Bretton Woods Agreements Act
1988 Revised Edition
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BRETTON WOODS AGREEMENTS ACT
Bretton Woods Agreements Act CAP. 104 Arrangement of Sections
1988 Revised Edition
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BRETTON WOODS AGREEMENTS ACT
Arrangement of Sections
Section
1 Short title..........................................................................................................5
PART I - PRELIMINARY 5
2 Interpretation....................................................................................................5
PART II - MEMBERSHIP IN THE ORGANIZATIONS 6
3 Membership. ....................................................................................................6
4 Organization's Immunities. ..............................................................................7
5 Participation in Special Drawing Rights..........................................................7
6 Obligations of Membership and Participation. ................................................7
PART III - FINANCIAL ASSISTANCE 8
7 Operations and Transactions............................................................................8
8 Corporate Bodies. ............................................................................................9
9 Implementation of Obligations. .....................................................................10
10 Repeal. ...........................................................................................................10
SCHEDULE I 11
INTERNATIONAL MONETARY FUND ............................................................11
GENERAL OBLIGATIONS OF MEMBERS......................................................11
Arrangement of Sections CAP. 104 Bretton Woods Agreements Act
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STATUS, IMMUNITIES AND PRIVILEGES .....................................................11
ADMINISTRATION OF THE GENERAL DEPARTMENT AND THE
SPECIAL DRAWING RIGHTS DEPARTMENT................................................13
SCHEDULE II 13
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT ..............................................................................................13
STATUS, IMMUNITIES AND PRIVILEGES .....................................................13
SCHEDULE III 16
INTERNATIONAL FINANCE CORPORATION ................................................16
STATUS, IMMUNITIES AND PRIVILEGES .....................................................16
SCHEDULE IV 18
INTERNATIONAL DEVELOPMENT ASSOCIATION.......................................18
STATUS, IMMUNITIES AND PRIVILEGES .....................................................18
SCHEDULE V 21
INTERNATIONAL MONETARY FUND ............................................................21
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT ..............................................................................................21
INTERNATIONAL DEVELOPMENT ASSOCIATION.......................................21
SCHEDULE VI 22
INTERNATIONAL MONETARY FUND ............................................................22
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT ..............................................................................................22
INTERNATIONAL FINANCE CORPORATION ................................................22
INTERNATIONAL DEVELOPMENT ASSOCIATION.......................................23
Bretton Woods Agreements Act CAP. 104 Section 1
1988 Revised Edition
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BRETTON WOODS AGREEMENTS ACT
Acts 10 of 1985 and 46 of 1988
AN ACT TO CONFIRM MEMBERSHIP OF THE KINGDOM IN THE
INTERNATIONAL MONETARY FUND, THE INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT, THE
INTERNATIONAL FINANCE CORPORATION AND THE
INTERNATIONAL DEVELOPMENT ASSOCIATION, AND TO
PROVIDE FOR THE RAISING OF FINANCIAL ASSISTANCE
THROUGH THESE ORGANIZATIONS AND FOR MATTERS
CONNECTED THEREWITH
Commencement [1st August 1985]
1 Short title.
This Act may be cited as the Bretton Woods Agreements Act.
PART I - PRELIMINARY
2 Interpretation.
In this Act, unless the context otherwise requires —
“Association” means the International Development Association;
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“Association Agreement” means the Articles of Agreement for the
establishment and operation of the Association;
“Bank” means the International Bank for Reconstruction and
Development;
“Bank Agreement” means the Articles of Agreement for the
establishment and operation of the Bank, as amended from time to time;
(Amended by Act 46 of 1988.)
“Corporation” means the International Finance Corporation;
“Corporation Agreement” means the Article of Agreement for the
establishment and operation of the Corporation, as amended from time to
time; (Amended by Act 46 of 1988.)
“Fund” means the International Monetary Fund;
“Fund Agreement” means the Articles of Agreement for establishment
and operation of the Fund, as amended from time to time; (Amended by
Act 46 of 1988.)
“Membership Resolution” means the Resolution adopted by the Board
of Governors of the Fund or of the Bank or of the Corporation or of the
Association, as the case may be, specifying the terms and conditions upon
which Tonga shall be admitted to membership in the organizations
in question;
“Minister” means the Minister of Finance;
“Organizations” means the Fund, the Bank, the Corporation and the
Association.
PART II - MEMBERSHIP IN THE ORGANIZATIONS
3 Membership.
The execution by the Minister on behalf of the Kingdom pursuant to the
Membership Resolutions of instruments stating that the Kingdom has accepted
in accordance with its law the Fund Agreement, the Bank Agreement, the
Corporation Agreement, and the Association Agreement, and all the terms and
conditions of the respective Membership Resolutions, as well as the signature of
the original Articles of Agreement of each of the Organizations by the Minister
or the person he appoints to perform that function, is hereby authorized,
confirmed, and ratified.
Bretton Woods Agreements Act CAP. 104 Section 4
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4 Organization's Immunities.
