GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) invest funds not needed in its financing operations in such obligations as it may determine and invest funds held by it for pension or similar purposes in any marketable securities, all without being subject to the restrictions imposed by other sections of this Article;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) guarantee securities in which it has invested in order to facilitate their sale;
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) buy and sell securities it has issued or guaranteed or in which it has invested;
Bretton Woods and Related Agreements Act — B-7 (v)
(v) exercise such other powers incidental to its business as shall be necessary or desirable in furtherance of its purposes.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Valuation of Currencies Whenever it shall become necessary under this Agreement to value any currency in terms of the value of another currency, such valuation shall be as reasonably determined by the Corporation after consultation with the International Monetary Fund.
Bretton Woods and Related Agreements Act — B-7 Section 8
Section 8 Warning To Be Placed on Securities Every security issued or guaranteed by the Corporation shall bear on its face a conspicuous statement to the effect that it is not an obligation of the Bank or, unless expressly stated on the security, of any government.
Bretton Woods and Related Agreements Act — B-7 Section 9
Section 9 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 their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in this Agreement.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Structure of the Corporation The Corporation shall have a Board of Governors, a Board of Directors, a Chairman of the Board of Directors, a President and such other officers and staff to perform such duties as the Corporation may determine.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) All the powers of the Corporation shall be vested in the Board of Governors.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Corporation shall ex officio be a Governor or Alternate Governor, 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. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Corporation.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Board of Governors may delegate to the Board of Directors authority to exercise any of its powers, 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) decide appeals from interpretations of this Agreement given by the Board of Directors; (v) make arrangements to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide to suspend permanently the operations of the Corporation and to distribute its assets; (vii) declare dividends; (viii) amend this Agreement.
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) increase or decrease the capital stock;
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) decide appeals from interpretations of this Agreement given by the Board of Directors;
Bretton Woods and Related Agreements Act — B-7 (v)
(v) make arrangements to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character);
Bretton Woods and Related Agreements Act — B-7 (vi)
(vi) decide to suspend permanently the operations of the Corporation and to distribute its assets;
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Board of Directors.
Bretton Woods and Related Agreements Act — B-7 (g)
(g) The Corporation may by regulation establish a procedure whereby the Board of Directors may obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors.
Bretton Woods and Related Agreements Act — B-7 (h)
(h) The Board of Governors, and the Board of Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Corporation.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) Governors and Alternate Governors shall serve as such without compensation from the Corporation.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Except as otherwise expressly provided, all matters before the Corporation shall be decided by a majority of the votes cast.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Board of Directors shall be responsible for the conduct of the general operations of the Corporation, and for this purpose shall exercise all the powers given to it by this Agreement or delegated to it by the Board of Governors.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Board of Directors of the Corporation shall be composed ex officio of each Executive Director of the Bank who shall have been either (i) appointed by a member of the Bank which is also a member of the Corporation, or (ii) elected in an election in which the votes of at least one member of the Bank which is also a member of the Corporation shall have counted toward his election. The Alternate to each such Executive Director of the Bank shall ex officio be an Alternate Director of the Corporation. Any Director shall cease to hold office if the member by which he was appointed, or if all the members whose votes counted toward his election, shall cease to be members of the Corporation.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Each Director who is an appointed Executive Director of the Bank shall be entitled to cast the number of votes which the member by which he was so appointed is entitled to cast in the Corporation. Each Director who is an elected Executive Director of the Bank shall be entitled to cast the number of votes which the member or members of the Corporation whose votes counted toward his election in the Bank are entitled to cast in the Corporation. All the votes which a Director is entitled to cast shall be cast as a unit.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) A quorum for any meeting of the Board of Directors shall be a majority of the Directors exercising not less than one-half of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) The Board of Directors shall meet as often as the business of the Corporation may require.
