0.975.1 translation Convention establishing the multilateral investment agreement in Seoul on October 11, 1985 guarantee agency approved by the Federal Assembly on 9 October 1987, Instrument of ratification deposited by the Switzerland on 8 February 1988 entry into force for the Switzerland on 12 April 1988 (status 3 March 2016) preamble the Contracting States whereas it is necessary to strengthen international cooperation to stimulate development economic and encourage the role played in this development by foreign investment in general and foreign investment
Recognizing that the inflow of foreign investment to developing countries would be facilitated and encouraged by a reduction of the concerns related to the non-commercial risks;
wishing to encourage the provision to the developing countries, for productive purposes, financial and technical resources with conditions compatible with their needs, their policies and their development goals, on the basis of fair and stable standards for the treatment foreign investments;
convinced of the importance of the role that could play in the promotion of foreign investment, a multilateral agency of guarantee of investments which action would be added to that of national and regional bodies to guarantee investment and insurers private against non-commercial risks; and aware that such an agency should, to the extent possible, fulfil its obligations without using its callable capital, and that the achievement of such an objective would be facilitated by the pursuit of the improvement of the investment environment;
agreed to the following: chapter I Creation, status, functions and definitions art. 1 creation and status of the Agency (a) this agreement establishes a multilateral investment guarantee agency (hereinafter the Agency).
((b) the Agency has full legal personality and, in particular, it has the capacity: i) to contract; ii) to acquire movable and immovable property, and to alienate; iii) to institute legal proceedings.
Art. 2 purpose and functions the Agency is intended to encourage investment flows for productive purposes between Member States, in particular to the developing Member States, thus supplementing the activities of the International Bank for Reconstruction and development (hereinafter referred to as the Bank), the International Finance Corporation and other international development finance institutions.
To this end, the Agency: a) issue guarantees, including operations of co-insurance and reinsurance, against non-commercial risks for investments in Member States in another Member State; b) contributes, by complementary activities appropriate to promote the flow of investment into and between Member States in development; etc) shall exercise all other implied powers necessary or beneficial to the accomplishment of its mandate.
In all its decisions, the agency draws on the provisions of this article.
Art. 3 definitions for the purposes of this Convention: a) the term 'Member State' means any State for which the Convention entered into force in accordance with art. 61.b) the expression "host" or "host Government" means any Member State, its Government or any public entity of a Member State, on the territories within the meaning of art. (66, which must be run the investment that the Agency has guaranteed or reinsured or plans to ensure or reassurer.c) 'Developing Member State' refers to one of the Member States of the Agency in the category of the developing Member States listed in Appendix A of this agreement, including the amendments that could be made audit Appendix by the Board of Governors referred to in art. 30 (hereinafter referred to as the Board of Governors) .d) "special majority" means a majority of two-thirds at least of the total number of votes representing at least 55% of the subscribed capital of the Agence.e) the expression 'freely usable currency' means i) any currency designated as such by the International Monetary Fund II) any other freely available and effectively usable currency which the Board referred to in art. 30 (hereinafter referred to as the Board) may designate for the purposes of this Convention after consultation with the International Monetary Fund and with the approval of the country of which the currency is the national currency.
Chapter II-Capital and composition of the arts agency. 4 membership (a) membership in the Agency is open to all the Member States of the Bank and the Switzerland.
(b) States members of the Agency are listed in Appendix A to this Convention and States who have accessed this agreement before October 30, 1987.
Art. 5 capital (a) the authorized capital of the Agency's $ 1 billion special drawing rights (SDR 1 000 000 000). It is divided into 100 000 shares, a peer of SDR 10 000, which can be subscribed by the Member States. All payments by the Member States in respect of their subscription to the capital are set based on the value of the SDR in United States dollars for the period from January 1, 1981 to June 30, 1985, which is $ 1,082.
(b) the capital is increased at the accession of a new Member State insofar as the previously authorized number of shares is insufficient for the new Member State can buy the number of shares provided for in art. 6. c) capital may at any time be increased by a decision of the Board of Governors by a special majority.
Art. 6 shares each State member from the Agency endorsed the AU of the number of shares shown next to its name in Appendix A to this agreement. Each of the other Member States subscribed the number of shares set by the Board of Governors, to the conditions set by the Board of Governors but at an issue price which can in no case be less than par. The number of shares to subscribe can in no case be less than 50. The Board may adopt rules allowing Member States to buy additional shares of authorized capital.
Art. 7 division and appeal of the subscribed capital the initial subscription of each Member State shall be paid as follows: i) within 90 days after the date on which this Convention comes into force for each Member State concerned, 10% of the price of each share is paid in cash in accordance with the provisions of the section has) art. 8 and additional 10% in the form of tickets to order or similar negotiable, not interest, that the Agency cash, on decision of the Board of Directors, to deal with its obligations.ii) the balance can be called by the Agency when she needs to meet its obligations.
Art. 8 payment of the subscribed shares (a) payment of subscriptions is made in one or more currency (s) freely usable (s), except that developing States may pay in their national currency up to 25% of the fraction in cash referred to in art. 7 (i).
(b) the calls on any portion not paid subscriptions are uniformly on all actions.
(c) If, having made a call for a fraction not paid subscriptions to meet its obligations, the Agency receives an insufficient amount to this end, she successively called new fractions until it has altogether sufficient amount.
(d) the liability incurred in respect of actions is limited to the portion not paid the issue price.
Art. 9 Evaluation of the currencies each time that it is necessary for the purposes of this Convention to determine the value of a currency against another currency, such value is reasonably determined by the Agency, after consultation with the International Monetary Fund.
Art. 10 refunds a) the Agency shall, as soon as this is possible, reimburse Member States payments following a call from the subscribed capital, to the condition and provided: i) that appeal resulted in the payment of compensation in respect of a guarantee or a contract of reinsurance issued by the Agency and that it was later recovered all or part of the amount paid in a freely usable currency; ii) that the call was the result of a default of payment of a State Member and that that Member State has subsequently paid all or part of the amount due; or III) that the Board of Governors decides, by special majority, that the financial situation of the Agency allows the refund of all or part of these amounts on the revenues of the Agency.
(b) any reimbursement to the Member States in application of the present article is made in the currency (s) freely usable (s) chosen by the Agency and each Member State Gets a share of such refund equal to its share of the total paid to the Agency as a result of appeals prior to such a refund.
(c) the equivalent of the amounts refunded to a Member State in application of the present Article is incorporated into the callable portion of the subscription of that Member State under art. 7 (ii).
Chapter III Operations art. Insured 11Risques
(a) subject to the provisions of sections (b) and (c) below, the Agency can ensure eligible investments against losses resulting from one or more of the risk categories below: i) transfer risk the fact that the host Government itself brought any restrictions on the transfer of its currency out of its territory in a currency can be freely used or in any other currency acceptable by the insured investor (, including the fact that the host Government has failed within a reasonable time to the transfer request from investor said; ii) Expropriation and other similar measures the fact that the host Government has taken any legislative or administrative measures or that he has failed to take any legislative or administrative, when done the said result in depriving the investor is assured of its rights on its capital or its investment or a substantial part of the benefits as a result of its investment, with the exception of the ordinary no discriminatory measures of general application that Governments normally to regulate the economy on their territories; iii) breach of contract any denunciation or failure by the Government of a contract concluded with the assured investor, in cases where (a) the insured investor does not remedy allowing him to ask an instance judicial or arbitral decision on information or breach of contract action or (b). a decision is not made by such a body within a reasonable time, defined by the contract of guarantee in accordance with the regulations of the Agency, or (c) such a decision cannot be enforced; etiv) armed conflict and troubled civilian military or any action disturbs civil in all territory of the host country to which this Convention applies in accordance with art. 66. b) in addition, the Governing Council, by decision adopted by a special majority, may extend the coverage in this article to other non-commercial risks that the risks referred to in the section) above, but in any event at the risk of devaluation or depreciation of the exchange rate.
losses resulting from a c) any facts listed below are not covered: i) any action or omission of the host Government to which insured investor has consented or which he is duly responsible; ii) any action or omission of the host Government or any other fact intervened before the conclusion of the contract of guarantee.
New content according to chapter I of the mod. from 30 July. 2010, in effect since Nov. 14. 2010 (2014-2045 RO).
Art. Has 12Investissements eligible) eligible investments include measures and participation, including loans to medium or long term granted or guaranteed by holders of the capital of the undertaking concerned, and all forms of direct investment deemed eligible by the Board of Directors.
