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The Schedule

(See section 5)

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 with 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 accordedto 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 who msoever held, shall enjoy immunity from every form of judicial process exceptto 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 orany 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).

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 serviceobligations 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 taxationand 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 ofthe 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, bywhomsoever 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 onspecial 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.

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, hasappointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. No actions shall, however, be broughtby members or persons acting for or deriving claims from members. The property and assets of the Bank shall, wheresoever located and by whomsoeverheld, 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 assetsof 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 communicationsof 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 andnational 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 employeesof 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 taxationand from all customs duties. The 'Bank 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 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.

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).



International Monetary Fund and Bank Act, 1945 Back




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