International Financial Organisation Act

Link to law: http://laws.gov.ag/acts/chapters/cap-223.pdf
Published: 1982

International Financial Organisation (CAP. 223 1

CHAPTER

THE INTERNATIONAL FINANCIAL
ORGANISATION ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Authorisation for signing of and accepting the

agreements.
4. Financial Provisions.
5. Designation of Fiscal Agency.
6. Credits under agreements payable to Fiscal Agency.
7. Certain provisions of Agreements given the force of law

in Antigua and Barbuda.
8. Unenforceability of certain exchange contracts.
9. Power of Governor-General to make orders.

FIRST SCHEDULE.
SECOND SCHEDULE.
THIRD SCHEDULE.
FOURTH SCHEDULE.

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 3

INTERNATIONAL FINANCIAL ORGANISATION

(18th February, 1982 .) 311982.
1811989.

WHEREAS pursuant to the Articles of Agreement
drawn up at the United Nations Monetary and Financial
Conference held in the year nineteen hundred and forty-four
at Bretton Woods in New Hampshire in the United States
of America, two international bodies known as the Intern-
ational Monetary Fund and the International Bank for
Reconstruction and Development were established:

AND WHEREAS pursuant to the Articles of Agree-
ment approved by the executive directors of the said Inter-
national Bank for Reconstruction and Development in the
year nineteen hundred and fifty-five an international body
known as the International Finance Corporation was
established:

AND WHEREAS pursuant to the Articles of Agree-
ment approved by the Directors of the said International
Bank for Reconstruction and Development in the year nine-
teen hundred and sixty an international body known as the
International Development Association was established:

AND WHEREAS in pursuance of the said several
Articles of Agreement the said international bodies have each
prescribed terms and conditions on which Antigua and
Barbuda may become a member of each such body and on
which the Articles of Agreement relating to each such body
may be signed and accepted on behalf of Antigua and
Barbuda:

AND WHEREAS it is expedient that Antigua and
Barbuda should be a member of the said International bodies:

1. This Act may be cited as the International Finan- Short title.
cial Organisation Act.

LAWS OF ANTIGUA AND BARBUDA

4 CAP. 223) International Financial Organisations

Interpretation. 2. In this Act:-
"Association" means the International Development

Association;

"Association Agreement" means the Articles of Agree-
ment for the establishment and operation of the
Association;

"Bank" means the International Bank for Reconstruc-
tion and Development;

"Bank Agreement" means the Articles of Agreement
for the establishment and operation of the Bank;

"Corporation" means the International Finance
Corporation;

"Corporation Agreement" means the Articles of Agree-
ment for the establishment and operation of the
Corporation as amended;

"Fund" means the International Monetary Fund;

Fund Agreement'' means the Articles of Agreement for
the establishment and operation of the Fund;

"Membership Resolutions" means the resolutions
adopted by the Board of Governors of the Fund,
the Bank, the Corporation and the Association,
respectively, specifying the terms and conditions
upon which Antigua and Barbuda shall be admit-
ted to membership in these organisations;

"Minister" means the Minister to whom responsibil-
ity for the subject of Finance is assigned.

Authorisation for 3. (1) The Minister is hereby authorised on behalf
signing of and
accepting the of Antigua and Barbuda to accept membership and to sign
agreements. any or all of the following agreements, that is to say, the

Fund Agreement, the Bank Agreement, the Corporation
Agreement and the Association Agreement and to deposit,
in the cases of the Fund Agreement and the Bank Agree-
ment, with the Government of the United States, and, in

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 5

the cases of the Corporation Agreement, and the Associa-
tion Agreement, with the Bank, instruments of acceptance
of the said Agreements and to accept the terms and condi-
tions of the Resolutions respectively prescribed thereunder
relating to the admission of Antigua and Barbuda to member-
ship, or by instruments under his hand, to empower such
person as may be named in such instruments to sign the
said Agreements and to deposit the said instruments of
acceptance as aforesaid.

(2) The Minister is hereby authorised to execute and
deposit with the Fund on behalf of Antigua and Barbuda
an-instrument stating that Antigua and ~ & b u d a undertakes
all the obligations of a participant in the Special Drawing
Rights department of the Fund in accordance with the law
of Antigua and Barbuda and representing that Antigua and
Barbuda has taken all steps necessary to enable it to carry
out all of these obligations, or by instruments under his hand
to empower such person as may be named in such
instruments to deposit the instrument of participation with
the Fund.

4. (1) There shall be paid out of the Consolidated e;;i:s.
Fund, on the warrant of the Minister, all sums required for
the purposes of making:-

( a ) All payments required to be made from time
to time to the Fund under the terms and conditions of
the Membership Resolution and the Fund Agreement;

(6 ) all payments required to be made from time
to time to the Bank under the provisions of the Member-
ship Resolution and the Bank Agreement;

(c) all payments required to be made from time
to time to the Corporation under the provisions of the
Membership Resolution and the Corporation
Agreement;

(d) all payments required to be made from time
to time to the Association under the Membership
Resolution and the Association Agreement.

