AN ACT It) provith for Malta ', m~m~f$hip ofl~ MuJtilQIt!ral lm~$I­ ment GWlr(mtu Agency.

I assent.

(L.S.)

CENSU TABONB

President

10th October, 1989

ACf No. XXX 011919

AN ACT It) provith for Malta ', m~m~f$hip ofl~ MuJtilQIt!ral lm~$I­

ment GWlr(mtu Agency.

BE IT ENACTE D by Ihe President, by and with Ihe advice and

consen t of tile House of Representa tives , in this present Parliament

assembled. and by the authori ty of the same, as follows:-

This Act may be cited as the Multilateral Investment

Guarantee Agency Ad: , 1989.

1. In Ihis Act. unles$ the con text othe rwise requires-

" Agency" means the Mu hiLateral Investment Guarantee

Agency;

"Convention" means the Convention providing (or the

establishment and operation of Ihe Agency as approved by the

Board of Governors of the International Bank for Reconstruction

and Development on the 11 th Octobe r. 1985, and signed by Malla

in Washington D ,e. on tile 16th September, 1986, as set out in the

Schedule to this Act. and fo r the pufllO'StS o f sections 4 and 60hhis

Act , 115 from time 10 lime ame nded;

" Minister" means the Minister responsible for finance.

J . In vinue of this Act. and in compliance with the provisions of

the Ra tirlCation of Treaties Act , 1983. the Government of Malta is

hereby authorised 10 accede to the Convenfion .

ElcctilJII 1)[ Dircc mrs

c..' I<Ii<I~lc, (or .he oIT,{C or Dim:,,,, .holl he num;lIarctl hy I hc Go~c' oors. I'tovKhI

L.

. h:1[ a GOYt'fflUl' m.~y nomi nolc only O~ ~n()n .

TIle el«rioo fi Dim;lors lI!all be by I»lkx ul'hc Go...:tflOfS.

2. In 1 ... ~II"li n,ll ((,f 11..., Dim:lUfS, rVi:'Y G(lVff,JO( 1I1~ 1I CUt (Of ()flC ," n,Ii.!.,c ~Ill he

3. VOles wh ic h the membe r rcprcscmoo hy him ;. c:mi,lfil ' D CoSt unJcr xCIi .. " b}of A"

l iek: I\n.

<I .

O" .. ··(,,,,,'h ,,( .1..:: 01""1,.,, ,,( Di .... cwn .halll..., d cctnll"I',,,OIdy, ,,,..., hy u ch ur

I he G".."""fS "f ,nconl",,, hov ;nl: ,he b.,l:CSI 111",,1.':1 ,,( .h.,u. I r ' he: "'101 " "",her ,i

I)i ' K"'<5 is 'HI( .I' vi.ill'" hy (,,,Ir. , I.., ,,,,,,,hcr .1 I>i.« ..... so dO:(I(,1 ,1 •• 11 he "n"_~>I'" h

of .he ne .. I""",. mn"I..." <f"" i •• Iiv i.i ble hy ~ ... r.

1 . Tf ... rc",,,in; ,,!: L)i rl'CUI" ,h"n he ,·k',',e,1 hy ,he H' her G"y,'''''''' in .c(,,,,t,"<"c wit h

d ... V'. ,.,i.i",,~ ,,f l'''''.l:r" I ~'' (, tu 11 ,~· ,hi. s..h,:duk .

6. If IhI: nmnhc.-r ,M Ur1<I iJ~ ll"l n"min~lro rq,,~I, ,I", numbc. of I", h I~'n:lini"!: I) j.

reW"! to he de<:Il ... I, all the uIl\I io.I~I~1 ,1\:111 1", "kw:.! in 11", fim h~ I~K ; CX{CI'I ,ha!

a ca".Ii.l .. lc m u ndi<bl!:"S h~vinll rt"Cei~cJ Ic-sl d,an !he minimum tlClCe"" lle ,of rnlal

VUI!:"s tletcn n;,..,.J by 11", (olll"i l fi ... 1i'Kh dCClion shallr.ol be d~C1C,1 if any u".Jio.b,~

lI", III ~,..., .",~i ..... ~1 mor~ Ih;m I he mu;mu", 1",f{cnl~I-!C ,,( 'mal .... H~S .k" ·",, inc" hy Ihc

<.;" .. ".:;1-

1. If ,h" """,her "f Ur><li<blH ,10", in.,...! nn~11 'he numl",. <I( luch " ·"", i,,i ,,!: Di.

,c",," '" h" "1e..:,,,,I, 'h" u,l< Ii.I;o lcs .«~ivill!: ,h .. · I"'!:!:"SI ",,,,,he. 01 .... lfC • • h~ 1I I",

"k-t·R,1 wil h Ih<· nn-pl i"" "( ;"'Y ,"",," i";uc .. ·h" h~ .. . IH·i,,·,1 k·.~ ,h"" ,hI· ",i" i",,,,,,

"I",

I ... ·rl~"'~"r

he Itl!al .... I!H ,k·' c.",i ..... " hy ,I", UM" " il.

H. Ir all ,M mch "-""nuini"" lli.t":"1!1 ue ",I! ..,k":Ied in .1", ('Ill I~l h K, a 1"" "".1 h.lk ...

."a;"

• b,1I be held. Tl", u ndida'c Of candi<.l;ues "'" dCCled i .. d", filii b;o.l .... si •• !!

I",

dig ihle for ele"( li"".

I .. ,he SC"(ood ~II(K, VUling sh~1I be limi tcd 10 (il d IOSe Governors h,vinR '1111'..1

9. in 11", filii balk,! '" a u .. d i..I.,~ 001 d«,1."l! and (iillho~ GOVCllllltl h:lv ing ""'cd in

d", firs! 1",lkl! lilf an dn:ltd Ur><lklale who h;oo l ~lrQ<.1y ,O!"Ccivtd tI", maximu", per.

centage of 1<" ~ I .,.lIt., ,klcrmine. 1 h,. 1114: C .. uno:il h ... Ii" ... ea\.; in.!: I hci, .... >In iuUl ... ·t·" ... II .

In ,k, ,,,,,,i,.i n!: wlt .. ·,. ~ ,. ~k<,"~1 u'kl i<.I~ ... · h~s ."'ei~~" """ ... ,hall .1." Ill",;",,,,,,

ICl.

I .... '(~"'O~" ,,f ,I", "'''H, ,he ..... ,., " I" ' he ( ;"~e "" .. (""i n!! 01 ,,, I"F'·" """,I",·. ,( .... ~n

~If such u'l<li<.b.t .1",11 u., 'o"n' .... 1 ('fS', ,h,:,. ,I", VUlt' (I( ,h~ Govc",,,, CaS, jn!! 'he "C~I

la'I-!'''' """, I",r, a",1 SO.IIl "nl il suc h l"'tCe"'.,.,~ is '(01("1",,1.

A

Ir nul: all I]", ' ''''''' n'n!; 0,'«1"" ha"" t""", d cn.,.] ahc, .1", Jl'(tI .. J I", I ~>(, fUll I""

11. 1»1"". 51,.11 I,.., l.dJ 'N' 11", "'''''' 1""0('1*" um il ~II , he." Ic,u.i,,' ''j.: Dirt'ChNS "C ck...:,,~I .

I'fUviJeJ I: ha, when ""I)' .. ne Di,enm , cm~,,, s ,,, I,.., ,-1"(1,·,1, Ihi, Di'l'C h" ",ay hI.'

d{'C,"'] hy a simple: m'jori,), of Ihc Icm,i"i,,!: VOICS 1'..J sh,1I "" J""",e'] 10 h",,' ["":,,

dcclc.J by all such vUle •.

Passed by the House of Representatives at Si tting No. 11f1 of the 4th Octobe r,

\989.

M ANue!.. BORDA

Ac/i"g SJHllkt r

C . MI FSUD

Acting Clnk 10 'ht Houx of Rtprat"uuivu

' ..

K.";lia- ~b1" ~ "' ",Joo

~;.

Ippubblikat m<l.D;partHnen,,.· Hnform&zzjoni

Co., ...... .,,......,_

~ ...

M;'tnIg11l1-h .. mpetijo "'-{;.<rn

".... 1 .. _ "'*'<14<

F'dan I-All. kemm -j] darba f-rabta tal-k liem ma tehtiegx Tofsi<.

xorl'ohra-

"Agc nrija"

tHsser l-Ag.:nzija Garanti ghal l-Inveslimenl

Multilateral i;

" Konvcn~joni"

IHsser il-Konvenzjoni li lippmvdi ghal-

twaqqif u thaddim la' I-Agcnrij. Idf approval. mill-Bon! lal·

Gvemaluri tal-Bank Intcmazzjoroali gI'Iar-Rikostruujoni "

Zvilupp m-I I ta' Oltubru. 1985 u ffinnata minn Malta rWashing-

ton D.e. fis-16ta' Senembru. 1986. kiftidhcr n·Iskeda 1; tinsab ma'

dan I-All, u ghall -finijiel la 'l-anikoli 4 u 61a' dan I-All, kifminn

tm ien gbal !mien emendala;

" Ministru" lfissc r il-Minisl ru responsabbli gball-finan:d,

J, Bis-sabba la' dan I-An , u skood id-dispotittjonijiel la 'I-Atl la' A~joni

1· 1983 dwar ir, Ralifika la' Traltali, if.Gvcm la' Malta huwa awtorizzat .,..u·

iIIi jatted i gball-Konverujoni .

[Iectilln 1)[ Dirccmrs

Ca, .. Ii<I~ICJ (or ! 10<: orr,cc uf Di m:"', 5holl be llI'mina!c" hy I he GO"!:fI>I)fS, I'nl¥i<ktl

l.

.ha t 0 GoY(1'llOf may nomi'l:IfC only one [>Cf5on .

nlC Ckxliun nf Dircnors 1I",1l be by bi111uc ul 'hc Gowtoon.

2.

3. In 1~~II"t i n,ll 'hI' 11..., Dir«mn, rver)' Governor sh~ 1I US! rOf ()flC u n. titb,t ~Ill hc

voles which the member rcprcscm cJ l1y him is cmi, ktl,o C~SI unJn Sec,;"" b lur Ar.

l ie'" I\n.

(),,,,·(, .. mh ,,( .he m""I"" ,,( !) ..... emu .hall he doc.nl s"I'' ''nl dy. ,>t'" hy u ( h ,,(

... .

,,,,,,,1.,,, ,,( .h.~. If, 10" UII. I " "",her ,,(

I h" (i"v<:,., .. n ,,,. ,,>eonhers h.v;,,1': thc 1",1:\"5'

Dj IK"''' is "IN .I;,,;sihk hy (,,,Ir. , IIC ,,,,,,,he. ,,(I>;<I:O;:,.,/I ~ cl .. "" ",. ,1 •• 11 he "' ''', ' '"11 h

of .he ne"' InwcI numl"" . h,,, ;. ,I;v;.ihk hy ~"or.

1. Tf ... ,c",,,in; III: L); '""'tun . hal ll ", "k',-,,,,I hy ,h" IM her GOY'-" "'" in acn .. ,b,,<c wit h

,I", V .... ,,;.i .. "s ,,f l"'r.I:"' I ~" (, HI 11 ,~" Ihi. So.h.:dulc .

6. If IOC numhcr <I( ur1<l;"bl~"I nnminami ftJu~ls tl~ number tJi I", h '~lI1ai n i"ll I) i·

,«.orl 10 he d«ll ... l, all dlC ur1<' ;"I~I" sll'll1 IIC ekoN in the rIm h~I ~K; nul" .h3'

a ca n,J id", c or ulllliJ~ ,ct h~vinll r'"Cei~ed ku d.~n Ihc minimum IICICelll31le ,,( filial

VlWes ,k,en ni • .."j by Ihe (u",>(i l fi " $II<h cicction shall 00' be d~C!c" if any u .. d~h,c

,1 ~, III ~we .C'(~i ..... ~1 mor~ 11"", Ihe mui."om 1'",.(en'~lle.,( lor~1 .... "tl ,Ic,e. mincd hy ,I...,

u""" il.

7. If .10., """,IIC • • ,f ullll;"I~ICI .. I'm in. Il'" nn-e.1s llle numl",. ,,f .uch .em"i" i .. }: Di.

''''CI'''' '" I,., eleCt.,d, Ih., c"n,l;'ialcs .«tivin}: .h.· I".),:cot .. "mh". of .... " " •• h~1I I",

ck..-.~~I wi. h tl ... · nnl"~'" "(;" 'Y (';"" li,Ioll" .. ·h" h~ , .lH·;,,·,1 10.'" .1"", .he ",i" i •• """

I",ree",,,),:,, ,,( Ihe tulal .... >lCI , k' CII ni",:d hy ,I", u~"" il.

If all u( such ' ''lIu in inl: Ili.,'(, ... s ue ",I( ekc.ed in .100: rllll lul~",,, •• "(,""1 ".Ik"

H.

.h,1I be held. °1100: ullllio.ble o. cand io.la.cs 001 d«u:d in 'he lilil baol .... II •• I! 'Il"in he

digihle for ekui"n.

In dl(' l«ooJ ~IIOI, VlIIil18 shall be limi.ed 10 ,i}lilolc Gonrnors havinE( ... ""d

9. in , he fifS! h;.Jk" It ... a u,wl io.l. ,c tMX c1c(lN and (i; ) I ho~ GOVCrtlo.s having ... ncJ in

.hc first h"IIoo: lil( an dn:tctl cuxlio.hlc who h .. 1 al.eally lC'CcivN (hI' maximum pc. ·

"t.,

.ktcrmillC,1 !I,. ,he ("un<il hefOre ."kin$: Ihci l .... "t"I into ;>t"t'" .. ,,( .

( cmage of U" al ...

"",.i,,,,,,,,

I .. , k. c""j"i ,,~ wh ..... ~" ek..::lt~1 u, .. Ii<.I~,,· ha • • C'Cei~c" ",,"e ,hall ' h<

10. I"" (e,,,,~,"., "r ,I", ""'Cl, .1", ~"'<I .. f 'h<: (;"v"'."". ""$""': lI.e ''''F'·'' """,I,.·, ,,f "'He.

~" su.:h u'l<li<.b.e ,1",11 u., ( ... ,n,,,,1 (IISI, Ih.", tllC \'OIe' ,,( ' hc GovCIOlO' (~S l i,,~ I he nCMC

I~ '~<'"

", .. "I",., " ... 1 SO'II1 until such 1>C'(c",a".., is 'eOl( h",!.

11. If 'lIII .UII", .nmini,,& D;.<'C,o~ hive t.n,,, deo."J ahe • • he "',,"I(,,J h" ' ~ >I, furt he.

1»1100. sh.lIl>c 1",ld un 1100,: $<I""" 1" ill.;i"Io.:1 lint it ~II .1 .... IC1n.j,,;,,~ 1l;1<"(""' ,f<. ek"(",,~I.

I'fUvided Iha' wh" " unl)' " ,," Di.« ltlf • .,,,,~ i ns',, Ix- el'·( H'.I, Ihis Di.",·",. ""'). ",.

dt"C .N hy n simple majo. i. y of . hc ,,,,,,.in inl: VOlel and sh.1I Ix.- o",n,cd tu h".·" h,~·n

dC'Clcd by all .uch VOles.

(I) The re shall be: paid ou t of the Consolidated Fund, on the

warran t of the Minister. all sums required for the purpose of making all

payments required to be made from time to time under the provislonsof

the Convention .

(2) The Ministe r may, if be think!; fit, create and issue', or

direct the Centra] Bank of Malta (as the depository for the Government

of Malta for tbe purposes of Article 37 o f the Convention) to create and

is5ue. to the Agency non-interest bearing and non-negotiable notes or

o ther obligations as are provided for by Anicle 7(i) of the Conven tion .

and the sums payable under such notes or obligations 50 created and

issued shall be: a charge o n the Consolidated Fund

Provided that where the Minister has directed the Central

Bank of Malta tocrea te and issue IlOtesorotherobligations as aforesaid.

the Minister shall also undertake to repay 10 the Central Bank of Malta

such amount o r amounts of notes or othe r obligations as may be: called

for payment by the Agency , such repayments to be made as soon as

possible and in 110 case later than a month afler the date o f payment to

the Agency; and in respect of any such payment all repayments due as

aforesaid shall be a charge on the Consolidated Fund and the sums

required for such repaymentsare hereby appropriated for that puflXl$C.

(3) Any sums n:a: i\'Cd by the Governmen t of Malta. or by

the Central Bank of Malta. from the Agency on account of its subscrip-

tion to the capital stock thereof shall be: paid into the Consol idated

FUnd.

The provisions of Article l(b) and Articles 44 to 48 incl usive of

the Convention shall have the force of law in Malta. so however. thal

nothing in Article 47 of the Convention shall be construed

<i> as entitling the Agency to import goods free of customs

duty without any restriction on their su~uent sak in Mal ta;

(ii) as conferring on t he Agency any aemption from taxes

and du ties which fonn pan of the prices of goods acquired by the

Agency in Malta; or

(iii) as confe rring o n the Agency allY aem plion from lues

or duties which are in fact no more than charges for M'rvices

rendered.

The Minister may by order make such proYlSlOns as are

necessary for carrying into effect any of tbe provisions of the

Convention.

The Schedule to this Act shall be in the English language only,

and such text shall apply also to the Maltese teKt oftbe Act.

AJ94

SOI[OUl£

(Section 2)

CONVENTION ESTAI3L1SHING THE MULTILATERAL

INVESTMENT GUARANTEE AGENCY

PREAIVffiLE

The Contr1l1; ring SIAIU

CDlISiduillllhe nttd 10 Jlrengd.en imernuioo.lll c00I'~udon (or «onom k

.levelol"nc,,! ~nd 10 {oifer Ihe com ribul ion 10 iuch ckvi:1ollmc m of (i)lcign inycsnJlcm

in gene •• 1 In.d "rivalt IOreign inwslmem in ranicular

Ruog .. iz;"g rhal the Row of fOleig" invutmcm 10 dtvclol'ing coumries

would be (.,jlitlled.nJ fUrlhtrtncouugoo by alkvl_ting concern, relllN to non-Com-

rnon:i.t risks

to enhance doe /Iow 10 developing cou nlr~i of U I' ;(I' I"d t«hnol-

Dtl;ril"

ogy for produnive purpoKl under condilionl com islcrw wilh Ihei r<.ltvelc.ptrM.m nuds.

policies and objectives, on (he basil of r.ir.oo IrIble IIIIKlirds for ,he mountnt of

foreign invcmncnI

CIIIIIJ;IIUtilhl' [he Mull illlcral InwSIITlcm Gu.nm~ A8(ocy can phy In

imporum role in the cncoura~mcm of~eign in~lImcnl oornr*mmling nllion_ la nd

regional inYntmcnl gUlranlff programJ .nd priv'le inJUfen of nOIH:ommefcial risk;

,,'"

IlL,di,ilfK Ihac such A~y Ihould, 10 Ihc UICIl! I'OSliblc, '""1 in ublisa-

lionl wi,hour n"5O<l 10 ill n llable n pildlnd lhallloch In obj«tivc would ~ IC1"ICd

by COnlinucd improvnnenl in invcltmcm condit ions,

CHAPTER 1

Es tablishmem, Status, Purposes and Definitions

la) There is h~ .~by Hlabli sh~d Ihe M".ttillleral InvUlrn enr GUOfamce

Agulq (hereinaf(~f uJle.lthe Agmt),l .

