Investment Promotion Act

Investment Promotion (Film Rebate Scheme) Regulations 2013

[GN 57 of 2013 – 23 March 2013] [Section 28]

1. These regulations may be cited as the Investment Promotion (Film Rebate Scheme) Regulations 2013.

2. In these regulations –

"Act" means the Investment Promotion Act;

"auditor" means a licensed auditor or an audit firm under the Financial Reporting Act;

"film" –

(a) means an audio visual production which is categorised as –

 (i) a feature film, including theatrical documentary feature and animated feature which is intended to be screened as the main attraction in commercial cinemas, of a duration of not less than 60 minutes;

 (ii) an episode of drama television programme, including animated programme, of a duration of not less than 60 minutes;

 (iii) an episode of television documentary programme, including factual, natural history, lifestyle or magazine programme, of a duration of not less than 30 minutes;

 (iv) a serial or a season of programmes referred to in subparagraph (i) or (ii);

 (v) an advertising programme or commercial; and

(b) includes part of a film; but

(c) does not include an audio visual production –

 (i) based on sports events;

 (ii) which is likely to incite racial or civil hatred;

 (iii) which is of pornographic nature;

 (iv) based on current affairs; or

 (v) which is a training or '˜How to' programme;

"film producer" means an individual with a track record in film production of at least 5 years at the time a film production company seeks the consent of the Managing Director under regulation 4(1), and who works as such with that film production company;

"film production company" means a company incorporated or registered under the Companies Act which carries on the business of film production in Mauritius;

"prop" means any moveable item which is meant to be visible on a film;

"qualifying production expenditure" –

(a) means –

 (i) expenditure incurred in Mauritius by a film producer in respect of the items set out in Part I of the Schedule for the shooting or pre production, production or post production of a film in Mauritius;

 (ii) such other items of expenditure usually incurred in the shooting or
pre production, production or post production of a film and approved by the Managing Director; but

(b) does not include –

 (i) items of expenditure set out in Part II of the Schedule;

 (ii) such other items of expenditure usually not granted in the shooting or pre production, production or post production of a film and not acceptable to the Managing Director;

"Scheme" means the Film Rebate Scheme referred to in regulation 3.

[Reg. 2 amended by reg. 3 of GN 184 of 2013 w.e.f. 20 July 2013.]

3. (1) For the purpose of section 6 of the Act, there shall be a Scheme which shall be known as the Film Rebate Scheme.

(2) The objects of the Scheme shall be to –

 (a) attract reputed international film producers for the shooting or
pre production, production or post production of a film in Mauritius;

 (b) open the scope for local film producers and artists;

 (c)  unleash talents; and

 (d) increase the international visibility of Mauritius.

(3) The Scheme shall not apply to –

 (a) a person other than a film production company;

 (b) a feature film where its qualifying production expenditure is less than 100,000 US dollars or its equivalent in any other freely convertible foreign currency or in Mauritius currency;

 (c) an episode of drama television programme or an episode of television documentary, where its qualifying production expenditure is less than 50,000 US dollars or its equivalent in any other freely convertible foreign currency or in Mauritius currency; or

 (d) an episode of factual, natural history, lifestyle, magazine, commercial, or an advertising, television programme, where its qualifying production expenditure is less than 30,000 US dollars or its equivalent in any other freely convertible foreign currency or in Mauritius currency.

(4) Under the Scheme, a film producer –

 (a) may be required –

  (i) where the film producer is a foreign film producer, to enter into an agreement for co production of a film with a local film producer;

  (ii) to allow the participation of local artists in a film or local technicians in the production of a film;

 (b) shall comply with such other condition as the Managing Director may determine.

(5) A film production company shall, subject to regulations 4(1) and (5) be reimbursed a sum representing 30 per cent of its qualifying production expenditure.

[Reg. 3 amended by reg. 4 of GN 184 of 2013 w.e.f. 20 July 2013.]

4. (1) Any film production company which wishes to obtain a reimbursement under regulation 3(5) shall, not later than 4 weeks before it starts operation in Mauritius, seek, in such form and manner as the Managing Director may determine, the consent of the Managing Director to that effect.

(2) The Managing Director shall, for the purposes of these regulations, provide the film production company with such facilities for permissions or authorisations as may be required.

[Reg. 4 amended by reg. 5 of GN 184 of 2013 w.e.f. 20 July 2013.]

5. (1) Subject to paragraphs (2) and (3), an application for reimbursement under the Scheme shall be made, in such form and manner as the Managing Director may determine, to the Managing rector not later than 60 days after the completion of its operations Mauritius, and shall be accompanied by a certified report of the auditor of the film production company providing details of the amount of the qualifying production expenditure incurred and actually paid by the film production company.

(2) On receipt of an application made under paragraph (1), the Managing Director shall, on being satisfied that the application meets the requirements of these regulations, determine the amount to be reimbursed and shall, not later than 30 days from the date of receipt of the application, reimburse the amount so determined.

(3) Any reimbursement under the Scheme shall be made in Mauritius currency and where the reimbursement is to be made in a freely convertible foreign currency, the exchange rate shall be the exchange rate in force at the time the application was made under paragraph (1).

[Reg. 5 amended by reg. 6 of GN 184 of 2013 w.e.f. 20 July 2013.]

6. (1) Every film production company shall keep at its business premises in Mauritius, whether on computer or otherwise, in the English or French language, a full and true record of all transactions and other acts engaged by him that are relevant for the purpose of enabling its qualifying production expenditure to be readily ascertained by the Managing Director.

(2) Every record kept by a film production company under paragraph (1) shall be kept for a period of at least 5 years after the completion of its operations in Mauritius and be made available on demand by the Managing Director.

[Reg. 6 amended by reg. 7 of GN 184 of 2013 w.e.f. 20 July 2013.]

_______________

SCHEDULE

[Regulation 2]

PART I – ITEMS OF EXPENDITURE INCLUDED IN QUALIFYING
PRODUCTION EXPENDITURE

Accommodation in Mauritius

Animal services

Audio rentals

Catering

Construction

Craft services

Diving services

Electricity and utilities

Generators

Ground transport and facility vehicle services

Insurance and accounting services

Labour costs

Laundry and cleaning services

Location fees

Per diem

Post production services (picture and sound)

Production service company fees

Remuneration for cast and crew

Rental of camera and lighting equipment

Rental of marine vehicles

Rental of mobile structures

Rental of offices, office furniture and equipment

Rental of helicopters and aeroplanes

Rental of studio facilities, warehouse and storage facilities and workshops

Rental or purchase of props

Rental of water tanks and related marine services

Repairs and restorations

Security services

Set dressing

Special effects services

Shipping

Stunt services

Telecommunications

Travel to Mauritius (flight and marine travel)

Visual effects services

Wardrobe rentals

PART II – ITEMS OF EXPENDITURE NOT INCLUDED
IN QUALIFYING PRODUCTION EXPENDITURE

Any payment made to any local company where services are subcontracted outside Mauritius

Cast tips, gifts, and entertainment allowance

Cost arising at post distribution or broadcasting level

Cost associated with distribution or promotion of a film

Costs of acquiring depreciating assets

Costs of acquiring rights other than those necessary for the production of a film

Costs of financing

Cost of organising or providing pre-sales monies

Crew deferments

Legal or consultancy fees

Profit participations and residuals

_______________

Investment Promotion (Real Estate Development Scheme) Regulations 2007

[GN 217 of 2007 – 13 December 2007] [Section 28]

1. Short title

These regulations may be cited as the Investment Promotion (Real Estate Development Scheme) Regulations 2007.

2. Interpretation

In these regulations

"Act" means the Investment Promotion Act;

"Building and Land Use Permit" has the same meaning as in the Local Government Act;

"common law partner" means a non-citizen who

(a) lives with a purchaser as spouse (en concubinage

); and

(b) holds, at the time of application pursuant to regulation 21, a certificat de concubinage

, or other document, attesting such relationship with the purchaser, duly certified by a law practitioner or civil status authority from the country of residence of the purchaser;

"EIA licence" has the same meaning as in the Environment Protection Act;

"ERCP Committee" means the ERCP Committee under the Economic Restructuring and Competitiveness Package, referred to in the Ministry's document entitled '˜Facing The Euro Zone Crisis and Restructuring for Long Term Resilience' and dated August 2010;

"hotel" has the same meaning as in the Tourism Authority Act;

"hotel development area" means the physical area of land, whether freehold or leasehold, of an extent of not less than one hectare covered by a project under the IHS;

"hotel in operation" means a hotel in operation as at August 2010;

"hotel owner" means the owner of a hotel in operation;

"IHS" means the Invest Hotel Scheme;

"IHS Company"

(a) means a company of which the IHS project has been approved by the Board or a hotel owner whose restructuring plan has been approved by the ERCP Committee, as the case may be; and

(b) includes a company holding an IHS certificate;

"IHS project" means a project under the IHS relating to a hotel to be constructed or to a hotel in operation, as the case may be;

"Integrated Resort Scheme" or "IRS" means the Integrated Resort Scheme referred to in Part I;

"IRS Company"

(a) means a company of which the IRS project has been approved by the Board; and

(b) includes a company holding an IRS certificate;

"non-citizen"

(a) means any citizen other than a citizen of Mauritius; but

(b) does not include a prohibited immigrant as defined in the Immigration Act;

"Outline Planning Permission" has the same meaning as in section 6A of the Town and Country Planning Act;

"purchaser" means any person who acquires a residential property under IRS or RES;

"qualified trustee" has the same meaning as in the Trusts Act;

"Real Estate Scheme" or "RES" means the Real Estate Scheme referred to in Part II;

"RES Company"

(a) means a company of which the RES project has been approved by the Board; and

(b) includes a company holding a RES certificate;

"residential property", in relation to an IRS or a RES, means any luxury villa, apartment, penthouse or other similar properties used, or available for use, as residence;

"serviced land" means land on which all infrastructural works, including roads, walls, drains, landscaping and utility services, have been completed;

"trust" has the same meaning as in the Trusts Act;

"unit" means a room, an apartment, a villa or a suite forming part of a hotel;

"unit owner" means any person who acquires a unit under the IHS.

[Reg. 2 amended by reg. 3 of GN 101 of 2009 w.e.f. 12 September 2009; reg. 3 of GN 200 of 2010 w.e.f. 16 October 2010.]

3. Real Estate Development Scheme

There shall be set up for the purposes of these regulations a scheme to be known as the Real Estate Development Scheme which shall comprise

(a) the Integrated Resort Scheme;

(b) the Real Estate Scheme; and

(c) the Invest Hotel Scheme.

[Reg. 3 amended by reg. 4 of GN 101 of 2009 w.e.f. 12 September 2009.]

PART I – INTEGRATED RESORT SCHEME

4. Interpretation

In this Part

"Contribution" or "IRS Social Contribution" means the contribution referred to in regulation 6;

"integrated resort development area" means the physical area of land of an extent exceeding 10 hectares covered by a project under the Integrated Resort Scheme;

"National Empowerment Foundation" or "NEF" means the National Empowerment Foundation incorporated under the Companies Act.

[Reg. 4 amended by reg. 5 of GN 101 of 2009 w.e.f. 12 September 2009.]

5. IRS Project

Every project under an IRS shall

(a) consist of an integrated resort development area with clearly defined boundaries within which the development of the IRS shall be carried out;

(b) provide within the integrated resort development area for

 (i) the construction of residential properties on the condition that each residential property, other than an apartment, is constructed on an extent of land not exceeding 0.5276 hectare (1.25 arpent);

 (ii) commercial facilities;

 (iii) leisure amenities, including a golf course, marina, nautical or other sporting facilities or wellness centre;

 (iv) maintenance and security services;

(c) make provision for an IRS Social Contribution in accordance with regulation 6.

[Reg. 5 amended by reg. 6 of GN 101 of 2009 w.e.f. 12 September 2009.]

6. IRS Social Contribution

(1) For the purpose of regulation 5(c), the IRS Social Contribution shall be determined by reference to the number of residential properties or plots of serviced land at the rate of 200,000 rupees per residential property or per plot, as the case may be.

(2) Every IRS Company shall, in respect of the Contribution and after deducting therefrom any value of land referred to in regulation 7

 (a) set up an IRS Social Contribution Fund to implement an approved programme or to finance an approved NGO; or

 (b) remit to the NEF, within one month after the end of every quarter, its contribution equivalent to the number of residential properties or plots of serviced land sold during that quarter, after taking into account the contribution, if any, under paragraph (a).

(2A)  For the purpose of paragraph (2)(a), a programme or an NGO shall be deemed to be an approved programme or an approved NGO, as the case may be, where it falls within the guidelines issued under section 50L of the Income Tax Act.

(2B)  The NEF shall

 (a) determine the use of the contribution remitted under paragraph (2)(b);

 (b) be guided by the assessment submitted by the IRS Company under regulation 8(3)(b); and

 (c) implement or cause to be implemented the approved programmes referred to in paragraph (2A).

(3) The costs of any infrastructure works required outside the integrated resort development area to service the IRS project and any compensation payable in the implementation of the IRS project shall not form part of the Contribution and shall be borne by the IRS Company.

(4) Where a holder of an IRS certificate issued on or after 14 October 2005 is required as a condition of the certificate to make a contribution, it shall comply with this regulation and regulation 7.

[Reg. 6 amended by reg 7 of GN 101 of 2009 w.e.f. 12 September 2009.]

7. Contribution in the form of land

(1) An IRS company may offer, as part of its Contribution, land, the location and extent of which is approved by the Permanent Secretary.

(2) The IRS company shall submit to the Board of Investment a survey report in respect of the land offered as Contribution.

(3) The land offered under paragraph (1) shall be used for implementation of approved programmes referred to in regulation 6.

(4) The Permanent Secretary shall, before deciding to grant approval under paragraph (1), consult the Steering Committee, the Board of Investment and the relevant local authority.

(5) The value of the land shall, on the recommendation of the Chief Government Valuer, be determined by the Permanent Secretary and that value shall be taken into account in the computation of the Contribution.

(6) The land shall, upon approval under paragraph (1), be transferred to Government at a nominal price of one rupee per hectare.

(7) For the purpose of this regulation –

 "Permanent Secretary" means the Permanent Secretary of the Ministry responsible for the subject of lands.

[Reg. 7 amended by reg. 8 of GN 101 of 2009 w.e.f. 12 September 2009.]

8. Application for an IRS certificate

(1) No person shall carry out a project under the IRS unless

 (a) the person is a company incorporated under the Companies Act; and

 (b) the Board has approved the project; or

 (c) the person holds an IRS certificate.

(2) The company referred to in paragraph (1) shall limit its purpose or object exclusively to the promotion, development and implementation of one or more projects under the IRS.

(3) An application for an IRS certificate shall be made, in writing, in such form and manner as the Board of Investment may approve and shall be accompanied by

 (a) a full and detailed account of the particulars of the IRS project as provided under regulation 5;

 (b) a social impact assessment to identify the impact of the proposed IRS project on the local community and a written undertaking by the promoters indicating the benefits that shall accrue to the local community and to small entrepreneurs generally, in terms of employment and business opportunities;

 (c) 

 (d) an implementation plan relating to the projects with full details including a timeframe for their completion; and

 (e) such other particulars or information as may be required in the application form.

[Reg. 8 amended by reg. 9 of GN 101 of 2009 w.e.f. 12 September 2009.]

9. Approval of project under IRS

(1) On receipt of an application under regulation 8, the Board shall examine the IRS project and

 (a) on being satisfied that the project meets the requirements of these regulations, shall approve the project on such terms and conditions as it may determine; or

 (b) may request the applicant to make such modifications as may be necessary for the purposes of the project.

(2) Where the project is approved under paragraph (1)(a), the Managing Director shall issue a letter of approval to the applicant.

10. Issue of IRS certificate

(1) Where the Board has approved an IRS project under regulation 9(1)(a), an IRS certificate shall be issued pursuant to section 18 of the Act subject to

 (a) the IRS company having obtained all the necessary permits and clearances including the EIA licence and Building and Land Use Permit;

 (b) a bank guarantee of 100,000 rupees per residential property being furnished to the Board of Investment;

 (c) 

 (d) the transfer of the land to Government being made at the time of issue of the IRS certificate.

(2) 

(3) 

[Reg. 10 amended by reg. 10 of GN 101 of 2009 w.e.f. 12 September 2009.]

11. Implementation of IRS project

(1) Every IRS Company shall, at all times, be responsible for the execution of the whole IRS project and shall be answerable to the Board of Investment for its proper implementation in accordance with the IRS certificate.

(2) The IRS Company shall

 (a) not make any alteration to the components of the IRS project without the prior approval of the Board;

 (b) fulfil its written undertaking referred to in regulation 8(3)(b);

 (c) 

 (d) submit to the Managing Director, within one month after the end of every quarter, starting from the first quarter immediately following the date of issue of the IRS certificate, a progress report on

  (i) the implementation of the IRS project;

  (ii) 

  (iii) the fulfilment of the written undertaking referred to in regulation8(3)(b).

(3) Where an IRS Company fails to start construction works within a period of 6 months of the date of issue of its Building and Land Use Permit under the Local Government Act, the Board of Investment shall realise the bank guarantee referred to in regulation 10(1)(b).

(4) 

[Reg. 11 amended by reg. 11 of GN 101 of 2009 w.e.f. 12 September 2009.]

PART II – REAL ESTATE SCHEME

12. Interpretation

In this Part

"real estate development area" means the physical area of land of an extent of at least 0.4220 hectare (one arpent) but not exceeding 10 hectares covered by a project under the Real Estate Scheme.

13. RES Project

Every project under a RES shall

(a) consist of a real estate development area with clearly defined boundaries within which the development of the RES shall be carried out;

(b) provide within the real estate development area for

 (i) the construction of residential properties on the condition that each residential property, other than an apartment, is constructed on an extent of land not exceeding 0.5276 hectare (1.25 arpent);

 (ii) commercial facilities and leisure amenities; and

 (iii) maintenance and security services.

14. Eligibility under RES

(1) A person shall be eligible to implement a project under the RES where he owns land of an extent not exceeding 10 hectares in the aggregate.

(2) The real estate development area may comprise more than one plot of land belonging to one or more owners provided that

 (a) the plots are contiguous; and

 (b) the total extent of all the plots does not exceed 10 hectares.

[Reg. 14 amended by reg. 3(a) of GN 11 of 2009 w.e.f. 1 January 2009.]

15. Application for a project under RES

An application to implement a project under RES shall be made in writing in such form and manner as the Board of Investment may approve and shall be accompanied by

(a) a written declaration by each landowner giving the total extent of the land owned by him;

(b) a copy of the title deed in respect of each plot of land;

(c) a full and detailed account of the particulars of the project as provided under regulation 13;

(d) an implementation plan relating to the project with full details including a timeframe for its completion;

(e) such other particulars or information as may be required in the form of application.

16. Approval of project under RES

(1) On receipt of an application under regulation 15, the Board shall examine the RES project and

 (a) on being satisfied that the project meets the requirements of these regulations, shall approve the project on such terms and conditions as it may determine; or

 (b) may request the applicant to make such modifications as may be necessary for the purposes of the project.

(2) Where the project is approved under paragraph (1)(a), the Managing Director shall issue a letter of approval to the applicant.

17. Issue of RES certificate

(1) No RES certificate shall be issued to any person unless

 (a) a company is incorporated under the Companies Act by the owner or owners of the land; and

 (b) each landowner gives a written undertaking to the Managing Director that he will retain shares in the RES Company equivalent to at least the value of the land brought in the RES Company until at least one year after completion of the project.

(2) The company referred to in paragraph (1)(a) shall limit its purpose or object exclusively to the promotion, development and implementation of one or more projects under the RES.

(3) Where the Board has approved an RES project under regulation 16(1)(a), a RES certificate shall be issued pursuant to section 18 of the Act subject to

 (a) the RES company having obtained all the necessary permits and clearances including the EIA licence where required and the Building and Land Use Permit; and

 (b) a bank guarantee of 25,000 rupees per residential property being furnished to the Board of Investment.

18. Implementation of RES project

(1) Every RES Company shall, at all times, be responsible for the execution of the whole RES project, and shall be answerable to the Board of Investment for its proper implementation in accordance with the RES certificate.

(2) The RES Company shall

 (a) implement the RES project as approved by the Board;

 (b) not make any alteration to the components of the RES project without the prior approval of the Board; and

 (c) submit to the Managing Director

  (i) within one month after the end of every quarter, starting from the first quarter immediately following the date of issue of the RES certificate, a progress report on the implementation of the RES project; and

  (ii) a written notification at least 30 days prior to any proposed change in its shareholding.

(3) Where a RES Company fails to start construction works within a period of 6 months of the date of issue of its Building and Land Use Permit, the Board of Investment shall realise the bank guarantee referred to in regulation 17.

PART IIA – INVEST HOTEL SCHEME

[Part IIA inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009.]

Sub-Part A – IHS Project Relating to Hotel to be Constructed

[Subheading "Sub-Part A" inserted by reg. 4 of GN 200 of 2010 w.e.f. 16 October 2010.]

18A. Application of Sub-part A

This Sub-part shall apply to an IHS project relating to a hotel to be constructed.

[Reg. 18A inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009; revoked and replaced by reg. 5 of GN 200 of 2010 w.e.f. 16 October 2010.]

18B. IHS project relating to hotel to be constructed

(1) Every IHS project relating to a hotel to be constructed shall

[Reg. 18B(1) amended by GN 200 of 2010.]

 (a) consist of a hotel development area with clearly defined boundaries within which the development of the IHS shall be carried out;

 (b) provide within the hotel development area for the construction of a hotel;

 (c) provide that the construction of the hotel shall not be governed by the provisions of a société d'attribution;

 (d) provide that an IHS Company may, subject to paragraphs (2) and (3) and regulation 19, sell or transfer a unit or any other part of the hotel on the condition that

  (i) the contract is governed by the provisions of a réglement de copropriété; and

  (ii) the IHS Company enters into a lease agreement with every unit owner to manage and operate the unit and that under the agreement, the unit may be used and occupied by the unit owner or on his behalf for a period not exceeding 45 days in the aggregate in any period of 12 months.

(2) The acquisition of a unit or any other part of the hotel may be made either on the basis of a plan, during the construction phase or when the construction is completed.

(3) Where the acquisition of a unit or any other part of the hotel is made on the basis of a plan or during the construction phase, the contract shall be governed by the provisions of a vente à terme or vente en l'état futur d'achévement, as the case may be, in accordance with the provisions of Articles 1601-1 to 1601-45 of the Code Civil Mauricien.

[Reg. 18B inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009; amended by reg. 6 of GN 200 of 2010 w.e.f. 16 October 2010.]

18C. Application for IHS certificate

(1) No person shall make an application for an IHS certificate in respect of a project unless

 (a) the person is a company incorporated under the Companies Act;

 (b) the person holds

  (i) a letter of intent from the Tourism Authority; and

  (ii) a letter of reservation, a letter of intent or a lease agreement in respect of the hotel development area from the Ministry responsible for the subject of lands; or

  (iii) a title deed in respect of the hotel development area.

