of March 13, 1992
The State Parties of this agreement, confirming the commitment to accomplishment of the obligations following from the Agreement on legal succession concerning external public debt and assets of USSR of December 4, 1991
AGREED AS FOLLOWS:
The Russian Federation and Ukraine, being the main members of Interstate council on observation of debt servicing and use of assets of USSR, co-chair in Interstate council. Other members of Interstate council appoint the third cochairman on the basis of rotation.
The authorized bank provides the complete information about the transactions to Interstate council and its members.
Interstate council appoints on competitive basis of the independent auditor to whom any documentation of Authorized bank necessary for creation of the report provided to Interstate council, at least once a year is provided.
Vnesheconombank reserves the rights of Authorized bank. The corresponding changes given in Appendix to this Agreement for giving of the international nature to Authorized bank are made to the Charter of Vnesheconombank. Interstate council with the authorized representation of the parties remains the supreme body for Authorized bank. Interstate council creates the permanent supervisory body which is located in Moscow at the level of experts.
Votes of plenipotentiaries in Interstate council are distributed according to shares of the Parties in payments on repayment of external debt of the former USSR. Decisions of Interstate council are made at least, than 80 percent of votes of the members of council participating in meeting. Meetings of Interstate council are competent with the assistance of plenipotentiaries in them having at least 80 percent of votes.
Powers and functions of the Interstate commission on development of criteria and principles concerning distribution of all property of the former USSR abroad pass to Interstate council and activities of said commission stop.
The memorandum of understanding of October 28, 1991 will be open for signing on behalf of the governments of the State Parties of this agreement which did not sign the specified Memorandum.
This agreement becomes effective from the moment of its signing.
It is made in the city of Moscow on March 13, 1992 in one authentic copy in Russian. The authentic copy is stored in Archive of the Government of the Republic of Belarus which will send to the states which signed this agreement, its verified copy.
For the Government of the Republic of Armenia
For the Government of the Republic of Belarus
For the Government of the Republic of Kazakhstan
For the Government of the Republic Kyrgyzstan
For the Government of the Republic of Moldova
For the Government of the Russian Federation
For the Government of the Republic of Tajikistan
For the Government of Ukraine
to the Agreement on supplements to agreement on legal succession concerning external public debt and assets of USSR of March 13, 1992
Cochairmen will propose the candidacy of the vice-chairman of Bank for foreign debt service which will be confirmed with Interstate council.
The chairman of Bank or the vice-chairman of Bank will answer only to Interstate council on the questions of foreign debt service determined by the Memorandum of understanding of October 28, 1991, but not before Board or other body to which Vnesheconombank submits.
The general principles of foreign debt service will be determined by Interstate council, and more detailed rules of accomplishment of the principles will be developed by the Supervisory body.
In Vnesheconombank the special division independent of separately taken state which is responsible only for foreign debt service with accurately certain powers will be allocated.
Transactions on external debt and all financial flows relating to it will be separately registered, funds for foreign debt service will be considered on separate accounts.
Management expenses will be determined by debt, and they will become covered by the parties in proportion to their shares fixed in the Agreement of December 4, 1991.
All terms of this document are determined by the Memorandum of understanding of October 28, 1991.
Interstate council on observation of debt servicing and use of assets of USSR (MS) is created according to the Agreement on legal succession concerning external public debt and assets of USSR (further the Agreement) for the purpose of the solution of all questions connected with servicing and repayment of external debt of USSR, and also with management of currency debt for benefit of USSR and other assets of USSR and their realization.
The MS is created from among plenipotentiaries of Agreement parties. The party which unilaterally stopped payments on debt servicing without approval of other Parties - members of MS, loses the right of casting vote in MS and up to renewal of payments and repayment of the arisen debt acquires the status of the observer.
The MS is the supreme body of management of Vnesheconombank of the USSR *) (Authorized bank) which performs functions of the agent of the Parties which signed the Agreement in questions of debt management and assets of the former USSR. The MS at the level of experts creates the permanent supervisory body which is located in Moscow.
*) In Vnesheconombank the special division independent of separately taken state which is responsible only for foreign debt service with accurately certain powers will be allocated.
Members of MS are appointed by the supreme executive bodies of the Sovereign States.
Cochairmen of MS are plenipotentiaries of the Russian Federation and Ukraine, the third cochairman is appointed on the basis of rotation from the list of plenipotentiaries of other Parties.
The parties confer to MS powers on the following questions connected with implementation of the Agreement:
control over the implementation of obligations on debt of USSR and
asset allocation of USSR according to the Agreement;
carrying out inventory count and assessment of debts and assets of USSR;
decision making on operational settlement of obligations on
to debt of USSR and asset allocation of USSR;
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