MINISTARSTVO PRAVOSU�A I UPRAVE

MINISTARSTVO PRAVOSU�A I UPRAVE na osnovi �lanka 5. i 7. Zakona o prihva�anju �lanstva Republike Hrvatske u Me�unarodnom monetarnom fondu i drugim me�unarodnim financijskim organizacijama na temelju sukcesije ("Narodne novine", broj 89/92), a u svezi �lanka 134. Ustava Republike Hrvatske objavljuje u izvorniku na engleskom jeziku i u prijevodu na hrvatski jezik slijede�u:

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CONVENTION ESTABLISHING THE MULTILATERAL INVESTMENT GUARANTEE AGENCY AND COMMENTARY ON THE CONVENTION PREAMBLE

The Contracting States

Considering the need to strengthen international cooperation for economic development and to foster the contribution to such development of foreign investment in general and private foreign investment in particular;

Recognizing that the flow of foreign investment to developing countries would be facilitated and further encouraged by alleviating concerns related to non-commercial risks;

Desiring to enhance the flow to developing countries of capital and technology for productive purposes under conditions consistent with their development needs, policies and objectives, on the basis of fair and stable standards for the treatment of foreign investment;

Convinced that the Multilateral Investment Guarantee Agency can play an important role in the encouragement of foreign investment complementing national and regional investment guarantee programs and private insurers of non-commercial risk: and

Realizing that such Agency should, to the extent possible, meet its obligations without resort to its callable capital and that such an objective would be served by continued improvement in investment conditions,

Have Agreed as follows:

(a) There is hereby established the Multilateral Investment Guarantee Agency (hereinafter called the Agency).

(b) The Agency shall possess full juridical personality and, in particular, the capacity to:

(i) contract;

(ii) acquire and dispose of movable and immovable property; and

(iii) institute legal proceedings.

The objective of the Agency shall be to encourage the flow of investments for productive purposes among member countries, and in particular to developing member countries, thus supplementing the activities of the International Bank for Reconstruction and Development (hereinafter referred to as the Bank), the International Finance Corporation and other international development finance institutions.

To serve its objective, the Agency shall:

(a) issue guarantees, including coinsurance and reinsurance, against non-commercial risks in respect of investments in a member country which flow from other member countries;

(b) carry out appropriate complementary activities to promote the flow of investments to and among developing member countries; and

(c) exercise such other incidental powers as shall be necessary or desirable in the furtherance of its objective. The Agency shall be guided in all its decisions by the provisions of this Article.

For the purposes of this Convention:

(a) "Member" means a State with respect to which this Convention has entered into force in accordance with Article 61.

(b) "Host country" or "host government" means a member, its government, or any public authority of a member in whose territories, as defined in Article 66, an investment which has been guaranteed or reinsured, or is considered for guarantee or reinsurance, by the Agency is to be located.

(c) A "developing member country" means a member which is listed as such in Schedule A hereto as this Schedule may be amended from time.to time by the Council of Governors referred to in Article 30 (hereinafter called the Council).

(d) A "special majority" means an affirmative vote of not less than two-thirds of the total voting power representing not less than fifty-five percent of the subscribed shares of the capital stock of the Agency.

(e) A "freely usable currency" means (i) any currency designated as such by the International Monetary Fund from time to time and (ii) any other freely available and effectively usable currency which the Board of Directors referred to in Article 30 (hereinafter called the Board) may designate for the purposes of this Convention after consultation with the International Monetary Fund and with the approval of the country of such currency.

(a) Membership in the Agency shall be open to all members of the Bank and to Switzerland.

(b) Original members shall be the States which are listed in Schedule A hereto and become parties to this Convention on or before October 30, 1987.

(a) The authorized capital stock of the Agency shall be one billion Special Drawing Rights (SDR 1,000,000,000). The capital stock shall be divided into 100,000 shares having a par value of SDR 10,000 each, which shall be available for subscription by members. All payment obligations of members with respect to capital stock shall be settled on the basis of the average value of the SDR in terms of United States dollars for the period January 1, 1981 to June 30, 1985, such value being 1.082 United States dollars per SDR.

(b) The capital stock shall increase on the admission of a new member to the extent that the then authorized shares are insufficient to provide the shares to be subscribed by such member pursuant to Article 6.

(c) The Council, by special majority, may at any time increase the capital stock of the Agency.

Each original member of the Agency shall subscribe at par to the number of shares of capital stock set forth opposite its name in Schedule A hereto. Each other member shall subscribe to such number of shares of capital stock on such terms and conditions as may be determined by the Council, but in no event at an issue price of less than par. No member shall subscribe to less than fifty shares. The Council may prescribe rules by which members may subscribe to additional shares of the authorized capital stock.

The initial subscription of each member shall be paid as follows:

(i) Within ninety days from the date on which this Convention enters into force with respect to such member, ten percent of the price of each share shall be paid in cash as stipulated in Section (a) of Article 8 and an additional ten percent in the form of non-negotiable, non-interest-bearing promissory notes or similar obligations to be encashed pursuant to a decision of the Board in order to meet the Agency's obligations.

(ii) The remainder shall be subject to call by the Agency when required to meet its obligations.

(a) Payments of subscriptions shall be made in freely usable currencies except that payments by developing member countries may be made in their own currencies up to twenty-five percent of the paid-in cash portion of their subscriptions payable under Article 7 (i).

(b) Calls on any portion of unpaid subscriptions shall be uniform on all shares.

(c) If the amount received by the Agency on a call shall be insufficient to meet the obligations which have necessitated the call, the Agency may make further successive calls on unpaid subscriptions until the aggregate amount received by it shall be sufficient to meet such obligations.

d) Liability on shares shall be limited to the unpaid portion of the issue price.

Whenever it shall be necessary for the purposes of this convention to determine the value of one currency in terms of another, such value shall be as reasonably determined by the Agency, after consultation with the International Monetary Fund.

(a) The Agency shall, as soon as practicable, return to members amounts paid on calls on subscribed capital if and to the extent that:

(i) the call shall have been made to pay a claim resulting from a guarantee or reinsurance contract and thereafter the Agency shall have recovered its payment, in whole or in part, in a freely usable currency; or

(ii) the call shall have been made because of a default in payment by a member and thereafter such member shall have made good such default in whole or in part; or

(iii) the Council, by special majority, determines that the financial position of the Agency permits all or part of such amounts to be returned out of the Agency's revenues.

(b) Any refund effected under this Article to a member shall be made in freely usable currency in the proportion of the payments made by that member to the total amount paid pursuant to calls made prior to such refund.

(c) The equivalent of amounts refunded under this Article to a member shall become part of the callable capital obligations of the member under Article 7 (ii).

(a) Subject to the provisions of Sections (b) and (c) below, the Agency may guarantee eligible investments against a loss resulting from one or more of the following types of risk:

(i) Currency Transfer any introduction attributable to the host government of restrictions on the transfer outside the host country of its currency into a freely usable currency or another currency acceptable to the holder of the guarantee, including a failure of the host government to act within a reasonable period of time on an application by such holder for such transfer:

(ii) Expropriation and Similar Measures any legislative action or administrative action or omission attributable to the host government which has the effect of depriving the holder of a guarantee of his ownership or control of, or a substantial benefit from, his investment, with the exception of non-discriminatory measures of general application which governments normally take for the purpose of regulating economic activity in their territories;

(iii) Breach of Contract any repudiation or breach by the host government of a contract with the hoider of a guarantee, when (a) the holder of a guarantee does not have recourse to a judicial or arbitral forum to determine the claim of repudiation or breach, or (b) a decision by such forum is not rendered within such reasonable period of time as shall be prescribed in the contracts of guarantee pursuant to the Agency's regulations, or (c) such a decision cannot be enforced; and

(iv) War and Civil Disturbance any military action or civil disturbance in any territory of the host country to which this Convention shall be applicable as provided in Article 66.

(b) Upon the joint application of the investor and the host country, the Board, by special majority, may approve the extension of coverage under this Article to specific non-commercial risks other than those referred to in Section (a) above, but in no case to the risk of devaluation or depreciation of currency.

(c) Losses resulting from the following shall not be covered:

(i) any host government action or omission to which the holder of the guarantee has agreed or for which he has been responsible; and

(ii) any host government action or omission or any other event occurring before the conclusion of the contract of guarantee.

(a) Eligible investments shall include equity interests, including medium- or long-term Ioans made or guaranteed by holders of equity in the enterprise concerned, and such forms of direct investment as may be determined by the Board.

(b) T'he Board, by special majority, may extend eligibility to any other medium- or long-term form of investment, except that loans other than those mentioned in Section (a) above may be eligible only if they are related to a specific investment covered or to be covered by the Agency.

(c) Guarantees shall be restricted to investments the implementation of which begins subsequent to the registration of the application for the guarantee by the Agency. Such investments may include:

(i) any transfer of foreign exchange made to modernize, expand or develop an existing investment; and

(ii) the use of earnings from existing investments which could otherwise be transferred outside the host country.

(d) In guaranteeing an investment, the Agency shall satisfy itself as to:

(i) the economic soundness of the investment and its contribution to the development of the host country;

(ii) compliance of the investment with the host country's laws and regulations;

(iii) consistency of the investment with the declared development objectives and priorities of the host country; and

(iv) the investment conditions in the host country, including the availability of fair and equitable treatment and legal protection for the investment.

(a) Any natural person and any juridical person may be eligible to receive the Agency's guarantee provided that:

(i) such natural person is a national of a member other than the host country;

(ii) such juridical person is incorporated and has its principal place of business in a member or the majority of its capital is owned by a member or members or nationals thereof, provided that such member is not the host country in any of the above cases; and

(iii) such juridical person, whether or not it is privately owned, operates on a commercial basis.

(b) In case the investor has more than one nationality, for the purposes of Section (a) above the nationality of a member shall prevail over the nationality of a non-member, and the nationality of the host country shall prevail over the nationality of any other member.

(c) Upon the joint application of the investor and the host country, the Board, by special majority, may extend eligibility to a natural person who is a national of the host countw or a juridical person which is incorporated in the host country or the majority of whose capital is owned by its nationals, provided that the assets invested are transferred from outside the host country.

Investments shall be guaranteed under this Chapter onty if they are to be made in the territory of a developing member country-.

The Agency shall not conclude any contract of guarantee before the host government has approved the issuance of the guarantee by the Agency against the risks designated for cover.

The terms and conditions of each contract of guarantee shall be determined by the Agency subject to such rules and regulations as the Board shall issue, provided that the Agency shall not cover the total loss of the guaranteed investment. Contracts of guarantee shall be approved by the President under the direction of the Board.

The President under the direction of the Board shall decide on the payment of claims to a holder of a guarantee in accordance with the contract of guarantee and such policies as the Board may adopt. Contracts of guarantee shall require holders of guarantees to seek, before a payment is made by the Agency, such administrative remedies as may be appropriate under the circumstances, provided that they are readily available to them under the laws of the host country. Such contracts may require the lapse of certain reasonable periods between the occurrence of events giving rise to claims and payments of claims.

(a) Upon paying or agreeing to pay compensation to a holder of a guarantee, the Agency shall be subrogated to such rights or claims related to the guaranteed investment as the holder of a guarantee may have had against the host country and other obligors. The contract of guarantee shall provide the terms and conditions of such subrogation.

(b) The rights of the Agency pursuant to Section (a) above shall be recognized by all members.

(c) Amounts in the currency of the host country acquired by the Agency as subrogee pursuant to Section (a) above shall be accorded, with respect to use and conversion, treatment by the host country as favorable as the treatment to which such funds would be entitled in the hands of the holder of the guarantee. In any case, such amounts may be used by the Agency for the payment of its administrative expenditures and other costs. The Agency shall also seek to enter into arrangements with host countries on other uses of such currencies to the extent that they are not freely usable.

The Agency shall cooperate with, and seek to complement the operations of, national entities of members and regional entities the majority of whose capital is owned by members, which carry out activities similar to those of the Agency, with a view to maximizing both the efficiency of their respective services and their contribution to increased flows of foreign investment. To this end, the Agency may enter into arrangements with such entities on the details of such cooperation, including in particular the modalities of reinsurance and coinsurance.

(a) The Agency may issue reinsurance in respect of specific investment against a loss resulting from one or more of the non-commercial risks underwritten by a member or agency thereof or by a regional investment guarantee agency the majority of whose capital is owned by members. The Board, by special majority, shall from time to time prescribe maximum amounts of contingent liability which may be assumed by the Agency with respect to reinsurance contracts. In respect of specific investments which have been completed more than twelve months prior to receipt of the application for reinsurance by the Agency, the maximum amount shall initially be set at ten percent of the aggregate contingent liability of the Agency under this Chapter. The conditions of eligibility specified in Articles 11 to 14 shall apply to reinsurance operations, except that the reinsured investments need not be implemented subsequent to the application for reinsurance.

(b) The mutual rights and obligations of the Agency and a reinsured member or agency shall be stated in contracts of reinsurance subject to such rules and regulations as the Board shall issue. The Board shall approve each contract for reinsurance covering an investment which has been made prior to receipt of the application for reinsurance by the Agency, with a view to minimizing risks, assuring that the Agency receives premiums commensurate with its risk, and assuring that the reinsured entity is appropriately committed toward promoting new investment in developing member countries.

(c) The Agency shall, to the extent possible, assure that it or the reinsured entity shall have the rights of subrogation and arbitration equivalent to those the Agency would have if it were the primary guarantor. The terms and conditions of reinsurance shall require that administrative remedies are sought in accordance with Article 17 before a payment is made by the Agency. Subrogation shall be effective with respect to the host country concerned only after its approval of the reinsurance by the Agency. The Agency shall include in the contracts of reinsurance provisions requiring the reinsured to pursue with due diligence the rights or claims related to the reinsured investment.

Cooperation with Private Insurers and with Reinsurers (a) The Agency may enter into arrangements with private insurers in member countries to enhance its own operations and encourage such insurers to provide coverage of non-commercial risks in developing member countries on conditions similar to those applied by the Agency. Such arrangements may include the provision of reinsurance by the Agency under the conditions and procedures specified in Article 20.

(b) The Agency may reinsure with any appropriate reinsurance entity, in whole or in part, any guarantee or guarantees issued by it.

(c) The Agency will in particular seek to guarantee investments for which comparable coverage on reasonable terms is not available from private insurers and reinsurers.

(a) Unless determined otherwise by the Council by special majority, the aggregate amount of contingent liabilities which may be assumed by the Agency under this Chapter shall not exceed one hundred and fifty percent of the amount of the Agency's unimpaired subscribed capital and its reserves plus such portion of its reinsurance cover as the Board may determine. The Board shall from time to time review the risk profile of the Agency's portfolio in the light of its experience with claims, degree of risk diversification, reinsurance cover and other relevant factors with a view to ascertaining whether changes in the maximum aggregate amount of contingent liabilities should be recommended to the Council. The maximum amount determined by the Council shall not under any circumstances exceed five times the amount of the Agency's unimpaired subscribed capital, its reserves and such portion of its reinsurance cover as may be deemed appropriate.

(b) Without prejudice to the general limit of guarantee referred to in Section (a) above, the Board may prescribe:

(i) maximum aggregate amounts of contingent liability which may be assumed by the Agency under this Chapter for all guarantees issued to investors of each individual member. In determining such maximum amounts, the Board shall give due consideration to the share of the respective member in the capital of the Agency and the need to apply more liberal limitations in respect of investments originating in developing member countries; and

(ii) maximum aggregate amounts of contingent liability which may be assumed by the Agency with respect to such risk diversification factors as individual projects, individual host countries and types of investment or risk.

(a) The Agency shall carry out research, undertake activities to promote investment flows and disseminate information on investment opportunities in developing member countries, with a view to improving the environment for foreign investment flows to such countries. T'he Agency may, upon the request of a member, provide technical advice and assistance to improve the investment conditions in the territories of that member. In performing these activities, the Agency shall:

(i) be guided by relevant investment agreements among member countries;

(ii) seek to romove impediments, in both developed and developing member countries, to the flow of investment to developing member countries; and

(iii) coordinate with other agencies concerned with the promotion of foreign investment, and in particular the International Finance Corporation.

(b) The Agency also shall:

(i) encourage the amicable settlement of disputes between investors and host countries;

(ii) endeavor to conclude agreements with developing member countries, and in particular with prospective host countries, which will assure that the Agency, with respect to investment guaranteed by it, has treatment at least as favorable as that agreed by the member concerned for the most favored investment guarantee agency or State in an agreement relating to investment, such agreements to be approved by special majority of the Board; and

(iii) promote and facilitate the conclusion of agreements, among its members, on the promotion and protection of investments.

(c) The Agency shall give particular attention in its promotional efforts to the importance of increasing the flow of investments among developing member countries.

In addition to the guarantee operations undertaken by the Agency under this Chapter, the Agency may guarantee investments under the sponsorship arrangements provided for in Annex I to this Convention.

The Agency shall carry out its activities in accordance with sound business and prudent financial management practices with a view to maintaining under all circumstances its ability to meet its financial obligations.

The Agency shall establish and periodically review the rates of premiums, fees and other charges, if any, applicable to each type of risk.

(a) Without prejudice to the provisions of Section (a) (iii) i of Article 10, the Agency shall allocate net income to reser ves until such reserves reach five times the subscribed capital of the Agency.

(b) After the reserves of the Agency have reached the level prescribed in Section (a) above, the Council shall decide whether, and to what extent, the Agency's net income shall be allocated to reserves, be distributed to the Agency's members or be used otherwise. Any distribution of net income to the Agency's members shall be made in proportion to the share of each member in the capital of the Agency in accordance with a decision of the Council acting by special majority.

The President shall prepare an annual budget of revenues and expenditures of the Agency for approval by the Board.

The Agency shall publish an Annual Report which shall include statements of its accounts and of the accounts of the Sponsorship Trust Fund referred to in Annex I to this Convention, as audited by independent auditors. The Agency shall circulate to members at appropriate intervals a summary statement of its financial position and a profit and loss statement showing the results of its operations.

The Agency shall have a Council of Governors, a Board of Directors, a President and staff to perform such duties as the Agency may determine.

(a) All the powers of the Agency shall be vested in the Council, except such powers as are, by the terms of this Convention, specifically conferred upon another organ of the Agency. The Council may delegate to the Board the exercise of any of its powers, except the power to:

(i) admit new members and determine the conditions of their admission;

(ii) suspend a member;

(iii) decide on any increase or decrease in the capital;

(iv) increase the limit of the aggregate amount of contingent liabilities pursuant to Section (a) of Article 22;

(v) designate a member as a developing member country pursuant to Section (c) of Article 3;

(vi) classify a new member as belonging to Category One or Category Two for voting purposes pursuant to Section (a) of Article 39 or reclassify an existing member for the same purposes;

(vii) determine the compensation of Directors and their Alternates;

(viii) cease operations and liquidate the Agency;

(ix) distribute assets to members upon liquidation; and (x) amend this Convention, its Annexes and Schedules.

(b) The Council shall be composed of one Governor and one Alternate appointed by each member in such manner as it may determine. No Alternate may vote except in the absence of his principal. The Council shall select one of the Governors as Chairman.

(c) The Council shall hold an annual meeting and such other meetings as may be determined by the Council or called by the Board. The Board shall call a meeting of the Council whenever requested by five members or by members having twenty-five percent of the total voting power.

(a) The Board shall be responsible for the general operations of the Agency and shall take, in the fulfillment of this responsibility, any action required or permitted under this Convention.

(b) The Board shall consist of not less than twelve Directors. The number of Directors may be adjusted by the Council to take into account changes in membership. Each Director may appoint an Alternate with full power to act for him in case of the Director's absence or inabilitv to act. The President of the Bank shall be ex officio Chairman of the Board, but shall have no vote except a deciding vote in case of an equal division.

(c) The Council shall determine the term of office of the Directors. The first Board shall be constituted by the Council at its inaugural meeting.

(d) The Board shall meet at the call of its Chairman acting on his own initiative or upon request of three Directors.

(e) Until such time as the Council may decide that the Agency shall have a resident Board which functions in continuous session, the Directors and Alternates shall receive compensation only for the cost of attendance at the meetings of the Board and the discharge of other official functions on behalf of the Agency. Upon the establishment of a Board in continuous session, the Directors and Alternates shall receive such remuneration as may be determined by the Council.

(a) The President shall, under the general control of the Board, conduct the ordinary business of the Agency. He shall be responsible for the organization, appointment and dismissal of the staff.

(b) The President shall be appointed by the Board on the nomination of its Chairman. The Council shall determine the salary and terms of the contract of service of the President.

(c) In the discharge of their offices, the President and the staff owe their duty entirely to the Agency and to no other authority. Each member of the Agency shall respect the international character of this duty and shall refrain from all attempts to influence the President or the staff in the discharge of their duties.

(d) In appointing the staff, the President shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.

(e) The President and staff shall maintain at all times the confidentiality of information obtained in carrying out the Agency's operations.

The Agency, its President and staff shall not interfere in the political affairs of any member. Without prejudice to the right of the Agency to take into account all the circumstances surrounding an investment, they shall not be influenced in their decisions by the political character of the member or members concerned. Considerations relevant to their decisions shall be weighed impartially in order to achieve the purposes stated in Article 2.

The Agency shall, within the terms of this Convention, cooperate with the United Nations and with other inter-governmental organizations having specialized responsibilities in related fields, including in particular the Bank and the International Finance Corporation.

(a) The principal office of the Agency shall be located in Washington, D.C., unless the Council, by special majoritc decides to establish it in another location.

(b) The Agency may establish other offices as may be necessarv for its work.

Each member shall designate its central bank as a depository in which the Agency may keep holdings of such member's currency or other assets of the Agency or, if it has no central bank, it shall designate for such purpose such other institution as may be acceptable to the Agency.

(a) Each member shall designate an appropriate authority with which the Agency may communicate in connection with any matter arising under this Convention. The Agency may rely on statements of' such authority as being statements of the member. The Agency, upon the request of a member, shall consult with that member with respect to matters dealt with in Articles 19 to 21 and related to entities or insurers of that member.

(b) Whenever the approval of any member is required before any act may be done by the Agency, approval shall be deemed to have been given unless the member presents an objection within such reasonable period as the Agency my fix in notifying the member of the proposed act.

(a) In order to provide for voting arrangements that reflect the equal interest in the Agency of the two Categories of States listed in Schedule A of this Convention, as well as the importance of each member's financial participation, each member shall have 177 membership votes plus one subscription vote for each share of stock held by that member.

(b) If at any time within three years after the entry into force of this Convention the aggregate sum of membership and subscription votes of members which belong to either of the two Categories of States listed in Schedule A of this Convention is less than forty percent of the total voting power, members from such a Category shall have such number of supplementary votes as shall be necessary for the aggregate voting power of the Category to equal such a percentage of the total voting power. Such supplementary votes shall be distributed among the members of such Category in the proportion that the subscription votes of each bears to the aggregate of subscription votes of the Category. Such supplementary votes shall be subject to automatic adjustment to ensure that such percentage is maintained and shall be cancelled at the end of the above-mentioned three-year period.

(c) During the third year following the entry into force of this Convention, the Council shall review the allocation of shares and shall be guided in its decision by the following principles:

(i) the votes of members shall reflect actual subscriptions to the Agency's capital and the membership votes as set out in Section (a) of this Article;

(ii) shares allocated to countries which shall not have signed the Convention shall be made available for reallocation to such members and in such manner as to make possible voting parity between the abovementioned Categories; and

(iii) the Council will take measures that will facilitate members ability to subscribe to shares allocated to them.

(d) Within the three-year period provided for in Section (b) of this Article, all decisions of the Council and Board shall be taken by special majority, except that decisions requiring a higher majority under this Convention shall be taken by such higher majority.

(e) In case the capital stock of the Agency is increased pursuant to Section (c) of Article 5, each member which so requests shall be authorized to subscribe a proportion of the increase equivalent to the proportion which its stock theretofore subscribed bears to the total capital stock of the Agency, but no member shall be obligated to subscribe any part of the increased capital.

(f) The Council shall issue regulations regarding the making of additional subscriptions under Section (e) of this Article. Such regulations shall prescribe reasonable time limits for the submission by members of requests to make such subscriptions.

(e) Each Governor shall be entitled to cast the votes of the member he represents. Except as otherwise specified in this Convention, decisions of the Council shall be taken by a majority of the votes cast.

(b) A quorum for any meeting of the Council shall be constituted by a majority of the Governors exercising not less than two-thirds of the total voting power.

(c) The Council may by regulation establish a procedure whereby the Board, when it deems such action to be in the best interests of the Agency, may request a decision of the Council on a specific question without calling a meeting of the Council.

(a) Directors shall be elected in accordance wit.h Schedule B.

(b) Directors shall continue in office until their successors are elected. If the office of a Director becomes vacant more than ninety days before the end of his term, another Director shall be elected for the remainder of the term by the Governors who elected the former Director. A majority of the votes cast shall be required for election. While the office remains vacant, the Alternate of the former Director I shall exercise his powers, except that of appointing an Alternate.

(a) Each Director shall be entitled to cast the number of votes of the members whose votes counted towards his election. All the votes which a Director is entitled to cast shall be cast as a unit. Except as otherwise specified in this Convention, decisions of the Board shall be taken by a majority of the votes cast.

(b) A quorum for a meeting of the Board shall be constituted by a majority of the Directors exercising not less than one-half of the total voting power.

(c) The Board may by regulation establish a procedure whereby its Chairman, when he deems such action to be in the best interests of the Agency, may request a decision of the Board on a specific question without calling a meeting of the Board.

To enable the Agency to fulfill its functions, the immunities and privileges set forth in this Chapter shall be accorded to the Agency in the territories of each member.

Actions other than those within the scope of Articles 57 and 58 may be brought against the Agency only in a court of competent jurisdiction in the territories of a member in which the Agency has an office or has appointed an agent for the purpose of accepting service or notice of process. No such action against the Agency shall be brought (i) by members or persons acting for or deriving claims from members or (ii) in respect of personnel matters. The property and assets of the Agency shall, wherever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of the final judgment or award against the Agency.

(a) The property and assets of the Agency, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.

(b) To the extent necessary to carry out its operations under this Convention, all property and assets of the Agency shall be free from restrictions, regulations, controls and moratoria of any nature; provided that property and assets acquired by the Agency as successor to or subrogee of a holder of a guarantee, a reinsured entity or an investor insured by a reinsured entity shall be free from applicable foreign exchange restrictions, regulations and controls in force in the territories of the member concerned to the extent that the holder, entity or investor to whom the Agency was subrogated was entitled to such treatment.

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(c) For purposes of this Chapter, the term "assets" shall include the assets of the Sponsorship Trust Fund referred to in Annex I to this Convention and other assets administered by the Agency in furtherance of its objective.

(a) The archives of the Agency shall be inviolable, wherever they may be.

(b) The official communications of the Agency shall be accorded by each member the same treatment that is accorded to the official communications of the Bank.

(a) The Agency, its assets, property and income, and its operations and transactions authorized by this Convention, shall be immune from all taxes and customs duties. The Agency shall also be immune from liability for the collection or payment of any tax or duty.

(b) Except in the case of local nationals, no tax shall be levied on or in respect of expense allowances paid by the Agency to Governors and their Alternates or on or in respect of salaries, expense allowances or other emoluments paid by the Agency to the Chairman of the Board, Directors, their Alternates, the President or staff of the Agency.

(c) No taxation of any kind shall be levied on any investment guaranteed or reinsured by the Agency (including any earnings therefrom) or any insurance policies reinsured by the Agency (including any premiums and other revenues therefrom) by whomsoever held: (i) which discriminates against such investment or insurance policy solely because it is guaranteed or reinsured by the Agency; or (ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Agency.

All Governors, Directors, Alternates, the President and staff of the Agency:

(i) shall be immune from legal process with respect to acts performed by them in their official capacity;

(ii) not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations, and the same facilities as regards exchange restrictions as are accorded by the members concerned to the representatives, officials and employees of comparable rank of other members; and

(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by the members concerned to representatives, officials and employees of comparable rank of other members.

Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Chapter and shall inform the Agency of the detailed action which it has taken.

The immunities, exemptions and privileges provided in this Chapter are granted in the interests of the Agency and may be waived, to such extent and upon such conditions as the Agency may determine, in cases where such a waiver would not prejudice its interests. The Agency shall waive the immunity of any of its staff in cases where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the Agency.

Any member may, after the expiration of three years following the date upon which this Convention has entered into force with respect to such member, withdraw from the Agency at any time by giving notice in writing to the Agency at its principal office. The Agency shall notify the Bank, as depository of this Convention, of the receipt of such notice. Any withdrawal shall become effective ninety days following the date of the receipt of such notice by the Agency. A member may revoke such notice as long as it has not become effective.

(a) If a member fails to fulfill any of its obligations under this Convention, the Council may, by a majority of its members exercising a majority of the total voting power, suspend its membership.

(b) While under suspension a member shall have no rights under this Convention, except for the right of withdrawal and other rights provided in this Chapter and Chapter IX, but shall remain subject to all its obligations.

(c) For purposes of determining eligibility for a guarantee or reinsurance to be issued under Chapter III or Annex I to this Convention, a suspended member shall not be treated as a member of the Agency.

(d) The suspended member shall automatically cease to be a member one year from the date of its suspension unless the Council decides to extend the period of suspension or to restore the member to good standing.

(a) When a State ceases to be a member, it shall remain liable for all its obligations, including its contingent obligations, under this Convention which shall have been in effect before the cessation of its membership.

(b) Without prejudice to Section (a) above, the Agency shall enter into an arrangement with such State for the settlement of their respective claims and obligations. Any such arrangement shall be approved by the Board.

(a) The Board may, whenever it deems it justified, suspend the issuance of new guarantees for a specified period.

(b) In an emergency, the Board may suspend all activities of the Agency for a period not exceeding the duration of such emergency, provided that necessary arrangements shall be made for the protection of the interests of the Agency and of third parties. may be waived, to such extent and upon such conditions as the Agency may determine, in cases where such a waiver would not prejudice its interests. The Agency shall waive the immunity of any of its staff in cases where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the Agency.

Any member may, after the expiration of three years following the date upon which this Convention has entered into force with respect to such member, withdraw from the Agency at any time by giving notice in writing to the Agency at its principal office. The Agency shall notify the Bank, as depository of this Convention, of the receipt of such notice. Any withdrawal shall become effective ninety days following the date of the receipt of such notice by the Agency. A member may revoke such notice as long as it has not become effective.

(a) If a member fails to fulfill any of its obligations under this Convention, the Council may, by a majority of its members exercising a majority of the total voting power, suspend its membership.

