GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 To fulfil on a long-term basis its purpose of fostering the transition of Central and Eastern European countries towards open market-oriented economies and the promotion of private and entrepreneurial initiative, the Bank shall assist the recipient member countries to implement structural and sectoral economic reforms, including demonopolization, decentralization and privatization, to help their economies become fully integrated into the international economy by measures: (i) to promote, through private and other interested investors, the establishment, improvement and expansion of productive, competitive and private sector activity, in particular small and medium-sized enterprises; (ii) to mobilize domestic and foreign capital and experienced management to the end described in (i); (iii) to foster productive investment, including in the service and financial sectors, and in related infrastructure where that is necessary to support private and entrepreneurial initiative, thereby assisting in making a competitive environment and raising productivity, the standard of living and conditions of labour; (iv) to provide technical assistance for the preparation, financing and implementation of relevant projects, whether individual or in the context of specific investment programmes; (v) to stimulate and encourage the development of capital markets; (vi) to give support to sound and economically viable projects involving more than one recipient member country; (vii) to promote in the full range of its activities environmentally sound and sustainable development; and (viii) to undertake such other activities and provide such other services as may further these functions.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) to promote, through private and other interested investors, the establishment, improvement and expansion of productive, competitive and private sector activity, in particular small and medium-sized enterprises;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) to mobilize domestic and foreign capital and experienced management to the end described in (i);
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) to foster productive investment, including in the service and financial sectors, and in related infrastructure where that is necessary to support private and entrepreneurial initiative, thereby assisting in making a competitive environment and raising productivity, the standard of living and conditions of labour;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iv)
(iv) to provide technical assistance for the preparation, financing and implementation of relevant projects, whether individual or in the context of specific investment programmes;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (v)
(v) to stimulate and encourage the development of capital markets;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (vi)
(vi) to give support to sound and economically viable projects involving more than one recipient member country;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (vii)
(vii) to promote in the full range of its activities environmentally sound and sustainable development; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (viii)
(viii) to undertake such other activities and provide such other services as may further these functions.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 In carrying out the functions referred to in paragraph 1 of this Article, the Bank shall work in close cooperation with all its members and, in such manner as it may deem appropriate within the terms of this Agreement, with the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the Organisation for Economic Cooperation and Development, and shall cooperate with the United Nations and its Specialised Agencies and other related bodies, and any entity, whether public or private, concerned with the economic development of, and investment in, Central and Eastern European countries.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 Membership in the Bank shall be open: (i) to (1) European countries and (2) non-European countries which are members of the International Monetary Fund; and (ii) to the European Economic Community and the European Investment Bank.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) to (1) European countries and (2) non-European countries which are members of the International Monetary Fund; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) to the European Economic Community and the European Investment Bank.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 Countries eligible for membership under paragraph 1 of this Article, which do not become members in accordance with Article 61 of this Agreement, may be admitted, under such terms and conditions as the Bank may determine, to membership in the Bank upon the affirmative vote of not less than two thirds of the Governors, representing not less than three fourths of the total voting power of the members.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The original authorized capital stock shall be ten thousand million (10,000,000,000) ECU. It shall be divided into one million (1,000,000) shares, having a par value of ten thousand (10,000) ECU each, which shall be available for subscription only by members in accordance with the provisions of Article 5 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 The original capital stock shall be divided into paid-in shares and callable shares. The initial total aggregate par value of paid-in shares shall be three thousand million (3,000,000,000) ECU.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 The authorized capital stock may be increased at such time and under such terms as may seem advisable, by a vote of not less than two thirds of the Governors, representing not less than three fourths of the total voting power of the members.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 Each member shall subscribe to shares of the capital stock of the Bank, subject to fulfilment of the member’s legal requirements. Each subscription to the original authorized capital stock shall be for paid-in shares and callable shares in the proportion of three (3) to seven (7). The initial number of shares available to be subscribed to by Signatories to this Agreement which become members in accordance with Article 61 of this Agreement shall be that set forth in Annex A. No member shall have an initial subscription of less than one hundred (100) shares.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 The initial number of shares to be subscribed to by countries which are admitted to membership in accordance with paragraph 2 of Article 3 of this Agreement shall be determined by the Board of Governors; provided, however, that no such subscription shall be authorized which would have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community and the European Investment Bank, below the majority of the total subscribed capital stock.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 The Board of Governors shall at intervals of not more than five (5) years review the capital stock of the Bank. In case of an increase in the authorized capital stock, each member shall have a reasonable opportunity to subscribe, under such uniform terms and conditions as the Board of Governors shall determine, to a proportion of the increase in stock equivalent to the proportion which its stock subscribed bears to the total subscribed capital stock immediately prior to such increase. No member shall be obliged to subscribe to any part of an increase of capital stock.
European Bank for Reconstruction and Development Agreement Act — E-13.5 4
4 Subject to the provisions of paragraph 3 of this Article, the Board of Governors may, at the request of a member, increase the subscription of that member, or allocate shares to that member within the authorized capital stock which are not taken up by other members; provided, however, that such increase shall not have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community and the European Investment Bank, below the majority of the total subscribed capital stock.