LAWS OF ANTIGUA AND BARBUDA

6 CAP. 223) International Financial Organisations

(2) The Minister may, if he thinks fit, create and issue
to the Fund. the Bank or the Association non-interest bear-
ing and non-negotiable notes or other obligations as are pro-
vided for by section 4 of Article I11 of the Fund Agreement,
bv section 12 of the Article V of the Bank Acreement and "
b; paragraph (e) of section 2 of Article I1 of the Association
Agreement (which sections relate to the acceptance by the
Fund. the Bank. or the Association. as the case mav be. of , ,
notes or similar obligations in place of currency), and the
sums payable under such notes or obligations so created and
issued shall be a charge on the Consolidated Fund.

(3) Any sums received by the Government of Antigua
and Barbuda from the Fund (other than sums received by
reason of operation or transactions under Article V of the
Fund Agreement), any sums received by the Government
of Anticua and Barbuda from the Bank or the Cor~oration "
on account of its subscription to the capital stock thereof and
any sums received by the Government of Antigua and
Barbuda from the Association on account of its subscri~-
tions therein or of supplementary resources provided by it,
shall be paid into the Consolidated Fund.

Designation of
Fiscal Agency.

5 . The Eastern Caribbean Central Bank shall serve
as the Fiscal Agency as required under Article V, Section
1, of the Articles of the Agreement of the Fund and Article
111 Section 2 of the Articles of Agreement of the Bank, and
is accordingly authorised to carry out, on behalf of Antigua
and Barbuda all operations and transactions authorised under
the various provisions of the Articles of Agreement of the
Fund and the Bank. The Eastern Caribbean Central Bank
is designated as depository for the holdings of currency in
Antigua and Barbuda by the Fund and the Bank.

Credits under
agreements

6. The Eastern Caribbean Central Bank shall be
payable to Fiscal credited with any amount which may be paid or transferred
Agency. to Antigua and Barbuda in operations and transactions

authorised under the various provisions of the Articles of
Agreement of the Fund and the Bank.

Certain
provisions of
Agreements given
the force of law
in Antigua and
Barbuda.

7. The provisions of:-
(a) sections 2 to 9 inclusive of Article IX and

paragraph (6 ) of Article XXI of the Fund Agreement;

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 7

(6 ) sections 2 to 9 inclusive of Article VII of the
Bank Agreement;

(6 ) sections 2 to 9 inclusive of Article VI of the
Corporation Agreement;

(d) sections 2 to 9 inclusive of Article VIII of the
Association Agreement;

set forth in the Schedules of this Act shall have the force
of law in Antigua and Barbuda.

8. Exchange contracts which involve the currency of Unenforceabilit~
of certain

any member and which are contrary to the exchange con- exchange
trol regulations of that member maintained or imposed con-
sistently with the Fund Agreement shall be unenforceable
in Antigua and Barbuda.

9. The Governor-General may by order make such Power of
Governor-General

regulations as are necessary for carrying into effect the obliga- to make orders.
tions under any of the provisions of the Fund Agreement,
the Bank ~ ~ r e e m e n t , -the Corporation ~ ~ r e e m e n t , the
Association Agreement and the Resolutions referred to in
section 3 (1) above, and to give full force and effect to the
provisions of this law.

FIRST SCHEDULE (Section 7)

ARTICLES OF AGREEMENT I, IX AND XXI

of the

INTERNATIONAL MONETARY FUND

ARTICLE I

Purposes

The purposes of the International Monetary Fund are:-

(i) To promote international monetary co-operation through a per-
manent institution which provides the machinery for consultation
and collaboration on international monetary problems.

(ii) To facilitate the expansion and balanced growth of international
trade, and contribute thereby to the promotion and maintenance

LAWS OF ANTIGUA AND BARBUDA

8 CAP. 223) International Financial Organisations

of high levels of employment and real income and to the develop-
ment of the productive resources of all members as primary objec-
tives of economic policy.

(iii) To promote exchange stability to maintain orderly exchange
arrangements among members, and to avoid competitive exchange
depreciation.

(iv) To assist in the establishment of a multilateral system of payments
in respect of current transactions between members and in the
elimination of foreign exchange restrictions which hamper the growth
of the world trade.

(v) To give confidence to members by making the Fund's resources
available to them under adequate safeguards, thus providing them
with opportunity to correct maladjustments in their balance of
payments without resorting to measures destructive of national or
international prosperity.

(vi) In accordance with the above, to shorten the duration and lessen
the degree of disequilibrium in the international balances of payments
of members.

The Fund shall be guided in all its policies and decisions by the purposes
set forth in this Article.

