GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
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 except when the Association waives this immunity;
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Association, 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 Association 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 Association to Executive Directors, Alternates, officials or employees of the Association who are not local citizens, local subjects, or other local nationals.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) No taxation of any kind shall be levied on any obligation or security issued by the Association (including any dividend or interest thereon) by whomsoever held (i) which discriminates against such obligation or security solely because it is issued by the Association; or (ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Association.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) which discriminates against such obligation or security solely because it is issued by the Association; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Association.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) No taxation of any kind shall be levied on any obligation or security guaranteed by the Association (including any dividend or interest thereon) by whomsoever held (i) which discriminates against such obligation or security solely because it is guaranteed by the Association; or (ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Association.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) which discriminates against such obligation or security solely because it is guaranteed by the Association; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Association.
Bretton Woods and Related Agreements Act — B-7 Section 10
Section 10 Application of Article Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Association of the detailed action which it has taken.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any proposal to introduce modifications in this Agreement, whether emanating from a member, a Governor or the Executive Directors, shall be communicated to the Chairman of the Board of Governors who shall bring the proposal before the Board. If the proposed amendment is approved by the Board, the Association shall, by circular letter or telegram, ask all members whether they accept the proposed amendment. When three-fifths of the members, having four-fifths of the total voting power, have accepted the proposed amendments, the Association shall certify the fact by formal communication addressed to all members.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Notwithstanding (a) above, acceptance by all members is required in the case of any amendment modifying (i) the right to withdraw from the Association provided in Article VII, Section 1; (ii) the right secured by Article III, Section 1(c); (iii) the limitation on liability provided in Article II, Section 3.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the right to withdraw from the Association provided in Article VII, Section 1;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the right secured by Article III, Section 1(c);
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) the limitation on liability provided in Article II, Section 3.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any question of interpretation of the provisions of this Agreement arising between any member and the Association or between any members of the Association shall be submitted to the Executive Directors for their decision. If the question particularly affects any member of the Association not entitled to appoint an Executive Director of the Bank, it shall be entitled to representation in accordance with Article VI, Section 4(g).
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In any case where the Executive Directors have given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board of Governors, the Association may, so far as it deems necessary, act on the basis of the decision of the Executive Directors.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Whenever a disagreement arises between the Association and a country which has ceased to be a member, or between the Association and any member during the permanent suspension of the Association, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Association, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the International Court of Justice or such other authority as may have been prescribed by regulation adopted by the Association. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Entry into Force This Agreement shall enter into force when it has been signed on behalf of governments whose subscriptions comprise not less than sixty-five percent of the total subscriptions set forth in Schedule A and when the instruments referred to in Section 2(a) of this Article have been deposited on their behalf, but in no event shall this Agreement enter into force before September 15, 1960.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each government on whose behalf this Agreement is signed shall deposit with the Bank an instrument setting forth that it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Each government shall become a member of the Association as from the date of the deposit on its behalf of the instrument referred to in paragraph (a) above except that no government shall become a member before this Agreement enters into force under Section 1 of this Article.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) This Agreement shall remain open for signature until the close of business on December 31, 1960, at the principal office of the Bank, on behalf of the governments of the states whose names are set forth in Schedule A, provided that, if this Agreement shall not have entered into force by that date, the Executive Directors of the Bank may extend the period during which this Agreement shall remain open for signature by not more than six months.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) After this Agreement shall have entered into force, it shall be open for signature on behalf of the government of any state whose membership shall have been approved pursuant to Article II, Section 1(b).
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Territorial Application By its signature of this Agreement, each government accepts it both on its own behalf and in respect of all territories for whose international relations such government is responsible except those which are excluded by such government by written notice to the Association.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) As soon as this Agreement enters into force under Section 1 of this Article the President shall call a meeting of the Executive Directors.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Association shall begin operations on the date when such meeting is held.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Pending the first meeting of the Board of Governors, the Executive Directors may exercise all the powers of the Board of Governors except those reserved to the Board of Governors under this Agreement.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Registration The Bank is authorized to register this Agreement with the Secretariat of the United Nations in accordance with Article 102 of the Charter of the United Nations and the Regulations thereunder adopted by the General Assembly.
Bretton Woods and Related Agreements Act — B-7
Done at Washington, in a single copy which shall remain deposited in the archives of the International Bank for Reconstruction and Development, which has indicated by its signature below its agreement to act as depository of this Agreement, to register this Agreement with the Secretariat of the United Nations and to notify all governments whose names are set forth in Schedule A of the date when this Agreement shall have entered into force under Article XI, Section 1 hereof.
Bretton Woods and Related Agreements Act — B-7
[Here follows the signature of Eugene R. Black, President, International Bank for Reconstruction and Development, dated January 29th, 1960.]
