International Financial Organisations (Inter-American Investment Corporation)
INTERNATIONAL FINANCIAL ORGANISATIONS
(INTER-AMERICAN INVESTMENT
CORPORATION) ACT
CHAPTER 70:06
LAWS OF TRINIDAD AND TOBAGO
Act
8 of 1986
Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–30 ..
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Note on Subsidiary Legislation
This Chapter contains no subsidiary legislation.
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CHAPTER 70:06
INTERNATIONAL FINANCIAL ORGANISATIONS
(INTER-AMERICAN INVESTMENT
CORPORATION) ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Authorisation by Minister.
4. Minister may issue securities in lieu of subscription to
Corporation’s capital.
5. Certain provisions of Agreement given the force of law.
6. Implementation of amendment to the Agreement.
7. Power of President to make Orders.
SCHEDULE.
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CHAPTER 70:06
INTERNATIONAL FINANCIAL ORGANISATIONS
(INTER-AMERICAN INVESTMENT
CORPORATION) ACT
An Act to provide for the membership of Trinidad and Tobago
in the Inter-American Investment Corporation.
[8TH MAY 1986]
1. This Act may be cited as the International Financial
Organisations (Inter-American Investment Corporation) Act.
2. In this Act—
“the Agreement” means the Agreement, dated 19th
November, 1984, establishing the Inter-American
Investment Corporation and set out in the Schedule;
“amendment” means any amendment of the Articles of the
Agreement effected in accordance with section 1 of
Article VIII thereof;
“Bank” means the Inter-American Development Bank;
“Corporation” means the Inter-American Investment Corporation;
“Minister” means the Minister to whom responsibility for the
subject of finance has been assigned.
3. The Minister is authorised to empower by instrument under
his hand such person as may be named in the instrument—
(a) to accept any amendment on behalf of Trinidad
and Tobago;
(b) to deposit with the Bank an instrument setting
forth that Trinidad and Tobago has accepted, in
accordance with its law, the amendment; and
(c) to undertake any other act or action necessary to
implement the amendment.
8 of 1986.
Commencement.
Short title.
Interpretation.
Schedule.
Authorisation by
Minister.
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Minister may
issue securities
in lieu of
subscription to
Corporation’s
capital.
Certain
provisions of
Agreement
given the force
of law.
Implementation
of amendment
to the
Agreement.
Power of
President to
make Orders.
4. The Minister may issue or cause to be issued to the
Corporation non-negotiable, non-interest bearing notes or similar
securities payable in any currency authorised under section 2 of
Article II of the Agreement, in lieu of any portion of the subscription
of the Corporation’s capital and any sums payable in respect of
such notes or securities shall be a charge on the Consolidated Fund.
5. The provisions of sections 2 to 9 inclusive of Article VII
of the Agreement shall have the force of law in Trinidad and Tobago.
6. (1) Where any amendment to the Agreement set out in
the Schedule other than an amendment to Sections 2 to 9 inclusive
of Article VII thereof is accepted by the Government, the Minister
may by Order amend the Schedule in order to bring the Schedule
into accord with such amendment.
(2) An Order made under this section may contain such
consequential, supplemental or ancillary provisions as appear to
the Minister to be necessary or expedient for the purpose of giving
effect to an amendment and, without prejudice to the generality of
the foregoing, may contain provisions amending references in this
Act to specified provisions of the Agreement.
7. The President may by Order make such arrangements as
may be necessary for carrying into effect any of the provisions of
the Agreement.
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SCHEDULE
AGREEMENT ESTABLISHING THE INTER-AMERICAN
INVESTMENT CORPORATION
The countries on behalf of which this Agreement is signed agree to create
the Inter-American Investment Corporation, which shall be governed by the
following provisions:
ARTICLE I
PURPOSE AND FUNCTIONS
Section 1. Purpose
The purpose of the Corporation shall be to promote the economic
development of its regional developing member countries by encouraging the
establishment, expansion, and modernisation of private enterprises, preferably
those that are small and medium-scale, in such a way as to supplement the
activities of the Inter-American Development Bank (hereinafter referred to as
“the Bank”).
Enterprises with partial share participation by government or other public
entities, whose activities strengthen the private sector of the economy, are eligible
for financing by the Corporation.
Section 2. Functions
In order to accomplish its purpose, the Corporation shall undertake the
following functions in support of the enterprises referred to in Section 1:
(a) assist, alone or in association with other lenders or investors,
in the financing of the establishment, expansion and
modernisation of enterprises, utilising such instruments,
and/or mechanisms as the Corporation deems appropriate in
each instance;
(b) facilitate their access to private and public capital, domestic
and foreign, and to technical and managerial know-how;
(c) stimulate the development of investment opportunities
conducive to the flow of private and public capital, domestic
and foreign, into investments in the member countries;
(d) take in each case the proper and necessary measures for
their financing, bearing in mind their needs and principles
based on prudent administration of the resources of the
Corporation; and
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(e) provide technical co-operation for the preparation,
financing and execution of projects, including the transfer of
appropriate technology.
Section 3. Policies
The activities of the Corporation shall be conducted in accordance with the
operating, financial and investment policies set forth in detail in Regulations
approved by the Board of Executive Directors of the Corporation, which
Regulations may be amended by said Board.
ARTICLE II
MEMBERS AND CAPITAL
Section 1. Members
(a) The founding members of the Corporation shall be those
member countries of the Bank that have signed this Agreement by the date
specified in Article XI, Section 1(a) and made the initial payment required in
Section 3(b) of this Article.
