GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(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;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (a)
(a) by investment in the equity capital of private sector enterprises;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (b)
(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
European Bank for Reconstruction and Development Agreement Act — E-13.5 (c)
(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;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(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;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iv)
(iv) by deploying Special Funds resources in accordance with the agreements determining their use; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (v)
(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.
European Bank for Reconstruction and Development Agreement Act — E-13.5
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.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) The Board of Directors shall review at least annually the Bank’s operations and lending strategy in each recipient country to ensure that the purpose and the functions of the Bank, as set out in Articles 1 and 2 of this Agreement, are fully served. Any decision pursuant to such a review shall be taken by a majority of not less than two thirds of the Directors, 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 (ii)
(ii) The said review shall involve the consideration of, inter alia , each recipient country’s progress made on decentralization, demonopolization and privatization and the relative shares of the Bank’s lending to private enterprises, to state-owned enterprises in the process of transition to participation in the market-oriented economy or privatization, for infrastructure, for technical assistance, and for other purposes.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) Not more than forty (40) per cent of the amount of the Bank’s total committed loans, guarantees and equity investments, without prejudice to its other operations referred to in this Article, shall be provided to the state sector. Such percentage limit shall apply initially over a two (2) year period, from the date of commencement of the Bank’s operations, taking one year with another, and thereafter in respect of each subsequent financial year.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) For any country, not more than forty (40) per cent of the amount of the Bank’s total committed loans, guarantees and equity investments over a period of five (5) years, taking one year with another, and without prejudice to the Bank’s other operations referred to in this Article, shall be provided to the state sector.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) For the purposes of this paragraph, (a) the state sector includes national and local governments, their agencies, and enterprises owned or controlled by any of them; (b) a loan or guarantee to, or equity investment in, a state-owned enterprise which is implementing a programme to achieve private ownership and control shall not be considered as made to the state sector; (c) loans to a financial intermediary for onlending to the private sector shall not be considered as made to the state sector.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (a)
(a) the state sector includes national and local governments, their agencies, and enterprises owned or controlled by any of them;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (b)
(b) a loan or guarantee to, or equity investment in, a state-owned enterprise which is implementing a programme to achieve private ownership and control shall not be considered as made to the state sector;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (c)
(c) loans to a financial intermediary for onlending to the private sector shall not be considered as made to the state sector.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The total amount of outstanding loans, equity investments and guarantees made by the Bank in its ordinary operations shall not be increased at any time, if by such increase the total amount of its unimpaired subscribed capital, reserves and surpluses included in its ordinary capital resources would be exceeded.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 The amount of any equity investment shall not normally exceed such percentage of the equity capital of the enterprise concerned as shall be determined, by a general rule, to be appropriate by the Board of Directors. The Bank shall not seek to obtain by such an investment a controlling interest in the enterprise concerned and shall not exercise such control or assume direct responsibility for managing any enterprise in which it has an investment, except 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 Bank, threaten to jeopardize such investment, in which case the Bank may take such action and exercise such rights as it may deem necessary for the protection of its interests.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 The amount of the Bank’s disbursed equity investments shall not at any time exceed an amount corresponding to its total unimpaired paid-in subscribed capital, surpluses and general reserve.