Bretton Woods and Related Agreements Act — B-7
[Here follow the signatures on behalf of the Governments of Ecuador, Pakistan, Sweden, Australia, Norway, Viet-Nam, China, United States, Canada, and Honduras.]
Bretton Woods and Related Agreements Act — B-7
Articles of Agreement of the International Finance Corporation
Bretton Woods and Related Agreements Act — B-7
The Governments on whose behalf this Agreement is signed agree as follows:
Bretton Woods and Related Agreements Act — B-7
The International Finance Corporation (hereinafter called the Corporation) is established and shall operate in accordance with the following provisions:
Bretton Woods and Related Agreements Act — B-7 (i)
The purpose of the Corporation is to further economic development by encouraging the growth of productive private enterprise in member countries, particularly in the less developed areas, thus supplementing the activities of the International Bank for Reconstruction and Development (hereinafter called the Bank). In carrying out this purpose, the Corporation shall: (i) in association with private investors, assist in financing the establishment, improvement and expansion of productive private enterprises which would contribute to the development of its member countries by making investments, without guarantee of repayment by the member government concerned, in cases where sufficient private capital is not available on reasonable terms; (ii) seek to bring together investment opportunities, domestic and foreign private capital, and experienced management; and (iii) seek to stimulate, and to help create conditions conducive to, the flow of private capital, domestic and foreign, into productive investment in member countries.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) in association with private investors, assist in financing the establishment, improvement and expansion of productive private enterprises which would contribute to the development of its member countries by making investments, without guarantee of repayment by the member government concerned, in cases where sufficient private capital is not available on reasonable terms;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) seek to bring together investment opportunities, domestic and foreign private capital, and experienced management; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) seek to stimulate, and to help create conditions conducive to, the flow of private capital, domestic and foreign, into productive investment in member countries.
Bretton Woods and Related Agreements Act — B-7
The Corporation shall be guided in all its decisions by the provisions of this Article.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The original members of the Corporation shall be those members of the Bank listed in Schedule A hereto which shall, on or before the date specified in Article IX, Section 2(c), accept membership in the Corporation.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Membership shall be open to other members of the Bank at such times and in accordance with such terms as may be prescribed by the Corporation.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The authorized capital stock of the Corporation shall be $100,000,000, in terms of United States dollars.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The authorized capital stock shall be divided into 100,000 shares having a par value of one thousand United States dollars each. Any such shares not initially subscribed by original members shall be available for subsequent subscription in accordance with Section 3(d) of this Article.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The amount of capital stock at any time authorized may be increased by the Board of Governors as follows: (i) by a majority of the votes cast, in case such increase is necessary for the purpose of issuing shares of capital stock on initial subscription by members other than original members, provided that the aggregate of any increases authorized pursuant to this subparagraph shall not exceed 10,000 shares; (ii) in any other case, by a three-fourths majority of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) by a majority of the votes cast, in case such increase is necessary for the purpose of issuing shares of capital stock on initial subscription by members other than original members, provided that the aggregate of any increases authorized pursuant to this subparagraph shall not exceed 10,000 shares;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) in any other case, by a three-fourths majority of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) In case of an increase authorized pursuant to paragraph (c)(ii) above, each member shall have a reasonable opportunity to subscribe, under such conditions as the Corporation shall decide, to a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Corporation, but no member shall be obligated to subscribe to any part of the increased capital.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) Issuance of shares of stock, other than those subscribed either on initial subscription or pursuant to paragraph (d) above, shall require a three-fourths majority of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) Shares of stock of the Corporation shall be available for subscription only by, and shall be issued only to, members.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each original member shall subscribe to the number of shares of stock set forth opposite its name in Schedule A. The number of shares of stock to be subscribed by other members shall be determined by the Corporation.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Shares of stock initially subscribed by original members shall be issued at par.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The initial subscription of each original member shall be payable in full within 30 days after either the date on which the Corporation shall begin operations pursuant to Article IX, Section 3(b), or the date on which such original member becomes a member, whichever shall be later, or at such date thereafter as the Corporation shall determine. Payments shall be made in gold or United States dollars in response to a call by the Corporation which shall specify the place or places of payment.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The price and other terms of subscription of shares of stock to be subscribed, otherwise than on initial subscription by original members, shall be determined by the Corporation.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Limitation on Liability No member shall be liable, by reason of its membership, for obligations of the Corporation.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Restriction on Transfers and Pledges of Shares Shares of stock shall not be pledged or encumbered in any manner whatever, and shall be transferable only to the Corporation.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Financing Operations The Corporation may make investments of its funds in productive private enterprises in the territories of its members. The existence of a government or other public interest in such an enterprise shall not necessarily preclude the Corporation from making an investment therein.
