PROVISIONS OF AGREEMENTS WHICH SHALL HAVE FORCE OF LAW
PART I
FUND AGREEMENT
Paragraph (b) of section 2 of Article VIII
Exchange contracts which involve the currency of any member and which are contrary to
the exchange control regulations of that member maintained or imposed consistently wi th this
Agreement shall be unenforceable in the territories of any member.
ARTICLE IX
STATUS, IMMUNITIES AND PRIVILEGES
SECTION 1. Purpose of Article
To enable the fund to fulfil the functions with which it is entrusted, the status,
immunities and privileges set forth in this Article shall be accorded to the Fund in the
territories of each member.
SECTION 2. Status of the Fund
The Fund shall possess full juridical personality, and, in particular, the capacity
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings.
SECTION 3. Immunity from judicial process
The Fund, its property and its assets, wherever located and by whomsoever held, shall
enjoy immunity from every form of judicial process except to the extent that it expressly
waives its immunity for the purpose of any proceedings or by the terms of any contract.
SECTION 4. Immunity from other action
Property and assests of the Fund, wherever located and by whomsoever held, shall be
immune from search, requisition, confiscation, expropriation or any other form of seizure by
executive or legislative action.
SECTION 5. Immunity of archives
The archives of the Fund shall be inviolable.
SECTION 6. Freedom of assets from restrictions
To the extent necessary to carry out the 1
[activities] provided for in this Agreement, all property and
assets of the Fund shall be free from restrictions, regulations, controls and moratoria of any nature.
SECTION 7. Privilege for communications
The official communications of the Fund shall be accorded by members the same
treatment as the official communications of other members.
1. Subs. by Act 67 of 1982 s. 5, for “operations” (w.e.f. 15-1-1983).
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SECTION 8. Immunities and privileges of officers and employees
All governors, executive directors, alternates, 1
[members of committees, representatives
appointed under Article XII, section 3(j), advisers of any of the foregoing persons, officers and
employees] of the Fund
(i) shall be immune from legal process with respect to acts performed by them in their official
capacity except when the Fund waives this immunity;
(ii) not being local nationals, shall be granted the same immunities from immigration
restrictions, alien registration requirements and national service obligations and the same
facilities as regards exchange restrictions as are accorded by members to the representatives,
officials, and employees of comparable rank of other members;
(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.
SECTION 9. Immunities from taxation
(a) The Fund, its assets, property, income and its operations and transactions
authorized by this Agreement, shall be immune from all taxation and from all customs
duties. The Fund shall also be immune from liability for the collection or payment of any
tax or duty.
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund
to executive directors, alternates, officers or employees of the Fund who are not local
citizens, local subjects, or other local nationals.
(c) No taxation of any kind shall be levied on any obligation or security issued by the
Fund, including any dividend or interest thereon, by whomsoever held
(i) which discriminates against such obligation or security solely because of its
origin; 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
Fund.
2
[ ARTICLE XXI
ADMINISTRATION OF THE GENERAL DEPARTMENT AND THE SPECIAL DRAWING RIGHTS
DEPARTMENT
(a) * * * * *
( b ) In addition to the privileges and immunities that are accorded under Article IX
of this Agreement, no tax of any kind shall be levied on special drawing rights or on
operations or transactions in special drawing rights.]
PART II
BANK AGREEMENT
ARTICLE VII
STATUS, IMMUNITIES AND PRIVILEGES
SECTION 1. Purpose of Article
To enable the Bank to fulfil the functions with which it is entrusted, the status, immunities and
privileges set forth in this Article shall be accorded to the Bank in the territories of each member.
1. Subs. by Act 67 of 1982, s. 5, for “officers and employees” (w.e.f. 15-1-1983).
2. Ins. by s. 5, ibid. (w.e.f. 15-1-1983).
7
SECTION 2. Status of the Bank
The Bank shall possess full juridical personality, and, in particular, the capacity
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings.
SECTION 3. Position of the Bank with regard to judicial process
Actions may be brought against the Bank only in a court of competent jurisdiction in the
territories of a member in which the Bank has an office, has appointed an agent for the purpose
of accepting service or notice of process, or has issued or guaranteed securities. No actions shall,
however, be brought by members or persons acting for or deriving claims from members. The
property and assets of the Bank shall, wheresoever located and by whomsoever held, be immune
from all forms of seizure, attachment or execution before the delivery of final judgment against
the Bank.
SECTION 4. Immunity of assets from seizure
Property and assets of the Bank, wherever located and by whomsoever held, shall be
immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or
legislative action.
SECTION 5. Immunity of archives
The archives of the Bank shall be inviolable.
SECTION 6. Freedom of assets from restrictions
To the extent necessary to carry out the operations provided for in this Agreement and subject to the
provisions of this Agreement, all property and assets of the Bank shall be free from any
restrictions, regulations, controls and moratoria of any nature.
SECTION 7. Privilege for communications
The official communications of the Bank shall be accorded by each member the same
treatment that it accords to the official communications of other members.
SECTION 8. Immunities and privileges of officers and employees
All governors, executive directors, alternates, officers and employees of 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 this immunity;
(ii) not being local nationals, shall be accorded the same immunities from immigra -
tion restrictions, alien registration requirements and national service obligations and the
same facilities as regards exchange restrictions as are accorded by members to the
representatives, officials, and employees of comparable rank of other members;
(iii) shall be granted the same treatment in respect of travelling facilities as is recorded
by members to representatives, officials and employees of comparable rank of other
members.
SECTION 9. Immunities from taxation
(a) The Bank, its assets, property, income and its operations and transactions
authorized by this Agreement, shall be immune from all taxation and from all customs
duties. The 'Bank shall also be immune from liability for the collection or payment of any
tax or duty.
8
(b) No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to executive
directors, alternates, officials or employees of the Bank who are not local citizens, local subjects, or other
local nationals.
(c) No taxation of any kind shall be levied on any obligation or security issued by the Bank (including
any dividend or interest thereon) by whomsoever held
(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.
(d) No taxation 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.