LegalizeMULTILATERAL INVESTMENT GUARANTEE AGENCY ACT, 1988
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
4 amending acts · 2005-12-21, Development Banks Act 2005
- (g) The Tribunal shall, in any dispute within the scope of this Annex, apply the provisions of this Convention, any relevant agreement between the parties to the dispute, the Agency's by-laws and regulations, the applicable rules of international law, the domestic law of the member concerned as well as the applicable provisions of the investment contract, if any. Without prejudice to the provisions of this Convention the Tribunal may decide a dispute ex aequo et bono if the Agency and the member concerned so agree. The Tribunal may not bring a finding of non liquet on the ground of silence or obscurity of the law.
- (h) The Tribunal shall afford a fair hearing to all the parties. All decisions of the Tribunal shall be taken by a majority vote and shall state the reasons on which they are based. The award of the Tribunal shall be in writing, and shall be signed by at least two arbitrators and a copy thereof shall be transmitted to each party. The award shall be final and binding upon the parties and shall not be subject to appeal, annulment or revision.
- (i) If any dispute shall arise between the parties as to the meaning or scope of an award, either party may, within sixty days after the award was rendered, request interpretation of the award by an application in writing to the President of the Tribunal which rendered the award. The President shall, if possible, submit the request to the Tribunal which rendered the award and shall convene such Tribunal within sixty days after receipt of the application. If this shall not be possible, a new Tribunal shall be constituted in accordance with the provisions of Sections (a) to (d) above. The Tribunal may stay enforcement of the award pending its decision on the requested interpretation.
- (j) Each member shall recognise an award rendered pursuant to this Article as binding and enforceable within its territories as if it were a final judgment of a court in that member. Execution of the award shall be governed by the laws concerning the execution of judgments in force in the State in whose territories such execution is sought and shall not derogate from the law in force relating to immunity from execution.
- (k) Unless the parties shall agree otherwise, the fees and remuneration payable to the arbitrators shall be determined on the basis of the rates applicable to ICSID arbitration. Each party shall defray its own costs associated with the arbitration proceedings. The costs of the Tribunal shall be borne by the parties in equal proportion unless the Tribunal decides otherwise. Any question concerning the division of the costs of the Tribunal or the procedure for payment of such costs shall be decided by the Tribunal.
Article 5. Service of Process
Service of any notice or process in connection with any proceeding under this Annex shall be made in writing. It shall be made by the Agency upon the authority designated by the member concerned pursuant to Article 38 of this Convention and by that member at the principal office of the Agency.
SCHEDULE A
Membership and Subscriptions
CATEGORY ONE
| Country | Number of Shares | Subscription |
| (millions of SDR) | ||
| Australia | 1,713 | 17.13 |
| Austria | 775 | 7.75 |
| Belgium | 2,030 | 20.30 |
| Canada | 2,965 | 29.65 |
| Denmark | 718 | 7.18 |
| Finland | 600 | 6.00 |
| France | 4,860 | 48.60 |