(b) 1~ A~ncy .h.1I po5KU full juriJic.1 personalilY and, in panicular,

the capacily 10

(il conUX I;

(ii) acqu ire.nd dispose olll'lOVllbk.nd immo ... ble properly: .nd

(i ii) ;<l$t;lu tc legll proceedings.

Artid~ 2.

Objecti ve .nd Purposes

The objKri~ ol rI~ Agency shall be 10 cnc:ou.lge Ihe flow of investment s

!Or p<oJl,I(ri~ purJ'OKl among member counu in, .nc.I in Jl'Ulicula. 11,1 Jcvd'~li"g

Immber COl/nuin, thus lupplementing the ICli ,idH of d~ Imernarional ll1nk for

R«oomuctioo arK! Dl:vdopment (hereirntft er referrro 10 IS doe: B.nk), .tl~ International

fi uanee Corpona t ion aOO orhet inrernat ional oJevck'!.mem r, ,,.n<:e inJli \ UI;UII ',

l b serve i ll obj«li ~, rI~ Agcne)' s.hall

(I) inue gulnanleH, including (oi nsunnce Ind le inlullllCe, Igainll nu<l-

commerci.1 riskl in respecl of ;nvemncnts in. rnern bcc loumry .... hich flow (,om .OII~r

mcmber countries;

(h) uny OUI .ppropriarc compkmemacy 1C1;,ilies to p'omoIC t he IIow of

inve$\menlS 10 . nd .moog developil1g member coumriu; aOO

(e) uerciK luch other incident.1 powelllS shall be n« euary oc desirable in

the rullllCllncc of in obj-ecrivc.

TIle Agency .hall be guided in .11 in d«i.ion, by rloe: provision. of thil

Anicle.

A ,%

1I,,'i"~ 3.

Ddif\iliun,

rvr d~ purpGSC' cl thi, Convmlion

(I) "M(mlx," mnru • St'IC with IC1p«1 to .. hieh Ihi, Coovcncion hll

tntered ;mo lOIn in .cCOfl.!ancc with Anid, 61.

(b) "Hosl couquy" or "host govemmem" mnnl. memlxr, its ~rnmenl,

Of .ny publ ic ftulhorily of. member in whose Icrrilorie1, ., ddi"ed in Article 66, an

inwllffiCnI .. hieh h., bttn 8UI"nl~ or reinsurW , or i, CO<lIid.:.cd for 8"'Imlce or

rcinsun.nc:c , by ,he: Agcnq i. 10 be Ioc:.lt'd.

(c) A "cIew;lopi nS member coonuy" rnnJIl • nxmber ",hieh is lilled III

,uch in Sdlf'dule It hereto u Ihis Schedult. may be amel'l<kd from lime 10 lime by d~

CQI.mcil of GoYcrnon ~rnrW 10 in Anick 30 (hc:~il\ll(ltr callnlthc Counci l),

(d) It. "'p«;,1 majority" mnru In affirmative ¥OIt of noc Ir$I ,h.n tWOo

Ihinll of the 100al vodn8 ro~r rtprtsc.nling not Itu Ihan Mly. /iYl: I'C'KCnI of the

lublcrilx..J .han:1 otllw: UI';fY[IIOCk <

," 11>1' ASC'nc:y.

(c) A "(r«ly upbk curKrocy" means (il .ny currency dCliSRUed as luch by

,he Imnnu ional M~lIry Fund from lime ro lime .nd (ii) .ny Olher fredy .vailable

and dfccl iw ly uu ble (ur~nc:y which lhe 600.«1 of Dim:lou ~ferro:d 10 in Ankle 30

( he~illafle( "lied lhe Board) may dniSlIJ.le Ii;w lhe purJ'O'ft of Ihis Conytmioll .fler

CQrlSUIClllioo wilh Ihe ImtrllJ.liooal Monet.ry Fund .nd wilh the .ppto..al of !Ill

cOlImrv of such CU(~nc:y,

CHAPTER 11

Membership and Capital

Artid,4.

Membership

Ca) Membmhip in Ihe Agel1(y shalJ be: open 10 .11 members of lhe Blnk

, nd 10 Swincrland .

(b) Ori8inll members 11 .. 11 be lite Slnel which .~ lilled in Scl>cdulc A

hertlO and become P"lin 10 ,hi, Conycmion on QC' before Ocrobt. 30, 1987.

?In

A

Capital

Arlir/e , .

(11 The aUlhurilN u pital Ilock 01' d~ Ab""IICY shall Ix UlIC bi llion SI'C(iaJ

Dr.wing 11.;8111. (5 1)11.1,000,000,000). TIoe npilll Slock ,h.1l be d iw i<kd imo

100,000 ,h.fn huiug • por v.luc of 501\.10,000 ",h, whk h ,hall be available fur

lub$C(;ptioll by members. All payment obIlgationl of members with rnpllCt 10 ca pi l.1

slock .hlll be . euted on the IID,i, of dK IYrrlgl: Vllur of the SDR In lelms of Uni ted

S,I'C' doll l u for the perioJ Jamla,y I , 19111 10 JUrK' 3U, 19115, IUoCh .,.1,,0: Ixi" g

1.082 United SUlCI doUt,' ~r SOil.

(b) TIN: upill! 'Iock ,hall ilK/ease on II IC ...tm;ssion of . lleW member Ul

I ~ excel>! ,hal the then ".lIhoritetl ,harc'lle Imufficictll 10 pfOY ide the .haln 10 be

IU bKlibcd by IUoCb lncm bcr PUIIUI"\ to An k le 6.

(c) 11>0: Cuurw: il, by Ip«ial majority, rnoy 1\ '"Y linN: j'KfC:UC d~ Ul ,i tal

uuck of the .... lIency.

Artk/~ 6.

Subscription uf Shares

E.ch or iginal mcm lxr of the A~ncr sh~ 1J subsc ribc al par IQ the numbe r

of shmre1 of upinl stock ~I fouh O\>po$ile ill name in ScIJl,'t]ule A hereto. I;.-u;h OI her

rmmlxr ~halllubsc: r ibc IQ ,och number of Iharcs of capit al stock OIt such tClml and

conditions as lTtlIy ~ dcterm innl by the Council, but in no eyem al all issue prke of

less than par. No membcr shall lubscri~ to less t han fiflY sharC$. TII(' Coundl may

prescri he ruin by wh ich ",.:,nh<:n ""Y luhscribe tu ;oJ,Ji t i .. ,,~l sh~res "t the ~tn huri m..l

capitalllock .

A.-ticlt 7.

Division and Calb or s... bscribcd Cu p ' lal

111t initial lubsc:,ip(ion of",h m<:mbcr shall be [>llKI ill (ullows

(i) Within ni nety d_ys (roon llle date on ... hid , Ihil c.x.....:mion emcrl

'mo rue ... id , rC"lpecl 10 such member, ten I"'<cent of th" price ol

nclr shire IlLallb<: [>IlK! in ash as $tipulat..J in Stttion (a) ol Aflick

8 and an aJd iliorultcn ~ICel1l in t he IOtm of IItm-toel!IK;able, non-

ime' C$t-bnrinf: promi JSory n(){C$ or si,nillr obIiga.iuotrs to be: tll-

CI.Ih..J pursuant 10 a decision of die u....d in order 10 "1«1 Ille

A~ncy'l obligations.

(i i) The renuinder Ih. lIb<: lubjen 10 all by tile Agcocy when .<'<ju in ...!

.

to mttl i" obIig.tiOIlI.

A

Article 8.

Payment of Subscription of Shares

(a) I'''ymcms of 'UhK'; ptio" •• h.ll be m:..le in frcdy uS<!ble cuttencies utep.

that payments by devdoping member countries may be mode in rhe;, own currencies

up '0 Iwcmy_five percent of (he !,"Id-in cash pon;ol1 of thei r mbsc.iplion. pay.>blc

ufl<kr Article 7 (i).

(h) ealls on any ponion of unpaid subscripriom sholl be ,mif""n On all

shar~.

(c ) If ,he ~mOllnt r«cived by ,he Agency on I ca ll 5h.1I be insufficiem to

meet the obligations .. hieh have n«essirlled the call, rhe Ag<rw;y may make {..,uher

successive calls on unpaid l",bK';plion. limit the aSS"8a,e amount received by it

sh.1I be sufficient 10 m«r such obligations.

Liobiii.y on shares shall be limited '0 the "'''l",i<j ponion of ri" issue

(<.I)

Artidc 9.

Y.'1lualion of Currencies

WhcllCV<.:' it 11,,,11 he IlI-,:cs5ary li,t the i'''fi'US''s ,,[ this CmlVl'nli"n 10 Jeler.

mine the v~lue of nnc currency in turns of anmher, such value shall be as reasonably

det~rmineJ by the Agency, after consultation with the International Monetary funJ,

Refunds

ArJidt 10,

(3) The Agency shall, 15 soon as !>'"n;cable, return to memhcrs _mounts

/>'lid on calls on subscribed capital if and 10 the ntem thu

(i) the call shall have ~en made 10 P"y ~ claim resulting from ~ 8"ar'

IIntee or .(insurance comriICl ond ,here_fin Ihe Agency shall have

recovcred iu I"'yment, in whole or in pan, in a flcely usal>1c CUllcrn:y;

"'

(ii) the (till shall have been made be<au~ of a def.ult ill I>lIYlllenr by a

member .nd there.fter tl.lCh memhcr shall have mwe good such

Jcfaull in who le or in part; or

(iii) rhe Council, by special majmity. determines t hat the financial pG-

sition of rhe A~ncy permiu III or />'In of such Imou n!! 10 be

returned OUt or ill<: Agency's revenues,

(b) Any refund effec,cd under this Article to a member shall bc made in

f.eely usable currency in the propollion of the payments m:uJe by that member to Ihe

10lal .moum "",id pursuam to calls made prior to ,uch tcfund,

(c) The cquj.~lcnt of an...,unts rriu"Jetl u,ode, ,his Anidc tu a ,",,,,,,,her sl,,11

ixcume parr of the callabk c'pi,.1 obligalious of , he mcmlxr "'wc. Anicl", 7 (i').

CHAPTER III

Operations

Covered Risks

(a) Subjccl 10 ,he proYisium of S<:Clions (b) .,od (e) bo:luw, rh" AgCIKY "','Y

e,..,,,,

one or more of Ihe fullowing

gu.",mce eligible ,n\'<:5,nKI\'$ ago in51 a Iou ,clult i"g

(I) Currtnry TrallJ/"

any intc<.x lunloll anributable to the hOlt g0v..rnmcm of .es!fictions

Qfl the transfer outside tile l>l}St ("""try of in currency imo a frcely

u5lIble currency or ulorhcr currency acceptabk w the ho lder of dl"

g"anlntee, including. failure of .he I""t !t0vemment to act within.

iCil$Olloblc 1'.:,iOO of lime on an al'plication by such hulder (i" such

transfer;

(i i) ExpropfialiDtl a/ld Simifar AI .... mrn

any legislative ""ion 01 aU ' nil1isu~t i ve oct iOl' or oll\iss~>n m'Iihu,;,blc

'0 the hoS! guvcrnmem which has ,he cffc<:' of deprivin8 'he hul<lN

of a guaumee of his owocnj,ip 01 (outrol of, or a sobsUlltial ocndi,

flom, his inveJtrocm, wid, ,he eKcepliun of oon-discrimi"amlY ,,>1:;1-

IUtCI of geuct2l IPl,licarion which govunmenrs no rmally take r,,, the

putpo::ne of reg ulating «onrnnic JlCtiv;ty in {hei r Icrrito.nics;

(iii). BrM<h 0/ CM/raf/

any rCl>udiuion or breach by Ill/: hun gov<:rnmcm of a [u"'ran wilh

tll/: holder of. guarantee, when (n) the holder of a S\IlIramcc d0C5 ,KH

have rccuutse (0 • jodicial 01 IIbit .. l (orUII> (0 dctcroni'l/: the cJ~itll

of repudiation or breach, or (b) a decision by such futum is ,KM

rcndered withio such !ca$Onable period of lime as sh,,1l be p'''IIcribe<l

in the conrracu of guaram~ [>lInulm 11.1 Ihc IIgeLley·, tcgubtions,

or (c) such I decision nnl>Ol be enforced; aod

(iv) U:ifr ."" Civil DiJ{uriJamt

lily military action or ciyiJ dis!UrhalKe in any territory of ,he hon

(oumry 10 which Ihis Conveotion ,hall be applicable as provided in

II"icle 66.

(bl UI'I1<I the joint aprlk~d,.., of the ;nvCJwI ~ ",I the Ion!!! coum.y. doe

Board. by sp«;al m~jtlrilr, m~y '1'1'.0..., the UICnS~)fl of coYttogc "",k, Ihis Anicle

10 sl>ci:ir.e non ·comll~rci~l risl:s other lI,an those ,((corN 10 ill 5«1;on (a) .boY.:, but

in no case IQ the: risk of tknlUllion or ckprrci.lion of currency.

(c ) i.otK' ' I:lllll ing (.om lhe IOIlowing .h.lI flOC be (0".,,0:<1,

(i) Iny host pwrnman anion Of omission (0 .... hich the ho~t of die

gUlrall.te has agreed 0< for which he has been .esp<)n.ib":; Ind

(i i) .ny hal{ goverrHMnrlClion or omiuion or ny oche. event occu rring

be(ore IlK conclusion of ,he: COOIU(I of guarantee.

IIrti(/, ,1.

Eligible Investments

(I) Eligibk invnunn", shall indudoe ~ui lr intereSts, including mtdium.

or Iong-Ie,m 10;001 mU or guoram«<l by hoick .. of eq uity in lilt enter prise. ConcCfMd.

and such IUrm) of d irKI i"...,slInc:m as may bt: tktc.minN by the Doa.d.

(b) TIle Board, by speci.1 tlUOjofi lY. may nncnd eligibili ty 10 lny OIher

medium- or Ionll -telln form of invcstment, u cel"f that loans odoer th~ " dlO$e men_

tioned in Section t.) .bove may be eligible only if they Ire related to • specific

in .. ellmem covered or 10 be (()~red by the Agency.

(c) Guaramtn shall be resrriClcd to investments 11.e i mpk ~ntalion of

which begins iubse(]uem 10 Ihe regisU1l1ion of Ihe Il>JlI ication (01 tne 81mamcc by ,lie'

Agcncy. Such inveslmenu may include

(i) any rransi"cr of foreign udl.ngc "ude ID rno;><k",ile, e.pg.nd , or

deyd op an " isling invcslmenr; and

(ii) II Ie use of earnings flom niuing invcslment s which couW OtllefWiK

be lr.nsferrC'd ouuidc: the host counrry.

(d) In !"."muing In i~nmem, d ie Agenq shall satis(y itKI(., 10

(i) die economic soundneu of Ihe inyestmentllld il$ (()lltrioolKm to tile

deve lopment of ,he host counuy ;

(ii) complilnce of the inveumcnt with the hosl country's laws Ind rcg-

ul'lion,;

(iii) consistency or die invcstmcm with Ihe .kcllled development obj«-

tiytl . nd priori ties or the hOIl country; .nd

(i y) the ;nvc:mtlCm ~ond i {illnS In {lie hon COUntIY, including Ihe OWI;I.-

bil ilY of f.il .nd equil.b1c ue.lmelll .nd kg.1 pro!«t lon fot d oe

in"cllmem.

A ''''

A,.tid, JJ.

Eligible Investors

<al Any natural ~rwn .nd any juriJiul .,.-,"0" m:ly be eligible t Q I«t;~e

t he Agency's gwoBm« pt'O'I'ided d Ull

(il Il.ICh "RWIlI! pt"IKm ;, • national of,. Immbcr 01:1.." than the IlOSl

country;

(ii) luch juridical pel'lOn is illCO<p(Kued and hu in princip.1 1,llICc of

busions in ,. member or the Ul&pi lY of in capi lal is QW~ by •

mcmoo or members ()( national, d lCleoI', prowiokd Iha' such memb..'f

.,od

il IlO'I die hosl (OUOU, in a"y of die .bo~ nKl;

(iil) luch juriJ icll person, .... hether ur nut it il Jlrivately uwlleu, Uj>ClatCl

on • commercill bllll il.

(b) In C'lSe the invuux hu more than onc l1:uional iry. fur Ihe 1""rlOKS of

Section (a) ~ Ill(' nation_lilY of,. member shall p,".il OO'CI rhe ""dUI .. liIJ of.

l1O<l-mcmbcr •• 00 the nationality of die ],0'11 count'1 shall p,c ... il over d ie ".,Nn.lil y

o( a"y Oilier member.

(e) Upon tbe join! appliution cl cl.., invaWf 3'><.1 !Ill: hUH t OU""', doe

Bo.rd, by spedal m:lp ;ty, may nnnd d igi bili'y to. fl.I tu.:a1 ptr:K>n .. ho it. fl.Itioru,l

of d.e 11051 cournry or. juridic.1 pttson ""hich is iocorpOf1lro in d.e hou counlry Of

tl .e majuri ty of wllQJC: (al'iul il """.1C<.l by ils n3liunais, I'ruviJ<;J Ih~1 Ihe :USC IS

inveued I.C uaAs(errcd from outside (he hOIl count.y.

A,.ticle H .

Eligiblc Hos t Coumries

lnveslmenu shan be gUlllanleeU uooer this O.apt er only if {h,-,y alc {o be

made in the tfrritory of. dcvdopin8 ~mbe. (o.ml. y.

A,.tide Jj.

Host Country Appcoval

Tl.e Agency Ihall not condli<k . ny coonaCI of 8 uanm~ before: tl~ huu

SOftrnmtnt IIaS .pprot'fd d.e inUI.KC of d.e gwoI.llett by tI.e Agency 'gains[ the

[ilia dnignated. for covet.

lams and Cc.xlditions

A,.ticlll 16.

TI.e le.ml • • 1<1 cooJilioUI of CKh (OOI_e 0( guaflmtt thall be dctcrm inN

by the Agency lubjecl 10 such rulet ilK.! legula.ion, as .hc Ilu;ord shall ,$lUC, 1'.0viJcd

, ha •• 1", Agenc;y ohall rKK CoY("r ,I", IOtal loss of Ihe gu;oranl«tl inwSUflC'lK. C""'I'XU

of G'~ .. nll'" shall be "PI"oYni by 'he p.e.iUcm un<kr 11", .'i.en;"" of Ihe Boo. .....