((b) loans other than those referred to in section a) above are eligible (i) if they are used to finance or if they are related to an investment or to a specific project, including another form of direct investment, whether or not secured by the Agency and regardless of the date of the investment, or (ii) if they are approved by special by the Board majority.
(c) the Board of Directors may, by decision taken by special majority, extend eligible investments in any other form of investment in the medium or long term.
(d) as a general rule, the guarantees are limited to investments which execution begins after the registration of the application of guarantee by the agency or the receipt by the Agency of other satisfactory evidence of the intention of the investor to obtain the Agency's safeguards. Those investments may include: i) any currency transfer to modernize, strengthen or develop an existing investment, whereby the initial investment and the additional investment are both eligible investments; ii) the use of the existing investment product that could be transferred abroad; iii) the acquisition of an existing investment by a new eligible investor; iv) of existing investments when an eligible investor trying to ensure) v existing investments held by a group of existing and new investments; an eligible investor in case of improvement or extension of the underlying project or when the investor demonstrates another way a medium or long term commitment in the project, and that the Agency is convinced that the project still has a significant impact on the development of the host country; etvi) other investments approved by the Board of directors by special majority.
((e) when it guarantees an investment, the agency ensures: i) that such investment is economically justified and to contribute to the development of the host country; ii) that said investment satisfied the legislation and regulations of the host country; iii) that the investment is consistent with the objectives and priorities reported the host development; etiv) of the conditions offered to investment in the host country and, particularly, the existence of a fair and equitable regime and legal protections.
New content according to chapter II of the mod from 30 July. 2010, in effect since Nov. 14. 2010 (2014-2045 RO).
Art. 13 eligible investors a) any natural person and a legal person may be admitted to the benefit guarantees of the Agency, subject: i) that such physical person has the nationality of one Member State other than the host country; ii) that is organized in accordance with the law of a Member State and has its principal place of business in that State, or that the majority of its capital is held by a Member State or of the Member States or by the nationals of such or such State (s) member (s), to condition, in both cases above, the host country is a Member State different. III) that the said legal person, whether or not it belongs to private interests, is operating on a commercial basis.
(b) in case the investor has more than one nationality for the purposes of section a) above, the nationality of a Member State prevails over that of a non-Member State, and the nationality of the host country outweighs that of any other Member State.
(c) if the investor and the host country request jointly, the Board, by decision adopted by a special majority, may extend the benefit of the safeguards of the Agency to an individual who has the nationality of the host country, or to a legal person constituted under the law of the host country, or which the majority of the capital is owned by nationals of that country , provided that the assets in question are transferred to one Member State other than the host country in said host countries.
Art. 14 host countries eligible can be guaranteed in application of this chapter that the investments to be carried out in the territory of a Member State in development.
Art. 15 approval of the host country the agency finds no contract of guarantee until the Government of the host country has approved the granting of the guarantee by the Agency against risks specifically designated.
Art. 16 terms and conditions the Agency defines the terms and conditions of each contract of guarantee in accordance with the rules and regulations adopted by the Board of Directors, with the understanding that it cannot cover the total investment. The President of the Agency approves contracts of guarantee, as directed by the Board of Directors.
Art. 17 payment of awards the President decides, on the basis of the directives of the Board of Directors, of the payment of compensation to investors provided the guarantee agreement and the principles set out by the Board of Directors. Guarantee contracts oblige the investor to rely, before they receive compensation from the Agency, all administrative remedies that may be appropriate in the circumstances, provided that the legislation of the host country the opportunity to exercise them without difficulty. Such agreements may require the passage of reasonable time between the date of giving rise to the claim and the payment of compensation.
Art. 18 subrogation has) from when it pays or agrees to pay an indemnity to an insured investor, the Agency is subrogated in the rights or claims which could have said investor, as a result of the investment, against the host country and other third parties. The warranty contract determines the terms and conditions of the subrogation.
(b) all Member States recognize the rights given to the Agency in accordance with section has) above.
c) the host country grants the amounts in the currency of the host country acquired by the Agency as a substitute decision maker by virtue of section has) above, regarding their use and their conversion, treatment as favourable as that which said funds would be entitled if the insured investor had prisoners. In any State of cause, the Agency can affect these amounts for the payment of administrative expenses and other costs. It seeks to conclude with host countries of the agreements on other uses of their currency insofar as it is not freely usable.
Art. 19 relations with other national and regional organizations the Agency cooperates with national bodies of Member States and regional bodies including the majority of the capital is owned by Member States, which operate similar to his own, and seeks to complete their operations to maximize the effectiveness of their respective services as their contribution to an increase in the inflow of foreign investment as well. To this end, the Agency may make arrangements with these agencies about the specific terms of such cooperation, including the terms of the reinsurance and co-insurance.
Art. 20 reinsurance of national and regional organizations a). the Agency may reinsure any particular investment against loss resulting from one or more non-commercial risks guaranteed by a Member State or by a body in a Member State or a regional organization of investment guarantee which the majority of the capital is held by Member States. The Board, by decision taken by special majority, periodically sets the maximum amounts of the commitments that the Agency may take in respect of reinsurance contracts. With regard to investments which were completed more than 12 months prior to the receipt by the Agency of the demand for reinsurance, the ceiling is initially set at 10% of the total amount of the commitments made by the Agency under this chapter. The eligibility requirements provided for in art. 11 to 14 apply to reinsurance operations, except that it is not required that also investments are made after demand for reinsurance.
(b) the rights and obligations of the Agency and the Member State, or agency, reinsured are specified in a reinsurance contract concluded in accordance with the rules and reinsurance regulations adopted by the Board of Directors. The Board of Directors approves each reinsurance contract relating to an investment made before the Agency received demand for reinsurance, making sure to minimize the risks, and ensure that the Agency collects bonuses corresponding to the risk she takes and the reassuree entity is committed to promote new investment in developing Member States.
(c) the Agency, to the extent possible, made sure that itself or reinsured entity has rights equivalent, subrogation and arbitration, that the Agency would have if it had itself provided the investment. The terms and conditions of reinsurance must clarify that administrative remedies are exercised in accordance with art. 17 before compensation is paid by the Agency. Subrogation cannot be opposed to the host country concerned that it has approved reinsurance by the Agency. The Agency shall include in contracts of reinsurance of the provisions providing for the reassuree entity must assert the rights or claims related to the reinsurance investment with due diligence.
Art. 21 cooperation with insurers and private reinsurers a). the Agency may enter into agreements with insurers of Member States to develop its own operations and encourage such insurers to offer coverage against non-commercial risks in some developing country members to conditions similar to those applied by the Agency. These agreements may provide reassurance by the Agency under the conditions and according to the procedures set out in art. (20 b). the Agency may make reinsure all (s) guarantee (s) it has, in whole or in part, with any appropriate reinsurance company, output (s).
(c) the Agency is working in particular to guarantee investments for which coverage comparable to reasonable conditions can be obtained from insurers and private reinsurers.
Art. 22 ceiling commitment (a) unless the Governing Council decides otherwise by special majority, the total amount of commitments that the Agency may take under guarantees issued in application of this chapter exceeds not 150% of the amount of the subscribed capital, net of obligations of the Agency, its reserves and the fraction of commitments covered with reinsurers as the Board may determine. The Board of Directors at any time reconsider the risk of the portfolio of the agency profile based on actually filed claims, the degree of diversification risk, coverage from reinsurers and other relevant factors, to determine if changes to the ceiling on the commitments should be recommended to the Board of Governors. The ceiling so determined by the Board of Governors may in no case be more than five times the sum of the subscribed capital, net of obligations of the Agency, its reserves and the fraction of commitments covered with re-insurers that may be deemed appropriate.
(b) without prejudice to the overall ceiling referred to in section (a) above, the Board of Directors may fix: i) the amount cumulative maximum of commitments that the Agency may take pursuant to this chapter in respect of all guarantees issued to the investors of the same Member State. To determine the ceiling applicable in the various Member States, the Board of Directors takes due account of the share of capital agency underwritten by the Member State concerned and the need for greater flexibility with respect to investments from developing Member States; II) amount cumulative maximum of commitments that the Agency may take, for reasons of risk diversification, in respect of a single project, a single country host or certain categories of investment or risk.
Art. 23 promotion of investment) has the Agency researches, undertakes activities to promote investment flows and disseminates information on investment opportunities in developing Member States to create conditions conducive to inflows of foreign investment. It can provide to the Member States who ask him, technical assistance and advice to help improve the investment climate in their territories. By completing this work, the Agency: i) takes into account the investment between Member States agreements; ii) is working to remove obstacles, Member States developed and developing Member States, which impede the flow of investment towards the Member States developing; III) coordinates its action with that of other organizations dealing with the promotion of foreign investment also and in particular with that of the International Finance Corporation.