European Bank for Reconstruction and Development Agreement Act — E-13.5 5
5 Shares of stock initially subscribed to by members shall be issued at par. Other shares shall be issued at par unless the Board of Governors, by a vote of not less than two thirds of the Governors, representing not less than two thirds of the total voting power of the members, decides to issue them in special circumstances on other terms.
European Bank for Reconstruction and Development Agreement Act — E-13.5 6
6 Shares of stock shall not be pledged or encumbered in any manner whatsoever, and they shall not be transferable except to the Bank in accordance with Chapter VII of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 7
7 The liability of the members on shares shall be limited to the unpaid portion of their issue price. No member shall be liable, by reason of its membership, for obligations of the Bank.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 Payment of the paid-in shares of the amount initially subscribed to by each Signatory to this Agreement, which becomes a member in accordance with Article 61 of this Agreement, shall be made in five (5) instalments of twenty (20) per cent each of such amount. The first instalment shall be paid by each member within sixty (60) days after the date of the entry into force of this Agreement, or after the date of deposit of its instrument of ratification, acceptance or approval in accordance with Article 61, if this latter is later than the date of the entry into force. The remaining four (4) instalments shall each become due successively one year from the date on which the preceding instalment became due and shall each, subject to the legislative requirements of each member, be paid.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 Fifty (50) per cent of payment of each instalment pursuant to paragraph 1 of this Article, or by a member admitted in accordance with paragraph 2 of Article 3 of this Agreement, may be made in promissory notes or other obligations issued by such member and denominated in ECU, in United States dollars or in Japanese yen, to be drawn down as the Bank needs funds for disbursement as a result of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing and payable to the Bank at par value upon demand. Demands upon such notes or obligations shall, over reasonable periods of time, be made so that the value of such demands in ECU at the time of demand from each member is proportional to the number of paid-in shares subscribed to and held by each such member depositing such notes or obligations.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 All payment obligations of a member in respect of subscription to shares in the initial capital stock shall be settled either in ECU, in United States dollars or in Japanese yen on the basis of the average exchange rate of the relevant currency in terms of the ECU for the period from 30 September 1989 to March 1990 inclusive.
European Bank for Reconstruction and Development Agreement Act — E-13.5 4
4 Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call, taking account of Articles 17 and 42 of this Agreement, only as and when required by the Bank to meet its liabilities.
European Bank for Reconstruction and Development Agreement Act — E-13.5 5
5 In the event of a call referred to in paragraph 4 of this Article, payment shall be made by the member in ECU, in United States dollars or in Japanese yen. Such calls shall be uniform in ECU value upon each callable share calculated at the time of the call.
European Bank for Reconstruction and Development Agreement Act — E-13.5 6
6 The Bank shall determine the place for any payment under this Article not later than one month after the inaugural meeting of its Board of Governors, provided that, before such determination, the payment of the first instalment referred to in paragraph 1 of this Article shall be made to the European Investment Bank, as trustee for the Bank.
European Bank for Reconstruction and Development Agreement Act — E-13.5 7
7 For subscriptions other than those described in paragraphs 1, 2 and 3 of this Article, payments by a member in respect of subscription to paid-in shares in the authorized capital stock shall be made in ECU, in United States dollars or in Japanese yen whether in cash or in promissory notes or in other obligations.
European Bank for Reconstruction and Development Agreement Act — E-13.5 8
8 For the purposes of this Article, payment or denomination in ECU shall include payment or denomination in any fully convertible currency which is equivalent on the date of payment or encashment to the value of the relevant obligation in ECU.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
As used in this Agreement, the term “ordinary capital resources” of the Bank shall include the following: (i) authorized capital stock of the Bank, including both paid-in and callable shares, subscribed to pursuant to Article 5 of this Agreement; (ii) funds raised by borrowings of the Bank by virtue of powers conferred by subparagraph (i) of Article 20 of this Agreement, to which the commitment to calls provided for in paragraph 4 of Article 6 of this Agreement is applicable; (iii) funds received in repayment of loans or guarantees and proceeds from the disposal of equity investment made with the resources indicated in subparagraphs (i) and (ii) of this Article; (iv) income derived from loans and equity investment, made from the resources indicated in subparagraphs (i) and (ii) of this Article, and income derived from guarantees and underwriting not forming part of the special operations of the Bank; and (v) any other funds or income received by the Bank which do not form part of its Special Funds resources referred to in Article 19 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) authorized capital stock of the Bank, including both paid-in and callable shares, subscribed to pursuant to Article 5 of this Agreement;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) funds raised by borrowings of the Bank by virtue of powers conferred by subparagraph (i) of Article 20 of this Agreement, to which the commitment to calls provided for in paragraph 4 of Article 6 of this Agreement is applicable;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) funds received in repayment of loans or guarantees and proceeds from the disposal of equity investment made with the resources indicated in subparagraphs (i) and (ii) of this Article;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iv)
(iv) income derived from loans and equity investment, made from the resources indicated in subparagraphs (i) and (ii) of this Article, and income derived from guarantees and underwriting not forming part of the special operations of the Bank; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (v)
