GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any question of interpretation or application of the provisions of this Convention arising between any member of the Agency and the Agency or among members of the Agency shall be submitted to the Board for its decision. Any member which is particularly affected by the question and which is not otherwise represented by a national in the Board may send a representative to attend any meeting of the Board at which such question is considered.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In any case where the Board has given a decision under Section (a) above, any member may require that the question be referred to the Council, whose decision shall be final. Pending the result of the referral to the Council, the Agency may, so far as it deems necessary, act on the basis of the decision of the Board.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Without prejudice to the provisions of Article 56 and Section (b) of this Article, any dispute between the Agency and a member or an agency thereof and any dispute between the Agency and a country (or agency thereof) which has ceased to be a member, shall be settled in accordance with the procedure set out in Annex II to this Convention.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Disputes concerning claims of the Agency acting as subrogee of an investor shall be settled in accordance with either: (i) the procedure set out in Annex II to this Convention, or (ii) an agreement to be entered into between the Agency and the member concerned on an alternative method or methods for the settlement of such disputes. In the latter case, Annex II to this Convention shall serve as a basis for such an agreement which shall, in each case, be approved by the Board by special majority prior to the undertaking by the Agency of operations in the territories of the member concerned.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the procedure set out in Annex II to this Convention, or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) an agreement to be entered into between the Agency and the member concerned on an alternative method or methods for the settlement of such disputes.
Bretton Woods and Related Agreements Act — B-7
In the latter case, Annex II to this Convention shall serve as a basis for such an agreement which shall, in each case, be approved by the Board by special majority prior to the undertaking by the Agency of operations in the territories of the member concerned.
Bretton Woods and Related Agreements Act — B-7
Any dispute arising under a contract of guarantee or reinsurance between the parties thereto shall be submitted to arbitration for final determination in accordance with such rules as shall be provided for or referred to in the contract of guarantee or reinsurance.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) This Convention and its Annexes may be amended by vote of three-fifths of the Governors exercising four-fifths of the total voting power, provided that: (i) any amendment modifying the right to withdraw from the Agency provided in Article 51 or the limitation on liability provided in Section (d) of Article 8 shall require the affirmative vote of all Governors; and (ii) any amendments modifying the loss-sharing arrangement provided in Articles 1 and 3 of Annex I to this Convention which will result in an increase in any member’s liability thereunder shall require the affirmative vote of the Governor of each such member.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) any amendment modifying the right to withdraw from the Agency provided in Article 51 or the limitation on liability provided in Section (d) of Article 8 shall require the affirmative vote of all Governors; and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) any amendments modifying the loss-sharing arrangement provided in Articles 1 and 3 of Annex I to this Convention which will result in an increase in any member’s liability thereunder shall require the affirmative vote of the Governor of each such member.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Schedules A and B to this Convention may be amended by the Council by special majority.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) If an amendment affects any provision of Annex I to this Convention, total votes shall include the additional votes allotted under Article 7 of such Annex to sponsoring members and countries hosting sponsored investments.
Bretton Woods and Related Agreements Act — B-7
Any proposal to amend this Convention, whether emanating from a member or a Governor or a Director, shall be communicated to the Chairman of the Board who shall bring the proposal before the Board. If the proposed amendment is recommended by the Board, it shall be submitted to the Council for approval in accordance with Article 59. When an amendment has been duly approved by the Council, the Agency shall so certify by formal communication addressed to all members. Amendments shall enter into force for all members ninety days after the date of the formal communication unless the Council shall specify a different date.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) This Convention shall be open for signature on behalf of all members of the Bank and Switzerland and shall be subject to ratification, acceptance or approval by the signatory States in accordance with their constitutional procedures.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) This Convention shall enter into force on the day when not less than five instruments of ratification, acceptance or approval shall have been deposited on behalf of signatory States in Category One, and not less than fifteen such instruments shall have been deposited on behalf of signatory States in Category Two; provided that total subscriptions of these States amount to not less than one-third of the authorized capital of the Agency as prescribed in Article 5.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) For each State which deposits its instrument of ratification, acceptance or approval after this Convention shall have entered into force, this Convention shall enter into force on the date of such deposit.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) If this Convention shall not have entered into force within two years after its opening for signature, the President of the Bank shall convene a conference of interested countries to determine the future course of action.