European Bank for Reconstruction and Development Agreement Act — E-13.5 4
4 The Bank shall not issue guarantees for export credits nor undertake insurance activities.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
The Bank shall operate in accordance with the following principles: (i) the Bank shall apply sound banking principles to all its operations; (ii) the operations of the Bank shall provide for the financing of specific projects, whether individual or in the context of specific investment programmes, and for technical assistance, designed to fulfil its purpose and functions as set out in Articles 1 and 2 of this Agreement; (iii) the Bank shall not finance any undertaking in the territory of a member if that member objects to such financing; (iv) the Bank shall not allow a disproportionate amount of its resources to be used for the benefit of any member; (v) the Bank shall seek to maintain reasonable diversification in all its investments; (vi) before a loan, guarantee or equity investment is granted, the applicant shall have submitted an adequate proposal and the President of the Bank shall have presented to the Board of Directors a written report regarding the proposal, together with recommendations, on the basis of a staff study; (vii) the Bank shall not undertake any financing, or provide any facilities, when the applicant is able to obtain sufficient financing or facilities elsewhere on terms and conditions that the Bank considers reasonable; (viii) in providing or guaranteeing financing, the Bank shall pay due regard to the prospect that the borrower and its guarantor, if any, will be in a position to meet their obligations under the financing contract; (ix) in case of a direct loan made by the Bank, the borrower shall be permitted by the Bank to draw its funds only to meet expenditure as it is actually incurred; (x) the Bank shall seek to revolve its funds by selling its investments to private investors whenever it can appropriately do so on satisfactory terms; (xi) in its investments in individual enterprises, the Bank 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 Bank, and the terms and conditions normally obtained by private investors for similar financing; (xii) the Bank shall place no restriction upon the procurement of goods and services from any country from the proceeds of any loan, investment or other financing undertaken in the ordinary or special operations of the Bank, and shall, in all appropriate cases, make its loans and other operations conditional on international invitations to tender being arranged; and (xiii) the Bank shall take the necessary measures to ensure that the proceeds of any loan made, guaranteed or participated in by the Bank, or any equity investment, are used only for the purposes for which the loan or the equity investment was granted and with due attention to considerations of economy and efficiency.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) the Bank shall apply sound banking principles to all its operations;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) the operations of the Bank shall provide for the financing of specific projects, whether individual or in the context of specific investment programmes, and for technical assistance, designed to fulfil its purpose and functions as set out in Articles 1 and 2 of this Agreement;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) the Bank shall not finance any undertaking in the territory of a member if that member objects to such financing;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iv)
(iv) the Bank shall not allow a disproportionate amount of its resources to be used for the benefit of any member;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (v)
(v) the Bank shall seek to maintain reasonable diversification in all its investments;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (vi)
(vi) before a loan, guarantee or equity investment is granted, the applicant shall have submitted an adequate proposal and the President of the Bank shall have presented to the Board of Directors a written report regarding the proposal, together with recommendations, on the basis of a staff study;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (vii)
(vii) the Bank shall not undertake any financing, or provide any facilities, when the applicant is able to obtain sufficient financing or facilities elsewhere on terms and conditions that the Bank considers reasonable;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (viii)
(viii) in providing or guaranteeing financing, the Bank shall pay due regard to the prospect that the borrower and its guarantor, if any, will be in a position to meet their obligations under the financing contract;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ix)
(ix) in case of a direct loan made by the Bank, the borrower shall be permitted by the Bank to draw its funds only to meet expenditure as it is actually incurred;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (x)
(x) the Bank shall seek to revolve its funds by selling its investments to private investors whenever it can appropriately do so on satisfactory terms;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (xi)
(xi) in its investments in individual enterprises, the Bank 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 Bank, and the terms and conditions normally obtained by private investors for similar financing;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (xii)
(xii) the Bank shall place no restriction upon the procurement of goods and services from any country from the proceeds of any loan, investment or other financing undertaken in the ordinary or special operations of the Bank, and shall, in all appropriate cases, make its loans and other operations conditional on international invitations to tender being arranged; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (xiii)
(xiii) the Bank shall take the necessary measures to ensure that the proceeds of any loan made, guaranteed or participated in by the Bank, or any equity investment, are used only for the purposes for which the loan or the equity investment was granted and with due attention to considerations of economy and efficiency.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 In the case of loans made, participated in, or guaranteed by the Bank, the contract shall establish the terms and conditions for the loan or the guarantee concerned, including those relating to payment of principal, interest and other fees, charges, maturities and dates of payment in respect of the loan or the guarantee, respectively. In setting such terms and conditions, the Bank shall take fully into account the need to safeguard its income.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 Where the recipient of loans or guarantees of loans is not itself a member, but is a state-owned enterprise, the Bank may, when it appears desirable, bearing in mind the different approaches appropriate to public and state-owned enterprises in transition to private ownership and control, require the member or members in whose territory the project concerned is to be carried out, or a public agency or any instrumentality of such member or members acceptable to the Bank, to guarantee the repayment of the principal and the payment of interest and other fees and charges of the loan in accordance with the terms thereof. The Board of Directors shall review annually the Bank’s practice in this matter, paying due attention to the Bank’s creditworthiness.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 The loan or guarantee contract shall expressly state the currency or currencies, or ECU, in which all payments to the Bank thereunder shall be made.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The Bank shall charge, in addition to interest, a commission on loans made or participated in as part of its ordinary operations. The terms and conditions of this commission shall be determined by the Board of Directors.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 In guaranteeing a loan as part of its ordinary operations, or in underwriting the sale of securities, the Bank shall charge fees, payable at rates and times determined by the Board of Directors, to provide suitable compensation for its risks.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 The Board of Directors may determine any other charges of the Bank in its ordinary operations and any commission, fees or other charges in its special operations.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 The amount of commissions and fees received by the Bank pursuant to Article 15 of this Agreement shall be set aside as a special reserve which shall be kept for meeting the losses of the Bank in accordance with Article 17 of this Agreement. The special reserve shall be held in such liquid form as the Bank may decide.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 If the Board of Directors determines that the size of the special reserve is adequate, it may decide that all or part of the said commission or fees shall henceforth form part of the income of the Bank.
