PROVISIONS OF THE AGREEMENT WHICH SHALL HAVE FORCE OF LAW
CHAPTER VIII
STATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES
ARTICLE 48
PURPOSE OF CHAPTER
To enable the Bank effectively to fulfil its purpose and carry out the functions entrusted to it, the
status, immunities, exemptions and privileges set forth in this Chapter shall be accorded to the Bank in the
territory of each member.
ARTICLE 49
LEGAL STATUS
The Bank shall posses full juridical personality and, in particular, full capacity:
(i) to contract;
(ii) to acquire, and dispose of, immovable and movable property; and
(iii) to institute legal proceedings.
ARTICLE 50
IMMUNITY FROM JUDICIAL PROCEEDINGS
1. The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or
in connexion with the exercise of its powers to borrow money, to guarantee obligations, or to buy and sell
or underwrite the sale of securities, in which cases actions may be brought against the Bank in a court of
competent jurisdiction in the territory of a country in which the Bank has its principal or a branch office,
or has appointed an agent for the purpose of accepting service or notice of process, or has issued or
guaranteed securities.
2. Notwithstanding the provisions of paragraph 1 of this Article, no action shall be brought against the
Bank by any member, or by any agency or instrumentality of a member, or by any entity or person
directly or indirectly acting for or deriving claims from a member or from any agency or instrumentality
of a member. Members shall have recourse to such special procedures for the settlement of controversies
between the Bank and its members as may be prescribed in the Agreement, in the by-laws and regulations
of the Bank, or in contracts entered into with the Bank.
3. Property and assets of the Bank shall, whosesoever located and by whomsoever held, be immune
from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank.
ARTICLE 51
IMMUNITY OF ASSETS
Property and assets of the Bank, whosesoever located and by whomsoever held, shall be immune
from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by
executive or legislative action.
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ARTICLE 52
IMMUNITY OF ARCHIVES
The archives of the Bank and, in general, all documents belonging to it, or held by it, shall be
inviolable, wherever located.
ARTICLE 53
FREEDOM OF ASSETS FROM RESTRICTIONS
To the extent necessary to carry out the purpose and functions of the Bank effectively, and subject to
the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions
regulations, controls and moratoria of any nature.
ARTICLE 54
PRIVILEGE FOR COMMUNICATIONS
Official communications of the Bank shall be accorded by each member treatment not less favourable
than that it accords to the official communications of any other member.
ARTICLE 55
IMMUNITIES AND PRIVILEGES OF BANK PERSONNEL
All Governors, Directors, alternates, officers and employees of the Bank, including experts
performing missions for the Bank:
(i) shall be immune from legal process with respect to acts performed by them in their official
capacity, except when the Bank waives the immunity;
(ii) where they are not local citizens or nationals, shall be accorded the same immunities from
immigration restrictions, alien registration requirements and national service obligations, and the
same facilities as regards exchange regulations, as are accorded by members to the representatives,
officials and employees of comparable rank of other members; and
(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by
members to representatives, officials and employees of comparable rank of other members.
ARTICLE 56
EXEMPTION FROM TAXATION
1.The Bank, its assets, property, income and its operations and transactions, shall be exempt from all
taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment,
withholding or collection of any tax or duty.
2. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to Directors,
alternates, officers or employees of the Bank, including experts performing missions for the Bank, except
where a member deposits with its instrument of ratification or acceptance a declaration that such member
retains for itself and its political sub-divisions the right to tax salaries and emoluments paid by the Bank
to citizens or nationals of such member.
3. No tax of any kind shall be levied on any obligation or security issued by the Bank, including any
dividend or interest thereon, by whomsoever held:
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(i) which discriminates against such obligation or security solely because it is issued by the
Bank; or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued,
made payable or paid, or the location of any office or place of business maintained by the Bank.
4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including
any dividend or interest thereon, by whomsoever held:
(i) which discriminates against such obligation or security solely because it is guaranteed by the
Bank; or
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of
business maintained by the Bank.
ARTICLE 58
WAIVER OF IMMUNITIES, EXEMPTIONS AND PRIVILEGES
The Bank as its discretion may waive any of the privileges, immunities and exemptions conferred
under this Chapter in any case or instance, in such manner and upon such conditions as it may determine
to be appropriate in the best interests of the Bank.