(2) An application for an IHS certificate shall be made in writing in such form and manner as the Board of Investment may determine and shall be accompanied by

 (a) a full and detailed account of the particulars of the IHS project as provided under regulation 18B;

 (b) a copy of the letter of reservation, letter of intent or lease agreement referred to in paragraph (1)(b)(ii) or a copy of the title deed referred to in paragraph (1)(b)(iii);

 (c) an implementation plan relating to the project with full details including a time frame for its completion;

 (d) a specimen copy of the deed of sale or transfer of a unit or any other part of the hotel;

 (e) a specimen copy of the lease agreement referred to in
regulation 18B(1)(d)(ii); and

 (f) such other particulars or information as may be required in the application form.

(3) The company referred to in paragraph (1)(a) shall limit its purpose or object exclusively to the promotion, development and implementation of the project under the IHS.

[Reg. 18C inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009.]

18D. Approval of project under IHS

(1) On receipt of an application under regulation 18C, the Board shall examine the IHS project and

 (a) on being satisfied that the project meets the requirements of these regulations, shall approve the project on such terms and conditions as it may determine; or

 (b) may request the applicant to make such modifications as may be necessary for the purposes of the project.

(2) Where the project is approved under paragraph (1)(a), the Managing Director shall issue a letter of approval to the applicant.

[Reg. 18D inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009.]

18E. Issue of IHS certificate

Where the Board has approved an IHS project under regulation 18D(1)(a), an IHS certificate shall be issued under section 18 of the Act subject to

(a) the IHS company obtaining all the necessary permits and clearances including the Outline Planning Permission, if any, and the Building and Land Use Permit;

(b) a bank guarantee of 25,000 rupees per unit being furnished to the Board of Investment.

[Reg. 18E inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009.]

18F. Implementation of IHS project

(1) Every IHS Company shall, at all times, be responsible for the execution of the whole IHS project and shall be answerable to the Board of Investment for its proper implementation in accordance with the IHS certificate.

(2) The IHS Company shall

 (a) not make any alteration to the components of the IHS project without the prior approval of the Board;

 (b) submit to the Managing Director, within one month after the end of every quarter, starting from the first quarter immediately following the date of issue of the IHS certificate, a progress report on the implementation of the IHS project.

(3) Where an IHS Company fails to start construction works within a period of 6 months of the date of issue of its Building and Land Use Permit, the Board of Investment may realise the bank guarantee referred to in regulation 18E(b).

[Reg. 18F inserted by reg. 12 of GN 101 of 2009 w.e.f. 12 September 2009.]

Sub-Part B – IHS Project Relating to Hotel in Operation

[Sub-Part B inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

18G.  Application of Sub-part B

This Sub-part shall apply to an IHS project relating to a hotel in operation, in respect of which there is a restructuring plan.

[Reg. 18G inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

18H.  IHS project relating to hotel in operation

Every IHS project relating to a hotel in operation shall

(a) consist of a restructuring plan;

(b) provide that a unit may be sold or transferred, on the condition that

 (i) the restructuring plan is approved by the ERCP Committee on or before
31 December 2011;

 (ii) the number of units to be sold or transferred shall not exceed such percentage of the total number of units in the hotel, as may be approved by the ERCP Committee;

 (iii) the sale or transfer shall be governed by the provisions of a réglement de copropriété and not by the provisions of a société d'attribution;

 (iv) the hotel owner enters into a lease agreement with every unit owner to manage and operate the unit and that, under the agreement, the unit may be used and occupied by the unit owner or on his behalf for a period not exceeding 45 days in the aggregate in any period of 12 months; and

 (v) the proceeds of the sale or transfer shall be invested in the hotel in such manner and within such time as the ERCP Committee may approve.

[Reg. 18H inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

18I. –

18J. Approval of restructuring plan by ERCP Committee

(1) A hotel owner who wishes to engage in an IHS project shall apply to the ERCP Committee for the approval of his restructuring plan.

(2) The ERCP Committee may approve or reject the restructuring plan.

(3) Where the hotel owner has obtained the approval of the ERCP Committee under paragraph (2), he shall comply with the conditions specified in regulation 18H and such other terms and conditions as the ERCP Committee may determine.

[Reg. 18J inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

18K. Application for IHS certificate

Where a hotel owner has obtained the approval of the ERCP Committee under regulation 18J, he shall apply to the Board of Investment for an IHS certificate in such form and manner as the Board of Investment may determine.

[Reg. 18K inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

18L. Issue of IHS certificate

On receipt of an application under regulation 18K, the Board of Investment may issue an IHS certificate to the hotel owner on such terms and conditions as the Board of Investment may determine.

[Reg. 18L inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

18M.  Implementation of IHS project relating to hotel in operation

The hotel owner shall submit to the ERCP Committee, within one month after the end of every quarter, starting from the first quarter immediately following the date of approval of the ERCP Committee under regulation 18J, a progress report on the implementation of the project.

[Reg. 18M inserted by reg. 7 of GN 200 of 2010 w.e.f. 16 October 2010.]

PART III – RESIDENTIAL PROPERTY OR UNIT OR OTHER PART OF
A HOTEL AND RESIDENCE PERMIT

[Part III heading amended by reg. 13 of GN 101 of 2009 w.e.f. 12 September 2009.]

19. Persons eligible to acquire residential property or unit or any other part of a hotel

No person shall acquire a residential property under the IRS or RES or a unit or any other part of a hotel under the IHS unless the person is

(a) a non-citizen;

(b) a citizen of Mauritius;

(c) a company registered as a foreign company under the Companies Act;

(d) a company incorporated under the Companies Act;

(e) a société, where its deed of formation is deposited with the Registrar of Companies; or

(f) a trust, where the trusteeship services are provided by a qualified trustee.

[Reg. 19 amended by reg. 14 of GN 101 of 2009 w.e.f. 12 September 2009.]

20. Acquisition of residential property or unit or any other part of a hotel

(1) The amount payable for the acquisition of a residential property under the IRS or a standalone villa under an IHS project relating to a hotel to be constructed shall not be less than 500,000 US dollars.

(2) Where the acquisition of a residential property under the IRS or RES or a unit or any other part of a hotel under the IHS is made by a non-citizen, the amount payable shall be in US dollars or its equivalent in any other freely convertible foreign currency or in Mauritius currency.

(3) Where the amount payable is made in any other freely convertible foreign currency other than US dollars, or in Mauritius currency, the exchange rate to be used to calculate the US dollar equivalent to the amount specified in paragraph (1) shall be the exchange rate in force on the date of the application.

(4) Where the amount payable is effected pursuant to paragraph (2), the amount for the acquisition of the property and the registration duty payable thereon under the Registration Duty Act shall be financed by the purchaser

 (a) from funds outside Mauritius and transferred to Mauritius through any reputable bank listed in the Banking Almanac recognised by the Bank of Mauritius; or

 (b) from loans contracted in Mauritius currency with a bank in Mauritius provided that

  (i) the first 500, 000 US dollars are paid to the IRS Company or RES Company or IHS Company in US dollars or its equivalent in any other freely convertible foreign currency; and

  (ii) the repayment of the loan is effected in any freely convertible foreign currency.

(5) The acquisition of a residential property under IRS or RES may be made either on the basis of a plan during the construction phase or when the construction is completed.

(6) Where the acquisition of a residential property is made on the basis of a plan or during the construction phase, the contract shall be governed by the provisions of a vente à terme or vente en I'état futur d'achévement, as the case may be, in accordance with the provisions of Articles 1601-1 to 1601-45 of the Code Civil Mauricien.

[Reg. 20 amended by reg. 3(b) of GN 11 of 2009 w.e.f. 1 January 2009; reg. 15 of GN 101 of 2009 w.e.f. 12 September 2009; reg. 8 of GN 200 of 2010 w.e.f. 16 October 2010; reg. 3 of GN 57 of 2012 w.e.f. 21 April 2012.]

21. Application to acquire residential property or unit

(1) Any person referred to in regulation 19 who intends to acquire a residential property under IRS or RES or a unit or any other part of a hotel under IHS shall, through the IRS Company, RES Company or IHS Company, as the case may be, make an application to the Managing Director in a form approved by the Managing Director.

(2) Where an application is made under paragraph (1), the IRS Company, the RES Company or the IHS Company, as the case may be, shall, at the time of the application, pay to the Board of Investment, a non-refundable processing fee of 10,000 rupees per residential property or unit or any other part of a hotel.

[Reg. 21 revoked and replaced by reg. 16 of GN 101 of 2009 w.e.f. 12 September 2009.]

22. Residence permit

(1) Any non-citizen who has acquired a residential property under the IRS or RES where the value of the residential property is not less than 500,000 US dollars or its equivalent in any other freely convertible foreign currency may, subject to the Immigration Act, apply, through the Managing Director, for the status of resident in respect of

 (a) himself;

 (b) his spouse or common law partner; or

 (c) the child, stepchild or lawfully adopted child, under the age of 24, of a person to whom paragraph (a) or (b) applies.

(2) Where a non-citizen who has acquired the status of resident following an application pursuant to paragraph (1) no longer satisfies the requirements of the IRS or RES, the Managing Director shall, for the purposes of section 6(1A) of the Immigration Act, forthwith notify the Ministry responsible for the subject of immigration accordingly.

[Reg. 22 amended by reg 3(c) of GN 11 of 2009 w.e.f. 1 January 2009; reg. 17 of GN 101 of 2009 w.e.f. 12 September 2009; reg. 3 of GN 237 of 2012 w.e.f. 1 January 2012.]

PART IV – RENTAL AND SALE OF PROPERTY

23. Rental of residential property

No owner of a residential property under IRS or RES shall offer the property for letting otherwise than through

(a) the IRS Company or RES Company; or

(b) a provider of property management services, designated by the IRS Company or RES Company, as the case may be.

24. Resale of residential property or unit or any other part of a hotel

(1) Where the owner of a residential property under IRS or RES intends to sell or transfer the property, he shall, within 30 days prior to the sale, give notice in writing thereof to the Managing Director.

(2) No sale or transfer shall be made pursuant to paragraph (1) unless

 (a) the sale or transfer is made to a person referred to in regulation 19;

 (b) the acquisition of the residential property is in conformity with the relevant provisions of these regulations except that

  (i) the application for the acquisition shall be made to the Managing Director without having to forward it through the IRS Company or RES Company;

  (ii) the minimum amount specified in regulation 20(1) shall not apply; and

  (iii) a non-refundable processing fee of 10,000 rupees shall be paid by the applicant to the Board of Investment.

(3) No sale or transfer of a unit or any other part of a hotel under the IHS shall be made unless the sale or transfer is made in conformity with the relevant provisions of these regulations.

[Reg. 24 amended by reg. 18 of GN 101 of 2009 w.e.f. 12 September 2009.]

25. Sale of property other than residential property

(1) Where an IRS Company or a RES Company intends to sell any part or the whole of an immovable property other than a residential property, it shall, subject to paragraph (2), within 30 days prior to the sale, give notice in writing thereof to the Managing Director.

(2) An IRS Company may sell serviced land not exceeding 25 per cent of its land area planned for the construction of residential properties on condition that

 (a) there is no material deviation in the land area allocated for the construction of residential properties as approved by the Board;

 (b) the commercial facilities and leisure amenities referred to in regulation 5(b)(ii) and (iii) have been completed;

 (c) prior to the sale of any plot of the serviced land, at least 25 per cent of the residential properties under the IRS have been sold in accordance with regulation 20(5) and (6);

 (d) the infrastructural works including roads, walls, drains, landscaping and utility services have been completed in respect of the area of the serviced land;

 (e) each plot of serviced land for sale does not exceed 0.5276 hectare (1.25 arpent) in area;

 (f) the amount payable for the acquisition of a plot of the serviced land is not less than 350,000 US dollars or its equivalent in any other freely convertible foreign currency or in Mauritius currency; and

 (g) the purchaser constructs a residential property on the land within 5 years from the date of its acquisition in accordance with the architectural guidelines issued by the IRS company.

(3) Where a person acquires a property pursuant to paragraph (1), he shall not use the property for any purpose other than the one approved under the project, unless he obtains written authorisation from the Board of Investment.

(4) No non-citizen who acquires a plot of serviced land shall be eligible to apply for a residence permit in accordance with regulation 22, unless the construction of a residential property has been completed on that plot.

(5) No plot of serviced land acquired pursuant to paragraph (2) shall be sold or transferred unless the construction of the residential property is completed on the plot.

[Reg. 25 amended by reg. 19 of GN 101 of 2009 w.e.f. 12 September 2009; reg. 3 of GN 119 of 2012 w.e.f. 16 June 2012.]

PART V – MISCELLANEOUS

26. Mode of payment of duty and taxes

(1) The amount of land transfer tax or registration duty payable shall, when paid in any freely convertible foreign currency, be credited to the account of the Accountant-General with the Bank of Mauritius.

(2) Where payment is effected in any freely convertible foreign currency other than US dollars, the exchange rate to be used to calculate the US dollar equivalent to the amount of land transfer tax or registration duty payable shall be the selling exchange rate in force at the time of signature of the title deed.

(3) Where payment is effected in accordance with paragraph (1), the notary shall, at the time of registration of the deed of transfer with the Registrar-General, deposit a certificate from the bank certifying the particulars of the payment of the land transfer tax and the registration duty.

[Reg. 26 amended by reg. 3(d) of GN 11 of 2009 w.e.f. 1 January 2009; reg. 20 of GN 101 of 2009 w.e.f. 12 September 2009.]

27. –

28. Revocation and savings

(1) The Investment Promotion (Integrated Resort Scheme) Regulations 2002 are revoked.

(2) Notwithstanding paragraph (1), any application made or approved, letter of intent or IRS Certificate issued or any act or thing done under the repealed regulations shall, on the coming into operation of these regulations, be deemed to have been made or approved, issued or done under these regulations.

–––––––––––––––

Investment Promotion and Protection Agreement (Barbados) Regulations 2008

[GN 143 of 2008 '” 25 August 2008] [Section 28A]

1. These regulations may be cited as the Investment Promotion and Protection Agreement (Barbados) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of Barbados pursuant to section 28A of the Act and set out in the Schedule.

3. 

[Agreement c.i.o. on 18 June 2005.] [General Notice No. 2841 of 2009.]

_______________

SCHEDULE

[Regulation 2]

The Government of the Republic of Mauritius and the Government of Barbados (hereinafter referred to as the Contracting Parties),

Desiring to create favourable conditions for greater flow of investments by investors of one Contracting Party in the territory of the other Contracting Party,

Recognising that the promotion and reciprocal protection of such investments will be conducive to the stimulation of individual business initiatives and will increase prosperity in the territories of both Contracting Parties,

Hereby agree as follows:

ARTICLE 1DEFINITIONS

1. For the purposes of this Agreement,

(a) "investment" means every kind of asset invested by investors of one Contracting Party in accordance with the laws and regulations of the other Contracting Party in the territory of the latter, and in particular, though not exclusively, includes:

 (i) movable and immovable property and any other property rights such as mortgages, liens and pledges;

 (ii) shares, stock, debentures and any other kind of participation in companies;

 (iii) claims to money or to any other performance under contract having an economic value;

 (iv) intellectual property rights, goodwill, technical processes and know-how; and

 (v) concessions conferred by law or under contract, including concessions to search for, cultivate, extract, or exploit natural resources;

(b) "investor" means in respect of either Contracting Party:

 (i) a natural person who has the nationality of the Contracting Party in accordance with its applicable law; or

 (ii) an entity constituted or organised under the applicable law of the Contracting Party including a company, corporation, partnership, sole proprietor, association, body or organisation;

(c) "return" means the amount yielded by an investment and in particular profits, dividends, interests, capital gains, royalties and fees;

(d) "territory" means

 (i) in the case of the Republic of Mauritius:

  (A) all the territories and islands which, in accordance with the laws of Mauritius, constitute the State of Mauritius;

  (B) the territorial sea of Mauritius; and

  (C) any area outside the territorial sea of Mauritius which in accordance with international law has been or may hereafter be designated under the laws of Mauritius as an area, including the Continental Shelf, within which the rights of Mauritius with respect to the sea, the sea-bed and sub-soil and their natural resources may be exercised;

 (ii) in the case of Barbados, the territorial waters thereof, including any area outside such territorial waters which in accordance with international law and the laws of Barbados is an area within which the rights of Barbados with respect to the sea, the sea-bed and sub-soil and their natural resources may be exercised.

2. Any change in the form in which assets are or have been invested does not affect their character as investments as defined in this Agreement.

ARTICLE 2SCOPE OF THE AGREEMENT

This Agreement shall apply to investments which are made prior to or after its entry into force by investors of either Contracting Party in accordance with the laws and regulations of the other Contracting Party in the territory of the latter.

ARTICLE 3PROMOTION OF INVESTMENTS

1. Each Contracting Party shall encourage investors of the other Contracting Party to make investments in its territory and admit such investments in accordance with its laws and regulations.

2. A Contracting Party shall grant assistance in and provide facilities for obtaining visas and work permits to nationals of the other Contracting Party in connection with activities associated with such investments in the first-mentioned Contracting Party.

ARTICLE 4PROTECTION OF INVESTMENTS

1. Investments and activities associated with investments of investors of either Contracting Party shall be accorded fair and equitable treatment and shall enjoy protection in the territory of the other Contracting Party.

2. The treatment and protection referred to in paragraph 1 of this Article shall not be less favourable than that accorded to investments and activities associated with such investments made by investors of a third State.

3. The provisions of paragraph 2 of this Article shall not be construed so as to oblige either Contracting Party to extend to the investors of the other Contracting Party the benefit of any treatment, preference or privilege resulting from:

(a) any customs union, free trade area, common market or any similar international agreement or interim arrangement leading to such customs union, free trade area, or common market of which either of the Contracting Parties is a member;

(b) any international agreement or arrangement relating wholly or mainly to taxation or any domestic legislation relating wholly or mainly to taxation;

(c) special advantages to foreign development finance institutions operating in the territory of either Contracting Party for the exclusive purpose of development assistance through mainly nonprofit activities.

ARTICLE 5EXPROPRIATION

1. Neither Contracting Party shall expropriate, nationalise or take similar measures (hereinafter referred to as "expropriation") against investments of investors of the other Contracting Party in its territory unless the expropriation is:

(a) for the public interest;

(b) in accordance with domestic legal procedures;

(c) without discrimination; and

(d) for adequate, prompt and effective compensation.

2. The compensation mentioned in paragraph 1(d) of this Article shall be equivalent to the market value of the expropriated investments immediately before the expropriation became public knowledge. Where the market value cannot be ascertained, the compensation shall be determined in accordance with generally recognised principles of valuation taking into account, inter alia

, the capital invested, depreciation, capital already repatriated, replacement value and other relevant factors. The compensation shall include interest at the current commercial lending rate applicable to the currency in which the investment was originally made from the date of expropriation until the date of payment and shall be made without unreasonable delay, be effectively realisable and be freely transferable.

3. Any investor affected by the expropriation shall have a right under the law of the Contracting Party making the expropriation, to a prompt review by a judicial or other independent authority of that Contracting Party, of his or its case and of the valuation of his or its investment in accordance with the principles set out in paragraph 2 of this Article.

4. Where a Contracting Party expropriates the assets of a company which was incorporated or constituted under the law in force in any part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions of paragraphs 1 to 3 of this Article are applied to the extent necessary to guarantee reasonable compensation in respect of their investments to such investors of the other Contracting Party who are owners of those shares.

ARTICLE 6COMPENSATION FOR LOSSES

1. Investors of either Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, revolution, a state of national emergency, revolt, insurrection or riot in the territory of the latter Contracting Party shall be accorded by the latter Contracting Party treatment, as regards restitution, indemnification, compensation or other settlement, not less favourable than that which the latter Contracting Party accords to its own investors or to investors of any third State. Resulting payments shall be freely transferable at the rate of exchange applicable on the date of transfer pursuant to the exchange regulations in force.

2. Without derogating from the provisions of paragraph 1 of this Article, investors of either Contracting Party who, in any of the situations referred to in that paragraph, suffer losses in the territory of the other Contracting Party resulting from:

(a) requisitioning of their property by the forces or authorities of the latter Contracting Party, acting under and within the scope of the legal provisions relating to their competences, duties and command structures; or

(b) destruction of their property by the forces or authorities of the latter Contracting Party, which was not caused in combat action or was not required by the necessity of the situation of observance or any legal requirement;

shall be accorded restitution or adequate compensation, not less favourable than that which the latter Contracting Party accords to its own investors or to investors of any third State.

ARTICLE 7TRANSFER OF FUNDS

1. Each Contracting Party shall, subject to its laws and regulations, guarantee investors of one Contracting Party the transfer of investments and returns held in the territory of the other Contracting Party, including:

(a) profits, dividends, interests, capital gains and fees;

(b) amounts from total or partial liquidation of investments;

(c) payments made pursuant to a loan agreement in connection with investments;

(d) royalties paid in respect of matters referred to in paragraph 1(a)(iv) in Article 1;

(e) payments for technical assistance or technical service and management fees;

(f) payments in connection with projects or contracts; and

(g) earnings of nationals of one Contracting Party who work in connection with an investment in the territory of the other Contracting Party.

2. All transfers shall be effected within a reasonable time in any freely convertible currency at the market rate of exchange prevailing at the date of transfer.

ARTICLE 8SUBROGATION

Where one Contracting Party or its designated agency has guaranteed any indemnity in respect of any investment by any of its investors in the territory of the other Contracting Party and has made payment to such investors in respect of their claims under this Agreement, the other Contracting Party agrees that the first Contracting Party or its designated agency is entitled by virtue of subrogation to exercise the rights and assert the claims of those investors. The subrogated rights or claims shall not exceed the original rights or claims of such investors.

ARTICLE 9SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES

1. Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible, be settled amicably through consultations between the Contracting Parties.

2. If the dispute cannot be settled within a period of six months following the date on which written notice of the dispute has been received by one party from the other party to the dispute, it shall, upon the request of either Contracting Party, be submitted to an arbitral tribunal.

3. The arbitral tribunal shall comprise three arbitrators. Within a period of two months from the date on which either Contracting Party received written notice of request for arbitration from the other Contracting Party, each Contracting Party shall appoint one arbitrator. The two arbitrators shall, within a further period of two months, together select a third arbitrator who is a national of a third State which has diplomatic relations with both Contracting Parties. The third arbitrator shall be appointed by the two Contracting Parties as Chairman of the arbitral tribunal.

4. If the arbitral tribunal has not been constituted within a period of four months from the date of the receipt of the written notice for arbitration, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to appoint the arbitrator(s) who has or have not yet been appointed. If the President of the Court is a national of either Contracting Party or is otherwise prevented from discharging the said function, the next most senior member of the International Court of Justice who is not a national of either Contracting Party, shall be invited to make the necessary appointments.