(v) any other funds or income received by the Bank which do not form part of its Special Funds resources referred to in Article 19 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The resources and facilities of the Bank shall be used exclusively to implement the purpose and carry out the functions set forth, respectively, in Articles 1 and 2 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 The Bank may conduct its operations in countries from Central and Eastern Europe which are proceeding steadily in the transition towards market-oriented economies and the promotion of private and entrepreneurial initiative, and which apply, by concrete steps and otherwise, the principles as set forth in Article 1 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 In cases where a member might be implementing policies which are inconsistent with Article 1 of this Agreement, or in exceptional circumstances, the Board of Directors shall consider whether access by a member to Bank resources should be suspended or otherwise modified and may make recommendations accordingly to the Board of Governors. Any decision on these matters shall be taken by the Board of Governors by a majority of not less than two thirds of the Governors, representing not less than three fourths of the total voting power of the members.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) Any potential recipient country may request that the Bank provide access to its resources for limited purposes over a period of three (3) years beginning after the entry into force of this Agreement. Any such request shall be attached as an integral part of this Agreement as soon as it is made.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) During such a period; (a) the Bank shall provide to such a country, and to enterprises in its territory, upon their request, technical assistance and other types of assistance directed to finance its private sector, to facilitate the transition of state-owned enterprises to private ownership and control, and to help enterprises operating competitively and moving to participation in the market-oriented economy, subject to the proportion set forth in paragraph 3 of Article 11 of this Agreement; (b) the total amount of any assistance thus provided shall not exceed the total amount of cash disbursed and promissory notes issued by that country for its shares.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (a)
(a) the Bank shall provide to such a country, and to enterprises in its territory, upon their request, technical assistance and other types of assistance directed to finance its private sector, to facilitate the transition of state-owned enterprises to private ownership and control, and to help enterprises operating competitively and moving to participation in the market-oriented economy, subject to the proportion set forth in paragraph 3 of Article 11 of this Agreement;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (b)
(b) the total amount of any assistance thus provided shall not exceed the total amount of cash disbursed and promissory notes issued by that country for its shares.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) At the end of this period, the decision to allow such a country access beyond the limits specified in subparagraphs (a) and (b) shall be taken by the Board of Governors by a majority of not less than three fourths of the Governors representing not less than eighty-five (85) per cent of the total voting power of the members.
European Bank for Reconstruction and Development Agreement Act — E-13.5
The operations of the Bank shall consist of ordinary operations financed from the ordinary capital resources of the Bank referred to in Article 7 of this Agreement and special operations financed from the Special Funds resources referred to in Article 19 of this Agreement. The two types of operations may be combined.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The ordinary capital resources and the Special Funds resources of the Bank shall at all times and in all respects be held, used, committed, invested or otherwise disposed of entirely separately from each other. The financial statements of the Bank shall show the reserves of the Bank, together with its ordinary operations, and, separately, its special operations.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 The ordinary capital resources of the Bank shall under no circumstances be charged with, or used to discharge, losses or liabilities arising out of special operations or other activities for which Special Funds resources were originally used or committed.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 Expenses appertaining directly to ordinary operations shall be charged to the ordinary capital resources of the Bank. Expenses appertaining directly to special operations shall be charged to Special Funds resources. Any other expenses shall, subject to paragraph 1 of Article 18 of this Agreement, be charged as the Bank shall determine.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The Bank shall carry out its operations in furtherance of its purpose and functions as set out in Articles 1 and 2 of this Agreement in any or all of the following ways: (i) by making, or cofinancing together with multilateral institutions, commercial banks or other interested sources, or participating in, loans to private sector enterprises, loans to any state-owned enterprise operating competitively and moving to participation in the market-oriented economy, and loans to any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign capital in such enterprises; (ii) (a) by investment in the equity capital of private sector enterprises; (b) by investment in the equity capital of any state-owned enterprise operating competitively and moving to participation in the market-oriented economy, and investment in the equity capital of any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign capital in such enterprises; and (c) by underwriting, where other means of financing are not appropriate, the equity issue of securities by both private sector enterprises and such state-owned enterprises referred to in (b) above for the ends mentioned in that subparagraph; (iii) by facilitating access to domestic and international capital markets by private sector enterprises or by other enterprises referred to in subparagraph (i) of this paragraph for the ends mentioned in that subparagraph, through the provision of guarantees, where other means of financing are not appropriate, and through financial advice and other forms of assistance; (iv) by deploying Special Funds resources in accordance with the agreements determining their use; and (v) by making or participating in loans and providing technical assistance for the reconstruction or development of infrastructure, including environmental programmes, necessary for private sector development and the transition to a market-oriented economy. For the purposes of this paragraph, a state-owned enterprise shall not be regarded as operating competitively unless it operates autonomously in a competitive market environment and unless it is subject to bankruptcy laws.