/t.rtjcl~ 17.

l'aymem of Clai ms

n.e Ptesidem ufkkr ,be t1iKC.ion of ,he !.loo ..... h"n dttide on 11", p"'ymrot

of cla im' 10. 00100 of .. 8u"",nr~ in accord:""" with 11", conWOCt of !l:u"ram.., and

such policies at d", ROlld may ~I . Con'!'X1$ of guanm.., .1 .. 11 require hoKklS of

guaranlec5 10 Ittk, bd' .. " • pay"",m is fNtl" by ,he Agency, such ildrninislr:uive

~~iM alm"y be "N>rOpfia.e uOOc,r 'he c; KumSlancn, plOVided dU111K-y are ro::oJily

;W:Iilahk '0 " ",m untl.,. 11", bws of 11", 1001[ country. Sud, (OnU':o<;I' ""'Y lC<lui.c 11",

bflK of ttftain rcason.~bk ~lio.l'.b bctw«n ,I", OC(cU"Cf>(t of ~I"S giv;nl: , ise .0

cla in .. and 1"'1""''''' of claims.

Article IH.

Sullw,;:nion

fa) l ~"1Q I"'fin}: 01 "~t1. ... ·inll I<l ''''Y ('f""I "'"~1 ;OK' 10> a l"~,kr ,of a I:"""IOU...,.

11", "lle' K"Y .1 .. 11 he ''''''''galed ,,, such .ighu 11. d. itn' .cb'l,1 tu .1", ":""'3"'a:t1

inv~~rrncm as I I~ hoklcr of l 8U~r:lntCC may h:m: 10",1 lRainsl the: I"ISI (')\"'''y a'l<l

O(h~r obliGOrs. 110:: ContrlCt of I:lU.rlnt« shall l>rovio.lc tlte tams lno..l {Ot"lit ions of

such subroSltion.

(b) 110:: riShu of th~ .... gency pursuant (0 S«t K>n (l) .bove sl~,II!Jc, .ceoS-

nilN by all mem!Jc,' $.

(c) .... n")"u.$ in the C"If"n<:y of Ihe: I."" e:'''IIlIIY ;1("'1,,;.<"\1 hy the: .... ~l·r ..:y '"

sulx0l.'«" pu rsuant m S«tion (l) above: sh.n be.- a{cor.k..l, wi th ,csl>cc1 u> use: _Il<l

(oovc:nion, In::umcnl by <lot 1"'$' (OUn .. y as r.""",1.>1c: as Ihc HClll1lem 10 .... hich .uch

{ur><i ..... "tltl 10:: e:n. i. bl in I hc h.",I, ,.( .he: IM.ltln of • 10:: 1:" . .... IlIt"C. I" any Cl." ', ,tK I,

~ rJlOl"'" m"y he: usnl hy .1"" .... "· ... n'Y '>r • he P'Y"""'" <11 irl •• J",iu; ...... I ivc ul'cIKli, \<Io"S

and ,,,I,,·, (nsu . n<l: .... 1:".1(y ,h.1I al.o $'''''1.: '" cot e. ,,,,,, .''''''I:CU1"n" ",ith IMISI

(ounnics on odo::. use. of .uch curtcncics 10 Iht tKtent Ih.t they Ut 001 frccly u$lObI!:.

A,·tide 19.

itclationship 10 Na tional and Jtqtiuoal Emitics

111O! .... gency ,haU cooperate: ",ith, •• Kl s«1.: 10 cOllll'kllli:nl Ihe oper.tion,

of, nalional entities of mcmhl;n .no..I Il:Riunal emilies tlot m~~lfily of wl ~ ca l,illl is

"",(""J hy ",.,,,,h,,ri, ",h ich ""flY "'If K .i vities simib. m .hos" of tlo:: .... J,«"'1(y • .... i. I,_

'(:,i....,

"",,,"i_

vie .... tu 1Il,,~i ln i y.i nH h .. ,h Iloc cr"r.( Ic''''·r ,M Iloci r 1 ~' I ...

$l;OVlcl'S .,,,1 ,h"i.

hu, ioo tu ;,oc.c~",,"..J nowl of fmeiGn ;"¥clftn<:nt. '1" Ihis er",!, Ilot Ascncr m~y c"ler

A

."

i nl" :ltr'''Scrnenu with 5,,< h clld ,ics '''' doe: JClaih of ,udo t'.."~ ... r~li",,. j' Kh"I ;"E: in

part icula r the I1 .. " I"lilic5 or rdn' UI ""cc "lit.! cujn,,,,a,,..-c.

Iki nsurancc or Natioll:rJ and R{'gioual Entitie,

Artico'e 2U.

"'''r in"" ,"';nlur.,"ce jn '<"11'1.'<:1 of" JI'<'Cifk II, YC" " "" "

(a) 11..., il.h"" ..... ,.

:lgainsl " loss !<Iuhing f,oln "'''' " , II>O« of 11", non"cu"'flXrci.1 risks ,,",J.: .... ·.illcn

by " member or 'scoc)' dlCfe.;H ut' by I Iq;;o",,1 in~Sflntnt 8"'''''u"", "!,'CII(}, 11...,

majQ,i, y of whose ( ' pilal is owlll"<.! by mem""". Th~ llo .. J. by '1'«;.1 "'. ~)fj l y. shall

(rom I;me 10 lime WCK ri bc marlln"'l ~U1Ot'''U vi' C""ti nI>CIJI Ila!.il;,)' which '''~y I",

:'num"J I.,. 11 ", .... h""Ky w it h ' CII1(:1:I 'U IC;IIIII"">(I: (uJll.actl . I" .t"I ,,";1 u[ sI ":, itl,'

jn\<a"' .... ul which h.~ l>C'C n CUtTll'lcrN more than [,""Iyc m"m"! pr l .. " tU tcceipt ,,(

the "I, • .lie.,i .. " IV. rc;nsur:"oa" by I he: "/:COIey, • h" m~x''''u", ."'''u''' sha ll ''',. i,lIy I",

.en I"'Kenl .. r .1", a,l:..l:re""e ('NK i"I:cnI li~b, li l y of .h. III-"""'Y ,,, .. 10:0 ,hiJ

K'l U

Q.al'lcr. Th ... (.,.,.J'Iioni of cltgibilily sp«ironl in IIu iclc.-s 11 '" 14 .hall apply 'u

rci"sUf"lCc 01'''''" i"n., "n c!,I .10" .h,: ,,,in,u'N in"""r"",,,,, .Il ... -..I ,IUI b" in~"'·ull·", < ... 1

sublc'lucm t", 11", "1'I'Iiuti.,., r, ... c''', .... , ... ".

,,,..I a lei,,~ull~1 """ " -

(h) Tlte ",,,,,,~I .igltts an, 1 uW ig""""s uf 11 .. • IIg'· 'IlY

OCr or agelKY sltall Ix sla •• ..! in COUl';I(lS of rci nsuw lICC S"hjl1:t w ,,,d. r"k·s '''Ill

fcgolalioolls as (I", Iloo.J .11,1.11 ilS"':. 111e II"".J shan "I'I'' ',"C ""d. cum."" h" .du-

sura,KC cllyc, ;ug an in¥nll n"m .... hid, 1 .. , hotel! m;&o.k I" MJI I" .. ·n·'i" "f, Ill· "1'1 ~ it,,, i""

fur ,cinlu raoce by 'he IIg'::'KY, wjlh a view to minimi:',,/; ,id:s, iUlIu ,i llj.: .1",. IlK"

" 8e.KY rcuiVl"s I', c", i,"", UNIIUl<:n.U '~'C wi , h its ,isk, ., .. 1 aSlllfi " I: d",. 11", .einsule,1

en.i ty is "PI""I"i.ldy CIII",niHI-J '<IWlI,J pw" lU{' nl: new i"vnUl"'''' in ,k~d'1,i""

""''''oc, coullu;es.

(c) "1"1", IIg"ncy sh,dJ, tu the ,·~'e'" IM ",.ihk, .S'''' '' 11"" it H. 11 .... "·i "",,t~1

eOlri.y Ih~11 have .1", ' ighlS ,,( su i""" "" "" "'kJ ,,,h i.,,,, ,,,,, c'I"i . "k". ,,, ,1",,,· ,I,,·

I-!""""""'.

TIK· "." ". " ' M( ,,,,,,I;,;,~,, u(

IIgcn'." y .... K,I,I h" •• if if we.c th" I •• i"""y

« i",u,,,,.,,;,, sh~1I "~Iu"c d~" ",l,nin', u mivc re"1<~ lio."S ~'I· 501t'l!1 •• jn ",,·, ... d" , ... e wi,1<

IInicle 17 bclixe a JXlymcfM ;1 on:ooJe by .he IIXC'''Y. Sut."'ll~' ion . 1",11 "" ell'"Cf; •• wi, 10

.nl''''l In , Ill· 1"0$' C""'K'y coN ... c" ... ~1 ,", Iy ~hl"f i .. "1'1 "" .... 1 n( 11", "· iu,,,,~"n· hy ,I K·

III;CUO:y. T I", IIge'Ky 51.311 i • .,,;luJo: ." .1", ("'''' xu of r ci"su'~'1t C !,,,,,,i.ions 'c' lui. inl-!

, 11<: r.i "SOleJ lU pursue w;.1t tlue J il igcnce: .. '" ' iglKS t1< cb i"" rcb.N 'u .. '" f\·i "~\I'w

investmC:Ut .

A,·,id,21.

Cuupeutiuu wi th I'ri~a.e Insurers :IIlU \~ i t h ilc insurcrs

(~) ·n ", "E:"Ioey m~y ",,, c, I' ''''' ~rfa"""'~ II<:"U wi,h I"iva,e inS .. feu i" till·" ' ·

ocr {W" .. ic:s 10 cnha.Ke: its OWn "I>e" ... ioou ,ntl c,oo;w ... ,,~ '!Kit i"surer. tu I""v kit-

cuvc'''l;c of "tm-' .. "' mc'ci~1 • i.b in Jc:vdol'i"ll ,",c."her ("'''n ' ic:s IM I c, ......... io"os s'",ib.

A","

.IM OSC ~l'pli<.,1 hy d"" Aj.:cn~y. Su<h ."~"J:cn,t"l$ "'"r ;,,,I ... 1e tloe 1""YISMm ,,(

In

rc;ntulIOCc by d~ Ascncy lIt1dcr ,he (un<lilions ~1l<1 I'",(edulo JI>«i(tcoJ iu Imide

The A}:cncy ""'Y !'en1lUI" wi l h any aI'IK '~ "'3'" '(;1"'1("."«( l'n,i,·y. In

(1))

wlN,lc'" in ,>.1r1, ;'''Y J:u:""'''l't' ()( J:" ~'3"I<:<:J iJJu .. ~1 I>y it.

(c) ThI: Agt'ncy will in I"",it;ubr seek In E:tl3 .anl..-.: ;n>'nuIIC"" (or wh ich

(Olnp<lnble (OVCr-lt;e: on '(';lS()Ilal* Inms is 001 ~VJilablc (rom pfi n le ;nsu.els and

' ''IIIsmen.

A,.tidt 21.

Limi ts O(G U ;l.f2I11CC

(a) Ulllcu dcrcrminctl ml..:rwisc I>y rhe C""",i l I>y 'I'tei"1 m:ljuri,y. the

"I'';r<',.:'"'' al11,..,m ,,( mm; ",,'<'m l;:,bi I ilK." whio:h "'''Y he ~U"ITM...J by . hc AJ:<"Ky ",><.le •

• his Chal'Hr 5h,II IlO{ eKc«,1 onc: h"""lrN .nd M'r p"",,,m of ,he ~ln()lIm of d~

A,I:I:ncy's unim'Nin:J suh$c. ibnJ Ul'i.ol and iu .nc~ plus sU(h ponion of ' IS

fcinsur.'KC ("t'~r as ,he 11 .. .:",.1 nl~r tlclcn ni"c . ' 111: "'IIIIU shall (rom rime In lime

review doe lisk profi~ of Ihe AJ:cncy's 1",nfi,li<> in the liJ:hl of ils el perience wilh

cbi nu, de~rC'C of risk d ive.~ i r.c~, ion, rcinlllrl'nce cuvcr mill UI he, ,clev~11I nl(lI)rs will,

~ view Ul u{Cf{aining whelh". chan~C$ in 11", "'nimum ~J:gn'~atc 0I1lOIIII' of {om in _

~m liahi lities Ihou l,1 be f«omlrtC!>llc.J 10 the Counci l, l10e mn;lIlum ~",,,,,m de":r-

m ina.! by Ihe Counci l shallnrx ulkk , an, c;rcurnstallCrs t'Xc~ fi ..... time, the amoum

or Ihe A~cn<y's nuin'l'. irc<l luhse:.i l"..J {" I,il~ I , ill tCKlves and such I""tiu" (If ils

reinsu,ance {nvcr., nlay he Ut..., ,,,,,,1 al'l'rol'ri~(c.

(h) \'1/ irlV)l,I( l"c~..Jice 10 11", 1It"", •• 1 limit u( &\I~ r" "'o:c ,defied ID in Sr.~I;'"'

(.) . 1 ....... , Iloe 1\0;1,,1 ""Y p .... sc, ihe

"'"Y [",

(i) Ulu i, num agl:"'g"lc .mounll of (OIui"gcnl liahili lr wh ich

&"""''' <' ''

;15.'\11111:.1 hy (he Agency "'I<ler ,his Ch"plcr r, .. all

imll'tl

'" i"",'n"u (lr cad, i' lIli";,I,,," rncmlx" In ,klell nini"g sud, ",.~i ­

mum .")llI,] n., . rl K: UQ.1111 sh,,1I give due (OIuitk'''lion '01 Ihe shIre

of rhe rt'S[lf'Cli ve member in rhe ul'il.1 0( rl", ""elKr "nd rile' n«d

10 .pply loore libc:r.d limil'Iions inrC'l[If'CI of invrsllncnls or igin:lI -

ing in dCvo.'h'l,;ng mem he. ,n""IIiel : Rlo<I

(ii) 1I1".in1lnll ~g~'('g:ue "1111","11 or conriuJ.,'t:nt li~hililY wltit h U1~y be

;/$5",,11,<1 hy IlK: IIg" 'Ky wilh ""1" :':1 en lud, ri.k divt:llifit3 IM)I,

r:>C lun IlS in,liv;,I",,1 ",,,;CCI5. inJiv;'I".1 hosl coufllrjn ~IKl ' Yl1C'l of

in~slmenf 0' risk,

A"liclt! 2J.

III V1.:SUllcn t Promution

(a) '11", "';"llCy ,h.1I carry OUt fl'Sl"".rch, ," ... k n~~., :>CfI'IU ... ., '" 1"",,""01,,

, "vcSII"~nc Ilowl nl...] di$ll:IIlinatc ,nf"'I1l"'KHI un '''Vl's'lTlcm "1'1'0n,,,,,,;,:5 '" ,lcYd·

opi ng m"",ocr (uutllrics. wilh m vie w to 'IIII',ovi"lI the CIIY'fU111llmt Ii" (",cl};"

i,,""ltn"'fM flows 10 such ( uum.ic:s. TI,c Al:clley UI:ay. ul'on thc le'lucst ,,( m ",c",ocr,

proviJc t«h" ical :aJ'Iic" ~"d 8$1ist;lIICC 10 i l" J>fln'c 11 .... 'Ilv~s" n"'nt C1HoJ it~"lJ ill the

tcrr'ta<M:s of that n...,mber. J" pt""r (oflning !lICK :>C1;viIQ, I he Age'lCr .hall

(i) be guKkJ by .elcv;ull invcmnem mg,("C" ...,nlS among "",nlber <;OUII '

{f i~ ;

l ii) s\'"I; ~ IU I.,move i"'I',·.Ii mCIIII , ;11 IMll h tk .. ·I"I' .. ·.I all,1 ,1<'''''1'1';''1

memocr (OU'1IIQ, to the IIow of i"~SI"'I'I" to dcvck'l, jllg "" ·,,,101.: ,

(ounuin; . ,...]

(i i i) ("",din:>!c wit h lHhcr ."""IC;"., ("'Kc" ...... 1 with the: i''' HIMHioH ' of

fUlciS " ' "veltl nem, and in p.rt icu lar tI", Im ern.,;u ... II:'".""e C ..... •

1""'110" .

(b) 1'1", "!,'CIKy .Isu ,h.lI

(i ) CIKOU~gc the .mic.bIe 1C1IJ..:.nem 01 di,i''''~ Ixt ""CCII i".cm!n a, .. 1

host (ountrics;

(i i) cndc'vQf fIl (OIIC I"Ue "S'«:"",nrs ... ;Ih tkve~'l'illf: "",,,,1 .. ,, H'''''I 1 ;, .. S,

. ,...] in pll nicul .. with p",sp':Clive hust (OUnl fic:S, which will,~s\lfc

th.[ the Agency . .. ith respcCI IQ i"vcs tment gu.1nllltcrJ hy it , h"s

""S!

:os r~ .. ,,~hk ~s that ~l:ll......J by 11", "",mh .. " ClH"

u "''' nellt at

n"I\' fov",oo ;nYl"SIIf ... ·'" I!n~""""C "':<"O(r 'If S,"I~ ill

«"f"l.,j ,,, ,t",

.n "/:,,"CnlClII ,eb t; " I( to invcst " .... 111. IlKh ~SICCn "'IItS It! I", "11,,,,vl~ 1

.,..1

by spl"i. 1 m"j' H'ty u( ,I", U, .. " I;

'f> 11 ".,,,.

J >I"m," ~ "'" I ,\ .... i I, "" ~ tI ,c ("',,: h,~ ju" "r ",:' c ....... · .. ". a"" ",,

(i i i)

I .. ·" • • n. tl ... · 1 .. "nllJ(~", .,,,II"'~'''' '~''' .~. i".'·$I""'·"' "

(cl 'n ", AgcllCr sI,~JI givf l'';orIicutar .lIcmi ... n in in I"U""K; ... "al eUo. .. 10

11", iml'un~nce: of iner ... si"S t 10" flow of inveSI ""''''' .mo"s u.:vc""" "1: IItC",I"" C"u n·

IIICS .

Article: 24.

GU ll fllnl CC5 or SP<.III5OCcU 1u\1.'5ttllcms

In oJJil ion tu 11", guar.IIt("C upcn t ion' u ... krta~en by the "gC' Kl" UI...]e, ,his

Chapte" t he: Agency may l;ual.nu.'C il"""''''''(I UIII.k:. , I", SIIUIU.,ult'l' ." . "" ... n",·un

plov;ded (Of in An"cx I to t his Com(Hl ion.

A4()6

CHAPTEH.IV

Fina ncial Provisions

The Agency shall carry om ill ",riv;riu in II(cof<!nnce w, rh 5n.",.] I ~"in ... '

ami l11"uJCtU fi norn;i.l m.nagc,"e,,! 1" :I«(KeS wirh ,. v;"w to maimo ini"ll utl< lcr 011

circunlSloocc. its .bility to rnC.:'[ ilt f" •• nciol obl'801ionl .