5. The arbitral tribunal shall determine its own procedure. The tribunal shall reach its decision in accordance with the provisions of this Agreement and the principles of international law recognised by both Contracting Parties.

6. The tribunal shall reach its decision by a majority of votes. The decision shall be final and binding on both Contracting Parties. The tribunal shall, upon the request of either Contracting Party, explain the reasons for its decision.

7. Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant costs of the Chairman and the tribunal shall be borne in equal parts by the Contracting Parties.

ARTICLE 10SETTLEMENT OF DISPUTES BETWEEN AN
INVESTOR AND THE HOST CONTRACTING PARTY

1. Any dispute concerning an investment between an investor of one Contracting Party and the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the investor and the other Contracting Party.

2. If the dispute referred to in paragraph 1 of this Article cannot be settled within a period of six months following the date on which written notice of the dispute has been received by one party from the other party to the dispute, the investor shall have the right to submit the dispute for resolution by international arbitration to one of the following fora:

(a) the International Centre for Settlement of Investment Disputes (ICSID) under the Convention on the Settlement of Investment Disputes between States and Nationals of other States done at Washington, March 18, 1965; or

(c) an arbitral tribunal to be set up under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL). The appointing authority under the said rules shall be the Secretary-General of ICSID.

3. The arbitral tribunal referred to in paragraph 2(b) of this Article shall, with respect to the procedure, follow the Arbitration Rules of UNCITRAL.

4. Any arbitration under paragraph 3 of this Article shall be held in a State that is a party to the United Nations Convention on Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958.

5. The arbitral tribunal shall decide the issues in dispute in accordance with the provisions of this Agreement, the law of the Contracting Party accepting the investment and the applicable rules of international law.

6. Any arbitral award rendered pursuant to this Article shall be final and binding on the parties to the dispute. Each Contracting Party shall carry out without delay the provisions of any such award and provide in its territory for the enforcement of such award.

7. Each party to the dispute shall bear the cost of its appointed member of the tribunal and of its representation in the proceedings. The cost of the appointed Chairman and the remaining costs shall be borne in equal parts by the parties to the dispute.

8. The investors of each Contracting Party shall have a right of access to the competent court of the Contracting Party for exercising adjudicatory authority in any dispute. If the investor has resorted to the procedure specified in this paragraph, the provisions of paragraph 2 of this Article shall not apply, unless the court refers the matter to international arbitration.

ARTICLE 11APPLICATION OF OTHER RULES

1. If the treatment to be accorded by one Contracting Party in accordance with its laws and regulations to investments or activities associated with such investments of investors of the other Contracting Party is more favourable than the treatment provided for in this Agreement, the more favourable treatment shall be applicable.

2. The provisions of this Agreement shall not in any way limit the right of either Contracting Party to apply prohibitions or restrictions of any kind or take any other action which is directed to the protection of its essential security interest, or to the protection of public health or the prevention of diseases in pests and animals or plants.

ARTICLE 12ENTRY INTO FORCE

Each Contracting Party shall notify the other Contracting Party of the fulfillment of its internal legal procedures required for the bringing into force of this Agreement. This Agreement shall enter into force on the day following the date of receipt of the later of the two notifications.

ARTICLE 13DURATION AND TERMINATION

1. This Agreement shall remain in force for a period of ten years. Thereafter it shall continue in force until the expiration of twelve months from the date on which either Contracting Party shall have given written notice of termination of this Agreement to the other Contracting Party.

2. In respect of investments made prior to the date when the notice of termination of this Agreement becomes effective, the provisions of Articles 1 to 11 shall remain in force for a further period of ten years from the date.

IN WITNESS WHEREOF, the duly authorised representatives of their respective Governments have signed this Agreement.

Done at St Kitts on this 28 day of September 2004, in duplicate in the English language.

Kushal Chand Kushiram

Owen S.Arthur

Minister of Industry, Financial Services and Corporate Affairs

Prime Minister

For the Government of Republic of Mauritius

For the Government of Barbados

________________

Investment Promotion and Protection Agreement (Belgian-Luxembourg
Economic Union) Regulations 2008

[GN 144 of 2008 – 25 August 2008] [Section 28A]

1. These regulations may be cited as the Investment Promotion and Protection Agreement (Belgian-Luxembourg Economic Union) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of the Belgian-Luxembourg Economic Union pursuant to section 28A of the Act and set out in the Schedule.

3. 

[Agreement c.i.o. on 16 January 2010.] [General Notice No. 368 of 2010.]

_______________

SCHEDULE

[Regulation 2]

The Republic of Mauritius,

on the one hand,

and

The Government of the Kingdom of Belgium,

The Walloon Government,

The Flemish Government,

The Government of the Region of Brussels-Capital,

AND

The Government of the Grand-Duchy of Luxembourg

on the other hand

(hereinafter referred to as "the Contracting Parties"),

desiring to strengthen their economic cooperation by creating favourable conditions for investments by investors of one Contracting Party in the territory of the other Contracting Party,

Have agreed as follows:

ARTICLE 1DEFINITIONS

 For the purpose of this Agreement,

1. the term "investors" shall mean:

(a) the "nationals", i.e. any natural person who, according to the legislation of the Kingdom of Belgium, of the Grand-Duchy of Luxemburg or of the Republic of Mauritius, is considered as a citizen of the Kingdom of Belgium, of the Grand-Duchy of Luxemburg or of the Republic of Mauritius respectively;

(b) the "companies", i.e. any legal person constituted in accordance with the legislation of the Kingdom of Belgium, of the Grand-Duchy of Luxemburg or of the Republic of Mauritius and having its registered office in the territory of the Kingdom of Belgium, of the Grand-Duchy of Luxemburg or of the Republic of Mauritius respectively.

2. The term "investments" shall mean any kind of assets and any direct or indirect contribution in cash, in kind or in services, invested or reinvested in any sector of economic activity.

The following shall more particularly, though not exclusively, be considered as investments for the purpose of this Agreement:

(a) movable and immovable property as well as any other rights in rem, such as mortgages, liens, pledges, usufruct and similar rights;

(b) shares, stocks, debentures, corporate rights and any other kind of shareholdings, including minority or indirect ones, in companies constituted in the territory of one Contracting Party;

(c) claims to money or to any performance having an economic value;

(d) copyrights, intellectual property rights, technical processes, trade names and goodwill;

(e) concessions granted under public law or under contract, including concessions to explore, develop, extract or exploit natural resources.

Changes in the legal form in which assets and capital have been invested or reinvested shall not affect their designation as "investments" for the purpose of this Agreement.

3. The term "returns" shall mean the proceeds of an investment and shall include in particular, though not exclusively, profits, interests, capital gains, dividends, royalties and fees.

4. The term "territory" means:

(a) in the case of the Belgium-Luxemburg Economic Union: the territory of the Kingdom of Belgium and the territory of the Grand-Duchy of Luxemburg, as well as the maritime areas, i.e. the marine and underwater areas which extend beyond the territorial waters of the Kingdom of Belgium upon which it exercises, in accordance with international law, its sovereign rights and its jurisdiction for the purpose of exploring, exploiting and preserving natural resources;

(b) in the case of the Republic of Mauritius:

 (i) all the territories and islands which, in accordance with the laws of Mauritius constitute the State of Mauritius;

 (ii) the territorial sea of Mauritius; and

 (iii) any area outside the territorial sea of Mauritius which in accordance with international law has been or may hereafter be designated, under the laws of Mauritius, as an area, including the Continental Shelf, within which the rights of Mauritius with respect to the sea, the sea-bed and sub-soil and their natural resources may be exercised.

5. The terms "environmental legislation" shall mean any legislation of the Contracting Parties, or provision thereof, the primary purpose of which is the protection of the environment, or the prevention of a danger to human, animal, or plant life or health, through:

(a) the prevention, abatement or control of the release, discharge, or emission of pollutants or environmental contaminants;

(b) the control of environmentally hazardous or toxic chemicals, substances, materials and wastes, and the dissemination of information related thereto;

(c) the protection or conservation of wild flora or fauna, including endangered species, their habitat, and specially protected natural areas in the Contracting Party's territory.

6. The terms "labour legislation" shall mean legislation of the Kingdom of Belgium, of the Grand-Duchy of Luxemburg or of the Republic of Mauritius or provisions thereof, that are directly related to the following internationally recognised labour rights:

(a) the right of association;

(b) the right to organise and bargain collectively;

(c) a prohibition on the use of any form of forced or compulsory labour;

(d) a minimum age for the employment of children;

(e) acceptable conditions of work with respect to minimum wages, hours of work and occupational safety and health.

ARTICLE 2PROMOTION OF INVESTMENTS

1. Each Contracting Party shall promote investments in its territory by investors of the other Contracting Party and shall accept such investments in accordance with its legislation.

2. Each Contracting Party shall use its best endeavours to grant, in accordance with its laws, the necessary permits in connection with the carrying out of such investments and, whenever necessary, licensing agreements and contracts for technical, commercial or administrative assistance.

ARTICLE 3PROTECTION OF INVESTMENTS

1. All investments made by investors of one Contracting Party shall enjoy a fair and equitable treatment in the territory of the other Contracting Party.

2. Except for measures required to maintain public order, such investments shall enjoy continuous protection and security, i.e. excluding any unjustified or discriminatory measure which could hinder, either in law or in practice, the management, maintenance, use, possession or liquidation thereof.

ARTICLE 4NATIONAL TREATMENT AND MOST FAVOURED NATION

1. In all matters relating to the treatment of investments, the investors of each Contracting Party shall enjoy national treatment and most-favoured-nation treatment in the territory of the other Contracting Party.

2. With respect to the operation, management, maintenance, use, enjoyment and sale or other disposal of investments, each Contracting Party shall accord, on its territory, to investors of the other Contracting Party, treatment no less favourable than that granted to its own investors or to investors of any other State if the latter is more favourable.

3. This treatment shall not include the privileges granted by one Contracting Party to investors of a third State by virtue of its participation or association in a free trade zone, customs union, common market or any other form of regional economic organisation.

4. The provisions of this article do not apply to tax matters.

ARTICLE 5ENVIRONMENT

1. Recognising the right of each Contracting Party to establish its own levels of domestic environmental protection and environmental development policies and priorities, and to adopt or modify accordingly its environmental legislation, each Contracting Party shall strive to ensure that its legislation provide for high levels of environmental protection and shall strive to continue to improve this legislation.

2. The Contracting Parties recognise that it is inappropriate to encourage investment by relaxing domestic environmental legislation. Accordingly, each Contracting Party shall strive to ensure that it does not waive or otherwise derogate from, or offer to waive or otherwise derogate from, such legislation as an encouragement for the establishment, maintenance or expansion in its territory of an investment.

3. The Contracting Parties reaffirm their commitments under the international environmental agreements, which they have accepted. They shall strive to ensure that such commitments are fully recognised and implemented by their domestic legislation.

4. The Contracting Parties recognise that co-operation between them provides enhanced opportunities to improve environmental protection standards. Upon request by either Contracting Party, the other Contracting Party shall accept to hold expert consultations on any matter falling under the purpose of this Article.

ARTICLE 6LABOUR

1. Recognising the right of each Contracting Party to establish its own domestic labour standards, and to adopt or modify accordingly its labour legislation, each Contracting Party shall strive to ensure that its legislation provide for labour standards consistent with the internationally recognised labour rights set forth in paragraph 6 of Article 1 and shall strive to improve those standards in that light.

2. The Contracting Parties recognise that it is inappropriate to encourage investment by relaxing domestic labour legislation. Accordingly, each Contracting Party shall strive to ensure that it does not waive or otherwise derogate from, or offer to waive or otherwise derogate from, such legislation as an encouragement for the establishment, maintenance or expansion in its territory of an investment.

3. The Contracting Parties reaffirm their obligations as members of the International Labour Organisation and their commitments under the International Labour Organisation Declaration on Fundamental Principles and Rights at Work and its follow-up. The Contracting Parties shall strive to ensure that such labour principles and the internationally recognised labour rights set forth in paragraph 6 of Article 1 are recognised and protected by domestic legislation.

4. The Contracting Parties recognise that co-operation between them provides enhanced opportunities to improve labour standards. Upon request by either Contracting Party, the other Contracting Party shall accept to hold expert consultations on any matter falling under the purpose of this Article.

ARTICLE 7DEPRIVATION AND LIMITATION OF OWNERSHIP

1. Each Contracting Party undertakes not to adopt any measure of expropriation or nationalisation or any other measure having the effect of directly or indirectly dispossessing the investors of the other Contracting Party of their investments in its territory.

2. If reasons of public purpose, security or national interest require a derogation from the provisions of paragraph 1, the following conditions shall be complied with:

(a) the measures shall be taken under due process of law;

(b) the measures shall be neither discriminatory, nor contrary to any specific commitments;

(c) the measures shall be accompanied by provisions for the payment of an adequate and effective compensation.

3. Such compensation shall amount to the actual value of the investments on the day before the measures were taken or became public. Such compensation shall be paid in any convertible currency. It shall be paid without undue delay and shall be freely transferable. It shall bear interest at the normal commercial rate from the date of the determination of its amount until the date of its payment.

4. Investors of one Contracting Party whose investments suffer losses owing to war or other armed conflict, revolution, a state of national emergency or revolt in the territory of the other Contracting Party shall be granted by the latter Contracting Party a treatment, as regards restitution, indemnification, compensation or other settlement, at least equal to that which the latter Contracting Party grants to the investors of the most-favoured-nation.

ARTICLE 8TRANSFERS

1. Each Contracting Party shall guarantee to investors of the other Contracting Party the free transfer of all payments relating to an investment, including more particularly:

(a) amounts necessary for establishing, maintaining or expanding the investment;

(b) amounts necessary for payments under a contract, including amounts necessary for repayment of loans, royalties and other payments resulting from licences, franchises, concessions and other similar rights, as well as salaries of expatriate personnel;

(c) proceeds from investments;

(d) proceeds from the total or partial liquidation of investments, including capital gains or increases in the invested capital;

(e) compensation paid pursuant to Article 7.

2. The nationals of each Contracting Party who have been authorised to work in the territory of the other Contracting Party in connection with an investment shall also be permitted to transfer an appropriate portion of their earnings to their country of origin.

3. Transfers shall be made in a freely convertible currency at the market rate applicable on the day transfers are made.

4. Each Contracting Party shall issue the authorisations required to ensure that the transfers can be made without undue delay, with no other expenses than the usual banking costs.

ARTICLE 9SUBROGATION

1. If one Contracting Party or any public institution of this Party pays compensation to its own investors pursuant to a guarantee providing coverage for an investment, the other Contracting Party shall recognise that the former Contracting Party or the public institution concerned is subrogated into the rights of the investors.

2. As far as the transferred rights are concerned, the other Contracting Party shall be entitled to invoke against the insurer who is subrogated into the rights of the indemnified investors the obligations of the latter under law or contract.

ARTICLE 10APPLICABLE REGULATIONS

If an issue relating to investments is covered both by this Agreement and by the national legislation of one Contracting Party or by international conventions, existing or to be subscribed to by the Parties in the future, the investors of the other Contracting Party shall be entitled to avail themselves of the provisions that are the most favourable to them.

ARTICLE 11SPECIFIC AGREEMENTS

1. Investments made pursuant to a specific agreement concluded between one Contracting Party and investors of the other Contracting Party shall be covered by the provisions of this Agreement and by those of the specific agreement.

2. Each Contracting Party undertakes to ensure at all times that the commitments it has entered into vis-à-vis investors of the other Contracting Party shall be observed.

ARTICLE 12SETTLEMENT OF INVESTMENT DISPUTES

1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be notified in writing by the first party to take action. The notification shall be accompanied by a sufficiently detailed memorandum. As far as possible, the Parties shall endeavour to settle the dispute through negotiations, if necessary by seeking expert advice from a third party, or by conciliation between the Contracting Parties through diplomatic channels.

2. In the absence of an amicable settlement by direct agreement between the parties to the dispute or by conciliation through diplomatic channels within six months from the notification, each party can submit the dispute, either to the competent jurisdiction of the State where the investment was made, or to international arbitration. To this end, each Contracting Party agrees in advance and irrevocably to the settlement of any dispute by this type of arbitration. Such consent implies that both Parties waive the right to demand that all domestic administrative or judiciary remedies be exhausted.

3. In case of international arbitration, the dispute shall be submitted for settlement by arbitration to one of the hereinafter mentioned organisations, at the option of the investor:

– an ad hoc arbitral tribunal set up according to the arbitration rules laid down by the United Nations Commission on International Trade Law (U.N.C.I.T.R.A.L.);

– the International Centre for the Settlement of Investment Disputes (I.C.S.I.D.), set up by the Convention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature at Washington on March 18, 1965, when each State party to this Agreement has become a party to the said Convention. As long as this requirement is not met, each Contracting Party agrees that the dispute shall be submitted to arbitration pursuant to the Rules of the Additional Facility of the I.C.S.I.D.

If the arbitration procedure has been introduced upon the initiative of a Contracting Party, this Party shall request the investor involved in writing to designate the arbitration organisation to which the dispute shall be referred.

4. At any stage of the arbitration proceedings or of the execution of an arbitral award, none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor who is the opposing party in the dispute has received compensation totally or partly covering his losses pursuant to an insurance policy or to the guarantee provided for in Article 9 of this Agreement.

5. The arbitral awards shall be final and binding on the parties to the dispute. Each Contracting Party undertakes to execute the awards in accordance with its national legislation.

ARTICLE 13DISPUTES BETWEEN THE CONTRACTING PARTIES RELATING TO THE INTERPRETATION OR APPLICATION OF THIS AGREEMENT

1. Any dispute relating to the interpretation or application of this Agreement shall be settled as far as possible through diplomatic channels.

2. In the absence of a settlement through diplomatic channels within a period of six months following the date these negotiations were requested, the dispute shall be submitted to a joint commission consisting of representatives of the two Parties; this commission shall convene without undue delay at the request of the first party to take action.

3. If the joint commission cannot settle the dispute, the latter shall be submitted, at the request of either Contracting Party, to an arbitration Court set up as follows for each individual case:

Each Contracting Party shall appoint one arbitrator within a period of two months from the date on which either Contracting Party has informed the other Party of its intention to submit the dispute to arbitration. Within a period of two months following their appointment, these two arbitrators shall appoint by mutual agreement a national of a third State as chairman of the arbitration court.

If these time limits have not been complied with, either Contracting Party shall request the President of the International Court of Justice to make the necessary appointment(s).

If the President of the International Court of Justice is a national of either Contracting Party or of a State with which one of the Contracting Parties has no diplomatic relations or if, for any other reason, he cannot exercise this function, the Vice-President of the International Court of Justice shall be requested to make the appointment(s).

4. The Court thus constituted shall determine its own rules of procedure. Its decisions shall be taken by a majority of the votes; they shall be final and binding on the Contracting Parties.

5. Each Contracting Party shall bear the costs resulting from the appointment of its arbitrator. The expenses in connection with the appointment of the third arbitrator and the administrative costs of the Court shall be borne equally by the Contracting Parties.

ARTICLE 14PROHIBITIONS AND RESTRICTIONS

The provisions of this Agreement shall not in any way limit the right of either Contracting Party to apply prohibitions or restrictions of any kind or take any other action, which is directed to the protection of its essential security interests, or to the protection of public health or the prevention of diseases and pests in animals or plants.

ARTICLE 15PREVIOUS INVESTMENTS

This Agreement shall also apply to investments made before its entry into force by investors of one Contracting Party in the territory of the other Contracting Party in accordance with the latter's laws and regulations.

ARTICLE 16ENTRY INTO FORCE AND DURATION

1. This Agreement shall enter into force one month after the date of exchange of the instruments of ratification by the Contracting Parties. The Agreement shall remain in force for a period of ten years.

Unless notice of termination is given by either Contracting Party at least six months before the expiry of its period of validity, this Agreement shall be tacitly extended each time for a further period of ten years, it being understood that each Contracting Party reserves the right to terminate the Agreement by notification given at least six months before the date of expiry of the current period of validity.

2. Investments made prior to the date of termination of this Agreement shall be covered by this Agreement for a period of ten years from the date of termination.

IN WITNESS WHEREOF, the undersigned representatives, duly authorised thereto by their respective Governments, have signed this Agreement.

DONE at Brussels, on the 30th day of November 2005, in two original copies, each in the French, Dutch and English languages, all texts being equally authentic. The text in the English language shall prevail in case of difference of interpretation.

FOR THE GOVERNMENT OF
THE REPUBLIC OF MAURITIUS

Madan Murlidhar DULLOO
Minister of Foreign Affairs,
International Trade and
Cooperation
FOR THE BELGIAN-LUXEMBOURG
ECONOMIC UNION

(a)For the Government of the Kingdom of Belgium
Karel DE GUCHT
Minister of Foreign Affairs


(b)For the Government of the Grand-Duchy of Luxembourg
Alphonse BERNS
Ambassador Extraordinary and Plenipotentiary


(c)For the Walloon Government
Karel DE GUCHT
Minister of Foreign Affairs


(d)For the Flemish Government
Karel DE GUCHT
Minister of Foreign Affairs


(e)For the Government of the Region of Brussels-Capital
Karel DE GUCHT
Minister of Foreign Affairs

_______________

Investment Promotion and Protection Agreement (Czech Republic) Regulations 2008

[GN 151 of 2008 – 25 August 2008] [Section 28A]

1. These regulations may be cited as the Investment Promotion and Protection Agreement (Czech Republic) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of the Czech Republic pursuant to section 28A of the Act and set out in the Schedule.

3. –

[Agreement c.i.o. 6 May 2000.]

_______________

SCHEDULE

[regulation 2]

The Government of the Republic of Mauritius and the Government of the Czech Republic (hereinafter referred to as the "Contracting Parties");

DESIRING to create favourable conditions for investments made by investors of either Contracting Party in the territory of the other Contracting Party; and

RECOGNISING that the promotion and reciprocal protection of such investments will lend greater stimulation to the development of business initiatives and will increase prosperity in the territories of both Contracting Parties;

HAVE agreed as follows:

ARTICLE 1DEFINITIONS

(1) For the purposes of this Agreement,

 (a) "investment" means every kind of asset invested by an investor of one Contracting Party in connection with economic activities in the territory of the other Contracting Party, in accordance with the laws and regulations of the latter Contracting Party and shall include in particular, though not exclusively:

  (i) movable and immovable property as well as other rights in rem such as mortgages, liens or pledges;

  (ii) shares, stocks, debentures and any other form of participation in a company;

  (iii) claims to money, or to any performance associated with an investment under contract having an economic value;

  (iv) industrial and intellectual property rights associated with an investment, in particular copyrights, patents, utility-model patents, designs, trade-marks, trade-names, technical processes, know-how, and goodwill;

  (v) any right conferred by laws or under contract and any licences and permits pursuant to laws, including concessions to search for, extract, cultivate or exploit natural resources.