(b) While under suspension a member shall have no rights under this Convention, except for the right of withdrawal and other rights provided in this Chapter and Chapter IX, but shall remain subject to all its obligations.

(c) For purposes of determining eligibility for a guarantee or reinsurance to be issued under Chapter III or Annex I to this Convention, a suspended member shall not be treated as a member of the Agency.

(d) The suspended member shall automatically cease to be a member one year from the date of its suspension unless the Council decides to extend the period of suspension or to restore the member to good standing.

(a) When a State ceases to be a member, it shall remain liable for all its obligations, including its contingent obligations, under this Convention which shall have been in effect before the cessation of its membership.

(b) Without prejudice to Section (a) above, the Agency shall enter into an arrangement with such State for the settlement of their respective claims and obligations. Any such arrangement shall be approved by the Board.

(a) The Board may, whenever it deems it justified, suspend the issuance of new guarantees for a specified period.

(b) In an emergency, the Board may suspend all activities of the Agency for a period not exceeding the duration of such emergency, provided that necessary arrangements shall be made for the protection of the interests of the Agency and of third parties.

(c) The decision to suspend operations shall have no effect on the obligations of the members under this Convention or on the obligations of a guarantee or reinsurance policy or towards third parties.

(a) The Council, by special majority, may decide to cease operations and to liquidate the Agency. Thereupon the Agency shall forthwith cease all activities, exept those incident to the orderly realization, conservation and preservation of assets and settlement of obligation. Untill final settlement and distribution of assets, the Agency shall remain in existence and all rights and obligations of members under this Convention shall continue unimpaired.

(b) No distribution of assets shall be made to members untill all liabilities to holders of guarantees and other creditors shall have been discharged or provided for and untill the Council shall have decided to make such distribution .

(c) Subject to the foregoing, the Agency shall distribute its remaining assets to members in proportion to each member�s share in the subscribed capital. The Agency shall also distribute any remaining assets of the Sponsorship Thrust Fund referred to in Annex I to this Convention to sponsoring members in the proportion which the investments sponsored by each bears to the total of sponsored investments. No member shall be entitled to its share in the assets of the Agency or the sponsorship Thrus Fund unless that member has settled all outstanding claims by the Agency against it. Every distributin of assets shall be made at such times as the Council shall determine and in such manner as it shall deem fair and equitable.

(a) Any question of interpretatin or application of the provisions of this Conventio arising between any member of the Agency or among members of the Agency shall be submitted to the Board for its decision. Any member which is particularly affected by the questin and which is not otherwise represented by a national in the Board may send a representative to attend any meeting of the Board at which such question is considered.

(b) In any case where the Board has given a decision under Section (a) above, any member may require that the question be referred to the Council, whose decision shall be final. Pending the result of the referral to the Council, the Agency may, so far as it deems necessary, act on the basis of the decision of the Board.

(a) Without prejudice to the provisions of the Article 56 and of Section (b) of this Article, any dispute between the Agency and a member or an agency thereof and any dispute between the Agency and a country (or agency thereof) which has ceased to be a member, shall be settled in accordance with the procedure set out in Annex II to this Convention.

(b) Disputes concerning claims of the Agency acting as subrogee of an procedure set out in Annex II to this Convention, or (ii) an agreement to be entered into between the Agency and the member concerned on an alternative method or methods for the settlement of such disputes. In the latter case, Annex II to this Convention shall serve as a basis for such an agreement which shall, in each case, be approved by the Board by special majority prior to the undertaking by the Agency of operations in the territories of the member concerned.

Any dispute arising under a contract of guarantee or reinsurance between the parties thereto shall be submitted to arbitration for final determination in accordance with such rules as shall be provided for or referred to in the contract of guarantee or reinsurance.

(a) This convention and its Annexes may be amended by vote of three-fifths of the Governors exercising four-fifths of the total voting power, provided that:

(i) any amendment modifying the right to withdraw from the Agency provided in Article 51 or the limitation on liability provided in Section (d) of Article 8 shall require the affirmative vote of all Governors; and

(ii) any amendment modifying the loss-sharing arrangement provided in Articles 1 and 3 of Annex I to this Convention wihch will result in an increase in any members's liability thereunder shall require the affirmative vote of the Governor of each such member.

(b) Schedules A and B to this Convention may be amended by the Council by special majority.

(c) If an amendment affects any provision of Annex I to this Convention, total votes shall include the additional vo- tes alloted under Article 7 of such Annex to sponsoring members and countries hosting sponsored investments.

Any proposal to amend this Convention, whether emanating from a member or a Governor or a Director, shall be communicated to the Chairman of the Board who shall bring the proposal before the Board. If the proposed amendment is recommended by the Board, it shall be submitted to the Council for approval in accordance with Article 59. When an amendment has been duly approved by the Council, the Agency shall so certify by formal communication addressed to all members. Amendments shall enter into force for all members ninety days after the date of the formal communication unless the Council shall specify a different date.

(a) This Convention shall be open for signature on behalf of all members of the Bank and Switzerland and shall be subject to ratification, acceptance or approval by the signatory States in accordance with their constitutional procedures.

(b) This Convention shall enter into force on the day when not less than five instruments of ratification, acceptance or approval shall have been deposited on behalf of signatory States in Category One, and not less than fifteen such instruments shall have been deposited on behalf of signatory States in Category Two; provided that total subscriptions of these States amount to not less than one-third of the authorized capital of the Agency as prescribed in Article 5.

(c) For each State which deposits its instrument of ratification, acceptance or approval after this Convention shall have entered into force, this Convention shall enter into force on the date of such deposit.

(d) If this Convention shall not have entered into f'orce within two years after its opening for signature, the President of the Bank shall convene a conference of interested countries to determine the future course of action.

Upon entry into force of this Convention, the President of the Bank shall call the inaugural meeting of the Council. This meeting shall be held at the principal office of the Agency within sixty days from the date on which this Convention has entered into force or as soon as practicable thereafter.

Instruments of ratification, acceptance or approval of this Convention and amendments thereto shall be deposited with the Bank which shall act as the depository of this Convention. The depository shall transmit certified copies of this Convention to States members of the Bank and to Switzerland.

The depository shall register this Convention with the Secretariat of the United Nations in accordance with Article 102 of the Charter of the United Nations and the Regulations thereunder adopted by the General Assembly.

The depository shall notify all signatory States and, upon the entry into force of this Convention, the Agency of the following:

(a) signatures of this Convention;

(b) deposits of instruments of ratif'ication, acceptance and approval in accordance with Article 63:

(c) the date on which this Convention enters into force in accordance with Article 61;

(d) exclusions from territorial application pursuant to Article 66; and

(e) withdrawal of a member from the Agency pursuant to Article 51.

This Convention shall apply to all territories under the jurisdiction of a member including the territories for whose international relations a member is responsible, except those which are excluded by such member by written noti ce to the depository of this Convention either at the time of ratification, acceptance or approval or subsequently.

(a) The Council shall periodically undertake comprehensive reviews of the activities of the Agency as well as the results achieved with a view to introducing any changes required to enhance the Agency's ability to serve its objectives.

(b) The first such review shall take place five years after the entry into force of this Convention. The dates of subsequent reviews shall be determined by the Council.

DONE at Seoul, in a single copy which shall remain deposited in the archives of the International Bank for Reconstruction and Development, which has indicated by its signature below its agreement to fulfill the functions with which it is charged under this Convention.

(a) Any member may sponsor for guarantee an investment to be made by an investor of any nationality or by investors of any or several nationalities.

(b) Subject to the provisions of Sections (b) and (c) of Article 3 of this Annex, each sponsoring member shall share with the other sponsoring members in losses under guarantees of sponsored investments, when and to the extent that such losses cannot be covered out of the Sponsorship Trust Fund referred to in Article 2 of this Annex, in the proportion which the amount of maximum contingent liability under the guarantees of investments sponsored by it bears to the total amount of maximum contingent liability under the guarantees of investments sponsored by all members.

(c) In its decisions on the issuance of guarantees under this Annex, the Agency shall pay due regard to the prospects that the sponsoring member will be in a position to meet its obligations under this Annex and shall give priority to investments which are co-sponsored by the host countries concerned.

(d) The Agency shall periodically consult with sponsoring members with respect to its operations under this Annex.

(a) Premiums and other revenues attributable to guarantees of sponsored investments, including returns on the investment of such premiums and revenues, shall be held in a separate account which shall be called the Sponsorship Trust Fund.

(b) All administrative expenses and payments on claims attributable to guarantees issued under this Annex shall be paid out of the Sponsorship Trust Fund.

(c) T'he assets of the Sponsorship Trust Fund shall be held and administered for the joint account of sponsoring members and shall be kept separate and apart from the assets of the Agency.

�

(a) To the extent that any amount is payable by the Agency on account of a loss under a sponsored guarantee and such amount cannot be paid out of assets of the Sponsorship Trust Fund, the Agency shall call on each sponsoring member to pay into such Fund its share of such amount as shall be determined in accordance with Section (b) of Article 1 of this Annex.

(b) No member shall be liable to pay any amount on a call pursuant to the provisions of this Article if as a result total payments made by that member will exceed the total amount of guarantees covering investments sponsored by it.

(c) Upon the expiry of any guarantee covering an investment sponsored by a member, the liability of that member shall be decreased by an amount equivalent to the amount of such guarantee; such liability shall also be decreased on a pro rata basis upon payment by the Agency of any claim related to a sponsored investment and shall otherwise continue in effect until the expiry of all guarantees of sponsored investments outstanding at the time of such payment.

(d) If any sponsoring member shall not be lialbe for an amount of a call pursuant to the provisions of this Article because of the limitation contained in Sections (b) and (c) above, or if any sponsoring member shall default in payment of an amount due in response to any such call, the liability for payment of such amount shall be shared pro rata by the other sponsoring members. Liability of members pursuant to this Section shall be subject to the limitation set forth in Sections (b) and (c) above.

(e) Any payment by a sponsoring member pursuant to a call in accordance with this Article shall be made promptly and in freely usable currency.

The provisions on valuation of currencies and refunds contained in this Convention with respect to capital subscriptions shall be applied mutatis mutandis to funds paid by members on account of sponsored investments.

(a) The Agency may, under the conditions set forth in Article 1 of this Annex, provide reinsurance to a member, an agency thereof, a regional agency as defined in Section (a) of Article 20 of this Convention or a private insurer in a member country. T'he provisions of this Annex concerning guarantees and of Articles 20 and 21 of this Convention shall be applied mutatis mutandis to reinsurance provided under this Section.

(b) The Agency may obtain reinsurance for investments guaranteed by it under this Annex and shall meet the cost of such reinsurance out of the Sponsorship Trust Fund. The Board may decide whether and to what extent the loss-sharing obligation of sponsoring members referred to in Section (b) of Article 1 of this Annex may be reduced on account of the reinsurance cover obtained.

Without prejudice to the provisions of this Annex, the provisions with respect to guarantee operations under Chapter III of this Convention and to financial management under Chapter IV of this Convention shall be applied mutatis mutandis to guarantees of sponsored investments except that (i) such investments shall qualify for sponsorship if made in the territories of any member, and in particular of any developing member, by an investor or investors eligible under Section (a) of Article 1 of this Annex, and (ii) the Agency shall not be liable with respect to its own assets for any guarantee or reinsurance issued under this Annex and each contract of guarantee or reinsurance concluded pursuant to this Annex shall expressly so provide.

For decision relating to sponsored investments, each sponsoring member shall have one additional vote for each 10,000 Special Drawing Rights equivalent of the amount guaranteed or reinsured on the basis of its sponsorship, and each member hosting a sponsored investment shall have one additional vote for each 10,000 Special Drawing Rights equivalent of the amount guaranteed or reinsured with respect to any sponsored investment hosted by it. Such additional votes shall be cast only for decisions related to sponsored investments and shall otherwise be disregarded in determining the voting power of members.

All disputes within the scope of Article 57 of this Convention shall be settled in accordance with the procedure set out in this Annex, except in the cases where the Agency has entered into an agreement with a member pursuant to Section (b) (ii) of Article 57.

The parties to a dispute within the scope of this Annex shall attempt to settle such dispute by negotiation before seeking conciliation or arbitration. Negotiations shall be deemed to have been exhausted if the parties fail to reach a settlement within a period of one hundred and twenty days from the date of the request to enter into negotation.

(a) If the dispute is not resolved through negotiation, either party may submit the dispute to arbitration in accordance with the provisions of Article 4 of this Annex, unless the parties, by mutual consent, have decided to resort first to the conciliation procedure provided for in this Article.

(b) The agreement for recourse to conciliation shall specify the matter in dispute, the claims of the parties in respect thereof and, if available, the name of the conciliator agreed upon by the parties. In the absence of agreement on the conciliator, the parties may jointly request either the Secretary-General of the International Centre for Settlement of Investment Disputes (hereinafter called ICSID) or the President of the International Court of Justice to appoint a conciliator. The conciliation procedure shall terminate if the conciliator has not been appointed within ninety days after the agreement for recourse to conciliation.

(c) Unless otherwise provided in this Annex or agreed upon by the parties, the conciliator shall determine the rules governing the conciliation procedure and shall be guided in this regard by the conciliation rules adopted pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States.

(d) The parties shall cooperate in good faith with the conciliator and shall, in particular, provide him with all information and documentation which would assist him in the discharge of his functions; they shall give their most serious consideration to his recommendations.

(e) Unless otherwise agreed upon by the parties, the conciliator shall, within a period not exceeding one hundred and eighty days from the date bf his appointment, submit to the parties a report recording the results of his efforts and setting out the issues controversial between the parties and his proposals for their settlement.

(f) Each party shall, within sixty days from the date of the receipt of the report, express in writing its views on the report to the other party.

(g) Neither party to a conciliation proceeding shall be entitled to have recourse to arbitration unless:

(i) the conciliator shall have failed to submit his report within the period established in Section (e) above; or

(ii) the parties shall have failed to accept all of the proposals contained in the report within sixty days after its receipt; or

(iii) the parties, after an exchange of views on the report, shall have failed to agree on a settlement of all controversial issues within sixty days after receipt of the conciliator's report; or

(iv) a party shall have failed to express its views on the report as prescribed in Section (f) above.

(h) Unless the parties agree otherwise, the fees of the conciliator shall be determined on the basis of the rates applicable to ICSID conciliation. These fees and the other of the conciliation proceedings shall be borne equally by the parties. Each party shall defray its own expenses.

(a) Arbitration proceedings shall be instituted by means of a notice by the party seeking arbitration (the claimant) addressed to the other party or parties to the dispute (the respondent). The notice shall specify the nature of the dispute, the relief sought and the name of the arbitrator appointed by the claimant. The respondent shall, within thirty days after the date of receipt of the notice, notify the claimant of the name of the arbitrator appointed by it. The two parties shall, within a period of thirty days from the date of appointment of the second arbitrator, select a third arbitrator, who shall act as President of the Arbitral Tribunal (the Tribunal).

(b) If the Tribunal shall not have been constituted within sixty days from the date of the notice, the arbitrator not yet appointed or the President not yet selected shall be appointed, at the joint request of the parties, by the Secretary-General of ICSID. If there is no such joint request, or if the Secretary-General shall fail to make the appointment within thirty days of the request, either party may request the President of the International Court of Justice to make the appointment.

(c) No party shall have the right to change the arbitrator appointed by it once the hearing of the dispute has commenced. In case any arbitrator (including the President of the Tribunal) shall resign, die, or become incapacitated, a successor shall be appointed in the manner followed in the appointment of his predecessor and such successor shall have the same powers and duties of.the arbitrator he succeeds.

(d) The Tribunal shall convene first at such time and place as shall be determined by the President. Thereafter, the Tribunal shall determine the place and dates of its meetings.

(e) Unless otherwise provided in this Annex or agreed upon by the parties, the Tribunal shall determine its procedure and shall be guided in this regard by the arbitration rules adopted pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States.

(f) The Tribunal shall be the judge of its own competence except that, if an objection is raised before the Tribunal to the effect that the dispute falls within the jurisdiction of the Board or the Council under Article 56 or within the jurisdiction of a judicial or arbitral body designated in an agreement under Article 1 of this Annex and the Tribunal is satisfied that the objection is genuine, the objection shall be referred by the Tribunal to the Board or the Council or the designated body, as the case may be, and the arbitration proceedings shall be stayed until a decision has been reached on the matter, which shall be binding upon the Tribunal.

(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. T'he Tribunal may stay enforcement of the award pending its decision on the requested interpretation.

(j) Each member shall recognize 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 f'or payment of such costs shall be decided by the Tribunal.

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 thatmember at the principal office of the Agency.

1. Candidates for the office of Director shall be nominated by the Governors, provided that a Governor may nominate only one person.

2. The election of Directors shall be by ballot of the Governors.

3. 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.

4. 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.

5. The remaining Directors shall be elected by the other Governors in accordance with the provisions of paragraphs 6 to 11 of this Schedule.

6. 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.

7. 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 bv the Council.

8. If Yall 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.

s. 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.

10. 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.

11. 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.

Considerable attention has been focused in recent years on the need to remove barriers impeding the growth of foreign investment in developing countries. Many countries have enacted new laws to promote foreign investment and entered into bilateral investment treaties with capital-exporting countries for this purpose.

The concept of providing foreign investors with financial guarantees against non-commercial risks in developing countries has emerged as a means of improving the investment climate in these countries and, hence, of stimulating investment flows to them. Almost all developed countries and two developing countries have established official schemes to provide guarantees against non-commercial risks to their nationals for investments into developing countries. In addition, the Inter-Arab Investment Guarantee Corporation provides guarantees on a regional basis. A private political risk insurance market has also been operating internationally for over a decade. The activities of these entities are subject to several limitations and the perception of political risk remains a significant barrier to investment in developing countries. There is need for a multilateral investment guarantee agency to complement these schemes and improve the investment climate by issuing guarantees and engaging in other investment promotion activities.

The idea of establishing a multilateral investment guarantee agency emerged in the 195os. It was discussed in the International Bank for Reconstruction and Development (referred to in this Commentary as the Bank) on several occasions during the 1962-1972 period, but no decision was taken about creating such an agency. President Clausen revived the concept in his first address to the Bank's Annual Meeting in 1981. After detailed studies by the Bank staff and informal discussions with the Bank's Executive Directors, a paper entitled "Main Features of a Proposed Multilateral Investment Guarantee Agency" was distributed to the Executive Directors in May 1984. The paper presented a number of key features distinguishing the proposal from the schemes previously discussed in the Bank. This proposal, with modifications following discussions with the Executive Directors, was subsequently embodied in a "Draft Outline of the Convention Establishing the Multilateral Investment Guarantee Agency", which was circulated in October 1984. On the basis of that document, consultations were held with member governments of the Bank. These consultations resulted in a revised draft of the Convention which was circulated to the member governments in March 1985. Between June and September 1985, the Executive Directors, assisted by experts from member governments, convened in a Committee of the Whole to discuss the draft Convention. In September 1985, the Executive Directors finalized the draft Convention and recommended to the Board of Governors that it adopt a resolution opening the Convention for signature.

The provisions of the Convention are for the most part self-explanatory. This Commentary describes some of its principal features to aid interpretation of its provisions.

1. The Convention establishes the Multilateral Investment Guarantee Agency (referred to in this Commentary as the Agency) as an autonomous international organization with "full juridical personality" under international law and the domestic laws of its members (Article 1) with the main objective of encouraging the flow of investments for productive purposes among its member countries and in particular to its developing member countries (Article 2). The reference to "investments for productive purposes" emphasizes the Agency's concentration on concrete projects and programs in all sectors of the economy. It does not imply a restriction of its operations to the manufacturing sector. In addition to guaranteeing investments in these member countries against non-commercial risks, the Agency is to carry out complementary activities to promote im~estment flows (Article 2(b)). Article 23 of the Convention sets out the promotional activities the Agency will provide.

2. Membership in the Agency is open to all members of the Bank and to Switzerland (Article 4(a)). There is, however, no obligation for Bank members to join the Agency. The Convention recognizes the importance attached to participation by both capital-exporting and capital-importing members particularly in the provisions for its entry into force (Article 61(b)) and for voting (Article 39).

3. Earlier Bank proposals envisaged the Agency as having no share capital and conducting its operations on behalf of the member countries which would sponsor investments for guarantee by the Agency. Under the Convention the Agency will have a share capital (Article 5) and can issue guarantees in its own right which will be supplemented by guarantees issued for investments sponsored by members: with respect to the latter, the Agency will act only as administrator (Article 24 and Annex I to the Convention). The subscribed capital can be leveraged, allowing for guarantee coverage several times its size (see Article 22).

4. The Convention provides for an authorized capital of one billion Special Drawing Rights, divided into 100,000 shares having a par value of SDR 10,000 each. Members' payment obligations with respect to capital stock will, however, be settled on the basis of the average value of the SDR in terms of U.S. dollars for the period January 1, 1981 to June 30, 1985, i.e. $1,082, the former date being the date of the introduction of the current basket of currencies of the SDR (Article 5(a)). Once the initially authorized amount is fully subscribed, the authorized capital will be increased automatically to the extent necessary to provide for subscriptions by acceding members (Article 5(b)). The authorized capital may also be increased at any time by the Council of Governors (referred to in this Commentary as the Council) by the special majority of at least two-thirds of the voting power representing at least fifty-five percent of capital subscriptions (Article 5(c) and Article 3(d)).

5. The amount of subscribed capital will determine the Agency's underwriting capacity (see Article 22). It is anticipated that the authorized capital will be subscribed within a reasonable time after the Agency commences operations and that it will be able to operate successfully on that basis.

6. Every member shall subscribe to the capital stock of the Agency. Article 6 provides for a minimum subscription of 50 shares (SDR 500,000). This will give all mernbers a stake in the Agency. Initial subscriptions of original members are set out in Schedule A to the Convention. The subscriptions of acceding members will be determined by the Agency Council. While shares will be issued at par to original members, the Council is authorized to determine the terms and conditions of acceding members' subscriptions provided that the issue price shall not be less than par. Issue prices above par might be appropriate if the Agency has accumulated reserves at the time of the accession (Article 6).

7. The Convention provides that ten percent of the price of the subscribed shares is to be paid in cash and that an additional ten percent is to be paid in the form of non-negotiable, non-interest-bearing promissory notes or similar obligations to be encashed pursuant to a decision of the Board. The cash payment is designed to cover start-up costs, administrative expenditures and possible claims arising out of the Agency's guarantees. The arrangement for additional payment in the form of non-negotiable instruments allows the funds to remain within the members' central banking systems and provides a cushion in the event that a large claim occurs during the Agency's formative years. The purpose of this provision is to strengthen the Agency's standing as a financially sound insurer from the outset. The remaining eighty percent of the subscribed shares is subject to call by the Agency to meet its obligations (Article 7). It should be emphasized that actual recourse to the non-negotiable instruments and the callable capital is not anticipated because the Agency is expected to conduct its activities on a sound business basis and maintain under all circumstances its ability to meet its financial obligations (see Article 25). Article 8(c) provides that in case of default by a member on a call, the Agency is authorized to make successive calls on unpaid subscriptions.

8. Subject to the limited exception discussed below, payments on the paid-in and callable portions of subscriptions must be made in a freely usable currency as defined in the Convention (Articles 3(e) and 8). This is essential to ensure the Agency's financial viability and its recognition as a credible insurer. The Board of Directors (referred to in this Commentary as the Board) has the discretion, after consultation with the lnternational Monetary Fund, to designate as "freely usable" currencies other than those so designated by the International Monetary Fund. The Board can make this decision if it is satisfied that the currency concerned can be readily used for the purposes of the Agency and if the country whose currency is involved agrees (Article 3(e)). In order to reduce the financial burden of developing member countries, the Convention allows developing countries to pay up to twenty-five percent of the paid-in cash portion of their subscription in their local currencies. In view of the small amounts likely to be involved, this is not expected to have adverse effects on the Agency's finances.

9. To reduce the financial burden on all members, the Convention provides that under certain circumstances the Agency will refund to members amounts paid on a call on subscribed capital. These refunds would be made in a freely usable currency in proportion to the payments made by members under calls made prior to such refund (Article l0(b)). In the case of recovery of payments from a host country in a currency which is not freely usable, it is envisaged that the Agency would make the refund once it succeeds in converting such payments into usable currencies. To the extent amounts are refunded, members' callable capital obligations would be re-established so that the situation existing before the respective call is restored (Article 10(c)).

10. The Convention establishes the general f'ramework for the Agency's guarantee operations and enables the Bo ard to define more precisely the scope of these operations by issuing policies, rules and regulations which can be amended from time to time. This provides the Agency with the necessary flexibility to adapt, within this general framework, to changing circumstances and maintain its financial viability. For example, the Agency could limit the scope of its coverage on commencing operations and expand it as it gained experience and built up financial reserves. Moreover, the details of each guarantee operation and the specific arrangements reached between the Agency and the investor would' be incorporated into the contract of guarantee entered into between the Agency and the investor. Article 16 povides that the Agency cannot cover under a contract of guarantee the total loss sustained by an investor. This provision is designed to discourage possible irresponsible conduct by investors relying on total loss cover (commonly referred to as "moral hazard.). In determining the appropriate percentage of possible indemnification, the Agency may find some guidance in the rules of national investment guarantee schemes which typically indemnify between seventy and ninety-five percent of a loss.

11. As stated above, the policies, rules and regulations applicable to guarantee operations will be determined by the Board. Contracts of guarantee, concluded on the basis of these principles, will be approved by the President of the Agency under the direction of the Board.

12. The Convention provides for coverage of the three generally accepted categories of non-commercial risks: the currency transfer risk resulting from host government restrictions and delays in converting and transferring local currency earned by an investor, expropriation, and the risk of war and civil disturbance. The Convention adds to these traditionally covered risks the risk of breach or repudiation of a contractual commitment by the host government towards an investor under the limited conditions mentioned in paragraph 15 below (Article 11(a)).

13. The currency transfer risk is broadly defined in Article 11(a)(i). It is intended to encompass all forms of new direct restrictions, including additions to existing restrictions, as well as indirect or disguised restrictions, whether such restrictions are imposed by law or in fact. The restriction must be "attributable to the host government", restrictions imposed by public agencies and other public organs of the host country are intended to be covered by this language. The provision is also intended to include the failure of the host government to act within "a reasonable period of time" on a transfer application. The provision does not define the specific period but it is expected that this will be accomplished in the rules and regulations to be issued by the Board and specifically in the contracts of guarantee. In determining what constitutes a areasonable perioda, the Agency will need to reconcile the investors interest in a speedy transfer with the fact that certain delays in the processing of applications by governments may be justified.

14. Article 11(a)(ii) defines the expropriation risk. It would encompass measures attributable to the host government such as nationalization, confiscation, sequestration, seizure, attachment and freezing of assets. The phase "any legislative or administrative action" in the provision includes measures by the executive, but not measures taken by judicial bodies in the exercise of their functions. Measures normally taken by governments to regulate their economic activities such as taxation, environmental and labor legislation as well as normal measures for the mainte nance of public safety, are not intended to be covered by this provision unless they discriminate against the holder of the guarantee. In defining these measures, the Agency's practice would not be meant to prejudice the rights of a member country or of investors under bilateral investment treaties, other treaties and international law.

15. The breach of contract risk is contained in Article 11(a)(iii). Indeminifications is available only when an investor has no forum to pursue the contractual claim against the government or when recourse to such a forum is hampered by an unreasonable delay as defined in the guarantee contract or when, after obtaining a final decision in his favor, the investor is unable to enforce it.

16. Article 11(a)(iv) encompasses the risk of war and civil disturbance. It is intended to include revolutions, insurrections, coups d'etat and similar political events which are typically outside the control of the host government. Acts of terrorists and similar activities which are specifically directed against the holder of the guarantee are, however, not intended to be covered by this provision but may be covered under Article 11(b), which is discussed below.

17. The Convention provides additional flexibility by allowing the coverage of other specific non-commercial risks, but only at the joint request of the investor and the host country and with approval of the Board by special majority (Article 11(b)). Such approval may be issued on a case by case basis or in the form of regulations specifying the cases to be covered under this provision.

18. Events occurring before the conclusion of the contract of guarantee, governmental action to which the holder of the guarantee has agreed or for which he is responsible, and losses resulting from currency devaluation and depreciation are specifically excluded by Article 11 (b) and (c).

19. Article 12 defines the type of investments eligible for cover by the Agency. This provision endeavors to strike a balance between the need to preserve the Agency's scarce capital to promote flows of direct investment and the need to assure future flexibility by allowing the Board to extend coverage to other types of investment. It is envisaged that the Agency will focus on guaranteeing investments eligible under Article 12(a), i.e. equity investment, different forms of direct investment, and medium-or long-term loans made or guaranteed by owners of equity in the enterprise concerned (so-called equity-type or sponsored loans). The term "direct investment" is a generic term whose precise scope will have to be determined by the Board. The Board is expected to be guided by the International Monetary Fund's definition of foreign direct investment as an "investment that is made to acquire a lasting interest in an enterprise operating in an economy other than that of the investor, the investor's purpose being to have an effective voice in the management of the enterprise." The Board may consider as direct investment such new forms of investment as service and management contracts as well as franchising, licensing, leasing, and production-sharing agreements where the investor's return depends on the performance of the enterprise. In any case, it is immaterial whether the investment is made in monetary form or in kind such as the contribution of machinery, services, technical processes and technology.

20. Article 12(b) gives the Board flexibility, in the future, to extend the Agency's coverage to other forms of investment. It authorizes the Board, by special majority, to extend coverage to any medium- or long-term form of investment except loans which are not related to a specific investment covered or to be covered by the Agency. To conserve the Agency's scarce resources, the Agency would not guarantee or reinsure any export credit, regardless of its form, which is provided, guaranteed or reinsured by a government or an of'ficial export credit agency. Because the coverage of the Agency is restricted to investments, exports will be covered (within the limits of the preceding sentence) only to the extent that they represent a contribution to a specific investment. An agency or distributorship arrangement, which is designed primarily to promote exports, and in which an investor has an inconsequential equity interest, would not be covered by the Agency. The Agency would function as an investment guarantee agency, and would not function as an export credit agency which could compete with official export credit agencies.