(b) The other member countries of the Bank may accede to this
Agreement on such date and in accordance with such conditions as the Board
of Governors of the Corporation may determine by a majority representing at
least two-thirds of the votes of the members, which shall include two-thirds of
the Governors.
(c) The word “members” as used in this Agreement shall refer
only to member countries of the Bank which are members of the Corporation.
Section 2. Resources
(a) The initial authorised capital stock of the Corporation shall be
two hundred million dollars of the United States of America (U.S. $200,000,000).
(b) The authorised capital stock shall be divided into twenty
thousand (20,000) shares having a par value of ten thousand dollars of the United
States of America (U.S. $10,000) each. Any shares not initially subscribed by
the founding members in accordance with Section 3(a) of this Article shall be
available for subsequent subscription in accordance with Section 3(d) hereof.
(c) The Board of Governors may increase the authorised capital
stock as follows:
(i) by two-thirds of the votes of the members, when such
increase is necessary for the purpose of issuing shares,
at the time of initial subscription, to members of the
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Bank other than founding members, provided that the
aggregate of any increases authorised pursuant to this
subparagraph does not exceed 2,000 shares;
(ii) in any other case, by a majority representing at least
three-fourths of the votes of the members, which shall
include two-thirds of the governors.
(d) In addition to the authorised capital referred to above, the Board
of Governors may, after the date in which the initial authorised capital has been
fully paid in, authorise the issue of callable capital and establish the terms and
conditions for the subscription thereof, as follows:
(i) such decisions shall be approved by a majority
representing at least three-fourths of the votes of the
members which shall include two-thirds of the
Governors; and
(ii) the callable capital shall be divided into shares with a
par value of ten thousand dollars of the United States
of America (U.S. $10,000) each.
(e) The callable capital shares shall be subject to call only when
required to meet the obligations of the Corporation created under Article III,
Section 7(a). In the event of such a call, payment may be made at the option of
the member in United States dollars, or in the currency required to discharge
the obligations of the Corporation for the purpose for which the call is made.
Calls on the shares shall be uniform and proportionate for all shares. Obligations
of the members to make payments on any such calls are independent of each
other and failure of one or more members to make payments on any such calls
shall not excuse any other member from its obligation to make payment.
Successive calls may be made if necessary to meet the obligations of
the Corporation.
(f) The other resources of the Corporation shall consist of—
(i) amounts accruing by way of dividends, commissions,
interest, and other funds derived from the investments
of the Corporation;
(ii) amounts received upon the sale of investments or the
repayment of loans;
(iii) amounts raised by the Corporation by means of
borrowings; and
(iv) other contributions and funds entrusted to its
administration.
Section 3. Subscriptions
(a) Each founding member shall subscribe the number of shares
specified in Annex A.
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(b) The payment for capital stock, set forth in Annex A, by each
founding member shall be made in four annual, equal and consecutive
instalments each of twenty-five per cent of such amount. The first instalment
shall be paid by each member in full within three months after the date on
which the Corporation begins operation pursuant to Article XI, Section 3 below,
or the date on which such founding member accedes to this Agreement, or by
such date or dates thereafter as the Board of Executive Directors of the
Corporation specifies. The remaining three instalments shall be paid on such
dates as are determined by the Board of Executive Directors of the
Corporation but not earlier than December 31, 1985, December 31, 1986, and
December 31, 1987, respectively. The payment of each of the last three
instalments of capital subscribed by each of the member countries shall be
subject to fulfilment of such legal requirements as may be appropriate in the
respective countries. Payment shall be made in United States dollars. The
Corporation shall specify the place or places of payment.
(c) Shares initially subscribed by the founding members shall be
issued at par.
(d) The conditions governing the subscription of shares to be
issued after the initial share subscription by the founding members which shall
not have been subscribed under Article II, Section 2(b), as well as the dates of
payment thereof, shall be determined by the Board of Executive Directors of
the Corporation.
Section 4. Restriction on transfers and pledge of shares
Shares of the Corporation may not be pledged, encumbered or transferred
in any manner whatever except to the Corporation, unless the Board of Governors
of the Corporation approves a transfer between members by a majority of the
Governors representing four-fifths of the votes of the members.
Section 5. Preferential subscription right
In case of an increase in capital, in accordance with Section 2(c) and (d) of
this Article, each member shall be entitled, subject to such terms as may be
established by the Corporation, to a percentage of the increased shares equivalent
to the proportion which its shares heretofore subscribed bears to the total capital
of the Corporation. However, no member shall be obligated to subscribe to any
part of the increased capital.
Section 6. Limitation on liability
The liability of members on the shares subscribed by them shall be limited
to the unpaid portion of their price at issuance. No member shall be liable, by
reason of its membership, for obligations of the Corporation.
