- Chapter 42
- 31 December 1996
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Investment Disputes Convention Act, 1970
- Commenced on 17 April 1970
- [This is the version of this document at 31 December 1996.]
1. Short titleThis Act may be cited as the Investment Disputes Convention Act.
2. InterpretationIn this Act, unless the context otherwise requires—"award" means an award rendered pursuant to the Convention and includes any decision interpreting, revising or annulling an award, being a decision pursuant to the Convention;"Convention" means the Convention on the Settlement of Investment Disputes between States and Nationals of other States, the text of which is set out in the Schedule;"prescribed" means prescribed by rules of court.
3. Binding effect of awardEvery award shall be binding on the parties thereto.
4. Registration of awards
5. Effect of registrationSubject to the provisions of this Act, an award registered under section four shall, as respects the pecuniary obligations which it imposes, have the same force and effect from its date of registration as if it had been a final judgment of the High Court entered on that date and may be enforced accordingly.
6. Rules of courtRules of court may be made, by statutory instrument, to carry this Act into effect and such rules may in particular—
7. Status, immunities and privileges
8. Act to bind RepublicThis Act shall bind the Republic (but not so as to make an award enforceable against the Republic in a manner in which a judgment would not be enforceable against the Republic).
Schedule (Section 2)
Convention on the Settlement of Investment Disputes between States and Nationals of other States
PreambleThe Contracting StatesConsidering the need for international co-operation for economic development and the role of private international investment therein;Bearing in mind the possibility that from time to time disputes may arise in connection with such investment between Contracting States and nationals of other Contracting States;Recognizing that while such disputes would usually be subject to national legal processes, international methods of settlement may be appropriate in certain cases;Attaching particular importance to the availability of facilities for international conciliation or arbitration to which Contracting States and nationals of other Contracting States may submit such disputes if they so desire;Desiring to establish such facilities under the auspices of the International Bank for Reconstruction and Development;Recognizing that mutual consent by the parties to submit such disputes to conciliation or to arbitration through such facilities constitutes a binding agreement which requires in particular that due consideration be given to any recommendation of conciliators, and that any arbitral award be complied with; andDeclaring that no Contracting State shall by the mere fact of its ratification, acceptance or approval of this Convention and without its consent be deemed to be under any obligation to submit any particular dispute to conciliation or arbitration,HAVE AGREED as follows:
International Centre for Settlement of Investment Disputes
1. Establishment and organization
Article 2The seat of the Centre shall be at the principal office of the International Bank for Reconstruction and Development (hereinafter called the Bank). The seat may be moved to another place by decision of the Administrative Council adopted by a majority of two-thirds of its members.
Article 3The Centre shall have an Administrative Council and a Secretariat and shall maintain a Panel of Conciliators and a Panel of Arbitrators.
2. The Administrative Council
Article 5The President of the Bank shall be ex officio Chairman of the Administrative Council (hereinafter called the Chairman) but shall have no vote. During his absence or inability to act and during any vacancy in the office of President of the Bank, the person for the time being acting as President shall act as Chairman of the Administrative Council.
Article 8Members of the Administrative Council and the Chairman shall serve without remuneration from the Centre.
3. The Secretariat
Article 9The Secretariat shall consist of a Secretary-General, one or more Deputy Secretaries-General and staff.
Article 11The Secretary-General shall be the legal representative and the principal officer of the Centre and shall be responsible for its administration, including the appointment of staff, in accordance with the provisions of this Convention and the rules adopted by the Administrative Council. He shall perform the function of registrar and shall have the power to authenticate arbitral awards rendered pursuant to this Convention, and to certify copies thereof.
4. The Panels
Article 12The Panel of Conciliators and the Panel of Arbitrators shall each consist of qualified persons, designated as hereinafter provided, who are willing to serve thereon.
5. Financing the Centre
Article 17If the expenditure of the Centre cannot be met out of charges for the use of its facilities, or out of other receipts, the excess shall be borne by Contracting States which are members of the Bank in proportion to their respective subscriptions to the capital stock of the Bank, and by Contracting States which are not members of the Bank in accordance with rules adopted by the Administrative Council.
6. Status, immunities and privileges
Article 18The Centre shall have full international legal personality. The legal capacity of the Centre shall include the capacity—
Article 19To enable the Centre to fulfil its functions, it shall enjoy in the territories of each Contracting State the immunities and privileges set forth in this section.
Article 20The Centre, its property and assets shall enjoy immunity from all legal process, except when the Centre waives this immunity.
Article 21The Chairman, the members of the Administrative Council, persons acting as conciliators or arbitrators or members of a Committee appointed pursuant to paragraph (3) of Article 52, and the officers and employees of the Secretariat—
Article 22The provisions of Article 21 shall apply to persons appearing in proceedings under this Convention as parties, agents, counsel, advocates, witnesses or experts; provided, however, that sub-paragraph (b) thereof shall apply only in connection with their travel to and from, and their stay at, the place where the proceedings are held.
Jurisdiction of the Centre
Article 26Consent to the parties to arbitration under this Convention shall, unless otherwise stated, be deemed consent to such arbitration to the exclusion of any other remedy. A Contracting State may require the exhaustion of local administrative or judicial remedies as a condition of its consent to arbitration under this Convention.
1. Request for conciliation
2. Constitution of the Conciliation Commission
Article 30If the Commission shall not have been constituted within ninety days after notice of registration of the request has been dispatched by the Secretary-General in accordance with paragraph (3) of Article 28, or such other period as the parties may agree, the Chairman shall, at the request of either party and after consulting both parties as far as possible, appoint the conciliator or conciliators not yet appointed.
