisen which make
it impossible, or impracticable, for it to carry on its duties hereunder in an efficient
manner, the Administrator shall promptly notify the other Parties and may by notice
to said Parties suspend disbursements from the Fund in whole or in part.
-
(b) The Parties hereto shall forthwith consult with one another concerning measures to
be taken to correct the situation. A majority of the Contributing Parties, whose contributions
also constitute more than half of the aggregate contributions to the Fund, shall have
the power to decide that any suspension imposed by the Administrator pursuant to subsection
(a) of this Section 9.03 shall be removed. The Administrator shall act in accordance
with such decision; pending such decision the suspension shall continue.
-
(c) If the Administrator, after consultation with the other Parties, shall decide that
the circumstances referred to in subsection (a) of this Section 9.03 are not likely
to be corrected and shall so notify the other Parties, the obligations of the Administrator
under this Agreement shall cease, subject to subsection (d) of this Section.
-
(d) The Administrator, promptly after termination of its obligations pursuant to subsection
(c) of this Section, shall transfer all monies and other assets then remaining in
the Fund to such person or entity as the other Parties shall designate to the Administrator
for the purpose of this Section or, failing such designation within six months after
the date of the Administrator's notice, to the contributing Parties in the manner
prescribed in Section 9.05 of this Agreement.
Section 9.04. Subject to Section 9.05 hereof, this Agreement, unless sooner terminated
pursuant to Section 9.02 (c) hereof, shall terminate upon completion of the Project
or upon disbursement from the Fund of all amounts required to meet the cost of the
goods, whichever is earlier.
Section 9.05. If at termination any amounts shall remain in the Fund not required
to meet the cost of goods such amounts shall be paid to the contributing Parties in
the proportion of their total respective contributions to the Fund. The Administrator
shall, after consultation with the contributing Parties, determine the amounts, times,
methods and currencies of payment.
Article X. Settlement of Disputes
Section 10.01.
-
(a) Any dispute between any of the Parties hereto concerning the interpretation or the
application to particular facts or circumstances of this Agreement, or of any supplementary
arrangement or agreement, which cannot be resolved by agreement of such Parties, shall
be decided, at the request of one of them, by the Administrator whose decision shall
be final, except as provided in subsection (b) of this Section 10.01.
-
(b) If the Administrator shall fail or refuse to make any such decision or if the Administrator
shall have been a party to the dispute, any party to the dispute may submit it for
a final decision to an arbitrator selected by the parties to the dispute or, failing
such selection, appointed by the Secretary-General of the United Nations. All Parties
shall abide by the decision, if any, of the Administrator over the dispute until such
decision shall have been modified or reversed by the arbitrator's final decision.
-
(c) The decision of the Administrator or the arbitrator shall be binding on all Parties
and shall be implemented in accordance with their constitutional procedures.
Article XI. Additional Parties and Contributions
Section 11.01. Any Government, institution or entity, not a Party to this Agreement,
may, with the prior approval of the Parties hereto and in accordance with such arrangements
as they shall agree, become a contributing Party upon deposit with the Bank of an
instrument stating that it accepts all the provisions hereof and agrees to be bound
thereby.
Section 11.02. The Administrator may receive on behalf of the Fund from any Government,
institution or entity, whether or not a Party, amounts not provided for herein to
be held and used as part of the Fund subject to the provisions hereof, in accordance
with such arrangements, not inconsistent herewith, as the Administrator may approve.
Article XII. Notices and Requests
Section 12.01. Any notice or request required or permitted to be given or made under
this Agreement shall be in writing. Such notice or request shall be deemed to have
been duly given or made when it shall be delivered by hand or by mail, telegram, cable
or radiogram to the Party to which it is required or permitted to be given or made
at such Party's address specified in Section 12.02 or at such other address as such
Party shall have designated by notice to the Party giving such notice or making such
request.
Section 12.02. The following addresses are specified for the purposes of Section 12.01:
For the Government of Australia:
For the Government of Canada:
-
Director General
-
External Aid Office
-
75 Albert Street
-
Ottawa 4
-
Canada
-
Telegraphic address:
For the Government of Denmark:
For the Government of Japan:
For the Government of Laos:
For the Government of the Netherlands:
For the Government of New Zealand:
For the Government of Thailand:
For the Government of the United States of America:
For the Bank:
Article XIII. Signature and Entry into Force
Section 13.01. This Agreement shall remain open for signature and acceptance on behalf
of all the Parties named in the Preamble to this Agreement until June 30, 1966, or
such later date as may be fixed by the Bank by notice to the other said Parties.
Section 13.02. This Agreement shall enter into force and become binding on all the
Parties named in the Preamble to this Agreement on the date when each of them shall
have signed it without reservation as to acceptance or shall have signed it subject
to acceptance and notified the Bank of their acceptance. The Bank shall promptly after
such date notify each of the other Parties.
Section 13.03. All contributions made, and all actions of, or approved by, the Bank
as prospective Administrator, on or after March 11, 1966 and before the date when
this Agreement shall enter into force, as aforesaid, shall be deemed to have been
made or done pursuant to this Agreement, and credits and charges to the Fund and to
the Parties shall be upon that basis.
Section 14.01. This Agreement may be cited as the “Nam Ngum Development Fund Agreement,
1966.”