1I ,"t itl" 26.

I'rc miu m$ and f ees

11", "~y shall "'Iobl ish .'kl l'crioJiull y ,ev;"", the ,3'n If p<c . . . r;u'm,

rees •• ..J tIC'ocr cI," g ... , if any, apl" ic.hk 10 c,..h tyI>C of risk.

I\rl itft .. 27.

Atluc.ui ul1 of Ne t IlIeum"

(a) Withou t prejud ice to rhe plovi.i""s of So..,<;tion (a) (ii i ) n( An k le 10, the

AGency sh.1I ollocole ocr income to ' C$erV(1 lIuti l we h ,(se" ". re.ch r"" ti mcs Ihe

sul>K 'i hc,J upi •• ! of the "s"ncy .

(b) IHter dl( r~rv". of Ih" " geney have fl':Khro the kvd p'rlCla",J in

Sen ioo Ca) a[J()Ye, dIC Counc ilsh. 1I u«i<!" wllC"thc-r, 000 ID wha t orem, . he "Ilcncy's

nel income: 111&11 be aJ\oclIlt<! 10 rc$("Yn . be d imi bmeo l In ,he ",L:""cy's members Of

be uloC<l odoerw;$('. "ny uimibmioo of nel ;n(om<" 10 d oe "1,' .. IIcy·s m"", loe.s Jh~1I be

rruaJc: in 1)f1~"lflion ID doe sl.ale !I( each 11 ... ",1"" in ,h" ul'; , ~1 .,( ,I", "r.'·'II'Y in

ac(fIf,l~nce ",i,1o a ,ltc ision ,0( ,1", Coullci l X liII): 10)' '1 ... '< i~1 II",~ "i l r.

Articlt 18.

Dudge!

' 11e President shall prcl'~re In Innu ~ 1 budget of revc:nucs anti elJ'oellllilUlCS

of ,he "genc)' ror approval by Ihe n.o~ld .

A rt irlt 19.

Accoullls

noe Agency shall pulllish an Anllual Repel! ",hklt shall i"" hll k SlaremC'IIS

0( iu ACCOUnU and or die ;1(counn of d ie Sponsonhip Trosr I'u nu rdel/cd ID ill "n'le~

A4Q7

I to tlli. Conrtmioo, ;os auditw by j,lIkp.:nJcfll ."diux •. 'l1oc. AftClocy , h.1l tin;\lll(~

to mcmocn at Appropriate imcrva!i ~ Sl.umn.,y "~'~'''''nI of ifS {IIla"cia1l_>sidlNl an,l

• profit ~loJ k1u StIU:m"nt Ihllwiug ,he (c,uhs uf its operation •.

CHAPTER V

Org:miz:uion and Management

Structure ur the Agency

Artid~ )1).

ll~

/lk-.;ncy , 11.11 hoyc • Counci l of (.;o""",on, • n ",:"J "t' l)i'C'U lJIS, •

l'residcrn .nd Itaff 10 J'C'rlVrm suc h du,H:t as the Agellcy lTI:ly Jc:lnmi l>e.

Artic/t Jl.

The Couucil

(a) All 11", puwrn of the Ag.",cy sI"llbe ~ted in the Coullcil .•• CCI" .",h

1)Q~f$ as .~, by die tCfUl' of this COI1YCmiOll, '('«'(Kally (Our.m..! 01".' ""Mh",

0I8an of the: Agency. The CoIlu,il may <lc1cgate [0 t he lloarJ ilK' ncrdJ<:..,( any of its

IlOWI:t •• u cclH dK' po~t 10

Je,,''''';'''' L h. "M,.ji, i"". "f t l",i f , .. I,,, ;""i",, ;

(i) ad",i, ,I('w ""'IIlu.,,u "111

(ii) slUl'.:ud I n",,,,bc,r;

(iii) d«i..Jc on any ilKlt"lJf or Je<:IC;lSf in die u pi, al;

li v) ; ,..:.c ..... · Ihc "",;1 ,If 1 h .. · ~I-:w .. -'::nc """",,n ,,{ m", ;"1-:"'''' 1;~I ,i l i 1 it·,

I"'''''"''' III s..,-,ioH' (.) of Anick' 22

,U

( w) dcIigna.e " " ",,,,bc • .., • J"~""',i,,,l: """",bc. cou,," y I"""''''''

Sl-clion (cl of Anick 3;

(vi) dnsify a "l'w ", ... ",bc. :u bckll1l:in,l; .0 Catego. y O,>c 'If C'''''I-~''r

Two ror VUling pUlposel l'ufSualll 10 &CIK..l (a) ut Artide W ur

.... d .. uifr an '-'Xis.i"8 IIKrnOC. (or d K: "''''e 1"-''1'''51.'1,

Iwii) de'errnillC: Ihe (ol1ll'( ns:o.ioll of ()in:c.ofl alld , h ... i, AhcUl3ICS;

(vjii) 'fag OI)CIa!ions all,j liqoi,Ia!c tilt A,,'Cncr ;

(ix) Jiscrihu! ... :OSS ... !S W " ... ·"'hc .. "pun Li'l "iJ",io,,; .11.1

(l) alnc:uJ ,h is Con~rui"n, in Am""",'1 ."J &110.-..1 ,,10.'1.

(b) 1~ C""lIIcil shall be cOfnJ>OSN of onc ~"Mlf a,,,J OIK: AI,e.nM e

apJ>Oim ... J by u(h InclllOO in suc:h manner :os ;, may de,err";nc . No Ah em alc ",ar

y

""

SJ()UJ~"UQ 3'11 JO :>tl0 I)JI)5 \lmlS I!)O"'Q .:MLL ·I.<IP'" !,d '!'I JO 3~u;nq • .:M Jl U! ,d,)"J ~I(l.\

'"elU'!"O Se

'" .8"!1""''' J"11O '1'''0 I'''~ :iO!'J.)lU I"nu,"c uo PI'''! 11"'[1 1!)O"":> 3tJ.1 P)

~ lIu 11"'1' l'J."01I "'1.1. '1"""11 :>tll ~'I P'I1") J" Ip .... "':> J'p ,(q I'J,,! ,mJ';>j' :>tJ ,(e,,,

:1",,,",, SJ.X[",JU, Aq J" ' "''1'''3''' JA~ A<] I"I"JnN' J~":>tJJ'I'" l!)un'0 ~'!l J<' :10!,:>JUI

'J""'OO lfupo~ IClnl ~'Jl JO IUJl)"" ~"1I-,{1"""'1

'If i1/'!IJV

pJ"C<>O Jll~

~.)l'~:;y '''11 JO su"!"",,,1o I ~,.)u.):i J'I' Jnj JI'I!'O("I'JI :>tIIlU'('I',,,oll J'U.

(")

"! "'~"I 11'''1' P""

I~)I,!",, ·"I J" P'''! ,,1>.)1 "' '! ,," All" 'A '!I!'I?'''''''!.·'' '!'I' J" 11"'''11 ~II ''J ." l'

'''''! '".'~"":) '!' I' ','1 ",,,

J:>tl"'''u ~'L 1. '510)J'''!(1 "~F''''1 '''''P ss . " 1<'" J" I~!'''O) 11"'1' 1'''''11 ·)lLl. ('ll

-''''1"''"'''' II! "'~""'IJ l""<l»)e OIU! .,~") UI 1!)U"O:> ~'Il Mll~~I'''!P":>t1 AU"I uuu.lJ!U J"

J"J "! "'!'I 1<~ I)~ UI J3.",,,1 II''} 'lW" ~1"tlJJllY tlo lu!",ld" A'''lI Jn l)'lJ !C1 'pe;1 'd!'IO

xl ;>1.1 11"'1' ~U"\I ~'Jl JO Imp!'·)Jd J'I.L 'UU UI ,(1!1!'I~"! 10 ~)"JS'I" '.JO).lJ! O ."p J<'

JO .,~~l"! JlI>" :i"!I~."'I'" l<!.')U ~In .. UU 3/1'''111"115 1'1<1 '1"""11 :>tp JO O"''''!'''O OP1fo

'U()!~ !Mr ["nh~ 0"

151y JII.L 'SIUI:>JJ!U J'p J" J)~" J" "11)I :>tJl ~1J!W'JIJr 11"'I ~ 1!""''0 J'I.1

P)

':i0pJJ,,, I"ln:in","! 51! I ~ 1!)Onu;) ;)Ill Aq I"Ilnl!150") 'Xl 1I'''15I'JOO[]

.U~"' ~!'I 00 :iO!))" "UIIU!"'iJ 51! )U IIU "'11 I" IJJW 11'''15 I'JW\I )'1.1. (1')

' ''"I)'''!( I J.l"p }(l15.,n [~" uo..ln '" .1~!]I'U!U!

";M"'llI'''I~ ~)u":iy "'p le'l l " 1'1.").)1' AU"I IP"'II.,;) J'II 5U )11l!1 lJ:>t15 [!JUrI

(.,)

SJICIII:lIIY I'll" "O))J'!(I )'P '''''!SS)5 51l<l1l1lPUU) II! ItlO!))OnJ 'P!' I'" 1''''''11 III " P!I~'

IHL'QH ;)Ill )0 ~i:lU! 1»"1 ~'II IC J)"cpumr JO 150' lljl JOj ,(11IO 1I00ICSU"'[WOl :M!J»J nUI15

:>tl' u,,,ln ·Alll.,:{y ''' P JU JI"'F"1 UO IU"!I)Ullj I"!'Y)" J."pll )ll J:i'"'I:>i!1' )'P pu~

!I'''I~ ~·)J""J·"IY 1''''' j1<>I)'''!(I '''11 '''''!'''''; 11\"""!IlK» U! 1'''"'1l ~ J" JUJ'U'15!I'IU,J

'1!"""";)'''I' ~'Il'·l"!",,.l).ll· "'I ~u'" '" u"pr.J'''''lt'''» '1'''' .lA!;)).lJ

'ff ~P!IJV

JJlllS pUll lU:lP!S;lJ,J

J'II ))"1""" ' 1""""1[ J'PJO I'll I"") I""""':i JIII J"I>l1I1 ' lI"lJ~ lU"1'!5.lJ,j "'1.L (n)

-I,,!,,"du '''',!)Ul!''Ua", ~'I' "!I"I'!!I" .. "ISJ1:KJ 11"'11 J1 1 :A)UJ:ly Jlp JO ss.'U!~1Il1 ~JI"'!I"O

'lJel~ ~' P JO ICII1UII!P pun IUJlU

"! J" ""!""'!""'" ~'I' un 1",,(111'''11 ~'II"'lu!,,,ld~ :>t11l"' I' I""I'!"".! '''tL I'll

."! AJ .... J" ,,''',lIn) ~'I' J" ~lIu.'1 I''' ~ ~J "I'" ~'Il ""!"U ~"'I' 11"'1' I!·"""':) "'1.1 .. "'''''' !ClD

'11I"I,!S~J,1 "'P JO

A

4(J9

Id In Ihe tlischuge 01' their offices, ,ioc I'r"sitJ""1 and Ihe: ll~ff uwe: II ..... i,

Juty (min:ly IQ doe /lgcn<:y anJ I Q I1U mhe, authority. Eac h n,cmtM.'r u( doe "l-"'I>fY

,h.1L rupCCI the inIC"'.' iu,,~1 d,.,,,,,,,,! of .hi. JUfy "nd .1,,11 .d'rain r"" " all ~ll£"'J" s

10 inUucnocc , I ..... I'rai.k"l 0< the Itarr in 11", di.cI",,!::l' uf IIo" i. dutie •.

(d) In aPI>OI nc;nll dte Staff. doe I'rcs~lclu ,1,.11, luhjcn In the 1 ~1r"" '''Utlf

imp<IIuIK" of s«u1 inll floc highc • • SI_nd_".1s 0( efficiency and oC If;'(hniuJ cu"'pele,"",

I'"Y due: n:~'IJ \0 doe ;onp"n.ncc of r<:O: .uitinll 1"" .. "", • .'1 un U wklc • 1\<~)J:r"I~,i<~1

b .. i, .s I,unibk.

.,><1 s,.IT ,hall ",ai"ni" 11 .Uli"""5 11", cunr..k."i.lily of

(c) ' 11<: I'rnkk'n{

inforrnoliml uluai"cd in (arryi"ll om . he Agc' ~f' "I ", •• lioo".

A l"tkl" H.

i>u li lio.:o. l ACli v ity i'rohi b ii"d

"l1oc "gency. in l'.csi<.km and SI.rr Ih~ 1I 'IV! iumlCl" in the politil. ,1 ~Jl"i"

of any ,no:rn~r" Whhout prcjud ice to the right of d .... l\J.\cncy to u ke inw o(CUrrm ~ll

the ci .(u"'tt~'[(CS ,u" ou,..J ing on in"""tm.m, they shall ,K){ Ix- inlloc"n~1 in ,h"i,

de<:isioo'l by the: political d,ar:l(te. of the !"",,,,Ix". ", "H:",I>Cf5 (OI[(t"'"".I , C""~i,k ,,, "

INnS u:lC'lam 10 tI .... i, d«isiuns shall be "";8Ion l illll':luiall)' in "'tler to ,..;lrir.''''· the

Il-lU llO$C'S s,attd in Anicle 2.

A ,./id,3j,

Relations with Imem atiomtl Or~a ll ila t ion5

The I\S"IK' y slwll, .... ithi" the lelnlS ur this ClH,venti"n. ( CM,!""" ' " wi.h d",

Uniu:rJ Nalluul ami with uther imc'"SllvcrnmclU11 U1G~ll;z:uiuns Imvi"J.\ sl'.:(i~li1t.,j

,csponsilli lilies in relattd fields, inc lud ins in I'm icular Ihe Bank . ,..J the Intl" rrat ~H",I

I'in.~,[(c Corl' .... ati"rr.

Loca liun of i'r incipal onicc

11I'lid, J6.

(.) "Il .... Wind",,1 el(" .. of the 1\,.,'ell(Y ,h.ll Ix- kxall..J ill W~sh'rrJ.\""" I), t:.,

unless the CooI" il, by spcci.J rnoj",iIY. r.Jc:ciJes 10 est.blish il in ."ul he, locatioo,.

(b) 'n .... I\gc,,,y rnor .. su bli,h or l ..... o/flCC1" m'r Ix-IIC'(Ct'SJ:I'Y (I}I' i,s "' HI.:.

A rJ icl .. 37.

Deposi tories for Assels

Ead, "",,,,Ire. Ih.ll .lesi!:" "," '1$ Cl'""nl bauk ~~ ~ J q "lSi,,,. y ill wlll,h Ih .. ·

Asel"y nuy kcq. holdi nss or such mernoc,'s cUHe' Ky Of other n,ets "I' Ihe I\j:e,"y

lilt .uch Il\Itl'0SC .u,h other inSlit",ion

Of, ir it has no umt~1 bank, it .I~II Je.ig,,,,.e

as "'''y Ix IoCccpuhk: 10 the Agelle),.

It.,.tjrl~ 38,

ChannelofCoOlOlunicalioll

(a) !!xh mem\lOC'r sl~1I JHig""t" an al'I"'OI" i&l" autho.ily wi th whio:h Ih"

A~ncy mar communio:.t" in COIllI«tioo wilh any ,""tic. ari.ing u,o&. Ihil CooVC'II-

lion. TIle A~ncy may .ely I)I'Iltal"m"nll of ,uch authorily \U Ixing .UlelTlCms of Ih"

mcmlxr. Tile A,l:Ct>C)', llpon the .equest of a memlx., .hall ( on.1I11 with ,hot "lemhn

wilh .HllCCl 10 'nantlS <kal, wi, h in A"ide. 19 tu 21 .n.! ,cI.,N tu emit;", Of iu,ulell

of Ihn "lClnlx,.

(h) Whe~...,.. tile ~I'[lI"ov. 1 of Iny memlx, is 'C<J"ireJ Ixli ... " Iny KI "~y

be dorlC by dlC A~nc)', '1>prOV.1 shall b" &'..,mcJ 10 h.ve I~ .. Etivc .. " .. Itu tlle memh".

pn:sc.~"s .""b/«';"n wi 'h in such rosonahk: IlC.ir~1 MS .h .. A!:cIl' Y "''')' fix in n"liryi,,!

the nlemllC. 0( ,I"" 1If''1.....:tl loCI.

CHAPTER VI

or Subscriptions and Rcprcscmaliun

Voting. Adjustments

A,.t;c1~ 39.

Voting iJlld AdjllSUnCnU nf Sllhscriprio,u

(I) In ",Je. 10 Ilfoviclc Ii" voling g,r:'I n,,""rn:1II1 Ih.t ,dl<"Ct the ('1,,,,1 inIC'''SI

in Ihe AJ..~'lC)' of ,I"" tWO UI"J..'O'ic:S of SI~lel listed in Sc hcduk 11 of Ihis Co"yention,

as well ., I hc imp'If'.",e of a.:h rncmhn·. lin~ncinl p.>flicil"'l ~~" each lIl<:rnller .1".11

h • ...,. 177 nlemllOC'l.hip ¥lXH plus """ ,uhsoil"io", ¥IX" rur ""'h sh~I" tof stuck hdd h)'

Ih~1 1""lIlhCf.

(h) If al .n)' rilTlC within Ih • ...:: ynu .rtc, ,h" ~",., in ... Ii"cr tof lI,is

ConYCnrirKI I I ~ 'I:grel:al~ sum of membeuhip lOO suhscril"'ion "K<"5 of memhen

which 1x1oo8 10 eith", of tile tWO UttROfil:$ of Stales lillN in Sche-dul.. 11 of rhis

Conycntion i, lHS Ihan fixl)' (>eTC<'fl1 of tile tOlal 'IQIinx (>O"\Yt'1, ITlCmbco (."'" slid,.

Cllq:\nty sh~1I hay" meh number of lul'I ..... 'TlCnrary ¥lXH.' shall Ix lI«eua.),!Or It""

nI:8'~l:nlc .. "ing JXlW'" of Ihe Gue8"')' 10 «I"al such a IlOC'rcenra"", of tile It"al ,,"ing

1"lWCr. Such sUl'pknlenra,y WI'CS shall be Jis"ih,,'cJ ~mong tile nlOC'mhcu 0( such

Cllt/tOfy in Ihe p'oporlion thM the s"bsc riplion VOCH of (;loCh Ix:.rs 10 the a~grc~ale

of ,ubKriplion VOIH of the Utcgo.),. Suc h ,ul'pkmcnlary VOIC' sh~1I Ix subject 10

A

aUIU""'lic ati"" UnCnI 10 cn'u ,e tha, such loe:ICCIll a!>" i, u .. illlain.:"! anJ .h,,1I he

aoncdlW a, d oe: cnd of doe: .buvc:-mcllIiontd Ih'«-)'Ot pc,iud _

(c) l)nriuG Ih" I hi"I )"!'I' (ull ... winl: 'he e",ry illtu lOI(c ,,( t his (~ "',," K i, .. ,.