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ARTICLE III
OPERATIONS
Section 1. Operating procedures
In order to accomplish its purposes, the Corporation is authorised to—
(a) identify and promote protects which meet criteria of economic
feasibility and efficiency, with preference given to projects
that have one or more of the following characteristics:
(i) they promote the development and use of material and
human resources in the developing countries which are
members of the Corporation;
(ii) they provide incentives for the creation of jobs;
(iii) they encourage savings and the use of capital in
productive investments;
(iv) they contribute to the generation and/or savings of
foreign exchange;
(v) they foster management capability and technology
transfer; and
(vi) they promote broader public ownership of enterprises
through the participation of as many investors as
possible in the capital stock of such enterprises;
(b) make direct investments, through the granting of loans, and
preferably through the subscription and purchase of shares or
convertible debt instruments, in enterprises in which a majority
of the voting power is held by investors with Latin American
citizenship, and make indirect investments in such enterprises
through other financial institutions;
(c) promote the participation of other sources of financing and/or
expertise through appropriate means, including the
organisation of loan syndicates, the underwriting of securities
and participations, joint ventures, and other forms of
association such as licensing arrangements, marketing or
management contracts;
(d) conduct co-financing operations and assist domestic
financial institutions, international institutions and bilateral
investment institutions;
(e) provide technical co-operation, financial and general
management assistance, and act as financial agent
of enterprises;
(f) help to establish, expand, improve and finance development
finance companies in the private sector and other institutions
to assist in the development of said sector;
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(g) promote the underwriting of shares and securities issues,
and extend such underwriting provided the appropriate
conditions are met, either individually or jointly with other
financial entities;
(h) administer funds of other private, public or semi-public
institutions; for this purpose, the Corporation may sign
management and trustee contracts;
(i) conduct currency transactions essential to the activities of
the Corporation; and
(j) issue bonds, certificates of indebtedness and participation
certificates, and enter into credit agreements.
Section 2. Other forms of investments
The Corporation may make investments of its funds in such form or forms
as it may deem appropriate in the circumstances, in accordance with
Section 7(b) below.
Section 3. Operating principles
The operations of the Corporation shall be governed by the
following principles:
(a) it shall not establish as a condition that the proceeds of its
financing be used to procure goods and services originating in
a predetermined country;
(b) it shall not assume responsibility for managing any enterprise
in which it has invested and shall not exercise its voting rights
for such purpose or for any other purpose which, in its opinion,
is properly within the scope of managerial control;
(c) it shall provide financing on terms and conditions which it
considers appropriate taking into account the requirements of
the enterprises, the risks assumed by the Corporation and the
terms and conditions normally obtained by private investors
for similar financings;
(d) it shall seek to revolve its funds by selling its investments,
provided such sale can be made in an appropriate form and
under satisfactory conditions, to the extent possible in
accordance with Section 1(a) (vi) above;
(e) it shall seek to maintain a reasonable diversification in
its investments;
(f) it shall apply financial, technical, economic, legal and
institutional feasibility criteria to justify investments and the
adequacy of the guarantees offered; and
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(g) it shall not undertake any financing for which, in its opinion,
sufficient capital could be obtained on adequate terms.
Section 4. Limitations
(a) With the exception of the investment of liquid assets of the
Corporation referred to in Section 7(b) of this Article, investments of the
Corporation shall be made only in enterprises located in developing regional
member countries; such investments shall be made following sound rules of
financial management.
(b) The Corporation shall not provide financing or undertake
other investments in an enterprise in the territory of a member country if its
government objects to such financing or investment.
Section 5. Protection of interests
Nothing in this Agreement shall prevent the Corporation from taking such
action and exercising such rights as it may deem necessary for the protection of
its interests in the event of default on any of its investments actual or threatened
insolvency of enterprises in which such investments have been made, or
other situations which, in the opinion of the Corporation threaten to jeopardise
such investments.
Section 6. Applicability of certain foreign exchange restrictions
Funds received by or payable to the Corporation in respect of an investment
of the Corporation made in any member’s territories shall not be free, solely by
reason of any provision of this Agreement, from generally applicable foreign
exchange restrictions, regulations and controls in force in the territories of
that member.
Section 7. Other powers
The Corporation shall also have the power to—
(a) borrow funds and for that purpose furnish such collateral or
other security as the Corporation shall determine, provided
that the total amount outstanding on borrowing incurred or
guarantees given by the Corporation, regardless of source, shall
not exceed an amount equal to the sum of its subscribed capital,
plus its earned surplus and reserves;
(b) invest funds not immediately needed in its financial operations,
as well as funds held by it for other purposes, in such
marketable obligations and securities as the Corporation
may determine;
(c) guarantee securities in which it has invested in order to facilitate
their sale;
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(d) buy and/or sell securities it has issued or guaranteed or in which
it has invested;
(e) handle, on such terms as the Corporation may determine, any
specific matters incidental to its business as may be entrusted
to the Corporation by its shareholders or third parties, and
discharge the duties of trustee in respect of trusts; and
(f) exercise all other powers inherent and which may be necessary
or useful for the accomplishment of its purposes, including
the signing of contracts and conducting of necessary
legal actions.
Section 8. Political activity prohibited
The Corporation and its officers shall not interfere in the political affairs of
any member; nor shall they be influenced in their decisions by the political
character of the member or members concerned. Only economic considerations
shall be relevant to decisions of the Corporation, and these considerations shall
be weighed impartially in order to achieve the purposes stated in this Agreement.
ARTICLE IV
ORGANISATION AND MANAGEMENT
Section 1. Structure of the Corporation
The Corporation shall have a Board of Governors, a Board of Executive
Directors, a Chairman of the Board of Executive Directors, a General Manager
and such other officers and staff as may be determined by the Board of Executive
Directors of the Corporation.
Section 2. Board of Governors
(a) All the powers of the Corporation shall be vested in the
Board of Governors.
(b) Each Governor and Alternate Governor of the Inter-American
Development Bank appointed by a member country of the Bank which is also a
member of the Corporation shall, unless the respective country indicates to the
contrary, be a Governor or Alternate Governor ex officio, respectively, of the
Corporation. No Alternate Governor may vote except in the absence of his
principal. The Board of Governors shall select one of the Governors as
Chairman of the Board of Governors. A Governor and Alternate Governor
shall cease to hold office if the member by which they were appointed ceases
to be a member of the Corporation.