21. To serve its objective without undermining its financial viability, the Agency will limit its guarentees to sound investments. It should satisfy itself that the investment concerned will contribute to the economic and social development of the host country, comply with the laws and regulations of that country, and be consistent with the country's declared development objectives. It should also be satisfied that appropriate investment conditions, including the availability of fair and equitable treatment and legal protection, will apply to the investment concerned (Article 12(d)). In case no such protection is assured under the laws of the host country or under bilateral investment treaties, the Agency will issue the guarantee only after it reaches agreement with the host country pursuant to Article 23(b)(ii) or otherwise on the treatment to be extended to the investments covered by the Agency. Investments guaranteed by the Agency should also be new, that is implemented subsequent to the registration of the application for the guarantee by the Agency (Article 12(c)). The exclusion of pre-existing investments would not bar the Agency from covering investments made to develop an existing investment or from covering the reinvestment earnings which could otherwise be transferred outside the host country. The term nearnings� in Article 12(c)(ii) is intended to include royalties and license fees.

22. To qualify for a guarantee, investors who are natural persons must be nationals of members other than the host country. If investors are juridical persons, they must be incorporated and have their principal place of business in a member country other than the host country or have the majority of their capital owned by a member country or its nationals, other than the host country or its nationals. Privately and publicly owned investments are eligible as long as they are operated on a commercial basis (Article 13(a) (iii)). It is expected, however, that the bulk of guaranteed investments will be privately owned.

23. Article 13(c) provides an exception to the requirement that investors may not be linked to the host country in the case of assets transferred from abroad by nationals of the host country or juridical persons incorporated in the host country or owned by host country nationals, provided that the investor and the host country jointly apply for a guarantee and the Board approves it by special majority. This exception is consistent with the Agency's central objective of channelling the flow of investments to developing countries, some of which now have nationals living abroad with considerable off-shore funds. It would also help in the repatriation of capital to developing countries.

24. Article 14 limits the Agency's own gurantee operations to investments made in the territory of a developing member country. A developing member country is defined in Article 3(c) as a member listed as such in Schedule A to the Convention. During discussions by the hxecutive Directors, it was understood that the Agency would develop policies on eligibility whereby priority in its operations would be given to lesser developed countries. It was also agreed that, for purposes of Article 14, dependent territories for whose international relations a non-developing country is responsible, should be treated as developing members, if the non-developing member country so requests. However, investments of that member in its dependent territories would be excluded from cover.

25. Article 15 provides that the Agency will not conclude any contract of guarantee before "the host government has approved the issuance of the guarantee by the Agency against the risks designated for cover". Any host government may withhold its approval. This enables the host country to evaluate a proposed investment before giving its consent. The Agency is expected to establish procedures for obtaining consents under this provision. These may include requesting approvals on a no objection basis (Article 38(b)). Although the approval of the home country of the investor is not required, it would not be appropriate for the Agency to cover an investment if informed by the investor's home country that it would be financed with funds transferred outside such country in violation of its laws.

26. Article 18 (a) provides that where the Agency compensates or agrees to compensate an investor under a contract of guarantee, it assumes the rights that the investor acquired against the host country as a result of the event giving rise to the claim against the Agency. Subrogation is an accepted principle of insurance law. It provides for the assignment of an existing claim from the guaranteed investor to the Agency and the Agency as subrogee acquires the same rights as the investor had. The contracts of guarantee will define the terms and conditions of subrogation. These terms and conditions are of special significance for the investor in view of the fact that the Agency will compensate investors only for part of thier losses (Article 16). Article 18(b) provides for the recognition of the Agency's right of' subrogation by all members.

27. Under Article 18(c), the Agency has the right to treatment as favorable as would be given the holder of the guarantee with respect to the use and transfer of local currencies of host countries received by the Agency as subrogee. In addition, the Agency is authorized to use these currencies for the payment of its administrative expenditures or other costs and is directed to seek to enter into agreements with host countries on other uses of these currencies if they are not freely usable. Such other uses could include the sale of the currencies to other institutions (such as international lending agencies), foreign investors in these countries or to importers of goods from these countries. The Agency's ability to use effectively, or otherwise dispose of, local currencies may be of significance in its operations in the unlikely case it should acquire substantial amounts of such currencies.

28. In order to ensure prompt payment of claims, decisions will be taken by the President in accordance with the contracts of guarantee and such policies as the Board may adopt (Article 17) and, in cases of dispute, final determination may depend on the outcome of arbitration between the Agency and the investor concerned (Article 58). It is envisaged that these policies will require the holder to seek such administrative remedies as may be appropriate under the circumstances, if they are readily available under the laws of the host country, and may provide for reasonable periods of time to elapse so as to maximize the prospects for amicable settlement of claims between investors and host countries (Article 17). It is expected that the specific time limits, to be included in the guarantee contracts, would be consistent-with the practice of other political risk insurers. This provision reflects established practices of national investment guarantee schemes and should not impose an undue burden on investors since they are not required to exhaust all local remedies before obtaining compensation from the Agency. The time limits would depend on the type of risk involved and the complexity of the particular case. The above time limits must be distinguished from the maximum periods allowed between the filing of a claim and the Agency's decision on the claim. These time limits are not specified in the Convention because of the difficulty in determining specific periods which would be appropriate in all situations. However, the Agency may establish such time limits in its rules and regulations and may incorporate them into the contracts of guarantee in order to increase the attractiveness of its services.

29. The Agency will complement national and regional programs rather than compete with them (Article 19). It is therefore expected to focus on guaranteeing investments from members without a national program (chiefly capital-exporting developing member countries), co-guaranteeing incestments with national and regional agencies, providing reinsurance for national and regional agencies, guaranteeing investments which fail eligibility tests of the national and regional program concerned despite their soundness and developmental character, and guaranteeing investments financed by investors from different member countries. To contain its overhead and enhance its efficiency, the Agency may avail itself of the administrative support of national or regional entities and may enter into appropriate cooperative agreements with them (Article 19). For example, national administrative agencies might assist in processing applications of local investors for multilateral guarantees and any resulting claims. This would reduce the possible need for the Agency to establish offices away from its headquarters. It is clear, however, that the .Agency would have to rely on its own risk assessments and reserve to itself decisions on issuance of guarantees and on payment of claims.

30. Article 19 defines the institutions the Agency may cooperate with in this respect as "national entities of members and regional entities the majority of whose capital is owned by members, which carry out activities similar to those of the Agency". This includes any agency that issues investment guarantees against non-commercial risks or that promotes private investment to developing countries. As a result, the Agency might cooperate with more than one institution in the same country. It should be noted that cooperation between a national entity and the Agency does not result in the entity automatically becoming the channel of communication between the member country and the Agency under Article 38. This provision requires each member to designate an appropriate authority for communication on all matters arising under the Convention.

31. The Agency may cooperate with private political risk insurers to enhance its own operations and to encourage those insurers to provide political risk insurance in developing members of the Agency on conditions similar to those of the Agency (Article 21(a)). For example, with respect to the former objective, private insurance companies might assist the Agency in marketing its program. With respect to the latter objective, the Agency is expected to play a catalytic role in mobilizing private underwriting capacity, for example, by entering with private underwriters into coinsurance arrangements. The Agency will in particular seek to guarantee investments for which comparable coverage on reasonable terms is not available from private insurers.

32. The purpose of Articles 19 to 21 is to establish the Agency as a facility designed to cooperate with and inerease the efficiency and effectiveness of both public and private political risk insurers. How cooperation will be achieved will depend on the administrative structure and the situation of the insurance market in the country concerned. In some countries governments play a role in coordinating public and private insurance activities, and Article 38(a) requires the Agency to consult with member governments, at their request, on the matters set out in Articles 19 to 21. These include the Agency's complementary role in the design of its own guarantee operations, coinsurance, reinsurance, sponsorship operations and administrative cooperation. Where appropriate, the Agency may enter into an "umbrella agreement" with a government providing the framework for the Agency's cooperation with the public and private insurers of that member.

33. The Agency is authorized under Articles 20 and 21(a) to provide reinsurance to institutions of members issuing investment guarantees, to regional investment guarantee agencies (of which the sole example at present is the Inter-Arab Investment Guarantee Corporation), and to private insurers in member countries. As stated in paragraph 31 of this Commentary, the Agency's arrangements with private insurers, including arrangements for reinsurance, are intended to encourage them to offer investors guarantees on conditions similar to those offered by the Agency. Reinsurance is intended to diversify the Agency's own risk portfolio as well as that of the reinsured entity. It should also allow the reinsured entity to expand its operations.

34. It should be noted that reinsurance provided by the Agency" must always relate to �a specific investment=. The intention here is to excIude the reinsurance of portions of primary underwriters' risk portfolios (commonly referred to as treaty reinsurance). It should also be noted that reinsurance operations are intended to comprise only a predetermined part of the Agency's overall operations. Article 20(a) therefore provides that maximum amounts shall be set from time to time by the Board by special majority. In the case of investments completed more than one year prior to receipt of the application for reinsurance by the "Agency, the Convention establishes an initial limit of ten percent of the total coverage which the Agency may provide on its own acconut, i.e. without resort to sponsorship. These limits apply to the reinsurance of both public entities and private insurers. They may be changed by the Board by special majority whenever deemed appropriate.

35. The conditions determining eligibility with respect to risks. investment, investor and host country applicable to Agency guarantees will apply to reinsured investments; for technical reasons, reinsured investments need not be impIemented subsequent to the application for reinsurance (Article 20(a)).

36. Article 20(c) provides that, to the extent possible, reinsurance arrangements will be structured so that the Agency or the reinsured entity will have equivalent rights of subrogation and arbitration to those the Agency would have if it were the primary guarantor. However, the Agency's rights as subrogee will not be effective without the host country's prior approval of the reinsurance by the Agency (Article 20(c)). In some cases, it might be impracticable for the Agency to be subrogated to the rights of the reinsured entity. In other cases, it might be expedient for the Agency to let the reinsured entity enforce the subrogated rights acquired by the Agency as its agent. Article 20(c) requires contracts of reinsurance to provide that the reinsured entity will pursue recovery remedies with due diligence.

37. Under Article 21(b), the Agency may reinsure any guarantees issued by it with public or private insurers. Such reinsurance would allow it further to diversify its risk portfolio. It is expected to use this authority only where it can obtain reinsurance cover to appropriate terms and reasonable cost.

38. Under accepted principles of insurance and banking, the incurring of aggregate liabilities in excess of the insurer's or bank's equity is permitted. The basis for this principle is that it cannot reasonably be expected that all guaranteed or insured risks will become losses. Under the Convention, this principle is applied to the Agency. Article 22(a) provides that the maximum aggregate amount of contingent liability which may be assumed by the Agency may not exceed one hundred and fifty percent of its subscribed capital and reserves as well as, possibly, a portion of reinsurance cover, unless the Council determines otherwise by special majority. Since the Agency is expected to build up its portfolio over time, the Board is called upon to review from time to time the actual spread of risks and the loss potential with a view to determining whether a higher risk-asset ratio should be recommended to the Council. However, any decision to increase the ratio is, as stated above, subject to a special majority vote and the maximum risk-asset ratio may not exceed one-to-five.

39 Article 22(b)(i) provides that the Board may prescribe the maximum amount of contingent liability for all guarantees issued to investors of individual members. T'he objective of this provision is to maintain an equilibrium between the relative contributions of a member to the Agency and the benefits from the Agency accruing to its investors. In setting limits, the Board is required to give "due consideration" to a member's capital subscription; however, "due consideration" is also to be given to the need of applying these limits more liberally to developing member countries, hen they or their nationals invest in other developing members.

40. A third category of limits may be established by the Board in order to achieve a viable overall spread oi' risk and to avoid undue concentrations of risk. Thus limits may he placed on the Agency's exposure with respect to the size of individual projects, total investments in individual host countries, types of investment or risk or other factors (Article 22(b)(ii)). Since these limits serve solely to diversify risk, any limit on investments in individual host countries is not to be affected by such countries' relative capital subscriptions.

41. One of the features that distinguishes the Agency from earlier proposals is its obligation to carry out activities complementary to issuing guarantees to promote the flow of investments to and among member countries (Article 2(b)). The Agency has a responsibility under Article 23(a) to conduct research and disseminate information on investment opportunities in developing member countries, as well as to undertake other activities to promote foreign investment. In addition, the Agency, at the request of a member, may provide technical assistance and advice with the objective of improving investment conditions. This could include advice on such matters as the drafting of investment codes and reviewing investment incentive programs. Such complementary services may be provided against appropriate fees or may be extended at no cost to the beneficiary countries when warranted.

42. In carrying out its promotional activities, the Agency will be guided by the relevant investment agreements among its members and will seek to remove impediments among its members to investment flows. In addition, the Agency has a duty to coordinate with other agencies concerned with the promotion of foreign investment, particularly the International Finance Corporation (Article 23(a)). T'his would help to avoid duplication in the Agency's activities.

43. Article 23(b)(i) places a duty on the Agency to encourage the amicable settlement of disputes between investors and host countries. It may also provide information on available dispute settlement and conciliation mechanisms. The Agency is also directed to promote and facilitate the conclusion of investment protection treaties among its members. For example, it could undertake studies on existing agreements and assist member governments in the analysis of the implications of and benefits from such agreements.

44. Under Article 23(b)(ii), the Agency will endeavor to enter into bilateral and multilateral agreements with its members in order to assure that the investments guaranteed by it will receive treatment at least as favorable as that accorded by the member concerned to the most favored investment guarantee agency or State. In determining the most favored agency or State, the Agency will consider agreements as a whole, and not their individual provisions. Agreements under Article 23(b)(ii) require the Board's approval by special majority. It is anticipated that these agreements would be concluded when the investments covered by the Agency would not otherwise benefit from existing bilateral treaties or when the standards provided in such treaties are deemed by the Agency to be inadequate.

45. Earlier Bank proposals to establish an international investment insurance agency contemplated that the Agency would have conducted its operations solely on behalf of sponsoring member countries. Under the Convention, guarantees of sponsored investments play a supplemental but important role to operations conducted by the Agency on its own behalf. In addition to the latter operations, the Agency may, under Article 24, guarantee other investments, and provide additional reinsurance, if a member or members agree to sponsor these investments. T'he specific provisions relating to sponsorship operations are set out in AnnexI, which is an integral part of the Convention. It must be emphasized that the assets held and administered by the Agency in the Sponsorship Trust Fund mentioned below are required under Article 2(c) of Annex I to be kept separate and apart from the assets of the Agency and that the Agency cannot incur any liability with respect to its own assets under to sponsorship operations (Article 6 of Annex I).

46. The mechanics of sponsorship are as follows: A member proposing to the Agency the guarantee of an investment will incur a loss-sharing-contingent obligation in the amount of the guarantee sponsored by it. Premiums and other revenues attributable to sponsored guarantees will be accumulated in a separate trust fund called the Sponsorship Trust Fund. The administrative expenses and payments on claims related to sponsored investments would be paid out of this Fund. After depletion of the Fund, any loss incurred on a sponsored guarantee would be shared by all sponsoring members, each in the proportion which the total amount of guarantees sponsored by it bears to the total amount of guarantees sponsored by all members. Each sponsor's maximum liability is, however, limited to the total maximum contingent liability under all guarantees sponsored from time to time by that member. Articles 1 and 3 of Annex I provide limitations on a member's obligations to share in losses under the sponsorship arrangement.

47. Sponsorship enables members to provide investment insurance protection in several instances. Members which do not have a national scheme may use this system to provide coverage to their investors. For other members, sponsorship might be used as a risk diversification device since it would allow them to substitute the pro rata share in all contingent liabilities of the Sponsorship Trust Fund for the entire contingent liability for the investments if insured by their national scheme.

48. In general, the provisions of the Convention relating to guarantee operations and financial management which are applicable to the Agency's own operations will also apply to sponsored guarantees (Article 6 of Annex I). In particular, the eligibility requirements under Articles 11 and 12 of the Convention also govern sponsored investments. However, guarantees relating to sponsored investments are not limited to nationals of member countries. Article 1(a) of Annex I provides that such investments may be made "by an investor of any nationality or by investors of any or several nationalities." The host country may co-sponsor an investment. Co-sponsorship indicates a strong developmental interest by the host country in the investment, and an intention to improve its risk profile. Article 1(c) of Annex I places a duty on the Agency to give priority treatment to the coverage of investments co-sponsored by the host country.

49. The limitation provided in Article 14 of the Convention restricting coverage to investments in developing countries applies to operations on the Agency's own account and does not extend to sponsorship operations. Members may sponsor investments in any member country, but a special emphasis is placed on operations in developing member countries. The rationale for allowing sponsorship operations in developed countries is that guarantees for sponsored investments in developed countrias, which are of particular interest to some capital-exporting developing countries, do not absorb scarce underwriting capacity and would not therefore reduce the Agency's capacity to guarantee investments in developing countries. In some circumstances, an investment in a developed country corporation may facilitate joint ventures with that corporation or its subsidiary in developing countries. Investments in developed countries also have the advantage of improving the risk profile of the Sponsorship Trust Fund's portfolio and enabling it to achieve a greater measure of diversification. 50. Article 5(a) of Annex I authorizes the Agency to issue reinsurance to members and their agencies, regional agencies of members and private insurers in member countries on the basis of sponsorship. These reinsurance operations are subject to the same conditions as reinsurance operations on the Agency's own account. Reinsurance on the basis of sponsorship diversifies risk. The sponsorship of privately insured investment for reinsurance can be used by members as a substitute for the reinsurance of these investments on their own account. All sponsoring members would share pro rata in any loss under the reinsurance policies, irrespective of whether the loss arises from a sponsored guarantee or a sponsored reinsurance policy.

51. Article 6 of Annex I provides that sponsorship operations will be carried out in accordance with the same sound business and financial practices governing the Agency's guarantee operations based on its own capital and reserves. As in the case of underwriting for its own account, the Agency would not be expected to cover sponsored investment involving unacceptably high risks or that would unbalance its risk portfolio. Sponsorship operations would also benefit from the credit of the sponsoring members which, it is assumed, would be among the most creditworthy members. Article 1(c) of Annex I specifically directs the Agency to "pay due regard to the prospects that the sponsoring member will be in a position to meet its sponsorship obligations". Moreover, sponsorship operations are expected to be financially as sound as the Agency's own guarantee operations.

52. Article 1(d) of Annex I requires the Agency to consult periodically with sponsoring member countries on matters related to sponsorship operations. Moreover, voting allocations will be modified for the purpose of decisions on sponsored investment in that each sponsoring member and each member hosting a sponsored investment will be allocated one additional vote for each SDR 10,000 of any investment sponsored or hosted by it (Article 7 of Annex I). Theoretically, therefore, there is a possibility that the terms and conditions adopted by the Board for sponsorship operations may not be identical to those concerning operations on the Agency's own account.

53. Article 25 directs the Agency to "carry out its activities in accordance with sound business and prudent financial management practices with a view to maintaining under all circumstances its ability to meet its financial obligations." It is anticipated that the Agency would become financially self-sufficient. Management is expected to endeavor to avoid calls on members' subscribed capital. The experience of national investment guarantee agencies and the private insurance market indicates that this is a realistic objective.

54. The Agency will need to charge adequate premiums, fess and other charges under Article 26 in order to become financially viable and self-sufficient. The Convention does not prescribe how premiums and fees are to be determined and the rates applicable to each type of risk will need to be established and periodically reviewed by the Agency. It thas considerable discretion to decide on the level and structure of its premiums and fees, including charges for its promotional activities.

55. The Agency's financial standing is enhanced by the requirement in Article 27(a) that all net income is to be retained as reserves until they amount to five times the subcribed capital of the Agency. An exception to this provision is that the Council, by special majority, may decide to use part of its revenues to return to members amounts paid on calls on subscribed capital if the financial position of the Agency would so permit (Article 10(a) (iii)). After these reserves have reached the above-mentioned limit, the Council can determine under Article 27 (b) whether to allocate any excess net income to reserves, make a distribution to the members or orherwise dispose of such income.

56. The basic structure of the Agency follows that of other international financial institutions, especially the Bank and the International Finance Corporation. The Agency has a three-tiered structure, consisting of a Council of Governors, a Board of Directors and a President and staff (Article 30).

57. The Council is composed of one Governor from each member and his Alternate (Article 31). The Convention does not place any restriction on members in the appointment of their Governors and Alternates. The Council meets at least annually and can be convened at any other time by the Council or the Board. The Council is vested with all the powers of the Agency, except those specifically conferred by the Convention on another organ of the Agency. However, the Council may delegate to the Board the exercise of any of its powers except the specific powers listed in Artiele 31(a) reserved to the Council, such as admission and suspension of members, classification of members for voting purposes or as developing member countries, changes in capitalization, increases of the ratio provided in Article 22(a), determination of Directors' compensation, amendments to the Convention, cessation of operations and liquidation of the Agency, and distribution of assets to members upon liquidation.

58. The Board is elected in accordance with Article 41(a) and Schedule B and is responsible for the general operations of the Agency (Article 32(a)), a responsibility which covers all matters related to the Agency's policies and regulations but not its day-to-day management which is the responsibility of the President and staff. The Board may take any action required of permitted under the Convention. The Council determines the term of office of Directors under Article 32(c). The Board will consist of not less than twelve Directors. The Council will determine the number of Directors, which it may adjust to take into account changes in membership. Of the total number of Directors, one-fourth would be elected separately, one by each of the members having the largest number of shares. The remaining Directors would be elected by the other members (Schedule B). Each Director may appoint an Alternate (Article 32 (b)). The Board will meet at the initiative of the Chairman or at the request of three Directors (Article 32(d)). It is anticipated that during the formative years of the Agency, the volume of business might not justify a Board sitting in continuous session. This would reduce administrative costs since, under those circumstances, the Directors and Alternates would receive compensation only for attendance at the meetings and the discharge of other specific officiat functions (Article 32(e)).

59. The President of the Agency is appointed by the Board. The Board would decide on this appointment on the Chairman's nomination (Article 33 (b)). The President is responsible for conducting the ordinary business of the Agency under the general control of the Board and for the appointment, organization and dismissal of staff (Article 33 (a)). It is intended that the number of staff would be kept small to increase the Agency's effectiveness and viability. The salary and terms of the contract of the President are to be determined by the Council (Article 33 (b)). This follows the practice of the Bank.

60. Article 34 is based on similar provisions in the Articles of Agreement of the Bank and the International Finance Corporation, and prohibits any interference by the Agency and its President and staff in the "political affairs" of any member. This does not prevent the Agency, however, from taking into consideration all circumstances relevant to its underwriting decisions and its promotional activities.

61. The principal office of the Agency will be located in Washington, D. C., unless the Council, by special majority, decides to establish it in another location (Article 36(a)). In addition, the Agency may, under Article 36(b), establish such other offices as may be necessary for its work.

62. While previous proposals envisaged a number of organizational links between the Bank and the Agency, the Convention establishes only a minimal organizational link between the two institutions. The President of the Bank would serve ex officio as Chairman of the Agency's Board (Article 32(b)). It is intended that this relationship would promote the role of the Agency as an international developmental institution and assist it to gain recognition without affecting the different roles of the two institutions. The Agency might find it advisable to enter into a cooperative agreement with the Bank or the International Finance Corporation or both to take advantage of their technical and administrative services and facilities as required (see Article 35).

63. The voting structure of the Agency reflects the view that Category One and Category Two countries have an equl stake in foreign investment, that cooperation between them is essential, and that both groups of countries should, when all eligible countries become members, have equal voting power (50/50). It is also recognized that a member's voting power should reflect its relative capital subscription. The Convention, therefore, provides that each member is to have 177 membership votes plus one subscription vote for each share of stock held by it (Article 39(a)). The number of membership votes is computed so as to ensure that if all Bank members joined the Agency, developing countries as a group would have the same voting power as developed countries as a group. In order to protect the minority group before such equality is reached, this group would receive, during the three years after entry into force of the ConvenilOIl, supplementary votes which would allow it to have as a group 40 percent of the total voting power. These supplementary votes would be distributed among the members of the group concerned in proportion to their relative subcription votes and would be automatically increased or decreased, as the case may be, so as to maintain the 40 percent voting power of the group (Article 39(b)). Even during the transition period, such supplementary votes would be r,ancelled whenever the group reached 40 percent of the total voting power through subscription and membership votes. In any case, supplementary votes would be cancelled at the end of the three-year period. During this three-year period, a11 decisions of the Council and the Board would be taken by a special majority of at least two-thirds of the total voting power representing at last fifty-five percent of total subscriptions, except if a specific decision was subject to a higher majority under the Convention, in which case, the higher majority would be controlling (Article 39(d)). An example of the latter would be certain amendments to the Convention (Article 59(a)).

64. During the third year after entry into force of the Convention, the Council is required under Article 39(c) to review the allocation of shares and to be guided in its decisions by three principles: (a) the voting power of members is to reflect aetual subscriptions and membership votes; (b) the shares originally allocated to countries which have not signed the Convention at the time of the review are to be made available for reallocation so as to make possible voting parity between developing and developed members; and (c) the Council will take appropriate measures to facilitate the members' subscriptions to the shares allocated to them. The purpose of the rellocation is in time to achieve voting parity between both groups on the basis of relative subscription and membership votes.

65. To protect members' voting rights against erosion as a result of a general increase in capital, Article 39(e) entitles each member to new subscriptions of the increase in proportion to its relative subscription to the Agency's capital before the increase.

66. The voting procedures applicable to the Council and the Board under Articles 40 do 42 generally correspond to those of other international financial institutions, notably the Bank. One distinguishing feature is the provision that allows the Executive Directors to take decisions without a meeting (Article 42(c)). This is provided in view of the possibility that the Agency would initially have a non-resident Board.

67. The provisions on the privileges and immunities of the Agency are patterned closely on those of the International Finance Corporation. The necessary differences from the privileges and immunities of the Corporation reflect special features of the Agency's operations.

68. The Convention provides that actions (other than actions arising in relation to disputes between parties to a contract of' guarantee or rinsurance which are subject to arbitration under Article 58 and disputes between the Agency and a member concerning a guaranteed of reinsured investment, which are subject to arbitration or agreement on alternative procedures under Articles 57), may be brought against the Agency only in a court of competent jurisdiction in the territories of members where the Agency has certain specified ties (Article 44). It is specifically provided that no action may be brought by members or those deriving claims from members or in respect of personnel matters. The latter exclusion represents a codification of existing practice applicable to international organizations. Article 45(a) provides that the assets of the Agency, which for purposes of this Chapter are defined as including Sponsorship Trust Fund assets, are immune from search, requisition, confiscation, expropriation, or any other form of seizure by executive or legislative action; this immunity does not, however, extend to judicial action.

69. As a general rule, the Agency's property and assets are free from restrictions, regulations, controls, and moratoria. It should be noted, however, that assets acquired by the Agency exercising its rights as successor to or subrogee of an investor are free from applicable controls of the host country only to the extent that the investor whose rights the Agency- acquired through subrogation was entitled to such treatment (Article 45(b)).

70. Article 46 provides that the Agency's archives are to be inviolabe and that its official communications are to be accorded the same treatment as is accorded to those of the Bank. As in the Articles of Agreement of the Bank and IFC, no mention is made of the status of the Agency's premises. It is understood, however, that the Agency's premises will receive the same treatment that is accorded to the premises of other international organizations.

71. Article 47 exempts the Agency, its assets, property and income, as well as its operations and transactions from taxes and customs duties. This is not meant to provide for an exemption from taxes or duties which are in fact no more than charges for services rendered. With respect to assets acquired by the Agency from an investor through subrogation, it should be noted that these assets are acquired by the Agency net of taxes and duties owed by the investor. Once such assets become the property of the Agency, they shall be exempted from taxes and customs duties. The Agency is not expected to acquire non-cash assets through subrogation, as it would claim compensation from the host country only for amounts paid to the investor. In the exceptional case that the Agency does acquire such assets, the expectation is that the Agency would convert these into cash expeditiously.

72. It should be noted that privileges and immunities are bestowed on the Agency for the purpose of enabling it to carry out its functions (Article 43), and that the Agency may waive these immunities where such a waiver would not prejudice its interests. Moreover, the Agency is directed to waive the immunities of its staff where in its view the immunity would impede the course of justice and the waiver would not prejudice the interests of the Agency (Article 50).

73. The provisions of the Convention on withdrawal from the Agency, suspension of membership and cessation of operations are generally patterned on those of the Bank. Any member may withdraw from the Agency at any time by notifying the Agency in accordance with Article 51. However, to ensure the Agency's continuity, especially in its formative years, a member may not withdraw within the first three years of its membership. The Council has power under Article 52(a) to suspend a member which has failed to fulfill any of its obligations under the Convention. A suspended member has no rights and privileges under the Convention other than procedural rights and the right of withdrawal and remains subject to all of its obligations (Article 52(b)). Every former member remains liable for its existing or contingent obligations towards the Agency incurred before the cessation of its membership, unless other arrangements have been made with the Agency (Article 53).

74. Article 54 enables the Board to suspend the Agency's guarantee operations and other activities. Under Article 55 the Council, by special majority, may decide to place the Agency into liquidation. No assets can be distributed to members after liquidation until all liabilities of the Agency have been discharged or otherwise settled (Article 55(b)).

75. Article 55(c) provides that any distribution of the Agency's remaining assets to members are to be made in proportion to each member's share in the subscribed capital. Similarly, any distribution of remaining assets of the Sponsorship Trust Fund must be made to sponsoring members in proportion to the relative amounts of investment sponsored by them. Members still having obligations towards the Agency would be entitled to their share in the assets only after settlement of these obligations. In practice, the Agency's claim against the member concerned could be offset against its claim to the share in the Agency's assets so that the Agency would be required to pay out only the balance. This Article also authorizes the Agency to distribute assets "in such manner as the Council shall deem fair and equitable.. This provision is intended to provide for the most economical disposition of assets. It is intended that accepted corporate practice would be followed so that the value of assets given to an individual member in kind would be assessed by independent appraisers and credited against that member's share in the distribution.

76. The Convention establishes procedures for four different types of disputes:

(a) following the example of the Bank and other international financial institutions, questions of interpretation or application of the Convention arising between any member and the Agency or among any members will be decided by the Board subject to the possibility of appeal to the Council (Article 56);

(b) disputes arising under a contract of guarantee or reinsurance between the Agency and the other party will, if not solved amicabty, be submitted to arbitration in accordance with the rules contained or referred to in the contracts of guarantee or reinsurance (Article 58);

(c) disputes between the Agency as subrogee of an investor and a member shall be settled either in accordance with Annex II to the Convention or in accordance with an agreement to be entered into between the Agency and that member on alternative dispute settlement mechanisms (Article 57(b)). Such an agreement (which must be approved by the Board by special majority before the Agency undertakes operations in the territory of the member concerned) would be negotiated between the parties taking Annex II as a basis. To the extent that such arrangements are satisfacton" to the Agency, the agreement could, for example, provide that the Agency first seek remedies available to it under the domestic laws of the host country and seek recourse to arbitration only if it has not obtained relief under such remedies within a specified period of time. Such an agreement should assure that the Agency is treated at least as favorably, with respect to rights to proceed to arbitration, as in the arrangements which the member concerned has agreed for the most favored investment guarantee agency or any State party to an agreement related to investment. The agreement may also provide for alternative methods to arbitration such as seeking an advisory opinion from the International Court of Justice; and

(d) disputes other than those under (a), (b) or (c), which arise between the Agency and any member or agency thereof as well as all disputes between the Agency and a former member will be settled in accordance with Annex II, i. e., through negotiations and failing this, according to conciliation and arbitration (Article 57(a)).

