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Papua New Guinea Consolidated Legislation |
Chapter 346.
Investment Disputes Convention Act 1978.
Certified on: / /20 .
INDEPENDENT STATE OF PAPUA NEW GUINEA.
Chapter 346.
Investment Disputes Convention Act 1978.
ARRANGEMENT OF SECTIONS.
INDEPENDENT STATE OF PAPUA NEW GUINEA.
AN ACT
entitled
Investment Disputes Convention Act 1978,
Being an Act to implement the International Convention on the Settlement of Investment Disputes between States and Nationals of other States.
(1) In this Act, unless the contrary intention appears–
“award” includes any decision–
(a) interpreting, reversing or annulling an award, being a decision pursuant to the Convention; and
(b) as to costs which under the Convention is to form part of the award;
“Centre” means the International Centre for Settlement of Investment Disputes established by the Convention;
“Contracting State” means a country which is a party to the Convention;
“Convention” means the Convention on the Settlement of Investment Disputes between States and Nationals of other States which was opened for signature in Washington on 18 March 1965, and is set out in Schedule 1 to this Act;
“dispute” means any legal dispute arising directly out of an investment as referred to in Article 25 of the Convention;
“this Act” includes the regulations.
(2) An award shall be deemed to have been rendered pursuant to the Convention on the date on which certified copies of the award were, pursuant to the Convention, despatched to the parties.
[1]A dispute shall not be referred to the Centre unless the dispute is fundamental to the investment itself.
Section 4 and 5 shall bind the State (but not so as to make an award enforceable against the State in a manner in which a judgement would not be enforceable against the State).
(1) Any person seeking recognition or enforcement of an award rendered pursuant to the Convention shall be entitled to have the award registered in the National Court subject to proof of any matters that may be prescribed and to the other provisions of this Act.
(2) Where any pecuniary obligation imposed by the award is expressed in a currency other than the currency of Papua New Guinea, the award shall be registered as if that obligation were expressed in the currency of Papua New Guinea converted on the basis of the rate of exchange prevailing at the date when the award was rendered pursuant to the Convention.
(3) In addition to the pecuniary obligations imposed by the award, the award shall be registered for the reasonable costs of and incidental to registration.
(4) If at the date of the application for registration the pecuniary obligations imposed by the award have been partly satisfied, the award shall be registered only in respect of the balance, and accordingly if those obligations have been wholly satisfied, the award shall not be registered.
Subject to this Act, an award registered under Section 4 shall, as respects the pecuniary obligations which it imposes, be of the same force and effect for the purpose of execution as if it had been a judgement of the National 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; and
(b) the sum for which the award is registered shall carry interest; and
(c) the National Court shall have the same control over the execution of the award,
as if the award had been a judgement of the National Court.
The Judges of the National Court may make rules–
(a) to prescribe the procedure for applying for registration of an award under this Act, and to require the applicant to give prior notice of his intention to register to other parties; and
(b) to prescribe matters to be proved on the application and the manner of proof, and in particular to require the applicant to furnish a copy of the award certified pursuant to the Convention; and
(c) to provide for the service of notice of registration of the award by the applicant on other parties; and
(d) to provide for the stay of execution (whether provisionally or otherwise) of any award registered under this Act in accordance with the provisions of the Convention.
Any sums required to meet any obligations of the State arising out of Article 17 of the Convention (which obliges the Contracting States to meet any deficit of the Centre) shall be charged on and paid out of the Consolidated Revenue Fund, which is appropriated accordingly.
The provisions of the Arbitration Act 1951 shall not apply to proceedings pursuant to the Convention.
Notwithstanding anything to the contrary in any written law, the provisions of Articles 18, 19, 20, 21(a) (with Article 22 as it applies to Article 21(a)), 23(1) and 24 shall have the force of law.
A certificate under the hand of the Minister certifying that, on a specified date or during a specified period–
(a) a specified country was a Contracting State; or
(b) that specified proceedings were proceedings within the meaning of Article 22 of the Convention; or
(c) a specified person is a person to whom the Convention applies,
is evidence of the matter so certified.
The Minister may, by notice in the National Gazette, amend Schedule 1 to this Act in conformity with any amendments to the Convention set out in it which may hereafter be duly made and adopted.
The Head of State acting on advice, may make regulations, not inconsistent with this Act, prescribing all matters that by this Act are required or permitted to be prescribed, or that are necessary or convenient to be prescribed, for carrying out or giving effect to this Act.
SCHEDULE 1 – CONVENTION ON THE SETTLEMENT OF INVESTMENT DISPUTES BETWEEN STATES AND NATIONALS OF OTHER STATES.
Sec. 1.
CONVENTION
Office of Legislative Counsel, PNG
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URL: http://www.paclii.org/pg/legis/consol_act/idca1978378
