PROVISIONS OF THE AGREEMENT WHICH SHALL HAVE FORCE OF LAW
ARTICLE III
SECTION 1. Financing Operations
The Corporation may make investments of its funds in productive private enterprises in the
territories of its members. The existence of a government or other public interest in such an enterprise
shall not necessarily preclude the Corporation from making an investment therein.
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SECTION 5. Applicability of Certain Foreign Exchange Restrictions
Funds, received by or payable to the Corporation in respect of an investment of the Corporation
made in any member’s territories pursuant to Section 1 of this Article shall not be free, solely by
reason of any provision of this Agreement, from generally applicable foreign exchange restrictions,
regulations and controls in force in the territories of that member.
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ARTICLE VI
STATUS, IMMUNITIES AND PRIVILEGES
SECTION 1. Purposes of Article
To enable the Corporation to fulfill the functions with which it is entrusted, the status, immunities
and privileges set forth in this Article shall be accorded to the Corporation in the territories of
each member.
SECTION 2. Status of the Corporation
The Corporation 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 Corporation with regard to Judicial Process
Actions may be brought against the Corporation only in a court of competent jurisdiction in the
territories of a member in which the Corporation 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 driving claims from members. The property
and assets of the Corporation 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 Corporation.
SECTION 4. Immunity of Assets from Seizure
Property and assets of the Corporation, 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 Corporation 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 Article III, Section 5, and the other provisions of this Agreement, all property and
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assets of the Corporation shall be free from restrictions, regulations, controls and moratoria of any
nature.
SECTION 7. Privilege for Communications
The official communications of the Corporation 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, Directors, Alternates, officers and employees of the Corporation:
(i) shall be immune from legal process with respect to acts performed by them in their official
capacity;
(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 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 Corporation, 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 Corporation 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 Corporation to
Directors, Alternates, officials or employees of the Corporation 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 Corporation
(including any dividend or interest thereon) by whomsoever held:
(i) which discriminates against such obligation or security solely because it is issued by the
Corporation; 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 Corporation.
(d) No taxation of any kind shall be levied on any obligation or security guaranteed by the
Corporation (including any dividend or interest thereon) by whomsoever held:
(i) which discriminates against such obligation or security solely because it is guaranteed by
the Corporation; or
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of
business maintained by the Corporation.
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SECTION 10. Waiver
The Corporation in its discretion may waive any of the privileges and immunities conferred under
this Article to such extent and upon such conditions as it may determine.