Bretton Woods and Related Agreements Act — B-7
Upon entry into force of this Convention, the President of the Bank shall call the inaugural meeting of the Council. This meeting shall be held at the principal office of the Agency within sixty days from the date on which this Convention has entered into force or as soon as practicable thereafter.
Bretton Woods and Related Agreements Act — B-7
Instruments of ratification, acceptance or approval of this Convention and amendments thereto shall be deposited with the Bank which shall act as the depository of this Convention. The depository shall transmit certified copies of this Convention to States members of the Bank and to Switzerland.
Bretton Woods and Related Agreements Act — B-7
The depository shall register this Convention 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 (a)
The depository shall notify all signatory States and, upon the entry into force of this Convention, the Agency of the following: (a) signatures of this Convention; (b) deposits of instruments of ratification, acceptance and approval in accordance with Article 63; (c) the date on which this Convention enters into force in accordance with Article 61; (d) exclusions from territorial application pursuant to Article 66; and (e) withdrawal of a member from the Agency pursuant to Article 51.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) deposits of instruments of ratification, acceptance and approval in accordance with Article 63;
Bretton Woods and Related Agreements Act — B-7 (c)
(c) the date on which this Convention enters into force in accordance with Article 61;
Bretton Woods and Related Agreements Act — B-7 (d)
(d) exclusions from territorial application pursuant to Article 66; and
Bretton Woods and Related Agreements Act — B-7 (e)
(e) withdrawal of a member from the Agency pursuant to Article 51.
Bretton Woods and Related Agreements Act — B-7
This Convention shall apply to all territories under the jurisdiction of a member including the territories for whose international relations a member is responsible, except those which are excluded by such member by written notice to the depository of this Convention either at the time of ratification, acceptance or approval or subsequently.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Council shall periodically undertake comprehensive reviews of the activities of the Agency as well as the results achieved with a view to introducing any changes required to enhance the Agency’s ability to serve its objectives.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The first such review shall take place five years after the entry into force of this Convention. The dates of subsequent reviews shall be determined by the Council.
Bretton Woods and Related Agreements Act — B-7
DONE at Seoul, 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 fulfill the functions with which it is charged under this Convention.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Any member may sponsor for guarantee an investment to be made by an investor of any nationality or by investors of any or several nationalities.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Subject to the provisions of Sections (b) and (c) of Article 3 of this Annex, each sponsoring member shall share with the other sponsoring members in losses under guarantees of sponsored investments, when and to the extent that such losses cannot be covered out of the Sponsorship Trust Fund referred to in Article 2 of this Annex, in the proportion which the amount of maximum contingent liability under the guarantees of investments sponsored by it bears to the total amount of maximum contingent liability under the guarantees of investments sponsored by all members.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) In its decisions on the issuance of guarantees under this Annex, the Agency shall pay due regard to the prospects that the sponsoring member will be in a position to meet its obligations under this Annex and shall give priority to investments which are co-sponsored by the host countries concerned.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The Agency shall periodically consult with sponsoring members with respect to its operations under this Annex.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Premiums and other revenues attributable to guarantees of sponsored investments, including returns on the investment of such premiums and revenues, shall be held in a separate account which shall be called the Sponsorship Trust Fund.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) All administrative expenses and payments on claims attributable to guarantees issued under this Annex shall be paid out of the Sponsorship Trust Fund.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The assets of the Sponsorship Trust Fund shall be held and administered for the joint account of sponsoring members and shall be kept separate and apart from the assets of the Agency.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) To the extent that any amount is payable by the Agency on account of a loss under a sponsored guarantee and such amount cannot be paid out of assets of the Sponsorship Trust Fund, the Agency shall call on each sponsoring member to pay into such Fund its share of such amount as shall be determined in accordance with Section (b) of Article 1 of this Annex.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) No member shall be liable to pay any amount on a call pursuant to the provisions of this Article if as a result total payments made by that member will exceed the total amount of guarantees covering investments sponsored by it.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Upon the expiry of any guarantee covering an investment sponsored by a member, the liability of that member shall be decreased by an amount equivalent to the amount of such guarantee; such liability shall also be decreased on a pro rata basis upon payment by the Agency of any claim related to a sponsored investment and shall otherwise continue in effect until the expiry of all guarantees of sponsored investments outstanding at the time of such payment.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) If any sponsoring member shall not be liable for an amount of a call pursuant to the provisions of this Article because of the limitation contained in Sections (b) and (c) above, or if any sponsoring member shall default in payment of an amount due in response to any such call, the liability for payment of such amount shall be shared pro rata by the other sponsoring members. Liability of members pursuant to this Section shall be subject to the limitation set forth in Sections (b) and (c) above.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) Any payment by a sponsoring member pursuant to a call in accordance with this Article shall be made promptly and in freely usable currency.