Bretton Woods and Related Agreements Act — B-7 (g)
(g) The Board of Governors shall adopt regulations under which a member of the Corporation not entitled to appoint an Executive Director of the Bank may send a representative to attend any meeting of the Board of Directors of the Corporation when a request made by, or a matter particularly affecting, that member is under consideration.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The President of the Bank shall be ex officio Chairman of the Board of Directors of the Corporation, but shall have no vote except a deciding vote in case of an equal division. He may participate in meetings of the Board of Governors but shall not vote at such meetings.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The President of the Corporation shall be appointed by the Board of Directors on the recommendation of the Chairman. The President shall be chief of the operating staff of the Corporation. Under the direction of the Board of Directors and the general supervision of the Chairman, he shall conduct the ordinary business of the Corporation and under their general control shall be responsible for the organization, appointment and dismissal of the officers and staff. The President may participate in meetings of the Board of Directors but shall not vote at such meetings. The President shall cease to hold office by decision of the Board of Directors in which the Chairman concurs.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The President, officers and staff of the Corporation, in the discharge of their offices, owe their duty entirely to the Corporation and to no other authority. Each member of the Corporation shall respect the international character of this duty and shall refrain from all attempts to influence any of them in the discharge of their duties.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) Subject to the paramount importance of securing the highest standards of efficiency and of technical competence, due regard shall be paid, in appointing the officers and staff of the Corporation, to the importance of recruiting personnel on as wide a geographical basis as possible.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Corporation shall be an entity separate and distinct from the Bank and 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 and services and arrangements for reimbursement of administrative expenses paid in the first instance by either organization on behalf of the other.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) 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.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Relations With Other International Organizations The Corporation, acting through the Bank, shall enter into formal arrangements with the United Nations and may enter into such arrangements with other public international organizations having specialized responsibilities in related fields.
Bretton Woods and Related Agreements Act — B-7 Section 8
Section 8 Location of Offices The principal office of the Corporation shall be in the same locality as the principal office of the Bank. The Corporation may establish other offices in the territories of any member.
Bretton Woods and Related Agreements Act — B-7 Section 9
Section 9 Depositories Each member shall designate its central bank as a depository in which the Corporation may keep holdings of such member’s currency or other assets of the Corporation or, if it has no central bank, it shall designate for such purpose such other institution as may be acceptable to the Corporation.
Bretton Woods and Related Agreements Act — B-7 Section 10
Section 10 Channel of Communication Each member shall designate an appropriate authority with which the Corporation may communicate in connection with any matter arising under this Agreement.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Corporation shall publish an annual report containing an audited statement of its accounts and shall circulate to members at appropriate intervals a summary statement of its financial position and a profit and loss statement showing the results of its operations.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Corporation may publish such other reports as it deems desirable to carry out its purposes.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Board of Governors may determine from time to time what part of the Corporation’s net income and surplus, after making appropriate provision for reserves, shall be distributed as dividends.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Dividends shall be distributed pro rata in proportion to capital stock held by members.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Dividends shall be paid in such manner and in such currency or currencies as the Corporation shall determine.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Withdrawal by Members Any member may withdraw from membership in the Corporation at any time by transmitting a notice in writing to the Corporation at its principal office. Withdrawal shall become effective upon the date such notice is received.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) If a member fails to fulfill any of its obligations to the Corporation, the Corporation may suspend its membership by decision of a majority of the Governors, exercising a majority of the total voting power. The member so suspended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by the same majority to restore the member to good standing.
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Suspension or Cessation of Membership in the Bank Any member which is suspended from membership in, or ceases to be a member of, the Bank shall automatically be suspended from membership in, or cease to be a member of, the Corporation, as the case may be.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) When a government ceases to be a member it shall remain liable for all amounts due from it to the Corporation. The Corporation shall arrange for the repurchase of such government’s capital stock as a part of the settlement of accounts with it in accordance with the provisions of this Section, but the government shall have no other rights under this Agreement except as provided in this Section and in Article VIII (c).
