INTERNATIONAL BANK FOR RECONSTRUCTION 
AND DEVELOPMENT (ISSUE OF SECURITIES)  ġ S.L.235.01 1
SUBSIDIARY LEGISLATION 235.01
INTERNATIONAL BANK FOR RECONSTRUCTION 
AND DEVELOPMENT (ISSUE OF SECURITIES) 
ORDER
31st July, 1996
LEGAL NOTICE 147 of 1996.
Title.
Reconstruction and Development (Issue of Securities) Order.
Interpretation.
Cap. 235.
2. In this Order, unless the context otherwise requires, words
used shall have the same meanings as in the Membership of
International Financial Organisations Act and "security" shall mean
any instrument acknowledging indebtedness.
Depositary.
Cap. 235.
Cap. 204.
3. The Central Bank of Malta is hereby designated as the
depositary for all the holdings of the Bank in Maltese liri for the
purposes of Article V, Section 11 of the Second Schedule to the
Membership of International Financial Organisations Act. For the
purposes of section 3 of the Central Bank of Malta Act approval is
granted for the opening of accounts by the Bank with the Central
Bank of Malta.
Tax collections, 
payments and 
returns.
Cap. 235.
Cap. 123.
Cap. 372.
4. Pursuant to Article VII, Section 9( a ) of the Second
Schedule to the Membership of International Financial
Organisations Act, the Bank shall not be obliged to collect or
withold any tax on any payment made by it to any person in
relation to any obligation or security issued by the Bank. The Bank
shall neither be bound by any of the provisions of the Income Tax
Act or the Income Tax Management Act, relating to the payment of
any taxes or the filing of any returns in relation to its activities.
Investment 
income.
Cap. 235.
Cap. 123.
5. Pursuant to Article VII, Section 9( c )(i) of the Second
Schedule to the Membership of International Financial
Organisations Act, any income deriving from any security issued in
Malta by the Bank shall be treated as "investment income" as
defined in section 41 of the Income Tax Act and sections 33 to 42
of the Income Tax Act shall apply to such income subject to the
additional rules or modifications stated in this Order.
Payor.
Cap. 371.
Cap. 123.
6. In any issues of securities by the Bank, the terms of the
issue shall specify a person in Malta, being a person licensed to
carry on the business of banking under Banking Act, who shall be
nominated to receive the gross payments of principal and interest
on the securities on behalf of the holders of the securities. Such
person shall be obliged to distribute the payments of principal and
interest received on the securities to the holders of the securities
subject to the provisions of the Income Tax Act and shall be the
"payor" for the purposes of the investment income provisions of the
said Income Tax Act and subject to all the relative obligations.
Equal trealment.
Cap. 235.
7. Pursuant to Article VII, Section 9( c )(i) of the Second
Schedule to the Membership of International Financial
2 ġ S.L.235.01
INTERNATIONAL BANK FOR RECONSTRUCTION 
AND DEVELOPMENT (ISSUE OF SECURITIES) 
Organisations Act, in addition to the above, no security issued by
the Bank shall be subjected to any taxation, duty or requirement
connected therewith which is other or more burdensome than the
taxation, duty or requirement to which a security issued by a
Maltese entity or resident in the same circumstances is or may be
subjected. In so far as any law or regulation imposes other or more
burdensome taxation, duty or other requirement, such provisions
shall not apply to the securities issued by the Bank and to such
extent.
Exchange Control 
Act.
Cap. 233.
8. The Exchange Control Act shall not apply to the activities
of the Bank in Malta and in Maltese liri and shall not apply in
particular to the issue of any security, the entering into any
underwriting agreements or any other agreements relating to the
issue and listing of any securities in Malta, to the collection of
sums raised from the issue of such securities or to any financial
transaction in any currency entered into for operational, hedging or
other purposes.