Bretton Woods and Related Agreements Act — B-7
The provisions on valuation of currencies and refunds contained in this Convention with respect to capital subscriptions shall be applied mutatis mutandis to funds paid by members on account of sponsored investments.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Agency may, under the conditions set forth in Article 1 of this Annex, provide reinsurance to a member, an agency thereof, a regional agency as defined in Section (a) of Article 20 of this Convention or a private insurer in a member country. The provisions of this Annex concerning guarantees and of Articles 20 and 21 of this Convention shall be applied mutatis mutandis to reinsurance provided under this Section.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Agency may obtain reinsurance for investments guaranteed by it under this Annex and shall meet the cost of such reinsurance out of the Sponsorship Trust Fund. The Board may decide whether and to what extent the loss-sharing obligation of sponsoring members referred to in Section (b) of Article 1 of this Annex may be reduced on account of the reinsurance cover obtained.
Bretton Woods and Related Agreements Act — B-7 (i)
Without prejudice to the provisions of this Annex, the provisions with respect to guarantee operations under Chapter III of this Convention and to financial management under Chapter IV of this Convention shall be applied mutatis mutandis to guarantees of sponsored investments except that: (i) such investments shall qualify for sponsorship if made in the territories of any member, and in particular of any developing member, by an investor or investors eligible under Section (a) of Article 1 of this Annex, and (ii) the Agency shall not be liable with respect to its own assets for any guarantee or reinsurance issued under this Annex and each contract of guarantee or reinsurance concluded pursuant to this Annex shall expressly so provide.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) such investments shall qualify for sponsorship if made in the territories of any member, and in particular of any developing member, by an investor or investors eligible under Section (a) of Article 1 of this Annex, and
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the Agency shall not be liable with respect to its own assets for any guarantee or reinsurance issued under this Annex and each contract of guarantee or reinsurance concluded pursuant to this Annex shall expressly so provide.
Bretton Woods and Related Agreements Act — B-7
For decisions relating to sponsored investments, each sponsoring member shall have one additional vote for each 10,000 Special Drawing Rights equivalent of the amount guaranteed or reinsured on the basis of its sponsorship, and each member hosting a sponsored investment shall have one additional vote for each 10,000 Special Drawing Rights equivalent of the amount guaranteed or reinsured with respect to any sponsored investment hosted by it. Such additional votes shall be cast only for decisions related to sponsored investments and shall otherwise be disregarded in determining the voting power of members.
Bretton Woods and Related Agreements Act — B-7
All disputes within the scope of Article 57 of this Convention shall be settled in accordance with the procedure set out in this Annex, except in the cases where the Agency has entered into an agreement with a member pursuant to Section (b) (ii) of Article 57.
