GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) Expropriation and Similar Measures any legislative action or administrative action or omission attributable to the host government which has the effect of depriving the holder of a guarantee of his ownership or control of, or a substantial benefit from, his investment, with the exception of non-discriminatory measures of general application which governments normally take for the purpose of regulating economic activity in their territories;
Bretton Woods and Related Agreements Act — B-7
any legislative action or administrative action or omission attributable to the host government which has the effect of depriving the holder of a guarantee of his ownership or control of, or a substantial benefit from, his investment, with the exception of non-discriminatory measures of general application which governments normally take for the purpose of regulating economic activity in their territories;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) Breach of Contract any repudiation or breach by the host government of a contract with the holder of a guarantee, when (a) the holder of a guarantee does not have recourse to a judicial or arbitral forum to determine the claim of repudiation or breach, or (b) a decision by such forum is not rendered within such reasonable period of time as shall be prescribed in the contracts of guarantee pursuant to the Agency’s regulations, or (c) such a decision cannot be enforced; and
Bretton Woods and Related Agreements Act — B-7 (a)
any repudiation or breach by the host government of a contract with the holder of a guarantee, when (a) the holder of a guarantee does not have recourse to a judicial or arbitral forum to determine the claim of repudiation or breach, or (b) a decision by such forum is not rendered within such reasonable period of time as shall be prescribed in the contracts of guarantee pursuant to the Agency’s regulations, or (c) such a decision cannot be enforced; and
Bretton Woods and Related Agreements Act — B-7 (a)
(a) the holder of a guarantee does not have recourse to a judicial or arbitral forum to determine the claim of repudiation or breach, or
Bretton Woods and Related Agreements Act — B-7 (b)
(b) a decision by such forum is not rendered within such reasonable period of time as shall be prescribed in the contracts of guarantee pursuant to the Agency’s regulations, or
Bretton Woods and Related Agreements Act — B-7 (c)
(c) such a decision cannot be enforced; and
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) War and Civil Disturbance any military action or civil disturbance in any territory of the host country to which this Convention shall be applicable as provided in Article 66.
Bretton Woods and Related Agreements Act — B-7
any military action or civil disturbance in any territory of the host country to which this Convention shall be applicable as provided in Article 66.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Upon the joint application of the investor and the host country, the Board, by special majority, may approve the extension of coverage under this Article to specific non-commercial risks other than those referred to in Section (a) above, but in no case to the risk of devaluation or depreciation of currency.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Losses resulting from the following shall not be covered: (i) any host government action or omission to which the holder of the guarantee has agreed or for which he has been responsible; and (ii) any host government action or omission or any other event occurring before the conclusion of the contract of guarantee.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) any host government action or omission to which the holder of the guarantee has agreed or for which he has been responsible; and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) any host government action or omission or any other event occurring before the conclusion of the contract of guarantee.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Eligible investments shall include equity interests, including medium- or long-term loans made or guaranteed by holders of equity in the enterprise concerned, and such forms of direct investment as may be determined by the Board.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Board, by special majority, may extend eligibility to any other medium- or long-term form of investment, except that loans other than those mentioned in Section (a) above may be eligible only if they are related to a specific investment covered or to be covered by the Agency.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Guarantees shall be restricted to investments the implementation of which begins subsequent to the registration of the application for the guarantee by the Agency. Such investments may include: (i) any transfer of foreign exchange made to modernize, expand, or develop an existing investment; and (ii) the use of earnings from existing investments which could otherwise be transferred outside the host country.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) any transfer of foreign exchange made to modernize, expand, or develop an existing investment; and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the use of earnings from existing investments which could otherwise be transferred outside the host country.