((b) in addition, the Agency: i) encourages the amicable settlement of disputes between investors and host country; ii) strives to conclude with the developing Member States and, in particular, with the host country potential of the agreements under which the Agency has, for any investment that it has guaranteed treatment at least as favourable that that Member State grants under the terms of an investment agreement, to the State or the most favoured investment guarantee agency; the agreements must be approved by the Board of directors by special majority; III) promotes and facilitates the conclusion of agreements, between its Member States, about the promotion and the protection of investments.
(c) in its promotional activities, the Agency attached particular importance to the increase of investment flows between its Member developing countries.
Art. 24 sponsored investment safeguards in addition to guarantee operations carried out by the Agency in accordance with this chapter, the Agency can ensure investment under the sponsorship arrangements provided for in annex I to this Convention.
Chapter IV provisions financial art. 25 financial management the Agency conducted its activities in accordance with the principles of sound business practice and financial management notified so as to preserve its ability to meet its financial obligations in all circumstances.
Art. 26 premiums and commissions the Agency fixed and periodically reviews the price of premiums, commissions and, where appropriate, other expenses to be charged for each type of risk.
Art. Appropriation of net profit 27) without prejudice to the provisions of section) iii) art. 10, the agency assigns all of its net income to reserves until the amount of such reserve reaches five times the amount of its subscribed capital.
(b) when the Agency reserves reach the level stipulated in section a) above, the Board of Governors decides whether, and to what extent, the net benefit of the Agency must be assigned to the reserves, distributed to the Member States of the agency or used otherwise. The Board of Governors decides by special majority of any distribution of net income of the Agency to the Member States and the portion paid to each of them is proportional to its share of the capital of the Agency.
Art. 28 the President of the Agency budget establishes the annual budget of revenues and expenditures of the Agency and shall submit it to the Board for approval.
Art. 29 accounting agency publishes an annual report which contains the States of its accounts and the accounts of the Fund trustee sponsorship referred to in annex I, duly verified by the Auditors. The Agency shall communicate to the Member States, at appropriate intervals, a summary of its financial situation and a account and loss statement showing the results of its operations.
Chapter V organization and management art. 30 the Agency the agency structure includes a Board of Governors, a Board of Directors, a President, and the staff required to perform the functions defined by the Agency.
Art. 31 the Board of Governors has) all the powers of the Agency are vested in the Board of Governors, with the exception of the powers conferred by this Convention expressly to another organ of the Agency. The Board of Governors may delegate to the Board the exercise of all his powers, with the exception of the following: i) admit new members and determine the terms of their membership; ii) suspend a Member State iii) decide on any increase or decrease in the capital; iv) raise the ceiling for the cumulative amount of the commitments which may be taken pursuant to section has) art. (22; v) classifying it as a Member State of the Member States in developing application of section c) of art. 3; vi) classify a new Member State in the category I or category II for the purposes of the distribution of votes in accordance with section (a) art. 39 or reclassify a State already Member for the same purpose; vii) fix the remuneration of the directors and their deputies; viii) permanently suspend the operations of the Agency and to liquidate the assets; ix) distribute the assets of the Agency Member States in case of liquidation; ETX) amend the present agreement, its annex and its Appendices.
(b) the Board of Governors includes a Governor and an alternate Governor appointed by each Member State according to the methods chosen by that Member State. No alternate Governor is entitled to vote, or in the absence of the Governor. The Board of Governors selects its Chairman among Governors.
(c) the Board of Governors holds one annual meeting, as well as all other meetings that are necessary or that asks the Board of Directors. The Board asked the Board of Governors to meet whenever five Member States or that Member States with 25% of the total number of votes of the Agency upon request.
Art. (32. the Board of directors a) the Board of Directors is responsible for the conduct of the General operations of the Agency and takes, for this purpose, any measure imposed or allowed by this agreement.
(b) the Board of directors includes at least twelve directors. The Board of Governors may change the number of Directors to take into account the evolution of the number of Member States. Each Director may appoint a Deputy Director who, in the absence or inability to exercise the administrator has full powers to act in his place. The President of the Bank is ex officio the President of the Board of Directors, but may not take part in the votes unless the tie, in which case his voice is predominant.
(c) the Board of Governors sets the term of office of the directors. The first Board of Directors is constituted at the inaugural meeting of the Board of Governors.
(d) the Board meets when convened by its Chairman, acting on his own initiative or at the request of three Directors.
(e) as long as the Governing Council has not decided that agency administrators should perform their duties at all times at the seat of the Agency, directors and their alternates shall be remunerated at the rate of spending that impose them their participation in the meetings of the Board of Directors and the performance of official duties on behalf of the Agency. If directors and their alternates must perform their duties at all times at the seat of the Agency, their remuneration is fixed by the Board of Governors.
Art. 33 president of the Agency and staff a) the President of the Agency, under the authority General of the Board of Directors, directs day-to-day operations of the Agency. It decides on the organisation of services, employment and dismissal of the members of staff.
(b) the President of the Agency is appointed by the Board of Directors on the proposal of its president. The Board of Governors sets the treatment and the conditions of the contract of the President of the Agency.
(c) in the performance of their duties, the President of the Agency and the staff members are entirely at the service of the Agency, no other authority. Each Member State of the Agency respects the international nature of their duties and refrain from any attempt to influence the President of the agency or of the staff in the performance of their duties.
(d) in the recruitment of staff, the President, without neglecting the vital interest that attaches to the most active competition and the most competent, takes into account the importance of a recruitment on a geographical basis as possible.
(e) the Chairman and members of the staff respect the confidential nature of the information obtained during the execution of the Agency's operations at all times.
Art. 34 ban on any political activity the Agency and its senior officers shall refrain from any interference in the political affairs of Member States. Without prejudice to the right of the Agency to take into account all the conditions in which an investment is made, the Agency and its senior officers should not be influenced in their decisions by the political character of the State or States concerned. The considerations that they should consider in their decisions must be assessed impartially in order to achieve the objectives set out in art. 2 art. 35 relations with other international organizations under the provisions of this Convention, the Agency cooperates with the Organization of the United Nations and with other intergovernmental organizations with some specialized functions in related areas, including, in particular, the Bank and the International Finance Corporation.
Art. 36 place of seat (a) the Agency's headquarters is located in Washington, D.C., unless otherwise decided by the Council of Governors, by special majority,.
(b) the Agency may open other offices for the needs of his work.
Art. 37 custodians of assets each Member State designates as depository, where the Agency can put its assets in the currency of that Member State or other assets, its Central Bank or, if he has no Central Bank, any other institution deemed acceptable by the Agency.
Art. 38 communications a) each Member State means the entity with which the Agency can get in touch about any matter under this agreement. The Agency can build on statements by the entity as a representative of the declarations of the Member State. At the request of a Member State, the Agency consults the Member State about the matters referred to in art. 19 to 21 and on organizations or insurers of that Member State.
(b) whenever a Member State approval is required before the Agency can act, such approval is regarded as given, unless that Member State has any objections within a reasonable time that the Agency may fix in notifying the proposed measure.
Chapter VI Vote, adjustments of the subscriptions and representation art. 39 vote and adjustments of subscriptions (a) to take into account in the voting procedures of the equal interest as the Agency for both Categories States including the list figure in Appendix A to this Convention, as well as the importance of the participation of each Member State, each of them has 177 votes for membership, plus one vote of subscription for each share of capital held.
(b) if at any time any in the three years following the entry into force of the Convention the total voting membership and the voices of subscription of the Member States have one or the other of the two Categories of States, as listed in Annex A to this Convention is less than 40% of the total number of votes States members of the said category receive the number of additional votes needed to make the total number of votes of the said category equal to the percentage of the total number of votes. These additional votes are distributed between the Member States in this category at the rate of the percentage of the total number of votes of subscription of this category they have. The number of these additional votes is automatically adjusted in order to maintain this percentage and such votes are cancelled at the end of the aforementioned three-year period.
c) the third year after the entry into force of this agreement, the Board of Governors reconsider the allocation of shares and is guided in its decisions of the following principles: i) the number of votes of each Member State corresponds to its actual subscriptions to the capital of the Agency and to its voice for membership in accordance with the provisions of the section has) of this article; ii) the shares reserved for countries that have not signed the Convention are released and can be reassigned in some Member States and in some manner so as to make possible the parity of the number of votes between the above categories; III) the Governing Council takes measures facilitating the subscription by Member States of the actions assigned to them.
