| Preface |
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vii | |
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xiii | |
| Introduction |
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1 | (10) |
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Principles and Characteristics of the International Law of Trust Funds |
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11 | (52) |
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11 | (1) |
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The concept of an international trust fund |
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12 | (7) |
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Brief historical survey of pertinent domestic concepts |
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13 | (3) |
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Trusts in international legal parlance |
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16 | (3) |
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Trust funds versus traditional notions of sovereignty |
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19 | (2) |
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The sources of international trust fund law |
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21 | (3) |
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The foundational normative characteristics of international trust funds |
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24 | (12) |
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Trusts under international law are based on agreement |
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25 | (2) |
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The trust does not create rights or obligations for third parties |
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27 | (1) |
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No beneficiary right of action against the trustee |
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28 | (1) |
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The trustee is not an agent or proxy of the donor(s) |
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29 | (2) |
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The trustee possesses implied powers |
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31 | (1) |
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Trust funds may possess, but do not necessarily require, distinct legal personality |
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32 | (1) |
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The assets of the trust fund are in the trust ownership of the trustee |
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33 | (2) |
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The trust is by necessity an interventionist measure |
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35 | (1) |
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36 | (3) |
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Investment considerations |
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39 | (7) |
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International law trust funds as investment vehicles |
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39 | (5) |
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International funds subject to private law: the european investment fund |
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44 | (1) |
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Islamic finance law and trust fund investment policies |
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45 | (1) |
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Are international trusts arbitrable as opposed to their domestic law counterparts? |
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46 | (5) |
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The practice of trust fund dispute settlement |
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48 | (3) |
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Pledges, commitments and replenishments |
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51 | (7) |
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The legal nature of donors' pledges |
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52 | (3) |
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Trust funds' replenishments |
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55 | (1) |
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The practice and politics of earmarking |
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56 | (2) |
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Trust Funds' Fragmentation Issues |
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58 | (5) |
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Legal Bases of Trust Funds and Their Contractual Relationships with Donors and Trustees |
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63 | (50) |
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63 | (12) |
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Trust funds founded by multilateral treaties whose exclusive purpose is to establish a trust: a hierarchy of instruments |
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64 | (4) |
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The boundaries between treaty-based and resolution-based funds: a theoretical perspective |
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68 | (2) |
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Trust funds originating as provisions in treaties |
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70 | (4) |
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The formation of trusts on the basis of implied powers of an intergovernmental organisation or treaty organ |
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74 | (1) |
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75 | (18) |
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Interim trust fund accounts |
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76 | (1) |
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Permanent trust fund accounts and sub-accounts: The IMF special facilities paradigm |
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77 | (7) |
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United Nations special accounts |
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84 | (1) |
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Special accounts and trust funds of the UN General Assembly |
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85 | (2) |
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Special accounts and trust funds of the UN Security Council |
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87 | (3) |
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Special accounts and trust funds of the UN Secretary-General |
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90 | (3) |
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Mixed funds under the legal wings of an existing international organisation and domestic law |
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93 | (2) |
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Funds as quasi inter-governmental organisations through negotiated ad hoc agreements: Contractual relationships |
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95 | (2) |
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97 | (2) |
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Single-donor state trusts with externally-contracted trustees |
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97 | (1) |
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Single-donor state trusts subject to international law |
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98 | (1) |
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The contractual relationship between the fund, its donors and the trustee |
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99 | (12) |
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The deposit of the donation is not a unilateral act devoid of obligation |
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100 | (3) |
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103 | (3) |
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Donor agreements with private entities |
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106 | (1) |
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The trustee (administration) agreement and the agreement by which a trust fund assumes the role of a financing mechanism |
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107 | (3) |
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Jurisdiction in respect of disputes arising from administration agreements |
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110 | (1) |
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Can an international trust be set up by means of a private contract? |
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111 | (2) |
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The International Legal Personality of Trust Funds |
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113 | (56) |
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113 | (1) |
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Trust funds as objective intergovernmental organisations |
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114 | (6) |
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The intention to transform a fund into an international organisation? The case of the global fund for AIDS, TB and malaria |
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115 | (5) |
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Trust funds as full international organisations |
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120 | (4) |
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Trust funds as limited international organisations |
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124 | (3) |
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125 | (2) |
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Trust funds as subsidiary organs |
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127 | (4) |
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Trust funds as both UN subsidiary organs and international organisations: The case of UNICEF |
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128 | (1) |