77. The Convention does not provide specific procedures to govern arbitration between the Agency and holders of a guarantee or a reinsurance policy. It is anticipated that the contracts of guarantee and reinsurance would normally refer to an internationally recognized body of rules for commercial arbitration, such as the ICSID rules, the rules developed by the United Nations Commission on International Trade Law (UNCITRAL) or the rules of the International Chamber of Commerce.

78. Annex II, which like Annex I is an integral part of the Convention, requires that the parties first attempt to negotiate a settlement before resorting to arbitration (Ar ticle 2 of Annex II). In fact, it is anticipated that all such disputes would be settled amicably through negotiations as is the case in the practice of other international financial institutions. Failing negotiation, the parties have the option of attempting a settlement through conciliation or proceeding to arbitration. Where the parties agree to use conciliation, they may proceed to arbitration only when conciliation fails (Article 3 of Annex II). Article 4(g) of Annex II provides that the arbitral tribunal (the Tribunal) shall "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.= The reference to domestic law includes the member's conflict of laws rules. In case of a conflict between rules of international law and rules unilaterally issued by either of the parties to the dispute, international tribunals apply rules of international law. Arbitral awards are final and binding upon the parties (Article 4(h) of Annex II) and they are enforceable within the territories of every member as if they were final judgments of a court of the member concerned; however, they can be executed only according to the laws of the country where execution is sought (Article 4(j) of Annex II). This arrangement reflects the common interest of all members in the Agency's financial viability.

79. The provisions of the Convention relating to amendments (Articles 59 and 60) strike the necessary balance between allowing modifications to the Convention that might be desirable or necessary for the operation of the Agency while protecting the members from increased obligations and dilution of their rights against their will. Thus amendments may generally be approved by three-fifths of the Governors having four-fifths of the total voting power, while certain amendments require unanimous approval and others require the approval of those members whose liability would be increased. Amendments to Schedules A and B require a special majority.

80. The Convention provides for its entry into force when it is ratified, accepted or approved by five States classified in Category One and fifteen States classified in Category Two if the total subscription of these countries amounts to not less than one-third of the authorized capital (Article 61(b)). This threshhold constitutes only the minimum requirement for the effectiveness of the Convention, based on a judgment that it will be possible to begin operations on a modest scale and that an early start of operations is desirable. It is expected that the Agency will exceed these minimum requirements in a reasonably short period of time.

81. The Convention applies to all territories punder the jurisdiction of a member." This includes territories which, though not necessarily part of a member's territory in the strict legal sense, are subject to a country's jurisdiction for economic purposes under international law.

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KONVENCIJU O OSNIVANJU AGENCIJE
ZA MULTILATERALNE GARANCIJE INVESTICIJA SA KOMENTAROM NA KONVENCIJU

Imaju�i na umu upotrebu ja�anja Me�unarodne suradnje za ekonomski razvoj i unapre�enje doprinosa tom razvoju stranih investicija uop�e i privatnih stranih investicija posebno;

Uvi�aju�i da bi se priljev stranih investicija u zemlje u razvoju olak�ao i nadalje poticao ubla�avanjem elemenata u svezi s nekomercijalnim rizikom;

�ele�i pove�ati priljev kapitala i tehnologije u proizvodne svrhe u zemlje u razvoju uz uvjete koji su u skladu s njihovim razvojnim potrebama, politikama i ciljevima, na temelju pravi�nih i stabilnih standarda vezanih ra strane investicije;

Uvjerenje da multilateralna agencija za garantiranje investicija moie imati zna�ajnu ulogu u poticaju stranih investicija koje bi se uklapale u nacionalne i regionalne programe za garantiranje investicija u privatno osiguranje od nekomercijalnog rizika; i

Uvi�aju�i da takva Agencija treba, u mjeri u kojoj je to mogu�e, ispunjavati svoje obveze bez kori�tenja svojeg kapitala na poziv te da bi se taj cilj lak�e ostvario stalnim unapre�enjem uvjeta investiranja;

Suglasile su se o ovome:

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(a) Ovim se osniva "Multtlateralna agencija za garantiranje investicija (u nastavku teksta "Agencija");

(b) Agencija �e u potpunosti biti pravna osoba, a posebno �e biti ovla�tena da:

(i) sklapa ugovore;

(ii) stje�e i raspola�e pokretnom i nepokretnom imovinom;

(iii) pokre�e pravne postupke.

Cilj Agencije �e biti poticanje priljeva investicija za proizvodne svrhe u zemlje �lanice, a osobito u zemlje �lanice u razvoju, dopunjavaju�i na taj na�in aktivnosti Me�unarodne banke za obnovu i razvoj (u nastavku teksta "Banka"), Me�unarodne financijske korporacije i drugih me�unarodnih razvojnih financijskih institucija.

U tu �e svrhu Agencija:

(a) izdavati garancije, uklju�uju�i zajedni�ko osiguranje i reosiguranje protiv nekomercijalnih rizika u vezi s investicijama u nekoj dr�avi - zemlji �lanici, koje potje�u iz drugih zemalja �lanica;

(b) izvr�avati odgovaraju�e dodatne aktivnosti za unapre�enje priljeva investicija u zemlje �lanice u razvoju i me�u njima; i

(c) djelovati na temelju drugih takvih ovla�tenja koja su potrebna ili po�eljna za ostvarivanje njezina cilja. Agencija �e u svim svojim odlukama postupati prema odredbama ovog �lanka.

Za potrebe ove konvencije:

(a) "�lanica" ozna�ava zemlju za koju je ova konvenci ja stupila na snagu u skladu s �lankom 61.

(b) "Zemlja doma�in" ili "vlada doma�in" ozna�ava �lanicu, njezinu vladu, ili bilo kakav javni organ �lanice na �ijem �e se teritoriju, kao �to je definirano u �lanku 66, nalaziti investicije koje je Agencija garantirala ili reosigurala, ili �ije garantiranje ili reosiguranje Agencija razmatra.

(c) "Zemlja �lanica u razvoju" ozna�ava zemlju koja je kao takva navedena u Prilogu A, a taj prilog s vremena na vrijeme mo�e mijenjati i dopunjavati Savjet guvernera koji se spominje u �lanku 30 (u nastavku teksta "Savjet").

(d) "Specijalna ve�ina" ozna�ava afirmativno glasovanje najmanje dvije tre�ine ukupnoga glasa�kog tijela koja predstavlja najmanje pedeset i pet postotaka upisanih dionica kapitala Agencije.

(e) "Slobodno upotrebljiva valuta" ozna�ava: (i) bilo koju valutu koju kao takvu povremeno utvr�uje Me�unarodni monetarni fond i (ii) bilo koju slobodno raspolo�ivu i efektivno upotrebljivu valutu koju Odbor direktora spomenut u �lanku 30 (u nastavku teksta "Odbor") mo�e odrediti za potrebe ove konvencije nakon konzultacija s Me�unarodnim monetarnim fondom uz odobrenje zemlje �ija je to valuta.

(a) �lanstvo u Agenciji bit �e otvoreno za sve �lanice banke i za �vicarsku.

(b) Prve �lanice bit �e dr�ave koje su navedene u Prilogu A i koje postanu ugovornice ove konvencije na dan ili prije 30. listopada 1987.

(a) Odobreni akcijski kapital Agencije iznosit �e jednu milijardu specijalnih prava vu�enja (SPV 1.000.000.000). Akcijski kapital podijelit �e se u 100.000 dionica, od kojih �e svaka imati nominalnu vrijednost od SPV 10.000, na koje se �lanice mogu upisati. Sve obveze pla�anja �lanica, u odno-. su na akcijski kapital, namirit �e se na temelju prosje�ne vrijednosti SPV u US dolarima za razdoblje od 1, sije�nja 1981. do 30. lipnja 1985, s tim �to je vrijednost 1,082 US dolara po SPV.

(b) Akcijski kapital �e se pove�ati primanjem nove �lanice u onoj mjeri u kojoj do tada odobrene dionice nisu dovoljne da osigwraju dionice na koje �e se upisati ta �lanica u skladu s �lankom 6.

(c) Savjet mo�e, specijalnom ve�inom glasova, u bilo koje vrijeme pove�ati akcijski kapital Agencije.

Svaka od prvih �lanica Agencije upisat �e, po nominalnoj vrijednosti broj dionica akcijskog kapitala koji stoji naspram njezina imena u Prilogu A. Svaka druga �lanica upisat �e onaj broj dionica akcijskog kapitala uz takve uvjete koje mo�e utvrditi Savjet, ali ni u kojem slu�aju po cijeni izdavanja ni�oj od nominalne vrijednosti. Nijedna �lanica ne mo�e upisati manje od pedeset dionica. Savjet mo�e propisati pravila prema kojima �lanice mogu upisivati dodatne dionice odobrenog kapitala.

Podjela i pla�anje na poziv upisanog kapitala Po�etna uplata na ime upisa na kapital svake �lanice pla�at �e se ovako:

(i) u roku od devedeset dana od dana kada ova konvencija stupi na snagu za svaku od �lanica, deset postotaka cijene svake dionice platit �e se u gotovini kao �to je predvi�eno u odjeljku (a) �lanka 8 (a) i dodatnih deset postotaka u obliku neprenosivih i beskamatnih obveznica ili sli�nih obveznica koje �e se unov�iti u skladu s odlukom Odbora da bi se izvr�ile obveze Agencije;

(ii) ostatak podlije�e obvezi pla�anja na zahtjev Agencije kada ona treba da izvr�i svoje obveze.

(a) Pla�anje upisa obavljat �e se u slobodno upotrebljivim valutama, osim �to zemlje �lanice u razvoju mogu u svojim lokalnim valutama pla�ati do dvadeset i pet postotaka pla�enoga gotovinskog dijela njihovih upisa plativih po �lanku 6. (i).

(b) Pozivi za pla�anje bilo kojega dijela nepla�enih upisa bit �e jednaki za sve dionice.

(c) Ako iznos �to ga Agencija primi po pozivu za pla�anje bude nedovoljan za izvr�avanje obveza koje su uvjetovale ovakav poziv za pla�anje, Agencija mo�e zahtijevati daljnja pla�anja neupla�enih iznosa upisnine sve dok ukupni iznos �to ga primi ne bude dovoljan za izvr�avanje takvih obveza.

(d) Odgovornost pa osnovi dionica bit �e ograni�ena na nepla�eni dio cijena izdavanja dionica.

lad god bude poiielino, ii vilie ove koiiveii�t)e, uivrditi vrijednost jedne valute iskazane u nekoj drugoj valuti, takvu �e vrijednost utvrditi Agencija �to je mogu�e pravilnije, nakon konzultacije s Me�unarodnim monetarnim fondom.

(a) Agencija �e, �im bude mogu�e, svojim �lanicama vratiti iznose pla�ene po zahtjevu za uplatu upisanog kapitala. Ako je i u mjeri u kojoj je:

(i) poziv za pla�anje izvr�en radi isplate potra�ivanja koje je rezultat ugovora o garantiranju ili reosiguranju a nakon �ega je Agencija povratila svoju uplatu, u cijelosti ili djelomi�no, u konvertibilnoj valuti, ili

(ii) poziv za pla�anje u�injen zbog neizvr�enja obveza uplate od strane neke �lanice, a �lanica je nakon toga, u cijelosti ili djelomi�no, ispunila svoju obvezu, ili

(iii) Savjet �e utvr�ivati, specijalnom ve�inom glasova, da li financijski polo�aj Agencije dopu�ta da se cjelokupni iznos ili dio tog iznosa vrati iz prihoda Agencije.

(b) Svako refundiranje nekoj �lanici na temelju ovog �lanka izvr�it �e se u konvertibilnoj valuti, razmjerno dijelu uplate te �lanice u ukupan iznos pla�en na temelju poziva realiziranih prije tog refundiranja.

(c) Ekvivalent iznosa refundiranih nekoj �lanici na temelju ovog �lanka postat �e dio obveza ove �lanice u kapitalu plative na poziv na temelju �lanka 7. (ii)

(a) U skladu s odredbama Odjeljaka (b) i (c) u nastavku teksta, Agencija mo�e garantirati odobrenje investicije protiv gubitka koji je rezultat jedne ili vi�e ovih vrsta rizika:

(i) Transfer valute

Svako uvo�enje od strane vlade doma�ina restrikcija na transfer valute te zemlje izvan zemlje doma�ina u konvertibilnu valutu ili drugu valutu koja je prihvatljiva nosiocu garancije, �to obuhva�a i nereagiranje vlade doma�ina, u razumnom vremenskom roku na zahtjev takvog nosioca za takav transfer;

(ii) Eksproprijacija i sli�ne mjere

Svaki zakonodavni ili administrativni postupak ili propust koji se mo�e pripisati vladi doma�inu, a nosioca garancije li�ava vlasni�tva ili kontrole nad njegovom investicijom ili stjecanja znatne koristi, s iznimkom nediskriminatornih redovnih mjera koje se u principu primjenjuju i �to ih vlade obi�no poduzimaju radi reguliranja privredne aktivnosti na svojem teritoriju.

(iii) Kr�enje ugovora

Svaki postupak ili propust koji se mo�e pripisati vladi doma�inu koji predstavlja kr�enje ugovora s nosiocem garancije ako (a) nosilac garancije nije u mogu�nosti obratiti se sudskome ili arbitra�nom organu koji bi utvrdio takav postupak ili povredu; ili (b) ako se odluka tog organa ne dostavi u odgovaraju�em razdoblju koji �e se predvidati u ugovorima o garantiranju u skladu s propisima Agencije, ili (c) ako se takva odluka ne mo�e provesti; i

(iv) Rat i gradanski nemiri

Svaka vojna akcija ili gradanski nemiri na bilo kojem dijelu teritorija zemlje doma�ina na koju �e se primjenjivati ova konvencija kako je predvi�eno u �lanku 66.

(b) Nakon primitka zajedni�ke prijave investitora i zemlje doma�ina, Odbor mo�e specijalnom ve�inom odobriti primjenu ovog �lanka na konkretne nekomercijalne rizike koji nisu obuhva�eni u gornjem Odjeljku (a), ali ni u kojem slu�aju na rizik devalvacije ili depresijacije valute.

(c) Ne�e biti pokriveni gubici koji su rezultat:

(i) bilo kojeg postupka ili propusta vlade doma�ina s kojim se suglasio nosilac garancije ili za koju je on bio odgovoran;i

(ii) bilo kojeg postupka, ili propusta vlade doma�ina ili bilo kojeg drugog dogadaja do kojega do�e prije sklapanja ugovora o garantiranju.

(a) Podobne investicije uklju�it �e kamate na akcijski kapital, uklju�uju�i srednjoro�ne ili dugoro�ne zajmove koje odobre ili za koje garantiraju vlasnici akcija u doti�nom poduze�u, a i one oblike izravnih investicija �to ih utvrdi Odbor.

(b) Odbor mo�e, specijalnom ve�inom glasova, odobriti podobnost za bilo koji drugi oblik srednjoro�ne ili dugoro�ne investicije, s tim �to zajmovi, osim zajmova spomenutih u gornjem Odjeljku (a), mogu biti pogodni samo ako su vezani za specifi�nu investiciju koju je pokrila ili �e pokriti Agencija.

(c) Garancije �e biti ograni�ene na investicije �ija realizacija po�inje nakon registriranja prijave za garantiranje od strane Agencije. Te investicije mogu uklju�iti:

(i) sve devizne transfere za modernizaciju, pro�irenje ili razvoj postoje�e investicije; i

(ii) kori�tenje dobiti od postoje�ih investicija koje bi se u protivnome transferirale iz zemlje doma�ina.

(d) Za garantiranja investicija, Agencija se mora uvjeriti:

(i) u ekonomsku opravdanost investicija i njezin doprinos razvoju zemlje doma�ina;

(ii) da je investicija u skladu sa zakonima i propisima zemlje doma�ina;

(iii) da je investicija u skladu s deklariranim razvojnim ciljevima i prioritetima zemlje doma�ina; i

(iv) u uvjete investiranja u zemlji doma�ina, uklju�uju�i postojanje pravednoga i ravnopravnog tretmana i pravne za�tite za investiciju.

(a) Svaka fizi�ka i svaka pravna osoba mo�e udovoljiti uvjetima za dobivanje garancije Agencije, uz uvjet:

(i) da je takva fizi�ka osoba dr�avljanin zemlje �lanice osim zemlje doma�ina;

(ii) da je takva pravna osoba inkorporirana (tj. pretvorena u akcionarsko poduze�e u zemlji �lanici i da u njoj ima svoje glavno poslovno sjedi�te ili da je ve�ina njezina kapitala u vlasni�tvu �lanice ili �lanica ili njihovih dr�avljana, uz uvjet da takva �lanica nije zemlja doma�in u bilo kojem spomenutom slu�aju; i

(iii) da takva pravna osoba, u privatnom vlasni�tvu ili ne, posluje na komercijalnoj osnovi.

(b) Ako investitor ima vi�e od jednog dr�avljanstva, za potrebe gornjeg Odjeljka (a) dr�avljanstvo �lanice bit �e starije od dr�avljanstva ne�lanice, a dr�avljanstvo zemlje doma�ina bit �e starije od dr�avljanstva bilo koje druge �lanice.

(c) Nakon zajedni�ke prijave od strane investitora i zemlje doma�ina, Odbor mo�e, specijalnom ve�inom, odobriti podobnosti i fizi�koj osobi koja je dr�avljanin zemlje doma�ina ili pravnoj osobi koja je inkorporirana u zemlji doma�ina ili je ve�ina njezina kapitala u vlasni�tvu njezinih dr�avljana, uz uvjet da se sredstva o kojima je rije� transferiraju iz mjesta izvan zemlje doma�ina.

Investicije �e se garantirati u skladu s ovim poglavljem, samo ako su na teritoriju zemlje �lanice u razvoju.

Agencija ne�e sklopiti bilo kakav ugovor o garanciji prije nego �to vlada doma�in odobri izdavanje garancije od strane Agencije protiv rizika navedenih za pokrivanje garancijom.

Rokove i uvjete svakog ugovora o garanciji utvrdit �e Agencija dr�e�i se svih pravila i propisa �to ih propi�e Odbor, s tim �to Agencija ne�e pokrivati ukupni gubitak garantirane investicije. Ugovore o garanciji odobravat �e predsjednik, prema uputama Odbora.

Odluke u svezi s pla�anjem potra�ivanja od strane Agencije imaocu garancije donosit �e predsjednik prema uputama Odbora, u skladu s ugovorom o garanciji u onim politikama koje usvoji Odbor. Ugovori o garanciji predvidaju da imaoci garancija, prije nego �to Agencija izvr�i isplatu, pribjegnu onim administrativnim lijekovima koji su uputni pod danim okolnostima, uz uvjet da su im na raspolaganju prema zakonima zemlje doma�ina. Takvi ugovori mogu zahtijevati odre�ene razumne rokove izme�u stjecanja okolnosti koje vode do potra�ivanja i pla�anja potra�ivanja.

(a) Nakon �to isplati ili se suglasi da isplati naknadu imaocu garancije, Agencija �e stupiti u sva prava ili potra�ivanja takvog imaoca u svezi s garantiranom investicijom prema zemlji doma�inu i drugim du�nicima. Ugovor o garanciji predvidjet �e uyete za takvu subrogaciju.

(b) Prava Agencije u skladu s gornjim Odjeljkom (a) priznat �e sve �lanice.

(c) Iznosi u valuti zemlje doma�ina �to ih stekne Agencija kad stupi u prava u skladu s gornjim Odjeljkom (a) dobit �e, u odnosu na kori�tenje i konverziju, tretman od strane zemlje doma�ina koji nije ni�ta manje povoljan od tretmana na koji bi takva sredstva imala pravo da su u ukama imaoca garancije. U svakom slu�aju takve iznose Agencija mo�e koristiti za pla�anje svojih administrativnih tro�kova i drugih tro�kova. Agencija �e tako�er nastojati sklapati aran�mane sa zemljama doma�inima o drugim kori�tenjima takvih valuta u mjeri u kojoj one nisu konvertbilne.

Agencija �e sura�ivati i te�iti da dopuni operacije nacionalnih tijela �lanica i regionalnih tijela �iji ve�i dio kapitala posjeduju �lanice, koje obavljaju aktivnosti sli�ne aktivnostima Agencije, radi maksimalnog pove�anja efikasnosti pojedina�nih usluga i njihova doprinosa ve�em priljevu stranih investicija. U tu svrhu Agencija mo�e sklapati aran�mane s takvim tijelima o pojedinostima takve suradnje, uklju�uju�i, posebno, o modalitetima reosiguranja i zajedni�kog osiguranja.

(a) Agencija mo�e izdati reosiguranje za konkretne investicije protiv gubitka koji je rezultat jednog rizika ili vi�e nekomercijalnih rizika osiguranih od strane neke �lanice ili neke njezine agencije ili od strane neke regionalne agencije za garantiranje investicija �iji je kapital ve�inom u vlasni�tvu �lanica. Odbor �e specijalnom ve�inom glasova povremeno propisati maksimalni iznos uvjetne odgovornosti koju Agencija mo�e preuzeti u odnosu na ugovore o reosiguranju. U odnosu na konkretne investicije koje su zavr�ene vi�e od dvanaest mjeseci prije primitka prijave za reosiguranje od strane Agencije, taj �e se maksimalni iznos prvobitno utvrditi na deset postotaka od ukupne uvjetne odgovornosti Agencije na temelju ovog poglavlja. Uvjeti podobnosti navedeni u �l. od 11. do 14. primjenjivat �e se na operacije reosiguranja, osim �to reosigurane investicije ne moraju biti realizirane nakon podno�enja prijave za reosiguranje.

(b) Uzajamna prava i obveze Agencije i reosigurane �lanice ili agencije precizirat �e se u ugovorima o reosiguranju u skladu s onim pravima i propisima o reosiguranju koje propi�e Odbor. Odbor �e odobriti svaki ugovor o reosiguranju koji se odnosi na investiciju �to je realizirana prije primitka zahtjeva za reosiguranjem od strane Agencije, radi svodenja rizika na minimum, osiguravanja da Agencija dobije premije razmjerne rizicima koje preuzima i osiguravanja da reosigurano tijelo bude na adekvatan na�in anga�irano na unapre�enju novih investicija u zemljama �lanicama u razvoju.

(c) Agencija �e, u mjeri u kojoj je to mogu�e, osigurati da ona ili reosigurano tijelo u�ivaju sva prava subrogacije i arbitra�e jednaka onima koje bi Agencija imala da je osnovni garant. Uvjeti reosiguranja razumijevat �e pribjegavanje administrativnom lijeku u skladu s �lankom 17. prije nego �to Agencija izvr�i neku isplatu. Takve subrogacija bit �e va�e�a u odnosu na zemlju doma�ina samo nakon �to zemlja doma�in prethodno odobri reosiguranje od strane Agencije. Agencija �e u ugovore o reosiguranju uklju�iti odredbe koje predvidaju da reosigurana strana a�urno ispunjava prava ili potra�ivanje u svezi s reosiguranom investicijom.

(a) Agencija mo�e sklopiti aran�mane s privatnim osiguravateljima u zemljama �lanicama kako bi unaprijedila svoj rad i potakla takve osiguravatelje da osiguraju pokri�e nekomercijalnih rizika u zemljama �lanicama u razvoju uz uvjete sli�ne uvjetima koje primjenjuje Agencija. Takvi aran�mani mogu obuhvatiti osiguravanje reosiguranja od strane Agencije uz uvjete i u skladu s procedurama preciziranim u �lanku 20.

(b) Agencija mo�e reosigurati bilo kod kojega odgovaraju�eg tijela za reosiguranje, u cijelosti ili djelomi�no, svaku garanciju ili garancije �to ih ona izdaje.

(c) Agencija �e posebno poku�ati da garantira za investicije za koje dodatna pokrivenost po odgovaraju�im uvjetima nije raspolo�iva od privatnih osiguravatelja ili reosiguravatelja.

(a) Osim ako Odbor nije druk�ije utvrdio specijalnom ve�inom, ukupni stupanj uvjetne odgovornosti �to ga Agencija mo�e preuzeti u skladu s ovim poglavljem ne�e prema�ivati 150 postotaka od iznosa neokrnjenoga upisanog kapitala Agencije, njezinih rezervi i onog dijela reosiguranog pokri�a �to ga odredi Odbor. Odbor �e povremeno ponovno razmatrati profit rizika u poslovnom portfelju Agencije u svjetlu njezinih iskustava s potra�ivanjima, stupnjem diverzifikacije rizika, pokri�em reosiguranja i drugim relevantnim �iniocima radi utvr�ivanja da li je potrebno Odboru preporu�iti izmjene u maksimalnom ukupnom iznosu uvjetne odgovornosti. Maksimalni iznos �to ga utvrdi Odbor ne�e ni pod kakvim okolnostima prema�iti peterostruki neokrnjeni iznos upisanog kapitala Agencije, njezine rezerve i onaj dio pokri�a reosiguranja koji se smatra odgovaraju�im.

(b) Bez �tete za op�i limit garancija koji se spominje u prethodnom Odjeljku (a) Odbor mo�e propisati:

(i) maksimalne ukupne stupnjeve uvjetne odgovornosti koje Agencija mo�e preuzeti prema ovom poglavlju za sve garancije izdane investitorima svake pojedina�ne �lanice. Pri utvr�ivanju takvih maksimalnih stupnjeva Odbor �e uzeti u obzir udio pojedina�ne �lanice u kapitalu Agencije i potrebu primjene liberalnijih ograni�enja u odnosu na investicije koje potje�u iz zemalja �lanica u razvoju; i

(ii) maksimalne ukupne stupnjeve uvjetne odgovornosti koje Agencija mo�e preuzeti u odnosu na takve �inioce deverzifikacije rizika, kao �to su pojedina�ni projekti, pojedina�ne zemlje doma�ini i vrste investicija ili rizika.

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(a) Agencija �e provoditi istra�ivanja unapre�enja priljeva investicija i �iriti informacije o mogu�nostima za investiranje u zemljama �lanicama u razvoju radi unapre�enja uvjeta za priljev stranih investicija u te zemlje. Agencija mo�e, na zahtjev �lanice, osigurati tehni�ku pomo� i savjete za pobolj�anje uvjeta investiranja na teritoriju te �lanice. U obavljanju ovih aktivnosti Agencija:

(i) rukovodit �e se relevantnim sporazumima o investicijama me�u zemljama �lanicama;

(ii) nastojat �e i u razvijenim zemljama i u zemljama u razvoju ukloniti prepreke priljevu investicija u zemlje �lanice u razvoju,i

(iii) koordinirat �e rad s drugim agencijama kojes bave unapre�enjem stranih investicija, posebno u Me�unarodnom financijskom korporacijom.

(b) Agencija �e tako�er:

(i) poticati prijateljsko rje�avanje sporova izme�u investitora i zemalja doma�ina;

(ii) nastojati sklopiti sporazume sa zemljama �lanicama u razvoju a posebno s potencijalnim zemljama doma�inima, koje �e osigurati Agenciji, u odnosu na investicije �to ih garantira, tretman koji nije nepovoljniji od tretmana �to su ga zainteresirane zemlje prihvatile za najpovla�teniju agenciju za garantiranje investicija ili dr�avu u sporazumu koji se odnosi na investiciju, s tim �to takvi sporazumi zahtijevaju odobrenje Odbora ve�inom glasova; i

(iii) poticati i olak�avati sklapanje sporazuma me�u svojim �lanicama, o unapre�enju i za�titi investicija.

(c) Agencija �e u svojem radu na poticanju investicija posve�ivati posebnu pa�nju zna�aju pove�anja protoka investicija me�u zemljama �lanicama u razvoju.

Osim garantiranih operacija �to ih preuzima na temelju ovog poglavlja, Agencija mo�e garantirati investicije u okviru sponzorskih aran�mana predvi�enih u Aneksu I. uz ovu konvenciju.

Agencija �e obavljati svoju djelatnost u skladu s dobrom poslovnom praksom i promi�ljenim financijskim upravljanjem i, radi odr�avanja, u svim uvjetima, svoje sposobnosti da izvr�avaju svoje financijske obveze.

Agencija �e utvr�ivati i periodi�no revidirati stope premija, naknada i drugih tro�kova, ako ih ima, koje se primjenjuju na svaku pojedina�nu vrstu rizika.

(a) Bez �tete za odredbe Odjeljka (a) (iii) �lanka 10. Agencija �e cijeli �isti dohodak stavljati u rezerve sve dok one ne dostignu razinu peterostrukoga upisanog kapitala Agencije.

(b) Kada rezerve Agencije dostignu razinu propisanu u Odjeljku (a) u prethodnom tekstu, Savjet �e odlu�iti ho�e li, i u kojoj mjeri, �isti dohodak Agencije stavljati u rezerve, distribuirati �lanicama Agencije ili koristiti na drugi na�in. Distribuiranje �istog dohotka �lanicama Agencije obavljat �e se proporcionalno udjelu (dionicama) svake �lanice u kapitalu Agencije u skladu s odlukom Savjeta na osnovi specijalne ve�ine.

Predsjednik �e pripremiti godi�nji bud�et prihoda rashoda Agencije �to ga odobrava Odbor.

Agencija �e izdavati Godi�nji izvje�taj koji �e sadriati financijski kontrolirane izvode njezinih ra�una i ra�una Sponzorskog fonda spomenutog u Aneksu I. uz ovu konvenciju. Agencija �e u odgovaraju�im intervalima distribuirati rezimirani izvod svojeg financijskog stanja i ra�un dobiti i gubitaka koji pokazuju rezultate njezina poslovanja.

Agencija �e imati Savjet guvernera, Odbor direktora, predsjednika i stru�nu slu�bu za obavljanje poslova �to ih utvrdi.