The provisions of:
(a) The first sentence of Article VIII, Section 2(b); Article IX, Sections
2 through 9, inclusive, and Article XXI(b) of the Fund Agreement;
(b) Sections 2 through 9, inclusive, of Article VII of the Bank
Agreement;
(c) Sections 2 through 9, inclusive, of Article VI of the Corporation
Agreement; and
(d) Sections 2 through 9, inclusive, of Article VIII of the Association
Agreement;
as set out in Schedules I, II, III, and IV, respectively to this Act shall as
amended from time to time pursuant to the terms of those agreements
have the force of law in Tonga, and shall confer on the Organizations in
relation to the Kingdom the status, immunities, exemptions and privileges
specified in those provisions. (Amended by Act 46 of 1988.)
5 Participation in Special Drawing Rights.
So that Tonga may become a participant in the Special Drawing Rights
Department of the Fund, the Minister may execute and deposit with the Fund on
behalf of the Kingdom, in connection with Tonga's acceptance of membership in
the Fund, an instrument stating that Tonga undertakes all the obligations of a
participant in the Special Drawing Rights Department of the Fund in accordance
with the law of Tonga, and representing that Tonga has taken all steps necessary
to enable it to carry out all of the said obligations.
6 Obligations of Membership and Participation.
(1) There shall be paid out of the General Revenues of the Kingdom such
sums as are payable or may, from time to time, become payable by the
Kingdom under the Fund Agreement, the Bank Agreement, the
Corporation Agreement or the Association Agreement, or under any of the
Membership Resolutions.
(2) The Minister may take such steps and make such arrangements as he may
consider reasonably necessary for fulfilling any obligations of Tonga as a
member of the Organizations and as a participant in the Special Drawing
Rights Department of the Fund. For such purposes the Minister may make
such order or orders as he considers desirable, and any such order shall
come into effect upon publication in the Gazette.
(3) The Minister may, if he thinks fit, create and issue to the Fund, the Bank,
or the Association, non-interest bearing and non-negotiable notes or
Section 7 CAP. 104 Bretton Woods Agreements Act
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similar obligations as are provided for by Section 4 of Article III of the
Fund Agreement, by Section 12 of Article V of the Bank Agreement, and
by subsection 2(e) of Article II of the Association Agreement as set out in
Schedule V, and the sums payable under such notes or obligations so
created or issued shall be a charge on the General Revenues of the
Kingdom.
(4) The Ministry of Finance shall serve as the fiscal agency of Tonga as
required under Article V, Section 1 of the Fund Agreement and Article III,
Section 2 of the Articles of Agreement of the Bank as set out in Schedule
VI, and is accordingly authorized to carry out, on behalf of Tonga, all
operations and transactions authorized under the various provisions of the
Articles of Agreement of the Fund and the Bank. The Ministry of Finance
is designated as the channel of communication referred to in Article IV
Section 10 of the Corporation Agreement and Article VI Section 10 of the
Association Agreement as set out in Schedule VI. The Minister shall
designate the depository in Tonga for all the Fund's holdings of
its currency.
PART III - FINANCIAL ASSISTANCE
7 Operations and Transactions.
(1) Subject to the provisions of this Act, but notwithstanding anything
contained in any other Act, the Government may, in such manner and on
such terms and subject to such conditions as may be consistent with the
Agreements of the Organizations and agreed between the Government and
the Organization in question, conduct exchange transactions with the
Fund, conduct operations and transactions involving special drawing
rights with authorized holders, or borrow from the Bank, or the
Association, such sums as may be required by the Government.
(2) Any sums borrowed pursuant to subsection (1) shall be applied and are
hereby appropriated to the purposes specified in any agreement concluded
with the lender in respect of the sums so borrowed: provided that where
any part of such sums cannot be applied to the purposes so specified such
part may be applied to such other purposes as may be approved by the
Minister, with the consent of His Majesty in Council, and the lender.
(3) Any borrowing agreement, request for purchase, bond, promissory note,
or other instrument, or other instruction for an operation or transaction
under this section or incidental thereto, or any letter of intent relating
thereto, shall be made in the name of the Kingdom and may be signed on
behalf of the Government by the Minister or by any person authorized by
the Minister with the approval of His Majesty in Council.
Bretton Woods Agreements Act CAP. 104 Section 8
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(4) As soon as possible after the conclusion thereof, any loan or guarantee
agreement with the Bank, the Association, or the Corporation, or any
request for purchase or letter of intent to the Fund, authorized under this
section, shall be laid by the Minister before the Legislative Assembly. All
borrowings from the Bank, the Association, or the Corporation shall be
subject to the provisions of section 25 of the General Loan and Stock Act,
as amended. (Cap. 109)
(5) Nothing in the provisions of this section shall affect or derogate from any
other power of the Government to borrow money or to conduct financial
operations and transactions.
