1962

GAres

Resolution on permanent sovereignty over natural resources Res. 1803

[Enshrines the international minimum standard] [This resolution was passed with the support of industrialised capital exporting states as well as the capital importing states, contrary to the resolution 3281, 1974. That was the reason why Dupuy said it represented CIL]

GA declares: permanent sovereignty of peoples over their natural wealth and resources. Capital imported and earnings governed by the terms of national legislation and International Law. Nationalization, expropriation for reasons of public utility, security or national i’s, overriding purely individual or private i‘s, domestic and foreign, with ‘appropriate compensation’ and according to IL. In controversy national jurisdiction must be exhausted, but upon agreement international adjudication. Foreign investment under Good faith.