WORLD INTELLECTUAL PROPERTY ORGANIZATION UNITED INTERNATIONAL BUREAUX FOR THE PROTECTION OF INTELLECTUAL PROPERTY GENEVA

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1 WIPO MM I A (Exr.) /Ill/ 4 MM I CDIR (Exr.)/111/ 4 ORIGINAL: French DATE: November 30, 1972 WORLD INTELLECTUAL PROPERTY ORGANIZATION UNITED INTERNATIONAL BUREAUX FOR THE PROTECTION OF INTELLECTUAL PROPERTY GENEVA SPECIAL UNION FOR THE INTERNATIONAL REGISTRATION OF MARKS (MADRID UNION) ASSEMBLY AND COMMITTEE OF THE DIRECTORS Third Exraordinary Sessions Geneva, November 29, 1972 Opening of he Session REPORT prepared by he Secrearia 1.. The Assembly of he Madrid Union (hereinafer referred o as "he Assembly") and he Commiee of he Direcors of he Naional Indusrial Propery Offices of he Madrid Union (hereinafer referred o as "he Commiee") held heir hird exraordinary sessions joinly, in Geneva, on November 29, The following Saes members of he Assembly were represened: Algeria, Czechoslovakia, Germany (Federal Republic), Hungary, Ialy, Luxembourg, Neherlands, Porugal, Swizerland. Belgium, France, Liechensein, Monaco, Morocco, Romania, Spain and Yugoslavia were no represened. The following Saes members of he Commiee were represened: Ausria, Egyp, San Marino. The Republic of Vie-Nam and Tunisia were no represened. The lis of paricipans is aached o his repor. 3. The session was opened by he Direcor General of WIPO, Professor G.H.C. Bodenhausen. Elecion of Officers 5. The Assembly and he Commiee unanimously eleced Mr. J.-P. Hoffmann (Luxembourg) as Chairman and Mr. E. Tasnadi (Hungary) and Mr. T. Lorenz (Ausria) as Vice-Chairmen. 6. Mr. J. Voyame (WIPO) aced as Secreary o he Assembly and he Commiee. Consideraion of he Quesion of Invesmen of he Reserve Fund 7. The Assembly and he Commiee considered he quesion of invesmen of he Madrid Union's reserve fund, on he basis of documen MM/A(Exr.)/III/2 - MM/CDIR(Exr.)/III/2. 8. The Secrearia informed he meeing ha since ha documen had been disribued he following wo evens had aken place: firs, he Governmen of he Swiss Confederaion had agreed o accep all or par of he holdings of he Madrid Union reserve fund a an ineres rae which would a presen

2 MM/A(Exr.)/III/4 MM/CDIR(Exr.)/III/4 page 2 be 5~% (see documen MM/A(Exr.)/III/2- MM/CDIR(Exr.)/III/2, paragraphs 10 and 16(i~; secondly, he building whose purchase had been conemplaed (see documen MM/A(Exr.)/III/2 - MM/CDIR(Exr.)/III/2, paragraphs 11 and 16(iii)) had been sold in he inerval o anoher ineresed pary and was herefore no longer available for he Madrid Union's purposes. 9. In response o quesions from various delegaions concerning he role of he Madrid Union reserve fund, he Secrearia explained ha i was no a working capial fund, curren cash requiremens being me, where necessary, by advances from oher Unions or from he Swiss Governmen. The reserve fund was inended o cover he def~cis of he Madrid Union, paricularly in he case of a considerable and unexpeced fall in he number of marks regisered or regisraions renewed; for example, he reserve fund had covered a defici of 185,000 Swiss francs in 1967 and 200,000 Swiss francs in As o he invesmen policy wih regard o he holdings of he reserve fund, he Assembly and he Commiee agreed ha such holdings should be placed in Swizerland, eiher in buildings siuaed in Swizerland or in bonds or holdings sipulaed in Swiss francs. They ook accoun, in his connecion, of he fac ha WIPO benefied from ax exempion in Swizerland and ha such exempion was no guaraneed in he oher counries, and furhermore ha all WIPO's accouns were kep and paymen made in Swiss francs. The Assembly and he Commiee also hough ha he fac of owning buildings in Geneva or on he ouskirs seemed o offer all he necessary guaranees of securiy and profiabiliy and would have he addiional advanage of making i easier for he Inernaional Bureau of WIPO o provide aparmens for is saff members. As o he possibiliy of invesing he holdings of he reserve fund in currencies oher han he Swiss franc, he Assembly and he Commiee were of he opinion ha such a possibiliy could be conemplaed laer a he righ momen. 11. As o he apporionmen of he invesmens, he Assembly and he Commiee considered ha, in order o mee cash requiremens, approximaely half of he reserve fund should be available a shor noice whereas he oher half could be invesed in real esae. Such an apporionmen would a he same ime have he advanage of spreading he risk. 12. Wih regard o shor-erm invesmens, he Assembly and he Commiee were of he opinion ha he mos favorable soluion seemed, a he momen, o be o deposi he holdings wih he Swiss Governmen a an ineres rae sanding a presen a 5~%. The Delegaion of Swizerland said, in his connecion, ha such a deposi was regarded as a curren accoun, so ha he amouns deposied would be availabl~ on demand. I also recalled ha he rae of ineres was subjec o flucuaion as i was calculaed each year on he basis of he yield from Swiss Confederaion and canonal bonds, of he average rae of ineres of he canonal morgage banks, and of he average rae of ineres on bonds and obligaions of he main Swiss banks. I would probably be reduced o 5~% or even 5% in The grea advanage of real esae invesmen was sressed by several delegaions. The Delegaion of Swizerland poined ou ha he purchase of buildings in Swizerland would no be subjec o he resricions inroduced by he Swiss Governmen in view of he fac ha inergovernmenal organizaions having a headquarer~ agreemen wih ha Governmen were no subjec o hose resricions. The Assembly and he Commiee were of he opinion, however, ha he procedure proposed in documen MM/A(Exr.)/III/2 - MM/CDIR(Exr.)/III/2, paragraph 16(iv), was oo lenghy and migh resul in missing an opporuniy where ransacions ofen had o be seled speedily. They herefore hough i preferable ha he Inernaional Bureau should ac independenly and repor o hem a heir nex ordinary sessions. 14. Finally, he Assembly and he Commiee decided as follows: (a) The Direcor General is invied o deposi he holdings of he Madrid Union reserve fund wih he Swiss Confederaion in he condiions indicaed in e. I I