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(c) The Board of Governors may delegate all its powers to
the Board of Executive Directors, except the power to—
(i) admit new members and determine the conditions of
their admission;
(ii) increase or decrease the capital stock;
(iii) suspend a member;
(iv) consider and decide appeals on interpretations of this
Agreement made by the Board of Executive Directors;
(v) approve, after receipt of the auditors’ report, the general
balance sheets and the statements of profit and loss of
the institution;
(vi) rule on reserves and the distribution of net income, and
declare dividends;
(vii) engage the services of external auditors to examine the
general balance sheets and the statements of profit and
loss of the institution;
(viii) amend this Agreement; and
(ix) decide to suspend permanently the operations of the
Corporation and to distribute its assets.
(d) The Board of Governors shall hold an annual meeting, which
shall be held in conjunction with the annual meeting of the Board of Governors
of the Inter-American Development Bank. It may meet on other occasions by
call of the Board of Executive Directors.
(e) A quorum for any meeting of the Board of Governors shall be
a majority of the Governors representing at least two-thirds of the votes of the
members. The Board of Governors may establish a procedure whereby the Board
of Executive Directors, if it deems appropriate, may submit a specific question
to a vote of the Governors without calling a meeting of the Board of Governors.
(f) The Board of Governors and the Board of Executive Directors,
to the extent the latter is authorised, may issue such rules and regulations as
may be necessary or appropriate to conduct the business of the Corporation.
(g) Governors and Alternate Governors shall serve as such without
compensation from the Corporation.
Section 3. Voting
(a) Each member shall have one vote for each fully paid share
held by it and for each callable share subscribed.
(b) Except as otherwise provided, all matters before the Board of
Governors or the Board of Executive Directors shall be decided by a majority
of the votes of the members.
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Section 4. Board of Executive Directors
(a) The Board of Executive Directors shall be responsible for the
conduct of the operations of the Corporation and for this purpose shall exercise
all the powers given it by this Agreement or delegated to it by the Board
of Governors.
(b) The Executive Directors and Alternates shall be elected
or appointed among the Executive Directors and Alternates of the Bank
except when—
(i) a member country or a group of member countries of
the Corporation is represented in the Board of Executive
Directors of the Bank by an Executive Director and an
Alternate which are citizens of countries which are not
members of the Corporation; and
(ii) given the different structure of participation and
composition, the member countries referred to in (c)(iii)
below, as per the rotation arrangement agreed upon
among said member countries, designate their own
representatives for the positions corresponding to them
in the Board of Executive Directors of the Corporation,
whenever they could not be adequately represented by
Directors or Alternates of the Bank.
(c) The Board of Executive Directors of the Corporation shall be
composed as follows:
(i) one Executive Director shall be appointed by the
member country having the largest number of shares in
the Corporation;
(ii) nine Executive Directors shall be elected by the
Governors for the regional developing member
countries;
(iii) two Executive Directors shall be elected by the
Governors for the remaining member countries.
The procedure for the election of Executive Directors shall be set forth in
the Regulations to be adopted by the Board of Governors by a majority of at
least two-thirds of the votes of the members.
One additional Executive Director may be elected by the Governors for the
member countries mentioned in (iii) above under such conditions and within
the term to be established under said Regulations and, in the event that such
conditions were not met, by the Governors for the regional developing member
countries, in conformity with the provisions of said Regulations.
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Each Executive Director may designate an Alternate Director who shall
have full power to act for him when he is not present.
(d) No Executive Director may simultaneously serve as a Governor
of the Corporation.
(e) Elected Executive Directors shall be elected for terms of
three years and may be re-elected for successive terms.
(f) Each Director shall be entitled to cast the number of votes
which the member or members of the Corporation whose votes counted towards
his nomination or election are entitled to cast.
(g) All the votes which a Director is entitled to cast shall be cast
as a unit.
(h) In the event of the temporary absence of an Executive Director
and his Alternate, the Executive Director or, in his absence the Alternate Director
may appoint a person to represent him.
(i) A Director shall cease to hold office if all the members whose
votes counted towards his nomination or election cease to be members of the
Corporation.
(j) The Board of Executive Directors shall operate at the
Headquarters of the Corporation, or exceptionally at such other location as shall
be designated by said Board, and shall meet as frequently as the business of the
institution requires.
(k) A quorum for any meeting of the Board of Executive Directors
shall be a majority of the Directors representing not less than two-thirds of the
votes of the members.
(l) Every member of the Corporation may send a representative
to attend every meeting of the Board of Executive Directors when a matter
especially affecting that member is under consideration. Such right of
representation shall be regulated by the Board of Governors.
Section 5. Basic Organisation
The Board of Executive Directors shall determine the basic organisation of
the Corporation, including the number and general responsibilities of the
principal administrative and professional positions, and shall adopt the budget
of the institution.
Section 6. Executive Committee of the Board of Executive Directors
(a) The Executive Committee of the Board of Executive Directors
shall be composed as follows:
(i) one person who is the Director or alternate appointed
by the member country having the largest number of
shares in the Corporation;
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(ii) two persons from among the Directors representing the
regional developing member countries of the
Corporation; and
(iii) one person from the Directors representing the other
member countries.