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) In guaranteeing an investment, the Agency shall satisfy itself as to: (i) the economic soundness of the investment and its contribution to the development of the host country; (ii) compliance of the investment with the host country’s laws and regulations; (iii) consistency of the investment with the declared development objectives and priorities of the host country; and (iv) the investment conditions in the host country, including the availability of fair and equitable treatment and legal protection for the investment.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the economic soundness of the investment and its contribution to the development of the host country;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) compliance of the investment with the host country’s laws and regulations;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) consistency of the investment with the declared development objectives and priorities of the host country; and
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) the investment conditions in the host country, including the availability of fair and equitable treatment and legal protection for the investment.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any natural person and any juridical person may be eligible to receive the Agency’s guarantee provided that: (i) such natural person is a national of a member other than the host country; (ii) such juridical person is incorporated and has its principal place of business in a member or the majority of its capital is owned by a member or members or nationals thereof, provided that such member is not the host country in any of the above cases; and (iii) such juridical person, whether or not it is privately owned, operates on a commercial basis.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) such natural person is a national of a member other than the host country;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) such juridical person is incorporated and has its principal place of business in a member or the majority of its capital is owned by a member or members or nationals thereof, provided that such member is not the host country in any of the above cases; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) such juridical person, whether or not it is privately owned, operates on a commercial basis.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In case the investor has more than one nationality, for the purposes of Section (a) above the nationality of a member shall prevail over the nationality of a non-member, and the nationality of the host country shall prevail over the nationality of any other member.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Upon the joint application of the investor and the host country, the Board, by special majority, may extend eligibility to a natural person who is a national of the host country or a juridical person which is incorporated in the host country or the majority of whose capital is owned by its nationals, provided that the assets invested are transferred from outside the host country.
Bretton Woods and Related Agreements Act — B-7
Investments shall be guaranteed under this Chapter only if they are to be made in the territory of a developing member country.
Bretton Woods and Related Agreements Act — B-7
The Agency shall not conclude any contract of guarantee before the host government has approved the issuance of the guarantee by the Agency against the risks designated for cover.
Bretton Woods and Related Agreements Act — B-7
The terms and conditions of each contract of guarantee shall be determined by the Agency subject to such rules and regulations as the Board shall issue, provided that the Agency shall not cover the total loss of the guaranteed investment. Contracts of guarantee shall be approved by the President under the direction of the Board.
Bretton Woods and Related Agreements Act — B-7
The President under the direction of the Board shall decide on the payment of claims to a holder of a guarantee in accordance with the contract of guarantee and such policies as the Board may adopt. Contracts of guarantee shall require holders of guarantees to seek, before a payment is made by the Agency, such administrative remedies as may be appropriate under the circumstances, provided that they are readily available to them under the laws of the host country. Such contracts may require the lapse of certain reasonable periods between the occurrence of events giving rise to claims and payments of claims.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Upon paying or agreeing to pay compensation to a holder of a guarantee, the Agency shall be subrogated to such rights or claims related to the guaranteed investment as the holder of a guarantee may have had against the host country and other obligors. The contract of guarantee shall provide the terms and conditions of such subrogation.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The rights of the Agency pursuant to Section (a) above shall be recognized by all members.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Amounts in the currency of the host country acquired by the Agency as subrogee pursuant to Section (a) above shall be accorded, with respect to use and conversion, treatment by the host country as favorable as the treatment to which such funds would be entitled in the hands of the holder of the guarantee. In any case, such amounts may be used by the Agency for the payment of its administrative expenditures and other costs. The Agency shall also seek to enter into arrangements with host countries on other uses of such currencies to the extent that they are not freely usable.