3 , MM/A(Exr.)/III/4 MM/CDIR(Exr.)/III/4 page 3 do.cumen MM / A(Exr.) / III/ 2 - MM/CDIR(Exr.) / III/ 2, paragraph 16(i), i being. undersood ha he rae of ineres, which is a presen 5~%, is subjec o flucuaion. (b) The Direcor General is invied o purchase on behalf of WIPO--such purchase o be reaed,.for he purpose of WIPO' s accouning, as par of he reserve fund of he Madrid Union--one or more aparmen buildings, he sum invesed in such purchase or purchases o represen approximaely half of he Madrid Union reserve fund; he buildings purchased should as far as possible be of he same ype as ha described in documen MM/A(Exr.)/III/2- MM/CDIR(Exr.)/III/2. (c) The Direcor General is invied o repor on hese operaions o he Assembly and o he Commiee a heir nex ordinary sessions. Adopion of he Repor of he Sessions 15. This repor wa.s unanimously adoped on November 29, LAnnex follow~/

4 MM/A(Exr.)/III/4 - Annexe/ Am., ex MM/CDIR(Exr.)/III/4 LISTE DES PARTICIPANTS/LIST OF PARTICIPANTS I. ETATS PARTIES A L'ARRANGEMENT DE MADRID STATES MEMBERS OF THE MADRID AGREEMENT ALGERIE/ALGERIA Mme G. SELLALI, Secreaire d'ambassade, Mission permanene, Geneve ALLEMAGNE (REPUBLIQUE FEDERALE)/GERMANY (FEDERAL REPUBLIC) M. S. SCHUMM, Conseiller, Mission permanene, Gen ve AUTRICHE/AUSTRIA M. T. LORENZ, Vorsizender Ra, Paenam, Vienne EGYPTE/EGYPT e. M. S.A. ABOU-ALI, Deuxieme Secreaire, Mission permanene, Geneve HONGRIE/HUNGARY / M. E. TASNADI, Presiden de l'office naional des invenions, Budapes ITALIE/ITALY M. V. OLIVA, Chef de Division, Minisere de 1' Indusrie, du Commerce e de l'arisana, Rome LUXEMBOURG M. J.P. HOFFMANN, Chef du Service de la propriee indusrielle, Luxembourg PAYS-BAS/NETHERLANDS M. E. VAN WEEL, Vice-presiden du Conseil des breves, LaHaye PORTUGAL M. J. VAN-ZELLER GARIN, Adjoin ala Direcion generale du Commerce, Lisbonne SAINT-MARIN/SAN MARINO M. J. MUNGER, Chancelier, Delegaion permanene, Geneve SUISSE/SWITZERLAND M. P. BRAENDLI, Sous-direceur du Bureau federal de la propriee inellecuelle, Berne M. P. ERNST, Chef de Secion, Adminisraion federale des finances, Berne TCHECOSLOVAQUIE/CZECHOSLOVAKIA M. v. VANIS, Vice-presiden de l'office des breves e des invenions, Prague M. J. PROSEK, Chef de la Secion des marques inernaionales, Prague

5 I '..., Anne.xe/Annex MM/A(Exr.)/III/4 - MM/CDIR(Exr.)/III/4 page 2 II. BUREAU DES SESSIONS EXTRAORDINAIRES/BUREAU OF THE EXTRAORDINARY SESSIONS Presiden : M. J.P. HOFFMANN (Luxembourg) Vice-presidens : M. T. LORENZ (Auriche) M. E. TASNADI (Hongrie) Secreaire Prof. J. VOYAME III. ORGANISATION MONDIALE DE LA PROPRIETE INTELLECTUELLE (OMPI)/WORLD INTELLECTUAL PROPERTY ORGANIZATION (WIPO) Prof. G.H.C. BODENHAUSEN, Direceur general Dr A. BOGSCH, Premier Vice-direceur general Prof. J. VOYAME, Second Vice-direceur general M. B.A. ARMSTRONG, Conseiller superieur, Chef de la Division adminisraive {Fin de l'annexe/end of anne~/ {Fin du documen/end of documen!:.l

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