INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (ISSUE OF SECURITIES) [ 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, as amended by Legal Notice 411 of 2007. 1. The title of this Order is International Bank for Reconstruction and Development (Issue of Securities) Order. Title. 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. Interpretation. Cap. 235. 3. The Central Bank of Malta is hereby designated as the depositary for all the holdings of the Bank in Euros 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. Depositary. Amended by: L.N. 411 of 2007. 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. Tax collections, payments and returns. Cap. 235. 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. Investment income. Cap. 235. 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. Payor. 7. Pursuant to Article VII, Section 9(c)(
- i)of the Second Schedule to the Membership of International Financial Equal trealment. Cap. 235. Cap. 235. Cap. 204. Cap. 123. Cap. 372. Cap. 123. Cap. 371. Cap. 123. 2 [ 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. Amended by: L.N. 411 of 2007. Cap. 233. 8. The Exchange Control Act shall not apply to the activities of the Bank in Malta and in Euros 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.