(d) during the period of three years referred to in section b) of this article, all decisions of the Board of Governors and the Board of Directors are taken by special majority, except for decisions for which this Convention requires a higher majority and which are taken by this strengthened majority.
(e) if there shall be an increase in the share capital of the Agency in accordance with section c) of art. 5, each Member State requesting is allowed to subscribe to the increase of the percentage of the total shares of the Agency already subscribed, it being understood that no Member State is required to subscribe to a capital increase.
(f) the Board fixed, by way of regulation, the conditions under which additional subscriptions may be made under section e) of this article. This regulation provides for a reasonable time for the submission of their application by the Member States who wish to be allowed to such sales.
Art. 40 voting in the Board of Governors a) each Governor is empowered to exercise the vote of the Member State that it represents. Unless otherwise provided in this Convention, decisions of the Board are taken by a majority of the votes cast.
(b) for any meeting of the Board of Governors, the quorum is the presence of a majority of the Governors with two thirds of the total number of votes at least.
(c) the Board of Governors may, by regulation, establish a procedure whereby the Board of Directors, when he deems it to be consistent with the interests of the Agency, to ask the Board to take a decision on a specific question without having to convene the Board of Governors.
Art. (41 Election of directors a) the directors shall be elected in accordance with the Appendix B. b) the directors shall remain in office until their successors are elected. When a post becomes vacant more than 90 days before the expiration of the mandate of the administrator who occupied the said post, governors who elected the former Director elect a new Director for the duration of the term. This election is made by a majority of the votes cast. As long as the professional post remains vacant, the Deputy of the former administrator exercises the powers the Administrator said, except the power to appoint a substitute.
Art. 42 voting in the Board of directors a) each administrator has the number of votes that counted for his election. All voices available to an administrator should be used as a block. Unless otherwise provided in this Convention, decisions of the Board are taken by a majority of the votes cast.
(b) for any meeting of the Board, the quorum is the presence of a majority of the directors with the majority of the total number of votes.
(c) the Board may, by regulation, establish a procedure whereby its President, when he deems it to be consistent with the interests of the Agency, to ask the Board to take a decision on a specific question without calling a meeting of the Board of Directors.
Chapter VII Privileges and immunities art. 43 the purpose of this chapter to allow the Agency to perform its functions, the immunities and privileges set out in this chapter are recognized at the Agency in the territories of each Member State.
Art. 44 immunities from jurisdiction apart from the cases provided for in art. 57 and 58, the Agency cannot be sued only before a court having jurisdiction in the territory of a Member State where it has an office or well where she has appointed an officer to receive summonses and meanings. No prosecution may be brought against the Agency i) by Member States or by persons acting on behalf of those States or enforce rights transferred by them or ii) on personnel matters. The property and assets of the Agency, wherever they are and whatever the holders, are immune from all forms of seizure, opposition or execution before a judgement or an arbitral award was definitely rendered against the Agency.
Art. 45 assets (a) the property and assets of the Agency, where they may be located and whatever the holder, are exempt from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative means.
(b) to the extent necessary for the performance of its operations, in application of this Convention, all the property and assets of the Agency are exempt from restrictions, regulations, controls and arrears of any kind, being understood that the property and assets acquired by the holder of a security agency, a reinsurance agency or an investment provided by a reinsurance organization, by way of succession or subrogation are free from restrictions, regulations, and exchange controls normally applicable in the territories of the Member country concerned insofar as such owner of a warranty, body or investor to which the Agency has been subrogated was entitled to such exemption.
(c) for the purposes of this chapter, the term "assets" includes the assets of the Fund trustee sponsorship referred to in annex I to the Convention and other assets administered by the Agency.
Art. 46 archives and communications (a) the archives of the Bank shall be inviolable, wherever they are located.
(b) the official agency communications receive each Member State the same treatment as official communications from the Bank.
Art. 47 immunities tax a) the Agency, its assets, property and income, and its operations and transactions authorized by this agreement, are exempt from all taxes and all customs duties. The Agency is also exempt from liability for the collection or payment of all rights or taxes.
(b) except in the case of nationals of the country where they perform their duties, no tax is levied on the amount paid by the Agency to the Governors and their deputies, or salaries, allowances and other emoluments paid by the Agency to the President of the Board of Directors, administrators, deputies and the President of the agency or its staff.
c) no tax of any kind whatsoever is no perceived on guaranteed investments or reinsured by the Agency (including the gains from) or insurance policies reinsured by the Agency (including all premiums and other revenue is related), regardless of the holder: i) If this tax is a discriminatory measure against this investment or insurance policy taken solely because the insurance or reinsurance has been issued by the Agency; or (ii) if the legal basis of such a tax is the location of any office or establishment of the Agency.
Art. 48 people in positions to the Agency the Governors, directors, alternates, the President and the staff of the Agency:
((i) cannot be prosecuted for acts done by them in the exercise of official duties; ii) benefit, when they are not nationals of the State where they exercise their functions, same immunities in terms of restrictions on immigration, registration of foreigners and military obligations, and same facilities for exchange restrictions as those that are granted by the Member States concerned to representatives officials and employees of comparable rank of other members; III) benefit from the same treatment, with regard to the travel facilities, than the one that the Member States give to the representatives, officials and employees of comparable rank of other Member States.
Art. 49 application of this chapter each Member State takes on its own territories, measures to incorporate into its legislation the principles set out in this chapter; It shall notify the Agency of the details of the measures it has taken.
Art. 50 waiver of the privileges and immunities privileges, immunities and exemptions recognized in this chapter are granted in the interest of the agency that may waive, to the extent and the conditions it sets, in cases where such a waiver does not prejudice the interests of the Agency. The Agency lifts the immunity of any person performing functions at the Agency in the case where, in his opinion, such immunity would hinder action of justice and can be waived without prejudice to the interests of the Agency.
Chapter VIII resignation; suspension of a Member State; cessation of operations art. Resignation any Member State 51 peut, after the expiry of a period of three years from the date on which this Convention entered into force in respect, withdraw at any time the Agency notifying in writing his decision to his seat. The Agency shall notify the Bank, depositary of the present Convention, of the receipt of the notification. The resignation takes effect 90 days after the date of receipt of the notification of the Member State by the Agency. Any Member State may revoke its notification as long as it has not taken effect.
Art. 52 suspension of a Member State (a) If a Member State is missing one any obligations imposed under this agreement, the Board of Governors may suspend it by decision taken by the majority of Member States and voices.
(b) during the suspension, the Member State concerned has no right under this agreement, except the right to resign and the other rights provided in this chapter and in chapter IX, but it remains subject to all obligations.
(c) where one must determine if a suspended Member State can claim to a guarantee or reinsurance in accordance with Chapter III or Annex I of the Convention, that Member State is not treated as a Member State of the Agency.
(d) the State suspended member automatically loses its quality of Member State a year after the date of his suspension, unless the Council decides to extend the period of suspension or to rehabilitate.
Art. 53. rights and duties of States which cease to be members (a) when a State ceases to be a member of the Agency, it is still bound by all its obligations, including the conditional obligations under the present Convention it has undertaken before ceasing to be a member.
(b) without prejudice to section) above, the Agency and the State are making arrangements for the settlement of their claims and the respective obligations. These provisions must be approved by the Board of Directors.
Art. 54 suspension of operations a) the Board may, when it considers it justified, suspend the granting of new guarantees for a period of time.
(b) in exceptional circumstances, the Board of Directors may suspend all activities of the Agency to return to a normal situation, being understood that the necessary steps are taken for the protection of the interests of the Agency and third parties.
(c) the decision to suspend operations have no effect on the obligations of States under this agreement or the obligations of the Agency to policyholders of a guarantee or a font of reinsurance or to third parties.
Art. 55 dissolution a) the Board of Governors may decide, by special majority, to cease the operations of the Agency and to dissolve. Following this decision, the Agency ends immediately, with the exception of those relating to the realization, conservation and prevention normal activities of its assets as well as the settlement of its obligations. Until the day of the final settlement of its obligations and the distribution of its assets, the Agency retains its legal personality and all the rights and obligations of its members arising from this Agreement remain unchanged.
(b) no distribution of assets takes place for the benefit of the Member States until all obligations towards insured investors and other creditors have been turned off or that their regulation has been provided and that the Board of Governors has decided to proceed with such distribution.