Any change in the form in which assets are or have been invested does not affect their character as investment as defined in this Agreement;

 (b) "return" means the amount yielded by an investment and in particular, though not exclusively, profit, interest, capital gains, dividends, royalties and fees;

 (c) "investor" means any natural or legal person who invests in the territory of the other Contracting Party;

  (i) "natural person" means any natural person having the nationality of either Contracting Party in accordance with its laws;

  (ii) "legal person" means with respect to either Contracting Party, any entity incorporated or constituted in accordance with and recognised as legal person by its laws and having its principal place of business or head office in the territory of one of the Contracting Parties;

 (d) "territory" means –

  (1) in the case of the Republic of Mauritius,

(i) all the territories and islands which, in accordance with the laws of Mauritius constitute the State of Mauritius;

(ii) the territorial sea of Mauritius; and

(iii) any area outside the territorial sea of Mauritius which in  accordance with international law has been or may hereafter be designated, under the laws of Mauritius, as an area, including the Continental Shelf, within which the rights of Mauritius with respect to the sea, the sea-bed and sub-soil and their natural resources may be exercised;

  (2) in the case of the Czech Republic, the territory of the Czech Republic over which it exercises sovereignty, sovereign rights and jurisdiction in accordance with international law.

ARTICLE 2SCOPE OF THE AGREEMENT

The provisions of this Agreement shall apply to future investments made by investors of one Contracting Party in the territory of the other Contracting Party, and also to the investments existing in accordance with the laws of the Contracting Parties on the date this Agreement came into force. However, the provisions of this Agreement shall not apply to claims arising out of events which occurred, or to claims which had been settled, prior to its entry into force.

ARTICLE 3PROMOTION AND PROTECTION OF INVESTMENTS

(1) Each Contracting Party shall, subject to its general policy in the field of foreign investment encourage the making of investments in its territory by investors of the other Contracting Party, and, subject to compliance with the provisions of its laws, shall admit such investments.

(2) Each Contracting Party shall use its best endeavours to grant, in accordance with its laws, the necessary permits in connection with the carrying out of such investments and, whenever necessary, licensing agreements and contracts for technical, commercial or administrative assistance.

(3) Investments of investors of either Contracting Party shall be accorded fair and equitable treatment and shall enjoy full protection and security in the territory of the other Contracting Party in accordance with this Agreement.

ARTICLE 4TREATMENT OF INVESTMENTS

(1) Each Contracting Party shall in its territory accord to investments and returns of investors of the other Contracting Party treatment which is fair and equitable and not less favourable than that which it accords to investments and returns of its own investors or to investments and returns of investors of any third State, whichever is more favourable.

(2) Each Contracting Party shall in its territory accord to investors of the other Contracting Party, as regards management, maintenance, use, enjoyment or disposal of their investment, treatment which is fair and equitable and not less favourable than that which it accords to its own investors or to investors of any third State, whichever is more favourable.

(3) The provisions of paragraph (1) and (2) shall not be construed so as to oblige either Contracting Party to extend to the investors of the other Contracting Party the benefit of any treatment, preference or privilege resulting from:

 (a) any customs union, free trade area, common market or any similar international agreement or interim arrangement leading up to such customs union, free trade area, or common market or other forms of regional cooperation of which either of the Contracting Parties is or may become a member;

 (b) any international agreement or arrangement relating wholly or mainly to taxation.

ARTICLE 5COMPENSATION FOR LOSSES

(1) Investors of either Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, revolution, a state of national emergency, revolt, insurrection or riot in the territory of to latter Contracting Party shall be accorded by the latter Contracting Party treatment, as regards restitution indemnification, compensation or other settlement, not less favourable than that which the latter Contracting Party accords to its own investors or to investors of any third State.

(2) Without derogating from the provisions of paragraph (1) of this Article, investors of either Contracting Party who, in any of the situations referred to in that paragraph, suffer losses in the territory of the other Contracting Party resulting from:

 (a) requisitioning of their property by the forces or authorities of the latter Contracting Party, acting under and within the scope of the legal provisions relating to their competences, duties and command structures; or

 (b) destruction of their property by the forces or authorities of the latter Contracting Party, which was not caused in combat action or was not required by the necessity of the situation or observance of any legal requirement;

shall be accorded restitution or just and adequate compensation for the losses sustained during the period of the requisitioning or as a result of the destruction of the property.

ARTICLE 6EXPROPRIATION

(1) Investments of investors of either Contracting Party in the territory of the other Contracting Party shall not be nationalised, expropriated or subjected to measures having effects equivalent to nationalisation or expropriation except for public purposes, under due process of law, on a non-discriminatory basis and against prompt, adequate and effective compensation. The compensation shall amount to the value of the investment expropriated immediately before expropriation or impending expropriation became public knowledge, shall include interest from the date of expropriation and shall be made without delay and shall be effectively realizable.

(2) The investor affected by the expropriation shall have a right, under the law of the expropriating Contracting Party to prompt review, by a court of law or other independent and impartial forum of that Contracting Party of the expropriation case and of the valuation of his or its investment in accordance with the principles set out in this Article.

ARTICLE 7TRANSFERS

(1) Each Contracting Party shall guarantee to investors of the other Contracting Party the free transfer of all payments relating to their investments and returns.

The transfer of payments shall include in particular, though not exclusively:

 (a) capital and additional amounts to maintain or increase the investment;

 (b) profits, interest, dividends and other current income;

 (c) repayments made pursuant to a loan agreement in connection with an investment;

 (d) royalties or fees;

 (e) proceeds of sale or liquidation of the investment;

 (f) payments of compensation under Articles 5 and 6;

 (g) earnings and other remuneration of personnel engaged from abroad who are employed and allowed to work in connection with an investment in the territory of the other Contracting Party.

(2) All transfers shall be effected without delay in a freely convertible currency at the prevailing market rate of exchange applicable on the date of transfer. In the absence of such a market exchange rate, the rate to be used will be the most recent exchange rate for conversion of currencies into Special Drawing Rights.

(3) Transfers shall be considered to have been made "without delay" in the sense of paragraph (2) of this Article when they have been made within the period reasonably necessary for the completion of the transfer.

(4) Notwithstanding paragraphs (1) to (3) of this Article, either Contracting Party may delay or prevent a transfer through the equitable, non-discriminatory and good faith application of measures:

 (a) to protect the rights of creditors;

 (b) relating to or ensuring compliance with laws and regulations on the issuing, trading and dealing in securities and laws and regulations concerning reports or records of transfers; or

 (c) in connection with criminal offences and orders or judgments in administrative and adjudicatory proceedings;

provided that such measures and their application shall not be used as a means of avoiding the Contracting Party's commitments or obligations under this Agreement.

ARTICLE 8SETTLEMENT OF DISPUTES BETWEEN AN INVESTOR
AND A CONTRACTING PARTY

(1) Subject to paragraph (3) any dispute between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute.

(2) If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before the competent court of the Contracting Party accepting the investment.

(3) If a dispute cannot be settled within six months after resort to negotiations as specified in paragraph (1) of this Article, the investor shall be entitled to submit his case to the International Centre for Settlement of Investment Disputes (ICSID) having regard to the applicable provisions of the Convention on the Settlement of Investment Disputes between States and Nationals of other States opened for signature at Washington D.C. on 18 March 1965, in the event both Contracting Parties shall have become a party to this Convention, or to an arbitrator or to international ad hoc arbitral tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL). The parties to the dispute may agree in writing to modify these Rules.

The arbitral awards shall be final and binding on both parties to the dispute and shall be enforceable in accordance with the domestic legislation.

The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedure specified in paragraph (2) of this Article. Notwithstanding action initiated under paragraph (2), the investor may resort to international arbitration under paragraph (3) provided he has withdrawn his case from the competent court under paragraph (2) before the final decision is taken.

ARTICLE 9DISPUTES BETWEEN THE CONTRACTING PARTIES

(1) Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement should, if possible, be settled through negotiations between the Contracting Parties.

(2) If the dispute cannot be settled within a period of six months following the date on which such negotiations were requested by either Contracting Party, it may upon the request of either Contracting Party, be submitted to an arbitral tribunal.

(3) Such an arbitral tribunal shall be constituted for each individual case in the following way: within two months of the receipt of the request for arbitration, each Contracting Party shall appoint one arbitrator for the tribunal. Those two arbitrators shall then select a national of a third State who, upon approval by the two Contracting Parties, shall be appointed Chairman of the tribunal. The Chairman shall be appointed within two months from the date of appointment of the other two arbitrators

(4) If within the periods specified in paragraph (3) of this Article the necessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any necessary appointments. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is a national of either Contracting Party or if he too is prevented from discharging the said function, the Member of the International Court of Justice next in seniority who is not a national of either Contracting Party and not prevented from discharging such functions shall be invited to make the necessary appointments.

(5) The arbitral tribunal shall reach its decision by a majority of votes. Such decision shall be final and binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own arbitrator to the tribunal and of its representation in the arbitral proceedings. The cost of the Chairman and the remaining costs shall be borne equally by the Contracting Parties. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two Contracting Parties, and this award shall be binding on, and executed by, both Contracting Parties.

(6) Apart from the above, the tribunal shall determine its own procedure.

ARTICLE 10SUBROGATION

If a Contracting Party or its designated agency makes a payment to its own investor under a guarantee it has given in respect of an investment made in the territory of the other Contracting Party, the latter Contracting Party shall recognise the assignment whether under the law or pursuant to the legal transaction in that country to the former Contracting Party or its designated agency of all the rights and claims of the indemnified investor, and shall also recognise that the former Contracting Party or its designated agency is entitled to exercise such rights and enforce such claims by virtue of subrogation, to the same extent as the original investor.

ARTICLE 11APPLICATION OF OTHER RULES

(1) Where a matter is governed simultaneously both by this Agreement and by another international agreement to which both Contracting Parties are parties, nothing in this Agreement shall prevent either Contracting Party or any of its investors who own investments in the territory of the other Contracting Party from taking advantage of whichever rules are more favourable in his case.

(2) If the treatment to be accorded by one Contracting Party to investors of the other Contracting Party in accordance with its laws and regulations or other specific provisions of contracts is more favourable than that accorded by the Agreement, the more favourable shall be accorded.

ARTICLE 12PROHIBITIONS AND RESTRICTIONS

The provisions of this Agreement shall not in any way limit the right of either Contracting Party to apply prohibitions or restrictions of any kind or take any other action in accordance with its laws applied in good faith, on a nondiscriminatory basis and only to the extent and duration necessary for the protection of its essential security interests, or to the protection of public health or the prevention of diseases and pests in animals or plants.

ARTICLE 13FINAL CLAUSES

(1) Subject to the matters which are governed by this Agreement, for the avoidance of any doubt, it is declared that all investments shall be governed by the laws in force in the territory of the Contracting Party in which such investments are made.

(2) The Contracting Parties shall notify each other promptly of the fulfillment of their legal procedures required for entry into force of this Agreement. The Agreement shall enter into force on the day following the date of receipt of the last notification.

(3) This Agreement shall remain in force for a period of ten years. Thereafter it shall continue in force until the expiration of twelve months from the date on which either Contracting Party shall have given written notice of termination of this Agreement to the other Contracting Party.

(4) In respect of investments made prior to the date the notice of termination of this Agreement becomes effective, the provisions of the preceding articles shall remain in force with respect to such investments for a further period of ten years from that date or for any longer period as provided for or agreed upon in the relevant contract.

IN WITNESS WHEREOF the undersigned, duly authorised thereto, have signed this Agreement in Port Louis, on this 5th day of April of the year of 1999, in duplicate in the English and Czech languages, both texts being equally authentic.

V. K. BUNWAREE

Minister of Finance
For the Government of
the Republic of Mauritius

 

 

H.E. Mr. Jan KAVAN
Minister of Foreign Affairs
For the Government of the
Czech Republic

 

_______________

Investment Promotion and Protection Agreement
(Gabonese Republic) Regulations 2013

[GN 206 of 2013 – 31 August 2013] [Section 28A]

1.

 These regulations may be cited as the Investment Promotion and Protection Agreement (Gabonese Republic) Regulations 2013.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the Accord entre le Gouvernement de la République de Maurice et le Gouvernement de la République Gabonaise portant sur la promotion et la protection réciproques des investissements concluded pursuant to section 28A of the Act and set out in the Schedule.

3. The Agreement shall come into operation on such date as may be specified by the Minister in a notice to be published in the Gazette.

_________________

SCHEDULE

[Regulation 2]

ACCORD ENTRE LE GOURVERNEMENT DE LA REPUBLIQUE DE MAURICE ET LE GOUVERNEMENT DE LA REPUBLIQUE GABONAISE PORTANT SUR LA PROMOTION ET LA PROTECTION RECIPROQUE DES INVESTISSEMENTS

Le Gouvernement de la République de Maurice d'une part,

et

Le Gouvernement de la République Gabonaise d'autre part,

(Ci-aprés dénommés les « les Parties Contractantes »),

DESIREUX de créer des conditions favorables à l'accroissement des investissements et d'intensifier la coopération économique entre les deux Parties Contractantes, sur la base de l'égalité de traitement et des avantages mutuels;

RECONNAISSANT que la promotion et la protection réciproques, sous engagement international, de tels investissements contribueront à stimuler la circulation des capitaux, de la technologie et le développement économique dans les territoires des deux Parties Contractantes;

CONVAINCUS que ces objectifs peuvent être atteints sans nuire aux mesures d'application générale en matiére de santé, de sécurité et de protection de l'environnement ainsi qu'aux droits sur le travail universellement reconnus;

Sont convenus de ce qui suit:

ARTICLE 1DÉFINITIONS

(1) Aux fins du présent Accord:

(A) Le terme « investissement » désigne tout avoir et en particulier, mais non exclusivement:

 (i) la propriété de biens meubles et immeubles, ainsi que tous les autres droits réels, tels que charges fonciéres, gages immobiliers et mobiliers;

 (ii) les actions, parts sociales et autres formes de participation dans une société;

 (iii) les créances ou toutes prestations contractuelles investies d'une valeur économique;

 (iv) les droits de propriété industrielle et intellectuelle (tels que droits d'auteur, brevets d'invention, modéles d'utilité, dessins ou modéles industriels, marques de fabrique ou de commerce, marques de service, noms commerciaux, indications de provenance), les procédés techniques, le savoir-faire et la clientéle;

 (v) les concessions conférées par la loi ou par contrat, y compris les concessions de prospection, de culture, d'extraction ou d'exploitation de ressources naturelles, ainsi que tout autre droit conféré par la loi, par contrat ou par décision de l'autorité en application de la loi.

Toutes modifications de la forme sous laquelle les biens sont investis n'affectent pas leur caractére d'investissement, à condition que lesdites modifications soient conformes à la législation de la partie sur le territoire dans lequel l'investissement est réalisé.

(B) Le terme « investisseurs » désigne, en ce qui concerne chaque Partie Contractante:

 (i) les personnes physiques qui, d'aprés la législation de cette Partie Contractante, sont considérées comme ses nationaux et qui effectuent des investissements sur le territoire de l'autre Partie conformément à la législation de celle-ci;

 (ii) toute « personne morale » constituée sur le territoire de l'une des Parties tels que les sociétés, les institutions publiques, les autorités, les fondations, les firmes ou les établissements qui effectuent des investissements sur le territoire de l'autre Partie conformément à la législation de celle-ci.

(C) Le terme « revenus » désigne les montants nets d'impôts issu d'un investissement et englobe, notamment mais non exclusivement, les bénéfices, les intérêts, les gains en capital, les dividendes, les redevances et les rémunérations

Le terme «territoire» désigne,

 (i) en ce qui concerne le Gabon:

 le territoire national, ainsi que la zone économique et le plateau continental qui s'étendent au-delà de la limite des eaux territoriales et sur lesquels le Gabon exerce, en conformité avec le droit international, ses droits souverains et sa juridiction aux fins de prospection, d'exploitation et de préservation des ressources naturelles.

 (ii) en ce qui concerne la République de Maurice:

  (a) tous les territoires et îles qui, conformément à la législation de Maurice, constituent l'Etat de Maurice;

  (b) les eaux territoriales de Maurice; et

  (c) toute zone située au-delà des eaux territoriales de Maurice, qui, conformément au droit international, est ou sera définie par la législation de Maurice comme une zone, plateau continental inclus, sur laquelle peuvent être exercés les droits de Maurice en ce qui concerne la mer, les fonds marins et leur sous-sol, ainsi que leurs ressources naturelles.

ARTICLE 2CHAMP D'APPLICATION

Le présent Accord s'applique à tous les investissements effectués avant ou aprés sa date d'entrée en vigueur, mais non aux différends nés avant l'entrée en vigueur de cet Accord.

ARTICLE 3PROMOTION DES INVESTISSEMENTS

(1) Chaque Partie Contractante encouragera et facilitera, compte tenu de sa pratique générale en matiére d'investissement étranger les investissements réalisés par les investisseurs de l'autre Partie Contractante sur son territoire et admettra ou approuvera ces investissements conformément à ses lois et réglements.

(2) Chaque Partie Contractante s'efforcera de délivrer, conformément à ses lois et réglements, les autoristions nécessaires en relation avec ces investissements, y compris aux fins d'exécution de contrats de licence, d'assistance technique commerciale ou administrative, ainsi que les autorisations requises pour les activités de consultants et d'experts.

(3) Afin de créer des conditions favorables pour évaluer la position financiére et les résultats des activités liées aux investissements réalisés sur le territoire d'une Partie Contractante, cette Partie Contractante, nonobstant ses propres régles en matiére comptable et d'audit, autorise l'investissement à être assujetti aux normes de comptabilité et d'audit internationales admises (telles que les normes de comptabilité internationales édictées par la Commission des normes de comptabilité internationale). Les résultats de cette comptabilité et de cet audit sont librement transférables par l'investisseur.

ARTICLE 4TRAITEMENT DES INVESTISSEMENTS

1. Les investissements et les revenus des investisseurs de chaque Partie Contractante bénéficient, à tout moment, d'un traitement juste et équitable et jouissent d'une pleine protection sur le territoire de l'autre Partie Contractante. Aucune Partie Contractante ne doit, d'aucune maniére, compromettre, par des mesures irrationnelles ou discriminatoires, la gestion, l'entretien, l'utilisation, la jouissance ou la mise à disposition des investissements réalisés sur son territoire par les investisseurs de l'autre Partie Contractante.

2. Chaque Partie Contractante accordera sur son territoire aux investissements et aux revenus des investisseurs de l'autre Partie Contractante un traitement non moins favorable que celui qu'elle accorde aux investissements et aux revenus de ses propres investisseurs ou aux investissements et aux revenus des investisseurs d'un quelconque Etat tiers, le traitement le plus favorable à l'investisseur en cause étant déterminant.

3. Chaque Partie Contractante accordera sur son territoire aux investisseurs de l'autre Partie Contractante, en ce qui concerne la gestion, l'entretien, l'utilisation, la jouissance ou l'aliénation de leurs investissements, un traitement non moins favorable que celui qu'elle accorde à ses propres investisseurs ou aux investisseurs d'un quelconque Etat tiers, le traitement le plus favorable à l'investisseur en cause étant déterminant.

4. Les dispositions des paragraphes (2) et (3) n'obligent nullement l'une des Parties Contractantes à étendre aux investisseurs de l'autre Partie Contractante le bénéfice de tout traitement, toute préférence ou tout privilége résultant:

(a) de son appartenance présente ou future à une union douaniére, une zone de libre-échange, un marché commun ou toute autre organisation internationale ou même de tout arrangement intérimaire conduisant à son association, à une union douaniére, une zone de libre échange ou un marché commun où chacune des Parties Contractantes est ou peut devenir membre;

(b) d'une convention internationale en vue d'éviter la double imposition;

(c) d'une loi ou mesure dont le but est de promouvoir l'équité sur son territoire ou de protéger les personnes ou catégories de personnes défavorisées par une injustice discriminatoire sur son territoire.

5. Pour prévenir toute équivoque, il est confirmé que les principes visés aux alinéas (2) et (3) du présent article ne seront pas applicables en ce qui concerne les avantages particuliers accordés aux institutions financiéres de développement, par exemple en matiére fiscale.

6. Chacune des Parties Contractantes respectera tous ses engagements relatifs aux investissements ainsi que ceux pris par ses investisseurs avec les investissements de l'autre Partie Contractante, conformément aux dispositions figurant dans le présent Accord, et à ses propres lois.

ARTICLE 5INDEMNISATION

1) Les investisseurs de l'une des Parties Contractante dont les investissements réalisés sur le territoire de l' autre Partie Contractante qui auraient subi des pertes dues à une guerre ou à tout autre conflit armé, une révolution, un état d'urgence nationale, une révolte, une insurrection, une émeute sur le territoire de l'autre Partie Contractante, bénéficient de la part de cette derniére du traitement en ce qui concerne les restitutions, indemnisations, compensations ou autres dédommagements, non moins favorables que celui qu' elle accorde à ses propres investisseurs ou à ceux d'un Etat tiers.

2) Sans dérogation aux dispositions du paragraphe (1) du présent article, les investisseurs de chacune des Parties Contractantes qui subiraient des pertes sur le territoire de l'autre Partie Contractante dues à:

a) la réquisition de leurs avoirs par les forces ou les autorités de cette Partie Contractante;

b) la destruction de leurs avoirs par les forces ou les autorités de cette Partie Contractante, et non engendrée par un combat ou par nécessité de situation; bénéficieront de la restitution ou de la compensation adéquate de leurs avoirs

Les paiements en résultant seront librement transférables au taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

ARTICLE 6COMPENSATION POUR EXPROPRIATION

(1) Les investissements réalisés par les investisseurs de chaque Partie Contractante ne font l'objet d'aucune mesure de nationalisation, expropriation ni de toutes autres mesures dont les effets équivalents à la nationalisation ou à l'expropriation (ci-aprés désignées « expropriation ») sur le territoire de l'autre Partie Contractante, excepté pour des impératifs d'utilité publique dont les procédures seront exécutées conformément à la loi, sur une base non discriminatoire et contre une compensation prompte, adéquate et effective. Une telle compensation doit être au moins égale à la valeur marchande de l'investissement exproprié, immédiatement avant l'expropriation ou avant que la menace d'expropriation ne soit devenue publique. Elle doit non seulement inclure des intérêts calculés aux taux appliqués sur le marché jusqu'à la date de paiement, mais également être effective et versée sans retard.

(2) L'investisseur frappé d'expropriation doit avoir droit, en vertu de la législation de la Partie Contractante qui effectue l'expropriation, à une révision prompte, par l'autorité judiciaire ou autre instance indépendante et impartiale de ladite Partie Contractante, de l'expropriation et de l'évaluation de son investissement, conformément aux principes visés au paragraphe (1) du présent article.

