GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) increase the limit of the aggregate amount of contingent liabilities pursuant to Section (a) of Article 22;
Bretton Woods and Related Agreements Act — B-7 (v)
(v) designate a member as a developing member country pursuant to Section (c) of Article 3;
Bretton Woods and Related Agreements Act — B-7 (vi)
(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;
Bretton Woods and Related Agreements Act — B-7 (vii)
(vii) determine the compensation of Directors and their Alternates;
Bretton Woods and Related Agreements Act — B-7 (viii)
(viii) cease operations and liquidate the Agency;
Bretton Woods and Related Agreements Act — B-7 (ix)
(ix) distribute assets to members upon liquidation; and
Bretton Woods and Related Agreements Act — B-7 (x)
(x) amend this Convention, its Annexes and Schedules.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Council shall be composed of one Governor and one Alternate appointed by each member in such manner as it may determine. No Alternate may vote except in the absence of his principal. The Council shall select one of the Governors as Chairman.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Council shall hold an annual meeting and such other meetings as may be determined by the Council or called by the Board. The Board shall call a meeting of the Council whenever requested by five members or by members having twenty-five percent of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Board shall be responsible for the general operations of the Agency and shall take, in the fulfillment of this responsibility, any action required or permitted under this Convention.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Board shall consist of not less than twelve Directors. The number of Directors may be adjusted by the Council to take into account changes in membership. Each Director may appoint an Alternate with full power to act for him in case of the Director’s absence or inability to act. The President of the Bank shall be ex officio Chairman of the Board, but shall have no vote except a deciding vote in case of an equal division.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Council shall determine the term of office of the Directors. The first Board shall be constituted by the Council at its inaugural meeting.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The Board shall meet at the call of its Chairman acting on his own initiative or upon request of three Directors.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) Until such time as the Council may decide that the Agency shall have a resident Board which functions in continuous session, the Directors and Alternates shall receive compensation only for the cost of attendance at the meetings of the Board and the discharge of other official functions on behalf of the Agency. Upon the establishment of a Board in continuous session, the Directors and Alternates shall receive such remuneration as may be determined by the Council.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The President shall, under the general control of the Board, conduct the ordinary business of the Agency. He shall be responsible for the organization, appointment and dismissal of the staff.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The President shall be appointed by the Board on the nomination of its Chairman. The Council shall determine the salary and terms of the contract of service of the President.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) In the discharge of their offices, the President and the staff owe their duty entirely to the Agency and to no other authority. Each member of the Agency shall respect the international character of this duty and shall refrain from all attempts to influence the President or the staff in the discharge of their duties.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) In appointing the staff, the President shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) The President and staff shall maintain at all times the confidentiality of information obtained in carrying out the Agency’s operations.
Bretton Woods and Related Agreements Act — B-7
The Agency, its President and staff shall not interfere in the political affairs of any member. Without prejudice to the right of the Agency to take into account all the circumstances surrounding an investment, they shall not be influenced in their decisions by the political character of the member or members concerned. Considerations relevant to their decisions shall be weighed impartially in order to achieve the purposes stated in Article 2.
Bretton Woods and Related Agreements Act — B-7
The Agency shall, within the terms of this Convention, cooperate with the United Nations and with other inter-governmental organizations having specialized responsibilities in related fields, including in particular the Bank and the International Finance Corporation.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The principal office of the Agency shall be located in Washington, D.C., unless the Council, by special majority, decides to establish it in another location.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Agency may establish other offices as may be necessary for its work.