European Bank for Reconstruction and Development Agreement Act — E-13.5 1
1 In the Bank’s ordinary operations, in cases of arrears or default on loans made, participated in, or guaranteed by the Bank, and in cases of losses on underwriting and in equity investment, the Bank shall take such action as it deems appropriate. The Bank shall maintain appropriate provisions against possible losses.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 Losses arising in the Bank’s ordinary operations shall be charged: (i) first, to the provisions referred to in paragraph 1 of this Article; (ii) second, to net income; (iii) third, against the special reserve provided for in Article 16 of this Agreement; (iv) fourth, against its general reserve and surpluses; (v) fifth, against the unimpaired paid-in capital; and (vi) last, against an appropriate amount of the uncalled subscribed callable capital which shall be called in accordance with the provisions of paragraphs 4 and 5 of Article 6 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) first, to the provisions referred to in paragraph 1 of this Article;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) third, against the special reserve provided for in Article 16 of this Agreement;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iv)
(iv) fourth, against its general reserve and surpluses;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (v)
(v) fifth, against the unimpaired paid-in capital; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (vi)
(vi) last, against an appropriate amount of the uncalled subscribed callable capital which shall be called in accordance with the provisions of paragraphs 4 and 5 of Article 6 of this Agreement.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) The Bank may accept the administration of Special Funds which are designed to serve the purpose and come within the functions of the Bank in its recipient countries and potential recipient countries. The full cost of administering any such Special Fund shall be charged to that Special Fund.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) For the purposes of subparagraph (i), the Board of Governors may, at the request of a member which is not a recipient country, decide that such member qualifies as a potential recipient country for such limited period and under such terms as may seem advisable. Such decision shall be taken by 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 (iii)
(iii) The decision to allow a member to qualify as a potential recipient country can only be made if such member is able to meet the requirements for becoming a recipient country. Such requirements are those set out in Article 1 of this Agreement, as it reads at the time of such decision or as it will read upon the entry into force of an amendment that has already been approved by the Board of Governors at the time of such decision.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iv)
(iv) If a potential recipient country has not become a recipient country at the end of the period referred to in subparagraph (ii), the Bank shall forthwith cease any special operations in that country, except those incident to the orderly realization, conservation and preservation of the assets of the Special Fund and settlement of obligations that have arisen in connection therewith.
European Bank for Reconstruction and Development Agreement Act — E-13.5 2
2 Special Funds accepted by the Bank may be used in its recipient countries and potential recipient countries in any manner and on any terms and conditions consistent with the purpose and the functions of the Bank, with the other applicable provisions of this Agreement, and with the agreement or agreements relating to such Funds.
European Bank for Reconstruction and Development Agreement Act — E-13.5 3
3 The Bank shall adopt such rules and regulations as may be required for the establishment, administration and use of each Special Fund. Such rules and regulations shall be consistent with the provisions of this Agreement, except for those provisions expressly applicable only to ordinary operations of the Bank.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
The term “Special Funds resources” shall refer to the resources of any Special Fund and shall include: (i) funds accepted by the Bank for inclusion in any Special Fund; (ii) funds repaid in respect of loans or guarantees, and the proceeds of equity investments, financed from the resources of any Special Fund which, under the rules and regulations governing that Special Fund, are received by such Special Fund; and (iii) income derived from investment of Special Funds resources.
European Bank for Reconstruction and Development Agreement Act — E-13.5 (i)
(i) funds accepted by the Bank for inclusion in any Special Fund;
European Bank for Reconstruction and Development Agreement Act — E-13.5 (ii)
(ii) funds repaid in respect of loans or guarantees, and the proceeds of equity investments, financed from the resources of any Special Fund which, under the rules and regulations governing that Special Fund, are received by such Special Fund; and
European Bank for Reconstruction and Development Agreement Act — E-13.5 (iii)
(iii) income derived from investment of Special Funds resources.