ARTICLE 7TRANSFERT D'INVESTISSEMENTS ET DE REVENUS

(1) Chaque Partie Contractante accorde aux investisseurs de l'autre Partie Contractante le libre transfert de paiements liés à leurs investissements, revenus y compris:

 (a) les compensations versées en vertu des articles 5 et 6:

 (b) les sommes destinées au réglement des obligations contractuelles y compris les sommes nécessaires au remboursement d'emprunts, au paiement des redevances pour licences, franchises, concessions et autres droits analogues;

 (c) les revenus des investissements; et

 (d) le produit de la liquidation partielle ou totale des investissements, y compris l'évaluation ou l'augmentation du capital investi.

(2) Les transferts se feront dans la monnaie convertible dans lequel l'investissement a été réalisé ou dans n'importe quelle devise convertible au taux de change en vigueur à la date du transfert.

(3) Lorsque, dans des circonstances exceptionnelles, les mouvements de capitaux et de paiements causent ou menacent de causer des difficultés graves aux (ou à la balance) balances des paiements, chaque Partie Contractante peut limiter temporairement les transferts, pourvu que ces restrictions soient imposées sur une base non discriminatoire et qu'elles soient de bonne foi.

ARTICLE 8TRANSFERT DE TECHNOLOGIES ET FORMATION

Sous réserve de ses lois et réglements, chaque Partie Contractante peut encourager les investisseurs opérant sur le territoire de l'autre Partie Contractante, à organiser des programmes de formation professionnelles, à faciliter le transfert de technologies, de savoirs et des savoir-faire Sau profit de l'autre Partie Contractante.

ARTICLE 9RÈGLEMENTS DES DIFFÈRENDS ENTRE UN INVESTISSEUR ET UNE PARTIE

(1) Tout différend entre l'une des Parties Contractante et un investisseur de l'autre Partie Contractante, relatif aux investissements, est réglé à l'amiable entre les deux Parties Contractantes concernées et, le cas échéant, par voie diplomatique.

(2) A défaut d'un réglement à l'amiable dans un délai de six mois à partir du moment où il a fait l'objet d'une notification écrite par l'une ou l'autre des Parties Contractantes, le différend est soumis au choix de l'investisseur:

 (a) au tribunal national compétent de la Partie Contractante sur le territoire de laquelle l'investissement, objet du différend, a été réalisé;

 (b) à l'arbitrage du Centre International pour les Réglements des Différends liés à l'investissement (CIRDI) créé par la Convention sur le réglement des différends relatif aux investissements entre Etats et ressortissants d'autres Etats, à signée à Washington, le 18 mars 1965;

 (c) à l'arbitrage d'un tribunal arbitral ad hoc établi conformément au réglement d'arbitrage de la Commission des Nations Unies pour le Droit Commercial International (C.N.U.D.C.I.)

Le recours à l'une des formes d'arbitrage susmentionnées est exclusif de toute saisine paralléle ou ultérieure d'une autre de ces instances dans le cadre des dispositions de cet article, sans préjudice pour les Parties Contractantes différend de poursuivre des négociations amiables tant qu'un jugement arbitral n'aura pas la force de la chose jugée.

(3) Le tribunal statuera sur la base du droit interne de la Partie Contractante, partie au différend sur le territoire de laquelle l'investissement est situé, ainsi que sur la base des régles relatives aux conflits de loi, des dispositions du présent Accord, des termes de l'accord particulier éventuellement conclu au sujet de l'investissement et des principes du droit international.

(4) Les sentences d'arbitrage seront définitives et obligatoires pour les Parties Contractantes au différend. Chaque Partie Contractante s'engage à exécuter les sentences, en conformité avec sa législation nationale.

ARTICLE 10RÈGLEMENT DES DIFFÈRENDS ENTRE LES PARTIES CONTRACTANTES

(1) Tout différend entre les Parties Contractantes portant sur l'interprétation ou la mise en Å“uvre du présent Accord sera, dans la mesure du possible, réglé par voie diplomatique.

(2) Si le différend ne peut être réglé de cette maniére dans un délai de six mois, il sera soumis à l'arbitrage à la requête de l'une ou l'autre des Parties Contractantes.

(3) Le tribunal arbitral (ci-aprés dénommé "le tribunal") sera composé de trois arbitres, chaque partie nommant un arbitre et le troisiéme, qui sera le Président du tribunal et ressortissant d'un Etat tiers, sera désigné d'un commun accord par les Parties Contractantes. Un tel tribunal sera constitué pour chaque requête. Dans un délai de deux mois aprés la réception de la demande d'arbitrage, chaque Partie Contractante désignera un arbitre et, dans un délai de deux mois aprés désignation des deux arbitres, les Parties Contractantes désigneront le troisiéme arbitre.

(4) Au cas où le tribunal n'a pas été constitué dans un délai de quatre mois aprés la réception de la demande d'arbitrage, chacune des Parties Contractantes pourra, à défaut de tout autre accord, demander au Président de la Cour Internationale de Justice de désigner l'/les arbitre(s) non encore nommé(s). Si le Président est un ressortissant de l'une ou l'autre des Parties Contractantes ou s'il n'est pas en mesure de procéder à ladite désignation, le Vice-Président peut être appelé à le faire. Si le Vice-Président est un ressortissant de l'une ou l'autre des Parties Contractantes ou s'il n'est pas en mesure de le faire, le membre qui, dans la hiérarchie de la Cour Internationale, vient juste aprés et qui n'est pas un ressortissant des Parties Contractantes, peut être appelé à procéder aux nominations nécessaires, et ainsi de suite.

(5) Le tribunal prendra sa décision à la majorité des votes. La décision du tribunal arbitral sera définitive et obligera les parties, qui s'engageront à se conformer aux dispositions de la sentence. Chaque Partie Contractante prendra à sa charge les frais de son arbitre et de ses conseillers pour la procédure arbitrale, ainsi que la moitié des frais du Président du tribunal et des autres frais. Le tribunal pourra cependant décider dans sa sentence qu'une proportion plus importante des frais devra être prise en charge par l'une ou l'autre des deux parties, et ladite sentence obligera les deux parties.

(6) Excepté pour ce qui précéde, le tribunal établira lui-même ses propres régles de procédure.

ARTICLE 11SUBROGATION

(1) Si une des Parties Contractantes a une assurance publique ou le régime de garantie de protection des investissements et de ses propres investissements contre les risques non commerciaux, toute subrogation de l'assureur en vertu du contrat d'assurance entre l'investisseur et l'assureur est reconnue par l'autre Partie Contractante.

(2) L'assureur bénéficiaire de la subrogation exerce les droits, fait valoir les revendications de l'investisseur et assume les obligations liées à l'investissement. Les droits de subrogation ou les revendications ne doivent pas dépasser les droits ou les revendications de l'investisseur initial.

(3) Les litiges entre une Partie Contractante et un assureur seront réglés conformément aux dispositions de l'article 9 du présent Accord.

ARTICLE 12DISPOSITION SPÈCIALES

(1) Si les dispositions de la législation nationale du pays de l'une ou l'autre des Parties Contractantes ou si les obligations du droit international au moment du différend, ou établi ci-aprés entre les Parties Contractantes, en plus du présent Accord, contiennent des dispositions générales ou spécifiques qui donnent le droit concernant les investissements ou les revenus des investissements de l'autre à un traitement plus favorable que ce qui est prévu dans le présent Accord, de telles dispositions étant plus favorables doivent prévaloir sur le présent Accord.

(2) Chaque Partie Contractante doit respecter toute autre obligation qu'elle puisse avoir vis-à-vis des investissements appartenant aux investisseurs de l'autre Partie Contractante

ARTICLE 13EXCEPTIONS GÈNÈRALES

1. Aucune disposition du présent Accord ne peut être interprétée comme empêchant une Partie Contractante d'adopter, de maintenir ou d'appliquer toutes mesures légales non-discriminatoires:

(a) Elaborées et appliquées pour la protection de la vie ou la santé humaine, animale, végétale ou environnementale;

(b) Relatives à la préservation des ressources naturelles non renouvelables vivantes ou mortes.

2. Aucune disposition du présent Accord ne peut être interprétée comme un moyen:

(a) d'exiger de toute Partie Contractante la fourniture ou l'autorisation d'accéder à toutes informations dont la révélation est contraire à ses intérêts primordiaux de sécurité;

(b) d'empêcher toute Partie Contractante d'engager toutes actions qu'elle considére nécessaires pour la protection de ses intérêts primordiaux de sécurité:

 (i) relatives au trafic d'armes, de munitions et de matériel de guerre, ainsi qu'au trafic et aux transactions d'autres marchandises, matériels, services et technologies entreprises directement ou indirectement dans le but d'approvisionner un centre militaire ou tout autre centre de sécurité;

ou

 (ii) prises en temps de guerre ou d'autres situations d'urgences dans le cadre des relations internationales;

ou

 (iii) relatives à l'application de politiques nationales ou d'accords internationaux respectant la non-prolifération d'armes nucléaires ou d'autres engins explosifs nucléaires;

(c) d'empêcher toute Partie Contractante de prendre des actions conformément à ses obligations contenues dans la Charte des Nations-Unies pour maintenir la paix et la sécurité sur le plan international.

ARTICLE 14ENTRÉE EN VIGUEUR, VALIDITÉ, DÉNONCIATION ET AMENDEMENT

(1) Le présent Accord entrera en vigueur à la date de la derniére notification par les Parties Contractantes, par écrit et par la voie diplomatique, de l'achévement des procédures juridiques internes nécessaires à cet effet. Il restera en vigueur pour une période de dix ans et demeurera en vigueur, à moins que résilié conformément aux dispositions de l'alinéa 2 du présent article.

(2) Chaque Partie Contractante peut, en donnant avant un an, un avis écrit à l'autre Partie Contractante, résilier le présent contrat à la fin de la période initiale de dix ans, ou à tout moment par la suite.

(3) Le présent Accord peut être modifié par consentement mutuel des Parties Contractantes écrit à tout moment. Les modifications entrent en vigueur conformément à la procédure légale prescrite en vertu de l'alinéa premier du présent article.

(4) Quant aux investissements faits ou acquis avant la date de résiliation du présent Accord, et auxquels s'applique le présent Accord, les dispositions de tous les autres articles du présent Accord continueront d'être applicables pour une période supplémentaire de dix ans à partir de cette date de résiliation.

EN FOI DE QUOI, les soussignés, dûment mandatés par leurs Gouvernements respectifs ont signé le présent Accord en deux exemplaires originaux en langue française.

Fait à Port Louis, le 18 juillet 2013.

Hon. Charles GaËtan Xavier-Luc Duval,
G.C.S.K

Emmanuel Issoze Ngondet

Vice-Premier Ministre, Ministre des
Finances et du Développement
Economique

Ministre des Affaires Etrangéres, de
la Coopération Internationale, de la
Francophonie, chargé du NEPAD et de
l'Intégration Régionale

Pour le Gouvernement de la République de Maurice

Pour le Gouvernement de la République Gabonaise

________________

Investment Promotion and Protection Agreement (Germany) Regulations 2008

[GN 153 of 2008 – 25 August 2008] [Section 28A]

1.

 These regulations may be cited as the Investment Promotion and Protection Agreement (Germany) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of Germany pursuant to section 28A of the Act and set out in the Schedule.

3. –

[Agreement c.i.o. 27 August 1973.]

_______________

SCHEDULE

[regulation 2]

Mauritius and the Federal Republic of Germany –

DESIRING to intensify economic cooperation between both States,

INTENDING to create favourable conditions for investments by nationals and companies of either State in the territory of the other State, and

RECOGNISING that encouragement and contractual protection of such investments are apt to stimulate private business initiative and to increase the prosperity of both nations,

HAVE AGREED AS FOLLOWS:

ARTICLE 1

Each Contracting Party shall in its territory promote as far as possible the investment of capital by nationals or companies of the other Contracting Party and admit such investments in accordance with its legislation. It shall in any case accord such investments fair and equitable treatment.

ARTICLE 2

(1) Neither Contracting Party shall in its territory subject investments owned or controlled by nationals or companies of the other Contracting Party, to treatment less favourable than it accords to investments of its own nationals or companies or to investments of nationals or companies of any third State.

(2) Neither Contracting Party shall in its territory subject nationals or companies of the other Contracting Party, as regards their activity in connexion with investments, to treatment less favourable than it accords to its own nationals or companies or to nationals or companies of any third State.

ARTICLE 3

(1) Investments by nationals or companies of either Contracting Party shall enjoy full protection as well as security in the territory of the other Contracting Party.

(2) Investments by nationals or companies of either Contracting Party shall not be expropriated in the territory of the other Contracting Party except for the public benefit and against compensation. Such compensation shall represent the equivalent of the investment expropriated: it shall be actually realizable, freely transferable, and shall be made without delay. Provision shall have been made in an appropriate manner at or prior to the time of expropriation for the determination and the giving of such compensation. The legality of any such expropriation and the amount of compensation shall be subject to review by due process of law.

(3) Nationals or companies of either Contracting Party whose investments suffer losses in the territory of the other Contracting Party owing to war or other armed conflict, revolution, a state of national emergency, or revolt, shall be accorded treatment no less favourable by such other Contracting Party than that Party accords to its own nationals or companies as regards restitution, indemnification, compensation or other valuable consideration. Such payments shall be freely transferable.

(4) Nationals or companies of either Contracting Party shall enjoy most-favoured-nation treatment in the territory of the other Contracting Party in respect
of the matters provided for in the present Article.

ARTICLE 4

Either Contracting Party shall in respect of investments guarantee to nationals or companies of the other Contracting Party the free transfer of the capital, of the returns from it and, in the event of liquidation, of the proceeds from such liquidation.

ARTICLE 5

If either Contracting Party makes payment to any of its nationals or companies under a guarantee it has assumed in respect of an investment in the territory of the other Contracting Party, the latter Contracting Party shall, without prejudice to the rights of the former Contracting Party under Article 11, recognise the assignment, whether under a law or pursuant to a legal transaction, of any right or claim from such national or company to the former Contracting Party as well as the subrogation of that Contracting Party to any such right or claim, which that Contracting Party shall be entitled to assert to the same extent as its predecessor in title. As regards the transfer of payments to be made to the Contracting Party concerned by virtue of such assignment, paragraphs 2 and 3 of Article 3 as well as Article 4 shall apply mutatis mutandis.

ARTICLE 6

(1) To the extent that those concerned have not made another arrangement admitted by the appropriate agencies of the Contracting Party in whose territory the investment is situated, transfers under paragraph 2 or 3 of Article 3, under Article 4 or Article 5 shall be made without delay and at the rate of exchange effective for current transactions on the day the transfer is made.

(2) The rate for exchange effective for current transactions shall be based on the par value agreed with the International Monetary Fund and shall lie within the margins above or below parity admitted under section 3 of Article IV of the Articles of Agreement of the International Monetary Fund.

(3) If at the date of transfer no rate of exchange within the meaning of paragraph 2 above exists in respect of either Contracting Party, the official rate fixed by such Contracting Party for its currency in relation to the US-Dollar or to another freely convertible currency or to gold shall be applied. If no such rate has been fixed, the appropriate agencies of the Contracting Party in whose territory the investment is situate shall admit a rate of exchange that is fair and equitable.

ARTICLE 7

(1) If the legislation of either Contracting Party or international obligations existing at present or established hereafter between the Contracting Parties in addition to this present Agreement contain a regulation, whether general or specific, entitling investments by nationals or companies of the other Contracting Party to a treatment more favourable than is provided for by the present Agreement, such regulation shall to the extent that it is more favourable prevail over the present Agreement.

(2) Either Contracting Party shall observe any other obligation it may have entered into with regard to investments in its territory by nationals or companies of the other Contracting Party.

ARTICLE 8

(1) The term "investment" shall comprise every kind of asset, and more particularly, though not exclusively,

 (a) movable and immovable property as well as any other rights in rem, such as mortgages, liens pledges, usufructs and similar rights;

 (b) shares of companies and other kinds of interests;

 (c) claims to money or to any performance having an economic value;

 (d) copyrights, industrial property rights, technical processes, trade-names, and goodwill;

 (e) business concessions under public law, including concessions to search for, extract or exploit natural resources.

Any alteration of the form in which assets are invested shall not affect their classification as investment.

(2) The term "returns" shall mean the amounts yielded by an investment for a definite period as profit or interest.

(3) The term "nationals" shall mean

 (a) in respect of the Federal Republic of Germany: Germans within the meaning of the Basic Law for the Federal Republic of Germany;

 (b) in respect of Mauritius: Citizens of Mauritius within the meaning of Chapter III of the Constitution and the Mauritius Citizenship Act, 1968.

(4) The term "companies" shall mean

 (a) in respect of the Federal Republic of Germany: any juristic person as well as any commercial or other company or association with or without legal personality, having its seat in the territory of the Federal Republic of Germany and lawfully existing consistent with legal provisions, irrespective of whether the liability of its partners, associates or members is limited or unlimited and whether or not its activities are directed at profit;

 (b) in respect of Mauritius:

 any corporate or incorporate body, association or partnership established in accordance with Mauritian law and registered in whatever manner in Mauritius, irrespective of whether the liability of its partners, associates or members is limited or unlimited and whether or not its activities are directed at profit.

ARTICLE 9

The present Agreement shall also apply to investments made prior to its entry into force by nationals or companies of either Contracting Party in the territory of the other Contracting Party consistent with the latter's legislation. This provision shall not affect the Agreement of 27 February 1953 on German External Debts.

ARTICLE 10

Either Contracting Party shall grant national treatment within the framework of the present Agreement in consideration of the fact that national treatment in like matters is also granted by the other Contracting Party.

ARTICLE 11

(1) Disputes concerning the interpretation or application of the present Agreement should, if possible, be settled by the Governments of the two Contracting Parties.

(2) If a dispute cannot thus be settled, it shall upon the request of either Contracting Party be submitted to an arbitral tribunal.

(3) Such arbitral tribunal shall be constituted for each individual case as follows: Each Contracting Party shall appoint one member, and these two members shall agree upon a national of a third State as their Chairman to be appointed by the Governments of the two Contracting Parties. Such members shall be appointed within two months, and such chairman within three months, from the date on which either Contracting Party has informed the other Contracting Party that it wants to submit the dispute to an arbitral tribunal.

(4) If the periods specified in paragraph 3 above have not been observed, either Contracting Party may, in the absence of any other relevant agreement, invite the President of the International Court of Justice to make the necessary appointments.
If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice-President should make the necessary appointments. If the Vice-President is a national of either Contracting Party or if he, too, is prevented from discharging the said function, the Member of the International Court of Justice next in seniority who is not a national of either Contracting Party should make the necessary appointments.

(5) The arbitral tribunal shall reach its decisions by a majority of votes. Such decisions shall be binding. Each Contracting Party shall bear the cost of its own member and of its counsel in the arbitral proceedings; the cost of the Chairman and the remaining costs shall be borne in equal parts by both Contracting Parties. The arbitral tribunal may make a different regulation concerning costs. In all other respects, the arbitral tribunal shall determine its own procedure.

ARTICLE 12

The provisions of the present Agreement shall remain in force also in the event of a conflict arising between the Contracting Parties, without prejudice to the right of taking such temporary measures as are permitted under the general rules of international law. Measures of this kind shall be repealed not later than on the date of the actual termination of the conflict, irrespective of whether or not diplomatic relations have been re-established.

ARTICLE 13

With the exception of the provisions in paragraph 7 of the Protocol, referring to air transport, the present Agreement shall also apply to Land Berlin, provided that the Government of the Federal Republic of Germany has not made a contrary declaration to the Government of Mauritius within three months from the entry into force of the present Agreement.

ARTICLE 14

(1) The present Agreement shall enter into force thirty days from the date on which the Government of the Federal Republic of Germany shall have informed the Government of Mauritius that the constitutional requirements for such entry into force have been fulfilled.

(2) The present Agreement shall remain in force for a period of ten years and shall continue in force thereafter for an unlimited period except if denounced in writing by either Contracting Party one year before its expiration. After the expiry of the period of ten years the present Agreement may be denounced at any time by either Contracting Party giving one year's notice.

(3) In respect of investments made prior to the date of termination of the present Agreement the provisions of Articles 1 to 13 shall continue to be effective for a further period of twenty years from the date of termination of the present Agreement.

DONE at Port Louis on the 25th May 1971 in four originals, two each in the English and German languages, all four texts being equally authentic.

For Mauritius
S. Ramgoolam

For the Federal Republic of Germany
T. Ramelow

PROTOCOL

On signing the Agreement concerning the Encouragement and Reciprocal Protection of Investments, concluded between Mauritius and the Federal Republic of Germany the undersigned plenipotentiaries have, in addition, agreed on the following provisions which should be regarded as an integral part of the said Agreement:

(1) Ad Article 1

Investments made in accordance with the laws and regulations of either Contracting Party within the area of application of that Party's legal system by nationals or companies of the other Contracting Party, shall enjoy the full protection of the present Agreement

(2) Ad Article 2

(a) The following shall more particularly, though not exclusively, be deemed "activity" within the meaning of paragraph 2 of Article 2: the management, maintenance, use, and enjoyment of an investment. The following shall, in particular, be deemed "treatment less favourable" within the meaning of paragraph 2 of Article 2: restricting the purchase of raw or auxiliary materials, of power or fuel or of means of production or operation of any kind, impeding the marketing of products inside or outside the country, as well as any other measures having similar effects. Measures that have to be taken for reasons of public security and order, public health or morality shall not be deemed "treatment less favourable" within the meaning of Article 2.

(b) Article 2 shall not apply to entry, sojourn, and activity as an employee.

(3) Ad Article 3

The provisions of paragraph 2 of Article 3 shall also apply to the transfer of an investment to public ownership, to the subjection of an investment to public control, or to similar interventions by public authorities. Expropriation shall mean the taking away or restricting of any property right which in itself or in conjunction with other rights constitutes an investment.

(4) Ad Article 4

"Liquidation" within the meaning of Article 4 shall be deemed to include any disposal effected for the purpose of completely or partly giving up the investment concerned.

(5) Ad Article 6

A transfer shall be deemed to have been made "without delay" within the meaning of paragraph 1 of Article 6 if made within such period as is normally required for the completion of transfer formalities. The said period shall commence on the day on which the relevant request has been submitted and may on no accounts exceed two months.

(6) Ad Article 8

(a) Returns from an investment, as well as returns from re-invested returns, shall enjoy the same protection as the original investment.

(b) Without prejudice to any other method of determining nationality, any person in possession of a national passport issued by the appropriate authorities of either Contracting Party shall be deemed to be a national of that Party.

(7) Whenever goods or persons connected with the making of investments are to be transported, either Contracting Party shall neither exclude nor hinder transportation enterprises of the other Contracting Party and shall issue permits as required to carry out such transports. This includes the transportation of:

 (a) goods directly intended for an investment within the meaning of the present Agreement or acquired in the territory of either Contracting Party or of any third State by or on behalf of an enterprise in which assets within the meaning of the present Agreement are invested,

 (b) persons travelling in connection with the making of investments.

