By Dr. iur. Günther Jaenicke, Dr. iur. Erich Schanze LL.M., Wolfgang Hauser LL.M. (auth.)
The 3rd Uni ted countries convention at the Lawof the ocean is getting ready principles a long way the institution of a global criminal regime governing the exploration and exploitation of the assets of the foreign seabed. The Draft conference at the legislations of the ocean (Informal textual content) of 27 August 1980 which has up to now been the results of the negotiations throughout the previous classes of the convention, presents for a so-called "parallel process" less than which a global "Enterprise" as weIl as nationwide deepest or state-owned businesses might be granted entry to the assets of the overseas seabed lower than the keep watch over of a world Seabed Authority. The Draft conference additionally envisages the condusion of three way partnership agreements among the foreign company and nationwide businesses or consortia, and encourages such cooperation via provide ing quite a few incentives. Such joint ventures will most likely play a big half in making the foreign firm operative within the early years of its lifestyles. on the convention issues were expressed no matter if and whilst the firm as a newcomer will be able to commence seabed mining and to compete successfully with the nationwide businesses. The Draft conference presents for a few methods and capability to allow the company to improve its technological and fiscal features for deep sea mining as early as possible.
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56 5: Default and Force Majeure. . . . . . . .. 57 6: Termination ............................ 59 7: Dispute Settlement. . . . . . . . . . .. 60 8: Applicable Law ......................... 61 Part C Article 1: Formation of a Joint Company ........... Article 2: Principal Office ....................... Article 3: Capital Proportion . . . . . . . . . . .. Article 4: Initial Capital .......................... Article 5: Financing, Commercial Exploitation.
Tax reasons (e. g. US depletion allowance) might argue against incorporation. A compromise has to be struck in any particular case. Incorporation in a specific country presumes that the country is a member of the Convention. " shall have its principal office and effective management in ---. Commentary, Part C, Article 2. The place of the principal office should be at the place of incorporation. If the seat is to be selected in the dose vicinity of the mining operation, then the coastal states of the United States, Canada, Mexico or Hawaii are possible places for the principal office.
Article 23: Termination and Assignment ............ 40 80 81 82 83 84 85 86 87 88 90 General Definitions: 1. Affiliated Party A person shall be considered as an affiliate of another person if the first person, directly or through any third person or persons, controls, is controlled by, or is under common control with, the second person. The term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and the policies of a person, whether through the ownership of voting securities or by contract or otherwise.