(c) subject to the foregoing, the Agency distributes its assets among its members in proportion to their share of the subscribed capital. The Agency distributes also any balance of the assets of the Fund trustee sponsorship the sponsoring Member States in proportion to the share of the total sponsored investments that represent investment sponsored by each of them. No Member State can claim its share of the assets of the agency or the sponsorship Fund trustee before having paid all his debts to the Agency. The Board of Governors determines, on terms it considers just and equitable, the date of any distribution of assets.
Chapter IX settlement of disputes art. 56 interpretation and application of the Convention (a) any question of interpretation or application of the provisions of this agreement between one Member State to the agency or Member States between them is subject to the decision of the Board of Directors. If the issue particularly affects any member not already represented by one of its nationals to the Board, that Member State has the right to send a representative to any meeting of the Board of Directors on which the question is discussed.
(b) in any case where the Executive Board has given a decision under section a) above, any Member may require that the question be referred to the Board of Governors, whose decision shall be final. Until the Board of Governors ruled, the Agency may, to the extent where it deems necessary, Act on the basis of the decision of the Board of Directors.
Art. 57 disputes between the Agency and the Member States (a) without prejudice to the provisions of art. 56 and section b) of this article, any dispute between the Agency and a Member State or a body of a Member State and any dispute between the Agency and a country that has ceased to be a Member State (or an agency of that country) is set in accordance with the procedure described in annex II to this Convention.
(b) disputes concerning claims of the agency acting as subrogated to an investor are settled in accordance with or i) to the procedure described in annex II to this Convention, or ii) agreement to be concluded between the Agency and the Member State concerned for another method or other methods of settlement of such disputes. In the latter case, annex II to this Convention serves as a basis for the drafting of the agreement which, in each case, must be approved by the Board of directors by special majority before the Agency begins operations in the territories of the Member State concerned.
Art. 58 disputes which are parts of investors insured or also any dispute between the parties to a contract of insurance or reinsurance and the contract is subject to arbitration; the award is without appeal and the procedure applicable that is described or referred to in the contract of insurance or reinsurance.
Chapter X amendments art. 59 amendment by the Board of Governors (a) this agreement and its Annexes may be amended by a decision adopted by the three-fifths of the Governors of countries holding the four-fifths of the total number of votes; However, it is understood that: i) any amendment modifying the law of a Member State to withdraw from the Agency provided in art. 51 or the limitation of liability provided by section d) art. 8 cannot be adopted if it is approved by the Governors unanimously; IATT) any amendment modifying the provisions relating to the sharing of losses in the art. 1 to 3 of annex I to the Convention which would have the effect of increasing the obligations of such in a Member State any must be approved by the Governor of that Member State.
(b) the Appendices A and B of this agreement may be amended by the Board of Governors by a decision adopted by a special majority.
(c) If an amendment is a provision affecting any of annex I to the present Convention, the total number of votes should include additional voting power under art. 7 of the annex States sponsors and countries where sponsored investments will be carried out.
Art. 60 procedure any proposal to make changes to this agreement, whether from a State Member, a Governor or an administrator, is communicated to the Chairman of the Board of Directors, who grabs the Board of Directors. If the Board recommends the adoption of the proposed amendment, it is submitted to the Board of Governors for approval in accordance with art. 59. when an amendment has been duly approved by the Board of Governors, the Agency certifies to the acceptance by an official communication addressed to all Member States. The amendments come into force for all Member States 90 days after the date of the official communication, unless the Board of Governors specifies a different period.
Chapter XI provisions final art. 61 entry into force (a) this Convention shall be open for signature by all States members of the Bank and the Switzerland and ratified, accepted, or approved by the signatories in accordance with their constitutional procedures.
(b) the present Convention comes into force on the date on which at least five instruments of ratification, acceptance or approval have been deposited on behalf of signatory States of the category, and that at least fifteen instruments similarly nature have been filed on behalf of States signatories of the category II; It is understood, however, that the total sales of these countries should not be less than one third of the authorized capital of the Agency in accordance with the provisions of art. 5. c) for each State depositing its instrument of ratification, acceptance or approval after the entry into force of the Convention, it comes into force on the date of the deposit of the said instrument.
(d) If this agreement is not entered into force within two years after its opening for signature, the President of the Bank shall convene a conference of interested countries to determine the measures to be taken.
Art. 62 inauguration of the Agency as soon as this Convention comes into force, the President of the Bank shall convene the Board of Governors for an inaugural session. This session takes place at the headquarters of the agency within 60 days of the entry into force of this Convention.
Art. 63 depositary instruments of ratification, acceptance or approval to this agreement and the amendments that may be made are deposited with the Bank, which acts as depositary of this Convention. The depositary sent certified copies of this Convention to the Member States of the Bank and the Switzerland.
Art. 64 record custodian records this agreement to the Secretariat of the United Nations in accordance with art. 102 of the Charter of the United Nations and the regulations are relative, adopted by the General Assembly.
RS 0.120 art. 65 notification the depositary shall notify all signatory States and, upon entry into force of this Convention, to the Agency: a) signatures to this Convention; b) the deposit of the instruments of ratification, acceptance and approval referred to in art. 63; c) the date on which this Convention comes into force in accordance with the provisions of art. 61; d) notifications of territorial applicability referred to in art. 66; summer) the resignation of a Member State of the Agency in accordance with art. 51 art. 66 territorial applicability this Agreement shall apply to all territories that are under the jurisdiction of a Member State, including the territories where a Member State is responsible for international relations, with the exception of the territories a Member State exclude by written notification to the depositary of the present Convention at the time of ratification, acceptance or approval , or later.
Art. 67 periodic reviews (a) the Board of Governors periodically undertakes a comprehensive review of the Agency's activities and results achieved to adopt any necessary changes to the Agency better able to achieve its objectives.
(b) the first of these reviews will be held five years after the entry into force of the Convention. The Board of Governors determines the date of future reviews.
Done in Seoul, October 11, 1985, in a single copy in the English language, which will be deposited in the archives of the International Bank for Reconstruction and development, which indicated by signature affixed above that it accepts to perform the functions which it is responsible under the Convention.
Annex I guarantee investment sponsored by application of art. 24 art. 1 sponsorship a) any Member may sponsor an investment guarantee that must (must) perform an investor of any nationality or of the investors of one or several nationalities, whatever they may be.
((b) subject to the provisions of sections b) and c) of art. 3 of this annex, each sponsor Member State supports with other Member States sponsors the losses covered by the guarantees granted to the title of sponsored investments, when and insofar as such losses cannot be financed by the resources of the Fund trustee sponsorship referred to in art. 2 of this annex, in proportion to the ratio between the amount of the maximum commitments made in respect of that Member State-sponsored investment guarantees and the total maximum commitments taken in respect of the guarantees relating to the investment sponsored by all of the Member States.
(c) to issue guarantees pursuant to this annex, the Agency shall take due account of the extent in which it is likely that the sponsor Member State will be able to fulfil its obligations in respect of this annex and gives priority to investments co-sponsored by concerned host countries.
(d) the Agency periodically conducts consultations with States sponsors about transactions relating to this chapter.
Art. 2 Fund trustee of sponsorship (a) the product of premiums and other revenues attributable to the guarantees granted to sponsored investments, including the proceeds of the offering of such premiums and revenue, is paid to a separate account known as the sponsorship Fund trustee.
(b) all administrative expenses and all allowances paid in respect of guarantees issued pursuant to this annex are addressed through the resources of the Fund trustee sponsorship.
(c) the assets of the trustee sponsorship funds are held and administered for the collective account of States sponsors and separately from the assets of the Agency.
Art. 3 appeals to States sponsors a) insofar as the Agency must pay all amount of the fact of a loss covered by sponsored coverage and where that amount can be paid through the assets of the Fund trustee sponsorship, the Agency calls on each Member State sponsor to pay audit funds a fraction of the said amount calculated in accordance with the provisions of section b) of art. 1 of this annex.
(b) no Member State is required to pay an amount any as a result of a claim made pursuant to this section, if, as a result, total payments must exceed the total of the guarantees covering investments that Member State-sponsored.
(c) at the end of any guarantee covering an investment sponsored by a Member State, the commitments of that Member State are reduced by an amount equivalent to that of this guarantee; These commitments are also professionally reduced when paid by the Agency of any compensation relating to a sponsored investment and continue for the rest to be enforceable audit Member State until the expiry of all the guarantees of investments sponsored in force on the date of such payment.
(((d) If a any Member sponsor is not required to make the payment requested pursuant to this section because of the limits stipulated in sections b) and c) above, or if one any States sponsors missing from his obligation to pay the amount requested, the amount of such payment is supported proportionally by the other sponsors. (The obligation imposed on Member States by this section is subject to the limits stated in sections b) and c) above.