DONE at Port Louis on the 25th May 1971 in four originals, two each in the English and German languages, all four texts being equally authentic.

For Mauritius
S. Ramgoolam

For the Federal Republic of Germany
T. Ramelow

_______________

Investment Promotion and Protection Agreement
(Guinea Republic) Regulations 2008

[GN 155 of 2008 – 25 August 2008] [Section 28A]

1.

 These regulations may be cited as the Investment Promotion and Protection Agreement (Guinea Republic) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of the Guinea Republic pursuant to section 28A of the Act and set out in the Schedule.

3. The Agreement shall come into operation on such date as may be specified by the Minister in a notice to be published in the Gazette.

_______________

SCHEDULE

[regulation 2]

Le Gouvernement de la République de Maurice et le Gouvernement de la République de Guinée, ci-aprés dénommés "Les Parties Contractantes".

Désireux de développer et de renforcer leur coopération économique et industrielle dans le long terme et en particulier de créer les conditions favorables pour la réalisation d'investissements par les investisseurs d'une Partie Contractante sur le territoire de l'autre Partie Contractante.

Reconnaissant la nécessité de protéger les investissements réalisés par les investisseurs des deux Parties Contractantes et de stimuler le flux des investissements et des initiatives individuelles en matiére d'affaires, en vue de promouvoir la prospérité économique des deux Parties Contractantes.

Sont convenus de ce qui suit:

ARTICLE 1DÉFINITIONS

Aux termes du présent Accord:

1. Le terme "investissement" désigne tout avoir et toutes sortes de fonds placés par l'Investisseur de l'une des Parties Contractantes sur le territoire de l'autre Partie Contractante, conformément à la législation en vigueur de cette derniére. Elle concerne notamment, mais non pas exclusivement:

(i) biens meubles et immeubles, ainsi que tout droit de propriété in rem, dont hypothéque, charges fonciéres, gage ou garantie;

(ii) actions, obligations et autres titres de valeur et toutes autres formes de participation dans une société;

(iii) créances et engagements financiers et autres créances relevant de contrats à valeur économique;

(iv) droits de propriété intellectuelle, tels que les droits d'auteurs et autres droits assimilables, droits de propriéte industrielles tels que brevets, licences, plans ou modéles, marques commerciales, actifs incorporels, procédés techniques, et savoir faire;

(v) concessions octroyées conformément à la législation en vigueur de la Partie Contractante sur le territoire de laquelle les investissements sont effectués, y compris les concessions pour la prospection, l'extraction et l'exploitation des ressources naturelles.

La modification de la forme d'investissement n'entraîne pas le changement de sa nature en tant qu'investissement.

2. Le terme "revenus" désigne les montants issus des investissements. Elle couvre, notamment, profits, gains de capitaux, dividendes, intérêts, royalties, droits, brevets et licences, et autres frais similaires.

3. Le terme « investisseur » désigne:

(i) toute personne physique de nationalité de l'une des Parties Contractantes investissant sur le territoire de l'autre;

(ii) les entités juridiques, y compris les sociétés, les sociétés enregistrées, les sociétés de personnes ou autres organisations, qui sont constituées conformément à la législation de cette Partie Contractante;

4. Le terme "territoire" désigne,

(i) en ce qui concerne la République de Maurice:

 (a) tous les territoires et îles qui, conformément à la législation de Maurice, constituent l'Etat de Maurice;

 (b) les eaux territoriales de Maurice; et

 (c) toute zone située au-delà des eaux territoriales de Maurice, qui, conformément au droit international, est ou sera définie par la législation de Maurice comme une zone, plateau continental inclus, sur laquelle peuvent être exercés les droits de Maurice en ce qui concerne la mer, les fonds marins et leur sous-sol, ainsi que leurs ressources naturelles.

(ii) en ce qui concerne la République de Guinee : l'étendue comprise à l'intérieur des frontiéres terrestres, l'étendue de la mer, les fonds marins et ses sous-sols hors des eaux territoriales relevant du droit souverain ou de la juridiction de la Republique de Guinee conformément à sa législation nationale ou selon le droit international;

ARTICLE 2 – CHAMP D'APPLICATION

Le présent Accord est applicable aux investissements effectués sur le territoire d'une Partie Contractante, conformément à ses lois et réglements, par des investisseurs de l'autre Partie Contractante, avant ou aprés son entrée en vigueur.

ARTICLE 3 – PROMOTION DES INVESTISSEMENTS

(1) Chacune des Parties Contractantes va promouvoir et créer les conditions favorables pour les investisseurs de l'autre Partie Contractante sur son territoire et autorisera les investissements en question conformément à la législation en vigueur.

(2) Chaque Partie Contractante s'efforcera de délivrer, conformément à ses lois et réglements, les autorisations nécessaires en relation avec ces investissements, y compris aux fins d'exécution de contrats de licence, d'assistance technique, commerciale ou administrative, ainsi que les autorisations requises pour les activités de consultants et d'experts.

(3) Les investissements ayant reçu un agrément conformément à l'Article 2 ci-devant feront l'objet d'un traitement juste et équitable et d'une protection, conformément aux dispositions du présent Accord.

ARTICLE 4 – TRAITEMENT ET PROTECTION DES INVESTISSEMENTS

(1) Les investissements et les revenus des investisseurs de chaque Partie Contractante se verront accorder en tout temps un traitement juste et équitable et jouiront d'une sécurité et d'une protection pleines et entiéres sur le territoire de l'autre Partie Contractante. Aucune Partie Contractante n'entravera d'une quelconque maniére, par des mesures injustifiées ou discriminatoires, la gestion, l'entretien, l'utilisation, la jouissance, l'accroissement ou l'aliénation de tels investissements.

(2) Chaque Partie Contractante accordera sur son territoire aux investissements et aux revenus des investisseurs de l'autre Partie Contractante un traitement non moins favorable que celui qu'elle accorde aux investissements et aux revenus de ses propres investisseurs ou aux investissements et aux revenus des investisseurs d'un quelconque Etat tiers, le traitement le plus favorable à l'investisseur en cause étant déterminant.

(3) Chaque Partie Contractante accordera sur son territoire aux investisseurs de l'autre Partie Contractante, en ce qui concerne la gestion, l'entretien, l'utilisation, la jouissance ou l'aliénation de leurs investissements, un traitement non moins favorable que celui qu'elle accorde à ses propres investisseurs ou aux investisseurs d'un quelconque Etat tiers, le traitement le plus favorable à l'investisseur en cause étant déterminant.

(4) Si une Partie Contractante accorde des avantages particuliers aux investisseurs d'un quelconque Etat tiers en vertu d'un accord établissant une zone de libre-échange, une union douaniére ou un marché commun, accord dont elle est déjà partie ou le deviendra, ou en vertu d'un accord pour éviter la double imposition, elle ne sera pas tenue d'accorder de tels avantages aux investisseurs de l'autre Partie Contractante.

(5) Pour prévenir toute équivoque, il est confirmé que les principes visés aux alinéas (2) et (3) du présent article ne seront pas applicables en ce qui concerne les avantages particuliers accordés aux institutions financiéres de développement, par exemple en matiére fiscale.

ARTICLE 5 – COMPENSATION DES PERTES

1. Les investisseurs de l'une des Parties Contractantes dont les investissements placés sur le territoire de l'autre auraient subi des pertes suite à un conflit armé, un état d'urgence, une mutinerie, un soulévement ou des troubles survenus sur ce territoire, se verront accorder, en matiére de compensation, de dédommagement, de remboursement ou d'une autre forme de compensation des pertes, un traitement non moins favorable que celui accordé aux investisseurs nationaux ou ceux de n'importe quel pays tiers. Les paiements au titre de ce qui précéde se feront dans le délai convenu, et seront librement transférables.

2. Sans préjudices des dispositions du paragraphe 1, les investisseurs de l'une des Parties Contractantes ayant subi, dans n'importe laquelle des situations susmentionnées, des pertes sur le territoire de l'autre Partie, résultant:

(i) de la saisie, par les autorités de l'autre Partie Contractante, des biens leur appartenant,

(ii) de la destruction de biens leur appartenant par les autorités de l'autre Partie Contractante qui ne serait pas causée par les combats et n'aurait pas été imposée par la situation se verront accorder la possibilité de transfert des fonds ou auront droit à une compensation correspondante. Les paiements au titre de ce qui précéde seront effectués dans le délai convenu et seront librement transférables.

ARTICLE 6 – EXPROPRIATION

(1) Les investissements des investisseurs d'une Partie Contractante ne seront pas nationalisés, expropriés ou soumis à des mesures ayant des effets équivalents à une nationalisation ou à une expropriation sur le territoire de l'autre Partie Contractante, si ce n'est pour des motifs d'intérêt public et à condition que ces mesures soient conformes aux prescriptions légales, qu'elles ne soient pas discriminatoires et qu'elles donnent lieu au prompt versement d'une indemnité effective et adéquate. L'indemnité se montera à la valeur réelle de l'investissement exproprié immédiatement avant que l'expropriation ne soit entreprise ou qu'elle ne soit connue du public, le premier de ces faits étant déterminant. Elle inclura des intérêts calculés à un taux commercial normal jusqu'à la date du paiement, sera versée sans retard, sera pleinement réalisable et librement transférable sur la base du taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

(2) L'investisseur concerné par l'expropriation aura le droit de faire procéder à un prompt réexamen, selon la législation de la Partie Contractante qui exproprie, par une autorité judiciaire ou une autre autorité indépendante de cette Partie, de son cas et de l'estimation de son investissement conformément aux principes énoncés dans le présent article.

(3) Si une Partie Contractante exproprie les avoirs d'une société enregistrée ou constituée conformément à la législation en vigueur sur son territoire et dans laquelle des investisseurs de l'autre Partie Contractante détiennent des parts, elle fera en sorte, dans la mesure nécessaire et conformément à sa législation, que ces investisseurs soient indemnisés en conformité avec l'alinéa (1) du présent article.

ARTICLE 7 – LIBRE TRANSFERTS

1. Chacune des Parties Contractantes garantira aux investisseurs de l'autre, aprés l'accomplissement, par ces derniers, des obligations fiscales et autres, sous réserve de la législation en vigueur de la premiére, le libre transfert des versements effectués au titre des investissements en question et, notamment, mais non pas exclusivement:

(a) du capital et des fonds supplémentaires destinés à assurer l'entretien ou à augmenter les fonds investis;

(b) des revenus;

(c) des fonds provenant du remboursement des crédits;

(d) des recettes provenant de la vente ou de la liquidation des investissements, y compris les plus-values eventuelles;

(e) des montants réglés au titre des articles 4 et 5 du présent Accord.

2. Les transferts visés au paragraphe 1 du présent article sont à effectuer dans le délai convenu, en monnaie convertible, au taux de change valable au jour du transfert sur le territoire de la Partie Contractante dans laquelle l'investissement est réalisé.

ARTICLE 8 – PRINCIPE DE SUBROGATION

Si une Partie Contractante ou un organisme désigné par elle effectue un paiement à titre d'indemnité pour un investissement effectué sur le territoire de l'autre Partie Contractante, cette derniére Partie Contractante reconnaîtra la cession à la premiére Partie Contractante ou à l'organisme désigné par elle, en vertu de la loi ou d'un contrat, de tous les droits et créances de l'investisseur indemnisé et le droit pour la premiére Partie Contractante ou l'organisme désigné par elle d'exercer ces droits et de faire valoir ces créances par voie de subrogation, dans la même mesure que l'investisseur.

ARTICLE 9 – RÉGLEMENT DES DIFFÉRENDS ENTRE LES PARTIES
CONTRACTANTES

(1) Tout différend né de l'interprétation ou de l'application du présent Accord sera réglé dans toute la mesure du possible par voie des consultations et par la négociation entre les Parties Contractantes.

(2) Si le différend ne peut être réglé de cette maniére dans un délai de six mois, il sera soumis à l'arbitrage à la requête de l'une ou l'autre des Parties Contractantes.

(3) Le tribunal arbitral (ci-aprés dénommé "le tribunal") sera composé de trois arbitres, chaque partie nommant un arbitre et le troisiéme, qui sera le Président du tribunal et ressortissant d'un Etat tiers, sera désigné d'un commun accord par les Parties Contractantes. Un tel tribunal sera constitué pour chaque requête. Dans un délai de deux mois aprés la réception de la demande d'arbitrage, chaque Partie Contractante désignera un arbitre et, dans un délai de deux mois aprés désignation des deux arbitres, les Parties Contractantes désigneront le troisiéme arbitre.

(4) Au cas où le tribunal n'a pas été constitué dans un délai de quatre mois aprés la réception de la demande d'arbitrage, chacune des Parties Contractantes pourra, à défaut de tout autre accord, demander au Président de la Cour Internationale de Justice de désigner l'/les arbitre(s) non encore nommé(s). Si le Président est un ressortissant de l'une ou l'autre des Parties Contractantes ou s'il n'est pas en mesure de procéder à ladite désignation, le Vice-Président peut être appelé à le faire. Si le Vice-Président est un ressortissant de l'une ou l'autre des Parties Contractantes ou s'il n'est pas en mesure de le faire, le membre qui, dans la hiérarchie de la Cour Internationale, vient juste aprés et qui n'est pas un ressortissant des Parties Contractantes, peut être appelé à procéder aux nominations nécessaires, et ainsi de suite.

(5) Le tribunal prendra sa décision à la majorité des votes. La décision du tribunal arbitral sera définitive et obligera les parties, qui s'engageront à se conformer aux dispositions de la sentence. Chaque Partie Contractante prendra à sa charge les frais de son arbitre et de ses conseillers pour la procédure arbitrale, ainsi que la moitié des frais du Président du tribunal et des autres frais. Le tribunal pourra cependant décider dans sa sentence qu'une proportion plus importante des frais devra être prise en charge par l'une ou l'autre des deux parties, et ladite sentence obligera les deux parties.

(6) Excepté pour ce qui précéde, le tribunal établira lui-même ses propres régles de procédure.

ARTICLE 9 – RÉGLEMENT DES DIFFÉRENDS RELATIFS AUX INVESTISSEMENTS

(1) Les solutions aux différends opposant l'une des Parties Contractantes aux investisseurs de l'autre Partie en matiére des obligations découlant, pour cette derniére, du présent Accord, au sujet des investissements effectués par les investisseurs de la premiére, seront recherchées, dans la plus large mesure possible, par voie de négociations.

(2) Au cas où les différends mentionnés au paragraphe 1 du présent article ne seraient pas réglés en six mois de négociations, l'une des Parties aura le droit de soumettre l'affaire à la juridiction compétente de la Partie Contractante qui se trouve être en même temps partie au différend.

(3) A défaut d'appliquer les dispositions du paragraphe 2 du présent article, l'une et l'autre Parties au différend auront le choix de soumettre le dossier à l'arbitrage:

 (i) d'une Cour d'arbitrage AD HOC, conformément aux régles d'arbitrage de la Commission des Nations Unies pour le Droit Commercial (CNUDCI); ou

 (ii) du Centre International de réglement des litiges en matiére d'investissements, au cas où les deux Parties contractantes seraient parties à la Convention sur le réglement des litiges opposant, en matiére d'investissements, les Etats aux ressortissants des autres Etats, ouverte à la signature le 18 Mars 1965 à Washington (Convention ICSID).

(4) La décision ainsi prononcée sera définitive et obligatoire pour les deux Parties au litige, et mise à exécution en conformité avec la législation en vigueur de la Partie contractante sur le territoire de laquelle les investissements ont eu lieu.

(5) Chaque partie prendra à sa charge les frais de son arbitre et de ses conseillers pour la procédure arbitrale. Les frais du Président du tribunal pour sa fonction, ainsi que les autres frais du tribunal arbitral, seront pris en charge de maniére égale par chacune des parties. Le tribunal pourra cependant décider dans sa sentence qu'une proportion plus importante des frais sera prise en charge par l'une des deux parties, et ladite sentence obligera les deux parties.

ARTICLE 10 – AUTRES RÉGLES ET ENGAGEMENTS PARTICULIERS

(1) Au cas où les législations nationales des Parties Contractantes, ou les accords actuels ou futurs entre les Parties contractantes ou les accords internationaux signés par les Parties Contractantes, comporteraient des dispositions réservant aux investissements effectués par les investisseurs de l'une d'elles, un traitement plus favorable que celui prévu par le présent Accord, les lois et les accords précités auraient la prépondérance – dans la mesure où ils s'avéreraient plus favorables.

(2) Chaque Partie Contractante se conformera à toute obligation particuliére contractée à l'égard d'un investissement effectué sur son territoire par un investisseur de l'autre Partie Contractante.

ARTICLE 11 – LES CONSULTATIONS

Au besoin, les représentants des Parties contractantes se réuniront en consultations au sujet des questions concernant l'application du présent Accord. Les consultations auront lieu sur proposition de l'une des Parties, aux lieu et date à convenir par voie diplomatique.

ARTICLE 12 – INTERDICTIONS ET RESTRICTIONS

Aucune disposition du présent Accord ne pourra être interprétée comme empêchant une Partie Contractante de prendre toute mesure nécessaire à la protection de ses intérêts essentiels en matiére de sécurité, ou pour des motifs de santé publique ou de prévention des maladies affectant les animaux et les végétaux.

ARTICLE 13 – ENTRÉE EN VIGUEUR

(1) Le présent Accord est applicable aux investissements effectués sur le territoire d'une Partie Contractante, conformément à ses lois et réglements, par des investisseurs de l'autre Partie Contractante, avant ou aprés son entrée en vigueur. Afin d'éviter tout doute, il est convenu que tout investissement, sous réserve des dispositions du présent Accord, sera soumis aux lois en vigueur dans le territoire de la Partie Contractante dans lequel l'investissement aura été effectué.

(2) Chaque Partie Contractante notifiera l'autre Partie Contractante de l'accomplissement des procédures requises par sa législation pour l'entrée en vigueur du présent Accord. Celui-ci entrera en vigueur le jour suivant la réception de la derniére de ces notifications.

(3) Le présent Accord restera valable pour une durée de dix ans. Aprés ce terme, il restera en vigueur jusqu'à l'expiration d'une période de douze mois à compter de la date à laquelle une Partie Contractante l'aura dénoncé par écrit à l'autre.

(4) En ce qui concerne les investissements effectués avant l'expiration du présent accord, les dispositions de ce dernier continueront de s'appliquer pendant une période supplémentaire de dix ans à compter de ladite expiration ou pendant toute période plus longue convenue entre l'investisseur et la Partie Contractante sur le territoire de laquelle l'investissement a été effectué.

EN FOI DE QUOI, les soussignés, dûment autorisés à cet effet par leurs Gouvernements respectifs, ont signé le présent Accord.

Fait à Bruxelles, le 18 mai 2001, en double exemplaire, les deux textes faisant également foi.

Hon. Anil Kumarsingh GAYAN Mme. Hadia Mariana Déo BALDE
Ministre des Affaires Etrangéres et
Coopération Régionales
Ministre du Commerce, de
I'Industrie et des Petites
et Moyennes Entreprises
POUR LE GOUVERNEMENT
DE LA REPUBIQUE DE MAURICE
POUR LE GOUVERNEMENT
DE LA REPUBLIQUE DE GUINEE

_______________

Investment Promotion and Protection Agreement (His Majesty's
Government of Nepal) Regulations 2008

[GN 161 of 2008 – 25 August 2008] [Section 28A]

1.

 These regulations may be cited as the Investment Promotion and Protection Agreement (His Majesty's Government of Nepal) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with His Majesty's Government of Nepal pursuant to section 28A of the Act and set out in the Schedule.

3. The Agreement shall come into operation on such date as may be specified by the Minister in a notice to be published in the Gazette.

_______________

SCHEDULE

[Regulation 2]

The Government of the Republic of Mauritius and His Majesty's Government of Nepal (hereinafter referred to as the "Contracting Parties");

DESIRING to create favourable conditions for greater flow of investments made by investors of either Contracting Party in the territory of the other Contracting Party; and

RECOGNISING that the promotion and reciprocal protection of such investments will lend greater stimulation to the development of business initiatives and will increase prosperity in the territories of both Contracting Parties;

HAVE agreed as follows:

ARTICLE 1DEFINITIONS

(1) In this Agreement,

 (a) "investment" means every kind of asset admissible under the relevant laws and regulations of the Contracting Party in whose territory the respective business undertaking is made, and in particular, though not exclusively, includes:

  (i) movable and immovable property as well as other rights in rem such as mortgages, liens or pledges;

  (ii) shares, debentures and any other form of participation in a company;

  (iii) claims to money, or to any performance under contract having an economic value;

  (iv) industrial and intellectual property rights, in particular copyrights, patents, utility-model patents, designs, trade-marks, trade-names, technical processes, know-how and goodwill;

  (v) economic value of concession rights or permits conferred in accordance with the law or under contract, including concessions to search for, cultivate, extract or exploit natural resources;

 (b) "return" means the amount yielded by an investment and in particular, though not exclusively, profit, interest, capital gains, dividends, royalties and fees;

 (c) "investor" means in respect to either Contracting Party:

  (i) the "national" that is a natural person deriving his or her status as a national of that Contracting Party from the relevant laws of that Contracting Party; and

  (ii) the "company" that is a legal person, such as a corporation, firm or association, incorporated or constituted in accordance with the law of that Contracting Party;

 (d) "territory" means –

  (1) in respect of the Republic of Mauritius:

"territory" means the territory falling within the sovereignty and the jurisdiction of the Republic of Mauritius.

  (2) in respect of the Kingdom of Nepal:

"territory" means the territory falling within the sovereignty and the jurisdiction of the Kingdom of Nepal.

(2) Any changes in the form in which assets are or have been invested does not affect their character as investments as defined in this Agreement.

ARTICLE 2SCOPE OF THE AGREEMENT

(1) This Agreement shall only apply –

 (a) in respect of investments in the territory of the Kingdom of Nepal, to all investments made by investors of the Republic of Mauritius which are specifically approved in writing by the competent authority designated by His Majesty's Government of Nepal in conformity with the law.

 (b) in respect of the investments in the territory of the Republic of Mauritius, to all investments made by investors of the Kingdom of Nepal which are specifically approved in writing by the competent authority designated by the Government of the Republic of Mauritius in conformity with the law.

(2) The provisions of the foregoing paragraph shall apply to all investments made by investors of either Contracting Party in the territory of the other Contracting Party, whether made before or after the coming into force of this Agreement.

ARTICLE 3PROMOTION AND PROTECTION OF INVESTMENTS

(1) Each Contracting Party shall, subject to its general policy in the field of foreign investment, encourage the making of investments in its territory by investors of the other Contracting Party, and, subject to compliance with the provisions of its laws, shall admit such investments.