Ihe G_'''lIIcil ,h,,1I .""i(w I loe: .11oc-~1 i",,, uf sl .. ,c. "' .. , sh.:,j I I", g uitkJ iu i" ,t.....,i." .. , lIr

lloe: "I!owin8 l>f • ." iple.

(i) doe: V<)In uf mcmbers shall rcnc'Ct actu~1 su bsc'ipt iOlls lu lhe Al:cllcy"s

(api l~1 anJ Ihe mcmbersh ip VOICS M SCI u,,1 ill Scrliun (a) ul'thi,

Arlick;

(ii) ,h~r n .11oc~lcJ 10 cuuntrics which shall "ul have S'I:"CJ 11", Cunvm-

d u" ,10.11 be ",,,le n."il,,!>1c (ur r~""UC"t i<.H 1 tu .,,(il "",l"lxn nnd in

fIlc h ",allllcr uS tu moke l'u .. i!>lc .... Iin& parity Ixl""..,,, , h,- II IKJ'C-

ut<: nliuncJ c.'cgmK:s; anJ

(i ii ) doe: Caul..;i l will I."", "'''""stlf'', Ihol will f,,,ilil.IC ",~",I"".- "hilily

Iu suu,aibe IU ,ha« ... lluca,cJ '" d", ,,l.

(d) W ilhin lloe: Ihrce-~"r pcIiud prov i<lcd (or in Scrt ivlI (b, uf t his Art id".

aJJ deci.ioll' of th" OJu'lCil alld lIuarJ .haUl><: tahn lIr ',><.,;: i.1 m.jut ity_ 1"lIc<'pt thal

<.ko; i.iun. ml" ;li ng • highcr majoo- ily " nder Ihi. C ...... cmillll shall he lakl~' hy "lCh

hig l"" JII:Ijoril y,

s.. . .

t ~"'

(c) In case ti t<: Cll'it.1 stock of Ihe Af,"""y is illunscJ jlunuant It>

(c ) of Anicle ,. I~h ... " ",he' which SI> It"I'''''ts .h:lll he aUlhuriu-.1 tu ."I>M:lih,.' a

1IfQj>Orliun of Ihc i'lC.n", "'I"ivale", I ... Iloe: 1""I'OItioo. v.-l ,i(l. its 'ltJ(k I I "'R'I'~;If"_

,uhKli bW bran to the uHal nl,ilal slO(k of doe: A ~c' lI;y. l>ul no lIIellll.><-r shall he

I"'''

of doe: illc""",,1 " pil al.

ol>IigalN to subsc,ibe: auy

(I) '1'1", Cuuuci l sh,,1I ; .. ,,'" rCl':lIlaliuus rCI:~,,'i,,1': IIM.' lIIal.:i"l: lit ",lditi, .. ",1

suhKripl i(.ns "nde, S« t iun (e) of Ihis Anidc:, StKh rel':ul"I;'.I'" sh,,1I pr\'K r. be 'C'5<"'-

.hIe time lim'n rtll doe: IlIt .. ";"iOIl by Inem l><:rs of 'C'ljucstS IU make _oclt ."I>KI il" ;'"ns,

A.'liclt 4U,

VOli,,!; in t he Council

"r lit<: II W,"]"" h~

(a ) Eadl Guvefllur sh~U Ix: clllirl.-.J 10 C~st Ihe VIllI'S

'CJ"escnt" I;XCCI'I ~s m hc:ny;se '1',.'df'cJ ill chis Cuu'clltiun, Jec'.;"lIs ... r lite: Couud l

, hall Ix: I~""'" by ~ majorily uf Ihe VlKcS cast.

(b) A quorum IQr allY meeling ur Ihe C ... " " il sha ll 1><: (u,,~d'''lcd hy"

tI,,,,,

major;1 y uf lite Guvelllor, exercisi"g nut less

two-chilJ, of \11\: lOcal YUI;"g 1~lW'Cr,

(c) 11", Cu"'lCilm.y by ICgulal;u" eSl.!>li,h a l>ruecJuI!.' wl""d.>y ,h~ U",,,J ,

"r

tI,,- A,;~''''Y, ",ay "~I'''''' :I

wl",,, i, deems .och "'liulI tu be ill cl", I",,, i",,,,cslI

&,:C i.;OIl of doe: CUI",d l Oil • specific 'I"est;"" wilhum n lli ilK a """:! i,,~ of I1 '" C ..... ,,(il ,

m ... c ,inll"( D ircn ' M'J

ArJide 41.

Ca) D;'~'('on "',~IJ IM' t k:(,~d in D(CUl<lanct w;, h s..: h .. :J" I~ 11.

(b) Dim:,oo sh~U con.;,....., ;n oI'flCt un,;1 ,hei r $u<;uuou .,e eknrtl. If d~

officc of. Diro:<tor bemmn .. >(anl morc: d In niocty <byl hdorc: d te cnd of his Itrm,

an.m hcr Dilo:<!Or sh,,1I k ( I<. ' . (re<.l rc,. [lot rcm~i ndcr of , he rerm by Ihe Goyc,,,,," who

dcc" xl I I~ runner Di, o:cm,. A 'nojurilY (If I he WIres con shall I", ll:' luired rc,r d eer ;nn.

While Ihe officc renuins ¥i'I<"l1I. d~ A I,ernalc of d ~ I'ornxr Di reemr "'",11 nc.ciK I,;s

flOW"'n, c~ccl" Ihal of apl"DiOling an Alle" "'lc.

ArJk /c 4 2.

Vmi nl: in lite U .. arJ

Ca) E...:h Di,cClor shall be: cmilkd ID cast I I~ nu mher of votCl of I I~ mem-

I~rs whore VOfCS coumed 10000r.1s his deel inn. Al l 11", votCS which. D;.eno, i~ enl;t k...J

'" caSI shall k caS f U a unil. Excel" IS ", he,wise Spt·ci( ... ~1 in rhis Cnnw:,uion,

<I«;s;" ... of 11", Iku,J .. hall be: taken hy a "",pit y II( . I~ votCl C~lI.

Ch) A quorum (or. mo:<,i ng of d~ 30;0f,1 sha lll~ CooSli l utrtl hy a nu~nily

nr rht Di,l'(I<" ,.· .. "ci.i"" nU, ku r1 '~n "ne· h~ l( nr rhe rma l "U!illl:I" ..... '''.

(c) TI~ ll00.rd m.y l>y rq;" I ~ l inn cs r"bl;sh a I'ron~lu ,c whereby irs Ch~ir·

m~n. wl",n I~ .krrns sud, acl;on 10 be;n tI", OCS{ ime,esu of d ..: AJ.:tllCy. moy rt'<luc~1

or

• .Iedlinn 11", Un",d 00 I 'I>o:<;rl( ' lucSlion wilhnut u ll illg a ml'Ctin,; ohl~ »,,,,,<1.

Ci-IAl'TER VII

Privilcgcs ami IllIrllllllilics

Artide 43.

Purposes u( Clmpu:r

l i1 en~l~c d ~ A~nc y .0 (1I11i1l in (oll(,i<ll1l, rhe immuIliric5 ~fl< l pr iv ik-bn

se" Ii,n h in ,his Ch"pter ,h.1I be accorJaJ 10 I I~ A/:eIlCY in rhe Icni rorK:s of t"ach

member.

Arlk lr 44 .

u J: al l'ruc e ss

Anions or her Ih ~n rltO$c wil hin { I~ KOjlC u( A" kles 57 ... <1 58 ""'y bo

brought gJ.:ainsl , I~ Agency only ill . COur' of CO"' I ~lcnl jurisdiction in rl ", r(Ui fur;':S

of" IIIClllu.,r in whKh .he A~~1OCY I"" an I~lkt or hu ~PI "';".<'l1 ." ~ .. "" .. ~" .1"

purpose uf !Kcepdng sefYice or n<Kice of procen, No sud, :oc.iol1 al:ain.r the Agt', .... Y

sh .. 1I be: bn,lI.'ghc (i) by mc.'mocn or I",nolls !Kt iuS 101 or Ilcriv;ug claims froUl !lICIIIL", rs

or (ii) in Inl'C(r of pc:lw" .. d n~UeIS. 1l~ properly .,M.! asse t. lIf the 1\j..""I(Y II,all,

.. hcleYe, loutw anJ .". Whtjl'UI.."vrl !odoJ, Ill: i",,,,u,~ (10101 ~ II ("'''111 uf so.'ilu,e,

atuchment or C'IIC'Culio .. OCrOfe: the okli.o::lY uf the: 'h,a! ;....JgUlC ... Of a .. :onl asai"SI 11",

Agency.

Arl;r/c: 'U.

Assc ts

(a' The l'r"peuy .,M.! ~SS<:IS uf the Ag<,OC1, .. h"reyel lunl • ..! . , .. 1 by .. I""".

$OC\'U held, shalll>e i",mulle: (10'"

search, .e:'lu;sitioll, cUllr.scatioll, C'II,K"1"i al iou (lr

IX'' '.

lQron of seizure by c.ccutiyc or Jcl: is'o. ivc "" Iio",

any

(b) Tu tho: ".tcut .. ,.'(cn:", 10 or"..,ut it . ''1""".10111 ul .. le, Ihi. VN'V<"" """

all 1><OI""'ly lOO :ISseIS of IIIC Asrocy sl~1I be: (= (roo ll rnuK;lio,lS, rCI:"I"I;""",

controls and mo,atoria of allY " .'u re ; ",ovitkJ 11 ... propeny IIId assc:u ac'l"i,w by

dIC Agency liS succcssor to Of lubtogec of. h"ltler uf a guor.",ec , I ..... ius",,,,' c:". ilr

or an i,,,'cSlUl i",,,rc:J by • rc:il1llllc:J cm;.y 110,,11 l>e (1<'1: (rulll ~1'1"ic"blc kutill"

elIch:mgc: rntr ict iom, rcgul •• ior ••• "J COIIIIOII iu (orce in the Icniwrics lI( tI "" Ulcouh':-r

(QlO(e".."j to d", nlCtIl d,~t II~ louI,kr, ~, .. ;ty ()I' inYC51ur to wlltN" .tIC A~c'",'Y w"-,

5uoroHatc:J "u emilled to loch U(';tt n",nf .

(c) fur purposc:s of t his Ch'pter, thc term "assets" shalt iIKI"'!,, Ih~ IsseiS

of rI", Sl'onsonhip Trust 1'1,1 , .. 1 ."ferrc:d 10 in Anncx I w thil V ,.,."" ,;,'" 3100.1 I>II",r

:ossc:u "J",inisrcrN by 11", AI:.~,ocr ill fu"I""" l(c IM ilS , ~,jl.'< . ivc,

A rliclc 16.

Archivc$ "lid C .,.",,,u,,ielll;.,. ••

(a) TI ", ard.iv\'I of the AIlCIOCY slwlll>e inviolable, ",I"""""r 11o,.'y ","y loc,

(b) n ~ oflidal (ullluounications 01 IIIC Agt"Ky 1I",1I lx' K{OlJc:J by \':>Ch

member d", nmc "calm"", ,hal is ;l(cur.k..i 10 110" oIli,;,,1 (o",m,,"icatiUII 01 11",

lJ.nk ,

Art;r/" 47.

Tu-cs

(.) l10e AI:."""'Y, iu lllsell, I'lopeny aiM.! ;'K<>I'''', aud iu "!"".al;"'os a,M.!

U':onsauiOIlI "",IMllile.J by ,his Cony"",ion, , 1,:011 be: i",,,.u,,o: from :011 .a • ..., ",M.!

'unumS .Jut;"", 11", A,genc:y 1I.,,1I "Iso be i" ,,,,,,"c f'Qm liability IOr , '''' wlk'Ct iu" or

payment of Iny (u or JUlY.

A 4!4

Cb) EUf!" in IIIf case of 100::01 n.:uioml,. no I U ..t .. 1I ~ kv io.'<l 01' or in

rnp«t of""pC'nl<:: alloovanc.., p;oid by IIIf A~ncr 10 GO'fC In<ln grid tllfi. Aherunl c. or

00 nr in ""('U [ of sab. its. 6pC"n1<:: allowancf' or othcr c,nol"mcrn. [laid by lhe A!:cncy

10 IIIf Chairman of tllf llo:o.J. D;reclors, cI"::,r Allcrna tcs. the I'rcs~lcnt nr .. af{ of 11..

AS"ncy.

(c) Nn , .utio" of any kind 1l .. 1I "'" biM on . ny ;nWSln>nK gU~"'nI«,<1 Of

~insurcd by ri..:: Agency (itK lud,nf: Iny funing. l~ff'OIn) o •• ny insn",ncc policits

rdnsurcd by tllf Agency (inclu.l ing Iny premium •• nd ori..: •• ~ ....... ri ""c(ro",) hy

whom soo:wr I",id; (i) whic h ,liK.im inalCS 'f:ni n" such invc"n,."", or i nsmn'~e purk y

sakly hccauoe il i. I: uarnnl<-cd or .ei n."",tl hy Ihc IIl:cucy; or (i i) if t hc ."k jlori",lic.

",.i

I i"".1 h, .. i, r, .. It~h ..... Iion il Ihe ~KRlio-n o( Rny office , .. 1'1;o«( n(I>".i ,""ss IlIa i

1",,1

by cl,." A~ncy.

All Govcrnon, Di.eclorS , Alt ern.tes, thc P'cs iJ,:", gnd ,toff of 11", AgctKY

Ci) , h. 1l be immufl<: frOln legAl proces, wirh re'I'CCI I " :ac .. !'C,fclfnM:t1

by them in their offici al cal>ac:ity;

(ii) ntlt bei nl: Incal n'lI inoal., ..t .. 1l he 3(cot"<k-d d oe: s;ame imll1l"';' '''''

fmm ;mmiS l1l1ino rnlficlions, alien rchi.",,, inn ''''I"i r<'nlt'ms n,1d

n,,, ioflal sc:rvice nhligations . arKl d..: "'lOt focili,ic:. as ' cJ.(n fJ. ex, .

Ch1nE:C fnlfic:clon. as pr~ ;Io(cnr<lc,1 hy ti ..: mem l..:ts COIKeIr,c,1 to 11..

n:pr<"Semativc:., offtdnh and ctnl'l"yt"Cs of cOl"I"'rnblt: rank of otil('t

member', and

(ii;) ..t.aJ] IIf I:l1ull c<1 1 he s;a~ IfC~t ,n"", in .csl>CC1 n( lfa""lIinJ: fxil il its

as ;1 accorded by lilf ~mllf" COOCcrnctllO r~p'l'SCntalive., of{,cinls

arKl cn'l.loytt-s of comp;orabk fank 01" mhc. n..:mllf".

Arliclt 49.

Applicatilln of this Chap let

Each lDMllxr .. hall lake sU(h a(1it>n ilS is nn:CIoS:Iry in ill own lerr;todes fclf

tl..: f"lUlro:m of making clTcc,;..., in It rm, 01";11 own law 11..: I'.i ncipln I<::t forth in th is

Ch"I'le • • nd sJ ",lI inform rill' At,'C'ncy of rill' <klaik...J a"inn which it has t~kr:n.

Articlt :50.

\V .. iver

11~ irn n,u nrtlC'S, n Cf nl"io'\5 .nd privilegcs I'fOVio.k.l in this Ch'I''Ier ne

s .. nlro in d ie ;1MC1"CSU of lllf Age-ney and may be waivro, 10 ,uch nIt'" :l11d upon

A

41 S

such coow.liti0n5 as the A~rKr""'Y dftermi~, ill c;un wllfR luch. WlIi",r wuul<l nnc

prejuJice its i"'e' «I'. 1"be AS .... 'Y Ih:dl ... i .... IIlf immu ll ity ut a.,y ut ila ,.alf in

,asn wllf.e, in iu Oi,inion, .Ilf immunity wou ld imroWe t he COUrK of juSlic .. a .. d nn

be wai vN without p.ejudiceto dlf ime.esu uttloe Agenc y.

CHAPTER Vl11

Wilhdrawal, Suspension or Membership and CCSSl:uion or

Opcraliulls

""/ir/~ J/.

WilllI.lrawa l

Any mcmilfr may, .f,cr doe: ul,in. iun 0( t hlce ye"" fi.lkowiull , he ,J~ , C UI"MI

.. hic h t his Convcntion has cute,cd into fOKe .... ith ft"Sp«t UJ luc h 111("1111",., withJI~w

from Ihe Agt'nCy I { any t ime by , iv inl notice in .. ri ling 10 tl oe: A,,'<"'Ky a, i. s prillr;ip"[

offi<c. 1be Agcnt)' II ~1l not ifr .he Uallk . as tkpository ut this Curl",." io .. , of .Ioe

receipt 0( soch notice. Any wi,hdnWllJ Ihall bn:omc: dfl'Clive ni' lCty ,I~rs ~'lluwinll

.hc datc of t hc reecip .. of suc h noticc by doe: "gC.Ky. 11 mcmber may rcvulr.c sud, nuti ... ~·

as lOllS ;15 i, has IlOl b«~ dTeeci .....

' 2. SuspCIlSiOIl or Membership

I&,./i(/e

(a) If. U"oClIlbrr (ails In (ullillany cL i •• "bli,.: ••• " " ' 1I .. l.:r d .i, (~)I",~" .""

doe Council may, by a n ~jotily ol i'l mcmbr:1I tacKisi"8 I m.jot i'r ut t! oe: Inn! VU! i "8

power, suspcnd iu ,ncmbr:rshil"

(b) Whi le UooC! Jus[>ellsion a nlC:oubcr shall I",vc no ri/lhts u • ..Jt:r this ell'"

vcnc ion, ClICc-pc (or doe: !i,t:hc cL wi .htJ ... ""l .. ..J O-t loe:r r'g h'l 1'" ... itJnJ i" . his Ch"l'tn

,nd Chapr .. r IX, bul Il""U ,cllu,in subjecl 10 . 11 its ublisuiu"s.

(c) l'or IlI.I!l'oscl ut Jc.cnnining dig,biJi.y fu!. su~ ... ntl:"C Of !c.i"suran(c Cl)

be iuucd urKk:r CI ~p,ef III ur II nflC~ I 10 Ihi. Co-tlVCll tiuu, a SU5I""II1.:J mc:mocr ,It.ll

not Ix tRa.ed as. member of IlIC: IIgmcy.

(d) The SU11>mJn1 n>embe! .. h. 1I aU!Offiat iolly CnK 10 br: • nlCmbcr ......

rnr rn~n thl' .Jalc 0( ifS 1\I'!>Clllio.)u unk-ss IlK: Cou"dl J<'Cw to <"lItc,,,,II"" l":'Mkl d

.u'pe nsion or to fCS UJtC (he m~lI1 be( IU good "."Jing.

