| Foreign Investment Law |
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Chapter V - Final & Transitory Provisions Article 49 - Competent Body
ARTICLE 49 The body responsible for ensuring the implementation of national policy In the area of foreign investment, as well as for promoting, coordinating, guiding and monitoring foreign investment, is the Foreign investment Bureau, Instituted by decree NC 6/89 of 1st April, under the guidance of the Minister of planning end Economic Coordination, which is responsible for nominating the Bureau's directors. ARTICLE 50 1 Foreign investments in the areas of oil production and diamond mining and in the area of financial institutions shall be governed by special legislation. 2. Investments referred to in the section above shall benefit from the protection and have the general obligations Covered in this Law. ARTICLE 51 1. This Law and its regulations do not apply to Investments authorized prior to its coming into effect, which investments shall remain unchanged until their respective termination, to be governed by the provisions of the legislation and the specific terms or contracts by which. their authorization had been granted 2. However, foreign investors may make a request to the competent body to have their already approved projects reviewed and re-approved within the regime of this Law with the decision on this requests falling to the Minister of Planning and Economic Coord ination. 3. Investment plans submitted for analysis and approval up to the time that this Law comes into effect shell be analyzed and decided upon under the terms of this Law, making use of the procedures that have already been applied, with the necessary adaptati ons. ARTICLE 52 1 Law No. 13/88, of 16th June shall be revoked, as shall other legislation contrary to the provisions of this Law. 2. Current regulatory legislation relating to foreign investment insofar ca it Is not contrary to the provisions of this Law and Is not revised, shall continue to be applicable. ARTICLE 53 Rules and statutes repudiating this Law shall be passed by the Council of Ministers, which within a period of ninety days, shall review and bring up to date the current legislation, specifically Decree No. 6189 Of 1st April. ARTICLE 54 Disputes and omissions resulting from the interpretation and application of this Law shall be resolved by the National Assembly. ARTICLE 55 This Law shall come into effect fifteen days after its publication in the Diario da Republica. Reviewed and approved by the National Assembly. PRESIDENT OF THE REPUBLIC
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