International Monetary Fund and Bank Act,1945
Act No : 0
Section : PROVISIONS OF AGREEMENTS WHICH SHALL HAVE FORCE OF LAW
SCHEDULE 1 PROVISIONS OF AGREEMENTS WHICH SHALL HAVE FORCE OF LAW
PART I FUND AGREEMENT Paragraph (b) ofsection 2-of Article VIII Exchange contracts which involves 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
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.
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.
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 Judieial process except to the extent that it expressly waives its immunity for the purpose of any proceed ings or by the terms of any contract.
4 Immunity from other action
Property and assets 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.
5 Immunity of archives
The archives of the Fund shall be inviolable.
6 Freedom of assets from restrictions.
To the extent necessary to carry out thea [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.
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.
8 Immunities and privileges of officers and employees
All Governors, executive directors, alternates,b [members of committees, representatives appointed under Article XII.section 3-(j). advisers of any of the forgoing 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 oleomparable 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.
9 Immunities from taxation
(a) The Fund, its assets, property, income and its operations and transactions authorised by this Agreement, shall be immune from all taxation and from all customs duties. The Fund shall also be immune from the 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.[ARTICLE XXI ADMINISTRATION OF THE GENERAL DEPARTMENT AND THE SPECIAL DRAWING RIGHTS DEPARTMENT (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.] [a] Inserted by Act 67 of 1982, S, 5 (2) (15-1-1983).
PART II BANK AGREEMENT ARTICLE VII STATUS, IMMUNITIES AND PRIVILEGES
1 Purpose of Article
To enable lhe Bank to fulfil the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded lo the Bank in the territories of each member.
2 Status of the bank.
The Bank shall possess full jurisdical personality, and, in particular, the capacity
(i) to contract:
(ii) to acquire and dispose of immovable and movable property:
(iii) to institute legal proceedings.
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 lhe 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.
4 Immunity of assets from seizure
Property and assets of the Bank, wherever located and by whomsoever held, shall be immune from search, confiscation, expropriation or any other form of seizure by executive or legislative action.
5 Immunity of archives
The archives of the Bank shall be inviolable.
6 Freedom of assets from restrictions
To the extent necessary to carry out the operations provided for in this Agreement and subjeci 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.
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.
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 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 compaable 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.
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.
(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.
Footnotes:
4. The words "except Part B States' were omitted by the Part B Stales (Laws) Act, 1951 (3 of l951),S.3 and Schedule (1-4-1951).
5. Substituted for "There shall be paid out of the Consolidated Fund of India" by the International Monetary Fund and Bank (Amendment) Act. 1969 (41 of 1969), section 2.
6. Substituted for the words "to the International Fund under paragraph (a)" by Act 25 of 1959, section 4 (28-8-1959).
7. Omitted by Act 67 of 1982, S. 2(l)(a) (15-1-1983).
8. Substituted by Act 67 of 1982 S.2(1)(b).
9. Inserted by Act 41 of 1969, S. 2.
10. Substituted for the word and figures "Article XXVI" Act 41 of 1969. S. 2(l)(c)(d).
11. Inserted by Act 41 of 1969, S. 2.
12. Words "Schedule D or Schedule E" substituted by Act, 67 of 1982, S. 2(l)(e) (15-1-1983).
13. Substituted for 'Section 5' by Act, 67 of 1982, by S. 2(2).
15. Inserted by Act 67 of 1982, S. 3(1) (15-1-1983).
16. Omitted by Act, 67 of 1982 by S. 3(2) (15-1-1983).
17. Substituted lor "Part A States and Part C States" by the Part B States (Laws) Act, 1951 (3 of 195 1), S. 3 and Schedule (1-4-1951).
18. Section 7 was renumbered as sub-section (1) thereof by the International Monetary Fund and Bank (Amendment) Act, 1959 (25 of 1959), S. 5 (28-8-1959).
19. Substituted for "Ordinance" the International Monetary Fund and Bank (Amendment) Act, 1959, S. 2 (28-8-1959).
21. Words "in two successive sessions" substituted by Act 67 of 1982, S. 4 (15-1-1983).
22. Words "the session in which it is so laid or the session immediately following" substituted, by Act 67 of 1982, (15-1-1983).
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