A

Ar/icle '3.

Ri,;lu$ And Dudes uf SUtes Ceasing tu be Mcml>crs

(a) Whcn a Su, ,, Cl,,1ft '0 I~ • " ... 011 .... , i, .1",11 .cmo; o liahle: r,,, 011 iu

oblig"ioo., irKludiog in cool,ngenr obI'g.lioo., uooer ,hil Coo~n, ion ... hich .h,1I

hawe been in eITec, before 11 ... celi""ion 01 in fTK""'ocrship.

(b) Wi lhou' p.e judice 10 Section (a) .1""",. Ihe A,:<'1Ky .II~II en,e. i",,,. n

•• raoJ.,'CIrM:m with II'd, S,ate for 11 ... Jeltl,:" ... n, 01 ,heir relptcdvc clai mli and obliga.

t ion •. Any such .rr.ngcmcnl ~hall be approved by d ... UOilrd.

(a) T be Ikart! "uy ..... 1 ... ,>C"Ye. il ,k • .-, ns ;, ju"i{""I. ,u~I""'MI d", iuu""ce ,,{

new .: ... ra"' ...... ~ ... II>I":i{'o:o.l 1><;"fiu.1.

(h) In .n emc-r,scncy. , I ... Uwrd "'"Y suspend . 1I.C!iviliu o{lhe Al!e,lCy Ii ..

• pcrioJ n<X C"JIcceding doe du r'lioo of sU(h emergency, 1'.ovklc.:1 Ih. , ro«es .. "y .f·

ran!!<,mtnll ,hall be m:ode for 11 ... prlMCClion 01,1 ... ' mercm of ,Ioe A!!<,'KY and of Ih ird

p<lu a,

(c) " oe dcdsion 10 .ulpc-rIIl Of>Cr~lionJ Jh~ !I h~"" nO cITecl 011 I he ohligalions

01 doe members ull<kr Ihis Con'IColion or 00 rloe obli g.tion. n( 11 ... A,sc'Ky 10...,,,1$

holJc." of. guar'nlCC or .eimu"n,e policy Of tow •• ds Ihird parties.

Article ".

Liquidation

(0) TI ... CourKiI. by I(><.·<ill majorilY, m:ly dec kle 10 (cue O!oe ••• ionSIl.,J '0

liquklare .he AgcrKy. Tloe.eupon .hc A/:cncy ,h.1l for.h ... i. 10 ccasc .IIIIIC' ivi.its. C"JICtpt

t hose iocidem In doe o.derly .t~lil~linn. cOl1scrVluinn .",1 r'Cs("I"~linll 0( pnt'l~ . ,,,1

Jell k,,,,,nr of ohli,lt~lions. Until fin"l SCI .lcmc", Jnd ,1'1It.I>.u inn r:J UStIl, doe A,.,..·' Ky

shall r~m"in in cxislcnce and all .iglns and obIigalion, 01 " ... ",hc" uno.la Ih i' Con·

vcmion shall continue un'rnl>aired.

(b) No di.lriLlOJlOon of assell ,hlll he mode 10 meml ... " lI", il all liahil,,, .....

(0 holders of guarantees .t.,J OIher crN ilOrs .h.1I havc Ixm diseha .getl or 1>f0¥ic.1cd (or

. ",1 unrillhc Council ,h,,1I h~\'C <kcidcd .0 "",ke Juch diw ihm Oo".

(c) Subj«r 10 Ihe fOrq,'oing. doe AJ.,'<:ncy .h.II,limibulc iu .em:lining alSCt!

10 members in proportion 10 c-xh memhci •• h.re in die suhscribed npilal . '11e

Agency shall . Iso dimi!>ule any rcm.inin,lt aucu of Iloe SllOnsnrshi l' Trus, 1'110,,1

.cr<,,«:.1 '" ill AnOCK I '" Ihi, C.",vcn.inn .0 'I""",n,;",; ",.""I-..:rs ;n ,I", r"'1"",;"n

which 11", inwc.", ... "u sl'''''I .. r<~1 by c-ach bears In Ihe: 1<>f.I.,( II"M'IOfC,1 i"VCI",I(:IIU.

No member shall be w.illed 10 iu sha.t in 11 ..... .!Se:n of the Agency or doe SllOOlOf,hip

Trusl 1'1'00 unless IJu, memoo has Jellied all ouu,aooing cla;ms by 11 ... Ab'<:toey

asmUI il . [vtty tlisuibulion cl as~u Ihall ~ I"Il.1otie al Iyeh 1;11100 as dw:: Cauoc il shall

J~,efmi",e . ntl in luth n1a''' ICI :as it 11~1I ~1I1 f.il .nJ nj yilObI.:.

CHAPTER IX

SelticmclU of Dispu tes

ArJicle '6.

1merprctatiun and Apl'l;c;!.tiulI of tbe Cl.lUV('Ulitlll

(a) Any ' Iyc!! i ... " of interprelalio" or "l'pl iu lioll of Ihe I',,,v isiolll ,,r I I I;~

Co,,"clllion 'l;sillS helween ~"Y lI1CI " OC' or dl<: Aj:CI><Y ~II.I tlte A,~ell~y '" ""1""'

membclS 0( the AgC'Ky shaUoc soblllinctl III Ihe Uo.,J JO. iu .!Locis;"". AllY IlIe",I".-r

which is l);:Iuicul .. ly arr~IN by d w:: ' I.....,Slioll .nJ which i. n O{ oc h" rwise r"pfl=l1Ictl

by ;I. n.,ion.1 in ,he Uo:Irtl ,,>oy sentl • r .. pr"5C",., i ~ ,0 an .. utl ."y nlCe,i"ll or .l.c

Boon! ., which l uch <jUC"Sliur, is coosit!cral.

(b) In lny case .. hcre I he Uo:I,J Iw Il i ~n • tkcisio" ",,<IN Scc;:1 it~, (a' .huve,

any IIII:1t1OCllllay R~ lu i re l h~ l dl<: '(llI:uiuo, he ,cferrc.lltI tl l<: <';nUIKiI, wlM>se <k-.;i';'Nl

...r

51wlll:ll: r",al. l~ nd;"1l 110" result

Ihe .cfenal (O Ih .. ulUl1dl , t ll<: 1I.t;'·"Cf " 1:IY, .. ,

fa, RI il deems IlC<essory, IIC[ 011 til<: l>;I,is of Ihe tledsiOIl of the ~"'fd.

A,./iclt'7.

Disputes bc t wclm d IC Ageuo.:y aud /l-1I.'fubcrs

<a) W il hoot l>rejuJice to tl w:: l>luviJiuou cl Anick )(j ., 101 ue Se("l;'II' ( h) uf

Ihis Anicle, .ny u;spol e bel ~ ' Ihe A~('Ky ;lntl a n"",,,bc:'!If.n .1. .... , ..... , 11""ruf~I .. 1

.,ot! •

CIIlJlltry (or ~f(e, ..... y 11"" e.,1) whilh 10:\1 Ce-oISl.,J

Iny tlilPIJ I" i.>ecMCn ch" At;ency

10 be a m .. m ocr, sh~1J oc selll~.,J in KClN tI~llCc wilh tI", l"vcl"tlme ~I <.>Ut in A",,,:~

11 III this Convention.

. concerni ng et-irnJ of Ihe AgerlCY :.cling D5 subwR',e of ~"

(b) Dispou .,

inveSlor sholl be Kltlct! in :tC(OfJ~IKe wilh eid",r (il dw:: procNufc ser 001 in A""c~

JJ 10 chis Con.emion, or (i i) an .grtt,nc:nc w be "'l{crN into belWCt'II 11", A,,'I."KY ~lItI

d~ nlCmbcr cOllcernc:.i On In ah ernac ive mCl h"d or mel!."Js (Of tlw:: Kllkme,1{ ... 1" suc h

disl"'I". In thl·laller Cltl(' , An nc. 1110 Ih is C""~,,,ion shall K .... e.s a boISis , .. "Kh

;llllgrccmem which shall, in each nK , be lpprovN by 11w:: Ul,IIlru by s(>CC"1 "";""I y

prior 10 11", undcn.king by 11", Agency cC OI",nliool' in t IIC I(rri lor," of 11", lI",mber

concemcd .

A

"rtjd~ '8,

Disputu Invol.ving HokIeu or a Guarantee or Reinsurllllce

Ally dispute Iri'ing under I (O"tUct of g"nr~m« or reinsurallce belW«1I

11", parties tI",rero sh.1I be submilfed 10 l,bi flArioo fOr fill~1 dererminarioo in actor·

dllnce with suc h ru k, ftS ,h ~ 1I be I'rovi.\ed for or rererred 10 in 11", COnfl;IC1 of lIu.ralll«

UI le; n~II "" lCe,

CHAPTER X

Amendments

"rtide '9,

Amendment by Council

Ca) This Con~nrion Ind ilS AnnCltn may be '!mOOed by voce of Ihree·fiflhs

of rhe Governors t'UKising fouI·Hlhs of Ihe 101.1 'IOI'''1l 1""""1, pIOYiJc..1 Ihac

(i) Iny amendment mod ifying tlw. lillhr 10 "",lhJ raw from Ihe Allc,lCy

prcwKktl in Anicle " or 11", li m inrion 00 liability prov id .... 1 in

S«lion (d) of Allick 8 sl~,1I r«juirt the .m. n",r ;vc 'IOIC of.1I Gov.

trnoCl; 1"..1

(ii) .ny.menJmcllI modifying rl lt losl·sharing armlll,,'e m(m providcd in

Anicks I .,Id 3 of AIlnn 1 10 this ConY<:Illion which will .nult jn

an ill( 't"~~ in nny IIl<:mher', liabi lity rhc,culI .. k .. sl ,all fl"luire Ihe

alYltmnivc WI( of 11", Governor Q( (;)C h l uch member,

lbl Sdl<:..!uks A .",1 3 10 Ihil Convention may bc ,"",,><led by Ihe C"uncil

1>y sp« i~1 "'"~lfi, y,

(cl If," .mr ... I" .... ~u Irr~'Cu any provisio" of An""" I tu Ihil C.~'''''lICioo,

"x~1 "'1oIC'llha ll i'lClu.!e Ihol: • .! .. Iiliunal "'101<:1 .1~x...J ,"kkr All"'''' 7 of soch A"" ..... 10

sponsoring memhers and coonuiu hOlting spGn_etl illvt'StmcfUl.

P ro«tlu rt

lI.,.t kle 60.

Ally I'fflf'O$'IIIQ lmend Ih is CooV('Ilt ion, .. t~lIl(r em;lIll1tlng from. member

or a Go",",,,, ....... , Diu'CltK, ,hall bc cO' nfn\III ic:>I .. ..J 10 Ihe Ch. irman of 11", Ik""rd

who $1 ... 11 !>tins lIlt prOj1OU1 bdQre lhe 3 .... d. If Ihe prol'os"d .mcnd ... K'111 is rccorn·

,nell<kJ by d o:: BoarJ, i( ~h.1l1x ,uum iucd 10 t he Couno(illOr "I'prov:tl in a«ord.O>("

""irh Aniclt )9. WhM In IrntOOrntOl has mn o.Iu l, I pproved by 11", Cou 'Ki l , tl'"

Agency shall 10 (1:I'liry by r .... mal communielfioM' .Jd."s,.,..t 10 all ,,,,,,,,I,,,.,, A",end.

m""u shall cm". i,,'1I lo'(c 10. ~1I "1<:mocu "i.1<:' Y ,lays ~r'IC' .he d,,,,, ,,r ,\", \i""",\

'ummu" icalion unlcu doe C<AJn.:j1 sh.1I sl>C'O:ify a <.I iflttem d~te .

CHA1)TER Xl

Fimd Provisions

Arfir/", 6/ .

Eutry in", I'"n;<

This Co"yent;"'" Ih,,11 be 01"''' r.>r s;~"""'c <N, I.>ch~l( <I~II "",,,,I,,,,, ,I

(~)

,h" Ib"k ",,.J Swi •• .,rl,,,,,1 ,,,,,1 ,1,,,11 I,., .ubjc· .... '" "" jlk"'~",. "'·<· '·I "~"<" ," "1'1""",1

by d,e sill""lIU'Y 5'''1''5 in ",(O.d"'1<:e wil h thci. {o"uilu.io".1 I'fIIC.,dU'CI.

(b) Thi. Co"""",io" Ih.1I emc. illlu force 0" 11", <.I"y wh"" ,101 kn d,," I;,.,

i'lS!runlCnlS o( l.lifKa,i","" Kcepl~'Kc 01 approval shalll",vc h""'II <kl'usi .... J u" hd", lf

of si~n •• o.y Su'es ill u'q;olY Qne, .,,0.1 1101 len .h," Iif.Cl:n sud. 'nmuIIK'''u .1..11

haye bc-cn Jepusiu:d on bd •• lf uf ';811.IUIY S.a'l'S in C:l\fgury l,,~,: l't\lyiJ,.~1 , 1'"1 w,a)

sul>KI 'I" iUlls vf Il",.e SI"es a""~,,, •• 11 nor lels .lr~" UIIC-' hilJ vf . he 'U,IM" it,·d ""l'il~1

of Ihc A/:cncy .1 ptcsetib...! ill A,.kk 'j.

{cl FUI cac h Slale which <.Icpusils iu illllfu rncm uf r~lil;,"I;"n . nn"p,;I,<Cc

o. "PII(Oy.l af .. :r Ih is Conyen'lon ,hall have emcr",1 i"", (",cc, .his CUJ"'CIII~"' shAll

""Ct

, ~, d", .1,,,,, "l,"eh <k' MIS;I .

cUI .... i' Mu

(0.1) If .his COli""""", 11 .. 11 t.II h,,·t cmcrcd "MU r...-........ i'h ill " .. , )·c~rs

.(Icr iu opcning for sign.1 Ule, dte Pn'Si.km <.I l he Ibnk shall (U""'''' a (O"I;',c."," u(

iUlcrC" l ... lulUntr;"s III .Ielc,",;,,,, Ihe f"I"IO n"",c ,,r OCI ~H ' .

Il. rli dt 62.

Inaugural MCClillg

UJ>on emlY into force ut lhis C"'"YC:'Mi<>I' •• he 1'1("S~k:m ,,( lire 1I""k s.! •• 1l

call Ihe ''''''''gunl 1lI('C(;"1: ut.l", Council. Tlri, IlI('CI illg s1 ,~11 be hd J ~ •• h ... I'li,,,,;!,,,1

ulIite ut lhe Agency wi, hin ,iuy "~YI f">ln .11C' Jale I" ' ... ·hich Ihil C,~wl''''iu" has

CII'C •• ·J inl" (".Ct 0' as SOUn al 1',;I(li(ol>l" Il,clcaf,,',.

Il. rfide 6J.

U"" .. , i,o.)'

I"stru,ncnu ut n.ifKa.lon, Kccf<unce uf '1'1"oval of Ihis 0.ny(""I;'~l ~"J

.,"e,rJ""''''5 t1teltlO Ih.11 be ok"",; • ...! wilh 11,., U.llk .... hich .h.lI Kt as tI,,· Jq)lJSilu,y

of Ih;~ Cmwcmion . T he .k.,,,silOfy ,11 .. 11 m"",,,;. n'niroN <,~'in <I , his UN,v<;:n.ion

10 S'~IC' members 0( d,e I "'n~ and to S""illCrI~nJ.

Arl;cI~ 64.

nc~i$lra l il>"

110e tkposilO.y shall ,,,.:islfr this Conven,,,,,, wid. ,he Sec lc,ari~, n( doe

U"iu:J N~I~IIlS in ;occoltb,>(c wid, Anick 1020( doe Ch~n~1 of d,e U"'lcJ Nalj"",

.ml,l .... R"Rubrioos . hc.cu" .. lorr ..... "pu: .. 1 hy .h" Gc,,,,,al 1I$$1:",[,ly.

Nulif'Cllti'"1

Article 6',

TI", d~lw"i,,,ry ,h.1I , ~ .. ;ry .11 si/:".""y $,,,,,," . f~l, "I~'" ,I ... '~'''Y i"",

Ii,..,c CI( ,hi, (~",vl·lI!i'M I . 'l ie /\/:""':1 u(' doe (,.II"",,;,,/

(,,) siJ.(ll.Orurcl ,,( ,his Cu.lVcmion

(b) uCf>OIirs of inmurTM'rlts of ral ilicolion, ~ccq"3nc ... anc.! 'PI,mv •• in iIC-

mnlme<' wid , Anick: 6.\;

Id the <1 .. ,( ,HI which this CoII,ycmill1l cm,'rs imu r"m: in ;l(cnr,b,,(c wi,h

IlIIide (,1;

(.1) exclusions frorn In. ;loci,. "1""H:,"ion ]>ursu~m 10 Allille (.6: ., ... 1

(e) wi!lKlraw~1 of a member fmm doe A~l(y I'ur$o~m {O Ankle ~L

"lerriluri,,1 AppliClUiull

",.,icle (ili.

u"' . . . ·m.uu ,hall "pply w ~II Il'nu""':' ,,,.k. ,Ioe in,, « li ... ;..,.I.

T h i.'

11>,:,,,11(" i," "~lilll: ,I..., ,,· .. il<O.lcs r." wl" ,~~ i" "''''>I i, ,,,,.1 ,..I,ll" "'~ ~ ilK'" ,I K'r if " " I"H'"

"hie, UCl"p' Ihus..- whit;h .re .... du.led hy s\l("h nH;",h.:. Ioy ... ·" uen nnlKe HI the

'If

.1.:"II,i""y uf I hl' <':on""miun eill ..... u the ,ill>l: n( ,al ,f,cal iUII, 3( "I'I"'l(c "1'I'nlV.1

Of 'ol>l.c."I,.endy.

A,.liclt: 67.

I'eriudic Reviews

(n) The <':ouno:,1 shall 1"'1;. .. lIu lly ." .. lcn3~e o:orn!"d,cmi"" ' ......... " ·1 0( d~

,,({ivilies uf 110.,: Al;cno:y a$ ... ·dl ., 11 >1: 'nul" ow:hicvt:oJ wi,h. view to '."nll'ne' ''#: .ny

(h~ng'" " " Io i,ed 10 cnh"lCe doe Ageno:y's . llil ilY \0 'CrvC in obj""i"",.

(I» The r.ISC StKh review shall c.ke I'IOI<e r.ve ~ea .. after dO\: entry in'" force

of this Corlvemion. The tla tes of subsequem .cviews .hall be: uefcu"i,ICu by thc

Council.

OONE at Stoul, in 3 sill~lc copy which sh~ll r,m , in Jcl> ... i,"~l in the

"«hives of dlc Imcw.dol1al Dank r.), Reconstruct;on an.1 Dcvcl"l'",enr , which

IIllS i" .. hc3tcu by its si~u3turc beluw its a~fcemCnt to fulfill the (unn;u"s will1 which

it is cha rget.l urluer this eorlverlri')rl.