(2) Each Contracting Party shall use its best endeavours to grant, in accordance with its laws, the necessary permits in connection with the carrying out of such investments and, whenever necessary, licensing agreements and contracts for technical, commercial or administrative assistance.

(3) Investments approved under Article 2 shall be accorded fair and equitable protection in accordance with this Agreement.

ARTICLE 4TREATMENT OF INVESTMENTS

(1) Investments and returns of investors of either Contracting Party shall at all times be accorded fair and equitable treatment in the territory of the other Contracting Party. Neither Contracting Party shall in any way impair by unreasonable nor discriminatory measures the management, maintenance, use, enjoyment or disposal of investments in its territory by investors of the other Contracting Party.

(2) Each Contracting Party shall in its territory accord to investors and to investments and returns of investors of the other Contracting Party treatment not less favourable than that which it accords to investments and returns of investors of any third State.

(3) The provisions of paragraph (2) shall not be construed so as to oblige either Contracting Party to extend to the investors of the other Contracting Party the benefit of any treatment, preference or a privilege resulting from:

 (a) any customs union, free trade area, common market or any similar international agreement or interim arrangement leading up to such customs union, free trade area, or common market of which either of the Contracting Party is a member;

 (b) any international agreement of arrangement relating wholly or mainly to taxation or any domestic legislation relating wholly or mainly to taxation.

(4) Each Contracting Party shall observe the obligations under its laws and under this Agreement which bind the Contracting Party and its investors and the investors of the other Contracting Party in matters relating to investments.

ARTICLE 5COMPENSATION FOR LOSSES

(1) Investors of either Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, revolution, a state of national emergency, revolt, insurrection or riot in the territory of the later Contracting Party shall be accorded by the later Contracting Party treatment, as regards restitution, indemnification, compensation or other settlement, not less favourable than that which the latter Contracting Party accords to its own investors or to investors of any third State.

(2) Without derogating from the provisions of paragraph (1) of this Article, investors of either Contracting Party who, in any of the situations referred to in that paragraph, suffer losses in the territory of the other Contracting Party resulting from:

 (a) requisitioning of their property by the forces or authorities of the latter Contracting Party, acting under and within the scope of the legal provisions to their competencies, duties and command structures; or

 (b) destruction of their property by the forces or authorities of the latter Contracting Party, which was not caused in combat action or was not required by the necessity of the situation or observance of any legal requirement;

shall be accorded restitution or adequate compensation, not less favourable than that which the latter Contracting Party accords to its own investors or to investors of any third State.

ARTICLE 6EXPROPRIATION

(1) Investments of investors of either Contracting Party in the territory of the other Contracting Party shall not be nationalized, expropriated or subjected to measures having effects equivalent to nationalization or expropriation except for public purposes, under due process of law, on a non-discriminatory basis and against prompt, adequate and effective compensation. Such compensation shall be made without delay, and be effectively realizable.

(2) The investor affected by the expropriation shall have a right, under the law of the expropriating Contracting Party to prompt review, by a court of law or other independent and impartial forum of that Contracting Party, of the expropriation case.

(3) Where a Contracting Party expropriates, nationalizes or takes measures having effect equivalent to nationalization or expropriation against the assets of a company which is incorporated or constituted under the laws in force in any part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions of paragraph (1) of this Article are applied to the extent necessary to guarantee compensation as specified therein to such investors of the other Contracting Party who are owners of those shares.

ARTICLE 7TRANSFER OF INVESTMENT CAPITAL AND RETURNS

(1) Each Contracting Party shall, in accordance with its relevant laws, allow investors of the other Contracting Party the free transfer of funds relating to their investments and returns, including compensation paid pursuant to the provisions of Articles 5 and 6 of this Agreement.

(2) All transfers shall be effected without delay in the convertible currency in which the capital was originally invested or in any other convertible currencies agreed by the investor and the Contracting Party concerned. Unless otherwise agreed by the investor, repatriations shall be made at the rate of exchange applicable on the date of repatriation pursuant to the exchange regulations in force.

ARTICLE 8SETTLEMENT OF DISPUTES BETWEEN AN INVESTOR AND A CONTRACTING PARTY

(1) Each Contracting Party hereby consents to submit to the International Centre for the Settlement of Investment Disputes (hereinafter referred to as "the Centre") for settlement by conciliation or arbitration under the Convention on the Settlement of Investment Disputes between States and Nationals of other States opened for signature at Washington on 18 March 1965 any legal dispute arising between that Contracting Party and a national or company of the other Contracting Party concerning an investment of the latter in the territory of the former. A company which is incorporated or constituted under the law in force in the territory of one Contracting Party and in which, before such a dispute arises, the majority of shares are owned by nationals or companies of the other Contracting Party shall in accordance with Article 25(2)(b) of the Convention, be treated for the purposes of the Convention as a company of the other Contracting Party.

(2) If any such dispute should arise and agreement cannot be reached within three months between the parties to this dispute through pursuit of local remedies or otherwise, then, if the national or company affected also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either party may institute proceedings by addressing a request to that effect to the Secretary-General of the Centre as provided in Articles 28 and 36 of the Convention.

(3) In the event of disagreement as to whether conciliation or arbitration is the more appropriate procedure, the national or company affected shall have the right to choose. The Contracting Party which is a party to the dispute shall not raise as an objection at any stage of the proceedings or enforcement of an award the fact that the national or company which is the other party to the dispute has received in pursuance of an insurance contract or from the contracting state of which the national or company is a resident, an indemnity in respect of some or all of his or its losses.

(4) Neither Contracting Party shall pursue through the diplomatic channel any dispute referred to the Centre unless:

 (a) the Secretary-General of the Centre, or a conciliation commission or an arbitral tribunal constituted by it, decides that the dispute is not within the jurisdiction of the Centre; or

 (b) the other Contracting Party should fail to abide by or to comply with any award rendered by an arbitral tribunal.

ARTICLE 9DISPUTES BETWEEN THE CONTRACTING PARTIES

(1) Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement should, if possible, be settled through negotiations between the Governments of the two Contracting Parties.

(2) If the dispute cannot be settled within a period of six months following the date on which such negotiations were requested by either Contracting Party, it may upon the request of either Contracting Party, be submitted to an arbitral tribunal.

(3) Such an arbitral tribunal shall be constituted for each individual case in the following way: within two months of the receipt of the request for arbitration, each Contracting Party shall appoint one arbitrator for the tribunal. Those two arbitrators shall then select a national of a third State who, upon approval by the two Contracting Party, shall be appointed Chairman of the tribunal. The Chairman shall be appointed within two months from the date of appointment of the other two arbitrators.

(4) If within the periods specified in paragraph (3) of this Article the necessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any necessary appointments. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the vice-president shall be invited to make the necessary appointments. If the vice-president is a national of either Contracting Party or if he too is prevented from discharging the said function, the Member of the International Court of Justice next in seniority who is not a national of either Contracting Party and not prevented from discharging such functions shall be invited to make the necessary appointments.

(5) The arbitral tribunal shall reach its decision by a majority of votes. Such decision shall be binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own arbitrator to the tribunal and of its representation in the arbitral proceedings. The cost of the Chairman and the remaining costs shall be borne equally by the Contracting Parties. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two Contracting Parties, and this award shall be binding on, and executed by, both Contracting Parties.

(6) Apart from the above, the tribunal shall determine its own procedure.

ARTICLE 10SUBROGATION

(1) If a Contracting Party or its designated agency makes a payment to its own investor under a guarantee it has given is respect of an investment made in the territory of the other Contracting Party, the latter Contracting Party shall recognize the assignment to the former Contracting Party of all the rights and claims of the indemnified investor, and shall also recognize that the former Contracting Party or its designated Agency is entitled to exercise such rights and enforce such claims by virtue of subrogation, to the same extent as the original investor.

(2) Any payment made by one Contracting Party or its designated Agency to its own investor as provided in paragraph (1) shall not affect the right of such investor to make his claims against the other Contracting Party in accordance with Article 8 provided that the exercise of such a right does not overlap, or is not in conflict with, the exercise of a right in virtue of subrogation under that paragraph.

ARTICLE 11APPLICATION OF OTHER RULES

If the provision of the law of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties, in addition to the present Agreement, contain rules, whether general or specific, entitling investments and returns of investors of the other Contracting Party to treatment more favourable than that provided for by the present Agreement, such rules shall, to the extent that they are more favourable, prevail over the present Agreement.

ARTICLE 12FINAL CLAUSES

(1) For the avoidance of any doubt, it is declared that all investments shall, subject to this Agreement, be governed by the laws in force in the territory of the Contracting Party in which such investments are made.

(2) The Contracting Parties shall notify each other promptly of the fulfillment of their legal procedures required for entry into force of this Agreement. The Agreement shall enter into force on the day of signature thereof.

(3) This Agreement shall remain in force for a period of ten years. Thereafter it shall continue in force until the expiration of twelve months from the date on which either Contracting Party shall have given written notice of termination of this Agreement to the other Contracting Party.

(4) In respect of investments approved or made prior to the date the notice of termination of this Agreement becomes effective, the provisions of the preceding articles shall remain in force with respect to such investments for a further period of ten years from that date or for any longer period as provided for and agreed upon in the relevant contract or approval granted to the investor.

IN WITNESS WHEREOF the undersigned, duly authorized thereto, have signed this Agreement at Kathmandu, on this 3rd day of August of the year 1999 in duplicate in the English.

Dr. Vasant K. Bunwaree
Minister of Finance

Mr. Mahesh Acharya
Minister of Finance

For the Government
of the Republic of Mauritius
For His Majesty's
Government of Nepal

_______________

Investment Promotion and Protection Agreement (Islamic Federal
Republic of Comoros) Regulations 2008

[GN 150 of 2008 – 25 August 2008] [Section 28A]

1. These regulations may be cited as the Investment Promotion and Protection Agreement (Islamic Federal Republic of Comoros) Regulations 2008.

2. In these regulations –

"Act" means the Investment Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of the Islamic Federal Republic of Comoros pursuant to section 28A of the Act and set out in the Schedule.

3. The Agreement shall come into operation on such date as may be specified by the Minister in a notice to be published in the Gazette

.

_______________

SCHEDULE

[Regulation 2]

LE GOUVERNEMENT DE LA RÉPUBLIQUE DE MAURICE, d'une part;

ET

LE GOUVERNEMENT DE LA RÉPUBLIQUE FEDERALE ISLAMIQUE DES COMORES d'autre part;

Ci-aprés désignées «les Parties Contractantes»

Désireux de renforcer la coopération économique entre les deux Etats, et de créer les conditions favorables à la réalisation d'investissements d'une Partie Contractante sur le territoire de l'autre Partie Contractante;

Considérant qu'un tel Accord est de nature à stimuler les initiatives économiques et à renforcer la confiance dans le domaine des investissements;

Reconnaissant que la discrimination, exercée par l'une ou l'autre des Parties Contractantes, sur la base de la nationalité, à l'encontre d'investissements effectués sur son territoire par des investisseurs de l'autre Partie Contractante, est incompatible avec tout cadre d'investissement stable ou avec toute utilisation optimale et efficace des ressources économiques,

Sont convenues de ce qui suit:

ARTICLE 1 – DÉFINITIONS

Aux fins du présent Accord:

(1) Le terme "investissement" désigne tout avoir et en particulier, mais non exclusivement:

 (i) les biens meubles et immeubles ainsi que tous autres droits réels tels que les hypothéques, priviléges, usufruits, gage, sûretés réelles, cautionnement, charges fonciéres et droits similaires;

 (ii) les actions, parts sociales et autres formes de participation dans des sociétés;

 (iii) les obligations émises par des entreprises, les créances et droits à toute prestation au titre d'un contrat à valeur économique;

 (iv) les droits de propriété intellectuelle (tels que droits d'auteur, brevets d'invention, modéles d'utilité, dessins ou modéles industriels, marques de fabrique ou de commerce, marques de service, noms commerciaux, indications de provenance), les procédés techniques, le savoir-faire et la clientéle;

 (v) les concessions conférées par la loi ou par contrat, y compris les concessions de prospection, de culture, d'extraction ou d'exploitation de ressources naturelles, ainsi que tout autre droit conféré par la loi, par contrat ou par décision de l'autorité en application de la loi.

Toute modification de la forme d'investissement des avoirs n'affecte pas leur qualité d'investissement.

(2) Le terme « investisseurs » désigne, en ce qui concerne chaque Partie Contractante:

 (i) les personnes physiques qui, d'aprés la législation de cette Partie Contractante, sont considérées comme ses nationaux;

 (ii) les entités juridiques, y compris les sociétés, les sociétés enregistrées ou non, et autres organisations, qui sont constituées conformément à la législation de cette Partie Contractante;

(3) Le terme « revenus » désigne les montants issus d'un investissement et englobe notamment, mais non exclusivement, les bénéfices, les intérêts, les gains en capital, les dividendes, les redevances et autres rémunérations.

(4) Le terme "territoire" désigne,

 (i) en ce qui concerne la République de Maurice:

  (a) tous les territoires et îles qui, conformément à la législation de Maurice, constituent l'Etat de Maurice;

  (b) les eaux territoriales de Maurice; et

  (c) toute zone située au-delà des eaux territoriales de Maurice, qui, conformément au droit international, est ou sera définie par la législation de Maurice comme une zone, plateau continental inclus, sur laquelle peuvent être exercés les droits de Maurice en ce qui concerne la mer, les fonds marins et leur sous-sol, ainsi que leurs ressources naturelles.

 (ii) en ce qui concerne la République Fédérale Islamique des Comores, tous les territoires et îles qui conformément à la législation des Comores, constituent l'Etat Comorien, ainsi que l'espace aérien et les zones maritimes, c'est à dire les zones marines et sous-marines qui s'étendent au delà des eaux territoriales sur lesquelles s'exercent conformément au Droit International, les droits souverains aux fins d'exploration, d'exploitation et de conservation de ressources naturelles;

ARTICLE 2 – CHAMP D'APPLICATION

Le présent Accord est applicable aux investissements effectués sur le territoire d'une Partie Contractante, conformément à ses lois et réglements, par des investisseurs de l'autre Partie Contractante, avant ou aprés son entrée en vigueur.

ARTICLE 3 – PROMOTION DES INVESTISSEMENTS

(1) Chaque Partie Contractante encouragera et facilitera, compte tenu de sa pratique générale en matiére d'investissement étranger, les investissements des investisseurs de l'autre Partie Contractante sur son territoire et admettra ou approuvera ces investissements conformément à ses lois et réglements.

(2) Chaque Partie Contractante s'efforcera de délivrer, conformément à ses lois et réglements, les autorisations nécessaires en relation avec ces investissements, y compris aux fins d'exécution de contrats de licence, d'assistance technique, commerciale ou administrative, ainsi que les autorisations requises pour les activités de consultants et d'experts.

ARTICLE 4 – TRAITEMENT ET PROTECTION DES INVESTISSEMENTS

(1) Chaque partie contractante s'engage à assurer sur son territoire un traitement juste et équitable aux investissements directs ou indirects, ainsi qu'aux activités y afférentes, entrepris par des investisseurs de l'autre partie contractante, conformément aux dispositions du présent Accord.

(2) Ces investissements et activités jouiront d'une sécurité et d'une protection constantes, excluant toute mesure injustifiée ou discriminatoire qui pourrait entraver, en droit ou en fait, leur gestion, leur entretien, leur utilisation, leur jouissance ou leur liquidation.

(3) Chaque Partie Contractante accordera sur son territoire aux investissements et aux revenus des investisseurs de l'autre Partie Contractante un traitement non moins favorable que celui qu'elle accorde aux investissements et aux revenus de ses propres investisseurs ou aux investissements et aux revenus des investisseurs d'un quelconque Etat tiers, le traitement le plus favorable à l'investisseur en cause étant déterminant.

(4) Chaque Partie Contractante accordera sur son territoire aux investisseurs de l'autre Partie Contractante, en ce qui concerne la gestion, l'entretien, l'utilisation, la jouissance ou l'aliénation de leurs investissements, un traitement non moins favorable que celui qu'elle accorde à ses propres investisseurs ou aux investisseurs d'un quelconque Etat tiers, le traitement le plus favorable à l'investisseur en cause étant déterminant.

(5) Si une Partie Contractante accorde des avantages particuliers aux investisseurs d'un quelconque Etat tiers en vertu d'un accord établissant une zone de libre-échange, une union douaniére ou un marché commun, accord dont elle est déjà partie ou le deviendra, ou en vertu d'un accord pour éviter la double imposition, elle ne sera pas tenue d'accorder de tels avantages aux investisseurs de l'autre Partie Contractante.

(6) Pour prévenir toute équivoque, il est confirmé que les principes visés aux alinéas (3) et (4) du présent article ne seront pas applicables en ce qui concerne les avantages particuliers accordés aux institutions financiéres de développement, par exemple en matiére fiscale.

ARTICLE 5 – LIBRE TRANSFERT

(1) Chaque Partie Contractante garantit aux investisseurs de l'autre Partie Contractante le transfert sans délai dans une monnaie librement convertible des montants afférents à un investissement, notamment:

 (a) des revenus;

 (b) des montants liés aux emprunts ou autres obligations contractés pour l'investissement;

 (c) des apports supplémentaires de capitaux nécessaires à l'entretien ou au développement de l'investissement;

 (d) du produit de la vente ou de la liquidation partielles ou totales d'un investissement, y compris les plus-values éventuelles.

(2) Les transferts seront effectués au taux de change prévalant sur le marché à la date du transfert. En l'absence de marché des changes, le taux à utiliser sera le taux le plus récent appliqué aux investissements nationaux ou le taux le plus récent pour la conversion de la monnaie concernée en droits de tirage spéciaux, le taux à retenir étant celui qui est le plus favorable à l'investisseur.

ARTICLE 6 – COMPENSATION POUR PERTES

(1) Les investisseurs d'une Partie Contractante dont les investissements effectués sur le territoire de l'autre Partie Contractante ont subi des pertes dues à la guerre ou à tout autre conflit armé, révolution, état d'urgence national, révolte, insurrection ou émeute survenus sur le territoire de cette derniére Partie Contractante, bénéficieront, de la part de celle-ci, en ce qui concerne la restitution, l'indemnisation, la compensation ou tout autre réglement, d'un traitement non moins favorable que celui qu'elle accorde à ses propres investisseurs ou aux investisseurs d'un quelconque Etat tiers. Les paiements en résultant seront librement transférables au taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

(2) Sans préjudice de l'alinéa (1) du présent article, les investisseurs d'une Partie Contractante qui, dans l'une des situations visées par ledit alinéa, ont subi des pertes sur le territoire de l'autre Partie Contractante du fait:

 (a) de la réquisition de leurs avoirs par ses forces ou ses autorités, ou

 (b) de la destruction de leurs avoirs par ses forces ou ses autorités, qui ne résultait pas de combats ou n'était pas requise par la situation, se verront accorder une restitution ou une compensation adéquate. Les paiements en résultant seront librement transférables au taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

ARTICLE 7 – EXPROPRIATION

(1) Les investissements des investisseurs d'une Partie Contractante ne seront pas nationalisés, expropriés ou soumis à des mesures ayant des effets équivalents à une nationalisation ou à une expropriation sur le territoire de l'autre Partie Contractante, si ce n'est pour des motifs d'intérêt public et à condition que ces mesures soient conformes aux prescriptions légales, qu'elles ne soient pas discriminatoires et qu'elles donnent lieu au prompt versement d'une indemnité effective et adéquate. L'indemnité se montera à la valeur réelle de l'investissement exproprié immédiatement avant que l'expropriation ne soit entreprise ou qu'elle ne soit connue du public, le premier de ces faits étant déterminant. Elle inclura des intérêts calculés à un taux commercial normal jusqu'à la date du paiement, sera versée sans retard, sera pleinement réalisable et librement transférable sur la base du taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

(2) L'investisseur concerné par l'expropriation aura le droit de faire procéder à un prompt réexamen, selon la législation de la Partie Contractante qui exproprie, par une autorité judiciaire ou une autre autorité indépendante de cette Partie, de son cas et de l'estimation de son investissement conformément aux principes énoncés dans le présent article.

(3) Si une Partie Contractante exproprie les avoirs d'une société enregistrée ou constituée conformément à la législation en vigueur sur son territoire et dans laquelle des investisseurs de l'autre Partie Contractante détiennent des parts, elle fera en sorte, dans la mesure nécessaire et conformément à sa législation, que ces investisseurs soient indemnisés en conformité avec l'alinéa (1) du présent article.

ARTICLE 8 – PRINCIPE DE SUBROGATION

Si une Partie Contractante ou un organisme désigné par elle effectue un paiement à titre d'indemnité pour un investissement effectué sur le territoire de l'autre Partie Contractante, cette derniére Partie Contractante reconnaîtra la cession à la premiére Partie Contractante ou à l'organisme désigné par elle, en vertu de la loi ou d'un contrat, de tous les droits et créances de l'investisseur indemnisé et le droit pour la premiére Partie Contractante ou l'organisme désigné par elle d'exercer ces droits et de faire valoir ces créances par voie de subrogation, dans la même mesure que l'investisseur.

ARTICLE 9 – DIFFÉRENDS RELATIFS À L'INVESTISSEMENT

1. Pour l'application du présent article, un différend relatif à un investissement est défini comme un différend concernant:

(a) l'interprétation ou l'application d'un accord particulier d'investissement entre une partie contractante et un investisseur de l'autre partie contractante;

(b) l'interprétation ou l'application de toute autorisation d'investissement accordée par les autorités de l'Etat hôte régissant les investissements étrangers;

(c) l'allégation de la violation de tout droit conféré ou établi par le présent Accord en matiére d'investissement.

2. Tout différend relatif aux investissements fait l'objet d'une notification écrite, accompagnée d'un aide-mémoire suffisamment détaillé établi à l'initiative de l'investisseur de l'une des parties, à l'autre partie contractante. Ce différend est, de préférence, réglé à l'amiable par un arrangement entre les parties au différend et, à défaut, par la conciliation entre les parties contractantes, par la voie diplomatique.

3. Au cas où le différend ne peut être réglé par le biais de négociations dans un délai de 6 mois, à compter de la notification écrite, visée au paragraphe 2, l'une ou l'autre des deux parties pourra soumettre le différend soit devant les juridictions compétentes de la partie contractante sur le territoire de laquelle l'investissement a été effectué, soit devant un tribunal arbitral international. A cette fin, chaque partie contractante donne, par la présente disposition, son consentement anticipé et irrévocable à ce que tout différend de cette nature soit soumis a ce tribunal. Ce consentement implique que chaque Partie Contractante renonce aux recours administratifs ou judiciaires internes.

