TNAG-2820-FCO40-4069-Future-of-Hong-Kong-International-Rights-and-Obligations-(IR-1993 — Page 22

720

SCH.

CH. 41 Arbitration (International Investment Disputes)

Act 1966

have been stayed pursuant to the relevant provisions of Convention.

shall include any

(2) For the purposes of this Section, “award decision interpreting, revising or annulling such award pursuant to Articles 50, 51 or 52.

ARTICLE 54

$

(1) Each Contracting State shall recognize an award rendered? pursuant to this Convention as binding and enforce the pecuniary obligations imposed by that award within its territories as if it were: a final judgment of a court in that State. A Contracting State with federal constitution may enforce such an award in or through its federal courts and may provide that such courts shall treat the award as if it were a final judgment of the courts of a constituent

state.

(2) A party seeking recognition or enforcement in the territories" of a Contracting State shall furnish to a competent court or other authority which such State shall have designated for this purpose`a copy of the award certified by the Secretary-General. Each Contract- ing,State shall notify the Secretary-General of the designation of the competent court or other authority for this purpose and of any subsequent change in such designation.

(3) Execution of the award shall be governed by the laws con- cerning the execution of judgments in force in the State in whose territories such execution is sought.

ARTICLE 55

Nothing in Article 54 shall be construed as derogating from the law in force in any Contracting State relating to immunity of that State or of any foreign State from execution.

CHAPTER V

REPLACEMENT AND DISQUALIFICATION OF CONCILIATORS AND ARBITRATORS

ARTICLE 56

(1) After a Commission or a Tribunal has been constituted and proceedings have begun, its composition shall remain unchanged; provided, however, that if a conciliator or an arbitrator should die. become incapacitated, or resign, the resulting vacancy shall be filled in accordance with the provisions of Section 2 of Chapter III or Section 2 of Chapter IV.

(2) A member of the Commission or Tribunal shall continue to serve in that capacity notwithstanding that he shall have ceased to be a member of the Panel.

(3) If a conciliator or arbitrator appointed by a party shall have resigned without the consent of the Commission or Tribunal of which he was a member, the Chairman shall appoint a person from the appropriate Panel to fill the resulting vacancy.