(e) sponsoring Member States carry out any payment requested pursuant to this section promptly and in a freely usable currency.
Art. 4 assessment of currencies and repayments the provisions on assessment of currencies and payments contained in the Convention about the subscriptions to the capital shall apply mutatis mutandis to payments made by Member States to sponsored investments.
Art. 5 reinsurance
(a) the Agency may, in the conditions set out in art. 1 of the present annex, reinsure a Member State, a body of a Member State or a regional organization, as defined in section (a) art. 20 of the present Convention, or a private Member State insurer. The provisions of this annex concerning guarantees and the provisions of the art. 20 and 21 of the Convention shall apply mutatis mutandis to the reinsurance issued pursuant to this section.
(b) the Agency can reinsure the investments she has secured pursuant to this annex and shall pay out of the Fund trustee sponsorship corresponding reinsurance premiums. The Board of Directors may decide whether and to what extent the obligation to share the loss of States members sponsors in application of section b) of art. 1 of this annex may be reduced as a result of the obtained reinsurance cover.
Art. 6 principles governing operations without prejudice to the provisions of this annex, the provisions of chapter III of this Convention relating to financial management operations apply mutatis mutandis to the guarantees relating to the sponsored investments, except i) that those investments may be sponsored if performed in the territory of a Member State whatsoever, and in particular of any developing member (, by one or more authorized investors under section has) art. 1 of this annex and ii) that the Agency is not responsible for its own assets of any guarantee or reinsurance issued in accordance with this annex and each contract of guarantee or reinsurance entered into under this annex should contain a provision to that effect.
Art. 7 vote for decisions on sponsored investments, each Member State sponsor has an additional vote per a counter value of 10,000 the amount guaranteed or reinsured that there sponsored special drawing rights, and each Member State hosting a sponsored investment has an additional vote per a counter value of 10,000 the amount guaranteed or reinsured in respect of any sponsored investment that it has hosted special drawing rights. These additional voices are used for sponsored investment decisions and in other cases do not enter into account the number of votes of the Member States.
Annex II settlement of disputes between a Member State and the Agency referred to in art. 57 art. 1 scope of the annex all disputes to which applies art. (57 of the Convention are settled in accordance with the procedures described in this annex, except in cases where the Agency has entered into an agreement with a Member State according to section b) ii) art. 57 art. 2 negotiation the parties to a dispute to which this annex applies shall attempt to resolve such dispute by negotiation before filing a conciliation proposal or a request for arbitration. The negotiations are deemed failing if the parties cannot reach a settlement within a period of 120 days from the date of the request for the opening of negotiations.
Art. 3 conciliation (a) if the dispute is not resolved by negotiation, each party may submit to arbitration under the provisions of art. 4 of this annex, unless the parties, by mutual consent, decided to first use the procedure of conciliation described in this article.
(b) the use of conciliation agreement specifies the subject of the dispute, the submissions of the parties in this regard and, if known, the name of the conciliator designated by mutual agreement by the parties. If the parties cannot agree on the choice of a conciliator, they may apply jointly to the Secretary general of the International Centre for the settlement of disputes relating to investments (hereinafter referred to as the ICSID) or the President of the International Court of Justice to appoint a conciliator. The conciliation procedure ends if the conciliator has not been designated within a period of 90 days from the date of the agreement of use of conciliation.
(c) unless otherwise provided in this annex or otherwise agreed by the parties, the conciliator sets out the rules governing the conciliation procedure and is inspired in this respect of the conciliation rules adopted in application of the Convention for the settlement of disputes relating to investments between States and nationals of other States.
(d) the parties cooperate in good faith with the conciliator and, in particular, to provide all information and documents that can help him to carry out his duties; they take the greatest account of its recommendations.
(e) unless otherwise agreed by the parties, the conciliator, within a period not exceeding 180 days from the date of his appointment, submit to the parties a report reflecting the results it has achieved and setting out the outstanding issues and the way he proposed they should be resolved.
(f) each party, within 60 days of the date of the submission of the report, writing exposes his views on the report to the other party.
((g) no party to a conciliation procedure may resort to arbitration unless: i) the conciliator did not present its report within the time prescribed in section e) above; or queii) the parties have not agreed some of the proposals contained in the report within 60 days of its receipt; or queiii) parties, after an exchange of views on the report, were able to agree on a settlement of all outstanding issues within 60 days of receipt of the report of the conciliator; or queiv) part has not exposed its views on the report as it is prescribed in section f) above.
(h) unless otherwise agreed by the parties, the conciliator's fees are determined on the basis of tariffs apply to the conciliation proceedings taking place under the auspices of ICSID. Each party is to bear an equal share of these fees and other costs of the conciliation procedure. Each party pays specific expenses.
Art. 4 arbitration (a) the arbitration procedure is introduced by way of notification by the party wishing to begin arbitration proceedings (the applicant) to the other party or the other party to the dispute (the defendant). This notice specifies the nature of the dispute, the relief sought and the name of the arbitrator appointed by the applicant. The defendant, within 30 days of the date of receipt of this notification, shall inform the applicant of the name of the arbitrator appointed by him. Both parties, within 30 days of the date of the appointment of the second arbitrator select a third arbitrator, who acts as President of the arbitral Tribunal (the Tribunal).
(b) if the Tribunal has not been formed within 60 days of the date of the notification, not yet designated arbitrator or not yet chosen President is appointed, at the joint request of the parties, by the Secretary-General of ICSID. If such a common request is not presented, or if the Secretary-General does not make the appointment within 30 days of the date of the request, one or the other of the two parties may ask the President of the International Court of Justice to make the appointment.
(c) a party may reconsider its appointment of an arbitrator once the proceedings. In case of resignation, death or incapacity of an arbitrator (including the President of the Court), a successor is appointed him in the same manner, and he has the same powers and duties as its predecessor.
(d) the President shall fix the date and place of the first sitting of the Court. Subsequently, the Court determines the place and the dates of its meetings.
(e) except as otherwise provided in this annex or otherwise agreed by the parties, the Tribunal fixed its procedure and is inspired in this respect of the arbitration rules adopted in application of the Convention for the settlement of disputes relating to investments between States and nationals of other States.
(f) the Tribunal is judge of jurisdiction, provided however that, if it is raised before the Tribunal an objections to jurisdiction based on the ground that the dispute is within the jurisdiction of the Board of directors or the Board of Governors under art. 56, or the jurisdiction of a judicial or arbitral body designated in an agreement under art. 1 of the present annex, and if the Court finds that this objection is based on a serious basis, he referred to the Board of directors or the Board of Governors or to the designated body, as the case may be; the arbitration procedure is then suspended until the issue has been a decision, which is binding on the Tribunal.
(g) the Tribunal, on the occasion of any dispute to which this appendix is applicable, shall comply with the provisions of this agreement and of any relevant agreement between the parties to the dispute, the statutes and the regulations of the Agency, to the applicable rules of international law, to the legislation of the Member State concerned and, as appropriate, to the provisions of the investment contract. The provisions of the present Convention are without prejudice to the possibility for the Tribunal, if the Agency and the Member State in question agree, to adjudicate ex aequo and bono. The Tribunal cannot refuse to judge under the pretext of the silence or obscurity of the law.
(h) the Court gives the parties the opportunity to present their arguments. All decisions of the Tribunal shall be taken by a majority of the votes and contain a statement of the reasons on which they are based. The sentence of the Court is made in writing and signed by at least two referees, and a copy is sent to each party. The award is final and binding on the parties and is not subject to appeal, review or cancellation.
(i) If a dispute between the parties about the meaning or scope of the award, each party may, within 60 days of the date on which the award was made, write a request for interpretation to the President of the Court that deliberated. President, if it is possible, submitted the request to the Court which ruled and convene the Tribunal within 60 days of receipt of the request for interpretation. If this is not possible, a new Tribunal is constituted in accordance with the provisions of sections has) to d) above. The Court may decide to suspend execution of the sentence until he dealt with the request for interpretation.
(j) each Member State recognizes that an award made under this section has mandatory and binding force on their territory under the same conditions as if it were a final judgment rendered by a Court of that Member State. The enforcement of the award is governed by the law on the enforcement of judgments which is in force in the State on the territory of which enforcement is sought, and he does not waiver to the laws in force based on the immunity of execution.
(k) unless the parties agree otherwise, the fees and remuneration payable to the arbitrators are fixed on the basis of the rates applicable to the arbitration proceedings under the auspices of ICSID.