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 per-
sonality, and in particular, the capacity

(i) to contract;

(ii) to acquire and dispose of immovable and movable property; and

(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 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.

JAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 9

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 operations provided for in this Agreement, all property and assets
of the Fund shall be free from restrictions, regulations, control 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 com-
munications of other members.

Section 8. Immunities and privileges of officers and employees-All Gover-
nors, Executive Directors, Alternates, members of committees, representatives
appointed under Article XII, section 3 O advisors of any of the foregoing per-
sons, 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 represen-
tatives, officials, and employees of comparable rank of other
members; and

(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.

( 6 ) No tax shall be levied on or in respect of salaries and emoluments
paid by the Fund to Executive Directors, Al'ternates, officers, or employees
of the Fund who are not local citizens, local subjects, or other local nationals.

(G) No taxation of any kind shall be levied on any obligation or security
issued by the Fund, including any dividend or interest thereon, by whom-
soever 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 cur-
rency in which it is issued, made payable or paid, or the location
of any office or place of business maintained by the Fund.

LAWS OF ANTIGUA AND BARBUDA

10 CAP. 223) International Financial Organisations

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 Fund
of the detailed action which it has taken.

ARTICLE XXI

ADMINISTRATION O F T H E GENERAL DEPARTMENT AND T H E
SPECIAL DRAWING RIGHTS DEPARTMENT

(6) 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.

SECOND SCHEDULE (Section 7)

ARTICLES I AND VII O F T H E ARTICLES O F AGREEMENT O F
T H E INTERNATIONAL BANK FOR RECONSTRUCTION

AND DEVELOPMENT

ARTICLE I

Purposes

The purposes of the Bank are:

(i) T o assist in the reconstruction and development of territories of
members by facilitating the Investment of capital for productive .,
purposes, including the restoration of economies destroyed or
d is ru~ted by war. the reconversion of ~roductive facilities to
peacetime needs and the encouragement of the development of pro-
ductive facilities and resources in less developed countries.

(ii) T o promote private foreign investment by means of guarantees or
participations in loans and other investments made by private in-
vestors; and when private capital is not available on reasonable
terms, to supplement private investment by providing, on suitable
conditions, finance for productive purposes out of its own capital,
funds raised by it and its other resources.

(iii) T o promote the long-range balanced growth of international trade
and the maintenance of equilibrium in balances of payments by
encouraging international investment for the development of the
productive resources of members, thereby assisting in raising pro-
ductivity, the standard of living and conditions of labour in their
territories.

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 11

(iv) T o arrange the loans made or guaranteed by it in relation to inter-
national loans through other channels so that the more useful and
urgent projects, large and small alike, will be dealt with first.

(v) To conduct its operations with due regard to the effect of interna-
tional investment on business conditions in the territories of members
and, in the immediate post-war years, to assist in bringing about
a smooth transition from a wartime to a peacetime economy.

The Bank shall be guided in all its decisions by the purposes set forth above.

ARTICLE VII

STATUS, IMMUNITIES AND PRIVILEGES

Section 1. Purposes of Article.

To enable the Bank to fulfill 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 jurisdic-
tion 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 action 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.

LAWS OF ANTIGUA AND BARBUDA

12 CAP. 223) International Financial Organisations

Section 5. Immunity of Archives.

The archives of the Bank shall be inviolable.

Section 6. Freedom of assets from restrictions.

T o the extent necessary to carry out the operations provided for in this Agree-
ment and subject to the provisions of this Agreement, all property and assets
of the Bank shall be free from restrictions, regulations, controls and moratoria
of any nature.

Section 7. Privileges 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 immigration restrictions, alien registration requirements and
national service obligations and the same facilities as regard 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 Bank, its assets, property, income and its operations and trans-
actions 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.

(6) 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 whom-
soever held-

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 13

(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 cur-
rency 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.

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 Bank of the detailed action which it
has taken.

THIRD SCHEDULE (Section 7)

ARTICLES I AND VI O F AGREEMENT O F T H E
INTERNATIONAL FINANCE CORPORATION

ARTICLE I

Purpose

The purpose of the Corporation is to further economic development by
encouraging the growth of productive private enterprise in member countries,
particularly in the less developed areas, thus supplementing the activities of the
International Bank for Reconstruction and Development (hereinafter called the
Bank).

In carrying out this purpose, the Corporation shall:

(i) in association with private investors, assist in financing the establish-
ment, improvement and expansion of productive private enterprises
which would contribute to the development of its member countries
by making investments, without guarantee of repayment by the
member government concerned, in cases where sufficient private
capital is not available on reasonable terms;

LAWS OF ANTIGUA AND BARBUDA

CAP. 223) International Financial Orgranisations

(ii) seek to bring together investment opportunities domestic and foreign
private capital, and experienced management; and

(iii) seek to stimulate, and to help create conditions conducive to, the
flow of private capital, domestic and foreign, into productive
investment in member countries.

