STATUTE
Organization for Investment, Economic and Technical Assistance of Iran
CHAPTER I
General
Article 1
The Organization for Investment and Economic and Technical Assistance of Iran (hereinafter called the Organization ) shall , in accordance with the provisions hereof , be administered for the purpose of centralizing , regulating and conducting matters relating to foreign investments in Iran , Iran’s investments abroad , the grant of loans and credits to governments and foreign and international institutions , economic and technical assistance , as well as the receipt of foreign loans and credits. The Organization shall in each case perform the functions herein mentioned in accordance with the pertinent laws and regulations.
Article 2
The Organization is domiciled in Tehran and may , in the performance of its lawful functions , establish representative offices abroad , wherever deemed necessary , and upon the approval of the state Organization for Administration and Employment Affairs, Furthermore , it may , with due regard to the note 2 of article 5 of the law for establishment of the Ministry of Economic Affairs and Finance, set up in Iran or abroad companies and financial institutions and invest in and enter into partnership with other public or private companies or accept investment and participation by natural and juridical persons in financial institutions and companies established by the Organization.
Article 3
Allocations shall be made available to the Organization for the grant of loans and credits to other governments and foreign and international institutions, for Iran s investments abroad and for economic and technical assistance by Iran shall be provided annually in the national general budget pursuant to the proposals made by the ministry of Economic Affairs and Finance.
Article 4
All assets acquired through investments aboard out of the budgetary allocations mentioned in Article 3 hereof, whether through direct investment or negotiation and exchange of securities, shall belong to the government.
The Ministry of Economic Affairs and Finance shall represent the government of Iran in respect of the said assets and may under his own responsibility delegate to other person/s all or part of the authorities referred to in this article
4.
CHAPTER II
Functions & Authorities
Article 5
The functions and authorities of the Organization are as follows:
1. Conduct of matters elated to the attraction and protection of foreign investments as well as the determination of the maximum foreign participation in different fields of investment in Iran.
2. Conduct of matters related to Iran s investments abroad, negotiation and exchange of securities and conclusion of necessary contracts.
3. Conduct of matters related to economic assistance and the grant of any loans and credits to governments and foreign and international institutions.
4. Conduct of matters related to obtaining loans and credits from abroad.
5. Collection of the principal of loans and credits and as well as the interest, fees and other charges accruing to the loans and credits granted to governments and foreign and international institutions.
6. Repayment of the principal of loans and credits and payment of interest,
fees and other charges accruing to the loans and credits received by the Government form abroad.
7. Planning and supervision over the implementation of Iran s foreign technical assistance programs in cooperation with the relevant organizations.
8. Partnership and cooperation with international financial organizations in respect of the grant of loans and credits to foreign governments and institutions.
9. Supervision over the proper implementation of agreements concluded for the grant of loans and credits, economic and technical assistance, and investment.
10. Supervision over the proper implementation of agreements concluded for obtaining foreign loans and credits by the Government.
11. Adoption of policies and measures deemed necessary for the proper performance of the legal functions of the Organization.
12. Subject to the approval of its High Council, the Organization may delegate all or part of its functions and authorities, particularly in executive matters, to qualified institutions, who shall act as the agencies of the Organization.
CHAPTER III
Organs
Article 6
The organs of the Organization shall be as follows:
A- The High Council
B- The Technical Board.
C- The President
Article 7
The High Council of the Organization shall be composed of the Minister of Economic Affairs and Finance , the Ministry of Foreign Affairs, the Minister of state in Charge of the Plan and the Minister of Agriculture and Natural Resources , and Finance shall be the chairman of the High Council.
Article 8
The Functions and authorities Of the High Council shall as follows:
1. Determination of Operating procedures and the general polices of the Organization.
2. Approval of the annual plans and budget of the Organization.
3. Review and comments on reports on the activities of the Organization.
4. Approval of Iran"s foreign investment projects, grant of foreign loans and Iran"s economic and technical assistance.
5. Determination of policies and criteria as well as approval of programs in respect of foreign investments in Iran.
6. Referral of claims to arbitration, appointment of arbitrators and amicable settlement of disputes,
7. Review of and decision on other matters related to the functions of the organization as appearing on the agenda of the High Council.
Article 9
The High Council shall be convened by the Minister of Economic Affairs and Finance. The quorum of the High Council shall consist of the presence of at least three of its members and the resolutions of the High Council shall be validly adopted by three affirmative votes.
Article10
For the purpose of reviewing and commenting on projects relate to Iran’s investments abroad, the great of foreign loans and economic and technical assistance aboard , as well as the proposals in relation thereto for the approval of the High Council , a Technical Board shall be convened and be composed of the following authorities:
1. The Vice – Minister for Investment and Foreign Assistance, Ministry of Economic Affairs and Finance
2. The Vice - Minister of Foreign Affairs
3. The Vice - President of the Plan and Budget Organization
4. The Vice - Minister of Agriculture and Natural resources, and
5. The Vice Minister of Industries and Mines
The Vice – Minister for Investment and Foreign Assistance of the Ministry of Economic Affairs and Finance shall be the Chairman of the Technical Board and shall convene its meetings .
The chairman of the Technical Board may invite representatives of other ministries and agencies to participate in the meetings of the Board, if necessary.
Article11
The Vice – Minister for Investment and Foreign Assistance of the Ministry of Economic Affairs and Finance shall act as the President of the Organization.
Article12
The Presidentof the Organization shall be the highest executive authority and shall be responsible for the proper administration of all matters and the safeguarding of all the rights, interests and assets of the Organization. Subject to the relevant rules and regulations, he shall have full powers to manage the financial, administrative and personnel affairs of the Organization. The President shall also have the following duties authorities.
1. Enforcement of the decisions of the High Council,
2. Preparation of the budget and plans of the Organization and their proposal to the High Council.
3. Preparation of reports on the Organization and Submission of the same to the High Council.
4. Representation of the Organization vis-à-vis third parties and before judicial and other authorities, both in the country and aboard, with the right to appoint attorney /s ; and
5. Recommendation to the High Council of referral of claims to arbitration, appointment of arbitrator/ s and amicable settlement of disputes.
Note: The President of the Organization may, at his own responsibility, delegate a part of his authorities to his assistants and / or other Organization personnel. Pursuant to Article 5, Note 1 of the law Establishing the Ministry of Economic Affairs and finance, the above statues, consisting of twelve Articles and one Note was adopted by the Employment and Economic Affairs Committees of the senate on Monday, June 2, 1975, after its adoption by the Employment, Administrative and Economic Affairs and Finance Committees of the National Consultative Assembly on Tuesday, May 27, 1975.