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Variations of funds as subsidiary organs |
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129 | (2) |
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Trust funds as informal conferences without any legal personality |
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131 | (2) |
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The legal personality of trust fund accounts |
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133 | (14) |
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The contractual powers of trust funds |
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135 | (3) |
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The performance of quasi-judicial functions by trust funds |
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138 | (2) |
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Implied powers of trust funds |
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140 | (2) |
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Enforcement powers and collective action against the fund |
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142 | (1) |
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Enforcement powers of the trustee and the trust's executive organ |
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142 | (3) |
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Collective action against the World Bank as trustee before the bank's inspection panel |
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145 | (2) |
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147 | (2) |
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149 | (9) |
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The donors'personal liability |
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154 | (2) |
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The absence of a clear corporate governance vision |
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156 | (2) |
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Immunities from jurisdiction |
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158 | (5) |
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Dissolution of trust funds |
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163 | (4) |
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167 | (2) |
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Fund Governance Models: Trustee and Fiduciary Duties |
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169 | (56) |
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169 | (2) |
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Types of governance models on the basis of disbursement-making powers |
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171 | (13) |
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Three-tier governance model wherein trustee does not possess decision-making powers |
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171 | (3) |
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Three-tier governance model wherein trustee possesses co-decision making powers |
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174 | (1) |
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Two-tier governance structure wherein trustee exercises no decision-making powers |
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175 | (1) |
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Governance model wherein trustee exercises co-decision making powers |
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176 | (2) |
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The fund's executive organ acting as trustee |
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178 | (2) |
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Governance models where the trustee exercises full decision-making powers |
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180 | (1) |
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181 | (3) |
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The legal nature of the trustee's duties towards the donors |
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184 | (6) |
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The fine line between international trust, international agency and partnership arrangement: The case of the Prototype Carbon Fund |
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187 | (3) |
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The legal nature of fiduciary duties to the beneficiaries: The existence or not of enforceable beneficiary rights |
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190 | (16) |
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Trusts with named beneficiaries? |
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196 | (4) |
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International compensation funds |
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200 | (2) |
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Special beneficiary rights in international environmental law |
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202 | (1) |
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Evaluation and disbursement criteria |
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203 | (2) |
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Conclusion on the trustee's duties: Is it still a trust? |
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205 | (1) |
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Specific duties of the trustee |
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206 | (16) |
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Ownership of the trust fund's assets |
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207 | (3) |
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The duty to keep separate accounts |
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210 | (1) |
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211 | (2) |
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The duty to invest and reinvest |
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213 | (3) |
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Conflicts of interest and self-dealing |
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216 | (4) |
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220 | (1) |
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The trust's monitoring agent |
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221 | (1) |
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Donors' obligations to the trustee: Administrative cost recovery and fees |
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222 | (3) |
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The Democratic, Budgetary, Environmental, Developmental and Wealth Sharing Functions of Trust Funds |
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225 | (52) |
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225 | (1) |
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Trust funds and participatory democracy |
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226 | (6) |
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227 | (2) |
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Participatory governance and the concept of local ownership |
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229 | (3) |
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The role of trust funds in revenue sharing and fiscal management |
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232 | (13) |
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Fiscal management trust funds: The World Bank-imposed Chad oil revenue management plan |
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234 | (4) |
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Trust fund lessons learned from the Chad experience |
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238 | (2) |
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Revenue sharing and the role of trust funds |
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240 | (5) |
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The employment of trust funds for national and regional fiscal stability |
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245 | (8) |
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Trust funds and the 2008 global financial crisis |
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246 | (3) |
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Stabilisation trust funds |
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249 | (1) |
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Multilateral stabilisation funds for small-scale economies |
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250 | (1) |
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National Stabilisation Funds |
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251 | (2) |
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The endowment effect: Do trust funds spur economic growth? |
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253 | (2) |
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The anti-corruption potential of trust funds |
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255 | (4) |
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The developmental, human rights and poverty-alleviation effect of trust funds |
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259 | (3) |
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Environmental trust funds |
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262 | (11) |
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Common but differentiated responsibilities and funding of incremental costs |
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263 | (4) |
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Greenhouse gas emissions trading through trusts |
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267 | (6) |
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273 | (4) |
| Table of Cases |
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277 | (4) |
| Table of Treaties |
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281 | (10) |
| Table of Legislation |
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291 | (4) |
| Institutional Law of International Organisations |
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295 | (4) |
| General Index |
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299 | |
