TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 64

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ARTICLE 1

Definitions

2

(1)

For the purposes of this Agreement

"area":

(a) in respect of Hong Kong includes Hong Kong Island,

Kowloon and the New Territories;

(b) in respect of the Italian Republic means, in

addition to the areas lying within the land boundaries, the

maritime zones over which the Italian Republic has sovereignty or

exercise sovereign or jurisdictional rights in

rights in accordance with

international law;

(2)

"companies" means:

(a) in respect of Hong Kong: corporations, partnerships

and associations incorporated or constituted under the law in

force in its area;

(b) in respect of the Italian Republic: corporations,

associations and public institutions

incorporated or constituted under the law in force in any part of

partnerships, foundations,

its area;

(3)

"forces" means:

(a) in respect of Hong Kong, the armed forces of the

sovereign government which is responsible for its foreign affairs;

(b) in respect of the Italian Republic, Italian armed

forces;

(4)

"freely convertible" means free of all currency exchange

controls and transferable abroad in any currency;