(a) Savjet �e biti nosilac svih ovla�tenja Agencije, osim ovla�tenja koja su, u smislu ove konvencije, konkretno dana nekom drugom organu Agencije. Savjet mo�e prenijeti na odbor ostvarivanje svakoga od svojih ovla�tenja, osim ovla�tenja da:

(i) prima nove �lanice i utvr�uje uvjete njihova primanja;

(ii) suspendira �lanice;

(iii) odlu�uje o svakom pove�anju ili smanjenju kapitala;

(iv) pove�a granicu ukupnog iznosa uvjetne odgovornosti u skladu s Odjeljkom (a) �lanka 22;

(v) imenuje neku �lanicu kao zemlju �lanicu u razvoju u skladu s Odjeljkom (c) �lanka 3;

(vi) klasificira novu �lanicu tako da pripada Kategoriji jedan ili Kategoriji dva u svrhe glasovanja, u skladu s Odjeljkom (a) �lanka 39. ili preklasificira postoje�u �lanicu u iste svrhe;

(vii) utvrdi prihode direktora i njihovih zamjenika; (viii) prekine poslovanje i likvidira Agenciju;

(ix) raspodijeli sredstva �lanicama nakon likvidacije; (x) mijenja i dopunjuje Konvenciju, njezin dodatak i priloge;

(b) Savjet �e �initi po jedan guverner i po jedan zamjenik koje imenuje svaka �lanica na na�in �to ga sama utvr�uje. Nijedan zamjenik nema pravo glasa, osim u odsutnosti svojeg guvernera. Savjet �e izabrati jednog od guvernera za predsjedavaju�ega.

(c) Savjet �e odr�avati godi�nji sastanak i druge takve sastanke koje utvrdi Savjet ili koje sazove Odbor. Odbor �e sazvati sastanak Savjeta kad god to zahtijeva pet �lanova ili �lar.ovi koji imaju dvadeset pet posto ukupnih glasova.

(a) Odbor �e biti odgovoran za op�e poslovanje Agencije i u obavljanju ove du�nosti poduzimat �e svaku mjeru koja se zahtijeva ili je dopu�tena na temelju ove konvencije.

(b) Odbor �e �initi najmanje dvanaest direktora. U okviru ovih ograni�enja Savjet mo�e prilagodavati broj direktora da bi uzele u obzir promjene u �lanstvu. Svaki direktor mo�e postaviti zamjenika s punim ovla�tenjem da ga zastupa u slu�aju odsutnosti ili nemogu�nosti da radi. Predsjednik banke �e po slu�benoj du�nosti biti predsjednik Odbora, ali ne�e imati pravo glasa, osim odlu�uju�eg glasa u slu�aju podjele na jednak broj glasova.

(c) Savjet �e utvrditi mandat direktora. Prvi Odbor �e biti izabran u vrijeme inauguralnog sastanka Savjeta.

(d) Odbor �e se sastajati kada ga sazove njegov predsjednik, rade�i na vlastitu inicijativu ili na zahtjev tri direktora.

(e) Dok ne dode vrijeme da Savjet, eventualno, odlu�i da Agencija treba imati stalni odbor koji bi bio u stalnom zasjedanju, direktori i njihovi zamjenici �e primati naknadu samo za tro�kove prisustvovanja sastancima odbora i obavljanje drugih zna�ajnih funkcija u ime Agencije. Nakon osnivanja Odbora u stalnom zasjedanju, direktori i zamjenici primat �e naknadu koju utvrdi Savjet.

(a) Predsjednik �e, pod op�om kontrolom odbora, obavljati uobi�ajene poslove Agencije. Bit �e odgovoran za organizaciju, postavljanje i otpu�tanje stru�nih suradnika.

(b) Predsjednik �e postavljati odbor nakon imenovanja predsjedavaju�ega. Savjet �e utvrditi pla�u i uvjete radnog ugovora predsjednika.

(c) U obavljanju svojih poslova predsjednik i stru�na slu�ba u potpunosti odgovaraju Agenciji i nijednom drugom organu. Svaka �lanica Agencije po�tovat �e me�unarodni karakter ove du�nosti i suzdr�at �e se od svakog poku�aja da utje�e na predsjednika ili stru�nu slu�bu u obavljanju njihovih du�nosti.

(d) Pri postavljenju stru�nih kadrova, predsjednik �e, u skladu s potrebama efikasnosti, i stru�ne sposobnosti, poklanjati du�nu pa�nju zna�enju regrutiranja slu�benika na naj�iroj mogu�oj geografskoj osnovi.

(e) Predsjednik i stru�na slu�ba �e u svakom trenutku �uvati povjerljivost informacija pri obavljanju poslova Agencije.

Agencija, njezin predsjednik i njezina stru�na slu�ba ne�e se mije�ati u politi�ke poslove bilo koje �lanice. Bez naru�avanja prava da uzima u obzir sve uvjete vezane za investicije, Agencija pri dono�enju odluka ne�e trpjeti utje caj politi�kog karaktera doti�ne �lanice ili �lanica. Pitanja va�na za odlu�ivanje objektivno �e se razmatrati kako bi se ostvarili ciljevi navedeni u �lanku 2.

Agencija �e, u okviru odredaba ove konvencije, sura�ivati s Organizacijom ujedinjenih naroda i s drugim me�uvladinim organizacijama koje imaju posebne odgovornosti u srodnim oblastima, uklju�uju�i osobito Banku i Me�unarodnu financijsku korporaciju.

(a) Sjedi�te Agencije �e biti u Washingtonu, osim ako Savjet, specijalnom ve�inom, ne odlu�i da bude na drugom mjestu.

(b) Agencija mo�e, ako je to potrebno za obavljanje njezinih funkcija, uspostavljati i druge biroe.

Svaka �e �lanica odrediti svoju centralnu banku za depozitorij u kojem Agencija mo�e dr�ati sredstva u valuti te �lanice ili druga sredstva Agencije ili, ako �lanica nema svoju centralnu banku, ona �e u te svrhe odrediti drugu takvu instituciju koja bi bila prihvatljiva Agenciji.

(a) Svaka �e �lanica odrediti odgovaraju�i organ s kojim Agencija mo�e komunicirati u svezi s bilo kojim pitanjem �to se postavlja na temelju ove konvencije. Agencija se mo�e osloniti na izjave takvog organa kao na izjave doti�ne �lanice. Agencija �e se, na zahtjev �lanice, konzultirati s tom �lanicom o pitanjima o kojima je rije� u �l. 19, do 21. i u svezi s tijelima ili osiguravateljima te �lanice.

(b) Kad god bude potrebna suglasnost bilo koje �lanice prije nego �to Agencija mo�e ne�to u�initi smatrat �e se da je suglasnost dana ako �lanica ne podnese prigovor u okviru realnog roka �to bi ga Agencija utvrdila pri obavje�tavanju �lanice o predlo�enoj mjeri.

(a) Radi osiguravanja glasa�kih aran�mana koji su odraz ravnopravnih interesa u Agenciji dviju kategorija dr�ava navedenih u Prilogu A uz ovu konvenciju te zbog zna�aja financijskog doprinosa svake �lanice, svaka �e �lanica raspolagati sa 177 glasova u svojstvu �lana i jednim glasom na osnovi upisa za svaku dionicu koji ima doti�na �lanica.

(b) Ako je u bilo koje vrijeme u toku tri godine nakon stupanja na snagu ove konvencije ukupni broj glasova na osnovi �lanstva i upisa �lanica koje pripadaju bilo kojoj od dvije kategorije dr�ava navedenih u Prilogu A uz ovu konvenciju manji od �etrdeset postotaka od ukupnog broja glasova, �lanice iz te kategorije raspolagat �e onim brojem do datnih glasova koji �e biti potreban da ukupni broj glasova te katPgorije bude jednak postotku ukupnog broja glasova. Ti �e se dopunski glasovi podijeliti me�u �lanicama te kategorije u razmjeru u kojem glasovi na osnovi upisa svake �lanice stoje prema ukupnim glasovima na osnovi upisa kategorije. Ti �e dopunski glasovi podlijegati automatskoj prilagodbi, kako bi se osiguralo odr�avanje tog postotka i ukinut �e se nakon proteka spomenutoga trogodi�njeg razdoblja.

(c) U toku tre�e godine nakon stupanja na snagu ove konvencije, Savjet �e preispitati raspodjelu dionica i u svojim �e se odlukama rukovoditi ovim principima:

(i) glasovi �lanica odrazit �e stvarne upise u kapital Agencije i glasove na osnovi �lanstva kako je predvi�eno u Odjeljku (a) ovog �lanka;

(ii) dijelovi raspodijeljeni zemljama koje nisu potpisale konvenciju mogu se preraspodijeliti onim �lanicama i na takav na�in koji �e osigurati glasa�ki paritet izme�u gore navedenih kategorija; i

(iii) savjet �e poduzeti mjere koje �e �lanicama olak�ati mogu�nost upisa dionica koje su im rasporedene.

(d) U toku trogodi�njeg razdoblja predvi�enog u Odjeljku (c) ovog �lanka, sve odluke Savjeta i Odbora donosit �e se specijalnom ve�inom, osim �to �e odluke koje zahtijevaju jo� ve�u ve�inu na temelju ove konvencije donositi takvom ve�inom.

(e) U slu�aju da se osnovni kapital Agencije pove�a u skladu s Odjeljkom (c) �lanka 5, svaka �lanica koja to �eli bit �e ovla�tena da upi�e dio pove�anja koji je ekvivalentan razmjeru njezinih do tada upisanih sredstava prema ukupnim sredstvima Agencije, ali nijedna �lanica nije obvezna upisati bilo koji dio pove�anog kapitala.

(f) Savjet �e donijeti propise u svezi s dopunskim upisima na temelju Odjeljka (e) ovog �lanka. Propisima �e se propisati razumni rokovi za podno�enje zahtjeva �lanica za takve upise.

(a) Svaki guverner ima pravo koristiti se glasovima �lanice koju predstavlja. Osim ako nije druga�ije nazna�eno u ovoj konvenciji, odluke Savjeta donose se ve�inom glasova.

(b) Kvorum za svaki sastanak Savjeta �init �e ve�ina guvernera koji predstavljaju najmanje dvije tre�ine ukupnih glasova.

(c) Savjet mo�e regulativom utvrditi proceduru po kojoj Odbor mo�e, kada smatra da je takav postupak u najboljem interesu Agencije, zahtijevati odluku Savjeta o konkretnom pitanju bez sazivanja sastanka Savjeta.

(a) Direktori �e se birati u skladu s procedurama predvi�enim u prilogu B.

(b) Direktori �e obavljati svoju funkciju sve dok ne budu izabrani njihovi nasljednici. Ako mjesto direktora ostane upra�njeno du�e od devedeset dana prije proteka njegova mandata, guverneri koji su izabrali prethodnog direktora izabrat �e drugog direktora za ostatak mandata. Za izbor �e biti potrebna ve�ina glasova. Dok je mjesto upra�njeno, zamjenik prethodnog direktora �e obavljati njegove funkcije, osim imenovanja zamjenika.

(a) Svaki direktor �e imati pravo na onoliki broj glasova koliko je potrebno za njegov izbor. Svi glasovi na koje direktor ima pravo davat �e se pri glasovanju zajedno. Osim kad je druga�ije predvi�eno Konvencijom, odluke Odbora donosit �e se ve�inom glasova.

(b) Kvorum za sastanak odbora �init �e ve�ina direktora koji predstavljaju najmanje polovicu ukupnih glasova. (c) Odbor mo�e regulativom utvrditi proceduru na osnovi koje predsjednik mo�e, kada smatra da je takav postupak u najboljem interesu Agencije, traiiti odluku Odbora o konkretnom pitanju bez sazivanja sastanka Savjeta.

Da bi se Agenciji omogu�ilo da obavlja svoje funkcije, imuniteti i privilegiji navedeni u ovom poglavlju bit �e dani Agenciji na teritoriju svake �lanice.

Osim postupaka navedenih u �l. 57. i 58, protiv Agencije se mo�e pokrenuti postupak samo u sudu koji ima jurisdikciju na teritoriju �lanice na kojoj Agencija ima svoj ured ili je postavila predstavnika koji je ovla�ten da prima sudske pozive ili obavijesti o pokretanju postupka. Takve postupke protiv Agencije ne�e pokretati (a) �lanice ili osobe koje zastupaju �lanice, ili koje imaju potra�ivanje kod �lanice, ili (b) takvi postupci ne�e se pokretati u svezi s osobnim pitanjima. Imovina i sredstva Agencije, bez obzira na to gdje se nalaze i tko ih dri,i, bit �e imuni od svih oblika zapljene (zabrane, popisa i prisilne naplate) prije nego �to se donese kona�na presuda u odnosu na Agenciju.

(a) Imovina i sredstva Agencije, bilo gdje da se nalaze i tko god da ih drii, bit �e imuna od premeta�ina, rekviriranja, konfiskacije, eksproprijacije ili bilo kojega drugog oblika zapljene izvr�nim ili zakonodavnim postupkom.

(b) U mjeri u kojoj je potrebno da bi se obavljalo poslovanje na temelju ove konvencije, sva imovina i sredstva Agencije bit �e oslobodena od restrikcija, propisa, kontrola i moratorija bilo koje vrste, uz uvjet da �e imovina i sredstva �to ih je Agencija stekla kao nasljednik ili stupanjem u prava imaoca garancije, reosigurani subjekt ili investitor osiguran od strane reosiguranog subjekta biti oslobodeni od primjenjivih deviznih restrikcija, propisa i kontrola koji su na snazi na teritoriju doti�ne �lanice u mjeri u kojoj je imalac, subjekt ili investitor u �ija je prava Agencija stupila imao prava na takav tretman.

(c) U svrhe ovog poglavlja, termin "sredstva" odnosit �e se na sredstva Sponzorskog fonda spomenutog u Aneksu I. uz ovu konvenciju i druga sredstva kojima upravlja Agencija u izvr�avanju svojeg cilja.

(a) Arhiva Agencije bit �e neprikosnovena bilo gdje se ona nalazila.

(b) Slu�benim komunikacijama Agencije svaka �lanica davat �e isti tretman koji se daje slu�benim komunikacijama Banke.

(a) Agencija, njezina sredstva, imovina i dohodak te njezine operacije i transakcije odobrene ovom konvencijom, bit �e oslobodeni svih poreza i carina. Agencija �e tako�er biti imuna od odgovornosti za ubiranje ili pla�anje bilo kojega poreza ili carine.

(b) Osim u slu�aju lokalnih dr�avljana, nikakav porez se ne�e razrezivati na naknade ili u svezi � naknadama za tro�kove �to ih Agencija pla�a guvernerima i njihovim zamjenicima ili na pla�e, naknade za tro�kove ili druga primanja, ili u svezi s njima �to ih Agencija pla�a predsjedaju�em Odbora, direktorima, njihovim zamjenicima, predstavniku ili stru�nim suradnicima Agencije.

(c) Nikakvi porezi ne�e se razrezivati na bilo koju investiciju koju Agencija garantira ili reosigurava (kao ni na bilo koje prihode od investicije), ili na bilo koju policu osiguranja koju Agencija reosigurava (uklju�uju�i sve premije i druge prihode od toga tko god da je imalac: (i) koji vr�e diskriminaciju protiv takve investicije ili police osiguranja isklju�ivo zbog toga �to je garantira ili reosigurava Agencija; ili (b) ako je isklju�iva jurisdikcija osnova za takvo oporezivanje lokacija bilo kojeg ureda ili poslovnog mjesta �to ga Agencija drii.

Svi guverneri, direktori, zamjenici, predsjednik i stru�ni suradnici Agencije:

(i) bit �e imuni na pravni postupak u svezi s djelima koja su izvr�ili u svojem slu�benom svojstvu;

(ii) ako nisu lokalni dr�avljani, u�ivat �e iste imunitete u odnosu na imigracijske restrikcije, obveze o registriranju stranaca i obveze slu�enja vojnog roka, kao i iste pogodnosti u svezi s valutnim ograni�enjima �to ih doti�ne �lanice daju predstavnicima, funkcionarima i radnicima usporedivog ranga drugih �lanica;

(iii) dobit �e isti tretman u pogledu mogu�nosti putovanja �to ga doti�ne �lanice daju predstavnicima, funkcionarima i radnicima usporedivog ranga drugih �lanica.

Svaka �e �lanica pokrenuti sve potrebne postupke na svojem teritoriju da bi provela u �ivot, vlastitim zakonima, principe utvrdene u ovom poglavlju i obavijestit �e Agenciju o detaljnim postupcima koje je pokrenula.

Imunitet, izuze�a i privilegiji predvi�eni u ovom poglavlju dodjeljuju se u interesu Agencije koja ih se mo�e od re�i u mjeri i uz uvjete �to ih sama utvrdi, u slu�ajevima u kojima se ta odreknu�a ne�e kositi s njezinim interesima. Agencija �e se odre�i imuniteta bilo kojeg slu�benika ako, po njezinu mi�ljenju, taj imunitet spre�ava izvr�enje pravde i ako ga se mo�e odre�i bez �tete za interes Agencije.

Svaka se �lanica mo�e, nakon proteka tri godine od dana stupanja na snagu ove konvencije za tu �lanicu, povu�i iz Agencije u bilo koje vrijeme, obavje�tavaju�i pismeno 0 tome sjedi�te Agencije. Agencija �e obavijestiti Banku, kao depozitorija ove konvencije, o primitku takve obavijesti. Svako povla�enje postat �e pravovaljano u roku od devedeset dana nakon �to Agencija primi takvu obavijest, �lanica mo�e povu�i ovakvu obavijest prije nego �to ona postane pravovaljana.

(a) Ako �lanica ne ispuni neke od svojih obveza na temelju ove konvencije, Savjet mo�e, ve�inom glasova svojih �lanova koji raspola�u ve�inom ukupnog broja glasova, suspendirati �lanstvo.

(b) Dok je suspendirana, �lanica nema nikakva prava po ovoj konvenciji, osim prava na povla�enja i drugih prava na temelju ovog poglavlja i poglavlja X, ali i nadalje mora ispunjavati sve svoje obveze.

(c) U svrhe utvr�ivanja pogodnosti za garanciju ili reosiguranje koje treba imati na temelju Poglavlja III, ili Aneksa I, uz ovu konvenciju, suspendirana �lanica ne�e se tretirati kao �lanica Agencije.

(d) Suspendirana �lanica �e automatski prestati biti �lanica u roku od jedne godine od dana suspendiranja, osim ako Savjet ne odlu�i da produ�i razdoblje suspenzije ili da �lanici obnovi redovni status.

(a) Kada �lanici prestane �lanstvo, ona ostaje odgovorna za svoje postoje�e ili uvjetne obveze po ovoj konvenciji koje su bile na snazi prije prestanka njezina �lanstva.

(b) Agencija �e, ne na �tetu Odjeljka (a) iz prethodnog teksta, sklopiti aran�mane s takvom dr�avom radi namirenja njihovih me�usobnih potra�ivanja i obveza. Svaki takav aran�man odobrava Odbor.

(a) Odbor mo�e, kad god smatra to opravdanim, suspendirati izdavanje novih garancija za odre�eno razdoblje.

(b) U izvanrednoj situaciji Odbor mo�e suspendirati sve aktivnosti Agencije za trajanja takve izvanredne situacije, uz uvjet da se sklope potrebni aran�mani za za�titu interesa Agencije i tre�ih strana.

(c) Odluka o suspendiranju operacija ne�e utjecati na obveze �lanica po ovoj konvenciji ili na obveze Agencije prema imaocu garancija ili polica reosiguranja ili u odnosu na tre�e strane.

(a) Savjet mo�e specijalnom ve�inom odlu�iti da obustavi poslovanje i da likvidira Agenciju. Odmah potom Agencija �e obustaviti sve aktivnosti, osim onih koje su prijeko potrebne za urednu realizaciju i o�uvanje sredstava i namirenje obveza. Do kona�nog namirenja i raspodjele sredstava Agencija �e i nadalje postojati i sva prava i obveze �lanica po ovoj konvenciji �e i nadalje nesmetano postojati.

(b) �lanicama se ne�e raspodijeliti nikakva sredstva dok se ne namire sve obvezeprema imaocima garancija i drugim vjerovnicima i dok Savjet ne odlu�i da se izvr�i takva raspodjela.

(c) U skladu s prethodnim, Agencija �e svoja preostala sredstva raspodijeliti razmjerno udjelu svake �lanice u njezinom kapitalu. Agencija �e, tako�er, sva preostala sredstva Sponzorskog fonda koji se spominje u Aneksu ove konvencije raspodijeliti �lanicama sponzorima, razmjerno investicijama �to ih je svaka od tih �lanica garantirala u okviru ukupnih zajam�enih (sponsored) investicija. Nijedna �lanica ne�e imati pravo na svoj udio u sredstvima Agencije ili Sponzorskog fonda ako nije namirila sve svoje obveze prema Agenciji. Svaka raspodjela sredstava izvr�it �e se u ono vrijeme koje utvrdi Savjet na na�in koji smatra po�tenim i pravi�nim.

(a) Svako pitanje u svezi s tuma�enjem ili primjenom odredaba ove konvencije koje se postavlja izme�u bilo koje �lanice Agencije i Agencije ili me�u �lanicama Agencije podnosi se Odboru radi dono�enja odluke. Svaka �lanica na koju se takvo pitanje posebno odnosi, a koja nije zastupljena u Odboru svojim dr�avljaninom, mo�e poslati svojeg predstavnika da prisustvuje svakom sastanku Odbora na kojem se to pitanje razmatra.

(b) U svakom slu�aju u kojem je Odbor donio odluku u skladu s Odjeljkom (a) u prethodnom tekstu, svaka �lanica mo�e zahtijevati da se to pitanje prenese na Savjet, �ija �e odluka biti kona�na. Prije prijenosa ovog pitanja na Savjet, Agencija mo�e, u mjeri u kojoj to smatra potrebnim postupati na temelju odluke Odbora.

(a) Svaki spor izme�u Agencije i bilo koje �lanice (ili nekoga njezina organa) koja je prestala biti �lanica rje�avat �e se u skladu s postupkom navedenim u Prilogu uz ovu konvenciju, bez �tete za odredbe �lanka 56. i odjeljka (b) ovog �lanka.

(b) Sporovi u svezi s potra�ivanjem Agencije koja je preuzela sva prava investitora rje�avat �e se u skladu s (i) procedurom u Aneksu II, uz ovu konvenciju, ili (ii) u skladusa sporazumom koji �e se sklopiti izme�u Agencije i doti�ne �lanice o alternativnoj metodi ili metodama za rje�avanje takvih sporova. U posljednjem slu�aju, Aneks II. uz ovu konvenciju slu�it �e kao osnova za takav sporazum koji �e u svakom pojedina�nom slu�aju odobravati odbor specijalnom ve�inom prije nego �to Agencija po�ne s operacijama na teritoriju doti�ne �lanice.

Svaki spor po ugovoru o garanciji ili reosiguranju izme�u doti�nih strana ugovornica podnijet �e se na arbitra�u radi kona�ne odluke, u skladu s pravilima koja �e biti predvi�ena ili spomenuta u ugovoru o garanciji ili reosiguranju.

(a) Ova konvencija i njezini aneksi mogu se mijenjati i dopunjavati gla.sanjem tri petine guvernera koji raspola�u sa �etiri petine ukupnog broja glasova, uz ove uvjete:

(i) svaka izmjena kojom se mijenja pravo povla�enja iz Agencije predvi�eno �lankom 51. ili ograni�enje odgovornosti predvi�eno u Odjeljku (d) �lanka 8. zahtijevat �e afirmativne glasove svih guvernera; i

(ii) svaka izmjena kojom bi se mijenjao aran�man o diobi gubitaka �to je predvi�en u �l. 1. i 3. Aneksa I. uz ovu konvenciju a kojom bi se pove�ala odgovornost bilo koje �lanice u svezi s tim, zahtijevat �e afirmativni glas guvernera svake �lanice.

(b) Savjet mo�e izmijeniti i dopuniti Prilog A i Prilog B uz ovu konvenciju specijalnom ve�inom glasova.

(c) Ako se neka izmjena odra�ava na bilo koju odredbu Aneksa I. uz ovu konvenciju, ukupni glasovi �e uklju�ivati i dodatne glasove dodijeljene na temelju �lanka 7. Aneksa I. �lanicama sponzorima i zemljama koje su doma�ini zajam�enih (sponsored) investicija.

Svaki prijedlog za izmjenu ove konvencije, bez obzira na to potje�e li od neke �lanice, guvernera ili direktora prenijet �e se predsjedaju�em Odbora, koji �e prijedlog iznijeti na Odbor. Ako Odbor preporu�i predlo�enu izmjenu, ona �e se proslijediti na odobrenje Savjetu u skladu s �lankom 59. Kada Savjet na odgovaraju�i na�in odobri izmjenu, Agencija �e to potvrditi formalnom obavijesti koja �e se poslati svim �lanicama. Izmjene �e stupiti na snagu za sve �lanice devedeset dana od dana formalne obavijesti, osim ukoliko Savjet ne utvrdi drugi datum.

(a) Ova konvencija �e biti otvorena za potpis svih �lanica Banke i �vicarske i podlijegat �e ratifikaciji, prihva�anju ili odobrenju od zemalja potpisnica u skladu s njihovom ustavnom procedurom.

(b) Ova konnencija �e stupiti na snagu kada najmanje pet ratifikacijskih instrumenata, instrumenata prihva�anja ili odobrenja bude deponirano u ime zemalja potpisnica koje su klasificirane kao �lanice Kategorije I. i kada najmanje petnaest takvih instrumenata bude deponirano u ime zemalja potpisnica koje su klasificirane kao �lanice Kategorije II. uz uvjet da ukupne upisnine tih zemalja iznose najmanje jednu tre�inu ovla�tenog kapitala Agencije kao �to je propisano u �lanku 5.

(c) Za svaku dr�avu koja deponira svoj ratifikacijski instrument, instrument prihva�anja ili odobrenja nakon stupanja na snagu ove konvencije, Konvencija �e stupiti na snagu na dan tog deponiranja.

(d) Ako ova konvencija ne stupi na snagu za dvije godine od otvaranja za potpis, predsjednik Banke �e sazvati konferenciju zainteresiranih zemalja radi utvr�ivanja bvdu�eg djelovanja.

Nakon stupanja Konvencije na snagu, predsjednik Banke �e sazvati inauguralni sastanak Savjeta. Ovaj �e se sastanak odr�ati u sjedi�tu Agencije u roku od �ezdeset dana od dana stupanja na snagu ove konvencije ili �im to bude ostvarljivo nakon toga.

Ratifikacijski instrumenti, instrumenti prihva�anja ili odobrenja ove konvencije i njezinih izmjena i dopuna deponirat �e se kod Banke koja �e vr�iti funkciju depozitorija ove konvencije. Depozitorij �e prenijeti ovjerene primjerke ove konvencije dr�avama �lanicama Banke i �vicarskoj.

Depozitorij �e registrirati ovu konvenciju kod Sekretarijata Organizacije ujedinjenih naroda u skladu s �lankom 102. Povelje Ujedinjenih naroda i u njoj sadr�anih propisa koje je usvojila Generalna skup�tina.

Depozitorij �e obavijestiti sve dr�ave potpisnice i, nakon stupanja na snagu ove konvencije. Agenciju o ovome

(a) potpisivanju ove konvencije;

(b) deponiranju ratifikacijskih instrumenata, instrumenata prihva�anja i odobrenja u skladu s �lankom 63:

(c) datumu stupanja na snagu ove konvencije u skladu s �lankom 61;

(d) izuzimanju od teritorijalne primjene u skladu s �lankom 66;

(e) povla�enju �lanica iz Agencije u skladu s �lankom 51.

Ova konvencija �e se odnositi na sve teritorije pod jurisdikcijom svake �lanice, uklju�uju�i i teritorije za �ije Me�unarodne odnose odgovara neka �lanica, osim onih koje je takva �lanica izuzela pisanom obavijesti depozitorija ove konvencije bilo u vrijeme ratifikacije, prihva�anja ili odobrenja ili nakon toga.

(a) Savjet �e periodi�no sastavljati sveobuhvatne preglede aktivnosti Agencije i ostvarenih rezultata radi uno�enja bilo koje promjene koja bi bila potrebna za unapre�enje sposobnosti Agencije da izvr�ava svoje ciljeve.

(b) Prvi takav pregled �e uslijediti pet godina nakon stupanja na snagu ove konvencije. Datume slijede�ih pregleda utvrdit �e Savjet.

Sastavljeno u Seoulu, u jednoj kopiji koja �e ostati deponirana u Arhivu Me�unarodne banke za obnovu i razvoj i �ijim se potpisivanjem preuzima obveza ispunjavanja funkcija predvi�enih ovom konvencijom.

(a) Svaka �lanica mo�e biti sponzor za garantiranje investicije u koju ulazi investitor bilo kojega dravljanstva ili investitori jednoga ili vi�e dr�avljanstava.

(b) U skladu s odredbama Odjeljka (b) i Odjeljka (c) �lanka 3. ovog aneksa, svaka �lanica sponzor �e s drugim �lanicama sponzorima dijeliti gubitke u okviru garancija zajam�enih investicija kada se ti gubici ne mogu pokriti iz Sponzorskog fonda koji se spominje u �lanku 2. ovog aneksa, u omjeru u kojem se stupanj maksimalne uvjetne odgovornosti po investicijskim garancijama �iji je ona sponzor odnosi na ukupni stupanj maksimalne uvjetne odgovornosti po garancijama investicija �iji su sponzori bile sve �lanice i u onoj mjeri u kojoj se ne mogu pokriti.

(c) U svojim odlukama o izdavanju garancija na temelju ovog aneksa Agencija �e voditi ra�una o mogu�nostima �lanice sponzora da ispuni svoje obveze na temelju ovog aneksa i davat �e prioritet investicijama �iji su konsponzori doti�ne zemlje doma�ini.

(d) Agencija �e se periodi�no konzultirati sa �lanicama sponzorima u svezi s njezinim operacijama na temelju ovog poglavlja.

(a) Premije i drugi prihodi koji se mogu pripisati garancijama zajam�enih investicija, uklju�uju�i dobit od investiranja takvih premija i prihoda, driat �e se u fondu koji �e se zvati Sponzorski fond.

(b) Svi administrativni tro�kovi i pla�anja na temelju potra�ivanja koja se mogu propisati garancijama izdanim na temelju ovog aneksa pla�at �e se iz Sponzorskog fonda.

(c) Sredstva Sponzorskog fonda drcat �e se i njima �e se upravljati za zajedni�ki ra�un �lanica sponzora i bit �e odvojena od sredstava Agencije.

