ARRANGEMENT OF SECTIONS
1 Short title
3 Effect of award
4 Rules of court
5 Status, immunities and privileges of International Centre for Settlement of Investments Disputes
THE INVESTMENT DISPUTES AWARDS (ENFORCEMENT) ACT
[Date of Commencement: 1st March 1967]
28 of 1966,
29 of 1974.
This Act may be cited as the Investment Disputes Awards (Enforcement) Act.
In this Act-
"award" means an award made pursuant to the Convention and includes any decision interpreting, revising or annulling such an award pursuant to Article 50, 51 or 52 of the Convention but does not include any award or decision relating to minerals or any other natural resources;
[29/1974 s 16.]
"the Centre" means the International Centre for settlement of Investment Disputes established by the Convention:
'the Convention" means the Convention set out in the Schedule.
(1) An award shall, subject to the provisions of this section, be enforceable in the Supreme Court as if it were a final judgment of that Court.
(2) During any period in which, pursuant to Article 50, 51 or 52 of the Convention, enforcement of an award has been stayed, the award shall not be enforceable under this Act.
(3) An award which would be enforceable under this Act shall be treated as binding for all purposes on the parties as between whom it was made and may accordingly be relied on by any of those parties by way of defence, set- off or otherwise in any legal proceedings in Jamaica and any references in this Act to enforcing an award shall be construed as including references to relying on an award.
Subject to the provisions of the Convention, rules of court may prescribe the evidence to be furnished and the procedure to be adopted in relation to the enforcement of an award.
Section 6 of Chapter I of the Convention (which relates to the status, immunities and privileges of the Centre), shall have the force of law in Jamaica, so, however, that nothing in Article 24 in that Section shall be construed-
(a) as entitling the Centre to import goods free of customs duty without any restriction on their subsequent sale in Jamaica;
(b) as conferring on the Centre any exemption from taxes or duties which form part of the price of goods sold;
(c) as concurring on the Centre any exemption from taxes or duties which are in fact no more than charges for services rendered.
International Centre for Settlement of Investment Disputes
Establishment and Organisation
(1) There is hereby established the International Centre for Settlement of Investment Disputes (hereinafter called the Centre).
(2) The purpose of the Centre shall be to provide facilities for conciliation and arbitration of investment disputes between contracting States and nationals of other Contracting States in accordance with the provisions of this Convention.
The 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.
The Centre shall have an Administrative Council and a Secretarial: and shall maintain a Panel of Conciliators and a Panel of Arbitrators.
The Administrative Council
(1) The Administrative Council shall be composed of one representative of each Contributing State. An alternate may act as representative in case of his principal's absence from a meeting or inability to act.
(2) In the absence of a contrary designation, each governor and alternate governor of the Bank appointed by a Contracting State shall be ex officio its representative and its alternate respectively.
The 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.
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