| Germany, Federal Republic of | 5,071 | 50.71 |
| Iceland | 90 | 0.90 |
| Ireland | 369 | 3.69 |
| Italy | 2,820 | 28.20 |
| Japan | 5,095 | 50.95 |
| Luxembourg | 116 | 1.16 |
| Netherlands | 2,169 | 21.69 |
| New Zealand | 513 | 5.13 |
| Norway | 699 | 6.99 |
| South Africa | 943 | 9.43 |
| Sweden | 1,049 | 10.49 |
| Switzerland | 1,500 | 15.00 |
| United Kingdom | 4,860 | 48.60 |
| United States | 20,519 | 205.19 |
| ______ | ______ | |
| 59,473 | 594.73 |
CATEGORY TWO*
| Country | Number of Shares | Subscription |
| (millions of SDR) | ||
| Afghanistan | 118 | 1.18 |
| Algeria | 649 | 6.49 |
| Antigua and Barbuda | 50 | 0.50 |
| Argentina | 1,254 | 12.54 |
| Bahamas | 100 | 1.00 |
| Bahrain | 77 | 0.77 |
| Bangladesh | 340 | 3.40 |
| Barbados | 68 | 0.68 |
| Belize | 50 | 0.50 |
| Benin | 61 | 0.61 |
| Bhutan | 50 | 0.50 |
| Bolivia | 125 | 1.25 |
| Botswana | 50 | 0.50 |
| Brazil | 1,479 | 14.79 |
| Burkina Faso | 61 | 0.61 |
| Burma | 178 | 1.78 |
| Burundi | 74 | 0.74 |
| Cameroon | 107 | 1.07 |
| Cape Verde | 50 | 0.50 |
| Central African Republic | 60 | 0.60 |
| Chad | 60 | 0.60 |
| Chile | 485 | 4.85 |
| China | 3,138 | 31.38 |
| Colombia | 437 | 4.37 |
| Comoros | 50 | 0.50 |
| Congo, People's Rep. of the | 65 | 0.65 |
| Costa Rica | 117 | 1.17 |
| Cyprus | 104 | 1.04 |
| Djibouti | 50 | 0.50 |
| Dominica | 50 | 0.50 |
| Dominican Republic | 147 | 1.47 |
| Ecuador | 182 | 1.82 |
| Egypt, Arab Republic of | 459 | 4.59 |
| El Salvador | 122 | 1.22 |
| Equatorial Guinea | 50 | 0.50 |
| Ethiopia | 70 | 0.70 |
| Fiji | 71 | 0.71 |
| Gabon | 96 | 0.96 |
| Gambia, The | 50 | 0.50 |
| Ghana | 245 | 2.45 |
| Greece | 280 | 2.80 |
| Grenada | 50 | 0.50 |
| Guatemala | 140 | 1.40 |
| Guinea | 91 | 0.91 |
| Gineau-Bissau | 50 | 0.50 |
| Guyana | 84 | 0.84 |
| Haiti | 75 | 0.75 |
| Honduras | 101 | 1.01 |
| Hungary | 564 | 5.64 |
| India | 3,048 | 30.48 |
| Indonesia | 1,049 | 10.49 |
| Iran, Islamic Republic of | 1,659 | 16.59 |
| Iraq | 350 | 3.50 |
| Israel | 474 | 4.74 |
| Ivory Coast | 176 | 1.76 |
| Jamaica | 181 | 1.81 |
| Jordan | 97 | 0.97 |
| Kampuchea, Democratic | 93 | 0.93 |
| Kenya | 172 | 1.72 |
| Korea, Republic of | 449 | 4.49 |
| Kuwait | 930 | 9.30 |
| Lao People's Dem. Rep. | 60 | 0.60 |
| Lebanon | 142 | 1.42 |
| Lesotho | 50 | 0.50 |
| Liberia | 84 | 0.84 |
| Libyan Arab Jamahiriya | 549 | 5.49 |
| Madagascar | 100 | 1.00 |
| Malawi | 77 | 0.77 |
| Malaysia | 579 | 5.79 |
| Maldives | 50 | 0.50 |
| Mali | 81 | 0.81 |
| Malta | 75 | 0.75 |
| Mauritania | 63 | 0.63 |
| Mauritius | 87 | 0.87 |
| Mexico | 1,192 | 11.92 |
| Morocco | 348 | 3.48 |
| Mozambique | 97 | 0.97 |
| Nepal | 69 | 0.69 |
| Nicaragua | 102 | 1.02 |
| Niger | 62 | 0.62 |
| Nigeria | 844 | 8.44 |
| Oman | 94 | 0.94 |
| Pakistan | 660 | 6.60 |
| Panama | 131 | 1.31 |
| Papua New Guinea | 96 | 0.96 |
| Paraguay | 80 | 0.80 |
| Peru | 373 | 3.73 |
| Philippines | 484 | 4.84 |
| Portugal | 382 | 3.82 |
| Qatar | 137 | 1.37 |
| Romania | 555 | 5.55 |
| Rwanda | 75 | 0.75 |
| St. Christopher and Nevis | 50 | 0.50 |
| St. Lucia | 50 | 0.50 |
| St. Vincent | 50 | 0.50 |
| Sao Tome and Principe | 50 | 0.50 |
| Saudi Arabia | 3,137 | 31.37 |
| Senegal | 145 | 1.45 |
| Seychelles | 50 | 0.50 |
| Sierra Leone | 75 | 0.75 |
| Singapore | 154 | 1.54 |
| Solomon Islands | 50 | 0.50 |
| Somalia | 78 | 0.78 |
| Spain | 1,285 | 12.85 |
| Sri Lanka | 271 | 2.71 |
| Sudan | 206 | 2.06 |
| Suriname | 82 | 0.82 |
| Syrian Arab Republic | 168 | 1.68 |
| Swaziland | 58 | 0.58 |
| Tanzania | 141 | 1.41 |
| Thailand | 421 | 4.21 |