A

ANNEX I

Guarantees of Sponsored Inves tlllents Under Article 21

Sponsorship

A,.ticle I.

(~)

Any memlx:r may sp"nsor for p; uannt~.n ;nven ... """, 10 he ,,~Io: I.,..n

in~"or of an~ oat iv<ul i If Or by investors of. ")I or seYeral " ,11 j"".li .K."1.

(I» S ... bj« r 10 rhe l',oviJiom of s«.i"". (h) ~, ,,I (c ) of A<tiele .\ nr ,hi.

IlIn ..... . ~:w;h . p .... sncinl: ".,,,, h,,. , .... 11 ,ha,,,, w;, I, .I>t' ... 1. .. , SI_H I5O>'; O).: ,,, .. ,,,hen in

,I." ....

1".,cl ", .. I,,. l:"af~m ""l o( . 1'''",10 ..... 1 i"""""K'II,", ..,1 .... , . ,,,1 I" ,loo: ut ... "

1. kW"1 O nl1'\( he covc.td oUl vf the 51""15ouhi,> Tr us! 1:",,11 .ercrrro tu jn Anicle. 2.1

Ih il "011><:', in d ie (lfot,union wh ich thl: ~"'O"nl of m~ .i,m"n cominf:enl liability

under die gnanm ,," of invnlmenn SfoOnl.t>fN by it },c,UJ 10 t~ tot"' "",,,nlll of

rna.inmm conli n8cm l;al,;IIIY under the ,;",an mrct of i "~trne,,u Sf"",son.J hI' all

'lX.nh"l1.

(cl In ill tkc:ision. on die iuu~nce or g',"r~ lIll'C$ under Ihis Allnc~, the

AgeMy shall",y due re!lard 10 d~ prospects Ih .. , I l~ sponsoring r-nemhe:r willlX' in

a posi tion 10 mttl in ohIigalions under Ihis Annn . nd $h . 1I give pr ior il y 10 invest-

mcms whic h are: co-sponsored by the haS{ cOI ... ltics <OIKCltled.

1<11 n.e A,;cncy shall p:riodically consult wi lh 'p, .. ,sm ;n/: mcml",,, with

lespect 10 in opela tions mllkr this Anne:. .

A"lit!e 2.

SPl)llStlcship Trust Fund

(.1 Prem iums and mhe:r revenuCS ~ltrihlJl.hk !O I:u,,,.ml1:S o( SI" ",slIleJ

inVC'!l mt'l1lS, ioclmling «,I utns on tl~ inVC'!tmcm n( such I'tl'miums .IKI r<·VC III K'~ .

11,"11 he held in .. k:1"'"le ICCtlll'" wh ich ~hall he u lkd Ihe 51""'511111' ;1' T, ust h,n .. 1.

(b) All adminimar;vc: np:nK$ .Iod l"'ymenn 00 cbims Ittribo." .. 1>k 10

guuamtft iuued under Ihi$ Anne:. shall be ",id OIJt of the Sponsorship Trust 1;1111<1.

(cl ,, ~ ISKIS of the: st'OIuorshi l' , 'n,sl Fu",1 sh.1I he held and ",Iruill'stl',eo

(or Ih" inint I1<:c", .. 1I or SI'II",oting me:mhers .... ,I ,h.lIl.., kepI "<"I"".,e .,"1 nl"" (, .. '"

II ~ UKI$ or rhe "geney.

Calls 011 Spomorillg Members

Article j.

(a) 'Ii> d~ ~.'C'" ,ha, .ny . " ......... , is 1~1yahlc I»' d~ .... ~C' K:r 01' IIClUum uf a

1:"""''''«

'00 such ." ..... '", '.''''''t 1>( I",id \)" . u( R",," u{ ,11f

lun "uJCf a Jl'unsorw

Si_'SUtsl""1",,, I'und , <1", .... 1:1:100:1 shall uJl '''' (.'" .... " SI ~ "' '''' ; ''1= ",~",I",. '" 1"'1' i .. ,,,

sud , l'u,,,1 ill sl",,~ of 'nch ."" •• n" .1 shall "" ,10:'1:' ",j".,J in "'<· ... J~I"~ wit h &'\'1 MM'

(h) of AHick I uf , hi s A'H'U .

(b) Nu mcmbc:r shall be: liabk 10 pay any gl1l0UIU on a call1'msua,,, tu ,he

IKM;siu"s of t his Art id. if:os,. 'fsul ( 101.1 I"'yul(nu ",:><k 11)' ,h" " ...,,,,1...,. wi IJ U{~.J

Ih" lot31 .mu'."" of gua'."R"n (Qye';"g invnu n.:un JI~I"'ItII~J "y i. ,

Up"n ,h" ... pi.y "r ' ''Y fl"'nn'.'" (",~·,i"fl on j UYt$WIl" 1I "1u, ..... l~1 11,.

(c)

• "..."nbcl, die' liabil ity of ,h.1 mcrnlx. shall bc: d~"u'K<l 1» .• " ."",,"u "'Iuink''''

IU d,e amount of such )(" .. a1H~' ; such liability .h,1I alsu "" dcnoa'N '"' a 1'''' .~Ia

lJ"ui. upu" ""yment by 11", h8e,"y uf .ny cb i,,, .dat<',1 tu a ' I"" "",cd i",eo , "'~," "'M I

llull (M h., . .... i$.: cont inue: in elfcct until the nl'i . y uf all 8 uan"'<~ uf,I'0" ... " ....

j'WCSI""'ntl ouutandi"8 at tl", time uf ,ud, I"'f"""" .

,I.

If .ny '1 .... ,S<Wi"J: "",mbet ,1",11 ,,, .. hc liahk ~" an .,,,,,,,,"

0 11

(J)

pursualU tu the I"ovi,i"n, uf thi, 11 rtidc ""<;aUK nf t h<: I; ",;,at ~I(I collt"., ... 'tl ill So."t:1 ~"'~

(b) aoKl (e) dxwc, o. i( any ,ponsor;",; ",.,mber , h, 1I ,kr:cu lt in I'''y",rm nf an 3"',"""

",,""Ill,

Jue in r<"Sln,5I.' tu any such call, ,h., li,bility f,,, I ~')" ",.,nl ,,( ~"d,

,10;,11 he

,harN 1"0 I"," by 110: uth • .:, SI .... 'SO"'''1: n>emlol:ls. ti,hility II( uK:lI1he", I"""'''''' tu

this S«liotl ,hall be lubj«t to tlo: limiUt"Kl Kt run" 'n Scuiol1s (b) a",1 {O .I.wc.

(d hlly l'"ym"III hy • sponsori",: ""'",1)(', I'tu""'" Iu • (. 11 in :K(,,,,Ia,,,c

.... id. thi s IIrticle .h,1I be "ml" prollll'lly ,,,,1 in rn·dy u",blc ''''''''''-y.

V.,IU:HiulI "f Cur • .." ,(i", and lIo.:fu tub

A/'Iklc 4.

'11", plovi.;"", 01' nh .. ,,,,,,, of ,ommo:in .,.,J Ido." I. wllt.i, ....... i" t his

Cu"ventiun with tcSpt:ct tu capita l , ,,hsnil'l;"'" . hall he ~1'1'1it.'t1 ",,,I.I';J ftlN/.,mliJ tu

rUI..J. l};IiJ hy ",,,mh,," 01' :I((IIU III or '1"'111".\,,1 inv~"""·"\S.

Arl icle ,.

ltc in.sur::lIlce

(a) 11te Agt'KY ma)', on.k r the cOll\li l;"lI. 5':1 f,,,d, in IInicle I of Ihis

Annex, provitk rcin,,,nncc 10 • mC'llbel, an a,:cm:y IhclroI'. l rC,l:iutlal a,l:e."':), as

dd"..,.J in Sccl it,x, (a) of Anicle 20 of t h is Convc' ";u" Of a I"i nl" insult" ill ~ III,,, nll\·'

coonuy. Tht p,ovisiolu of , hi, IIUlll'll (OIKtlllill8 f:l.m~lIn:n al..J of IInick:s 211 ~,,,I

Or

21 (hi, Convemion IIull ~ al'l~ied InNIItI;, .. "lanJi. to • .,insu,an, ., I'rovitk.J utl<k,

Ihis Seeri, .. ,.

A

(b) The AR""'Y m~r obtain reinSUDrKf lOt invesln>ents ,IIunmm""J by it

" ... ler thi. AnM. anJ .h~ 1l ,nttf rhe ,,,SI of such ."i nSUla",!: " .. , n( rhe SI'''''$Ouhil'

,,,,!

T.un 1'",,,1. The 11<"".1 Ulay <l«i.k "'I"" he r . ,kl on .... 10, .. Ut .,n! 11.., Io.",s. oh ..

obIi,l:ation of "l>Onsot in}: mcrnhers rdcrm.l I" in Sec:1 ioo (hJ ,,( .... n KIe I of I his A",,.,.

""'1 h" .",h ocw on ;>ccnum 0{ , I.., re;n • ."aun COvet ohlai " ... d.

Artid, r..

Opcrati.Nlal Principles

,,,,,j ... lo.:c m 11", 1',<1,,1.;,",. or ,hi. ' .. ",,-x, the 1""""""" wir h

W ill.""

n.",""':1 In I!"a,anf • .., '1 ...... ~1 io.u " .... 10.., Clul"" I11 n( I hi.' C' "''''-''I ~'" ~'" I In ri " .", j" I

malUl1.'CIIll'U{ ",,,!er Chapler I V of this Cr>nwnr 0001 shall ho: ap.,j;,,,1 .111111;, ",,,/,,,,,Ii, ,n

J:"arum.",. col' sl"",snr<~1 j'Wt .. w.,:ms n CCI'1 Ihal (i) ."ch in" ..... nl·1II1 Ih"II'I"" IO (y~ ..

sponsorsh' !> i( n.aJc in the !CH"O' ;", H( Dny nw:mher, .... 1 in I'",lic"b. of ""y ,1ev.:1·

5<:",,,,,

"I',ng nlol1nbn. hy an inVi's,,)f or '''yew .... d 'gibk ",,,ler

(0) "r An;"1..- I uf

, hi, An""". a,-..I (if) ,he Af:WCY ,h.1I "'" be li.I>,,, wi.h Inp.:n "';11 OWn ~SScll r, ..

,!oS"""

"ny g"~r;,,u cc or lein,,,n""e

to""kr , his An n.,. and MCh {nn"X' ol ":"~'3nt"'"

Or reinsun".:c conch"k,II'UlSl,"", '0 Ih is An""" sh.1l n ,lfcsdy W pr ..... itl..-.

Arlidt 7.

\hr:illJ;

I'ur .. k-cis'nns rcli" in~ 10 II'0n5( II<:<1 i"ycmnenll . exh SI ~IIU'If,n,ll IlK'mh,:1'

!J",II h~vc OIlC ""klil~1I1al""lIe (o'l c;I(h )(I,()(MI SI'":cial J)mwin,: Ili,.:hll CII"i,-:obll nl

d lC' .mounr: guaramtttl or leinsurW on dM' hasi, n( ,11 spnnsnnl, il' •• ,~I c~{h rnl'mllt'l

Iwos,;"" a SI ""'5('n.~1 ;nVCllnM'", sh.1I h.~ 'M M' ;Mldi';'M"\ "'"C '" coch 1f1,11I1I) S,It":'''1

J)",w;nll It igh.s <:<I" ivi,lcm Ill' ,he a", .. ,,'" /:" . .. ",<,<,<\ ' " .~i"''' I\~\ .... " h " ~''''':I U, '''y

_<I"",~.,,'tl '''v~., "K'''' I"""", I>y il , SlId, ",101 i, ;,"'" VI lit" .h,,1l tit: t'"" , •• Iy ~" ,~-,';,io""

r"'a.l,,1 'n '1'"",,,, .. ,,1 invcsllnc,," .. -..I , h.1I ", h"rIY i.c h" di s"'g",,k~1 i" oICll'""i"inll

,IM' "'"'''81'0wer o/' m ... ",b.:n,

A

'"

ANNEX 11

Sett lement o f Di s putes Between A Member anti the Ascncy

Um.lcr Article 57

Artidt /.

Applk:uioll of the Annex

All ,I,'pu les within d~ S«II~ of 1\11 iclc '7 of ,his C"OW"! ioo, sh~ lIl~ scnbl

""f" ..

lance wi th . he I'foc",IUfC ~(OUI in th is Anne., exc"l>C in I he U$oI;I wl .. "re .1",

in

AI."""-, h~1 cmelt.l ;111"'11 ~~rl"t:menl wj,h • 1""'111-.:, " .. ,sua", '" S.xli,", (hJ (ii) "f

Aftid" n

A rlir/" 2.

Ncj.:" , i:u;ull

111(: p>rliri In a dispute .i.hi n . 1", KI'I'I: of d ,;, Anron shall aIl CII'J>C I"

sc n k ,uch d is,,,,,e I.,. "" ...... jalllln hc1t1olC Sttking cunci/ iad"" Of .,hinal;""' , Ne!;'lI i. -

!i11l'S shall I,." .kcmoo 10 hne b«n exhausted if Ihe ponies fai l tn Icao:h a kU\c'J>cm

wirhi" " l-e.in.l nf one hu".l r,~1 IntllW\'my Jays {.m" , I,." ,ble {If t he 1\~ I~SI (U C!ller

int o ncgOi i. l ion.

Article J.

VHlci li:uion

(a) If Ill(: .Ii, .... "e is 0I1f ,nuI ...... 1 IlIwugh OC/.'OC"'_NI, c;. hcI ,"HY 111;11'

luhmit 11,.: dilp.lte [0 a. bi,.u;"" in K(or.hnce wid , rile p. IW;Ii<,." o( Imide ~ or . his

'.'Si'"

Ii. ~. I" .1",

.... m"' •• u"ku 11", , ..... iel. hI' mumo' (f)fIlen •• h.vc ,1C'C iol ... 1 '0

("'Kili".~,,, " .... (e.lu.( "",violetl ~ " in , hi ..... ,, ;.-10:.

(h i The ~~ •• "'· m • ."" fill R'('~"I( I" «mcili'Ii"" Ihall 11""ify 11", "",,, cr ill

di' l"u e •• he d~ illls o( th<· I" ... iel in 'csl'!.·" .he ... ·or ","l. if Dv"ibhle • • he ,,"me.,r Ihc

."'fI

co.m(ilia tor ag.eed UIIOll by tile

ies. In Ih( .uIcl\(e of agll1:",elll or, ti le ('MlCi li, tUf.

llle panics m:t)' jointly req~1 rit lw:r th(' 5«.ctary·GCflC.ol or I he I IIle. nalion.,1 unlle

!Or SCu ..... melll 0( I n~strlv:nt Disl"ulct (lv:.cina{ler (allc..l 1011)) or rhe I"nkien, of

d v: Imcrn;uk"",1 Cuun of jtmi«' 10 11"1'0;0(' conc il iaror. 11re co .. cili'lI;"" procWu.e

Shllllclminale if d", ,o"dl iator hu 001 b«n appointw within niOl't)' days a{,er rlre

Iglccnw:nr (i'f recourse 10 conciliation.

(c) Unless orllCrwile r1ovKIc.l in ,his A"ne. 01 .grcC't1 UI'I<>I'I hI' ti le ""flieS.

11", (o'Kil ialOf sha ll dete. mine 'he Iuiel govcrni ng ilK (uncil i", ion I"IICC';" re ."d Ih.,11

br g"iJccl in , his legarcl by ,he concil iation rules adopted f'll",,,.nt 10 . he Convention

A

on d~ ~I! kn~nt o! lnvuu"",,,, Disputes bc:c .. "«n Statu aiM.! Noti .... , ," 0( (hI",.

Stnce,.

(J) The pa" iClsh.1I (ool'cnte in goooJ raith wit h , he (II"ci li"" .... 'K'sh~lI,

i" pan icula., I'fo .. iJe him with ,,11 jn/i,rm,,[(oll auJ clUC""'~"I. I """ which W1",J,l l.ui~,

h im in tI ~ J iKh.IJ;C of his f .. "CI i"us; tI",·~ sl,,1I /live I h.-ir nl,!!'1 s",i"m wn~idcl ,It ~'"

10 hi, '<'I:o,n'nc,M.!a,;ons.

(c) Unk .. othc-rwi.., ",l:r..::J ul"ln by I h'· I",n icl, Ihe concili", ... sJ," U, wit hin

• pc. ivd 'lOt cJcccd,n8 OIJot hVl kl.w ."d eiJ:'" y ,by. ( •• Nn t he ,Iatc 0( I ,i~ "I'I- ,i," me(ll ,

,,,lu,,i l 10 Ihe p;ln lcs I ICJ>!>" Ic"'rdinK Ihc ,esulu of his dl""u .,kl ""Hi"l: ""t 11",

iuUC"S ControvClJial bc:tWl.",," thc J .... Uu..1 a,kl hisl'm!,,,pl. {ur t heir scu k",.. .. , .

(f) lixh p;llIy sll:lil , wilhin siny clays rtom rI~ clace or Ihe tC<:cip' of 11",

repolI , n l',,· .. ;n .... iling ill views on 11", ' I:l'on <lllhe OII""l'arry.

(g) Neilh!:1 1~1f1y lu • etHIC il i.I"" ' P"I(,..,.li nll s.! •• 1I I,.. c."i.ko' I" 10:.,""

Ic<:uurse to .fbil r'liun . ",I",,

(i) Ihe eonc ilialOl sh.1I h""" f"iI<"<11D , ,,[',,,i l hil " ·1""([ wi . I.; 11 ,h. 1"' . ..... 1

eSlaOlisJocd in St:cl Km (c) "hove; Ol

(ii) Ihc I"ftlcs sll:lll h,yc r"ikd 10 ;lCe"!,1 ,, (I of tl ~ IlI<1 ..... als "'UI~illc"

'1$

ill the ICI_ I Wil hill "Xly <bys ~flcr

.«c ipl ; U(

(ii i) die J1:trtK:S, afler an udl:lllj.,'(" cl" views UII Iht: .tl'''", ,11;111 10",,, {:libl

10 agrr:c on a selilcmelll of all COt,uv~~ui~1 iss ...... w'll,in s,xlY d".·s

afccr ,t'Ccipl 0( t he conc iliator·s .I:pOII; or

ti.) I 1, .. ly shall haye f~i !ed 10 UIIfCSJ ill views un ,hc rCl'ml ~s I'.e-

K,ibcd in xniu" (I) ~bo"c .

(h) Unlo:ss 11 ", lI:Inies agr« Ocl~fWiloC , Ihe (tt, of Ihe c"'Kili~l"r slo;o ll he

dCler lll;l>e<J on Ihe b,u i, of Ihe ules ll'plicablc co ICSII) ,OtKili"liurt. TI ",~ f,.." al~ 1

''' '''1(

1'."' Uy hy . 1",· ... ".i .... .

d", orl "" (OS'S of . he cu,,{il ;~ I;"" I'lucc<:<.li" lls shall he

l::och 1"lIIy sJ •• 1l .Jcf"y il l OWII C"I"''''''·'.

