2009 03 agreement establishing the iic eng
TRANSCRIPT
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INTER-AMERICAN
INVESTMENT
CORPORATION
AGREEMENTESTABLISHING
THE INTER - AMERICANINVESTMENT CORPORATION
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AGREEMENT ESTABLISHING
THE INTER-AMERICAN INVESTMENT CORPORATION
The Agreement Establishing the Inter-American Investment Corporation became effec-tive March 23, 1986. The text set forth herein is a true copy of the Agreement asamended by resolutions effective October 3, 1995, July 4, 2001 and June 12, 2002.
Washington, D.C.February 2009 reprint
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Table of Contents*
I. PURPOSE AND FUNCTIONS1. Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
2. Functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13. Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
II. MEMBERS AND CAPITAL1. Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22. Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23. Subscriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34. Restriction on Transfers and Pledge of Shares . . . . . . . . . . . . . . . . . . .45. Preferential Subscription Right . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46. Limitation on Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
III. OPERATIONS1. Operating Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
2. Other Forms of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63. Operating Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64. Limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75. Protection of Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76. Applicability of Certain Foreign Exchange Restrictions . . . . . . . . . . . . .77. Other Powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78. Political Activity Prohibited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
IV. ORGANIZATION AND MANAGEMENT1. Structure of the Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82. Board of Governors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83. Voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94. Board of Executive Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
5. Basic Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116. Executive Committee of the Board of Executive Directors . . . . . . . . .117. Chairman, General Manager and Officers . . . . . . . . . . . . . . . . . . . . . . . . .128. Relations with the Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139. Publication of Annual Reports and Circulation of Reports . . . . . . . . .14
10. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
V. WITHDRAWAL AND SUSPENSION OF MEMBERS1. Right of Withdrawal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142. Suspension of Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143. Terms of Withdrawal from Membership . . . . . . . . . . . . . . . . . . . . . .15
VI. SUSPENSION AND TERMINATION OF OPERATIONS
1. Suspension of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162. Termination of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .163. Liability of Members and Payment of Debts . . . . . . . . . . . . . . . . . . .164. Distribution of Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
* Secretary’s note: This Table of Contents is not part of the Agreement but is included for convenience.
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VII. JURIDICAL PERSONALITY, IMMUNITIES, EXEMPTIONS AND PRIVILEGES1. Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172. Juridical Personality. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173. Judicial Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174. Immunity of Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185. Inviolability of Archives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186. Freedom of Assets from Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . 187. Privilege for Communications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188. Personal Immunities and Privileges. . . . . . . . . . . . . . . . . . . . . . . . . . 189. Immunities from Taxation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
10. Implementation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1911. Waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
VIII. AMENDMENTS1. Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
IX. INTERPRETATION AND ARBITRATION
1. Interpretation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202. Arbitration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
X. GENERAL PROVISIONS1. Headquarters of the Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . 212. Relations with Other Organizations . . . . . . . . . . . . . . . . . . . . . . . . . 213. Channels of Communication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
XI. FINAL PROVISIONS1. Signature and Acceptance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222. Entry into Force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223. Commencement of Operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Annex A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Addendum A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
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ANNEX A
SUBSCRIPTIONS OF THE SHARES IN THE CORPORATION'S AUTHORIZED CAPITAL STOCK(Shares of US$10,000 each)
Number of paid-in e g at n e c r e P s e r ah s l at i p ac s e i r t n u o C
Regional developing countries 636.11723,2anitnegrA 1
636.11723,2lizarB 1
094.7894,1ocixeM 2
V 842,1aleuzene 6.2383
000.73004,7latotbuS
54.3096elihC54.3096aibmoloC
024ureP 2.10
00.9008,1latotbuS
512.034samahaB051.003sodabraB539.0781aiviloB074.049aciRatsoC036.0621cilbupeRnacinimoD036.0621rodaucE074.049rodavlaSlE036.0621alametauG081.063anayuG074.049itiaH074.049sarudnoH036.0621aciama J074.049augaraciN074.049amanaP074.049yaugaraP
T 074.049ogaboTanddadinir842yaugurU 1.240
000.9008,1latotbuS
T 000.55000,11lato
05.52001,5aciremAf osetatSdetinU
Other Countries
05.0001airtsuA31.3626ecnarF31.3626f o.peR.deF,ynamreG52.005learsI31.3626ylatI31.3626napa J55.1013sdnalrehteN31.3626niapS55.1013dnalreztiwS
009,3latotbuS 19.50
00.001000,02latoTdnarG
1 The representatives of Argentina and Brazil stated that their participation in the capital of the Corporation should not only match their shares in the capital of the Bank, but also maintain their relative shares in the total amount contributed by the regional developing countries in the capital of the Bank.
2The Mexican delegation makes the subscription listed above in order to help eliminate the oversubscription that has prevented the Inter-American InvestmentCorporation from coming into operation. Nevertheless, it wishes to put on record the desire of Mexico to achieve greater share participation in these multilateralorganizations, to more adequately reflect through a system of objective indicators its size in terms of economy, population and requirements for financial supportfor its development process.
3 Venezuela ratifies that it has decided to subscribe 1,248 shares of the Inter-American Investment Corporation, which gives it a participation of 6.238% in itscapital, to enable the Corporation to begin operating as soon as possible. However, Venezuela states for the record that it has not abandoned its desire toachieve a greater share participation in the future.
24
Countries Percentage
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25
Argentina
Austria
Bahamas
Barbados
Belgium
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Denmark
Dominican Republic
EcuadorEl Salvador
Finland
France
Germany
Guatemala
Guyana
Haiti
Honduras
Israel
Italy
Jamaica
Japan
Korea, Republic of Mexico
Netherlands
Nicaragua
Norway
Panama
Paraguay
Peru
Portugal
Spain
Suriname
Sweden
Switzerland
Trinidad and Tobago
United States
Uruguay
Venezuela
Inter-American Investment CorporationMember Countries as of February 1, 2009
Addendum A*
* Secretary’s note: This Addendum is not part of the Agreement but is included forreference purposes only.
People’s Republic of China
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INTER-AMERICAN INVESTMENT CORPORATION1350 New York Avenue, N.W.
Washington, DC 20577United States of America
www.iic.int