| Togo | 77 | 0.77 |
| Trinidad and Tobago | 203 | 2.03 |
| Tunisia | 156 | 1.56 |
| Turkey | 462 | 4.62 |
| United Arab Emirates | 372 | 3.72 |
| Uganda | 132 | 1.32 |
| Uruguay | 202 | 2.02 |
| Vanuata | 50 | 0.50 |
| Venezuela | 1,427 | 14.27 |
| Viet Nam | 220 | 2.20 |
| Western Samoa | 50 | 0.50 |
| Yemen Arab Republic | 67 | 0.67 |
| Yemen, People's Dem. Rep. of | 115 | 1.15 |
| Yugoslavia | 635 | 6.35 |
| Zaire | 338 | 3.38 |
| Zambia | 318 | 3.18 |
| Zimbabwe | 236 | 2.36 |
| 40,527 | 405.27 | |
| Total | 100,000 | 1,000.00 |
SCHEDULE B
Election of Directors
Candidates for the office of Director shall be nominated by the Governors, provided that a Governor may nominate only one person.
The election of Directors shall be by ballot of the Governors.
In balloting for the Directors, every Governor shall cast for one candidate all the votes which the member represented by him is entitled to cast under Section (a) of Article 40.
One-fourth of the number of Directors shall be elected separately, one by each of the Governors of members having the largest number of shares. If the total number of Directors is not divisible by four, the number of Directors so elected shall be one-fourth of the next lower number that is divisible by four.
The remaining Directors shall be elected by the other Governors in accordance with the provisions of paragraphs 6 to 11 of this Schedule.
If the number of candidates nominated equals the number of such remaining Directors to be elected, all the candidates shall be elected in the first ballot; except that a candidate or candidates having received less than the minimum percentage of total votes determined by the Council for such election shall not be elected if any candidate shall have received more than the maximum percentage of total votes determined by the Council.
If the number of candidates nominated exceeds the number of such remaining Directors to be elected, the candidates receiving the largest number of votes shall be elected with the exception of any candidate who has received less than the minimum percentage of the total votes determined by the Council.
If all of such remaining Directors are not elected in the first ballot, a second ballot shall be held. The candidate or candidates not elected in the first ballot shall again be eligible for election.
In the second ballot, voting shall be limited to (i) those Governors having voted in the first ballot for a candidate not elected and (ii) those Governors having voted in the first ballot for an elected candidate who had already received the maximum percentage of total votes determined by the Council before taking their votes into account.
In determining when an elected candidate has received more than the maximum percentage of the votes, the votes of the Governor casting the largest number of votes for such candidate shall be counted first, then the votes of the Governor casting the next largest number, and so on until such percentage is reached.
If not all the remaining Directors have been elected after the second ballot, further ballots shall be held on the same principles until all the remaining Directors are elected, provided that when only one Director remains to be elected, this Director may be elected by a simple majority of the remaining votes and shall be deemed to have been elected by all such votes.
Footnotes
Countries listed under Category Two are developing member countries for the purposes of this Convention.
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