3. Conciliation proceedings
Article 33Any conciliation proceedings shall be conducted in accordance with the provisions of this section and, except as the parties otherwise agree, in accordance with the Conciliation Rules in effect on the date on which the parties consented to conciliation. If any question of procedure arises which is not covered by this section or the conciliation rules or any rules agreed by the parties, the Commission shall decide the question.
Article 35Except as the parties to the dispute shall otherwise agree, neither party to a conciliation proceeding shall be entitled in any other proceeding, whether before arbitrators or in a court of law or otherwise, to invoke or rely on any views expressed or statements or admissions or offers of settlement made by the other party in the conciliation proceedings, or the report or any recommendations made by the Commission.
1. Request for arbitration
2. Constitution of the Tribunal
Article 38If the Tribunal shall not have been constituted within ninety days after notice of registration of the request has been dispatched by the Secretary-General in accordance with paragraph (3) of Article 36, or such other period as the parties may agree, the Chairman shall, at the request of either party and after consulting both parties as far as possible, appoint the arbitrator or arbitrators not yet appointed. Arbitrators appointed by the Chairman pursuant to this Article shall not be nationals of the Contracting State party to the dispute or of the Contracting State whose national is a party to the dispute.
Article 39The majority of the arbitrators shall be nationals of States other than the Contracting State party to the dispute and the Contracting State whose national is a party to the dispute; provided, however, that the foregoing provisions of this Article shall not apply if the sole arbitrator or each individual member of the Tribunal has been appointed by agreement of the parties.
3. Powers and functions of the Tribunal
Article 43Except as the parties otherwise agree, the Tribunal may, if it deems it necessary at any stage of the proceedings—
Article 44Any arbitration proceeding shall be conducted in accordance with the provisions of this section and, except as the parties otherwise agree, in accordance with the Arbitration Rules in effect on the date on which the parties consented to arbitration. If any question of procedure arises which is not covered by this section or the Arbitration Rules or any rules agreed by the parties, the Tribunal shall decide the question.
Article 46Except as the parties otherwise agree, the Tribunal shall, if requested by a party, determine any incidental or additional claims or counter-claims arising directly out of the subject-matter of the dispute provided that they are within the scope of the consent of the parties and are otherwise within the jurisdiction of the Centre.
Article 47Except as the parties otherwise agree, the Tribunal may, if it considers that the circumstances so require, recommend any provisional measures which should be taken to preserve the respective rights of either party.
4. The award
5. Interpretation, revision and annulment of the award
6. Recognition and enforcement of the award
Article 55Nothing in Article 54 shall be construed as derogating from the law in force in any Contracting State relating to immunity of that State or of any foreign State from execution.
Replacement and disqualification of conciliators and arbitrators
Article 57A party may propose to a Commission or a Tribunal the disqualification of any of its members on account of any fact indicating a manifest lack of the qualities required by paragraph (1) of Article 14. A party to arbitration proceedings may, in addition, propose the disqualification of an arbitrator on the ground that he was ineligible for appointment to the Tribunal under section 2 of Chapter IV.
Article 58The decision on any proposal to disqualify a conciliator or arbitrator shall be taken by the other members of the Commission or Tribunal, as the case may be, provided that where those members are equally divided, or in the case of a proposal to disqualify a sole conciliator or arbitrator, or a majority of the conciliators or arbitrators, the Chairman shall take that decision. If it is decided that the proposal is well-founded the conciliator or arbitrator to whom the decision relates shall be replaced in accordance with the provisions of section 2 of Chapter III or section 2 of Chapter IV.
Cost of proceedings
Article 59The charges payable by the parties for the use of the facilities of the Centre shall be determined by the Secretary-General in accordance with the regulations adopted by the Administrative Council.
Place of proceedings
Article 62Conciliation and arbitration proceedings shall be held at the seat of the Centre except as hereinafter provided.
Article 63Conciliation and arbitration proceedings may be held, if the parties so agree—
Disputes between contracting states
Article 64Any dispute arising between Contracting States concerning the interpretation or application of this Convention which is not settled by negotiation shall be referred to the International Court of Justice by the application of any party to such dispute, unless the States concerned agree to another method of settlement.
Article 65Any Contracting State may propose amendment of this Convention. The text of a proposed amendment shall be communicated to the Secretary-General not less than ninety days prior to the meeting of the Administrative Council at which such amendment is to be considered and shall forthwith be transmitted by him to all the members of the Administrative Council.
Article 67This Convention shall be open for signature on behalf of States members of the Bank. It shall also be open for signature on behalf of any other State which is a party to the Statute of the International Court of Justice and which the Administrative Council, by a vote of two-thirds of its members, shall have invited to sign the Convention.
Article 69Each Contracting State shall take such legislative or other measures as may be necessary for making the provisions of this Convention effective in its territories.
Article 70This Convention shall apply to all territories for whose international relations a Contracting State is responsible, except those which are excluded by such State by written notice to the depositary of this Convention either at the time of ratification, acceptance or approval or subsequently.
Article 71Any Contracting State may denounce this Convention by written notice to the depository of this Convention. The denunciation shall take effect six months after receipt of such notice.
Article 72Notice by a Contracting State pursuant to Article 70 or 71 shall not affect the rights or obligations under this Convention of that State or of any of its constituent sub-divisions or agencies or of any national of that State arising out of consent to the jurisdiction of the Centre given by one of them before such notice was received by the depositary.
Article 73Instruments of ratification, acceptance or approval of this Convention and of amendments thereto shall be deposited with the Bank which shall act as the depositary of this Convention. The depositary shall transmit certified copies of this Convention to States members of the Bank and to any other State invited to sign the Convention.
Article 74The 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.
Article 75The depository shall notify all signatory States of the following:
History of this document
31 December 1996 this version
17 April 1970