The election of members of the Executive Committee and their alternates
in categories (ii) and (iii) above shall be made by the members of each respective
group pursuant to procedures to be worked out within each group.
(b) The Chairman of the Board of Executive Directors shall preside
over meetings of said Committee. In his absence, a member of the Committee
chosen by a process of rotation shall preside over meetings.
(c) The Committee shall consider all loans and investments by
the Corporation in enterprises in the member countries.
(d) All loans and investments shall require the vote of a majority
of the Committee for approval. A quorum for any meeting of the Committee
shall be three. An absence or abstention shall be considered a negative vote.
(e) A report with respect to each operation approved by the
Committee shall be submitted to the Board of Executive Directors. At the request
of any Director, such operation shall be presented to the Board for a vote. In the
absence of such request within the period established by the Board, an operation
shall be deemed approved by the Board.
(f) In the event that there is a tie vote regarding a proposed
operation, such proposal shall be returned to Management for further review
and analysis; if upon reconsideration in the Committee, a tie vote shall again
occur, the Chairman of the Board of Executive Directors shall have the right
to cast the deciding vote in the Committee.
(g) In the event that the Committee shall reject an operation, the
Board of Executive Directors, upon the request of any Director, may require
that Management’s report on such operation, together with a summary of the
Committee’s review, be submitted to the Board for discussion and possible
recommendation with regard to the technical and policy issue related to the
operation and to comparable operations in the future.
Section 7. Chairman, General Manager and Officers
(a) The President of the Bank shall be ex officio Chairman of the
Board of Executive Directors of the Corporation. He shall preside over meetings
of the Board of Executive Directors but without the right to vote except in the
event of a tie. He may participate in meetings of the Board of Governors, but
shall not vote at such meetings.
(b) The General Manager of the Corporation shall be appointed
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by the Board of Executive Directors, by a four-fifths majority of the total voting
power, on the recommendation of the Chairman of the Board of Executive
Directors, for such term as he shall indicate. The General Manager shall be
chief of the officers and staff of the Corporation. Under the direction of the
Board of Executive Directors and the general supervision of the Chairman of
the Board of Executive Directors, he will conduct the ordinary business of the
Corporation and, in consultation with the Board of Executive Directors and the
Chairman of the Board of Executive Directors, shall be responsible for the
organisation, appointment and dismissal of the officers and staff. The General
Manager may participate in meetings of the Board of Executive Directors but
shall not vote at such meetings. The General Manager shall cease to hold office
by resignation or by decision of the Board of Executive Directors, by a three-
fifths majority of the total voting power, in which the Chairman of the Board of
Executive Directors concurs.
(c) Whenever activities must be carried out that require specialised
knowledge or cannot be handled by the regular staff of the Corporation the
Corporation shall obtain technical assistance from the staff of the Bank, or if it
is unavailable, the services of experts and consultants may be engaged on a
temporary basis.
(d) The officers and staff of the Corporation owe their duty entirely
to the Corporation in the discharge of their office and shall recognise no other
authority. Each member country shall respect the international character of
such obligation.
(e) The Corporation shall have due regard for the need to assure
the highest standards of efficiency, competence and integrity as the paramount
consideration in appointing the staff of the Corporation and in establishing their
conditions of service. Due regard shall also be paid to the importance of recruiting
the staff on as wide a geographic basis as possible, taking into account the
regional character of the institution.
Section 8. Relations with the Bank
(a) The Corporation shall be an entity separate and distinct from
the Bank. The funds of the Corporation shall be kept separate and apart from
those of the Bank. The provisions of this section shall not prevent the Corporation
from making arrangements with the Bank regarding facilities, personnel, services
and others concerning reimbursement of administrative expenses paid by either
organisation on behalf of the other.
(b) The Corporation shall seek insofar as possible to utilise the
facilities, installations and personnel of the Bank.
(c) Nothing in this Agreement shall make the Corporation liable
for the acts or obligations of the Bank, or the Bank liable for the acts or obligations
of the Corporation.
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Section 9. Publication of annual reports and circulation of reports
(a) The Corporation shall publish an annual report containing an
audited statement of its accounts. It shall also send the members a quarterly
summary of its financial position and a profit and loss statement indicating the
results of its operations.
(b) The Corporation may also publish any such other
reports as it deems appropriate in order to carry out its purpose
and functions.
Section 10. Dividends
(a) The Board of Governors may determine what part of the
Corporation’s net income and surplus, after making provision for reserves, shall
be distributed as dividends.
(b) Dividends shall be distributed pro rata in proportion to paid-
in capital stock held by each member.
(c) Dividends shall be paid in such manner and in such currency
or currencies as the Corporation may determine.
ARTICLE V
WITHDRAWAL AND SUSPENSION OF MEMBERS
Section 1. Right of Withdrawal
(a) Any member may withdraw from the Corporation by notifying
the Corporation’s principal office in writing of its intention to do so. Such
withdrawal shall become effective on the date specified in the notice but in no
event prior to six months from the date on which such notice was delivered to
the Corporation. At any time before the withdrawal becomes effective, the
member may, upon written notice to the Corporation, renounce its intention
to withdraw.
(b) Even after withdrawing, a member shall remain liable for all
obligations to the Corporation to which it was subject at the date of delivery of
the withdrawal notice, including those specified in section 3 of this Article.
However, if the withdrawal becomes effective, a member shall not incur any
liability for obligations resulting from operations of the Corporation effected
after the date on which the withdrawal notice was received by the latter.