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(a) U mjeri u kojoj je bilo koji iznos plativ od strane Agencije na ra�un gubitka po zajam�enoj (sponsored) garanciji i u kojoj takav iznos ne mo�e biti pla�en iz sredstava Sponzorskog fonda, Agencija �e pozvati svaku �lanicu sponzora da u taj fond uplati svoj udio iznosa �to �e se utvrditi u skladu s Odjeljkom (b) �lanka 1. ovoga aneksa.

(b) Nijedna �lanica ne�e biti obvezna pla�ati bilo koji iznos po pozivu u skladu s odredbama ovog �lanka ako bi, kao rezultat toga, ukupna pla�anja te �lanice prema�ila ukupni iznos garancija koje pokrivaju investicije �iji je ona sponzor.

(c) Nakon proteka svake garancije koja pokriva investiciju �iji je sponzor bila jedna �lanica, obveza te �lanice �e se umanjiti za iznos ekvivalentan iznosu takve garancije; takva �e se obveza tako�er smanjiti razmjerno, nakon �to Agencija plati svako potra�ivanje u svezi sa zajam�enom investicijom i nastavit �e se efektivno do proteka svih garancija zajam�enih (sponsored) investicija koje su nenamirene u vrijeme takvog pla�anja.

(d) Ako bilo koja �lanica sponzor ne bude obvezna pla�ati iznose po pozivu u skladu s odredbama ovog �lanka zbog ograni�enja sadr�anog u prethodnim odjeljcima (b) i (c), ili ako bilo koja �lanica sponzor ne isplati iznos koji duguje po takvom pozivu, obveza za pla�anje takvog iznosa razmjerno �e se podijeliti me�u ostalim �lanicama sponzorima. Obveze �lanica u skladu s ovim odjeljkom podlije�u ograni�enju utvrdenom u prethodnim odjeljcima (b) i (c).

(e) Svako pla�anje �lanice sponzora �to se obavlja po pozivu u skladu s ovim �lankom izvr�it �e se promptno i u konvertibilnoj valuti.

Odredbe o vrednovanju valuta i refundiranju �to ih sadr�i ova konvencija u svezi s upisima kapitala primjenjivat �e se mutatis mutandis na sredstva �to ih �lanice pla�aju na ra�un zajam�enih (sponsored) investicija.

(a) Agencija mo�e uz uvjete utvrdene u �lanku 1. ovog aneksa, pru�iti reosiguranje svakoj �lanici, organu �lanice, regionalnoj agenciji - kako je definirano u Odjeljku (a) �lanka 20. ove konvencije ili privatnom osiguravatelju u zemlji �lanici. Odredbe ovog poglavlja u svezi s garancijama i odredbama �l. 20. i 21. ove konvencije primjenjivat �e se mutatis mutandis na reosiguranje predvi�eno ovim odjeljkom.

(b) Agencija mo�e dobiti reosiguranje za investicije koje ona garantira prema ovom aneksu i pokriti tro�kove takva reosiguranja iz Sponzorskog fonda. Odbor mo�e odlu�iti da li se i u kojoj mjeri obveze o diobi gubitaka �lanica sponzora spomenute u Odjeljku (b) �lanka 1. ovog aneksa mogu smanjiti na ra�un dobivenog pokri�a za reosiguranje.

Ne na �tetu odredaba ovog aneksa, odredbe koje se odnose na garantne operacije u Poglavlju III. ove konvencije i na financijsko upravljanje u Poglavlju IV. ove konvencije primjenjivat �e se mutatis mutandis na garancije zajam�enih (sponsored) investicija, osim (i) �to �e takve investicije biti podobne za sponzorstvo ako su na teritoriju bilo koje �lanice i posebno bilo koje zemlje �lanice u razvoju od strane jednoga ili vi�e investitora u skladu s odjeljkom (a) �lanka I. ovog aneksa i (ii) �to Agencija ne�e odgovarati svojim sredstvima za bilo koju garanciju ili reosiguranje izdano na temelju ovog aneksa i svaki ugovor o garanciji ili reosiguranju sklopljen na temelju ovog aneksa to �e izri�ito predvidjeti.

Za odluke koje se odnose na zajam�ene investicije, svaka �lanica �e imati jedan dodatni glas za svakih 10,000 specijalnih prava vu�enja ekvivalentnih garantiranom ili reosiguranom iznosu na temelju njezina sponzorstva, a svaka �lanica koja je doma�in zajam�ene investicije imat �e jedan dodatni glas za svakih 10,000 specijalnih prava vu�enja ekvivalentnih garantiranom ili reosiguranom iznosu u odnosu na bilo koju zajam�enu investiciju �iji je doma�in. Ti dodatni glasovi koristit �e se samo pri dono�enju odluka u svezi sa zajam�enim investicijama a ina�e �e se zanemarivati pri utvr�ivanju glasova �lanica.

Svi sporovi na temelju �lanka 57. ove konvencije rje�avat �e se u skladu s postupkom navedenim u ovom aneksu, osim u slu�ajevima kada Agencija sklopi sporazum sa �lanicom u skladu s odjeljkom (b) (ii) �lanka 57.

Strane u sporu, u okviru ovog aneksa, ulo�it �e napore da rije�e spor pregovaranjem prije nego �to pristupe nagodbi ili arbitra�i. Smatrat �e se da je pregovaranje iscrpljeno ako strane ne uspiju rije�iti spor u razdoblju od stotinu i dvadeset dana od dana podno�enja zahtjeva za pregovaranjem.

(a) Ako se spor ne rije�i pregovaranjem, bilo koja od strana mo�e spor prenijeti na arbitra�u u skladu s odredbama �lanka 4. ovog aneksa, ako strane, zajedni�kim dogovorom ne odlu�e da se prvo podvrgnu postupku nagodbe predvi�enom u ovom �lanku.

(b) Sporazum o pribjegavanju nagodbi specificirat �e sporna pitanja, zahtjeve strana u sporu i, po mogu�nosti, ime podmiritelja u kojemu se strane dogovore. U odsutnosti sporazuma o pomiritelju, strane mogu zajedni�ki zahtijevati od generalnog sekretara Me�unarodnog centra za rje�avanje investicijskih sporova (u nastavku teksta "ICSID") ili od predsjednika Me�unarodnog suda pravde da imenuje pomiritelja. Postupak nagodbe smatrat �e se okon�anim ako pomiritelj nije imenovan u roku od devedeset dana na kon postizanja sporazuma o podvrgavanju postupka nagodbi..

(c) Ako nije druga�ije predvi�eno u ovom aneksu ili ako se strane druga�ije ne dogovore, pomiritelj �e utvrditi pravila u svezi s postupkom nagodbe i u tom �e se rukovoditi pravilima o nagodbi koja su usvojena u skladu s Konvencijom o rje�avanju investicijskih sporova izme�u dr�ava i dr�avljana drugih dr�ava.

(d) Strane �e s pomiriteljem sura�ivati u duhu dobre volje i, osobito, pru�ati mu sve informacije i dokumentaciju koja bi mu mogla pomo�i u izvr�avanju njegovih funkcija; strane �e sa punom ozbiljno��u razmotriti njegove prijedloge.

(e) Ako se strane druga�ije ne dogovore, pomiritelj �e u razdoblju koje nije du�e od stotinu i osamdeset dana od dana njegova postavljanja, stranama podnijeti izvje�taj s rezultatima njegova rada i pregledom spornih pitanja izme�u strana te njegovim prijedlozima za njihovo rje�avanje.

(f) Svaka �e strana, u roku od �ezdeset dana od dana primitka izvje�taja, dostaviti drugoj strani u pisanom obliku svoje mi�ljenje o izvje�taju.

(g) Nijedna strana u postupku nagodbe nema pravo podvrgnuti se arbitra�i, osim:

(i) ako pomiritelj ne podnese izvje�taj u razdoblju predvi�enom u gornjem Odjeljku (e); ili

(ii) ako strane ne prihvate sve prijedloge sadr�ane u izvje�taju i u roku od �ezdeset dana od dana primitka izvje�taja; ili

(iii) ako se strane, nakon razmjene mi�ljenja o izvje�taju, ne slo�e o rje�avarlju svih spornih pitanja u roku od �ezdeset dana od primitka izvje�taja pomiritelja; ili

(iv) ako strane ne iznesu svoje mi�ljenje o izvje�taju kako je predvi�eno u gornjem Odjeljku (f).

(h) Ako strane druga�ije ne dogovore, honorar pomiritelja utvr�uje se na temelju cjenika koji se primjenjuju na nagodbe ICSID. Ove honorare i druge tro�kove postupka nagodbe strane �e ravnopravno snositi. Svaka od strana snosi vlastite tro�kove.

(a) Arbitra�ni postupak pokrenut �e se na temelju obavijesti strane koja tra�i arbitra�u (tu�itelj) upu�ene drugoj strani ili �tranama (tu�enik). Obavijest �e sadr�ati opis spora, mjere koje se tra�e i ime arbitra kojeg postavlja. Dvije �e strane, u razdoblju od trideset dana od dana postavljanja drugog arbitra, izabrati i tre�eg arbitra koji �e biti predsjednik Arbitra�nog suda.

(b) Ako se sud ne konstituira u roku od �ezdeset dana od dana obavijesti i arbitar ne postavi ili predsjednik ne izabere, na zajedni�ki zahtjev strane postavit �e ih generalni sekretar ICSID. Ako ne postoji takav zajedni�ki zahtjev, ili ako generalni sekretar ne postavi arbitra u roku od trideset dana od zahtjeva bilo koja od strana mo�e od predsjednika Me�unarodnog suda pravde tra�iti da obavi postavljenje.

(c) Nijedna od strana nema pravo promijeniti arbitra kojeg postavi kada po�ne usmena rasprava. Ako bilo koji arbitar (uklju�uju�i i predsjednika suda) dade ostavku, umre ili vi�e ne mo�e vr�iti tu funkciju, postavit �e se njegov zamjenik na isti na�in na koji je bio postavljen njegov prethodnik i imat �e ista ovla�tenja i obveze kao arbitar kojega je naslijedio.

(d) Sud �e se sastati prvi puta u vrijeme i na mjestu �to ih odredi predsjednik. Nakon toga sud �e utvr�ivati mjesto i vrijeme svojih sastanaka.

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(e) Ako nije druk�ije predvi�eno u ovom aneksu ili dogovoreno izme�u strana, Sud �e utvrditi proceduru i u tom smislu �e se rukovoditi pravilima o arbitra�i koja su usvojena u skladu s Konvencijom o rje�avanju investicijskih sporova izme�u dr�ava i dr�avljana drugih dr�ava.

(f) Sud �e biti neovisan u okviru svojih kompetencija, osim ako se stavi prigovor Sudu u smislu da spor spada u djelokrug kompetencija Odbora ili Savjeta na temelju �lanka 56. ili u okviru kompetencija sudskoga ili arbitra�nog tijela postavljenog na temelju sporazuma iz �lanka 1. ovog aneksa. Ako Sud prihvati prigovor kao opravdan, prenijet �e ga Odboru ili Savjetu ili utvrdenom tijelu ovisno o slu�aju, a arbitra�ni postupak �e se obustaviti sve dok se o tom pitanju ne donese odluka koja �e za sud biti obavezuju�a.

(g) Sud �e u svim sporovima u okviru ovog aneksa primjenjivati odredbe ove konvencije, sve relevantne sporazume izme�u strane u sporu, podzakonskog prava, nacionalnog prava doti�ne zemlje te primjenljive odredbe investicijskog ugovora ako takav postoji. Bez �tete za odredbe ove konvencije, Sud mo�e donijeti odluku o sporu ex aeqou et bono ako se s time suglase Agencija i doti�na zemlja. Sud ne mo�e donijeti presudu non liguet na temelju toga �to ta materija nije predvi�ena u zakonu ili �to je u vezi s tim pitanjem zakon nejasan.

(h) Sud �e svim stranama omogu�iti pravi�nu usmenu raspravu. Sve odluke suda donosit �e se ve�inom glasova i navesti razlozi na kojima su utemeljene. Arbitra�na presuda bit �e u pisanom obliku i potpisati �e je barem dva arbitra, a kopije �e biti dostavljene svakoj strani. Arbitra�na presuda bit �e kona�na i obvezuju�a za strane i ne�e podlijegati pravu na �albu, poni�tenje ili reviziju.

(i) Ako dode do spora izme�u strana o zna�enju ili rasponu arbitra�ne presude, bilo koja od strana mo�e, u roku od �ezdeset dana od dobivanja presude, tra�iti tuma�enje presude pisanom molbom upu�enom predsjedniku suda koji je donio odluku. Predsjednik �e, po mogu�nosti, podnijeti zahtjev Sudu koji je donio arbitra�nu presudu i sazvati Sud u roku od �ezdeset dana od dana primitka zahtjeva. Ako to nije mogu�e, konstituirat �e se novi sud u skladu s odredbama odjeljaka a) do d). Sud mo�e odgoditi izvr�enje presude dok ne dobije odluku o tra�enom tuma�enju.

(j) Svaka �e �lanica priznati arbitra�nu presudu donesenu u skladu s ovim �lankom kao obvezuju�u i izvr�nu na svojem teritoriju kao da je kona�na odluka Suda u toj �lanici. Presuda �e se izvr�iti u skladu sa zakonima o izvr�avanju presuda koji su na snazi i u dr�avi na �ijem se teritoriju to izvr�enje tra�i i ne�e se izuzimati od zakona na snazi u vezi s imunitetom od izvr�enja.

(k) Ako se strane druk�ije ne dogovore, honorari i druge isplate arbitrima utvr�ivat �e se na temelju stope koja se primjenjuje na ICSID arbitra�u. Svaka strana sno�i vlastite tro�kove u vezi s arbitra�nim postupkom. Tro�kove Suda snosit �e ravnopravno ako Sud ne odlu�i druk�ije. Sva pitanja u vezi s podjelom tro�kova suda ili postupkom uplate tih tro�kova rje�ava Sud.

Bilo koje pismeno ili poziv u vezi sa svim postupcima na temelju ovog aneksa dostavljat �e se pismeno. To �e u�initi Agencija po ovla�tenju doti�ne �lanice u skladu s �lankom 38. ove konvencije i �lanica u sjedi�tu Agencije.

1. Kandidate za funkciju direktora imenovat �e guverneri, s tim �to guverner mo�e imenovati samo jednog kandidata.

2. Izbor direktora povest �e se tajnim glasanjem guvernera.

3. Pri tajnom glasanju, listi�ima, za direktora, svaki guverner �e za jednog kandidata koristiti sve glasove kojima raspola�e �lanica koju predstavlja na temelju Odjeljka (a) �lanka 40.

4. Jedna �etvrtina ukupnog broja direktora birat �e se odvojeno, svaki od strane svakog guvernera �lanica koje imaju najve�i broj dionica. Ako se ukupni broj direktora ne mo�e dijeliti sa �etiri, broj na takav na�in izabranih direktora bit �e jedna �etvrtina od slijede�ega najni�eg broja koji je djeljiv sa �etiri.

5. Ostale direktore birat �e drugi guverneri u skladu s odredbama paragrafa od 6. do 11. ovog priloga.

6. Ako je broj predlo�enih kandidata jednak broju preostalih direktora koji se biraju, svi kandidati �e biti izabrani u prvom glasanju, osim �to kandidati ili kandidati koji su dobili manje od minimalnog postotka ukupnih glasova �to je utvrdio Savjet za taj izbor ne�e biti izabrani ako bilo koji kandidat dobije vi�e od maksimalnog postotka ukupnih glasova koji odredi Savjet.

7. Ako broj predlo�enih kandidata prerna�i broj preostalih direktora koji se biraju, bit �e izabrani kandidati koji dobiju najve�i broj glasova, s iznimkom onih kandidata koji su dobili manje od minimalnog postotka ukupnih glasova koji odredi Savjet.

8. Ako svi preostali direktori nisu izabrani u prvom krugu glasanja, odr�at �e se drugi krug glasanja. Kandidat ili kandidati koji ne budu izabrani u prvom krugu glasanja imaju pravo biti ponovno birani.

9. U drugom krugu glasanja, glasanje �e se ograni�iti na (i) one guvernere koji su glasali u prvom krugu za kandidata koji nije izabran i (ii) one guvernere koji su glasali u prvom krugu za izabrane kandidate koji su ve� dobili maksimalni postotak ukupnog broja glasova koji je utvrdio Savjet prije uzimanja njihovih glasova u obzir.

10. Pri utvr�ivanju da li je izabrani kandidat dobio vi�e od maksimalnog postotka glasova, glasovi guvernera koji koristi najve�i broj glasova za te kandidate brojit �e se prvi, a zatim glasovi guvernera koji su iskoristili i slijede�i najve�i broj, i tako dalje sve dok se ne dostigne taj postotak.

11. Ako svi preostali direktori nisu izabrani nakon drugog kruga, slijede�i krugovi glasanja odr�at �e se po istom principu sve dok se ne izaberu ostali direktori, uz uvjet da kada ostane izbor samo jednog direktora, taj se direktor mo�e izabrati osnovnom ve�inom preostalih glasova i smatrat �e se da je izabran na temelju svih tih glasova.

Posljednjih godina, velika se pa�nja posve�ivala potrebi otklanjanja barijera protiv porasta stranih investicija u zemljama u razvoju. U mnogim zemljama ne samo da su doneseni novi zakoni koji unapre�uju strane investicije, ve� su te zemlje pristupile bilateralnim ugovorima o invsticijama sa zemljama izvoznicama kapitala.

Pru�anje stranim investitorima financijskih garancija protiv nekomercijalnih rizika u zemljama u razvoju je sredstvo za unapre�enje investicijske klime u tim zemljama, a time i za stimuliranje investicijskih priljeva. Gotovo sve razvijene zemlje i dvije zemlje u razvoju uspostavile su slu�bene sheme za osiguranje garancija protiv nekomercijalnih rizika svojim dr�avljanima u odnosu na investicije u zemlje u razvoju. Osim toga, Interarapska korporacija za garantiranje investicija pru�a garancije na regionalnoj osnovi. Isto tako privatno tr�i�te osiguranja od politi�kog rizika funkcionira na me�unarodnoj razini ve� vi�e od jednog desetlje�a. Aktivnosti tih tijela suo�ene su s izyesnim ograni�enjima, a shva�anje politi�kog rizika i dalje je zna�ajna prepreka investiranja u zemlje u razvoju. Prema tome, potrebna je multilateralna agencija za garantiranje investicija koja bi dopunjavala sheme i unaprijedila investicijsku klimu, izdavanjem garancija i anga�iranjem u drugim aktivnostima koje poti�u investicije.

Ideja o uspostavljanju multilateralne agencije za garantiranje investicija javila se pedesetih godina. O njoj se vi�e puta raspravljalo u Me�unarodnoj banci za obnovu i razvoj (u nastavku teksta "Banka") u razdoblju od 1962. do 1972. ali nije donesena bilo kakva odluka o osnivanju takve agencije. Predsjednik Klauzen je obnovio ovu zamisao u svojem izlaganju na godi�njem sastanku Banke 198. godine. Nakon opse�nih prou�avanja �to su ih poduzeli stru�njaci Banke i neslu�benih razgovora s izvr�nim direktorima Banke, dokument pod naslovom "Osnovne karakteristike predlo�ene multilateralne agencije za garantiranje investicija" distribuiran je izvr�nim direktorima u svibnju 1984. godine. Dokument je sadr�ao izvjestan broj klju�nih karakteristika na temelju kojih se prijedlog razlikovao od sheme o kojima se prije toga raspravljalo u Banci. Ovaj prijedlog s izmjenama koje su uslijedile nakon diskusija s izvr�nim direktorima naknadno je ugraden u Nacrt konvencije o osnivanju multilateralne agencije za garantiranje investicija, koji je u listopadu 1984. razaslan. Na temelju tog dokumenta odr�ane su konzultacije s vladama �lanicama Banke. Rezultat tih konzultacija jest revidiran Nacrt konvencije koji je distribuiran vladama �lanicama u o�ujku 1985. godine. Izme�u lipnja i rujna t985. godine izvr�ni direktori, uz pomo� stru�njaka vlada �lanica, sastali su se u Komitetu cjeline da razmotre Nacrt konvencije. U rujnu 1985. godine izvr�ni direktori su f inalizirali Nacrt konvencije i preporu�ili Odboru guvernera da usvoje rezoluciju o otvaranju Konvencije za potpisivanje.

Odredbe konvencije dovoljno su jasne da ne bi trebalo tuma�enje, ali su u ovom tuma�enju obrazlo�eni njezini osnovni principi da bi se lak�e razumjele odredbe Konvencije.

1. Konvencija uspostavlja Multilateralnu agenciju za garantiranje investicija (u nastavku teksta "Agencija") kao neovisnu me�unarodnu organizaciju koja je "u potpunosti pravna osobaa po me�unarodnom pravu i nacionalnim zakonima svojih �lanica (�lanak 1), s osnovnim ciljem poticanja priljeva investicija u proizvodne svrhe me�u svojim zemljama �lanicama, a posebno �lanicama zemljama u razvoju (�lanak 2). Pozivanjem na "investicije u proizvodne svrhe" nagla�ava se usredsredenost Agencije na konkretne projekte i programe u svim sektorima ekonomije. To ne zna�i, me�utim, ograni�avanje njezinih aktivnosti na industrijski sektor. Osim garantiranja investicija zemljama �lanicama protiv nekomercijalnih rizika, Agencija �e obavljati odgovaraju�e dodatne aktivnosti za unapre�enje priljeva investicija (�lanak 2(b)). �lankom 23. Konvencije poti�u se aktivnosti Agencije.

2. �lanstvo u Agenciji bit �e otvoreno za sve �lanice Banke i �vicarsku (�lanak 4(a)). Me�utim, �lanice Banke nisu obvezne pristupiti Agenciji. Konvencija priznaje va�nost koja se pridaje sudjelovanju zemalja izvoznica kapitala i zemalja uvoznica kapitala, posebno u odredbama o stupanju na snagu Konvencija (�lanak 61(b)) i o glasanju (�lanak 39).

Kapital 3. Prija�njim prijedlozima predvidalo se da Agencija ne posjeduje akcijski kapital, ve� da vodi poslove u ime zemalja �lanica koje bi jam�ile za investicije za koje garantira Agencija. Na temelju Konvencije Agencija �e imati akcijski kapital (�lanak 5) i mo�e izdavati garancije za investicije u svoje ime, koje �e se dopunjavati garancijama izdanim za investicije za koje jam�e �lanice: u odnosu na druge, Agencija �e djelovati samo kao administrator (�lanak 24. i Aneks I. uz Konvenciju). Upisani kapital mo�e se pove�ati dopu�taju�i da pokrivenost garancije bude nekoliko puta ve�a od iznosa garancije (�lanak 22).

4. Konvencija predvida odobreni kapital Agencije u svoti od jedne milijarde Specijalnih prava vu�enja (SPV), podijeljenih u 100,000 dionica od kojih �e svaka imati nominalnu vrijednost od 10,000 SPV. Obveze pla�anja �lanica u odnosu na akcijski kapital namirit �e se na temelju prosje�ne vrijednosti SPV u US dolarima za razdoblje od 1. sije�nja 1981. do 30. lipnja 1985. odnosno $ 1,082, s tim �to je prvi datum, datum uvodenja teku�e ko�are deviza SPV (�lanak 5(a)). Kad je prvobitno odobreni iznos u potpunosti upisan, odobreni kapital �e se automatski pove�ati onoliko koliko je potrebno da bi se osiguralo upisivanje �lanica koje pristupaju (�lanak 5(b)). Savjet guvernera (u nastavku "Savjeta" mo�e bilo u koje vrijeme pove�avati odobreni kapital specijalnom ve�inom glasova od najmanje dvije tre�ine glasova koji predstavljaju barem pedeset pet postotaka upisanog kapitala (�lanak 5(c) i �lanak 3(d)).

5. Iznos upisanog kapitala utvrdit �e osigurava�ku sposobnost Agencije (�lanak 22). Predvida se da �e odobreni kapital biti upisan u odre�enom razdoblju nakon �to Agencija po�ne raditi te da �e na toj osnovi mo�i uspje�no poslovati.

6. Svaka �lanica upisat �e se u kapital Agencije, �lanak 6. predvida da nijedna �lanica ne mo�e upisati manje od pedeset dionica (SPV 500.000). Na taj �e na�in sve �lanice imati ulog u Agenciji. Inicijalna upisivanja prvih �lanica navedena su u Prilogu A uz Konvenciju. Upisivanja naknadnih �lanica odredit �e Odbor Agencije. Iako �e se prvim �lanicama dionice izdavati po nominalnoj vrijednosti, Savjet je ovla�ten da utvr�uje uvjete i rokove upisivanja �lanica koje pristupaju uz uvjet da cijena izdavanja ne bude manja od nominalne. Cijene izdavanja iznad nominalnih cijena mogu biti adekvatne ako je Agencija akumulirala rezerve u vrijeme pristupa (�lanak 6).

7. Konvencijom se predvida da se deset postotaka od cijene upisanih dionica uplati u gotovini, a dodatnih deset u obliku neprenosivih i beskamatnih obveznica ili sli�nih obveznica koje �e se unov�avati u skladu s odlukom odbora. Nov�ana uplata predvi�ena je za pokrivanje tro�kova po�etka rada Agencije, administrativnih tro�kova i eventualnih potra�ivanja koja proistje�u iz garancije Agencije. Aran�man za dodatne uplate u obliku neprenosivih instrumenata omogu�uje da sredstva ostanu u centralnome bankarskom sistemu �lanica i osigurava za�titu ako u prvim godinama postojanja Agencije potra�ivanja budu velika. Svrha ove odredbe je da oja�a polo�aj Agencije kao financijski zdravog osiguravatelja od samog po�etka. Preostalih osamdeset postotaka upisanih dionica podlije�e pozivu Agencije radi namirivanja njezinih obveza (�lanak 7). Potrebno je naglasiti da se ne predvida stvarno pribjegavanje neprenosivim instrumentima i kapitalu na poziv, jer se o�ekuje da Agencija svoje aktivnosti vodi na zdravoj poslovnoj osnovi i da po svaku cijenu odri.i sposobnost izvr�avanja svojih financijskih obveza (�lanak 25). �lankom 8(c) predvida se da je Agencija, ako iznos �to ga primi po pozivu za pla�anje ne bude dovoljan, ovla�tena zahtijevati daljnja pla�anja neupla�enih iznosa.

8. Podlo�no malom broju navedenih iznimaka pla�anja na upla�ene dijelove upisnina i dijelove na poziv moraju se vr�iti u konvertibilnim valutama kako je definirano u konvenciji (�l. 3(e) i 8). To je veoma va�no za odr�avanje financijskog polo�aja Agencije i da bi bilo priznato za pouzdanog osiguravatelja. Odbor direktora (u nastavku teksta "Odbor") ovla�ten je nakon konzultacija s Me�unarodnim monetarnim fondom, odrediti kao "slobodno upotrebljive" valute i one valute koje MMF nije odredio kao takve Odbor mo�e takvu odluku donijeti ako se uvjeri da se doti�na valuta mo�e slobodno koristiti u svrhe Agencije i ako zemlja �ija je ta valuta na to pristane (�lanak 3(e). Da bi se umanjio financijski teret �lanica zemalja u razvoju, Konvencijom se omogu�uje zemljama u razvoju da u svojim lokalnim valutama pla�aju po dvadeset pet postotaka upla�enog gotovinskog dijela njihovih upisnina. Imaju�i na umu male iznose koji �e vjerojatno biti uklju�eni, ne o�ekuje se da �e ta mogu�nost negativno utjecati na financijski polo�aj Agencije.

9. Radi smanjivanja financijskog tereta svih �lanica, Konvencijom se predvida da, uz izvjesne uvjete Agencija vrati svojim �lanicama iznose pla�ene na zahtjev za uplatu upisanog kapitala. Ta �e se refundiranja izvr�iti u konvertibilnoj valuti razmjerno dijelu uplate �lanica izvr�ene na temelju poziva prije refundiranja (�lanak 10(b)). Ako se uplate iz zemlje doma�ina vra�aju u valuti koja nije konvertibilna, predvi�eno je da Agencija izvr�i refundiranje kad te uplate uspije konvertirati u upotrebljive vatute. U mjeri u kojoj se iznosi refundiraju, obveze �lanica u kapital uplativom na poziv ponovno �e se uspostaviti kako bi se povratila situacija koja je postojala prije doti�nog poziva (�lanak l0(c)).

10. Konvencija sadr�i op�i okvir za garancijske aktivnosti Agencije i omogu�uje Odboru da preciznije def inira raspon tih aktivnosti, utvr�ivanjem politika, pravila i propisa koji se povremeno mogu mijenjati i dopunjavati. To Agenciji pru�a potrebnu fleksibilnost da se prilagodi, u tom op�em okviru, promjenljivim uvjetima te da odr�i svoj financijski poloiaj. Na primjer, Agencija mo�e ograni�iti raspon svojeg rada kod po�etnih operacija i postpuno ga pro�irivati kako bude stjecala iskustvo i pove�avala financijske rezerve. Osim toga, pojedinosti o svakoj garancijskoj operaciji i specifi�nim aran�manima sklopljenim izme�u Agencije i investitora mogle bi se ugraditi u ugovor o garanciji izme�u Agencije i investitora. Iankom 16. predvida se da Agencija ne mo�e na temelju ugovora o garanciji pokrni cjelokupni gubitak investitora. Tom se odredbom nastoji obeshrabriti eventualno neodgovorno pona�anje investitora koji bi se oslonio na mogu�nost pokrivanja cjelokupnog gubitka (obi�no nazvan "moralna opasnost)"). Pri utvr�ivanju odgovaraju�eg postotka mogu�eg obe�te�enja, Agencija mo�e na�i neke smjernice u pravilima nacionalnih shema za garantiranje investicija na temelju kojih se, u pravilu, obe�te�uje izme�u 70% i 75% gubitaka.

11. Iz navedenog proizlazi da �e, politiku, pravila i propise koji se mogu primijeniti na poslove garantiranja utvr�ivati Odbor. Ugovore o garanciji, sklopljene na temelju tih principa, odobravat �e predsjednik Agencije po uputstvima Odbora.

12. Konvencijom se predvida pokrivanje tri op�e prihvatljive kategorije nekomercijalnih rizika: rizik transfera valute koja proistje�e od ograni�enja i ka�njenja vlade doma�ina u konvertiranju i transferiranju lokalne valute koju je zaradio investitor, eksproprijacija i rizik od rata i gradanskih nemira. Osim ta tri tradicionalo obuhva�ena rizika, Konvencijom se predvida i rizik od kr�enja ugovora odnosno neizvr�avanja ugovorne obveze vlade doma�ina prema investitoru na temelju ograni�enih uvjeta spomenutih u paragrafu 15 (�lanak 11(a)).