Bretton Woods and Related Agreements Act — B-7
Each member shall designate its central bank as a depository in which the Agency may keep holdings of such member’s currency or other assets of the Agency or, if it has no central bank, it shall designate for such purpose such other institution as may be acceptable to the Agency.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each member shall designate an appropriate authority with which the Agency may communicate in connection with any matter arising under this Convention. The Agency may rely on statements of such authority as being statements of the member. The Agency, upon the request of a member, shall consult with that member with respect to matters dealt with in Articles 19 to 21 and related to entities or insurers of that member.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Whenever the approval of any member is required before any act may be done by the Agency, approval shall be deemed to have been given unless the member presents an objection within such reasonable period as the Agency may fix in notifying the member of the proposed act.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) In order to provide for voting arrangements that reflect the equal interest in the Agency of the two Categories of States listed in Schedule A of this Convention, as well as the importance of each member’s financial participation, each member shall have 177 membership votes plus one subscription vote for each share of stock held by that member.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) If at any time within three years after the entry into force of this Convention the aggregate sum of membership and subscription votes of members which belong to either of the two Categories of States listed in Schedule A of this Convention is less than forty percent of the total voting power, members from such a Category shall have such number of supplementary votes as shall be necessary for the aggregate voting power of the Category to equal such a percentage of the total voting power. Such supplementary votes shall be distributed among the members of such Category in the proportion that the subscription votes of each bears to the aggregate of subscription votes of the Category. Such supplementary votes shall be subject to automatic adjustment to ensure that such percentage is maintained and shall be cancelled at the end of the above-mentioned three-year period.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) During the third year following the entry into force of this Convention, the Council shall review the allocation of shares and shall be guided in its decision by the following principles: (i) the votes of members shall reflect actual subscriptions to the Agency’s capital and the membership votes as set out in Section (a) of this Article; (ii) shares allocated to countries which shall not have signed the Convention shall be made available for reallocation to such members and in such manner as to make possible voting parity between the above-mentioned Categories; and (iii) the Council will take measures that will facilitate members’ ability to subscribe to shares allocated to them.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the votes of members shall reflect actual subscriptions to the Agency’s capital and the membership votes as set out in Section (a) of this Article;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) shares allocated to countries which shall not have signed the Convention shall be made available for reallocation to such members and in such manner as to make possible voting parity between the above-mentioned Categories; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) the Council will take measures that will facilitate members’ ability to subscribe to shares allocated to them.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) Within the three-year period provided for in Section (b) of this Article, all decisions of the Council and Board shall be taken by special majority, except that decisions requiring a higher majority under this Convention shall be taken by such higher majority.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) In case the capital stock of the Agency is increased pursuant to Section (c) of Article 5, each member which so requests shall be authorized to subscribe a proportion of the increase equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Agency, but no member shall be obligated to subscribe any part of the increased capital.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) The Council shall issue regulations regarding the making of additional subscriptions under Section (e) of this Article. Such regulations shall prescribe reasonable time limits for the submission by members of requests to make such subscriptions.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each Governor shall be entitled to cast the votes of the member he represents. Except as otherwise specified in this Convention, decisions of the Council shall be taken by a majority of the votes cast.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) A quorum for any meeting of the Council shall be constituted by a majority of the Governors exercising not less than two-thirds of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Council may by regulation establish a procedure whereby the Board, when it deems such action to be in the best interests of the Agency, may request a decision of the Council on a specific question without calling a meeting of the Council.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Directors shall be elected in accordance with Schedule B.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Directors shall continue in office until their successors are elected. If the office of a Director becomes vacant more than ninety days before the end of his term, another Director shall be elected for the remainder of the term by the Governors who elected the former Director. A majority of the votes cast shall be required for election. While the office remains vacant, the Alternate of the former Director shall exercise his powers, except that of appointing an Alternate.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each Director shall be entitled to cast the number of votes of the members whose votes counted towards his election. All the votes which a Director is entitled to cast shall be cast as a unit. Except as otherwise specified in this Convention, decisions of the Board shall be taken by a majority of the votes cast.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) A quorum for a meeting of the Board shall be constituted by a majority of the Directors exercising not less than one-half of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Board may by regulation establish a procedure whereby its Chairman, when he deems such action to be in the best interests of the Agency, may request a decision of the Board on a specific question without calling a meeting of the Board.
Bretton Woods and Related Agreements Act — B-7
To enable the Agency to fulfill its functions, the immunities and privileges set forth in this Chapter shall be accorded to the Agency in the territories of each member.
Bretton Woods and Related Agreements Act — B-7 (i)
Actions other than those within the scope of Articles 57 and 58 may be brought against the Agency only in a court of competent jurisdiction in the territories of a member in which the Agency has an office or has appointed an agent for the purpose of accepting service or notice of process. No such action against the Agency shall be brought: (i) by members or persons acting for or deriving claims from members, or (ii) in respect of personnel matters. The property and assets of the Agency shall, wherever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of the final judgment or award against the Agency.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) by members or persons acting for or deriving claims from members, or
Bretton Woods and Related Agreements Act — B-7
The property and assets of the Agency shall, wherever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of the final judgment or award against the Agency.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The property and assets of the Agency, 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 (b)
(b) To the extent necessary to carry out its operations under this Convention, all property and assets of the Agency shall be free from restrictions, regulations, controls and moratoria of any nature; provided that property and assets acquired by the Agency as successor to or subrogee of a holder of a guarantee, a reinsured entity or an investor insured by a reinsured entity shall be free from applicable foreign exchange restrictions, regulations and controls in force in the territories of the member concerned to the extent that the holder, entity or investor to whom the Agency was subrogated was entitled to such treatment.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) For purposes of this Chapter, the term “assets” shall include the assets of the Sponsorship Trust Fund referred to in Annex I to this Convention and other assets administered by the Agency in furtherance of its objective.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The archives of the Agency shall be inviolable, wherever they may be.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The official communications of the Agency shall be accorded by each member the same treatment that is accorded to the official communications of the Bank.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Agency, its assets, property and income, and its operations and transactions authorized by this Convention, shall be immune from all taxes and customs duties. The Agency 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) Except in the case of local nationals, no tax shall be levied on or in respect of expense allowances paid by the Agency to Governors and their Alternates or on or in respect of salaries, expense allowances or other emoluments paid by the Agency to the Chairman of the Board, Directors, their Alternates, the President or staff of the Agency.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) No taxation of any kind shall be levied on any investment guaranteed or reinsured by the Agency (including any earnings therefrom) or any insurance policies reinsured by the Agency (including any premiums and other revenues therefrom) by whomsoever held: (i) which discriminates against such investment or insurance policy solely because it is guaranteed or reinsured by the Agency; or (ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Agency.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) which discriminates against such investment or insurance policy solely because it is guaranteed or reinsured by the Agency; 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 Agency.