Section 2. Suspension of membership
(a) A member that fails to fulfil any of its obligations to the
Corporation under this Agreement may be suspended by decision of the Board
of Governors by a majority representing at least three-fourths of the votes of
the members, which shall include two-thirds of the Governors.
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(b) A member so suspended shall automatically cease to be a
member of the Corporation within one year from the date of suspension unless
the Board of Governors decides, by the same majority specified in
paragraph (a) preceding, to lift the suspension.
(c) While under suspension, a member may exercise none of
the rights conferred upon it by this Agreement, except the right of withdrawal,
but it shall remain subject to fulfilment of all its obligations.
Section 3. Terms of withdrawal from membership
(a) From the time its membership ceases, a member shall no longer
share in the profits or losses of the institution and shall incur no liability with
respect to loans and guarantees entered into by the Corporation thereafter. The
Corporation shall arrange for the repurchase of such member’s capital stock as
part of the settlement of accounts with it in accordance with the provisions of
this Section.
(b) The Corporation and a member may agree on the withdrawal
from membership and the repurchase of shares of said member on terms
appropriate under the circumstances. If such agreement is not reached within
three months after the date on which such member expresses its desire to
withdraw from membership, or within a term agreed upon between both parties,
the repurchase price of the member’s shares shall be equal to the book value
thereof on the date when the member ceases to belong to the institution, such
book value to be determined by the Corporation’s audited financial statements.
(c) Payment for shares shall be made, upon surrender of the
corresponding share certificates, in such instalments and at such times and in
such available currencies as the Corporation shall determine, taking into account
its financial position.
(d) No amount due to a former member for its shares under this
Section may be paid until one month after the date upon which such member
ceases to belong to the institution. If within that period the Corporation suspends
operations, the rights of such member shall be determined by the provisions of
Article VI and the member shall be considered still a member of the Corporation
for purposes of said Article, except that it shall have no voting rights.
ARTICLE VI
SUSPENSION AND TERMINATION OF OPERATIONS
Section 1. Suspension of operations
In an emergency the Board of Executive Directors may suspend operations
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in respect of new investments, loans and guarantees until such time as the Board
of Governors has the opportunity to consider the situation and take pertinent
measures.
Section 2. Termination of operations
(a) The Corporation may terminate its operations by decision of
the Board of Governors by a majority representing at least three-fourths of the
votes of the members, which shall include two-thirds of the Governors. Upon
termination of operations, the Corporation shall forthwith cease all activities
except those incident to the conservation, preservation and realisation of its
assets and settlement of its obligations.
(b) Until final settlement of such obligations and distribution of
such assets, the Corporation shall remain in existence and all mutual rights and
obligations of the Corporation and its members under this Agreement shall
continue unimpaired, except that no member shall be suspended or withdraw
and that no distribution shall be made to members except as provided in
this Article.
Section 3. Liability of members and Payment of debts
(a) The liability of members arising from capital subscriptions
shall remain in force until the Corporation’s obligations, including contingent
obligations, are settled.
(b) All creditors holding direct claims shall be paid out of the
assets of the Corporation to which such obligations are chargeable and then out
of payments to the Corporation on unpaid capital subscriptions to which such
claims are chargeable. Before making any payments to creditors holding direct
claims, the Board of Executive Directors shall make such arrangements as are
necessary in its judgment to ensure a pro rata distribution among holders of
direct and contingent claims.
Section 4. Distribution of assets
(a) No distribution of assets shall be made to members on account
of the shares held by them in the Corporation until all liabilities to creditors
chargeable to such shares have been discharged or provided for. Moreover, such
distribution must be approved by a decision of the Board of Governors by a
majority representing at least three-fourths of the votes of the members, which
shall include two-thirds of the Governors.
(b) Any distribution of assets to the members shall be in proportion
to the number of shares held and shall be effected at such times and under such
conditions as the Corporation deems fair and equitable. The proportions of assets
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distributed need not be uniform as to type of assets. No member shall be entitled
to receive its proportion in such distribution of assets until it has settled all its
obligations to the Corporation.
(c) Any member receiving assets distributed pursuant to this
Article shall enjoy the same rights with respect to such assets as the Corporation
enjoyed prior to their distribution.
ARTICLE VII
JURIDICAL PERSONALITY, IMMUNITIES, EXEMPTIONS
AND PRIVILEGES
Section 1. Scope
To enable the Corporation to fulfil its purpose and the functions with
which it is entrusted, the status, immunities, exemptions and privileges set forth
in this Article shall be accorded to the Corporation in the territories of each
member country.
Section 2. Juridical personality
The Corporation shall possess juridical personality and, in particular
full capacity—
(a) to contract;
(b) to acquire and dispose of immovable and movable
property; and
(c) to institute legal and administrative proceedings.
Section 3. Judicial proceedings
(a) Actions may be brought against the Corporation only in a Court
of competent jurisdiction in the territories of a member country in which the
Corporation has an office, has appointed an agent for the purpose of accepting
service or notice of process, or has issued or guaranteed securities. No action
shall be brought against the Corporation by members or persons acting for or
deriving claims from member countries. However, such countries or persons
shall have recourse to such special procedures to settle controversies between
the Corporation and its member countries as may be prescribed in this Agreement,
in the bye-laws and regulations of the Corporation or in contracts entered into
with the Corporation.
(b) Property and assets of the Corporation shall, wheresoever
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located and by whomsoever held, be immune from all forms of seizure,
attachment or execution before the delivery of final judgment against
the Corporation.
