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Agreement Specifying the Special Status of the Caisse Centrale de Cooperation Economique in the Republic of Vanuatu (Ratification) Act 1992

Commencement: 23 March 1993

REPUBLIC OF VANUATU

AGREEMENT SPECIFYING THE SPECIAL STATUS OF
THE CAISSE CENTRALE DE COOPERATION ECONOMIQUE IN THE
REPUBLIC OF VANUATU (RATIFICATION) ACT
NO. 21 OF 1992

Arrangement of Sections

1. Ratification.
2. Commencement.
Schedule

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REPUBLIC OF VANUATU

AGREEMENT SPECIFYING THE SPECIAL STATUS OF THE CAISSE CENTRALE DE COOPERATION ECONOMIQUE IN THE REPUBLIC OF VANUATU (RATIFICATION) ACT
NO. 21 OF 1992

Assent: 16/12/92
Commencement: 23/3/93

An Act to provide for the ratification of the Agreement made between the Republic of Vanuatu and the Caisse Centrale De Cooperation Economique specifying the special status of the Caisse Centrale de Cooperation Economique in the Republic of Vanuatu signed on the 20th day of November, 1981.

BE IT ENACTED by the President and Parliament as follows:-

RATIFICATION

1. (1) The Agreement made between the Republic of Vanuatu and the Caisse Centrale De Cooperation Economique specifying the special status of the Caisse Centrale De Cooperation Economique in the Republic of Vanuatu, signed in Paris on the 20th day of November, 1981 which is set out in the Schedule hereto is hereby ratified.

(2) The Agreement referred to in subsection (1) shall be binding on the Republic of Vanuatu in accordance with the terms thereof.

COMMENCEMENT

2. This Act shall come into force on the date of its publication in the Gazette.

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AGREEMENT SPECIFYING THE SPECIAL STATUS
OF THE
CAISSE CENTRALE DE COOPERATION ECONOMIQUE
IN THE REPUBLIC OF VANUATU

BETWEEN

- The Government of the REPUBLIC OF VANUATU

represented by Hon. Walter Lini, Prime Minister and Minister of Foreign Affairs

on the one hand,

AND

- THE CAISSE CENTRALE DE COOPERATION ECONOMIQUE
Public establishment with head offices at:
233 Boulevard Saint-Germain, PARIS 7ème,
(hereinafter referred to as "CAISSE CENTRALE")

represented by

on the other hand,

Whereas CAISSE CENTRALE is a public establishment whose activity, within the framework of French bilateral aid, is to provide its assistance in the development of the Republic of VANUATU under conditions precluding any profit motive, and in accordance with its activities it cannot be considered as a private institution with a commercial character.

The Parties have agreed to the following:

Article 1 -

CAISSE CENTRALE shall enjoy all legal rights as a corporate entity on the territory of the Republic of VANUATU. Without prejudice to the laws of the Republic of VANUATU in such matter, it may build, acquire, sell, or take under lease, the buildings necessary for all its activities and for the housing of its representatives.

Article 2 -

CAISSE CENTRALE is not subject to regulations applicable to the banks and financial institutions of the Republic of VANUATU. Nevertheless CAISSE CENTRALE shall give to the CENTRAL BANK of VANUATU all information that the CENTRAL BANK may require in order to keep its statistical tables.

Article 3 -

CAISSE CENTRALE is exempt from all duties, direct or indirect taxes of any kind, relating to its activities in the Republic of VANUATU with the exception of land taxes.

Article 4 -

CAISSE CENTRALE is authorized to the duty-free importation of the vehicles furniture and equipment necessary for its operations as a corporate entity in the Republic of VANUATU.

Article 5 -

CAISSE CENTRALE is authorized to transfer freely to France all sums representing interest and proceeds accruing to it, as well as those deriving from loan repayments, the resale of its shareholdings or its buildings or, in general, from the completion of operations carried out as part of its activities.

Article 6 -

CAISSE CENTRALE shall be free to determine its staff and qualifications of the personnel which it feels necessary for the operation of its departments.

All assistance shall be provided by the competent authorities of the Republic of VANUATU to allow its expatriate representatives to reach their posts with their families and to reside in the Republic of VANUATU.

Regarding Immigration rules and registration of expatriates, these representatives and their families shall have the same facilities as those applicable to representatives of International Institutions working in the Republic of VANUATU.

The same facilities will be extended to CAISSE CENTRALE representatives on temporary missions to the Republic of VANUATU.

Article 7 -

Representatives of CAISSE CENTRALE are exempt from income tax. They may transfer their savings to France.

These representatives, who benefit from a social security and pension scheme belonging to this institution are not subject to programs of the same type applicable in the Republic of VANUATU. Concerning these representatives, CAISSE CENTRALE shall not be liable to any contribution levied on employers under such schemes.

Article 8 -

Supplementary agreements may be concluded between the Parties, should this be required by the interpretation of this agreement or its implementation procedures.

Article 9 -

This agreement shall come into force on the date of its signature.

It shall be written in four original copies, two of which shall be intended for the Government of the Republic of VANUATU and the remaining two shall be intended for the CAISSE CENTRALE.

PARIS November the 20th, 1981.

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