Each party bears his special expenses. The expenses of the Tribunal are borne equally by the parties unless the Court decides otherwise. The Court shall decide on any matter concerning the apportionment of costs of the Tribunal or the terms of payment of such fees.
Art. 5 meanings any meaning or notification pertaining to an act of procedure foreseen in this annex is made in writing. It is sent by the Agency to the authority designated by the Member State concerned pursuant to art. 38 of this Convention and by this Member State at the headquarters of the Agency.
Appendix A States members and subscriptions category I countries number of shares subscription (million SDRS) Africa of the South 943 9.43 Germany, Federal Republic of 5 071 50,71 Australia 1 713 17.13 Austria 775 7.75 Belgium 2 030 20,30 Canada 2 965 29,65 Denmark 718 7,18 United States of America 20 519 205,19 Finland 600 6.00 France 4 860 48.60 Ireland 369 3.69 Iceland 90 0.90 Italy 2 820 28,20 Japan 5 095 50.95 Luxembourg 116 1.16 Norway 699 6.99 New Zealand 513 5.13
Netherlands 2 169 21,69 United Kingdom 4 860 48.60 Sweden 1 049 10.49 Switzerland 1 500 15,00 59 473 594,73 category II countries number of shares subscription (million SDRS) Afghanistan 118 1.18 Algeria 649 6.49 Antigua and Barbuda 50 0.50 Saudi Arabia 3 137 31,37 Argentina 1 254 12.54 Bahamas 100 1.00 Bahrain 77 0.77 Bangladesh 340 3.40 Barbados 68 0.68 Belize 50 0.50 Benin 61 0.61 Bhutan 50 0.50 Bolivia 125 1.25 Botswana 50 0.50 Brazil 1 479 14.79 Burkina Faso 61
0.61 Burundi 74 0.74 Cambodia 93 0.93 Cameroon 107 1.07 Cape Verde 50 0.50 Chile 485 4.85 China 3 138 31,38 Cyprus 104 1.04 Colombia 437 4.37 Comoros 50 0.50 Congo 65 0.65 Korea (South) 449 4.49 Costa Rica 117 1.17 side of ivory 176 1.76 Djibouti 50 0.50 Dominique 50 0.50 Egypt, Arab Republic of 459 4.59 El El Salvador 122 1.22 UAE United 372 3.72 Ecuador 182 1.82 Spain 1 285 12,85 Ethiopia 70 0.70 Fiji 71 0.71 Gabon 96
0.96 Gambia Ghana 245 2.45 Greece 280 2.80 0.50 50 Grenade 50 0.50 Guatemala 140 1.40 Guinea 91 0.91 Guinea Bissau 50 Equatorial Guinea 50 0.50 0.50 Guyana 84 0.84 Haiti 75 0.75 Honduras 101 1.01 Hungary 564 5,64 islands Solomon 50 0.50 India 3 048 30.48 Indonesia 1 049 10.49 Iran, Islamic Republic of Iraq 350 3.50 Israel 474 1 659 16.59 4.74 Libyan Arab Jamahiriya 549 5.49 Jamaica 181 1.81 Jordan 97 0.97 Kenya 172 1.72 Kuwait 930 9,30
Lesotho 50 0.50 Lebanon 142 1.42 Liberia 84 0.84 Madagascar 100 1.00 Malaysia 579 5.79 Malawi 77 0.77 Maldives 50 0.50 Mali 81 0.81 Malta 75 0.75 Morocco Mauritius 87 348 3.48 0.87 Mauritania 63 0.63 Mexico 1 192 11.92 Mozambique 97 0.97 Myanmar 178 1.78 69 Nepal 0.69 Nicaragua 102 1.02 Niger 62 0.62 Nigeria 844 8,44 Oman 94 0.94 Uganda 132 1.32 Pakistan 660 6.60 Panama 131 1.31 Papua New Guinea 96 0.96 Paraguay 80 0.80 Peru 373 3.73 Philippines
484 4.84 Portugal 382 3.82 Qatar 137 1.37 Syrian Arab Republic 168 Central African Republic 60 1.68 0.60 Republic lao 60 PDR 0.60 Dominican Republic 147 1.47 Romania 555 5.55 Rwanda 75 0.75 St. Christopher and Nevis 50 0.50 Saint Vincent and Grenadines 50 0.50 St. Lucia 50 0.50 Western Samoa 50 0.50 Sao Tome - and - principle 50 0.50 Senegal 145 1.45 Seychelles 50 0.50 Sierra Leone 75 0.75 Singapore 154 1.54 Somalia 78 0.78 Sudan 206 2.06 Sri Lanka 271 2.71 Suriname 82 0.82 Swaziland 58 0.58 Tanzania 141
1.41 Chad 60 0.60 Thailand 421 4.21 Togo 77 0.77 Trinidad and Tobago 203 2.03 Tunisia 156 1.56 Turkey 462 4.62 Uruguay 202 2.02 Vanuatu 50 0.50 Venezuela 1 427 14.27 Viet Nam 220 2.20 Yemen, Arab Republic of the 67 0.67 Yemen, Democratic Republic of the 115 1.15 Yugoslavia 635 6.35 Zaire 338 3,38 Zambia 318 3,18 Zimbabwe 236 2.36 40 527 405,27 Total 100 000 1000.00 enrolled in category II countries are developing for the purposes of the This Convention.
State on 3 March 2016 Appendix b. Election of Directors 1. Candidates for Director are appointed by the Governors, being understood that each Governor may propose only one candidate.
2. the Governors elect directors by vote.
3. when participating in this election, each Governor expresses all voting power in favor of one candidate, in accordance with the provisions of section) of art. 40, to the Member State that it represents.
4. a quarter of the number of Directors is elected separately, at the rate of a Director by each of the Governors of the Member States with the largest number of shares. If the total number of administrators is not a multiple of four, the number of Directors elected this way is equal to a quarter of the multiple number four immediately lower.
5. the rest of the Directors is elected by the other Governors in accordance with the provisions of by. 6 to 11 of this appendix.
6. If the number of proposed candidates equals the number of Directors to be elected, all candidates are elected in the first round of the election; It is heard however that any candidate (s) with less than the minimum percentage of the total number of voice set by the Board of Governors for this election are not elected if a candidate has received more than the maximum percentage of the total number of voice fixed by the Board of Governors.
7. If the number of the nominated candidates exceeds the number of Directors to be elected, the candidates who received the greatest number of votes are elected with the exception of any candidate who received less than the minimum percentage of the total votes determined by the Board of Governors.
8. If all directors are not elected on the first ballot, a second round is held, the candidate (s) had not been elected (s) in the first round remaining eligible.
(9. for this second tour, only vote i) governors who voted in the first round for a candidate not elected and ii) governors who voted in the first round for a successful candidate who already received the maximum percentage of the total number of votes determined by the Board of Governors before that are taken into account the votes cast by such Governors.
10. with regard to determine at what point a candidate is considered as having already received the maximum vote percentage, the number of votes collected by the said candidate is deemed first understand the votes cast by the Governor who brought him the greatest number of votes, second voice of the Governor he brought the immediately lower number , and so on until the said percentage is reached.
11. If all directors are not elected at the end of the second round, there shall be additional votes following the same principles, until all directors are elected, being understood that when left to elect one Director, it may be elected by a majority of the remaining votes, and it is known have been elected by the totality of such voices.