13. Rizik transfera valute detaljno je definiran u �lanku I1(a)(i). Tim su �lankom obuhva�eni svi oblici novih izravnih restrikcija, uklju�uju�i dopune postoje�ih restrikcija te indirektnih i prikrivenih restrikcija, bez obzira na to, da li su nametnute zakonom ili �injeni�nim stanjem. Restrikcija mora biti "pripisiva vladi doma�inu", a namjera je da se i restrikcije �to ih name�u javne agencije i drugi javni organi zemlje doma�ina obuhvate ovim tekstom. Odredbom se �eli uklju�iti i nereagiranje vlade doma�ina da u "razumnom razdoblju" odgovori na zahtjev o transferu. Odredbom se ne definira specifi�no razdoblje, ali se o�ekuje da �e to biti u�injeno u pravilima i propisima �to �e ih izdati Odbor, posebno u onima �to �e biti sadr�ani u ugovorima o garanciji. Pri utvr�ivanju pojma "razumno razdoblje", Agencija �e morati pomiriti zainteresiranost investitora za �to br�i transfer s �injenicom da izvjesne odgode �to ih pri odredbi zahtjeva tra�e vlade mogu biti opravdane.

14. �lankom 11(a)(ii) definira se rizik od eksproprijacije. To uklju�uje mjere koje se mogu pripisivati vladi doma�inu, kao �to su nacionalizacija, konfiskacija, zapljena, prisvojba, zabrana i zamrzavanje efektivne imovine. Termin "svaki zakonodavni ili administrativni postupak" iz odredbe isklju�uje mjere izvr�nih organa ali ne i mjere �to ih poduzimaju sudski organi u provo�enju svojih funkcija. Nije predvi�eno da mjere �to ih vlade obi�no poduzimaju za reguliranje svojih ekonomskih aktivnosti kao �to su oporezivanje i provo�enje politike o �ivotnoj okolini ili o radnim odnosima budu obuhva�ene ovom odredbom, osim ako nisu diskriminatorne u odnosu na nosioca garancije. Pri definiranju ovih mjera Agencija ne bi trebalo da ide na �tetu prava zemalja �lanica ili investitora iz bilateralnih investicijskih ugovora, drugih ugovora ili me�unarodnog prava.

15. Rizik od kr�enja ugovora sadr�an je u �lanku i i(a)(iii). Postoji mogu�nost nadoknade �tete samo ako investitor nema mogu�nosti obratiti se sudskome ili arbitra�nom organu radi pokretanja takvog potra�ivanja iz ugovora protiv vlade ili kad je obra�anje takvom organu ometano nerazumnom odgodom, ako je definirano u ugovoru o garanciji, ili kad dobije kona�nu odluku u svoju korist, a investitor je ne mo�e provesti.

16. �lankom 11(a)(iv) obuhva�en je rizik od rata i gradanskih nemira. U taj rizik uklju�uju se revolucije, pobune, drzavni udari i sli�ni politi�ki dogactaji koji su obi�no izvan kontrole vlade doma�ina. Me�utim, ovom odredbom nisu obuhva�ena djela terorizma i sli�ne aktivnosti koje su specifi�no usmjerena protiv nosioca garancije, ali mogu biti uklju�ena u �lanak 11(b), o kojem �e biti rije�i.

17. Konvencijom se predvida dodatna fleksibilnost, tj. omogu�uje se pokrivanje drugih specifi�nih nekomercijalnih rizika, ali samo na zajedni�ki zahtjev investitora i zemlje doma�ina i uz suglasnost Odbora specijalnom ve�inom (�lanak 11(b). Takvo se odobrenje mo�e izdati od slu�aja do slu�aja ili u obliku propisa koji utvr�uje slu�ajeve koji �e se obuhvatiti na temelju ove odredbe.

18. Dogadaji prije sklapanja ugovora o garanciji, vladine akcije na koje je nosilac garancije pristao ili za koje je odgovoran te gubici koji su posljedica devalvacije ili deprecijacije valute izri�ito su isklju�eni na temelju �lanka 11(b) i (c).

19. �lankom 12. definira se vrsta investicije koje su Agenciji podobne za pokrivanje. Ovom se odredbom poku�ava uspostaviti ravnote�a izme�u potrebe za o�uvanjm oskudnog kapitala Agencije radi unapre�enja priljeva izravnih investicija i potrebe da se osigura budu�a fleksibilnost davanjem mogu�nosti Odboru da pro�iri pokrivanje i na druge vrste investicija. predvi�eno je da se Agencila usredsredi na garantiranje investicija koje su pogodne na temeIju �lanka 12(a) odnosno akcijske investicije, razli�ite oblike izravnih investicija te srednjoro�ne ili dugoro�ne kredite �to ih odobravaju ili garantiraju vlasnici akcija u danom poduze�u (takozvani akcijski ili zajam�eni zajmovi). Izraz "izravna investicija" generi�ki je naziv �iji. �e precizni raspon utvrditi Odbor. Pretpostavlja se da �e Odbor rukovoditi definicijom Me�unarodnog monetarnog fonda stranoga izravnog investiranja kao "investicije u koju se ulazi radi stjecanja trajnog interesa u poduze�u koje posluje u privredi koja nije privreda investitora, a investitor �eli imati djelotvoran glas u upravljanju poduze�em". Odbor mo�e smatrati izravnom investicijom sporazume o fran�izi, izdavanju licencija, zakupu i zajedni�koj proizvodnji, prema kojima povrat investitora ovisi o poslovanju poduze�a. U svakom slu�aju potpuno je irelevantno da li je investicija u monetarnom obliku ili u naturi, kao na primjer osiguravanje mehanizacije, usluga, tehni�kih procesa i tehnologije.

2o. lankom 12 (b) omogu�uje se Odboru f leksibilnost da ubudu�e Agencija pro�iri pokrivanje na druge oblike investicija. Ovim �lankom ovla��uje se Odbor, specijalnom ve�inom glasova, da pro�iri pokrivanje na sve srednjoro�ne i dugoro�ne oblike investicija, osim na zajmove koji nisu vezani za specifi�nu investiciju koju pokriva ili �e pokriti Agencija. Radi o�uvanja svojih oskudnih sredstava, Agencija ne�e garantirati ili reosigurati izvozne kredite, bez obzira na oblik, koje odobrava, garantira ili reosigurava vlada ili slu�bena agencija za izvozne kredite, zbog toga �to se pokrivanje Agencije ograni�ava na investicije, a izvoz �e biti obuhva�en (u granicama prethodne re�enice) samo u mjeri u kojoj �ini doprinos specifi�noj investiciji. Predstavni�ki ili distributorski aran�man kojim se prvenstveno unapre�uje izvoz, u �emu investitor ima samo neznatne akcije, ne�e pokrivati Agencija. Agencija �e poslovati kao agencija za garantiranje investicija, a ne kao agencija za kreditiranje izvoza koja bi konkurirala slu�benim agencijama za kreditiranje izvoza.

21. Da bi ostvarila svoje ciljeve bez podrivanja svojega financijskog polo�aja, Agencija �e ograni�iti svoje garancije na zdrave investicije. Mora se uvjeriti da �e dana investicija pridonijeti ekonomskome i dru�tvenom razvoju zemlje doma�ina, da �e biti u skladu sa zakonima i propisima te zemlje te da �e biti dosljedna deklariranim razvojnim ciljevima te zemlje. Tako�er se mora uvjeriti u postojanje odgovaraju�ih uvjeta investiranja, a i u primjenu raspolo�ivoga pravi�noga i ravnopravnog tretmana i pravne za�tite na doti�nu investiciju (�lanak 12 (d)). Ako se takva za�tita ne mo�e osigurati na temelju zakona zemlje doma�ina ili na temelju bilateralnih investicijskih ugovora, Agencija �e izdati garanciju samo nakon �to postigne dogovor sa zemljom doma�inom u skladu s �lankom 23(b)(ii) ili na drugi na�in o tretmanu koji �e se dati investicijama koje pokriva Agencija. Investicije koje garantira Agencija tako�er treba da budu nove odnosno da se realiziraju odmah nakon registriranja prijava za garantiranje Agencije (�lanak 12(c)). Isklju�ivanje ve� postoje�ih investicija ne zabranjuje Agenciji da pokriva investicije u koje se u�lo radi razvijanja postoje�e investicije ili da pokriva dobit od reinvestiranja koja bi se ina�e transferirala iz zemlje doma�ina. Izraz "dobit" u �lanku 12(c)(ii) razumijeva i tantijeme i naknade za licencije.

22. Da bi se udovoljilo uvjetima za dobivanje garancije, investitori koji su fizi�ke osobe moraju biti dr�avljani �lanica, osim zemlje doma�ina. Ako je investitor pravna osoba, mora biti inkorporirana (tj. pretvorena u akcionarsko dru�tvo) u zemlji �lanici i imati svoje glavno poslovno sjedi�te u zemlji �lanici, osim zemlje doma�ina, ili imati ve�inu kapitala u vlasni�tvu �lanice ili vlasni�tvu njezinih dr�avljana, osim zemlje doma�ina ili njezinih dr�avljana. Investicije u privatnome ili javnom vlasni�tvu udovoljavaju uvjetima sve dok posluju na komercijalnoj osnovi (�lanak 13(a)(iii). Me�utim, o�ekuje se da ve�i dio garantiranih investicija bude u privatnom vlasni�tvu.

23. �lankom 13(c) predvida se iznimka od zahtjeva da investitori ne mogu biti povezani sa zemljom doma�inom u odnosu na aktivu koju iz inozemstva formiraju dr�avljani zemlje doma�ina ili pravna osoba inkorporirana u zemlju doma�ina ili je u vlasni�tvu dr�avljana zemlje doma�ina, uz uvjet da investitor i zemlja doma�in zajedni�ki podnesu prijavu za garanciju, a Odbor je odobri specijalnom ve�inom glasova. Ova je iznimka u skladu s osnovnim ciljem Agencije da kanalizira priljev investicija u zemlje u razvoju �iji dr�avljani trenutno �ive u inozemstvu i posjeduju znatna sredstva izvan zemlje. To bi pridonijelo i repatrijaciji kapitala u zemlje u razvoju.

24. �lankom 14. ograni�avaju se garancijske aktivnosti Agencije na investicije na teritoriju �lanice zemlje u razvoju - �lanice. Zemlja u razvoju - �lanica definirana je u �lanku 3. kao �lanica navedena kao takva u Prilogu A. uz ovu konvenciju. U toku diskusija �to su ih vodili izvr�ni direktori dogovoreno je da Agencija izradi politiku pogodnosti, pri �emu bi se prioritet u njezinim aktivnostima dao manje razvijenim zemljama. Dogovoreno je i da, u svrhe �lanka 14. ovisni teritoriji za �ije je Me�unarodne odnose odgovorna zemlja koja nije zemlja u razvoju ima tretman zemlje u razvoju ako zemlja �lanica koja nije zemlja u razvoju to tra�i. Me�utim, investicije te �lanice na svojim ovisnim teritorijima izuzimaju se od prikrivenosti.

25. � lankom 15. predvida se da Agencija ne�e sklapati bilo kakav ugovor o garanciji prije "nego �to vlada doma�in odobri izdavanje garancije od strane Agencije prptiv rizika navedenih za pokrivanje garancijom". Svaka vlada doma�in ima pravo da ne da svoje odobrenje. To omogu�uje zemlji doma�inu da procijeni predlo�enu investiciju prije davanja odobrenja. O�ekuje se da �e Agencija utvrditi proceduru za dobivanje suglasnosti na temelju ove odredbe. To mo�e uklju�iti tra�enje odobrenja po osnovi koja ne sadrzi pravo na prigovor (�lanak 38(b)). Iako se ne tra�i odobrenje zemlje porijekla investitora, ne bi bilo prikladno da Agencija pokrije investiciju ako je zemlja porijekla investitora obavijesti da bi bila financirana sredstvima koja su transferirana izvan te zemlje suprotno va�e�im zakonima.

26, �lankom 18(a) predvida se da Agencija ako kompenzira ili se suglasi da kompenzira investiciju pod ugovorom o garanciji, stupa u sva prava koja je investitor stekao prema zemlji doma�inu kao rezultat dogadaja koji je prouzro�io potra�ivanja od Agencije. Subrogacija je prihva�eni princip zakona o osiguranju. Njime se predvida preno�enje postoje�eg potra�ivanja od garantiranog investitora na Agenciju pa Agencija stupanjem u prava stje�e ista prava �to ih je imao investitor. Ugovorima o garanciji definirat �e se uvjet subrogacije. Ti su uvjeti posebno va�ni za investitora, ako se ima na umu �injenica da �e Agencija kompenzirati investitoru samo dio njegovih gubitaka (�lanak 16). �lankom 18(b) predvida se da prava Agencije na subrogaciju priznaju sve �lanice.

27. Na temelju �lanka 18(c) Agencija ima pravo na tretman koji nije ni�ta manje povoljan od tretmana �to se pru�a nosiocu garancije u odnosu na upotrebu i transfer lokalnih valuta zemalja doma�ina �to ih je Agencija primila stupanjem u prava. Osim toga, Agencija je ovla�tena koristiti se tim valutama za pla�anje svojih administrativnih tro�kova ili drugih tro�kova pa �e nastojati sklapati aran�mane sa zemljama doma�inima o drugim kori�tenjimatakvih valuta ako nisu konvertibilne. Te druge upotrebe mogu uklju�iti produ valuta drugim institucijama (kao �to su Me�unarodne kreditne agencije), stranim investitorima u tim zemljama ili uvoznicima dobara iz tih zemalja. Sposobnost Agencije da efikasno upotrijebi lokalne valute ili da na drugi na�in raspola�e tim valutama mo�e biti va�na u njezinu poslovanju, u slu�aju koji je malo vjerojatan da stekne ve�e iznose tih valuta.

28. Da bi se osigurala pravovremena isplata potra�ivanja, predsjednik �e donijeti i odluke u skladu s ugovorima o garanciji i onom politikom �to je Odbor usvoji (�lanak 17), a, u slu�aju spora, kona�no utvr�ivanje mo�e ovisiti o ishodu arbitra�e izme�u Agencije i doti�nog investitora (�lanak 58). predvi�eno je da �e ta politika zahtijevati od nosioca da tra�i odgovaraju�e administrativne mjere u danim okolnostima, ako se tim mjerama raspola�e na temelju zakona zemlje doma�ina i ako se njima mogu osigurati razumna razdoblja u kojima bi se �to vi�e pove�ali izgledi za povoljno rje�avanje potra�ivanja izme�u investitora i zemalja doma�ina (�lanak 17). O�ekuje se da specifi�ni vremenski rokovi koji �e se uklju�iti u ugovore o garancijama budu u skladu s praksom ostalih osiguravatelja od politi�kog rizika. Ova odredba odra�ava utvrdenu praksu nacionalnih shema za garantiranje investicija i ne bi trebalo da name�e neopravdan teret investitorima jer nije nu�no da oni iscrpe sve lokalne korekturne mjere prije dobivanja kompenzacija od Agencije. Rokovi �e ovisiti o vrsti uklju�enog rizika i slo�enosti danog slu�aja. Navedeni vremenski rokovi moraju se razlikovati od maksimalnih dopu�tenih razdoblja izme�u podno�enja zahtjeva za potra�ivanjem i odluke Agencije o potra�ivanju. Ti vremenski rokovi nisu specificirani u Konvenciji jer je te�ko utvrditi specifi�na razdoblja koja bi bila adekvatna u svim situacijama. Me�utim, Agencija mo�e svojim pravilima i propisima utvrditi takve vremenske rokove i mo�e ih ugraditi u ugovore o garanciji kako bi pove�ala atraktivnost svojih slu�bi.

29. Agencija �eli dopunjavati nacionalne i regionalne programe a ne konkurirati im (�lanak 19). Od nje se, prema tome, o�ekuje da se usredsredi na garantiranje investicija �lanica koje nemaju nacionalni program (prije svega zemlje u razvoju �lanice izvoznice kapitala), zajedni�ko garantiranje investicija s nacionalnim i regionalnim agencijama, osiguravanje reosiguranja za nacionalne i regionalne agencije, garantiranje investicija koje ne udovoljavaju uvjetima nacionalnih i regionalnih programa unato� njihovoj opravdanosti i razvojnom karakteru te garantiranje investicija �to ih financiraju investitori iz razli�itih zemalja �lanica. Da bi zadr�ala re�ijske tro�kove na minimumu i pove�ala efikasnost Agencija se mo�e koristiti administrativnom podr�kom nacionalnih i regionalnih tijela i mo�e s njima stupiti u odgovaraju�e kooperativne aran�mane (�lanak 19). Na primjer, nacionalne administrativne agencije mogu pru�iti pomo� pri obradi prijava lokalnih investitora za multilateralne garanc:je i svih rezultiraju�ih potra�ivanja. To bi smanjilo eventualnu potrebu da Agencija uspostavlja biroe izvan svojeg sjedi�ta. Jasno je, me�utim, da bi se Agencija morala osloniti na vlastitu procjenu rizika i za sebe rezervirati odluke o izdavanju garancija i pla�anju potra�ivanja.

30. �lankom 19. definiraju se institucije s kojima Agencija mo�e sura�ivati kao anacionalna tijela �lanica i regionalna tijela �iji je najve�i dio kapitala u vlasni�tvu �lanica, koje obavljaju aktivnosti sli�ne Agencijskim aktivnostima. To uklju�uje sve agencije koje izdaju garancije o investicijama protiv nekomercijalnih rizika ili koje unapre�uju privatne investicije u zemljama u razvoju. Zbog toga Agencija mo�e sura�ivati s vi�e od jedne institucije u istoj zemlji. Potrebno je konstatirati da suradnjom izme�u nacionalnog tijela i Agencije to tijelo automatski ne postaje kanal za komunikaciju izme�u zemlje �lanice i Agencije na temelju �lanka 38. Ova odredba tra�i od svake �lanice da odredi odgovaraju�e tijelo za komuniciranje o svim pitanjima koja mogu iskrsnuti u primjeni Konvencije.

31. Agencija mo�e sura�ivati s privatnim osiguravateIjima od politi�kog rizika radi unapre�ivanja vlastitih aktivnosti i poticanja tih osiguravatelja da pru�e osiguranje od politi�kog rizika u zemljama u razvoju �lanicama Agencije uz uvjete sli�ne Agencijskim uvjetima (�lanak 21(a)). Na primjer, u odnosu na prethodni cilj, privatne osiguravaju�e kompanije mogu pomo�i Agenciji pri plasiranju njezina programa. U odnosu na drugi cilj, o�ekuje se da Agencija bude katalizator u mobiliziranju sposobnosti privatnog osiguranja, naprimjer stupaju�i s privatnim osiguravateljima u aran�mane zajedni�kog osiguranja. Agencija �e posebno nastojati garantirati investicije koje privatni osiguratelji ne osiguravaju, uz razumne uvjete, sli�no pokrivanje.

32. �l. od 19. do 21. �eli da Agencija uspostavi kao subjekt s ciljem da sura�uje i pove�ava efikasnost i djelovanje i javnih i privatnih osiguravatelja od politi�kog rizika. Na koji na�in �e se realizirati suradnja ovisi o administrativnoj strukturi i situaciji na tr�i�tu osiguranja u doti�noj emlji. U nekim zemljama vlade imaju ulogu u koordiniranju aktivnosti javnih i privatnih osiguravatelja, a u �lanku 38(a) tra�i se od Agencije da se konzultira s vladama �lanicama, na njihov zahtjev, o pitanjima sadr�anim u �l. od 19. do 21. To uklju�uje komplementarnu ulogu Agencije o projektiranju vlastitih garantnih aktivnosti, u Zajedni�kom osiguranju, reosiguranju i aktivnostima u vezi s jamstvom i administrativnom suradnjom. Po potrebi, Agencija mo�e stupiti u "ki�obran sporazume" s nekom vladom koja bi osigurala okvir za suradnju Agencije s javnim i privatnim osiguravateljima te �lanice.

33. Agencija je na temelju �l. 20. i 21(a), ovla�tena da izdaje reosiguranje institucijama �lanica koje imaju garancije na investicije, regionalnim agencijama za garantiranje investicija (od kojih je jedini primjer za sada Interarapska korporacija za garantiranje investicija) i privatnim osiguravateljima u zemljama �lanicama. Kao �to je navedeno u paragrafu 31. ovog tuma�enja, aran�manima Agencije s privatnim osiguravateljima, uklju�uju�i aran�mane za reosiguranje, �eli se potaknuti da ponude garantiranje investicija uz uvjete sli�ne uvjetima po kojima ih nudi Agencija. Svrha reosiguranja jest da diverzificira portfelj rizika same Agencije, a i reosiguranog subjekta. Takoder bi trebalo omogu�iti reosiguranom subjektu da pro�iri svoje poslovanje.

34. Potrebno je ukazati na �injenicu da se reosiguranje koje pru�a Agencija uvijek mora odnositi na "konkretnu" investiciju. Namjera je da se isklju�i reosiguranje dijelova portfelja rizika primarnih osiguravatelja (obi�no nazvani ugovornim reosiguranjem). Potrebno je konstatirati da je namjera operacijom reosiguranja obuhvatiti samo unaprijed utvr�eni dio ukupnih operacija Agencije. �lankom 20(a), prema tome, predvida se da Odbor specijalnom ve�inom glasova povremeno propisuje maksimalni iznos. Ako je rije� o investicijama koje su zavr�ene vi�e od jedne godine prije primitka prijave za reosiguranje od strane Agencije, Konvencija predvida prvobitni limit od deset postotaka od ukupne odgovornosti Agencije koju mo�e pokriti samostalno odnosno bez pribjegavanja jamstvu. Ti se limiti odnose na reosiguranje i javnih i privatnih osiguravatelja. Odbor ih mo�e izmijeniti specijalnom ve�inom glasova kad to smatra potrebnim.

35. Uvjeti koji obuhva�aju pogodnost u odnosu na rizik, investicije, investitora i zemlju doma�ina, a primjenljivi su na garancije Agencije, primjenjivat �e se na reosigurane investicije; iz tehni�kog razloga reosiguranje investicije ne mora se realizirati nakon podno�enja prijave za reosiguranje (�lanak 20(a)).

�36. �lankom 20(c) predvida se da �e u mjeri u kojoj je to mogu�e aran�mani o reosiguranju biti strukturirani tako da �e Agencija ili reosigurano tijelo u�ivati sva prava subrogacije i arbitra�e �to bi ih Agencija imala da je osnovni garant. Me�utim, takva subrogacija Agencije va�it �e samo ako zemlja doma�in prethodno odobri reosiguranje od strane Agencije (�lanak 20(c)). U nekim slu�ajevima mo�e biti neprakti�no da se Agencija subrogira na prava reosiguranog tijela, a u nekim slu�ajevima bit �e efikasnije ako Agencija dopusti reosiguranom tijelu da realizira prava �to ih je Agencija stekla kao njegov zastupnik. �lankom 20(c) predvi�a se da ugovori o reosiguranju razumijevaju pravovremeno pribjegavanje administrativnom lijeku.

37. Na temelju �lanka 21(b), Agencija mo�e reosigurati svaku garanciju koju izda kod javnog ili privatnog osiguravatelja. Takvo bi joj reosiguranje omogu�ilo da dalje diverzificira svoj portfelj rizika. O�ekuje se da �e se ovim ovla�tenjem koristiti samo onda kad mo�e dobiti pokri�e reosiguranja uz odgovaraju�e uvjete i po umjerenoj cijeni.

38. Po prihva�enim principima osiguranja i bankarstva dopu�teno je preuzeti ukupnu odgovornost koja prema�uje dionice osiguravatelja ili banke. Osnova ovog principa jest da se ne mo�e o�ekivati da �e svi garantirani ili osigurani rizici postati gubici. Na temelju konvencije, ovaj se princip primjenjuje i na Agenciju. �lankom 22(a) predvida se da maksimalni ukupni stupanj uvjetne odgovornosti koji Agencija mo�e preuzeti ne�e prema�ivati 150 postotaka od iznosa upisanog kapitala i njezinih rezervi, a i onog dijela reosiguranog pokri�a, osim ako odbor ne odlu�i druga�ije specijalnom ve�inom glasova. Budu�i da se o�ekuje da �e Agencija vremenom izgraditi svoj portfelj Odbor �e povremeno ponovno razmatrati stvarni raspon rizika i potencijal gubitka radi utvr�ivanja da li je potrebno preporu�iti Savjetu ve�i stupanj pokri�a rizika. Me�utim, sve odluke o pove�anju proporcije podlije�u, kao �to je ve� navedeno, specijalnoj ve�ini glasova i najvi�i odnos rizik - aktiva ne smije prema�iti jedan prema pet.

39. �lankom 22(b) (i) predvida se da odbor mo�e propisati maksimalni ukupni stupanj uvjetne odgovornosti za sve garancije izdane investitorima pojedina�nih �lanica. Time se �eli odr�ati ravnote�a izme�u relativnih doprinosa �lanica Agenciji i koristi koju investitori imaju od Agencije. Pri utvr�ivanju maksimalnih stupnjeva Odbor �e uzeti u obzir udio pojedina�ne �lanice u kapitalu; me�utim, u obzir se uzima i potreba primjene liberalnijih ograni�enja u odnosu na zemlje u razvoju kad one ili njihovi dr�avljani investiraju u druge zemlje u razvoju.

40. Teku�u kategoriju limita mo�e uspostaviti Odbor radi postizanja odr�ivoga ukupnog raspona rizika i izbjegavanja nepotrebne koncentracije rizika. Prema tome, limiti se mogu staviti na plasman Agencije u odnosu na opseg pojedina�nih projekata, ukupne investicije u pojedinim zemljama doma�inima, vrste investicija ili rizika ili drugih faktora (�lanak 22 (b) (ii)). Budu�i da ovi limiti slu�e isklju�ivo za diverzificiranje rizika, bilo koji limit na investicije u pojedina�nim zemljama doma�inima ne ovisi o relativnim upisima kapitala doti�ne zemlje.

41. Jedna od karakteristika po kojoj se Agencija razlikuje od prethodnih prijedloga jest njezina obveza da provodi aktivnosti koje su komplementarne izdavanju garancija, a cilj im je poticanje priljeva investicija u zemlje �lanice u razvoju i me�u njima (�lanak 2 (b)). Agencija je obvezna, na temelju �lanka 23 (a), provoditi istra�ivanja i �iriti informacije o mogu�nostima investiranja u zemljama u razvoju �lanicama te poduzimati druge aktivnosti za unapre�enje stranih investicija. Osim toga, Agencija, na zahtjev jedne od �lanica, mo�e pru�ati tehni�ku pomo� i savjete radi unapre�enja uvjeta investiranja. To bi moglo uklju�iti savjete o pitanjima kao �to su izrada nacrta investicijskog kodeksa i pregled programa stimuliranja investicija. Takve komplementarne usluge mogu se pru�iti za odgovaraju�e honorare ili besplatno zemljama korisnicama, kad za to postoji ovla�tenje.

42. Pri provo�enju svojih poticajnih aktivnosti, Agencija �e se rukovoditi relevantnim sporazumima o investicijama me�u svojim �lanicama i nastojati me�u njima otkloniti prepreke priljevu investicija. Osim toga, Agencija je obavezna koordinirati rad s drugim agencijama koje se bave poticanjem stranih investicija, posebno s Me�unarodnom financijskom korporacijom (�lanak 23 (a)). To bi pomoglo da se izbjegne dupliranje aktivnosti Agencije.

43. �lankom 23 (b) (i) Agencija se zadu�uje da poti�e prijateljsko rje�avanje sporova izme�u investitora i zemalja doma�ina. Ona mo�e osigurati informacije o raspolo�ivim mehanizmima za rje�avanje sporova. Osim toga zadu�ena je da unapre�uje i olak�a sklapanje ugovora o za�titi investicija me�u svojim �lanovima. Naprimjer, mogla bi pokrenuti studije o postoje�im sporazumima i pomo�i vladama �lanicama u analizi implikacija i koristi od takvih sporazuma.

44. Na temelju �lanka 23 (b) (ii), Agencija �e nastojati u�i u bilateralne i multilateralne sporazume sa svojim �lanicama kako bi osigurala da investicije za koje daje garanciju dobiju tretman koji nije nepovoljniji od tretmana �to su ga zainteresirane �lanice prihvatile za najpovla�teniju agenciju za garantiranje investicija ili dr�avu. Pri utvr�ivanju najpovla�tenije agencije ili dr�ave, Agencija �e razmatrati sporazume u cijelosti, a ne njihove pojedina�ne odredbe. Sporazumi na temelju �lanka 23 (b) (i) zahtijevaju odobrenja odbora specijalnom ve�inom glasova. O�ekuje se da �e se takvi sporazumi zaklju�ivati kad investicije koje pokriva Agencija ne bi ina�e imale koristi od pestoje�ih bilateralnih ugovora ili kad standarde sadr�ane u takvim ugovorima Agencija smatra neadekvatnim.

45. Prija�nji prijedlozi Banke o osnivanju Me�unarodne agencije za osiguranje investicija temeljili su se na pretpostavci da bi ta Agencija vodila operacije isklju�ivo u ime zemalja �lanica sponzora. Na temelju konvencije, garancije zajam�enih investicija imaju dopunsku iako zna�ajnu ulogu u operacijama �to ih vodi Agencija u vlastito ime. Osim tih operacija, Agencija mo�e, na temelju lanka 24. davati garancije i za druge investicije i pru�ati dodatno reosiguranje ako �lanica ili �lanice pristanu jam�iti za te investicije. Konkretne odredbe koje se odnose na operacije jam�enja sadr�ane su u Aneksu 1, koji je integralnim dijelom Konvencije. Mora se naglasiti da se sredstva �to ih dr�i i kojima upravlja Agencija u Sponzorskome povjereni�kom fondu moraju, na temelju �lanka 2 (c) Aneksa 1, dr�ati odvojeno od sredstava Agencije, a Agencija ne�e odgovarati svojim sredstvima u okviru operacije sponzorstva (�lanak 6. Aneksa I).

