4
(b)
consistent
limitation
with
Italian laws under, which
of the right to enjoy an investment is
regarded as a form of expropriation;
the first sentence was amended to make clear that
any deprivation should be on a non-discriminatory
basis (in line with the general treatment
standards laid down in Article 3(1));
(c)
(d)
the third sentence was added to clarify how
compensation. should be determined in the event
that the real value of the investment cannot be
readily ascertained; and
in the fourth sentence, it was made clear that the
calculation of interest on compensation should
start from the date of the deprivation.
ARTICLE 6
8.
Hong Kong model text.
was included at the
This Article is very similar to Article 6 of the
The second sentence of Article 6(1)
request of the Italian delegation to
make it clear that the provision did not affect investors'
tax obligations.
9.
In
Article 6(2), which is closely based on Article
6 (2) of the Hong Kong model text, a sentence was added
indicating that transfer "without undue delay" means within
normal time needed for such a transaction. It was also
made clear that the "exchange rate" referred to in this
sub-paragraph is the most favourable rate applicable at the
the
time.