TNAG-2820-FCO40-4069-Future-of-Hong-Kong-International-Rights-and-Obligations-(IR-1993 — Page 3

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Arbitration (International Investment Disputes) Act 1966

1966 CHAPTER 41

An Act to implement an international Convention on the settlement of investment disputes between States and nationals of other States.

[13th December 1966]

B

E IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

Enforcement of Convention awards

awards.

1-(1) This section has effect as respects awards rendered Registration pursuant to the Convention on the settlement of investment of Convention disputes between States and nationals of other States which was. opened for signature in Washington on 18th March 1965.

That Convention is in this Act called "the Convention ", and its text is set out in the Schedule to this Act.

(2) A person seeking recognition or enforcement of such an award shall be entitled to have the award registered in the High Court subject to proof of the prescribed matters and to the other provisions of this Act.

(3) Where any pecuniary obligation imposed by the award is expressed in a currency other than the currency of the United Kingdom. the award shall be registered as if that obligation were expressed in the currency of the United Kingdom con- verted on the basis of the rate of exchange prevailing at the date when the award was rendered pursuant to the Convention.

14) In addition to the pecuniary obligations imposed by the award, the award shall be registered for the reasonable costs of and incidental to registration.

Annex A