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Corporation and the government may agree on the repurchase of the capital stock of the government on such terms as may be appropriate under the circumstances, without regard to the provisions of paragraph (c) below. Such agreement may provide, among other things, for a final settlement of all obligations of the government to the Corporation.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) If such agreement shall not have been made within six months after the government ceases to be a member or such other time as the Corporation and such government may agree, the repurchase price of the government’s capital stock shall be the value thereof shown by the books of the Corporation on the day when the government ceases to be a member. The repurchase of the capital stock shall be subject to the following conditions: (i) payments for shares of stock may be made from time to time, upon their surrender by the government, in such instalments, at such times and in such available currency or currencies as the Corporation reasonably determines, taking into account the financial position of the Corporation; (ii) any amount due to the government for its capital stock shall be withheld so long as the government or any of its agencies remains liable to the Corporation for payment of any amount and such amount may, at the option of the Corporation, be set off, as it becomes payable, against the amount due from the Corporation; (iii) if the Corporation sustains a net loss on the investments made pursuant to Article III, Section 1, and held by it on the date when the government ceases to be a member, and the amount of such loss exceeds the amount of the reserves provided therefor on such date, such government shall repay on demand the amount by which the repurchase price of its shares of stock would have been reduced if such loss had been taken into account when the repurchase price was determined.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) payments for shares of stock may be made from time to time, upon their surrender by the government, in such instalments, at such times and in such available currency or currencies as the Corporation reasonably determines, taking into account the financial position of the Corporation;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) any amount due to the government for its capital stock shall be withheld so long as the government or any of its agencies remains liable to the Corporation for payment of any amount and such amount may, at the option of the Corporation, be set off, as it becomes payable, against the amount due from the Corporation;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) if the Corporation sustains a net loss on the investments made pursuant to Article III, Section 1, and held by it on the date when the government ceases to be a member, and the amount of such loss exceeds the amount of the reserves provided therefor on such date, such government shall repay on demand the amount by which the repurchase price of its shares of stock would have been reduced if such loss had been taken into account when the repurchase price was determined.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) In no event shall any amount due to a government for its capital stock under this Section be paid until six months after the date upon which the government ceases to be a member. If within six months of the date upon which any government ceases to be a member the Corporation suspends operations under Section 5 of this Article, all rights of such government shall be determined by the provisions of such Section 5 and such government shall be considered still a member of the Corporation for purposes of such Section 5, except that it shall have no voting rights.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Corporation may permanently suspend its operations by vote of a majority of the Governors exercising a majority of the total voting power. After such suspension of operations the Corporation shall forthwith cease all activities, except those incident to the orderly realization, conservation and preservation of its assets and settlement of its obligations. 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 in this Section provided.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) No distribution shall be made to members on account of their subscriptions to the capital stock of the Corporation until all liabilities to creditors shall have been discharged or provided for and until the Board of Governors, by vote of a majority of the Governors exercising a majority of the total voting power, shall have decided to make such distribution.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Subject to the foregoing, the Corporation shall distribute the assets of the Corporation to members pro rata in proportion to capital stock held by them, subject, in the case of any member, to prior settlement of all outstanding claims by the Corporation against such member. Such distribution shall be made at such times, in such currencies, and in cash or other assets as the Corporation shall deem fair and equitable. The shares distributed to the several members need not necessarily be uniform in respect of the type of assets distributed or of the currencies in which they are expressed.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) Any member receiving assets distributed by the Corporation pursuant to this Section shall enjoy the same rights with respect to such assets as the Corporation enjoyed prior to their distribution.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Purposes of Article To enable the Corporation to fulfill the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Corporation in the territories of each member.
Bretton Woods and Related Agreements Act — B-7 Section 2
Section 2 Status of the Corporation The Corporation shall possess full juridical personality and, in particular, the capacity: (i) to contract; (ii) to acquire and dispose of immovable and movable property; (iii) to institute legal proceedings.
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Position of the Corporation with Regard to Judicial Process Actions may be brought against the Corporation only in a court of competent jurisdiction in the territories of a member 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 actions shall, however, be brought by members of persons acting for or deriving claims from members. The property and assets of the Corporation shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Corporation.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Immunity of Assets from Seizure Property and assets of the Corporation, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Immunity of Archives The archives of the Corporation shall be inviolable.
Bretton Woods and Related Agreements Act — B-7 Section 6
Section 6 Freedom of Assets from Restrictions To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of Article III, Section 5, and the other provisions of this Agreement, all property and assets of the Corporation shall be free from restrictions, regulations, controls and moratoria of any nature.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Privilege for Communications The official communications of the Corporation shall be accorded by each member the same treatment that it accords to the official communications of other members.
Bretton Woods and Related Agreements Act — B-7 Section 8
Section 8 Immunities and Privileges of Officers and Employees All Governors, Directors, Alternates, officers and employees of the Corporation: (i) shall be immune from legal process with respect to acts performed by them in their official capacity; (ii) not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials, and employees of comparable rank of other members; (iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) shall be immune from legal process with respect to acts performed by them in their official capacity;
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Corporation, its assets, property, income and its operations and transactions authorized by this Agreement, shall be immune from all taxation and from all customs duties. The Corporation shall also be immune from liability for the collection or payment of any tax or duty.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Corporation to Directors, Alternates, officials or employees of the Corporation who are not local citizens, local subjects, or other local nationals.