Bretton Woods and Related Agreements Act — B-7 Section 2
Section 2 Forms of Financing The Corporation may make investments of its funds in such form or forms as it may deem appropriate in the circumstances.
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Operational Principles The operations of the Corporation shall be conducted in accordance with the following principles: (i) the Corporation shall not undertake any financing for which in its opinion sufficient private capital could be obtained on reasonable terms; (ii) the Corporation shall not finance an enterprise in the territories of any member if the member objects to such financing; (iii) the Corporation shall impose no conditions that the proceeds of any financing by it shall be spent in the territories of any particular country; (iv) the Corporation shall not assume responsibility for managing any enterprise in which it has invested and shall not exercise voting rights for such purpose or for any other purpose which, in its opinion, properly is within the scope of managerial control; (v) the Corporation shall undertake its financing on terms and conditions which it considers appropriate, taking into account the requirements of the enterprise, the risks being undertaken by the Corporation and the terms and conditions normally obtained by private investors for similar financing; (vi) the Corporation shall seek to revolve its funds by selling its investments to private investors whenever it can appropriately do so on satisfactory terms; (vii) the Corporation shall seek to maintain a reasonable diversification in its investments.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the Corporation shall not undertake any financing for which in its opinion sufficient private capital could be obtained on reasonable terms;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the Corporation shall not finance an enterprise in the territories of any member if the member objects to such financing;
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) the Corporation shall impose no conditions that the proceeds of any financing by it shall be spent in the territories of any particular country;
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) the Corporation shall not assume responsibility for managing any enterprise in which it has invested and shall not exercise voting rights for such purpose or for any other purpose which, in its opinion, properly is within the scope of managerial control;
Bretton Woods and Related Agreements Act — B-7 (v)
(v) the Corporation shall undertake its financing on terms and conditions which it considers appropriate, taking into account the requirements of the enterprise, the risks being undertaken by the Corporation and the terms and conditions normally obtained by private investors for similar financing;
Bretton Woods and Related Agreements Act — B-7 (vi)
(vi) the Corporation shall seek to revolve its funds by selling its investments to private investors whenever it can appropriately do so on satisfactory terms;
Bretton Woods and Related Agreements Act — B-7 (vii)
(vii) the Corporation shall seek to maintain a reasonable diversification in its investments.
Bretton Woods and Related Agreements Act — B-7 Section 4
Section 4 Protection of Interests Nothing in this Agreement shall prevent the Corporation, in the event of actual or threatened default on any of its investments, actual or threatened insolvency of the enterprise in which such investment shall have been made, or other situations which, in the opinion of the Corporation, threaten to jeopardize such investment, from taking such action and exercising such rights as it may deem necessary for the protection of its interests.
Bretton Woods and Related Agreements Act — B-7 Section 5
Section 5 Applicability of Certain Foreign Exchange Restrictions Funds received by or payable to the Corporation in respect of an investment of the Corporation made in any member’s territories pursuant to Section 1 of this Article shall not be free, solely by reason of any provision of this Agreement, from generally applicable foreign exchange restrictions, regulations and controls in force in the territories of that member.
Bretton Woods and Related Agreements Act — B-7 Section 6
Section 6 Miscellaneous Operations In addition to the operations specified elsewhere in this Agreement, the Corporation shall have the power to: (i) borrow funds, and in that connection to furnish such collateral or other security therefor as it shall determine; provided, however, that before making a public sale of its obligations in the markets of a member, the Corporation shall have obtained the approval of that member and of the member in whose currency the obligations are to be denominated; if and so long as the Corporation shall be indebted on loans from or guaranteed by the Bank, the total amount outstanding of borrowings incurred or guarantees given by the Corporation shall not be increased if, at the time or as a result thereof, the aggregate amount of debt (including the guarantee of any debt) incurred by the Corporation from any source and then outstanding shall exceed an amount equal to four times its unimpaired subscribed capital and surplus; (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; (iii) guarantee securities in which it has invested in order to facilitate their sale; (iv) buy and sell securities it has issued or guaranteed or in which it has invested; (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 (i)
(i) borrow funds, and in that connection to furnish such collateral or other security therefor as it shall determine; provided, however, that before making a public sale of its obligations in the markets of a member, the Corporation shall have obtained the approval of that member and of the member in whose currency the obligations are to be denominated; if and so long as the Corporation shall be indebted on loans from or guaranteed by the Bank, the total amount outstanding of borrowings incurred or guarantees given by the Corporation shall not be increased if, at the time or as a result thereof, the aggregate amount of debt (including the guarantee of any debt) incurred by the Corporation from any source and then outstanding shall exceed an amount equal to four times its unimpaired subscribed capital and surplus;