Bretton Woods and Related Agreements Act — B-7 (i)
All Governors, Directors, Alternates, the President and staff of the Agency: (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 the members concerned to the representatives, officials and employees of comparable rank of other members; and (iii) shall be granted the same treatment in respect of travelling facilities as is accorded by the members concerned to representatives, officials and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7 (ii)
(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 the members concerned to the representatives, officials and employees of comparable rank of other members; and
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by the members concerned to representatives, officials and employees of comparable rank of other members.
Bretton Woods and Related Agreements Act — B-7
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 Chapter and shall inform the Agency of the detailed action which it has taken.
Bretton Woods and Related Agreements Act — B-7
The immunities, exemptions and privileges provided in this Chapter are granted in the interests of the Agency and may be waived, to such extent and upon such conditions as the Agency may determine, in cases where such a waiver would not prejudice its interests. The Agency shall waive the immunity of any of its staff in cases where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the Agency.
Bretton Woods and Related Agreements Act — B-7
Any member may, after the expiration of three years following the date upon which this Convention has entered into force with respect to such member, withdraw from the Agency at any time by giving notice in writing to the Agency at its principal office. The Agency shall notify the Bank, as depository of this Convention, of the receipt of such notice. Any withdrawal shall become effective ninety days following the date of the receipt of such notice by the Agency. A member may revoke such notice as long as it has not become effective.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) If a member fails to fulfill any of its obligations under this Convention, the Council may, by a majority of its members exercising a majority of the total voting power, suspend its membership.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) While under suspension a member shall have no rights under this Convention, except for the right of withdrawal and other rights provided in this Chapter and Chapter IX, but shall remain subject to all its obligations.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) For purposes of determining eligibility for a guarantee or reinsurance to be issued under Chapter III or Annex I to this Convention, a suspended member shall not be treated as a member of the Agency.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The suspended member shall automatically cease to be a member one year from the date of its suspension unless the Council decides to extend the period of suspension or to restore the member to good standing.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) When a State ceases to be a member, it shall remain liable for all its obligations, including its contingent obligations, under this Convention which shall have been in effect before the cessation of its membership.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Without prejudice to Section (a) above, the Agency shall enter into an arrangement with such State for the settlement of their respective claims and obligations. Any such arrangement shall be approved by the Board.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Board may, whenever it deems it justified, suspend the issuance of new guarantees for a specified period.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In an emergency, the Board may suspend all activities of the Agency for a period not exceeding the duration of such emergency, provided that necessary arrangements shall be made for the protection of the interests of the Agency and of third parties.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The decision to suspend operations shall have no effect on the obligations of the members under this Convention or on the obligations of the Agency towards holders of a guarantee or reinsurance policy or towards third parties.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Council, by special majority, may decide to cease operations and to liquidate the Agency. Thereupon the Agency shall forthwith cease all activities, except those incident to the orderly realization, conservation and preservation of assets and settlement of obligations. Until final settlement and distribution of assets, the Agency shall remain in existence and all rights and obligations of members under this Convention shall continue unimpaired.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) No distribution of assets shall be made to members until all liabilities to holders of guarantees and other creditors shall have been discharged or provided for and until the Council shall have decided to make such distribution.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Subject to the foregoing, the Agency shall distribute its remaining assets to members in proportion to each member’s share in the subscribed capital. The Agency shall also distribute any remaining assets of the Sponsorship Trust Fund referred to in Annex I to this Convention to sponsoring members in the proportion which the investments sponsored by each bears to the total of sponsored investments. No member shall be entitled to its share in the assets of the Agency or the Sponsorship Trust Fund unless that member has settled all outstanding claims by the Agency against it. Every distribution of assets shall be made at such times as the Council shall determine and in such manner as it shall deem fair and equitable.