Bretton Woods and Related Agreements Act — B-7
The Agency shall cooperate with, and seek to complement the operations of, national entities of members and regional entities the majority of whose capital is owned by members, which carry out activities similar to those of the Agency, with a view to maximizing both the efficiency of their respective services and their contribution to increased flows of foreign investment. To this end, the Agency may enter into arrangements with such entities on the details of such cooperation, including in particular the modalities of reinsurance and coinsurance.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Agency may issue reinsurance in respect of a specific investment against a loss resulting from one or more of the non-commercial risks underwritten by a member or agency thereof or by a regional investment guarantee agency the majority of whose capital is owned by members. The Board, by special majority, shall from time to time prescribe maximum amounts of contingent liability which may be assumed by the Agency with respect to reinsurance contracts. In respect of specific investments which have been completed more than twelve months prior to receipt of the application for reinsurance by the Agency, the maximum amount shall initially be set at ten percent of the aggregate contingent liability of the Agency under this Chapter. The conditions of eligibility specified in Articles 11 to 14 shall apply to reinsurance operations, except that the reinsured investments need not be implemented subsequent to the application for reinsurance.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The mutual rights and obligations of the Agency and a reinsured member or agency shall be stated in contracts of reinsurance subject to such rules and regulations as the Board shall issue. The Board shall approve each contract for reinsurance covering an investment which has been made prior to receipt of the application for reinsurance by the Agency, with a view to minimizing risks, assuring that the Agency receives premiums commensurate with its risk, and assuring that the reinsured entity is appropriately committed toward promoting new investment in developing member countries.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Agency shall, to the extent possible, assure that it or the reinsured entity shall have the rights of subrogation and arbitration equivalent to those the Agency would have if it were the primary guarantor. The terms and conditions of reinsurance shall require that administrative remedies are sought in accordance with Article 17 before a payment is made by the Agency. Subrogation shall be effective with respect to the host country concerned only after its approval of the reinsurance by the Agency. The Agency shall include in the contracts of reinsurance provisions requiring the reinsured to pursue with due diligence the rights or claims related to the reinsured investment.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Agency may enter into arrangements with private insurers in member countries to enhance its own operations and encourage such insurers to provide coverage of non-commercial risks in developing member countries on conditions similar to those applied by the Agency. Such arrangements may include the provision of reinsurance by the Agency under the conditions and procedures specified in Article 20.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Agency may reinsure with any appropriate reinsurance entity, in whole or in part, any guarantee or guarantees issued by it.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Agency will in particular seek to guarantee investments for which comparable coverage on reasonable terms is not available from private insurers and reinsurers.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Unless determined otherwise by the Council by special majority, the aggregate amount of contingent liabilities which may be assumed by the Agency under this Chapter shall not exceed one hundred and fifty percent of the amount of the Agency’s unimpaired subscribed capital and its reserves plus such portion of its reinsurance cover as the Board may determine. The Board shall from time to time review the risk profile of the Agency’s portfolio in the light of its experience with claims, degree of risk diversification, reinsurance cover and other relevant factors with a view to ascertaining whether changes in the maximum aggregate amount of contingent liabilities should be recommended to the Council. The maximum amount determined by the Council shall not under any circumstances exceed five times the amount of the Agency’s unimpaired subscribed capital, its reserves and such portion of its reinsurance cover as may be deemed appropriate.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Without prejudice to the general limit of guarantee referred to in Section (a) above, the Board may prescribe: (i) maximum aggregate amounts of contingent liability which may be assumed by the Agency under this Chapter for all guarantees issued to investors of each individual member. In determining such maximum amounts, the Board shall give due consideration to the share of the respective member in the capital of the Agency and the need to apply more liberal limitations in respect of investments originating in developing member countries; and (ii) maximum aggregate amounts of contingent liability which may be assumed by the Agency with respect to such risk diversification factors as individual projects, individual host countries and types of investment or risk.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) maximum aggregate amounts of contingent liability which may be assumed by the Agency under this Chapter for all guarantees issued to investors of each individual member. In determining such maximum amounts, the Board shall give due consideration to the share of the respective member in the capital of the Agency and the need to apply more liberal limitations in respect of investments originating in developing member countries; and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) maximum aggregate amounts of contingent liability which may be assumed by the Agency with respect to such risk diversification factors as individual projects, individual host countries and types of investment or risk.