Next (SCHEDULE CONVENTION ESTABLISHING THE MULTILATERAL INVESTMENT GUARANTEE AGENCY)

32 1988

/images/harp.jpg


Number 32 of 1988


MULTILATERAL INVESTMENT GUARANTEE AGENCY ACT, 1988


ARRANGEMENT OF SECTIONS

Section

1.

Interpretation.

2.

Approval of terms of Convention.

3.

Financial and other provisions.

4.

Recognition of subrogation rights.

5.

Enforcement of arbitration provisions.

6.

Short title.

SCHEDULE


/images/harp.jpg


Number 32 of 1988


MULTILATERAL INVESTMENT GUARANTEE AGENCY ACT, 1988


AN ACT TO MAKE PROVISION WITH RESPECT TO THE ACCEPTANCE BY THE STATE OF THE CONVENTION PROVIDING FOR THE ESTABLISHMENT AND OPERATION OF THE MULTILATERAL INVESTMENT GUARANTEE AGENCY AND TO PROVIDE FOR MATTERS, INCLUDING PAYMENTS, RELATED TO THE MATTERS AFORESAID. [23rd November, 1988]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Interpretation.

1. —In this Act—

the Agency” means the Multilateral Investment Guarantee Agency;

the Convention” means the Convention (the text of which is set out in the Schedule to this Act) providing for the establishment and operation of the Multilateral Investment Guarantee Agency;

the Minister” means the Minister for Finance.

Approval of terms of Convention.

2. —The terms of the Convention are hereby approved.

Financial and other provisions.

3. —(1) The subsequent subsections of this section shall come into operation on the day on which the Convention enters into force for Ireland in accordance with the terms of Section (c) of Article 61 of the Convention.

(2) The following payments, as and when they become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof:—

(a) payments under Articles 6, 7 and 8 of the Convention in respect of subscription to the Agency; and

(b) payments under Section (e) of Article 39 of the Convention.

(3) The Minister may create and issue to the Agency, in such form as he thinks fit, such non-interest-bearing and non-negotiable notes or other obligations as are provided for in paragraph (i) of Article 7 of the Convention, and any payments in respect of any such notes or obligations so created and issued shall be made out of the Central Fund or the growing produce thereof.

(4) Any moneys received by the State from the Agency shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.

(5) The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Agency and may advance to the Minister for Finance any sum or sums required for payments under this section, subject to such security, rate of interest and other terms and conditions as are agreed between the Minister and the Bank.

(6) The principal and interest of any advances made under subsection (5) of this section shall be charged on the Central Fund or the growing produce thereof.

Recognition of subrogation rights.

4. —The subrogation rights of the Agency, as set out in Article 18 of the Convention, shall be recognised by the State.

Enforcement of arbitration provisions.

5. —(1) The pecuniary obligations imposed by an award under Section (h) of Article 4 of Annex II of the Convention shall, by leave of the High Court, be enforceable in the same manner as a judgment or order of the High Court to the same effect and, where leave is so given, judgment may be entered for the amount due or, as the case may be, the balance outstanding under the award.

(2) Where an application is made to the High Court pursuant to subsection (1) of this section, the High Court shall, in any case where enforcement of an award has been stayed in accordance with Section (i) of Article 4 of Annex II of the Convention, stay enforcement of the pecuniary obligations imposed by the award and may, in any case where an application has been made in accordance with the aforesaid Section which, if granted, might result in a stay on the enforcement of the award, stay enforcement of the pecuniary obligations imposed by the award.

Short title.

6. —This Act may be cited as the Multilateral Investment Guarantee Agency Act, 1988.