4. Le tribunal d'arbitrage international auquel il est fait référence ci-devant sera constitué comme suit: chacune des Parties au différend nommera un arbitre. Les 2 arbitres ainsi nommés procéderont à la nomination d'un troisiéme arbitre en qualité de Président du tribunal. Les arbitres seront désignés dans un délai de deux mois, et le Président du tribunal dans un délai de quatre mois, à compter de la date où l'une des deux Parties aura notifié à l'autre Partie son intention de soumettre le différend à l'arbitrage.

5. Si les désignations nécessaires ne sont pas effectuées dans le délai prescrit au Paragraphe (4) ci-devant, l'une ou l'autre des deux Parties pourra, à défaut de tout autre accord, demander au Président du Centre International pour le Réglement des Différends relatifs aux Investissements (CIRDI) de procéder aux désignations nécessaires.

6. Mis à part ce qui est prévu ci-aprés, le tribunal arbitral déterminera sa propre procédure en se référant à la "Convention sur le Réglement de Différends relatifs à l'Investissement entre Etats et ressortissant d'autres Etats", établie à Washington le 18 mars 1965.

7. Le tribunal prendra sa décision à la majorité des votes.

8. La décision du tribunal arbitral sera définitive et obligera les parties, qui s'engageront à se conformer aux dispositions de la sentence.

9. Le tribunal arbitral indiquera le fondement de sa décision et en donnera les motifs.

10. Chaque Partie prendra à sa charge les frais de son arbitre et de ses conseillers pour la procédure arbitrale. Les frais du Président du tribunal pour sa fonction, ainsi que les autres frais du tribunal arbitral, seront pris en charge de maniére égale par chacune des Parties. Le tribunal pourra cependant décider dans sa sentence qu'une proportion plus importante des frais sera prise en charge par l'une des deux Parties, et ladite sentence obligera les deux Parties.

11. Les dispositions du présent Article n'affecteront pas le droit des Parties Contractantes de recourir aux procédures prévues à l'Article 10, si le différend porte sur l'interprétation ou la mise en oeuvre du présent Accord.

ARTICLE 10 – DIFFÉRENDS ENTRE LES PARTIES CONTRACTANTES

(1) Tout différend entre les Parties Contractantes portant sur l'interprétation ou à la mise en oeuvre du présent Accord sera, dans la mesure du possible, réglé par voie diplomatique.

(2) Si le différend ne peut être réglé de cette maniére dans un délai de six mois, il sera soumis à l'arbitrage à la requête de l'une ou l'autre des Parties Contractantes.

(3) Le tribunal arbitral (ci-aprés dénommé "le tribunal") sera composé de trois arbitres, chaque partie nommant un arbitre et le troisiéme, qui sera le Président du tribunal et ressortissant d'un Etat tiers, sera désigné d'un commun accord par les Parties Contractantes. Un tel tribunal sera constitué pour chaque requête. Dans un délai de deux mois aprés la réception de la demande d'arbitrage, chaque Partie Contractante désignera un arbitre et, dans un délai de deux mois aprés désignation des deux arbitres, les Parties Contractantes désigneront le troisiéme arbitre.

(4) Au cas où le tribunal n'a pas été constitué dans un délai de quatre mois aprés la réception de la demande d'arbitrage, chacune des Parties Contractantes pourra, à défaut de tout autre accord, demander au Président de la Cour Internationale de Justice de désigner l'/les arbitre(s) non encore nommé(s). Si le Président est un ressortissant de l'une ou l'autre des Parties Contractantes ou s'il n'est pas en mesure de procéder à ladite désignation, le Vice-Président peut être appelé à le faire. Si le Vice-Président est un ressortissant de l'une ou l'autre des Parties Contractantes ou s'il n'est pas en mesure de le faire, le membre qui, dans la hiérarchie de la Cour Internationale, vient juste aprés et qui n'est pas un ressortissant des Parties Contractantes, peut être appelé à procéder aux nominations nécessaires, et ainsi de suite.

(5) Le tribunal prendra sa décision à la majorité des votes. La décision du tribunal arbitral sera définitive et obligera les parties, qui s'engageront à se conformer aux dispositions de la sentence. Chaque Partie Contractante prendra à sa charge les frais de son arbitre et de ses conseillers pour la procédure arbitrale, ainsi que la moitié des frais du Président du tribunal et des autres frais. Le tribunal pourra cependant décider dans sa sentence qu'une proportion plus importante des frais devra être prise en charge par l'une ou l'autre des deux parties, et ladite sentence obligera les deux parties.

(6) Excepté pour ce qui précéde, le tribunal établira lui-même ses propres régles de procédure.

ARTICLE 11 – AUTRES RÉGLES ET ENGAGEMENTS PARTICULIERS

Si des dispositions de la législation d'une Partie Contractante ou des régles de droit international accordent aux investissements des investisseurs de l'autre Partie Contractante un traitement plus favorable que celui prévu par le présent Accord, elles prévaudront sur ce dernier dans la mesure où elles sont plus favorables.

ARTICLE 12 – INTERDICTIONS ET RESTRICTIONS

Aucune disposition du présent Accord ne pourra être interprétée comme empêchant une Partie Contractante de prendre toute mesure nécessaire à la protection de ses intérêts essentiels en matiére de sécurité, ou pour des motifs de santé publique ou de prévention des maladies affectant les animaux et les végétaux.

ARTICLE 13 – ENTRÉE EN VIGUEUR

(1) Le présent Accord est applicable aux investissements effectués sur le territoire d'une Partie Contractante, conformément à ses lois et réglements, par des investisseurs de l'autre Partie Contractante, avant ou aprés son entrée en vigueur. Afin d'éviter tout doute, il est convenu que tout investissement, sous réserve des dispositions du présent Accord, sera soumis aux lois en vigueur dans le territoire de la Partie Contractante dans lequel l'investissement aura été effectué.

(2) Chaque Partie Contractante notifiera l'autre Partie Contractante de l'accomplissement des procédures requises par sa législation pour l'entrée en vigueur du présent Accord. Celui-ci entrera en vigueur le jour suivant la réception de la derniére de ces notifications.

(3) Le présent Accord restera valable pour une durée de dix ans. Aprés ce terme, il restera en vigueur jusqu'à l'expiration d'une période de douze mois à compter de la date à laquelle une Partie Contractante l'aura dénoncée par écrit à l'autre.

(4) En ce qui concerne les investissements effectués avant l'expiration du présent accord, les dispositions de ce dernier continueront de s'appliquer pendant une période supplémentaire de dix ans à compter de ladite expiration ou pendant toute période plus longue convenue entre l'investisseur et la Partie Contractante sur le territoire de laquelle l'investissement a été effectué.

EN FOI DE QUOI, les soussignés, dûment autorisés à cet effet par leurs Gouvernements respectifs, ont signé le présent Accord.

Fait à Bruxelles, le 18 mai 2001, en double exemplaire, les deux textes faisant également foi.

Hon. Anil Kumarsingh GAYAN Mons. Sultan Chouzour
Ministre des Affaires Etrangéres et
Coopération Régionales
Conseiller Privé du Chef de l' Etat
Pour le Gouvernement de la
République de Maurice
Pour le Gouvernement de la
République Fédérale Islamique
Des Comores

_______________

Investment Promotion and Protection Agreement
(Islamic Republic of Mauritania) Regulations 2008

[GN 159 of 2008 – 25 August 2008] [Section 28A]

1. These regulations may be cited as the Investment Promotion and Protection Agreement (Islamic Republic of Mauritania) Regulations 2008.

2. In these regulations –

"Act" means the Invest Promotion Act;

"Agreement" means the agreement entered by the Government of Mauritius with the Government of the Islamic Republic of Mauritania pursuant to section 28A of the Act and set out in the Schedule.

3. The Agreement shall come into operation on such date as may be specified by the Minister in a notice to be published in the Gazette.

______________

SCHEDULE

[Regulation 2]

Le Gouvernement de la République de Maurice et le Gouvernement de la République Islamique de Mauritanie ci-aprés dénommés "les Parties Contractantes";

Désireux de créer les conditions favorables pour les investissements des investisseurs de l'une des Parties Contractantes sur le territoire de l'autre Partie Contractante;

Reconnaissant que l'encouragement économique réciproque, la promotion et la protection de tels investissements pourra favoriser les contacts d'affaires des investisseurs et contribuera à la prospérité des deux Etats;

Désireux d'intensifier la coopération économique entre les deux Etats sur la base de l'égalité et des avantages mutuels;

Sont convenus de ce qui suit:

ARTICLE 1DEFINITIONS

Pour l'application du présent Accord:

1. Le terme "Investissement" désigne des avoirs de toute nature investis par l'investisseur de l'une des Parties Contractantes, conformément à la législation de chacune des Parties Contractantes sur le territoire ou dans les zones maritimes de celle-ci et plus particuliérement, mais non exclusivement:

(a) Les biens meubles et immeubles ainsi que tous autres droits réels tels que les hypothéques, gages, usufruits et droits analogues;

(b) Les actions, valeurs et autres formes de participation directe ou indirecte même minoritaire, aux sociétés constituées sur le territoire de l'une des parties;

(c) les droits de propriété intellectuelle tels que droits d'auteur, brevets d'invention, modéles d'utilité, dessins ou modéles industriels, marques de fabrique ou de commerce, marques de service, noms commerciaux, indications de provenance, les procédés techniques, le savoir-faire et la clientéle;

(d) Les créances monétaires et droits à toutes autres prestations ayant une valeur économique;

(e) Les concessions accordées conformément à la loi, notamment les concessions relatives à la culture, à la prospection, l'extraction ou l'exploitation de richesses naturelles.

Aucune modification de la forme juridique dans laquelle les avoirs et capitaux ont été investis ou réinvestis n'affecte leur caractére d'investissement au sens du présent Accord.

2. Le terme "Revenu" désigne les montants nets d'impôts rapportés par les investissements tels que les bénéfices, intérêts, gains en capital, dividendes, redevances ou autre revenu légal.

Les revenus de l'investissement et des réinvestissements éventuels jouissent de la même protection que l'investissement initial.

3. Le terme "Investisseur" désigne:

(a) Les personnes physiques possédant la nationalité de l'une ou de l'autre Partie Contractante;

(b) les entités juridiques, y compris les sociétés, les sociétés enregistrées ou non, et autres organisations, qui sont constituées conformément à la législation de cette Partie Contractante.

4. Le terme "territoire" désigne,

(i) en ce qui concerne la République de Maurice:

 (a) tous les territoires et îles qui, conformément à la législation de Maurice, constituent l'Etat de Maurice;

 (b) les eaux territoriales de Maurice; et

 (c) toute zone située au-delà des eaux territoriales de Maurice, qui, conformément au droit international, est ou sera définie par la législation de Maurice comme une zone, plateau continental inclus, sur laquelle peuvent être exercés les droits de Maurice en ce qui concerne la mer, les fonds marins et leur sous-sol, ainsi que leurs ressources naturelles.

(ii) en ce qui concerne la République Islamique de Mauritanie, le territoire de l'Etat de Mauritanie ainsi que ses zones maritimes et sous-maritimes sur lesquelles il exerce en conformité avec le droit international sa souveraineté, ses droits souverains ou sa juridiction;

ARTICLE 2 – CHAMP D'APPLICATION

Le présent Accord couvre également, dés son entrée en vigueur, les investissements effectués avant son entrée en vigueur, par les investisseurs de l'une des Parties Contractantes sur le territoire de l'autre Partie Contractante, conformément à ses lois et réglements, mais il ne couvre pas les différends qui pourraient survenir avant son entrée en vigueur.

ARTICLE 3 – PROMOTION DES INVESTISSEMENTS

1. Chacune des Parties Contractantes admet et encourage, dans le cadre de sa législation et des dispositions du présent Accord, les investissements réalisés par des investisseurs de l'autre partie sur son territoire.

2. Chaque Partie Contractante s'efforcera de délivrer, conformément à ses lois et réglements, les autorisations nécessaires en relation avec ces investissements, y compris aux fins d'exécution de contrats de licence, d'assistance technique, commerciale ou administrative, ainsi que les autorisations requises pour les activités de consultants et d'experts.

ARTICLE 4 – TRAITEMENT ET PROTECTION DES INVESTISSEMENTS

1. Chacune des Parties Contractantes s'engage à assurer sur son territoire aux investissements des investisseurs de l'autre Partie un traitement juste et équitable qui n'est pas moins favorable que celui qu'elle accorde aux investissements de ses propres investisseurs, conformément à ses lois et réglements, ou aux investissements des investisseurs d'un Etat tiers, si ce dernier est plus favorable.

2. Le traitement visé ci-dessus ne s'étend toutefois pas aux priviléges qu'une Partie Contractante accorde aux investisseurs d'un Etat en vertu de sa participation ou de son association à une zone de libre échange, une union douaniére, un marché commun ou toute autre forme d'organisation économique régionale, ou un Accord international similaire ou une Convention tendant à éviter la double imposition en matiére fiscale ou toute autre convention en matiére d'impôts.

3. Les investissements réalisés par les investisseurs de l'une des Parties Contractantes sur le territoire de l'autre Partie Contractante bénéficient de la part de cette derniére d'une pleine protection et d'une entiére sécurité. Chaque Partie Contractante s'engage, sans préjudice à ses lois et réglements, à s'assurer que la gestion, l'entretien, l'utilisation, la jouissance ou la cession, sur son territoire, des investissements de l'autre Partie Contractante ne soient pas entravés par des mesures injustifiées ou discriminatoires.

4. L'extension, la modification ou la transformation d'un investissement, effectuées conformément aux lois et réglements en vigueur dans le pays hôte sont considérées comme un investissement.

ARTICLE 5 – COMPENSATION POUR PERTES

1.  Les investisseurs d'une Partie Contractante dont les investissements réalisés sur le territoire de l'autre Partie Contractante qui ont subi des pertes dues à la guerre ou à tout autre conflit armé, révolution, état d'urgence national, révolte, insurrection ou émeute survenus sur le territoire de cette derniére Partie Contractante, bénéficieront, de la part de celle-ci, en ce qui concerne la restitution, l'indemnisation, la compensation ou tout autre réglement, d'un traitement non moins favorable que celui qu'elle accorde à ses propres investisseurs ou aux investisseurs d'un quelconque Etat tiers. Les paiements en résultant seront librement transférables au taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

2.  Sans préjudice de l'alinéa (1) du présent article, les investisseurs d'une Partie Contractante qui, dans l'une des situations visées par ledit alinéa, ont subi des pertes sur le territoire de l'autre Partie Contractante du fait:

(a) de la réquisition de leurs avoirs par ses forces ou ses autorités, ou

(b) de la destruction de leurs avoirs par ses forces ou ses autorités, qui ne résultait pas de combats ou n'était pas requise par la situation, se verront accorder une restitution ou une compensation adéquate. Les paiements en résultant seront librement transférables au taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

ARTICLE 6 – EXPROPRIATION ET INDEMNISATION

1.  Les investissements des investisseurs d'une Partie Contractante ne seront pas nationalisés, expropriés ou soumis à des mesures ayant des effets équivalents à une nationalisation ou à une expropriation sur le territoire de l'autre Partie Contractante, si ce n'est pour des motifs d'intérêt public et à condition que ces mesures soient conformes aux prescriptions légales, qu'elles ne soient pas discriminatoires et qu'elles donnent lieu au prompt versement d'une indemnité effective et adéquate. L'indemnité correspondra à la valeur du marché de l'investissement concerné à la veille du jour où les mesures sont prises ou rendues publiques, le premier de ces faits étant déterminant. Elle inclura en outre le cas échéant des intérêts calculés à un taux commercial normal jusqu'à la date du paiement, sera pleinement réalisable et librement transférable sur la base du taux de change applicable à la date du transfert conformément aux régles de change en vigueur.

2.  L'investisseur concerné par l'expropriation aura le droit de faire procéder à un prompt réexamen, dans un delai de six mois à compter du jour de la publication de la valeur de l'indemnisation, selon la législation de la Partie Contractante qui exproprie, par une autorité judiciaire ou une autre autorité indépendante acceptée par les deux parties, de son cas et de l'estimation de son investissement conformément aux principes énoncés dans le présent article.

3.  Si une Partie Contractante exproprie les avoirs d'une société enregistrée ou constituée conformément à la législation en vigueur sur son territoire et dans laquelle des investisseurs de l'autre Partie Contractante détiennent des parts, elle fera en sorte et conformément à sa législation, que ces investisseurs soient indemnisés en conformité avec l'alinéa (1) du présent article.

ARTICLE 7 – TRANSFERTS

1.  Chaque Partie Contractante sur le territoire de laquelle des investissements ont été réalisés par des investisseurs de l'autre Partie Contractante, garantit le libre transfert sans délais en monnaie convertible des avoirs liquides nets afférents à ces investissements, mais non exclusivement:

(a) des bénéfices, dividendes, intérêts, redevances et autres revenus courants;

(b) des sommes nécessaires au remboursement d'emprunts relatifs à l'investissement;

(c) du produit de la cession ou de la liquidation totale ou partielle de l'investissement en incluant les plus-values du capital investi;

(d) des indemnités dues en application des articles 5 et 6;

(e) des salaires et autres rémunérations revenant aux citoyens d'une Partie Contractante qui ont été autorisés à travailler sur le territoire de l'autre Partie Contractante au titre d'un investissement.

2.  Les transferts visés au paragraphe 1 seront effectués au taux de change du marché à la date du transfert, conformément à la réglementation en vigueur dans les Parties Contractantes.

ARTICLE 8 – SUBROGATION

1. Si en vertu d'une garantie légale ou contractuelle couvrant les risques non commerciaux des investissements, des indemnités sont payées à un investisseur de l'une des Parties Contractantes, l'autre Partie Contractante reconnaît la subrogation de l'institution désignée dans les droits de l'investisseur indemnisé.

2. Conformément à la garantie donnée par l'investissement concerné, l'institution désignée est admise à faire valoir tous les droits que l'investisseur aurait pu exercer si ladite institution ne lui avait pas été subrogée.

3. Le transfert des sommes résultant de la subrogation ci-dessus sera régi par les dispositions de l'article 7.

4. Tout différend entre une Partie Contractante et l'institution subrogée à l'autre Partie Contractante sera réglé conformément aux dispositions de l'article 10 du présent Accord.

ARTICLE 9 – REGLEMENT DES DIFFERENDS ENTRE LES PARTIES CONTRACTANTES

1. Tout différend entre les Parties Contractantes au sujet de l'interprétation ou de l'application du présent Accord sera réglé, entre les deux Parties Contractantes par la voie diplomatique.

2. Si le différend ne peut être réglé par voie diplomatique dans un délai de six mois à compter du commencement des négociations, il est soumis à un tribunal arbitral, à la demande de l'une des Parties Contractantes.

3. Ledit tribunal sera constitué de la maniére suivante:

Chaque Partie Contractante désigne un arbitre, et les deux arbitres désignent ensemble un troisiéme arbitre qui sera ressortissant d'un Etat tiers ayant des relations diplomatiques avec les deux Parties Contractantes, comme Président du tribunal. Les arbitres doivent être désignés dans un délai de trois mois, à compter de la date à laquelle l'une des Parties Contractantes a fait part à l'autre Partie Contractante de son intention de soumettre le différend à un tribunal arbitral. Les arbitres ont trois mois pour désigner le Président.

4. Si les délais fixés au paragraphe (3) ci-dessus n'ont pas été observés, l'une ou l'autre Partie Contractante invitera le Président de la Cour Internationale de Justice à procéder aux désignations nécessaires. Si le Président de la Cour Internationale de Justice posséde la nationalité de l'une des Parties Contractantes, ou s'il est empêché d'exercer cette fonction, le Vice-Président de la Cour Internationale de Justice sera invité à procéder aux nominations nécessaires. Si le Vice-Président posséde la nationalité de l'une des Parties Contractantes ou bien s'il est empêché d'exercer son mandat, le membre le plus ancien de la Cour Internationale de Justice qui n'est ressortissant d'aucune des Parties Contractantes, sera invité à procéder auxdites nominations.

5. Le tribunal arbitral statue sur la base des dispositions du présent Accord, des régles et principes du Droit International. La décision du tribunal sera adoptée à la majorité des voix. Elle sera définitive et obligatoire pour les Parties Contractantes. Chaque Partie Contractante prendra à sa charge les frais de l'arbitre qu'elle a désigné et de sa représentation dans la procédure arbitrale, ainsi que la moitié des frais du Président du tribunal et des autres frais.

6. Excepté ce qui précéde, le tribunal établira lui-même ses propres régles de procédure.

ARTICLE 10 – REGLEMENT DES DIFFERENDS RELATIFS AUX INVESTISSEMENTS

1. Tout différend relatif aux investissements entre une Partie Contractante et un investisseur de l'autre Partie Contractante sera réglé, autant que possible à l'amiable, par consultations et négociations entre les Parties au différend.

2. A défaut d'un réglement à l'amiable par arrangement direct entre les Parties au différend dans un délai de 6 mois, à compter de la date de sa notification écrite, le différend est soumis au choix de l'investisseur:

(a) soit au tribunal compétent de la Partie Contractante sur le territoire de laquelle l'investissement a été réalisé;

(b) soit pour un arbitrage au Centre International pour le Réglement des Différends relatifs aux Investissements, (C.I.R.D.I), créé par la "Convention Pour le Réglement des Différends Relatifs aux Investissements entre Etats et ressortissants d'autres Etats", ouverte à la signature à Washington le 18 mars 1965.

 A cette fin, chacune des Parties Contractantes donne son consentement irrévocable à ce que tout différend relatif au montant de la compensation inhérente à l'expropriation soit soumis à cette procédure d'arbitrage. Les autres différends seront soumis à cette procédure avec le consentement des deux Parties.

(c) soit à un tribunal arbitral Ad-Hoc qui, à défaut d'autre arrangement entre les Parties au différend, sera constitué conformément aux régles d'arbitrage de la Commission des Nations Unies pour le Droit Commercial International (CNUDCI)

3. Aucune des Parties Contractantes, Partie à un différend, ne peut soulever d'objection, à aucun stade de la procédure d'arbitrage ou de l'exécution d'une sentence arbitrale, du fait que l'investisseur, Partie adverse au différend, a perçu une indemnité couvrant tout ou partie de ses pertes en vertu d'une police d'assurance.

4. Le Tribunal arbitral statuera sur la base du droit national de la Partie Contractante, partie au différend, sur le territoire de laquelle l'investissement est situé, ainsi que sur la base des régles relatives aux conflits de lois, des dispositions du présent Accord, des termes des Accords particuliers qui seraient conclus au sujet de l'investissement ainsi que des principes du droit international.

5. Les sentences arbitrales sont définitives et obligatoires pour les Parties au différend. Chaque Partie Contractante s'engage à exécuter ces sentences en conformité avec sa législation nationale.

6. Chaque partie prendra à sa charge les frais de l'arbitre qu'elle a désigné et de sa représentation dans la procédure arbitrale. Les frais du Président du tribunal pour sa fonction, ainsi que les autres frais du tribunal arbitral, seront pris en charge de maniére égale par chacune des parties.

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