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Agency shall carry out research, undertake activities to promote investment flows and disseminate information on investment opportunities in developing member countries, with a view to improving the environment for foreign investment flows to such countries. The Agency may, upon the request of a member, provide technical advice and assistance to improve the investment conditions in the territories of that member. In performing these activities, the Agency shall: (i) be guided by relevant investment agreements among member countries; (ii) seek to remove impediments, in both developed and developing member countries, to the flow of investment to developing member countries; and (iii) coordinate with other agencies concerned with the promotion of foreign investment, and in particular the International Finance Corporation.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) be guided by relevant investment agreements among member countries;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) seek to remove impediments, in both developed and developing member countries, to the flow of investment to developing member countries; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) coordinate with other agencies concerned with the promotion of foreign investment, and in particular the International Finance Corporation.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Agency also shall: (i) encourage the amicable settlement of disputes between investors and host countries; (ii) endeavor to conclude agreements with developing member countries, and in particular with prospective host countries, which will assure that the Agency, with respect to investment guaranteed by it, has treatment at least as favorable as that agreed by the member concerned for the most favored investment guarantee agency or State in an agreement relating to investment, such agreements to be approved by special majority of the Board; and (iii) promote and facilitate the conclusion of agreements, among its members, on the promotion and protection of investments.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) encourage the amicable settlement of disputes between investors and host countries;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) endeavor to conclude agreements with developing member countries, and in particular with prospective host countries, which will assure that the Agency, with respect to investment guaranteed by it, has treatment at least as favorable as that agreed by the member concerned for the most favored investment guarantee agency or State in an agreement relating to investment, such agreements to be approved by special majority of the Board; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) promote and facilitate the conclusion of agreements, among its members, on the promotion and protection of investments.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Agency shall give particular attention in its promotional efforts to the importance of increasing the flow of investments among developing member countries.
Bretton Woods and Related Agreements Act — B-7
In addition to the guarantee operations undertaken by the Agency under this Chapter, the Agency may guarantee investments under the sponsorship arrangements provided for in Annex I to this Convention.
Bretton Woods and Related Agreements Act — B-7
The Agency shall carry out its activities in accordance with sound business and prudent financial management practices with a view to maintaining under all circumstances its ability to meet its financial obligations.
Bretton Woods and Related Agreements Act — B-7
The Agency shall establish and periodically review the rates of premiums, fees and other charges, if any, applicable to each type of risk.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Without prejudice to the provisions of Section (a)(iii) of Article 10, the Agency shall allocate net income to reserves until such reserves reach five times the subscribed capital of the Agency.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) After the reserves of the Agency have reached the level prescribed in Section (a) above, the Council shall decide whether, and to what extent, the Agency’s net income shall be allocated to reserves, be distributed to the Agency’s members or be used otherwise. Any distribution of net income to the Agency’s members shall be made in proportion to the share of each member in the capital of the Agency in accordance with a decision of the Council acting by special majority.
Bretton Woods and Related Agreements Act — B-7
The President shall prepare an annual budget of revenues and expenditures of the Agency for approval by the Board.
Bretton Woods and Related Agreements Act — B-7
The Agency shall publish an Annual Report which shall include statements of its accounts and of the accounts of the Sponsorship Trust Fund referred to in Annex I to this Convention, as audited by independent auditors. The Agency 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
The Agency shall have a Council of Governors, a Board of Directors, a President and staff to perform such duties as the Agency may determine.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) All the powers of the Agency shall be vested in the Council, except such powers as are, by the terms of this Convention, specifically conferred upon another organ of the Agency. The Council may delegate to the Board the exercise of any of its powers, except the power to: (i) admit new members and determine the conditions of their admission; (ii) suspend a member; (iii) decide on any increase or decrease in the capital; (iv) increase the limit of the aggregate amount of contingent liabilities pursuant to Section (a) of Article 22; (v) designate a member as a developing member country pursuant to Section (c) of Article 3; (vi) classify a new member as belonging to Category One or Category Two for voting purposes pursuant to Section (a) of Article 39 or reclassify an existing member for the same purposes; (vii) determine the compensation of Directors and their Alternates; (viii) cease operations and liquidate the Agency; (ix) distribute assets to members upon liquidation; and (x) amend this Convention, its Annexes and Schedules.
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) decide on any increase or decrease in the capital;