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Ireland

Multilateral Investment Guarantee Agency (Amendment) Act, 2000

In short

This law amends the Multilateral Investment Guarantee Agency Act of 1988 to incorporate changes related to a capital increase for the Multilateral Investment Guarantee Agency (MIGA). It specifically addresses how Ireland will make payments for its subscription to this increased capital.

What it regulates

  • Payments made by the State to the Multilateral Investment Guarantee Agency.
  • The definition of "Resolution 57 of the Multilateral Investment Guarantee Agency."
  • The increase in the authorized capital stock of the Multilateral Investment Guarantee Agency by SDR 785,590,000.
  • The terms and conditions for members to subscribe to this additional capital.

Who it concerns

  • The State (Ireland).
  • The Multilateral Investment Guarantee Agency.

Key points

  • The State will make payments for its subscription to the Agency out of the Central Fund.
  • The authorized capital stock of the Agency is increased by SDR 785,590,000, divided into 78,559 shares, each with a par value of SDR 10,000.
  • The subscription period for the additional capital will last for three years from the date of approval of Resolution 57.
  • The subscription price is at par, with 17.65 percent payable in cash in a "freely usable currency" and 82.35 percent subject to call by the Agency.
Legal text
Legal text

Multilateral Investment Guarantee Agency (Amendment) Act, 2000 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

  1. ie)Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.
  2. ie)Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(
  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2000 Multilateral Investment Guarantee Agency (Amendment) Act, 2000 Multilateral Investment Guarantee Agency (Amendment) Act, 2000 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 10 of 2000 MULTILATERAL INVESTMENT GUARANTEE AGENCY (AMENDMENT) ACT, 2000 ARRANGEMENT OF SECTIONS Section 1. Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988. 2. Short title. SCHEDULE Multilateral Investment Guarantee Agency Resolution No. 57 1998 General Capital Increase Multilateral Investment Guarantee Agency Act, 1988 1988, No. 32 Number 10 of 2000 MULTILATERAL INVESTMENT GUARANTEE AGENCY (AMENDMENT) ACT, 2000 AN ACT TO AMEND AND EXTEND THE MULTILATERAL INVESTMENT GUARANTEE AGENCY ACT, 1988, AND TO PROVIDE FOR RELATED MATTERS. [7th June, 2000] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988. 1.— Section 3 of the Multilateral Investment Guarantee Agency Act, 1988 , is hereby amended— (
  4. a)by the substitution for subsection

(2)of the following subsection: “
(2)The following payments, as and when they become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof: (
  1. a)payments under Articles 6,7 and 8 of the Convention in respect of subscription to the Agency, (
  2. b)payments under section (
  3. e)of Article 39 of the Convention, and (
  4. c)payment under Resolution 57 of the Multilateral Investment Guarantee Agency.”, and (
  5. b)by the addition of the following subsection: “
(7)In this section “Resolution 57 of the Multilateral Investment Guarantee Agency” means the Resolution set out in the Schedule to the Multilateral Investment Guarantee Agency (Amendment) Act, 2000, and, in so far as it relates to the State, the Annex attached to that Resolution.”. Short title. 2.—This Act may be cited as the Multilateral Investment Guarantee Agency (Amendment) Act, 2000. SCHEDULE Multilateral Investment Guarantee Agency Section 1 . Resolution No. 57 1998 General Capital Increase WHEREAS the original authorised capital stock of the Agency amounted to One Billion Special Drawing Rights (SDR 1 billion) at a fixed value of 1.082 United States dollars per each SDR; WHEREAS, in accordance with Article 5(
  1. c)of the Convention, the Council of Governors, may at any time, by special majority, increase the capital stock of the Agency; WHEREAS Article 39(
  2. e)of the Convention states: In case the capital stock of the Agency is increased pursuant to Section (
  3. c)of Article 5, each member which so requests shall be authorised to subscribe a proportion of the increase equivalent to the proportion which its stock therefore subscribed bears to the total capital stock of the Agency, but no member shall be obligated to subscribe any part of the increased capital. WHEREAS the Board of Directors has submitted a proposal to the Council of Governors for an increase in the authorised capital of the Agency; WHEREAS the Board of Directors has proposed regulations for the subscription by members of the additional capital, prescribing in accordance with Article 39(
  4. f)“reasonable time limits for the submission by members of requests to make such subscriptions”; NOW THEREFORE the Council of Governors Resolves as follows: 1. The authorised capital stock of the Agency shall be increased by SDR 785,590,000, divided into 78,559 shares, each having a par value of SDR 10,000. All payment obligations shall be settled on the basis of the value of the SDR in terms of United States dollars at the rate of exchange of SDR 1 equals US$1.082, as set forth in Article 5(
  5. a)of the Convention. 2. The provisions of this Resolution shall become immediately effective when Governors exercising not less than two-thirds of the total voting power representing not less than 55 percent of the subscribed shares of the capital stock of the Agency shall have voted in favour of this Resolution. 3. The subscription period shall commence on the date of approval of this Resolution and will cease three years thereafter. During this period, each signatory to the Convention listed in the attached Annex, entitled “Allocation, Subscription and Payment of the 1998 General Capital Increase,” may subscribe up to the number of shares set forth opposite its name; provided those signatories that have not completed their membership requirements before the end of the subscription period shall not be entitled to subscribe the additional shares of capital stock. Members shall not be required to submit requests to subscribe the shares. It is understood that by making their payment each member has taken all necessary internal legislative steps to authorise its subscription of MIGA's 1998 General Capital Increase. 4. The subscription price shall be at par, and payment of subscriptions shall be made as follows: 17.65 percent cash in a “freely usable currency,” as defined in Article 3(
  6. e)of the Convention; and 82.35 percent subject to call by the Agency and payable in a “freely usable currency” when required to meet its obligations. The Council of Governors encourages members to make the subscription increase payments in two instalments, the first during the first year of the subscription period for 50 percent of the paid-in portion, and the balance during the second year of the subscription period. 5. Each member that subscribes the additional shares shall have one additional subscription vote for each share of the additional capital subscribed. No additional membership votes (apart from the 177 membership votes that each member already has in accordance with Article 39(
  7. a)of the Convention) shall be allocated to subscribers of the additional capital. 6. As set forth in Article 39(
  8. c)of the Convention, shares that remain unsubscribed at the end of the three-year subscription period shall be utilized towards achieving parity of voting power between Category One and Category Two members. (Adopted on March 29, 1999) ANNEX Allocation, Subscription and Payment of the 1998 General Capital Increase 1. Allocation of Shares and Subscriptions Countries Number of Additional Shares Allocated Total Subscription (in SDR) Total Subscription (in US$) Freely Usable Currency (in US$) Callable Capital (in US$) Category One: Ireland 281 2,810,000 3,040,420 536,634 2,503,786 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.