State on 3 March 2016 scope on 3 March 2016 States parties Ratification entry into force Afghanistan June 16, 2003 June 16, 2003 South Africa 2 March 1994 10 March 1994 Albania October 15, 1991 15 October 1991 Algeria February 22, 1996 June 4, 1996 Germany 6 October 1987 12 April 1988 Angola 19 September 1989 September 19, 1989 Antigua - and - Barbuda 26 September 2005 September 26, 2005 Saudi Arabia August 6, 1986 12 April 1988 Argentina November 29, 1990
February 11, 1992 Armenia September 16, 1992 December 5, 1995 Australia February 10, 1999 February 10, 1999 Austria September 17, 1997 December 16, 1997 Azerbaijan September 22, 1992 September 23, 1992 Bahamas 2 June 1993 4 October 1994 Bahrain November 12, 1986 12 April 1988 Bangladesh March 13, 1987 12 April 1988 Barbados May 23, 1986 12 April 1988 Belarus 17 September 1992 3 December 1992 Belgium 30 June 1992 18 September 1992 Belize 25 June 1992 29 June 1992
Benin July 28, 1994 September 26, 1994 Bolivia September 26, 1991 3 October 1991 Bosnia and Herzegovina 6 September 1991 19 March 1993 Botswana 26 September 1989 15 May 1990 Bhutan October 21, 2014 October 21, 2014 Brazil 23 September 1992 7 January 1993 Bulgaria July 27, 1992 September 23, 1992 Burkina Faso November 2, 1988 2 November 1988 Burundi 18 March 1996 March 10, 1998 Cambodia December 1, 1999 December 1, 1999 Cameroon October 7, 1988 October 7, 1988
Canada 29 October 1987 12 April 1988 Cape - Verde 20 April 1993 10 May 1993 Chile March 29, 1988 April 12, 1988 China April 30, 1988 April 30, 1988 Hong Kong June 4, 1997 1 July 1997 Cyprus 11 March 1987 12 April 1988 Colombia September 8, 1995 November 30, 1995 Comoros 25 February 2013 has 25 February 2013 Congo (Brazzaville) July 5, 1990 16 October 1991 Congo (Kinshasa) February 7, 1989 February 7, 1989 (South) Korea November 24, 1987 12 April 1988 Costa Rica March 19, 1993 February 8, 1994 Ivory Coast June 7, 1988 7 June 1988 Croatia 6 September 1991 19 March 1993 Denmark August 18, 1987 12 April 1988 Djibouti January 12, 2007 January 12, 2007 Dominique 2 August 1991 7 October 1991 Egypt September 21, 1987 12 April 1988 El El Salvador 17 June 1991 20 December 1991 UAE United 20 October 1993 20 October 1993 Ecuador January 15, 1986 12 April 1988 Eritrea 11 October
1995 September 10, 1996 Spain April 29, 1988 April 29, 1988 Estonia September 24, 1992 24 September 1992 United States 12 April 1988 12 April 1988 Ethiopia 21 February 1991 13 August 1991 Fiji 24 May 1990 24 September 1990 Finland December 28, 1988 December 28, 1988 France 28 December 1989 28 December 1989 Gabon 26 March 2003 March 26, 2003 Gambia October 15, 1991 11 September 1992 Georgia November 20, 1992 29 December 1992 Ghana April 29, 1988 29 April
1988 Greece 24 May 1989 August 30, 1993 Grenade January 28, 1988 12 April 1988 Guatemala July 10, 1996 July 11, 1996 Guinea 19 November 1993 5 October 1995 Guinea Equatorial 17 June 1992 27 October 1994 Guinea - Bissau, July 12, 2006 July 12, 2006 Guyana 18 January 1989 January 18, 1989 Haiti 11 December 1996 December 11, 1996 Honduras June 30, 1992 30 June 1992 Hungary April 21, 1988 April 21, 1988 India September 20, 1993 6 January 1994 Indonesia
26 September 1986 12 April 1988 Iran December 15, 2003 December 15, 2003 Iraq October 6, 2008 6 October 2008 Ireland July 5, 1989 27 October 1989 Iceland 24 July 1998 25 September 1998 Israel may 21, 1992 May 21, 1992 Italy April 29, 1988 April 29, 1988 Jamaica December 15, 1987 April 12, 1988 Japan June 5, 1987 12 April 1988 Jordan December 16, 1986 12 April 1988 Kazakhstan 18 September 1992 12 August 1993 Kenya November 28, 1988
November 28, 1988 Kyrgyzstan September 28, 1992 21 September 1993 Kosovo June 29, 2009 June 29, 2009 Kuwait 6 July 1987 12 April 1988 Laos April 5, 2000 April 5, 2000 Lesotho January 30, 1987 12 April 1988 Latvia 29 September 1993 August 21, 1998 Lebanon June 7, 1994 19 October 1994 Liberia 12 April 2007 April 12, 2007 Libya 19 February 1992 5 April 1993 Lithuania 22 September 1992 8 June 1993 Luxembourg June 4, 1991 August 29, 1991
Macedonia 6 September 1991 19 March 1993 Madagascar June 8, 1988 June 8, 1988 Malaysia August 2, 1991 December 6, 1991 Malawi May 14, 1987 12 April 1988 Maldives 19 May 2005 may 19, 2005 Mali 5 October 1990 22 October 1992 Malta February 13, 1990 12 September 1990 Morocco September 16, 1992 September 17, 1992 Maurice 19 October 1990 28 December 1990 Mauritania 8 October 1991 8 September 1992 Mexico July 1, 2009 1 July 2009 Micronesia August 11
1993 11 August 1993 Moldova September 22, 1992 9 June 1993 Mongolia January 6, 1992 January 21, 1999 Montenegro 18 January 2007 18 January 2007 Mozambique 30 November 1993 November 23, 1994 Myanmar December 16, 2013 December 16, 2013 Namibia 25 September 1990 25 September 1990 Nepal 23 September 1993 9 February 1994 Nicaragua April 13, 1992 12 June 1992 Niger 10 may 2012 10 may 2012 Nigeria March 8, 1988 April 12, 1988 Norway July 3, 1989 August 9
1989 New Zealand 22 April 2008 April 22, 2008 Oman January 24, 1989 24 January 1989 Uganda may 18, 1992 June 10, 1992 Uzbekistan 24 September 1992 4 November 1993 Pakistan December 1, 1986 12 April 1988 Palau December 16, 1997 December 16, 1997 Panama February 21, 1997 February 21, 1997 Papua New Guinea 29 October 1990 21 October 1991 Paraguay may 26, 1992 30 June 1992 Netherlands 9 October 1987 12 April 1988 Aruba October 9, 1987 12 April 1988 9 Curaçao October 1987 12 April 1988 part Caribbean (Bonaire, Sint Eustatius and Saba) October 9, 1987 12 April 1988 Sint Maarten October 9, 1987 12 April 1988 Peru June 5, 1991 December 2, 1991 Philippines 22 November 1993 8 February 1994 Poland 28 December 1989 June 29, 1990 Portugal June 6, 1988 6 June 1988 Qatar 27 June 1996 October 22, 1996 Republic Central African September 8, 2000 September 8, 2000 Dominican Republic 19 November 1996 7 March 1997 Czech Republic 20 September 1990 1 January 1993 Romania 22 June 1992 September 10, 1992 United Kingdom 12 April 1988 12 April 1988 Russia 29 December 1992 29 December 1992 Rwanda October 27, 1989 September 27, 2002 Saint - Lucie July 25, 1988 July 25, 1988 Saint - Kitts - and - Nevis, on September 16, 1999 September 21, 1999 Saint - Vincent and the Grenadines 8 June 1990 10 September 1990 Solomon, Islands 27 October 2005 October 27, 2005 Samoa 17 March 1987 12 April 1988 Sao Tome - and - principle 20 December 2012 has 20 December 2012 Senegal
March 10, 1987 12 April 1988 Serbia 6 September 1991 19 March 1993 Seychelles 20 August 1992 15 September 1992 Sierra Leone may 7, 1996 June 20, 1996 Singapore June 20, 1997 February 24, 1998 Slovakia 20 September 1990 1 January 1993 Slovenia September 6, 1991 March 19, 1993 Sudan August 21, 1991 November 7, 1991 South Sudan April 18, 2012 has 18 April 2012 Sri Lanka 27 May 1988 may 27, 1988 Sweden 31 December 1987 12 April
1988 Switzerland February 8, 1988 12 April 1988 Suriname 2 July 2003 July 2, 2003 Swaziland 3 April 1990 18 April 1990 Syria may 14, 2002 14 May 2002 Tajikistan 26 July 1993 December 9, 2002 Tanzania 24 January 1991 19 June 1992 Chad 11 June 2002 June 11, 2002 Thailand October 20, 2000 October 20, 2000 Timor - Leste July 23, 2002 July 23, 2002 Togo 15 April 1988 April 15, 1988 Trinidad and Tobago 10 September 1991 2 July 1992 Tunisia 7 June 1988 7 June 1988 Turkmenistan 26 September 1992 October 1, 1993 Turkey June 3, 1988 3 June 1988 Ukraine September 27, 1993 19 July 1994 Uruguay December 9, 1992 March 1, 1993 Vanuatu July 27, 1988 July 27, 1988 Venezuela November 30, 1993 9 May 1994 Viet Nam April 4, 1994 5 October 1994 Yemen 10 January 1990 March 12, 1996 Zambia June 6, 1988 6 June 1988 Zimbabwe 2 April 1992 10 April 1992 RO 1989 641; FF 1987 I 134 English original text.
RO 1989 640 2005 2103 RO, 2010 4949, 2014-2045, 2016-993. A version of the update scope is published on the web site of the FDFA (www.dfae.admin.ch/traites).
State on March 3, 2016