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Vanuatu Sessional Legislation |
Commencement: 23 March 1993
REPUBLIC OF VANUATU
AGREEMENT
SPECIFYING THE SPECIAL STATUS
OF
THE SOCIETE DE
PROMOTION ET DE
PARTICIPATION
POUR
LA COOPERATION
ECONOMIQUE
IN THE
REPUBLIC OF VANUATU (RATIFICATION)
ACT
No. 22 OF 1992
Arrangement of Sections
1.
Ratification.
2.
Commencement.
Schedule
------------------------------------------------
REPUBLIC OF VANUATU
AGREEMENT
SPECIFYING THE SPECIAL STATUS
OF
THE SOCIETE DE
PROMOTION ET DE
PARTICIPATION
POUR
LA COOPERATION
ECONOMIQUE
IN THE
REPUBLIC OF VANUATU (RATIFICATION)
ACT
No. 22 OF 1992
Assent:
16/12/92
Commencement:
23/3/93
An Act to provide for the
ratification of the Agreement made between the Republic of Vanuatu and the
Societe De Promotion Et De Participation
Pour La Cooperation Economique
specifying the special status of the Societe De Promotion Et De Participation
Pour La Cooperation
Economique in the Republic of Vanuatu signed on the 15th day
of June,
1992.
BE IT
ENACTED by the President and Parliament
as
follows
RATIFICATION
1.
(1) The Agreement made between the Republic of Vanuatu and the Societe De
Promotion Ft De Participation Pour La Cooperation Economique
specifying the
special status of the Societe De Promotion Et De Participation Pour La
Cooperation Economique in the Republic of Vanuatu,
signed in Port Vila on the
15th day of June, 1992 and the Memorandum of Understanding amending the
Agreement, signed on the 15th
day of June, 1992 set out in the Schedule hereto
are hereby ratified.
(2) The
Agreement referred to in subsection (1) together with the Memorandum of
Understanding 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.
-----------------------------------------------------
AGREEMENT
SPECIFYING THE SPECIAL STATUS OF THE
PROPARCO
IN THE
REPUBLIC OF VANUATU
BETWEEN
The
Government of the
REPUBLIC OF
VANUATU represented by Honourable Mr
Sethy John REGENVANU, Deputy Prime Minister,
of the one part,
And the
SOCIETE DE PROMOTION
ET DE PARTICIPATION POUR LA COOPERATION
ECONOMIQUE (herein after referred to as
"PROPARCO") represented by Mister Philippe JURGENSEN, Chairman
of the other part,
IT IS
HEREBY BET OUT AS FOLLOWS
-
PROPARCO is a French financing company that aims at providing, within the
framework of the French development aid, its financial
and technical assistance
to the economic development of the countries in which it intervenes, as is the
case with the Republic of
VANUATU.
- This assistance is
given in the form of equity participation in the capital of a company,
quasi-equity interventions, loans and
consultancy for the enhancement of private
sector investment.
- PROPARCO is a
subsidiary of the CAISSE CENTRALE DE COOPERATION ECONOMIQUE, a French
state-owned institution contributing to the
development, which is a major
shareholder in its capital and which enjoys a special status in the Republic of
VANUATU.
- PROPARCO is represented
in the Republic of VANUATU by the CAISSE CENTRALE DE COOPERATION ECONOMIQUE
resident mission in Port-Vila.
-
PROPARCO has taken back the lending activity of the CAISSE CENTRALE DE
COOPERATION ECONOMIQUE to the banking and private
sectors.
- PROPARCO enjoys
subsidized resources from the French State for its lending
activities,
AFTER
THIS PRESENTATION, THE SIGNATORY PARTIES COVENANT AS
FOLLOWS:
Article
1
The aim of this agreement is to
define the special status of PROPARCO in the Republic of
VANUATU.
Article
2
PROPARCO has full legal
authority to operate in the territory of the Republic of
VANUATU.
Article
3
PROPARCO is authorized to grant
credits or guarantees to banks, financial institutions VANUATU
freely.
PROPARCO is not subject to
the regulations applicable to banks and other financial institutions in the
Republic of VANUATU.
In
particular, PROPARCO, as well as the CAISSE CENTRALE D COOPERATION ECONOMIQUE in
its role as the representative of PROPARCO within
the Republic of VANUATU, are
exempted from all declaration obligations in relation to the above-mentioned
regulations.
However, PROPARCO
could provide the said information for the purpose of balance of payments
records and the centralisation of banking
risks.
Consequently, PROPARCO and
the CAISSE CENTRALE DE COOPERATION ECONOMIQUE, in its role as the representative
of PROPARCO, shall have
access to information pertaining to the centralisation
of banking risks.
In the case of
the setting-up of a credit ceiling system, the said system shall not be
applicable to loans granted by PROPARCO and
to loans granted by banks that are
refinanced by
PROPARCO.