The Corporation shall be guided in all its decisions by the provisions of
this Article.

ARTICLE VI

STATUS, IMMUNITIES AND PRIVILEGES

Section 1. Purposes of Article.

T o 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 compe-
tent 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 action 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 whom-
soever held, shall be immune from search, requisition, confiscation, expropria-
tion or any other form of seizure by executive or legislative action.

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 15

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 operation provided for in this Agree-
ment and subject to the provisions of Article 111, Section 5, and the other provi-
sions of this Agreement, all property and assets of the Corporation shall be free
from restrictions, regulations, controls and moratoria of any nature.

Section 7. Privileges 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, Executive 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 represen-
tatives, 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 taxa-
tion and from all customs duties. The Corporation shall also be immune
from liability for the collection and payment of any tax or duty.

( 6 ) 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:

LAWS OF ANTIGUA AND BARBUDA

16 CAP. 223) International Financial Organisations

(i) which discriminates against such obligations or security solely because
it is issued by the Corporation; or

(ii) if the sole jurisdictional basis for 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.

(4 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 or 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.

FOURTH SCHEDULE (Section 7)

ARTICLES I AND VIII OF AGREEMENT OF THE
INTERNATIONAL DEVELOPMENT ASSOCIATION

Article I

Purposes

The purposes of the Association are to promote economic development,
increase productivity and thus raise standards of living in the less-developed areas
of the world included within the Association's membership, in particular by pro-
viding finance to meet their important developmental requirements on terms
which are more flexible and bear less heavily on the balance of payments than those

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 17

of conventional loans, thereby furthering the developmental objectives of the
International Bank for Reconstruction and Development (hereinafter called "the
Bank") and supplementing its activities.

The Association shall be guided in all its decisions by the provisions of this
Article.

ARTICLE VIII

STATUS, IMMUNITIES AND PRIVILEGES

Section 1. Purposes of Article.

To enable the Association to fulfill the functions with which it is entrusted,
the status, immunities and privileges provided in this Article shall be accorded
to the Association in the territories of each member.

Section 2. Status of the Association.

The Association 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 Association with Regard to Judicial Process.

Action may be brought against the Association only in a court of competent
jurisdiction in the territories of a member in which the Association has an office,
has appointed an agent for the purpose of accepting service or notice of process
or has issued or guaranteed securities. No action shall, however, be brought by
members or persons acting for or deriving claims from members. The property
and assets of the Association 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 Association.

Section 4. Immunity of Assets from Seizure

Property and assets of the Association, wherever located and by whomsoever
held, shall be immune from search, requisition, confiscation, expropriation or
any other form of seizure by execution or legislative action.

Section 5. Immunity of Archives.

The Archives of the Association shall be inviolable.

LAWS OF ANTIGUA AND BARBUDA

18 CAP. 223) International Financial Organisations

Section 6. Freedom of Assets from Restrictions.

To the extent necessary to carry out the operations provided for in this Agree-
ment and subject to the provisions of this Agreement, all property and assets
of the Association shall be free from restrictions, regulations, controls and moratoria
of any nature.

Section 7 . Privileges for Communications.

The official communications of the Association shall be accorded by each
member the same treatment that it accords to the offical communications of other
members.

Section 8. Immunities and Privileges of Officers and Employees.

All Governors, Executive Directors, Alternates, officers and employees of
the Association:

(i) shall be immune from legal process with respect to acts performed
by them in their official capacity except when the Association 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 represen-
tatives, 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 Association, its assets, property, income and its operations and
transactions authorized by this Agreement, shall be immune from all taxa-
tion and from all customs duties. The Association 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 Association to Executive Directors, Alternates, officials or
employees of the Association who are not local citizens, local subjects, or
other local nationals.

(G) No taxation of any kind shall be levied on any obligation or securi-
ty issued by the Association (including any dividend or interest thereon)
by whomsoever held

LAWS OF ANTIGUA AND BARBUDA

International Financial Organisation (CAP. 223 19

(i) which discriminates against such obligation or security solely because
it is issued by the Association; or

(ii) if the sole jurisdictional basis for such taxation is the location or
currency in which it is issued, made payable or paid, or the loca-
tion of any office or place of business maintained by the Association.

(6) No taxation of any kind shall be levied on any obligation or securi-
ty guaranteed by the Association (including any dividend or interest thereon)
by whomsoever held;

(i) which discriminates against such obligation or security solely because
it it guaranteed by the Association; or

(ii) if the sole jurisdictional basis for such taxation is the location of
any office or place of business maintained by the Association.

Section 10. Application of Article.

Each member shall take such action as is necessarv 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 Association of the detailed action which
it has taken.
Read Entire Law on laws.gov.ag