Section 4. Immunity of assets
Property and assets of the Corporation, wheresoever located and by
whomsoever held, shall be immune from search, requisition, confiscation,
expropriation or any other form of taking or foreclosure by executive or
legislative action.
Section 5. Inviolability of archives
The archives of the Corporation shall be inviolable.
Section 6. Freedom of assets from restrictions
To the extent necessary to enable the Corporation to carry out its purpose
and functions and to conduct its operations in accordance with this Agreement,
all property and other assets of the Corporation shall be free from restrictions,
regulations, controls and moratoria of any nature, except as may otherwise be
provided in this Agreement.
Section 7. Privilege for communications
The official communications of the Corporation shall be accorded by each
member country the same treatment that it accords to the official communications
of other members.
Section 8. Personal immunities and privileges
All Governors, Executive Directors, Alternates, officers, and employees of
the Corporation shall have the following privileges and immunities:
(a) immunity from legal process with respect to acts performed
by them in their official capacity, except when the Corporation
waives this immunity;
(b) when not local nationals, the same immunities from
immigration restrictions, alien registration requirements and
military service obligations and the same facilities as regards
exchange provisions as are accorded by a member country to
the representatives, officials, and employees of comparable
rank of other member countries; and
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(c) the same privileges in respect of travelling facilities as are
accorded by member countries to representatives, officials,
and employees of comparable rank of other member countries.
Section 9. Immunities from taxation
(a) The Corporation, its property, other assets, income and the
operations and transactions it carries out pursuant to this Agreement, shall be
immune from all taxation and from all Customs duties. The Corporation shall
also be immune from any obligation relating to the payment, withholding or
collection of any tax or duty.
(b) No tax shall be levied on or in respect of salaries and
emoluments paid by the Corporation to officials or employees of the
Corporation who are not local citizens or other local nationals.
(c) No tax of any kind shall be levied on any obligation or
security issued by the Corporation, including any dividend or interest thereon
by whomsoever held—
(i) which discriminates against such obligation or security
solely because it is issued by the Corporation; or
(ii) if the sole jurisdictional basis for such taxation is the
place or currency in which it is issued, made payable
or paid, or the location of any office or place of
business maintained by the Corporation.
(d) No tax of any kind shall be levied on any obligation or
security guaranteed by the Corporation, including any dividend or interest
thereon, by whomsoever held—
(i) which discriminates against such obligation or security
solely because it is guaranteed by the Corporation; or
(ii) if the sole jurisdictional basis for such taxation is the
location of any office or place of business maintained
by the Corporation.
Section 10. Implementation
Each member country, in accordance with its juridical systems, shall take
such action as is necessary to make effective in its own territories the principles
set forth in this Article and shall inform the Corporation of the action which it
has taken on the matter.
Section 11. Waiver
The Corporation in its discretion may waive any of the privileges, or
immunities conferred under this Article to such extent and upon such conditions
as it may determine.
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ARTICLE VIII
AMENDMENTS
Section 1. Amendments
(a) This Agreement may be amended only by decision of the Board
of Governors by a majority representing at least four-fifths of the votes of the
members, which shall include two-thirds of the Governors.
(b) Notwithstanding the provisions of (a) above, the unanimous
agreement of the Board of Governors shall be required for the approval of any
amendment modifying—
(i) the right to withdraw from the Corporation as provided
in Article V, Section 1;
(ii) the right to purchase shares of the Corporation as
provided in Article II, Section 5; and
(iii) the limitation on liability as provided in Article II,
Section 6.
(c) Any proposal to amend this Agreement, whether emanating
from a member country or the Board of Executive Directors, shall be
communicated to the Chairman of the Board of Governors, who shall bring the
proposal before the Board of Governors. When an amendment has been adopted,
the Corporation shall so certify in an official communication addressed to all
members. Amendments shall enter into force for all members three months
after the date of the official communication unless the Board of Governors
shall specify a different period.
ARTICLE IX
INTERPRETATION AND ARBITRATION
Section 1. Interpretation
(a) Any question of interpretation of the provisions of this
Agreement arising between any member and the Corporation or between
members shall be submitted to the Board of Executive Directors for decision.
Members especially affected by the question under consideration shall be entitled
to direct representation before the Board of Executive Directors as provided in
Article IV, Section 4, paragraph (1).
(b) In any case where the Board of Executive Directors has given
a decision under the above paragraph, any member may require that the question
be submitted to the Board of Governors, whose decision shall be final. Pending
the decision of the Board of Governors, the Corporation may, insofar as it deems
it necessary, act on the basis of the decision of the Board of Executive Directors.
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Section 2. Arbitration
If a disagreement should arise between the Corporation and a member which
has ceased to be such, or between the Corporation and any member after adoption
of a decision to terminate the operations of the institution, such disagreement
shall be submitted to arbitration by a tribunal of three arbitrators. One of the
arbitrators shall be appointed by the Corporation, another by the member
concerned, and the third, unless the parties otherwise agree, by the President of
the International Court of Justice. If all efforts to reach an unanimous agreement
fail, decisions shall be reached by a majority vote of the three arbitrators. The
third arbitrator shall be empowered to settle all questions of procedure in any
case where the parties are in disagreement with respect thereto.
ARTICLE X
GENERAL PROVISIONS
Section 1. Headquarters of the Corporation
The headquarters of the Corporation shall be located in the same locality
as the headquarters of the Bank. The Board of Executive Directors of the
Corporation may establish other offices in the territories of any of its
member countries by a majority representing at least two-thirds of the votes of
the members.
