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[F.A.Q.]
Vanuatu Sessional Legislation |
Commencement:
REPUBLIC OF VANUATU
AGREEMENT
ON ECONOMIC AND TECHNICAL COOPERATION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF
VANUATU
AND THE GOVERNMENT OF THE
PEOPLE’S REPUBLIC OF CHINA (RATIFICATION)
ACT
NO. 6 OF 1994
Arrangement of Sections
1. Ratification
2. Commencement
-------------------------------------------
REPUBLIC OF VANUATU
AGREEMENT
ON ECONOMIC AND TECHNICAL COOPERATION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF
VANUATU
AND THE GOVERNMENT OF THE
PEOPLE’S REPUBLIC OF CHINA (RATIFICATION)
ACT
NO. 6 OF 1994
An Act to provide for the ratification of the Agreement on
Economic and Technical Cooperation Between the Government of the Republic
of
Vanuatu and the Government of the People’s Republic of
China.
BE IT ENACTED by the
President and Parliament as follows:
-
RATIFICATION
1. (1) The Agreement on Economic and Technical Co-operation Between the Government of the Republic of Vanuatu and the Government of the People’s Republic of China signed in Port Vila on the 29th day of July, 1993 which is set out in the Schedule hereto is hereby ratified.
(2) The Agreement referred to in subsection (1) shall be binding on the Republic of Vanuatu in accordance with the terms thereof.
COMMENCEMENT
2. This
Act shall come into force on the date of its publication in the Gazette.
-----------------------------------------
SCHEDULE
AGREEMENT
ON ECONOMIC AND TECHNICAL COOPERATION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF
VANUATU
AND THE GOVERNMENT OF THE
PEOPLE’S REPUBLIC OF CHINA
The Government of the Republic of Vanuatu and the Government
of the People’s Republic of China, with a view to further developing
the
friendly relations and the economic and technical cooperation between the two
countries, have agreed as follows:
Article I
In accordance with the needs of the Government of the
Republic of Vanuatu, the Government of the People’s Republic of China
shall provide the Government of the Republic of Vanuatu with an interest-free
loan of Two Million US Dollars (US$2,000,000) in five
years from October 1, 1993
to September 30, 1998.
Article II
The above-mentioned loan shall be used for the cooperative
project(s) to be agreed upon between the Government of the Republic of
Vanuatu
and the Government of the People’s Republic of China. Specific matters
shall be discussed and agreed upon subsequently
between the two
governments.
Article III
The above-mentioned loan shall be repaid in instalments by
the Government of Vanuatu with Vanuatu’s exports or in convertible
currencies as to be discussed and agreed upon between the two governments within
a period of ten years from October 1, 2003 to September
30, 2013. The annual
repayment shall be one tenth of the total amount of the loan.
Article IV
Detailed accounting procedures in connection with the
implementation of this Agreement shall be concluded separately between the
Department
of Finance of the Government of Vanuatu and the Bank of
China.
Article V
This Agreement shall enter into force after going through
necessary legal procedures by the two signatory parties and duly notifying
each
other, and shall remain in force until the fulfilment by the two parties of all
their obligations stipulated hereinabove.
Done in duplicate in Port Vila
on 29th July, 1993 in the English
and Chinese languages, each side keeping one original and both texts being
equally
authentic.
-------------------------------- -----------------------------------
For
the Government of For the Government of
the
the Republic of
Vanuatu People’s Republic of China
-------------------------------------------------
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URL: http://www.paclii.org/vu/legis/num_act/aoeatcbtgotrovatgotproca19941396