Company : Sol Infotech Pvt. Ltd. Website : www.courtkutchehry.com ARBITRATION (INTERNATIONAL INVESTMENT DISPUTES) ACT, 1966 41 of 1966 [13th December, 1966] CONTENTS 1. Registration of Convention awards 2. Effect of registration 3. Application of Arbitration Act, 1950, and other enactments 4. Status, immunities and privileges conferred by the Convention 5. Government contribution to expenses under the Convention 6. Application to British possessions, etc. 7. Application to Scotland 8. Application to Northern Ireland 9. Short title and commencement SCHEDULE 1 :- TEXT OF CONVENTION CHAPTER 1 :- INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES 1. Article 1 2. Article 2 3. Article 3 4. Article 4 5. Articte 5 6. Article 6 7. Article 7 8. Article 8 9. Article 9 10. Article 10 11. Article 11 12. Article 12 13. Article 13 14. Article 14 15. Article 15 16. Article 16 17. Article 17 18. Article 18 19. Article 19 20. Article 20 21. Article 21 22. Article 22 23. Article 23 24. Article 24 CHAPTER 2 :- JURISDICTION OF THE CENTRE 25. Article 25 26. Article 26 27. Article 27 CHAPTER 3 :- CONCILIATION 28. ARTICLE 28 29. Article 29 30. Article 30 31. Article 31 32. Article 32 33. Article 33 34. Article 34 35. Article 35 CHAPTER 4 :- ARBITRATION 36. Article 36 37. Article 37 38. Article 38 39. Article 39 40. Article 40 41. Article 41 42. Article 42 43. Article 43 44. Article 44 45. Article 45 46. Article 46 47. Article 47 48. Article 48 49. Article 49 50. Article 50 51. Article 51 52. Article 52 53. Article 53 54. Article 54 55. Article 55 CHAPTER 5 :- REPLACEMENT AND DISQUALIFICATION OF CONCILIATORS AND ARBITRATORS 56. Article 56 57. Article 57 58. Article 58 CHAPTER 6 :- COST OF PROCEEDINGS 59. Article 59 60. Article 60 61. Article 61 CHAPTER 7 :- PLACE OF PROCEEDINGS 62. Article 62 63. Article 63 CHAPTER 8 :- DISPUTES BETWEEN CONTRACTING STATES 64. Article 64 CHAPTER 9 :- AMENDMENT 65. Article 65 66. Article 66 CHAPTER 10 :- FINAL PROVISIONS 67. Article 67 68. Article 68 69. Article 69 70. Article 70 71. Article 71 72. Article 72 73. Article 73 74. Article 74 75. Article 75 ARBITRATION (INTERNATIONAL INVESTMENT DISPUTES) ACT, 1966 41 of 1966 [13th December, 1966] 1. Registration of Convention awards :- (1) There is hereby established the International Centre for Settlement of Investment Disputes (hereinafter catted 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. 2 \Effect of registration . .- (1) Subject to the provisions of this Act, an award registered under Section 1 above shall, as respect the pecuniary obligations which it imposes be of the same force and effect for the purposes of execution as if it had been a judgment of the High Court given when the award was rendered pursuant to the Convention and entered on the date of registration under this Act. and, so far as relates to such pecuniary obligations- (a) proceedings may be taken on the award, (b) the sum for which the award is registered shall carry interest. (c) the High Court shall have the same control over the execution of the award, as if the award had been such a judgment of the High Court. (2) Rules of Court under S.99 of the Supreme Court of Judicature (Consolidation) Act, 1925, may contain provisions requiring the Court on proof of the prescribed matters to stay execution of any award registered under this Act so as to take account of cases where enforcement of the award has been stayed (whether provisionally or otherwise) pursuant to the Convention, and may provide for the provisional stay of execution of the award where an application is made pursuant to the Convention which, if granted, might result in a stay of enforcement of the award. 3. Application of Arbitration Act, 1950, and other enactments :- The Centre shall have an Administrative Council and a Secretariat and shall maintain a Panel of Conciliators and a Panel of Arbitrators. 