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 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 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 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 authorized 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.
Section 10. Application of Article
Each member shall take such action as is necessary in its own territories for the purpose of making effective in terms of its own law the principles set forth in this Article and shall inform the Corporation of the detailed action which it has taken.
Section 11. 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.