Article
4
PROPARCO is authorized to freely
transfer all amounts corresponding to the interests and incomes received by the
company, as well
as amounts corresponding to loan reimbursements or to the sale
of its shares, and all amounts derived from operations related to
PROPARCO's
principal and affiliated activities (including
consultancy).
The corresponding
transfer operations are exonerated from all fees and
taxes.
Article
5
PROPARCO is exempted from all
duties, direct or indirect taxes, or other levies of any kind in respect of its
operations on the territory
of the Republic of
VANUATU.
PROPARCO, as well as the
CAISSE CENTRALE DE COOPERATION ECONOMIQUE in its role as the representative of
PROPARCO, are also exempted
from all fiscal and parafiscal declaration
obligations towards the Vanuatuan
authorities.
This exemption is
applicable to the income derived from the assistance PROPARCO may grant in the
form of equity participations, quasi-equity
interventions (such as bonds
convertible into shares, shareholder advances, equity or subordinated loans...),
loans, guarantees released
as well as consultancy services and possible profits
derived from the sale of its
shareholdings.
This exemption is
also applicable to the legal acts and deeds in relation to PROPARCO's
activities, to the taking or releasing of
bank, personal and all other types of
guarantee, to the purchase or sale of shareholdings or bonds convertible into
shares, to loans
commitments and outstanding credits it may grant and to its
income from its role as a
Director.
It is to be noted that
the above-mentioned list is of an indicative nature and it is not limited to the
items mentioned. Also, exemptions
are applicable, depending on the case, either
to PROPARCO or to the beneficiaries of PROPARCO's
interventions.
This extension of
exemptions to the beneficiaries is only applicable to the financial
interventions granted by PROPARCO in the form
of equity participations,
quasi-equity interventions, loans granted directly or through a bank or a
financial institution, to guarantees
released as well to its consultancy
services.
PROPARCO is exempted
from the payment of any licence. Its potential profits are also exempted from
all duties, direct or indirect
taxes or levies in the Republic of
VANUATU.
Article
6
PROPARCO is authorized to freely
purchase equity participations from any Vanuatuan or foreign seller or to freely
sell its equity
participations to any Vanuatuan or foreign buyer, without prior
authorisation or notice.
The
Republic of VANUATU guarantees all PROPARCO's participations to the level of
their nominal value against possible exchange fluctuations
that may occur as of
the date of initial input, in the case of the amounts being reinvested in other
companies of the Republic of
VANUATU.
The reinvested amounts
shall be considered as foreign exchange input at the initial rate but they shall
no longer be eligible for
an exchange guarantee. However, the corresponding
amounts shall be freely transferable. This shall equally apply to bonds
converted
into
shares.
Article
7
The Government of the Republic
of VANUATU shall grant all the necessary permissions to enable PROPARCO to
undertake missions in the
Republic of VANUATU freely and without
impediment.
Article
8
Complementary agreements may be
reached by both parties if needed by the interpretation of this text or by its
methods of
implementation.
Article
9
This agreement shall come into
effect after notification by the Parliament of Vanuatu. Both its English and
French versions will be
considered true copies.
Drawn
up in four original copies
of which
two are in French language and two in English language.
Port-Vila, June the 15th 1992
- For the Government of the Republic of VANUATU
Seen and approved
- For PROPARCO1
1
Signature preceded by the handwritten words "lu et
approuvé"
----------------------------------
MEMORANDUM OF UNDERSTANDING
MEMORANDUM OF
UNDERSTANDING BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU (hereinafter
referred to as "the Government") of the
one part and the SOCIETE DE PROMOTION ET
DE PARTICIPATION POUR COOPERATION ECONOMIQUE (hereinafter referred to as
"PROPARCO") of
the other
part.
WHEREAS
(a) The Government and PROPARCO signed the Agreement Specifying The Special Status of The PROPARCO In The Republic Of Vanuatu in Port Vila On the 15th Day of June, 1992;
(b) The parties to that Agreement are desirous of making certain changes to the Agreement to further enhance their understanding and implementation of the Agreement.
NOW
THEREFORE the Parties agree that the provisions of the Agreement dated 15th
June, 1992, may be modified at any time within a delay
of 4 months by written
agreement between the parties
thereto.
IN WITNESS WHEREOF the
undersigned, duly appointed representatives of PROPARCO and of the Government,
respectively, have on behalf
of the parties signed the present Memorandum in the
English language and in the French language in two copies each
at
Port-Vila, the
15th
day of June, 1992.
Philippe
JURGENSEN
Chairman
FOR
PROPARCO
Sethy John
REGENVANU
Deputy Prime
Minister
FOR THE GOVERNMENT OF THE
REPUBLIC OF VANUATU
------------------------------------------
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