Law No. 2012-009 Authorizing The Accession Of The Republic Of Madagascar To The Convention On International Interests In Mobile Equipment, Signed At Cape Town On 16 November 2001 And The Protocol On ...
Original Language Title: Loi n°2012‐009 autorisant l’adhésion de la République de Madagascar à la Convention relative aux garanties internationales portant sur des matériels d’équipement mobiles signée au Cap le 16 novembre 2001 et au Protocole portant sur les...
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Microsoft Word - Law No. 2012-009.doc
authorizing accession of the Republic of Madagascar to the Convention on International Interests in Mobile Equipment, signed at Cape Town on 16 November 2001 and the Protocol on Matters Specific to Aircraft Equipment to the Convention on international Interests in mobile equipment signed at Cape Town 16 November 2001
Despite the development efforts in the air transport sub-sector in Madagascar, the expected results are slow in coming. Only one airline company Malagasy law operates to this day as a regular airline. Many projects (creation of airlines, opening of roads ...) are abandoned mainly due to availability or aircraft financing.
Indeed, one of the main problems of African airlines, including those of Madagascar, lies in financing the acquisition of aircraft spare parts (cells, engines, avionics) for maintenance. The aircraft is a mobile nature, flying from one country to another, it appears a priori as property that can not be achievable and some guarantee, notwithstanding the Convention on the Recognition of Rights in Aircraft . Furthermore, developing countries are often considered risky countries. These factors explain in part the reluctance of banks to finance their purchase or lease of aircraft.
To overcome this constraint, the States, taken individually, are generally required to vouch for such loans when they can meet this requirement.
With the trend towards globalization internationally, the Contracting States of ICAO have signed on 16 November 2001, the Convention and Protocol relating to international interests in equipment materials, commonly called "Cape Town Convention".
Both air law instruments establish a regime of protection of property rights in aircraft objects (airframes, aircraft engines or helicopter) and international guarantees (electronic international registry of registration guarantees) invoked against third. They help reassure future creditors in their decision to grant credit, reduce risks related to claims on the material and equipment to reduce the cost of credit for borrowers. They also help secure the lessor as to his ownership of the leased aircraft.
Accordingly, in order to support Air Madagascar Malagasy and other airlines in their growth, Madagascar needs to establish a favorable environment for the acquisition of aircraft by joining the "Cape Town Convention" main device: || | - on one side, will bring down the cost of borrowing on the credit market and contribute to a significant mobilization of financial resources for the development of the Malagasy air transport;
and - on the other side, to create a kind of guarantee for the claim of the aircraft by financial backers or renters in case of any failure of airlines.
Financing or the provision of aircraft objects can be achieved by three (03) major techniques:
• a loan secured by a security interest in the property; • a sale in which the seller retains title until payment; or • a tenancy agreement or lease.
Furthermore, the Cape Town Convention and the Aircraft Protocol provide that states can not make any reservation, but may undertake a number of declarations. These statements provide a flexible character to the two legal instruments and allow States to adapt the rules of the texts to any constraints of their national rights. Also, Madagascar intends to file reports under the Convention and the Protocol at the time of deposit of the instrument of accession to the UNIDROIT who is the depositary. Declarations under the Convention: • For the purposes of Articles 39 (1) (a) and (b), 40, 53 and 54 (2).
Declarations under the Protocol: • For the purposes of Article XXX (I) relating to Article VIII; • For the purposes of Article XXX (2) relating to Article X;
• For the purposes of Article XXX (3) relating to Article XI; • For the purposes of Article XXX (I) relating to Article XII and Article XIII.
These statements are intended to avoid interference in the exercise of control measures recovery of the aircraft object by the holder of the "international interest" to the extent that such interference would not be justified for security or safety reasons. These statements specify and also set time limits within which the holder of the "international interest" can obtain from the debtor, and with the cooperation of the competent national authorities, putting in possession or restitution of the charged aircraft object, that the failure has had place outside or in the context of insolvency proceedings. In addition, these statements give the possibility of a reference to the law of each state on the rules of jurisdiction. Such statements are included. It should be noted that in the renewal and / or development of its fleet and to solve its problem of current aircraft, Air Madagascar relies on the effects of accession in order to benefit from easy access financing necessary for the acquisition of fleet and better conditions for the provision of aircraft in its favor.
The Convention entered into force on 1 March 2006.
This is the purpose of this Act.
ION 2012-009 authorizing the accession of the Republic of Madagascar to the Convention on International Interests in Mobile Equipment, signed at Cape Town on 16 November 2001 and the Protocol on matters specific to aircraft equipment to the Convention on international Interests in mobile equipment signed at Cape Town 16 November 2001
The Congress of the Transition and the High Council of the Transition adopted in their meetings dated 08 May 2012 and 10 May 2012, the law which reads as follows:
Article: - Is authorized the accession of the Republic of Madagascar to the Convention on International Interests in Mobile Equipment, signed at Cape Town on 16 November 2001 and the Protocol thereto on Matters Specific to Aircraft Equipment to the Convention on international Interests in mobile equipment signed at Cape Town on 16 November 2001. Article 2: this law shall be published in the Official Journal of the Republic. It will be enforced as a law of the state.
Antananarivo, May 10, 2012
THE CHAIRMAN OF THE BOARD OF TRANSITION, THE PRESIDENT OF THE CONGRESS OF THE TRANSITION
Rasolosoa Dolin RAKOTOARIVELO Mamy
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