/arlide 4.

Arbitnuioll

(a) Arbitralion pl1xeccl inSI Ihall ~ inSl'lul ccl by n1t:":lns cl" a f"lUlice by Ihe

pmy s.cc kill8 l,bitralion (the daill1:tlll) . dd,essed tu !lit: U11~r pally III ,"lIitl co I I~

diJ I"'11: (Ihe rnpontknr).111t: lII>Iiee sl,all specify Ihc 1I~1"le or ti lt: Jilj>Ul e. II ~ Idid

IoOUllht and lilt: ounl(' cl" Ihe ubill:tl(l( ll'poimrd by IIIe r bill1alll. T I", .e'J~""'I·"1

Ih:tll, will, in Ihilly cl.Yl a(lcr lilt: clarc of t«cipr of Ihc 'lUIicc, 'MJliry Ihe cbi" ,"ul ,,(

the ""IIlC of Ihc .rb'II.I()( appuinled by il. "1"1", 1 ..... 1 .. "ies 1l",1I, w;lhi". I',· .... I .. {

Ihi rry clays from Ihe Juc of 11'1>!>inunent of the 1C<:(Hkl arbi",lu' , ",k":l • Ihi ....

•• bitraIOl, who sha ll"t as PtesiclclII or Ihc A,bitral Tribunal (ihe l iibu n:tll.

A

(b) If II~ Trih",~1 $1",11 nO!: ha~ becn COI15.;uuCtI w,thin S;~{f Jays (rom

,he .. btc 0( doe nocicc. the nbiU1I1Of roue yel ~l'f'Oim('d or doe Prcs i.kom nuc }'C'I "' l«u~1

sha ll he opl'o'mcti, at the join' fC' luesl of the ponies, hy till' Se(,cla'y-c, c,ocf.,1 0(

ICS tD . If ,here i, no such joint ,eq uesl, or if ,he Sl:( rc'~ry-G c 'lCr~ l l h"1l (.il to ro.k"

the 'PI" I;mmcn. w;, hin th iny .1 0)'1 of d oe 'Ctl OCS' , ei, her PM'), m.y tC'l"C!f d,e

l'r .. .,"Ic;,M uf d ", Im ..... " ;"ion:aL Gnu.1 of JUllice .o "",kc .he ""I'o'm"",m.

(c) No ..... (11 sh.1I have ,he ri,c:ln 10 ch."J,'<: the arbiu ;uor ' 1'1'0'''''''[ by i,

nro(:C ,he [lCuinll 0( the Ji sp,n e h.1 comm" .. ce..1. In (~~"Y . ,[";lr:UM (illclll,l i" ll tlM

".<osi<Ic",,,r ,he 1",i!>.",,!) shall r"sip'. [lie , 01 bc<orne inC"Il;t( ir"cd , a IlI("{CSSn' 111.11

he "1'1'" imcd in the tn"'IIOC' r"lInw.:<l in d..: "1'IM,j'''''lCll! nr hill'rc"c!cs." • • ,,,1 ",d ,

IlKCeIS", slwll have d lC ""'''' I"'we, •• ,,J du. ies o( ,he .,hiu;"ur I", sucn",',b.

(U ) l10e T,i h"nal ,h,,1I cn.wc"" r,rst . , such ';n", Mid ,,1:lCe :u .h.1I he

.I",err"inc.1 hy ,Ioe 1'.." ;'''''',,,. ·n .. " .,.r.cr, , I .. "1',;1>"",,1 .1",11 ,k."""i, .. 'he "bee a,~ 1

, I~R~ U(;II " """i nJ:' .

0,

(~.) Unles. {KhclWiw l'"wiJcJ in , his A"nex

"I!,(·('.I "I,,,n hy doe Ih1 U ;".,

the T. ;I>. lIlal shall detcrmi ne: in I',oc(durc an.! Ih.1I be I!u;,bl in ,hi. ,el!",,1 hy ,he

s.,,,,,, .... ,,,,, ,,(

•• hi,,,,,i<~1 ,ules ,,,!op,,,d pur.".", '0 ,he: C .. o...,nl ~I<l'''' 11",

I" .... · •• me'"

Di.pu.CI hI" ..... ..,!> SUle. 111,1 N. , io~uls "r 0,10.:, S'.fCl.

( f) T I", Ttih"". 1 .1",111", d", jUtI,;e of in oY, ... (01111",'(11( excelll ,I"" if I n

ubj«l io" il ,.~;.c:d ber,>fC ,he: Trihu,,"1 10 ,,'" rITcn ,I", .he .Iill'l,Il<: (.11 .... i, hin ,hc

juri.din ion o( ,hc Un",,1 Of tI", Council " , ~Ic. "<lide % n . ... ilhin ,he j",i.diCli"" <o(

"judicial or .,bi",1 h .... I,. dc.i':""le,1 ;n An n,:.e.,·I1l"'" UIl,I\-. A •• ide I n( , hi. I\ nllcl

.",1 d", "I".ih"".1 is ",uislict.1 ,h" •• he . ~,j«lio Hl ;s J,"",,,uine,, d", objt.·nion , 1.:011 I",

i"dcunl by ,hc T •• I .... ""I ,n tI ", l\coord of Ihe: u"uK iI 0' ,he .ksi/!Ilalnl b."lr, IS . 1",

use mar he • • nJ ilK' uhil nlion 111'0(=1'111:1 sha ll he ~!~)"Cd IImi l a <ki: isio N1 h~s IIt"'II

readIed on cl .... malle:r, which .hlll be binding IIpon cl ", T.ihunal.

(J:) TI .... T,ihll ll:>1 110;011, ill ,ny .ti'I'"IC wicl ,in cl l\: .'(IIl'e of I hi. """" ', "1'" ly

11", I ,,,,,, i, ~" .. "f Ihi, {:.",....,,,, ~"" .ny ". "'~"'" "J:"·'·o",,,, I,,·, W'~·II cloe 1",,1;'" '" .1",

.Iispll'c. ,he " I:CIKY·' hy,law, .ncl '~l:lI b '. H" , "'" "1'1" ;':.1 ... . ule • • ,{ i "'efl~11ir." .. 1

law, 11", ,~"ne"ic I.w af .h" n"""'~. ( .IIKefllnl u well •• "'" .1'I ~ic.ble I,,,,,,i,. ,," nf

'hc ill....,.I<I""Il. COll!r:K:I , i( ."y. W ;.1" ..... l'!c;UJicc '" .IK' f",wilir .. IS oI'his C" .. v~'" illll,

rl K' T,ihllll~1 "" y c1ecide • disl'''''' 1':1: nr'llM " bn"" ir ,I", 1\';( IK1 . ,,,1 ,I K' ",,,,,,hc.

(n .. ,,,rn,,tI SO "I! «."C. TI K' T.tllI!t1.1 may I1<K h.illl: a ,i,~li"I:"( mm /i,/Ilrt ""1he FIIII" ... l

.,{ . ik'Kc .If . ~'Stu,ity tI( cl", bw.

{Ill TIre: "I"'iI .... l1al sI .. n .ffilfJ a rai. he:rr illJ: w.lI 11"" 1';1I1ic."$. 1\11 .kcisic ....

• f ,he "1"" 1",,,.1 sh~1I1"" I.ken hy a rn.jori.y I/OIC a,1>.! shl ll st:llC , I", rcaS4ms Oil which

'n

w. i, i,,}:, an,l .10,11 h.: .iJ: 'I<.~1 loy

.I,,·y '''e h"",d. 'Il ", . wa,,1 "fth" T" I>" .. "I .h,"II",

n, le".,

'wo a.loil'''''''. ,,,,,I a "'py cI"",,,r .h,,1I I", """,,,, i,,,·.I (» .·,,,h p"rry. "1"1",

.w.,,1 shall he fin,,1 . n,1 hi",li,,/! " 1"'11 tI", I", .. ie. ",,,1 5h;o1l ",11 he .ul';'"(' tu "1'1",,1,

. .. nulmcm or rc",.iol1.

(i) If ~"Y .l j'I'ut~ ,I,all at;"", 1""1""'~" ,he I''''';'-'~' ,n .1", 1"~a,, j "l: "t scop<

of .. n award, ciil.e, po.lty may. within 5i~IY ,Jol'5 ,,(,er Iloe Iwanl wa, re ...... N, '('I""-S'

imCll>I'Clation of doe a_,o by an .rplic.liun in .... ri. jnl: '0 doe: I'.oitk", ut.],,, Tt ih .. "ul

.. hieh renOe'~ ,~.ward. The P,ciiJcnc .hall, jf (>OSSibk, ."bm;. Ill<: lC<jUCS' to doe

TribulUl which ,c,l<kn:J floc .wa,u and dlall COf'~IW: such Tribunal .... i.l,in .iuy ,lay,

a('CI .«cil'l or the _".>lk,,,io .. , If ,hi. 11 .. 11 '101 Ix: ponihlt, .. 'W;:W Ttih"",,' shall be

(OIlSt ittLIcti i" o«O,<1."C( wi.h ,h., I"",vis;"'". of SI.'C' i .. ", (a) to (,I) aiM'".,. The T. ih"",tI

may .uy enrurccmenl III dK: IWIr<III<:,Klin8 in ti«ision (Ill I he r<"IUCItCU ill!crl'r~tatiu".

(j) Each ..... mbe. shall m :ogni,<, n

award IC,KlCICd I .... ""on. 10 Ihis Anide

as binding and rnforceable ... i.hi" ils ICfli.orin as if ;. _le .. fin.1 jud,:"""K 0( "-

(0011 i" d,~ t UlelllOCr. E.~u. io" 01.111: a_.J .I ,~1I11e ""_1111:\1 h,. till: l~ws «~"c",itll

.he ex~ulion of juJgm~1I1S i" fu«~ in 1111: SIJl~ i" wll1}$t Icni lUlin .ud, ~U{"I~M' is

.Otlghl ~nJ .h~ll no.>! tl~'ug'l~ f .... '" till: law in rUfC~ ,d~li"G In i"""unity li",,,

ex«ulion.

(k) Unless Ih~ IXlf{;'" .10.11 "I:'e.: OIhe.",i.." Ih., reft .ntl.""""", •• ,ilM' pay -

.ble 10 lite "biln'Of1 shall ~ tlele,mitll:d 0 ... 111: oois of 1111: •• ,es 'l'plic.bIo en ICSI I)

•• bi".rio". E..:h I"'''r .. ,.n tkr. ay i,. 0l0I'' COS'$ usud.u.,j ",id, ,I" .,I ,il!~t~'"

box,,,

loy ,I" 1" " in in "'1',.1 1'''' .>1,;"",

proc;rnIing •. Th., (OSI' <i Ihe T.ibu"al ..... 11 be

unless tile T.ibunal ~io.ks otlle.",isc:. Any qucs.ion (on(ernin~ ,he Ji,·is i .. " of . 111

(O$!' "r lioc Tri bunal or Ih~ p"J(w"t~ fOf IXI)'lne,", ,,( ."d. 'OSI' 110,,11 oc ,k(ilkd by

1111: Tri bunal.

Article ,.

Service of Procen

Sc,yicf ulany f1O(icC or I"IJ("J in (," ulC.'(C,io" wil h ' ''Y l>fo<;\.wi",!: ulMlc,

this Amll:~ .hall be m.>dc in w,i,in,ll. 11 sJ,.1I be "~,,Ic hy tI" i\/:~'KY "I~'" Ihe

~ul huri , y ,ltsill"atW by,,,,, member CUloctrlle,1 I""'n,,'" 1U i\ flid~ 3H "r, hi. C,,,"ve n'

li"u ."tlloy Ihat member n the """dpal uffK~ 0{ die Ag .... ,;,..

A

SCH EDULE A

Membership and Subscriptions

CATEGOllY ON E

N"mw f/ Sh..m

S"bJrT;pt;..,

Cu"l.-,

(milli"'" ,,(snn)

1,71)

n . l}

Ausu,.li",

1.15

77l

"'"scria

211.3n

2,n311

Ildgiuln

Can, ... 1a

65

2,')65

."'",,,a.k

'"

7 . 1H

,'j"lal1<.l

6.IIU

48.(.0

4,860

I'r:"'cc

(,icrlluny, F~kr:d Republ ic of

)0.7,

5,07 '

kci", ... 1

(1,911

~,

, 6')

hd~,.J

3.G9

h ~ly

2,82U

211.20

J~ I"'"

~.()<))

50,9)

'"

l.uxcmhuurg

1.1 6

Ncl herl~nJs

21 .69

2, 169

). 13

New Ze-~ I~nJ

'"

'n>

"''''y

6 .1)')

9.01}

'"

Soulh Mrica

S~1m

l ,n49

10.'19

IS ,UII

Swil1.crland

I,)IK I

48 .W

4,860

Un;"',1 " ,n};d,""

U"il~J SI~I'"

211).19

20,H9

47}

59-1.n

A

CATEGORY TWO '

NI/mw, #/ SIJtlI'tJ

~'"bJ'ripfiOl/

CflfHlry

(m i lli"", "fSUII)

1.111

'"

Ar,l:h""iltan

M'J

"I,.,..."ia

(,,4')

"n,i}lu3 and Ih.buJ a

o .~u

1 ,2~ 4

IIrgcm ;nR

12 .'"

WO

U31 ~,,,,:lS

1.110

lbhn;n

0 .77

.H II

\..Iu

Ib"I:I",Io.-,h

" ,

l.Iul-Jos

11.(,11

O ,~ O

lkliu

(,

n .fi l

Ik 'nj "

'" '"

lII,ut~n

0 .)11

Uolivio

1. 25

Uon "'~ n~

U .~ O

Urazil

1," 79

14 .79

,

":HO

(,

tL(, I

Uu. i.:in3

'" 74

1.711

IltJ ro na

0.74

1\u"Il,Ji

'.7 ,,,

ea"",,,,,,,I\

1.07

Cup!: Vcrue

11.)0

",

Ccmral Afr ic;.n R~l'ulllic

\I,Go

Ch",1

n.r~)

liU

'"

Clrill

4 . H)

3, 1311

31.311

Chi""

4)7

4. ,'11

CoI"mhia

'" '"

11. ) 11

UNn0r05

n,M

G.N 'Ilu, l":"plc'l RcI'. "ftl",

'"

Vl!tm Riu

1.17

Cy l"u,

I.U-'

'U

,. '"

lliiboud

u.

o.N ninica

(I. )U

Dom inican Republ ic

1.47

'47

'"

i:.cuaJor

!.IU

'" ,.

4:YPI, Arab Jkpublic uf

4.W

El s.. 1~aJor

1.22

c"lu3!Orial Guinea

0 . 511

· CUU"tr;a Ij .. «I u,Kk. Co,~~ot, T .. o . r. dc .. Iq~,, _ OM" ...... «'lI nll." fu< , h. 1'."1 ...... ut <1", c....-

.. n .......

4)1

A

anGORY T\'(/()

CM""',,

NlIlNbn if Sb.",!

Sdlfri,.,i.~

or SDR)

(milliu"'

E.hiot,i.

1U

U.70

,.

Fiii

0.1 1

Gabon

0.96

G~",hi~. 1 ~

,I>

O .~n

Gh. ,,~

24'

2.45

G"",cc

21111

2.8U

,n

<.;~,""""

0. '0

{ ; ". ,cm~l.

\4(1

1.40

. " '0

Gui oln

n.91

Guj,,",- IMuau

O. 'U

C;uY'~'"

n.84

lI~ ili

"

(I.n

1 1"1I.I"r~s

1nl

I .n I

,64

Ilu",,:ur

' .64

!oMI;.

3,MII

311.411

\'''''''!It'S;.

1,04')

W.49

1.011, I J1~rn;c Rel'J..hlic: ,.

t ,(,'9

](,. 59

11""

»0

j . )[)

41. 1s':II:1

4.74

1"lI'r e"'>5,

Uti

1"

j;lm~i ....

1 K 1

1.11 I

jo.or,bn

" 112

0.97

9'

Kar"f'uchn, ikmocnlic

0.93

Ktnya

KmcR, It(I>t,bl ic ul

4.49

Kuw-~il"

9)0

9. JU

Un I'mf*', {)fm . Rq..

6<,

0.60

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I ... ~ .. ,onn

1.42

l.csOIho

0.'0

Lib",i.

0.114

Libyan .... nb JalNhi rip

'49

'. 49

M .. lajl.:&Ka,

11M'

I ,IN)

M.'~wi

11.77

M al-. pi.

HO

to blJ j \'\"I

" '"

11, '0

M.li

11.8 r

., "

M.h.

lJ.n

Mauriun i.

0.6,

'32

A

CATEGORY TWO

C .. mt,.,

N ... b«.[Sb.,m

J.Int,'i,.,;.

( on ; lJions u( SOil.,

"'auri.;us

0.81

Mnciro

I , 192

11.92

".

}A8

M OfUC CU

MUDmUKIUC

U.91

~I ~'I

0.69

Nic,.,agu,t

... " .

1.02

Ni .. ..,.

U.t.2

N if,'(:l' ia

11.44

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0.\14

«"

P:al<i5.an

<..(.0

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. "

'"

l'ajJU.iI t>kw Cu; ......

u.\l6

"';l"',.U"~

HO

0.80

m

I~ru

~. H

,"4

Ph ilil'l"'1I:$

4.114

l\x'U8:U

'" m

) .82

Q;u ~r

11 7

1. 37

Romania

U~

RWlIn.b

" "

0.15

5 •. Chri5tlllll ..... , •• ...J N\:vil

0.'0

$1. L.uc:ia

'" '"

0.)0

5,. Viu.cem

0.)0

Sau "IUtIlC 11,1<1 l'ri ndl't

'"

0.'0

Saud i A",bia

} , 1}7

) I.J7

Scr..,,.al

'"

1.4)

5cy(1 .... lk ..

'"

0.)0

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" '"

Sjnll~p"fc

1.14

"

5 .. 1""'''11 bla".!.

0.)0

S,;,"ulia

0.78

Spai n

1, 28)

12.85

Sriu"ka

27L

2.71

2.06

Su ri " :lIne

0 .82

,GB

Srrian 1\(;1.0 a'-public

L.GB

$wuilallJ

"

0.)8

·I ~ntan i.

'4,

1.41

11",ib"J

4 .2 1

A

CATEGORY TW'O

N"lMbt~" Shnm

S"h",·ip,i ...

(millions olSDlt)

Tt,~o

0.77

'0'

TI; nillaJ and liJb1of:O

2 . 0~

n6

Tunis;,

'"

4.62

Ttllkll'

m

U"'lt..! AnI> Em'r:II~s

~ . 72

UKJ,,,,Lt

1. }2

'31

,.

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U",~u;oy

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