Section 2. Relations with other organisations
The Corporation may enter into agreements with other organisations for
purposes consistent with this Agreement.
Section 3. Channels of communication
Each member shall designate an official entity for purposes of
communication with the Corporation on matters connected with this Agreement.
ARTICLE XI
FINAL PROVISIONS
Section 1. Signature and acceptance
(a) This Agreement shall be deposited with the Bank, where it
shall remain open for signature by the representatives of the countries listed in
Annex A until December 31, 1985 or such later date as shall be established by
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the Board of Executive Directors of the Corporation. In case this Agreement
shall not have entered into force, a later date may be determined by the
representatives of the signatory countries of the Final Act of the Negotiations
on the Creation of the Inter-American Investment Corporation. Each signatory
of this Agreement shall deposit with the Bank an instrument setting forth that it
has accepted or ratified this Agreement in accordance with its own laws and
has taken the steps necessary to enable it to fulfil all of its obligations under
this Agreement.
(b) The Bank shall send certified copies of this Agreement to its
members and duly notify them of each signature and deposit of the instrument
of acceptance or ratification made pursuant to the foregoing paragraph, as well
as the date thereof.
(c) On or after the date on which the Corporation commences
operations, the Bank may receive the signature and the instrument of acceptance
or ratification of this Agreement from any country whose membership has been
approved in accordance with Article II, Section 1(b).
Section 2. Entry into force
(a) This Agreement shall enter into force when it has been signed
and instruments of acceptance or ratification have been deposited, in accordance
with Section 1 of this Article, by representatives of countries whose subscriptions
comprise not less than two-thirds of the total subscriptions set forth in
Annex A, which shall include—
(i) the subscription of the member country with the largest
number of shares; and
(ii) subscriptions of regional developing member countries
with a total of shares greater than all other subscriptions.
(b) Countries whose instruments of acceptance or ratification were
deposited prior to the date on which the agreement entered into force shall
become members on that date. Other countries shall become members on the
dates on which their instruments of acceptance or ratification are deposited.
Section 3. Commencement of operations
As soon as this Agreement enters into force under Section 2 of this Article,
the President of the Bank shall call a meeting of the Board of Governors. The
Corporation shall begin operations on the date when such meeting is held.
Done at the City of Washington, District of Columbia, United States of
America, in a single original, dated November 19, 1984, whose English, French,
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2,327
2,327
1,498
1,248
7,400
690
690
420
1,800
Argentina … … …
Brazil … … …
Mexico … … …
Venezuela … … …
SUBTOTAL
Chile … … … …
Colombia … … …
Peru … … … …
SUBTOTAL
11.636*
11.636*
7.490†
6.238‡
37.000
3.45
3.45
2.10
9.00
Portuguese, and Spanish texts are equally authentic and which shall remain
deposited in the archives of the Inter-American Development Bank, which has
indicated by its signature below its agreement to act as depository of this
Agreement and to notify all those governments of the countries whose names
are set forth in Annex A of the date when this Agreement shall enter into force,
in accordance with Section 2 of Article XI.
ANNEX A
SUBSCRIPTIONS OF SHARES IN THE AUTHORISED
CAPITAL STOCK OF THE CORPORATION
(Shares of US $10,000 each)
Number of Paid-in
Countries Capital Shares Percentage
$
Regional Developing Countries
Bahamas … … … 43 0.215
Barbados … … … 30 0.150
Bolivia … … … 187 0.935
Costa Rica … … … 94 0.470
Dominican Republic … … 126 0.630
Ecuador … … … 126 0.630
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Number of Paid-in
Countries Capital Shares Percentage
$
El Salvador … … … 94 0.470
Guatemala … … … 126 0.630
Guyana … … … 36 0.180
Haiti … … … 94 0.470
Honduras … … … 94 0.470
Jamaica … … … 126 0.630
Nicaragua … … … 94 0.470
Panama … … … 94 0.470
Paraguay … … … 94 0.470
Trinidad and Tobago … … 94 0.470
Uruguay … … … 248 1.240
SUBTOTAL 1,800 9.000
TOTAL 11,000 55.000
United States of America … 5.100 25.50
Other Countries
Austria … … … 100 0.50
France … … … 626 3.13
Germany, Fed. Rep. of … … 626 3.13
Israel … … … 50 0.25
Italy … … … 626 3.13
Japan … … … 626 3.13
Netherlands … … … 310 1.55
Spain … … … 626 3.13
Switzerland … … … 310 1.55
SUBTOTAL … … 3,900 19.50
GRAND TOTAL … 20,000 100.00
*The representatives of Argentina and Brazil stated that their participation in
the capital of the Corporation should not only match their shares in the capital
of the Bank, but also maintain their relative shares in the total amount
contributed by the regional developing countries in the capital of the Bank.
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†The Mexican delegation makes the subscription listed above in order to help
eliminate the over-subscription that has prevented the Inter-American
Investment Corporation from coming into operation. Nevertheless, it wishes
to put on record the desire of Mexico to achieve greater share participation in
these multilateral organisations, to more adequately reflect through a system
of objective indicators its size in terms of economy, population and
requirements for financial support for its development process.
‡Venezuela ratifies that it has decided to subscribe 1,248 shares of the Inter-
American Investment Corporation, which gives it a participation of 6.238
per cent in its capital, to enable the Corporation to begin operating as soon as
possible. However, Venezuela states for the record that it has not abandoned
its desire to achieve a greater share participation in the future.
ANNEX A—Continued
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