International Common Fund for Commodities Act , 1982

The arbitral tribunal shall consist of three arbitrators. Each party to the dispute shall appoint one arbitrator. The two arbitrators so appointed shall appoint the third arbitrator, who shall be the Chairman. If within 45 days of receipt of the request for arbitration either party has not appointed an arbitrator, or if within 30 days of the appointment of the two arbitrators the third arbitrator has not been appointed, either party may request the President of the International Court of Justice, or such other authority as may have been prescribed by rules and regulations adopted by the Governing Council, to appoint an arbitrator. If the President of the International Court of Justice has been requested under this paragraph to appoint an arbitrator and if the President is a national of a State party to the dispute or is unable to discharge his duties, the authority to appoint the arbitrator shall devolve on the Vice-President of the Court, or, if he is similarly precluded, on the oldest among the members of the Court not so precluded who have been longest on the bench. The procedure of arbitration shall be fixed by the arbitrators but the Chairman shall have full power to settle all questions of procedure in any case of disagreement with respect thereto. A majority vote of the arbitrators shall be sufficient to reach a decision, which shall be final and binding upon the parties.

Unless a different procedure for arbitration is provided for in an Association Agreement, any dispute between the Fund and the Associated ICO shall be subject to arbitration in accordance with the procedures provided for in paragraph 2 of this article.

This Agreement shall be open for signature by all States listed in schedule A, and by intergovernmental organizations specified in article 4 (b), at United Nations Headquarters in New York from 1 October 1980 until one year after the date of its entry into force.

Any signatory State or signatory intergovernmental organization may become a party to this Agreement by depositing an instrument of ratification, acceptance or approval until 18 months after the date of its entry into force.

This Agreement shall enter into force upon receipt by the Depositary of instruments of ratification, acceptance or approval from at least 90 States, provided that their total subscriptions of Shares of Directly Contributed Capital comprise not less than two-thirds of the total subscriptions of Shares of Directly Contributed Capital allocated to all the States specified in schedule A and that not less than 50 per cent of the target for pledges of voluntary contributions to the Second Account specified in article 13, paragraph 2, has been met, and further provided that the foregoing requirements have been fulfilled by 31 March 1982 or by such later date as the States that have deposited such instruments by the end of that period may decide by a two-thirds majority vote of those States. If the foregoing requirements have not been fulfilled by that later date, the States that have deposited such instruments by that later date may decide by a two-thirds majority vote of those States on a subsequent date. The States concerned shall notify the Depositary of any decisions taken under this paragraph.

For any State or intergovernmental organization that deposits an instrument of ratification, acceptance or approval after the entry into force of this Agreement, and for any State or intergovernmental organization that deposits an instrument of accession, this Agreement shall enter into force on the date of such deposit.

Members in the category of least developed countries as defined by the United Nations shall pay the Paid-in Shares referred to in article 10, paragraph 1 (b), in the following manner:

Notwithstanding the provisions of article 31, a least developed country shall not be suspended from its membership for its failure to fulfil the financial obligations referred to in paragraph 1 of this schedule without being given the full opportunity to represent its case, within a reasonable period of time, and satisfy the Governing Council of its inability to fulfil such obligations.

An ICB shall be established on an intergovernmental basis, with membership open to all States Members of the United Nations or of any of its specialized agencies or of the International Atomic Energy Agency.

It shall be concerned on a continuing basis with the trade, production and consumption aspects of the commodity in question.

Its membership shall comprise producers and consumers which shall represent an adequate share of exports and of imports of the commodity concerned.

It shall have an effective decision-making process that reflects the interests of its participants.

It shall be in a position to adopt a suitable method for ensuring the proper discharge of any technical or other responsibilities arising from its association with the activities of the Second Account.

Each Member State referred to in article 5 (a) shall hold:

Each Member State referred to in article 5 (b) shall hold:

In the event of unsubscribed or additional Shares of Directly Contributed Capital being made available for subscription in accordance with article 9, paragraph 4 (b) and (c), and article 12, paragraph 3, two additional votes shall be allocated to each Member State for each additional Share of Directly Contributed Capital which it subscribes.

The Governing Council shall keep the voting structure under constant review and, if the actual voting structure is significantly different from that provided for in the annex to this schedule, shall make any necessary adjustments in accordance with the fundamental principles governing the distribution of votes reflected in this schedule. In making such adjustments, the Governing Council shall take into consideration:

Adjustments in the distribution of votes pursuant to paragraph 4 of this schedule shall be made in accordance with rules and regulations to be adopted for this purpose by the Governing Council at its first annual meeting by a Highly Qualified Majority.

The Executive Directors and their alternates shall be elected by ballot of the Governors.

Balloting shall be for candidatures. Each candidature shall comprise a person nominated by a Member for Executive Director and a person nominated by the same Member or another Member for alternate. The two persons forming each candidature need not be of the same nationality.

Each Governor shall cast for one candidature all of the votes to which the Member which appointed that Governor is entitled under schedule D.

The 28 candidatures receiving the greatest number of votes shall be elected, provided that no candidature has received less than 2.5 per cent of the total voting power.

If 28 candidatures are not elected on the first ballot, a second ballot shall be held in which shall vote only:

In determining whether the votes cast by a Governor are to be deemed to have raised the total of any candidature above 3.5 per cent of the total voting power, the percentage shall be deemed to exclude, first, the votes of the Governor casting the smallest number of votes for that candidature, then the votes of the Governor casting the second smallest number of votes, and so on until 3.5 per cent, or a figure below 3.5 per cent but above 2.5 per cent, is reached; except that any Governor whose votes must be counted in order to raise the total of any candidature above 2.5 per cent shall be considered as casting all of his votes for that candidature, even if the total votes for that candidature thereby exceed 3.5 per cent.

If, on any ballot, two or more Governors holding an equal number of votes have voted for the same candidature and the votes of one or more, but not all, of such Governors could be deemed to have raised the total votes above 3.5 per cent of the total voting power, whoever among them shall be entitled to vote on the next ballot, if a next ballot is required, shall be determined by lot.

For determining whether a candidature is elected at the second ballot, and who are the Governors whose votes shall be deemed to have elected that candidature, the minimum and maximum percentages specified in paragraphs 4 and 5 (b) of this schedule and the procedures described in paragraphs 6 and 7 of this schedule shall apply.

If, after the second ballot, 28 candidatures have not been elected, further ballots shall be held on the same principles until 27 candidatures have been elected. After this, the twenty-eighth candidature shall be elected by a simple majority of the remaining votes.

In the event that a Governor votes for an unsuccessful candidature in the last ballot held, that Governor may designate a successful candidature, if the latter agrees, to represent in the Executive Board the Member which appointed that Governor. In this case, the ceiling of 3.5 per cent specified in paragraph 5 (b) of this schedule shall not apply to the candidature so designated.

When a State accedes to this Agreement in the interval between elections of the Executive Directors, it may designate any of the Executive Directors, if the latter agrees, to represent it in the Executive Board. In this case, the ceiling of 3.5 per cent specified in paragraph 5 (b) of this schedule shall not apply.