4 \Status, immunities and privileges conferred by the Convention . (1) In section 6 of the Chapter 1 of the Convention (which governs the status, immunities and privileges of the International Centre for Settlements of Investment Disputes established by the Convention, of members of its Council and Secretariat and of persons concerned with conciliation or arbitration under the Convention) Articles 18 to 20, Article 21 (a) (with Art. 22 as it applies Article 21(a)). Article 23(1) and Article 24 shall have the force of law. (2) Nothing in Article 24(1) of the Convention as given the force of law by this section shall be construed as (a) entitling the said Centre to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported, or (b) conferring, on that Centre any exemption from duties or taxes which form part of the price of goods sold. or (c) conferring on that centre any exemption from duties or taxes which are no more than charges for services rendered. (3) for the purposes of Article 20 and Article 21 (a) of the Convention as given the force of law by this section, a statement to the effect that the said Centre has waived an immunity in the circumstances specified in the statement, being a statement certified by the Secretary-General of the said Centre (or by the person acting as Secretary-General), shall be conclusive evidence. 5. Government contribution to expenses under the Convention :- T h e 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 Bnak, the person for the time being acting as President shall act as Chairman of the Administrative Council. 6 \Application to British possessions, etc. . [Not printed.] 7. Application to Scotland :- (1) The Administrative Council shall hold an annual meeting and such other meetings as may be determined by the Council, or convened by the Chairman, or convened by the Secretary-General at the request of not less than five members of the Council. (2) Each member of the Administrative Council shall have one vote and, except as otherwise herein provided, all matter before the Council shall be decided by a majority of the votes cast. (3) A quorum for any meeting of the Administrative Council shall be a majority of its members. (4) The Administrative Council may establish, by a majority of two- thirds of its members, procedure whereby the Chairman may seek a vote of the Council without convening a meeting of the Council. The vote shall be considered valid only if the majority of the members of the Council cast their votes within the time limit fixed by the said procedure. 8 \Application to Northern Ireland . .- [Not printed.] 9. Short title and commencement :- The Secretariat shall consist of a Secretary-General, one or more Deputy Secretaries-General and staff. 9 \Short title and commencement .- .- (1) This Act may be cited as the ARBITRATION (INTERNATIONAL INVESTMENT DISPUTES) ACT, 1966. (2) This Act shall come into force on such day1 as her 'Majesty by Order in Council certify to be the day on which the Convention comes into force as regards the United Kingdom. 1. The Act came into force on 21st December 1966, on which the Convention came into force as regards the regards the United Kingdom. SCHEDULE 1 TEXT OF CONVENTION CHAPTER 1 INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES 1. Article 1 :- 2. Article 2 :- 3. Article 3 :- 4. Article 4 :- 5. Articte 5 :- 6. Article 6 :- 7. Article 7 :- 8. Article 8 :- 9. Article 9 :- 10. Article 10 :- 11. Article 11 :- 12. Article 12 :- 13. Article 13 :- 14. Article 14 :- 15. Article 15 :- 16. Article 16 :- 17. Article 17 :- 18. Article 18 :- 19. Article 19 :- 20. Article 20 :- 21. Article 21 :- 22. Article 22 :- 23. Article 23 :- 24. Article 24 :- CHAPTER 2 JURISDICTION OF THE CENTRE 25. Article 25 :- 26. Article 26 :- 27. Article 27 :- CHAPTER 3 CONCILIATION 28. ARTICLE 28 :- 29. Article 29 :- 30. Article 30 :- 31. Article 31 :- 32. Article 32 :- 33. Article 33 :- 34. Article 34 :- 35. Article 35 :- CHAPTER 4 ARBITRATION 36. Article 36 :- 37. Article 37 :- 38. Article 38 :- 39. Article 39 :- 40. Article 40 :- 41. Article 41 :- 42. Article 42 :- 43. Article 43 :- 44. Article 44 :- 45. Article 45 :- 46. Article 46 :- 47. Article 47 :- 48. Article 48 :- 49. Article 49 :- 50. Article 50 :- 51. Article 51 :- 52. Article 52 :- 53. Article 53 :- 54. Article 54 :- 55. Article 55 :- CHAPTER 5 REPLACEMENT AND DISQUALIFICATION OF CONCILIATORS AND ARBITRATORS 56. Article 56 :- 57. Article 57 :- 58. Article 58 :- CHAPTER 6 COST OF PROCEEDINGS 59. Article 59 :- 60. Article 60 :- 61. Article 61 :- CHAPTER 7 PLACE OF PROCEEDINGS 62. Article 62 :- 63. Article 63 :- CHAPTER 8 DISPUTES BETWEEN CONTRACTING STATES 64. Article 64 :- CHAPTER 9 AMENDMENT 65. Article 65 :- 66. Article 66 :- CHAPTER 10 FINAL PROVISIONS 67. Article 67 :- 68. Article 68 :- 69. Article 69 :- 70. Article 70 :- 71. Article 71 :- 72. Article 72 :- 73. Article 73 :- 74. Article 74 :- 75. Article 75 :-