46. Mehanizmi sponzorstva jesu ovi: �lanica koja predla�e Agenciji garantiranje investicije preuzet �e uvjetnu odgovornost za udio u gubitku u iznosu garancije za koju je jamac. Premije i drugi prihodi koji se mogu pripisati zajam�enim garancijama akumuiirat �e se u odvojenom fondu koji �e se zvati Sponzorski fond. Kad se iscrpe sredstva Fonda, svi gubici po osnovi zajam�enih garancija podijelili bi se me�u svim �lanicama jamcima, svaka u onoj razmjeri u kojoj se stupanj maksimalne uvjetne odgovornosti po investicijskim garancijama �iji je ona sponzor odnosi na ukupni stupanj maksimalne uvjetne odgovornosti po garancijama investicija �iji su sponzori bile sve �lanice. Me�utim, maksimalna odgovornost svakog sponzora ograni�ena je na ukupnu maksimalnu uvjetnu odgovornost na temelju svih garancija za koje povremeno jam�i ta �lanica. �I. 1. i 3. Aneksa I. sadr�e ograni�enja na obveze �lanica da dijele gubitke u okviru aran�mana o sponzorstvu.

47. Sponzorstvo omogu�uje �lanicama da osiguraju za�titu osiguranja investicije u nekim slu�ajevima. �lanice koje nemaju nacionalnu shemu mogu se koristiti ovim sistemom kako bi osigurale pokri�e svojim investitorima. Za druge �lanice pak, sponzorstvo se mo�e koristiti kao sredstvo za diverzifikaciju rizika, budu�i da bi im to omogu�ilo da zamjene pro rata udio u svim uvjetima odgovornosti Sponzorskog fonda za ukupnu uvjetnu odgovornost ako postoji osiguranje na temelju nacionalne sheme.

48. U principu, odredbe Konvencije koje se odnose na djelatnost garantiranja i financijskog upravljanja, a primjenjive su na djelatnost same Agencije, tako�er �e se primjenjivati i na zajam�ene garancije (�lanak 6. Aneksa I). Treba naglasiti da se zahtjev o udovoljenju uvjetima iz �l. 11. i 12. Konvencije tako�er odnosi i na zajam�ene investicije. Me�utim, garancije koje se odnose na zajam�ene investicije nisu ograni�ene na dr�avljane zemalja �lanica. �lankom 1(a) Aneksa I. predvi�a se da takve investicije mo�e izvr�iti "investitor bilo kojeg dr�avljanstva i investitor jednog dr�avljanstva ili vi�e dr�avljanstava". Zemlja doma�in mo�e biti konsponzor investicije. Konsponzor ukazuje na veliki razvojni interes zemlje doma�ina za investiciju i namjeru da se unaprijedi profil rizika. �lankom 1(c) Aneksa I. odreduje se Agenciji da daje prioritet investicijama �iji su konsponzori doti�ne zemlje doma�ini.

49. Ograni�enje sadr�ano u �lanu 14. Konvencije, kojim se pokrivanje ograni�ava na investicije u zemljama u razvoju odnosi se na vlastite operacije Agencije, ali ne i na sponzorske djelatnosti. �lanice mogu jam�iti za investicije bilo u kojoj zemlji �lanici, ali se posebno naglasak stavlja na djelatnosti u zemljama u razvoju - �lanicama. Argument za dopu�tanje sponzorskih djelatnosti u razvijenim zemljama jest da garancije za zajam�ene investicije u razvijenim zemljama, koje su od posebnog interesa za neke zemlje u razvoju izvoznice kapitala, ne apsorbira oskudu sposobnost osiguranja, pa prema tome ne bi umanjili sposobnost Agencije da garantira za investicije u zemljama u razvoju. U nekim okolnostima, investicija u korporaciju razvijene zemlje mo�e olak�ati zajedni�ka ulaganja s tom korporacijom ili njezinom podru�nicom u zemljama u razvoju. Investicije u razvijenim zemljama tako�er imaju prednost jer unapre�uju profil rizika portfelja Sponzorskoga povjereni�kog fonda i omogu�avaju mu da postigne ve�u raznolikost.

50. �lankom 5 (a) Aneksa I. ovla��uje se Agencija da pru�i reosiguranje �lanicama i njihovim agencijama, a regionalnim agencijama i privatnim osiguravateljima u zemljama �lanicama po osnovi sponzorstva. Ove djelatnosti reosiguranja podlije�u istim uvjetima kao i djelatnosti reosiguranja Agencije u vlastito ime. Reosiguranje po osnovi sponzorstva diverzificira rizik.

Sponzorstvom privatno osigilranih investicija za reosiguranje mogu se koristiti �lanice kao zamjenom za reosiguranje ovih investicija u vlastito ime. Sve �lanice sponzori dijelile bi pro rata sve gubitke na temelju polica reosiguranja, bez obzira na to da li gubitak proizlazi iz zajam�ene garancije ili zajam�ene police reosiguranja.

51. �lankom 6. Aneksa I. predvi�a se vo�enje sponzorskih djelatnosti u skladu s istim zdravim poslovnim i financijskim praksama koje se odnose na garantne oljeracije Agencije zasnovane na njezinu kapitalu i rezervama. Kao i u slu�aju osiguranja na vlastiti ra�un od Agencije se ne o�ekuje da pokrije zajam�ene investicije koje uklju�uju neprihvatljivo veliki rizik ili koje bi poremetile njezin portfelj rizika. Sponzorske djelatnosti tako�er bi imale koristi od kredita �lanica sponzora, za koje se pretpostavlja da bi bile me�u kreditno najsposobnijim �lanicama. �lankom 1(i) Aneksa I. izri�ito se odreduje Agenciji da vodi ra�una o mogu�nosti �lanice sponzora da ispuni svoje sponzorske obveze. �tovi�e o�ekuje se od sponzorskih djelatnosti da budu na isto tako zdravim financijskim osnovama kao i garantne djelatnosti same Agencije.

52. �lankom 1(d) Aneksa I. tra�i se od Agencije da se povremeno konzultira s �lanicama sponzorima o pitanjima vezanim za sponzorske djelatnosti. �tovi�e, raspodjela glasova modificirat �e se u svrhe dono�enja odluka o zajam�enim investicijama tako �to �e svaka �lanica sponzor i svaka �lanica doma�in zajam�ene investicije dobiti jo� jedan dodatni glas na svakih 10.000 specijalnih prava vu�enja bilo koje zajam�ene investicije ili investicije �iji je doma�in (�lanak 9. Aneksa L). Prema tome, teoretski postoji mogu�nost da uvjeti �to ih usvoji Odbor za sponzorske djelatnosti ne budu identi�ni uvjetima koji se odnose na djelatnosti i za ra�un Agencije.

53. �lankom 25. odreduje se Agenciji da "obavlja svoju djelatnost u skladu s dobrom poslovnom praksom i promi�ljenim financijskim upravljanjem radi odr�avanja, u svim uvjetima svoje sposobnosti da izvr�ava svoje financijske obveze". O�ekuje se od Agencije da postane financijski samostalna, a od organa upravljanja da nastoje izbje�i pozive upisanog kapitala �lanica. Iskustvo nacionalnih agencija za garantiranje investicija i trii�ta privatnog osiguranja navode na zaklju�ak da je ovo realno o�ekivati.

54. Agencija �e morati napla�ivati odgovaraju�e premije, pristojbe i druga potra�ivanja na temelju �lanka 26. da bi postala financijski neovisna. Konvencija ne propisuje na koji �e se na�in utvr�ivati premije i naknade, a stope koje bi se primjenjivale na svaku vrstu rizika Agencija �e morati utvrditi i povremeno, revidirati. Agencija raspola�e odgovaraju�im ovla�tenjem da odlu�uje o razini i strukturi svojih premija i naknada, uklju�uju�i nadoknadu na poticajne aktivnosti.

55. Financijski polo�aj Agencije unapre�uje se zahtjevom iz �lanka 27 (a) da se sav �isti dohodak stavlja u rsezerve sve dok one ne dostignu razinu petorostrukog iznosa upisanog kapitala Agencije. Iznimno od ove odredbe Savjet mo�e, specijalnom ve�inom glasova, odlu�iti da upotrijebi dio svojega prihoda da bi vratio �lanicama iznose upla�ene po pozivu na upisani kapital ako to dopu�ta financijski polo�aj agencija (�lanak 10 (a) (iii)). Nakon �to ove rezerve, dostignu navedenu razinu, Savjet �e odlu�iti na temelju �lanka 27 (b), da li �e se vi�ak �istog dohotka upu�ivati u rezerve, distribuirati �lanicama ili koristiti na neki drugi na�in.

56. Osnovna struktura Agencija sli�na je strukturi drugih me�unarodnih financijskih institucija, osobito Banke i Me�unarodne financijske korporacije. Struktura Agencije je trostruka i sastoji se od Savjeta guvernera, Odbora direktora te predsjednika i stru�nih slu�bi (�lanak 30).

57. Savjet �ini po jedan guverner iz svake �lanice i njegov zamjenik (�lanak 31). Konvencijom se ne predvidaju bilo kakva ograni�enja za �lanice pri postavljanju svojih guvernera i njihovih zamjenika. Savjet se sastaje bar jedanput godi�nje, a mo�e ga bilo u koje vrijeme sazvati Savjet ili Odbor. Savjet je nosilac svih ovla�tenja Agencije, osim ovla�tenja �to ih Konvencija izri�ito predvida za neko drugo tijelo Agencije. Me�utim, Savjet mo�e na Odbor prenijeti sva svoja ovla�tenja, osim konkretnih ovla�tenja navedenih u �lanku 31(a) koja su rezervirana za Savjet, a uklju�uju�i primanje, suspenziju �lanica, klasifikaciju �lanica u svrhe glasanja ili kao zemlja u razvoju - �lanica, promjene u kapitalu, pove�anje granice ukupnog iznosa ukupne odgovornosti iz �lanka 22 (a), utvr�ivanje prihoda direktora, izmjene i dopune Konvencije, prestanak rada i likvidaciju Agencije te raspodjelu sredstava �lanicama nakon likvidacije.

58. Odbor se bira u skladu s �lankom 41(a) i Prilogom B i odgovoran je za op�e poslovanje Agencije (�lanak 32 (a). Ta odgovornost obuhva�a sva pitanja u vezi s politikom i propisima Agencije, ali ne i u vezi s njezinim svakodnevnim upravljanjem, �to je u nadle�nosti predsjednika i stru�nih slu�bi. Odbor mo�e poduzimati sve akcije �to su potrebne ili dopu�tene na temelju Konvencije. Savjet utvr�uje mandat direktora na temelju �lanka 32 (c). Odbor �e �initi najmanje dvanaest direktora. Savjet �e utvrditi broj direktora koji moie prilagodavati u skladu s promjenama u �lanstvu. Od ukupnog broja direktora, jedna �etvrtina birala bi se zasebno, jednu �etvrtinu birala bi svaka �lanica koja ima najve�i broj dionica, a ostale direktore birale bi druge zemlje �lanice (Prilog B). Svaki direktor mo�e postaviti svojeg zamjenika (�lanak 32 (b)). Odbor �e se sastajati na inicijativu predsjednika ili na zahtjev triju direktora (�lanak 32 (d)). Pretpostavlja se da u prvim godinama rada Agencije opseg poslova ne�e opravdavati da Odbor bude u stalnom zasjedanju. To bi smanjilo administrativne tro�kove jer bi uz te uvjete direktori i njihovi zamjenici primali nadoknadu samo za tro�kove prisustvovanja sastancima odbora i za obavljanje drugih slu�benih funkcija (�lanak 32 (e)).

59. Predsjednika Agencije postavlja odbor koji o ovom postavljanju odlu�uje nakon imenovanja predsjedavaju�eg (�lanak 33 (b)). Predsjednik je odgovoran za obavljanje uobi�ajenih poslova Agencije pod op�om kontrolom odbora te za postavljanje, organizaciju i otpu�tanje stru�nih suradnika (�lanak 33 (a)). Nastoji se na tome da broj stru�nih kadrova ostane �to manji kako bi se pove�ala efikasnost Agencije i njezina odr�ivost. Primanja i uvjete radnog ugovora predsjednika utvr�uje Savjet (�lanak 33 (b)), �to je u skladu s praksom Banke.

60. �lan 34. utemeljen je na sli�nim odredbama �lanova sporazuma Banke i Me�unarodne financijske korporacije i zabranjuje bilo kakvo mije�anje Agencije, njezina predsjednika i stru�nih slu�bi u "politi�ka pitanja" �lanica. To me�utim ne spre�ava Agenciju da uzme u obzir sve okolnosti relevantne za njezine odluke u vezi s osiguranjem i poticajnom aktivno��u.

61. Sjedi�te Agencije bit �e u Washingtonu osim ako Savjet, specijalnom ve�inom glasova, ne odlu�i da to bude u drugom mjestu (�lanak 36 (a)). Osim toga, Agencija mo�e na temelju �lanka 36 (b), ako je to potrebno za oliavljanje njezinih funkcija, osnivati i druge biroe.

62. Dok se po dosada�njim prijedlozima predvidao izvjestan broj organizacijskih veza izme�u Banke i Agencije, Konvencija predvi�a samo minimalnu organizacijsku vezu izme�u tih dviju institucija. Predsjednik Banke �e po slu�benoj du�nosti biti predsjednik odbora (�lanak 32 (b)). Ovakvim odnosom nastoji se unaprijediti uloga Agencije kod Me�unarodne razvojne institucije i pru�iti joj se pomo� da stekne ugled bez djelovanja na Razli�ite uloge dviju institucija. Agenciji �e mo�da biti korisno da sklopi ugovor o suradnji s Bankom ili Me�unarodnom financijskom korporacijom ili s objema da bi se iskoristile njihove tehni�ke i administrativne slu�be i pogodnosti, po potrebi (�lanak 35).

63. Struktura glasanja u Agenciji izraz je stava da zemlje iz Kategorije I. i zemlje iz kategorije II. imaju ravnopravan interes u stranoj investiciji, da je suradnja me�u njima veoma va�na i da obje skupine zemalja treba da imaju, kad sve zemlje koje udovoljavaju uvjetima postanu �lanice, isti broj glasova (50/50). Takoder je uzeto u obzir da broj glasova �lanice treba da odrazi njezin relativni upis kapitala. Konvencijom se, prema tome, predvida da svaka �lanica ima 777 glasova u svojstvu �lana i jo� jedan glas na temelju upisa za svaku dionicu koju ona ima (�lanak 39 (a)). Broj glasova na temelju �lanstva izra�unat je tako da se osigura da, ako sve �lanice Banke pristupe Agenciji, zemlje u razvoju kao skupina imaju isti broj glasova kao i razvijene zemlje kao skupina. Da bi se za�titila manjinska skupina prije nego �to se postigne takva ravnopravnost, ta skupina bi dobila, u toku prve tri godine od stupanja konvencije na snagu, dopunske glasove koji bi joj omogu�ili da kao skupina ima 40 postotaka ukupnog broja glasova. Ti bi se dopunski glasovi distribuirali me�u �lanice doti�ne skupine razmjerno njihovim glasovima na temelju relativnih upisa i automatski bi se pove�avali ili smanjivali ovisno o slu�aju, da bi se odr�ala razina od 40 postotaka broja glasova skupine (�lanak 39 (b)). �ak i u prijelaznom razdoblju ti dopunski glasovi ukinuli bi se �im skupina dostigne 40 postotaka od ukupnog broja glasova, zahvaljuju�i glasovima na temelju upisa i �lanstva. U svakom slu�aju, dopunski bi se glasovi ukinuli na koncu trogodi�njeg razdoblja. U toku tog trogodi�njeg razdoblja, sve odluke Savjeta i odbora donosile bi se specijalnom ve�inom glasova najmanje dvije tre�ine ukupnog broja glasova koji predstavljaju bar pedeset pet postotaka ukupnih upisa, osim u slu�aju da je specijalna odluka podlijegala ve�oj ve�ini na temelju konvencije, kad bi ta ve�a ve�ina bila odlu�uju�a (�lanak 39 (d)). Ovo bi se odnosilo na neke amandmane na konvenciju (�lanak 59 (a)).

64. U toku tre�e godine nakon stupanja na snagu ove konvencije tra�i se od Savjeta, na temelju �lana 39 (c), da preispita raspodjelu dionica i da se pri tome rukovodi ovim trima principima: (a) da glasovi �lanica odraze stvarne upise u kapital Agencije i glasove na temelju �lanstva; (b) da se dijelovi rasporedeni zemljama koje nisu potpisale Konvenciju u vrijeme preispitivanja stave na raspolaganje za preraspodjelu, kako bi se omogu�io glasa�ki paritet izme�u �lanica zemalja u razvoju i �lanica razvijenih zemalja; i (c) da Savjet poduzme odgovaraju�e mjere kako bi �lanice mogle lak�e upisati dionice koje su im rasporedene. Tom bi se preraspodjelom vremenom postigao glasa�ki paritet izme�u obiju skupina na temelju relativnih upisa i glasova na temelju �lanstva.

65. Da bi se za�titio broj glasova �lanica od osipanja, kao rezultata op�eg pove�anja kapitala, �lankom 39 (e) ovla��uje se svaka �lanica na nove upise dijela pove�anja koji je ekvivalentan razmjeru njezinih do tada upisanih sredstava Agencije.

66. Postupak glasanja koji se primjenjuje na Savjet i Odbor na temelju �l. od 40. do 42. u prmcipu odgovara postupku iz drugih me�unarodnih financijskih institucija, prije svega Banke. Razli�ita je samo odredba kojom se omogu�uje izvr�nim direktorima da donesu odluke bez sazivanja sastanka (�lanak 42 (c)). To je predvi�eno zbog mogu�nosti da Agencija u prvo vrijeme ima Odbor koji nema stalno mjesto zasjedanja.

67. Odredbe o privilegijima i imunitetima Agencije izradene su po ugledu na odredbe Me�unarodne financijske korporacije. Nu�ne razlike od privilegija i imuniteta Korporacije odra�avaju specifi�ne karakteristike djelatnosti Agencije.

68. Konvencijom se predvi�a da se postupak (osim akcija koje proistje�u po osnovi sporova izme�u strana potpisnica ugovora o garanciji ili reosiguranju koji podlije�u arbitra�i na temelju �lanka 58. i sporova izme�u Agencije i �lanice u vezi s garantiranom ili reosiguranom investicijom, koji podlije�u arbitra�i ili sporazumu o alternativnim postupcima na temelju �lanka 57. mo�e pokrenuti protiv Agencije samo u sudu koji ima jurisdikciju na teritoriju �lanice na kojoj Agencija ima odre�ene konkretne veze (�lan 44.). Izri�ito se predvida da postupke protiv Agencije ne�e pokretati �lanice ili oni koji imaju potra�ivanja kod �lanice ili se dovode u vezu s osobnim pitanjima. Posljednja iznimka zna�i kodifikaciju postoje�e prakse koja je primjenljiva na Me�unarodne organizacije. �lankom 45 (a) predvi�a se da su imovina i sredstva Agencije imuni od svih oblika zapljene, zabrana, potresa, popisa, konfiskacije, eksproprijacije ili bilo kojeg drugog oblika zapljene putem izvr�nog ili zakonodavnog postupka; me�utim, taj se imunitet ne odnosi na sudski postupak.

69. Kao op�e pravilo, imovina i sredstva Agencija bit �e oslobodeni restrikcija, propisa, kontrola i moratorija. Me�utim, sredstva �to ih je Agencija stekla kao nasljednik ili stupanjem u prava investitora �ija je prava Agencija stekla, bit �e oslobodena od kontrola �to ih primjenjuje zemlja doma�in samo u mjeri u kojoj je investitor �ija je prava Agencija stekla subragacijom imao prava na takav tretman (�lanak 45 (b)).

70. �lankom 46. predvida se da su arhive Agencije neprikosnovene i da njezine slu�bene komunikacije imaju isti tretman kao i komunikacije Banke. Kao u �lanovima sporazuma Banke i Me�unarodne financijske korporacije, ne spominje se status prostorija Agencije. Razumijeva se, me�utim, da �e prostorije Agencije dobiti isti tretman koji se daje prostorijama drugih me�unarodnih organizacija.

71. �lankom 47. Agencija, njezina sredstva, imovina i dohodak, a i njezine operacije i transakcije izuzimaju se od poreza i carine. To ne zna�i da su predvi�ene iznimke od poreza ili carine koji su u stvari, samo naplata za pru�ene usluge. U odnosu na sredstva �to ih je Agencija stekla od investitora subrogacijom treba naglasiti da Agencija stje�e ta sredstva bez poreza i carine koje duguje investitor. Kad ta sredstva postanu imovina Agencije, bit �e izuzeta od poreza i carine. Ne o�ekuje se od Agencije da stje�e negotovinska sredstva subrogacijom, jer bi imala potra�ivanje od zemlje doma�ina samo za iznose pla�ene investitoru. Ako Agencija iznimno, stekne takva sredstva, o�ekuje se da �e ih �to prije konvertirati u gotovinu.

72. Agenciji su dane privilegije i imuniteti kako bi joj se omogu�ilo da obavlja svoje funkcije (�lanak 43), ali se mo�e i odre�i tih imuniteta u slu�ajevima u kojima se ta odreknu�a ne bi kosila s njezinim interesima. Osim toga, Agenciji je naredeno da se odrekne imuniteta za svoje stru�ne kadrove ako bi, po njezinu mi�ljenju imunitet sprije�io izvr�enje pravde, a da to odricanje ne �teti interesima Agencije (�lanak 50).

73. Odredbe Konvencije o povla�enju iz Agencije, suspendiranju �lanstva i obustavi djelatnosti u principu su izradene po uzoru na takve odredbe Banke. Svaka �lanica mo�e se povu�i iz Agencije bilo u koje vrijeme obavje�tavaju�i o tome Agenciju, u skladu s �lankom 51. Me�utim, da bi se osigurao kontinuitet Agencije, posebno u godinama formiranja �lanica se ne mo�e povu�i iz Agencije u toku prve tri godine �lanstva. Savjet ima ovla�tenje, na temelju �lanka 52 (a), da suspendira �lanicu koja nije ispunila neke od svojih obveza na temelju ove konvencije. Suspendirana �lanica nema drugih prava i privilegija na temelju Konvencije, osim proceduralnih prava i prava povla�tenja i dalje mora ispunjavati sve svoje obveze (�lan 52 (b)). Svaka biv�a �lanica i nadalje je obvezna u odnosu na svoje postoje�e i uvjetne obveze prema Agenciji nastale prije prestanka njezina �lanstva, ako s Agencijom nisu sklopljeni (�lanak 53) druk�iji aran�mani.

74. �lankom 54. omogu�uje se Odboru da suspendira garentne operacije i druge aktivnosti Agencije. Na temelju �lana 55. Savjet, specijalnom ve�inom glasova, mo�e donijeti odluku da likvidira Agenciju. Nikakva sredstva ne�e se raspodijeliti �lanicama nakon likvidacije sve dok se ne namire sve obveze prema imaocima garancija (�lanak 55 (b)).

75. �lankom 55 (c) predvida se da Agencija svoja preostala sredstva raspodijeli razmjerno udjelu svake �lanice u njezinu kapitalu. Sli�no tome, sva preostala sredstva Sponzorskog fonda raspodijelit �e se �lanicama sponzorima razmjerno investicijama �to ih je svaka od tih �lanica garantirala u okviru ukupnih zajam�enih investicija. �lanice koje imaju obveze prema Agenciji imaju pravo na svoj dio sredstava samo nakon namirivanja tih obveza. U praksi, potra�ivanja Agencije prema doti�nim �lanovima mogla bi se prebiti na temelju njezinih potra�ivanja na dio u sredstvima Agencije, tako da bi agencija bila primorana isplatiti samo razliku. Ovim se �lankom Agencija ovla��uje da raspodjeljuje sredstva "na takav na�in koji Savjet smatra po�tenim i pravi�nim". Ovom se odredbom �eli osigurati najracionalnija raspodjela sredstava. Namjera je da se slijedi prihvatljiva korporativna praksa, kako bi vrijednost sredstava danih pojedina�nim �lanicama u naturi procijenili neovisni procjenitelji i vrednovali je u odnosu na udio �lanice u raspodjeli.

76. Konvencijom se utvrduju procedure za �etiri vrste sporova:

(a) slijede�i primjer Banke i drugih me�unarodnih financijskih institucija, o pitanjima tuma�enja ili primjene Konvencije do kojih dolazi izme�u bilo koje �lanice i Agencije ili me�u samim �lanicama odlu�ivat �e Odbor, uz postojanje mogu�nosti apeliranja Savjetu (�lanak 56);

(b) sporovi koji se javljaju na temelju ugovora o garanciji ili reosiguranju izme�u Agencije i druge strane, ako se ne rije�e prijateljski, bit �e podneseni na arbitra�u u skladu s pravilima predvi�enim ili spomenutim u ugovoru o garanciji ili reosiguranju (�lanak 58);

(c) sporovi izme�u Agencije koja stupa u prava i investitora i �lanice rje�avat �e se ili u skladu s Aneksom II. na konvenciju ili u skladu sa sporazumom izme�u Agencije i te �lanice o alternativnim mehanizmima rje�avanja sporova (�lanak 57 (b)). Takav bi se sporazum (koji mora odobriti odbor specijalnom ve�inom glasova prije nego �to Agencija po�ne s operacijama na teritoriju doti�ne odnose �lanice) zaklju�io izme�u strana uzimaju�i Aneks II. kao osnovu. U mjeri u kojoj su takvi aran�mani zadovoljavaju�i za Agenciju, sporazumom bi se na primjer, moglo predvidjeti da Agencija prvo tra�i raspolo�ive lijekove na temelju nacionalnih zakona zemlje doma�ina i da ide na arbitra�u samo ako na temelju takvih lijekova nije rije�ila pitanja u danom razdoblju. Takvim bi se aran�manom osiguralo da Agencija ima tretman koji u pogledu prava da pokrene arbitra�u nije nepovoljniji od tretmana u aran�manima na koje je doti�na �lanica pristala kod najpovoljnije agencije za garantiranje investicija ili bilo koje dr�ave koja je strana u ugovoru u vezi s investicijom. Sporazumom se mogu predvidjeti i alternativne metode arbitra�e, kao �to je dobivanje stru�nog mi�ljenja od Me�unarodnog suda pravde; i

(d) sporovi osim sporova pod (a), (b) ili (c), do kojih dolazi izme�u Agencije i bilo koje �lanice ili Agencije, a i svi sporovi izme�u Agencije i biv�e �lanice, rje�avat �e se u skladu s Aneksom II. odnosno pregovorima a ako to ne uspije, u skladu s postupkom pomirenja i arbitra�e (�lanak 57 (a))

77. Konvencijom se ne predvidaju konkretni postupci za vo�enje arbitra�e izme�u Agencije i nosilaca garancije ili police reosiguranja. O�ekuje se da ugovori o garancijama i reosiguranju sadr�e klauzulu o pozivanju na me�unarodno priznati kodeks pravila za komercijalnu arbitra�u, kao �to su ICSID pravila odnosno pravila �to ih je izradila Komisija Ujedinjenih naroda za zakon o me�unarodnoj trgovini (UNCITRAL), ili pravila Me�unarodne privredne komore.

78. Aneksom II, koji je kao i Aneks I. integralnim dijelom konvencije, predvida se da strane poku�aju na�i rje�enja prije nego �to se obrate arbitra�i (�lanak 2. Aneksa II). U stvari, o�ekuje se da se takvi sporovi rje�avaju prijateljski, pregovorima, kao u praksi drugih me�unarodnih financijskih institucija. Ako pregovori ne daju rezultate, strane imaju mogu�nost poku�ati na�i rje�enje pomirenjem ili pokrenuti arbitra�ni postupak. Kad se strane suglase da pristupe arbitra�i, mogu to u�irtiti samo ako poku�aj pomirenja ne dade rezultate (�lanak 3. Aneksa II). �lankom 4 (g) Aneksa II. predvida se da �e arbitra�ni sud (Sud) "primjenjivati odredbe ove konvencije, sve relevantne sporazume izme�u strana u sporu, podzakonske akte i propise Agencije, primjenljiva pravila me�unarodnog prava, nacionalni zakon doti�ne �lanice te primjenljive odredbe ugovora o investiciji, ako takav postoji". Pozivanje na nacionalni zakon uklju�uje pravila koja se odnose na suprotnost u zakonu �lanice. Ako dode do spora izme�u pravila edunarodnog prava i pravila �to ih unilateralno donosi bilo koja od strana u sporu, me�unarodni sudovi primjenjuju pravila me�unarodnog prava. Odluke suda kona�ne su i obvezuju�e za strane (�lanak 4 (h) Aneksa II), i provode se na teritoriju zemlje �lanice kao da su kona�ne presude suda doti�ne zemlje; me�utim, mogu se izvr�iti samo u skladu sa zakonima zemlje u kojoj se tra�i izvr�enje (�lanak 4 (j) Aneksa II). Ovaj aran�man odr�ava zajedni�ki interes svih �lanica u financijskoj poziciji Agencije.

79. Odredbama Konvencije koje se odnose na izmjene i dopune (�lanak 59. i 60) uspostavlja se potrebna ravnote�a izme�u omogu�avanja modifikacija konvencije koje mogu biti po�eljne ili potrebne za funkcioniranje Agencije, istovremeno �tite�i �lanice od sve ve�ih obveza i gubljenja prava protiv njihove volje. Prema tome izmjene i dopune mogu u principu odobriti tri pet.ine guvernera koji raspola�u sa �etiri petine ukupnog broja glasova, neke izmjene i dopune zahtijevaju jednoglasno odborenje, a neke odobrenje onih �lanica �ije bi se obveze pove�ale. Izmjene i dopune priloga A i B zahtijevaju specijalnu ve�inu glasova.

80. Konvencijom je predvi�eno da stupi na snagu nakon �to ie ratificira, prihvati ili odobri pet dr�ava klasificiranih u Kategoriju I. i petnaest dr�ava klasificiranih u Kategoriju II. ako ukupne upisnine tih zemalja iznose najmanje jednu tre�inu ovla�tenog kapitala (�lanak 61(b)). Ovo je samo minimalni zahtjev u pogledu efektivnosti Konvencije, na temelju stava da �e se na taj na�in mo�i po�eti radom skromnog dometa te da je po�eljan �to skoriji po�etak funkcioniranja Agencije. O�ekuje se da �e Agencija prevazi�i te minimalne zahtjeve u relativno kratkom razdoblju.

81. Konvencija �e se primjenjivati na sve teritorije "pod jurisdikcijom �lanice". To uklju�uje teritorije koji, iako nisu nu�no dio teritorija �lanice u strogo pravnom smislu, podlije�u jurisdikciji te zemlje u ekonomske svrhe na temelju me�unarodnog prava.