Bretton Woods and Related Agreements Act — B-7
The parties to a dispute within the scope of this Annex shall attempt to settle such dispute by negotiation before seeking conciliation or arbitration. Negotiations shall be deemed to have been exhausted if the parties fail to reach a settlement within a period of one hundred and twenty days from the date of the request to enter into negotiation.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) If the dispute is not resolved through negotiation, either party may submit the dispute to arbitration in accordance with the provisions of Article 4 of this Annex, unless the parties, by mutual consent, have decided to resort first to the conciliation procedure provided for in this Article.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The agreement for recourse to conciliation shall specify the matter in dispute, the claims of the parties in respect thereof and, if available, the name of the conciliator agreed upon by the parties. In the absence of agreement on the conciliator, the parties may jointly request either the Secretary-General of the International Centre for Settlement of Investment Disputes (hereinafter called ICSID) or the President of the International Court of Justice to appoint a conciliator. The conciliation procedure shall terminate if the conciliator has not been appointed within ninety days after the agreement for recourse to conciliation.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Unless otherwise provided in this Annex or agreed upon by the parties, the conciliator shall determine the rules governing the conciliation procedure and shall be guided in this regard by the conciliation rules adopted pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The parties shall cooperate in good faith with the conciliator and shall, in particular, provide him with all information and documentation which would assist him in the discharge of his functions; they shall give their most serious consideration to his recommendations.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) Unless otherwise agreed upon by the parties, the conciliator shall, within a period not exceeding one hundred and eighty days from the date of his appointment, submit to the parties a report recording the results of his efforts and setting out the issues controversial between the parties and his proposals for their settlement.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) Each party shall, within sixty days from the date of the receipt of the report, express in writing its views on the report to the other party.
Bretton Woods and Related Agreements Act — B-7 (g)
(g) Neither party to a conciliation proceeding shall be entitled to have recourse to arbitration unless: (i) the conciliator shall have failed to submit his report within the period established in Section (e) above; or (ii) the parties shall have failed to accept all of the proposals contained in the report within sixty days after its receipt; or (iii) the parties, after an exchange of views on the report, shall have failed to agree on a settlement of all controversial issues within sixty days after receipt of the conciliator’s report; or (iv) a party shall have failed to express its views on the report as prescribed in Section (f) above.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) the conciliator shall have failed to submit his report within the period established in Section (e) above; or
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) the parties shall have failed to accept all of the proposals contained in the report within sixty days after its receipt; or
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) the parties, after an exchange of views on the report, shall have failed to agree on a settlement of all controversial issues within sixty days after receipt of the conciliator’s report; or
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) a party shall have failed to express its views on the report as prescribed in Section (f) above.
Bretton Woods and Related Agreements Act — B-7 (h)
(h) Unless the parties agree otherwise, the fees of the conciliator shall be determined on the basis of the rates applicable to ICSID conciliation. These fees and the other costs of the conciliation proceedings shall be borne equally by the parties. Each party shall defray its own expenses.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Arbitration proceedings shall be instituted by means of a notice by the party seeking arbitration (the claimant) addressed to the other party or parties to the dispute (the respondent). The notice shall specify the nature of the dispute, the relief sought and the name of the arbitrator appointed by the claimant. The respondent shall, within thirty days after the date of receipt of the notice, notify the claimant of the name of the arbitrator appointed by it. The two parties shall, within a period of thirty days from the date of appointment of the second arbitrator, select a third arbitrator, who shall act as President of the Arbitral Tribunal (the Tribunal).
Bretton Woods and Related Agreements Act — B-7 (b)
(b) If the Tribunal shall not have been constituted within sixty days from the date of the notice, the arbitrator not yet appointed or the President not yet selected shall be appointed, at the joint request of the parties, by the Secretary-General of ICSID. If there is no such joint request, or if the Secretary-General shall fail to make the appointment within thirty days of the request, either party may request the President of the International Court of Justice to make the appointment.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) No party shall have the right to change the arbitrator appointed by it once the hearing of the dispute has commenced. In case any arbitrator (including the President of the Tribunal) shall resign, die, or become incapacitated, a successor shall be appointed in the manner followed in the appointment of his predecessor and such successor shall have the same powers and duties of the arbitrator he succeeds.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) The Tribunal shall convene first at such time and place as shall be determined by the President. Thereafter, the Tribunal shall determine the place and dates of its meetings.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) Unless otherwise provided in this Annex or agreed upon by the parties, the Tribunal shall determine its procedure and shall be guided in this regard by the arbitration rules adopted pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States.