Treaty on Global Currency Transactions Tax

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Treaty on Global Currency Transactions Tax

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PART V FINAL CLAUSES

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[Final Clauses]

[Final Clauses]

ARTICLE 21 SETTLEMENT OF DISPUTES

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Any dispute between two or more Contracting States relating to the interpretation or application of this Treaty which is not settled through negotiations within three months of their commencement shall be referred to the Council. The Council may itself seek to settle the dispute or may take recommendations on further means of settlement of the dispute, including referral to the Democratic Assembly or to the International Court of Justice in conformity with the Statute of that Court.

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ARTICLE 22 RESERVATIONS

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No reservations may be made on this Treaty.

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[Nothing in this Treaty shall be construed to restrict an obligation of a Contracting State Party under the Treaty establishing the European Community, concluded on 25 March 1957 in Rome, as amended from time to time]

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ARTICLE 23 AMENDMENTS

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§1 After the expiry of seven years from the entry into force of this Treaty, any Contracting State may propose amendments thereto. The text of any proposed amendment shall be submitted to the Secretary-General of the United Nations, who shall promptly circulate it to all Contracting States.

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§2 No sooner than three months from the date of notification, the Democratic Assembly, at its next meeting, shall, by a majority of those presents and voting, decide whether to take up the proposal. The Democratic Assembly may deal with the proposal directly or convene a Review Conference if the issue involved so warrants.

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§3 The adoption of an amendment at a meeting of the Democratic Assembly or at a Review Conference on which consensus cannot be reached shall require a two-third majority of Contracting States.

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§4 Except as provided in paragraph 5, an amendment shall enter into force for all Contracting States one year after instruments of ratification or acceptance have been deposited with the Secretary-General of the United Nations by seven-eighths of them.

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§5 Any amendment to articles of this Treaty shall enter into force for those Contracting States, which have accepted the amendment one year after the deposit of their instruments of ratification or acceptance.

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§6 If an amendment has been accepted by seven-eighths of Contracting States in accordance with paragraph 4, any Contracting State which has not accepted the amendment may withdraw from this Treaty with immediate effect, notwithstanding article 28 § 1 but subject to article 28 § 2, by giving notice to the Secretary General of the United Nations of a two years period of re-consideration.

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§7 The Secretary-General of the United Nations shall circulate to all Contracting States any amendment adopted at a meeting of the Democratic Assembly or at a Review Conference.

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§8 Amendments to provisions of this Statute, which are of an exclusively institutional nature, may be proposed at any time, notwithstanding article by any Contracting State. The text of any proposed amendment shall be submitted to the Secretary-General of the United Nations or such other person designated by the Democratic Assembly who shall promptly circulate in to all Contracting States and to others participating Democratic Assembly.

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§9 Amendments under this article § 8 on which consensus cannot be reached shall be adopted by the Democratic Assembly or by a Review Conference, by a two-third majority of Contracting States. Such amendments shall enter into force for all Contracting States six months after their adoption by the Democratic Assembly or, as the case may be, by the Conference.

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ARTICLE 24 REVIEW OF THE TREATY

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§1 When the Contracting States account for at least [90%] of the Global Currency Exchange Markets as established by the Council, Bureau shall convene a Review Conference to consider any amendments to this Statute. The Conference shall be open to those participating in the Democratic Assembly and on the same conditions.

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§2 At any time thereafter, at the request of a Contracting State and for the purposes set out in paragraph 1, the Secretary-General of the United Nations shall, upon approval by a majority of Contracting States, convene a Review Conference.

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§3 The provisions of article 23, shall apply to the adoption and entry into force of any amendment to the Statute considered at a Review Conference.

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ARTICLE 25 SIGNATURE, RATIFICATION, ACCEPTANCE, APPROVAL OR ACCESSION

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This Treaty shall be open for signature by all States in New York, at the United Nations Headquarters.

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§1 This Treaty is subject to ratification, acceptance or approval by signatory States. Instruments of ratification, acceptance or approval shall be deposit with the Secretary-General of the United Nations.

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§2 This Treaty shall be open to accession by all States. Instruments of accession shall be deposited with the Secretary-General of the United Nations.

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ARTICLE 26 THE PREPARATORY GROUP

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§1 Until the entry into force of the Treaty there shall be a Preparatory Group comprised of the Signatories to the Treaty.

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§2 The preparatory Group shall:

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a. prepare for entry into force of the Treaty

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b. Prepare for the establishment of the CTTO and the establishment of the Council and the secretariat, the Democratic Assembly and the Coalition of NGO's at the CTTO.

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c. The Preparatory Group shall elect a chair, who shall serve in a personal capacity.

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§3 The Preparatory Group shall establish its rules and procedures. Meetings shall be held at intervals to be determined by the Preparatory Group.

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§4 The Preparatory Group may receive and utilise volunteer contributions from governments, international organisations, individuals, corporation and other entities. It shall make public in annual accounts the reception and utilisation of the funds.

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ARTICLE 27 ENTRY INTO FORCE

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§1 This Treaty shall enter into force on the first day of the month after the 60^th day following the date of the deposit of the 30^th instrument of ratification, acceptance, approval or accession with the Secretary-General of the United Nations, or on the date on which the Preparatory Group has [established] that the Contracting States who have ratified the Treaty account for at least 20% of the global currency markets, whichever is later.

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§2 For each State ratifying, accepting, approving or acceding to this Treaty after the deposit of the 30^th instrument of ratification, acceptance, approval or accession, the Statute shall enter into force on the first day of the month after the 60^th day following the deposit by such State of its instrument of ratification, acceptance, approval or accession.

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ARTICLE 28 WITHDRAWAL

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§1 A Contracting State may, by written notification addressed to the Secretary-General of the United Nations, withdraw from this Treaty. The withdrawal shall take effect two years after the date of receipt of the notification, unless the notification specifies a later date.

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§2 A Contracting State shall not be discharged, by reason of its withdrawal, from the obligations arising from this Treaty while it was a Party to the Treaty, including any financial obligations, which may have accrued. Its withdrawal shall not affect any co-operation with the CTTO in connection with investigations and proceedings in relation to which the withdrawing State had a duty to co-operate and which have commenced prior to the date on which the withdrawal became effective, nor shall it prejudice in any way the continued consideration on any matter which was already under consideration by the CTTO prior to the date on which the withdrawal became effective.

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ARTICLE 29 AUTHENTIC TEXTS

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The original of this Statute, of which the Arabic, Chinese, English, French, Russian and Spanish texts are equally authentic, shall be deposit with the Secretary-General of the United Nations, who shall send certified copies thereof to all States

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IN WITNESS WHEREOF, the undersigned, being duly authorised there to by their respective Governments, have signed this Statute.

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DONE at [----], this [---]day of [----]

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"Support unfettered Open Standards and Open Sources for the foundations of the Information Technology Infrastructure" RA