8 Corporate Bodies.
(1) Subject to the provisions of this Act, the Government may permit a
corporate body to borrow directly from the Bank, the Corporation, or the
Association on similar terms and conditions, and with similar procedures,
all else being equal, as apply to borrowings of the Government under
section 7 above, provided that the Minister's approval shall be required for
any use of borrowed funds other than those specified in the borrowing
agreement, and provided further that the corporate body may charge any
of its property (movable or immovable), undertaking or revenue to secure
any sum owing under a borrowing agreement so authorized.
(2) The Government may use its borrowing authority under section 7, to
guarantee in writing the discharge of obligations, or to undertake other
similar obligations to any of the Organizations, with regard to any
borrowing by any corporate body authorized under subsection (1) above,
or any demand deposit of the Fund.
(3) In guaranteeing any borrowing by any corporate body under subsection
(2) above, the Government may specify the terms and conditions of such
guarantee, including a condition whereby, if it appears to the Privy
Council that there is reasonable cause to believe that a default of any
obligation previously authorized under subsection (1) above is likely to
arise or that the Government is or may become liable to fulfill a guarantee
or other undertaking previously authorized under subsection (2) above, the
Privy Council may by order give, or authorize any person to give, such
directions to the corporate body as are considered necessary or desirable
to ensure that the obligations to the Organization in question are met at
minimum cost to the Government. Any direction hereunder shall be
legally binding on the corporate body, notwithstanding any provision
contained in any Act by or under which it is established. Nothing in the
provisions of this subsection shall derogate from any other power of the
Privy Council or any Minister or public officer with respect to the
corporate body.
Section 9 CAP. 104 Bretton Woods Agreements Act
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(4) Any expenditure of the Government consequent upon the exercise of its
powers under subsection (2) or subsection (3) above shall become
immediately a debt of the corporate body which it concerns, with interest
and other charges payable thereon to the Government at the same rates as
they would have been payable if the obligation of the corporate body
under subsection (1) above had not been discharged. The Minister shall
determine the time and manner of the corporate body's payment of this
debt to the General Revenues of the Kingdom. A statement of each and
any liability outstanding under this subsection shall be reported to the
Legislative Assembly as soon as possible after the end of each
financial year.
9 Implementation of Obligations.
(1) Any written undertaking to the Fund, the Bank, the Corporation or the
Association under section 5, section 7(3) or section 8(1) or (2) of this Act
shall be valid and enforceable and have full force and effect in the
Kingdom in accordance with its terms.
(2) Any payment pursuant to such an undertaking shall be free from any tax
or lien, or restriction, including taxes deducted at source in effect in the
Kingdom.
(3) Any payment of interest or principal on a financial obligation of any of
the organisations to any person in Tonga shall be taxable to the recipient
on the same basis as payments from any other source.
10 Repeal.
The Bretton Woods Agreements Act, the International Finance Corporation Act
and the International Development Association Act are all repealed.
Bretton Woods Agreements Act CAP. 104 SCHEDULE I
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SCHEDULE I
(Section 4(a))
INTERNATIONAL MONETARY FUND
ARTICLE VIII
GENERAL OBLIGATIONS OF MEMBERS
SECTION 2—Avoidance of Restrictions on Current Payments
(b) 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 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; 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.
SCHEDULE I CAP. 104 Bretton Woods Agreements Act
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SECTION 4—Immunity from .other action
Property and assets of the Fund, wherever located and by whosoever 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 Fund shall be inviolable.
SECTION 6—Freedom of assets from restrictions
To the extent necessary to carry out the activities 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 communications of other members.
SECTION 8—Immunities and privileges of Officers and Employees
All Governors, Executive Directors, Alternates, members of committees,
representatives appointed under Article XII, section 3(]), advisors 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
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; 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
authorised by this Agreement shall be immune from all taxation and from
Bretton Woods Agreements Act CAP. 104 SCHEDULE II
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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 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.
SCHEDULE II
(Section 4(b))
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
ARTICLE VII
STATUS, IMMUNITIES AND PRIVILEGES
SECTION 2—Status of the Bank
The Bank shall possess full juridical personality, and, in particular, the capacity:
(i) to contract;
SCHEDULE II CAP. 104 Bretton Woods Agreements Act
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(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings.
SECTION 3—Position of 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, 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.
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
assets of the Bank shall be free from 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 communications of other members.
SECTION 8—Immunities and privileges of Officers and Employees
All Governors, Executive Directors, Alternates, Officers, and Employees of
the Bank:
Bretton Woods Agreements Act CAP. 104 SCHEDULE II
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(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 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 transactions
authorised 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 obligations 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.
SCHEDULE III CAP. 104 Bretton Woods Agreements Act
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SCHEDULE III
(Section 4(c))
INTERNATIONAL FINANCE CORPORATION
ARTICLE VI
STATUS, IMMUNITIES AND PRIVILEGES
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 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 whomsoever
held, shall be immune from search, requisition, confiscation, expropriation or
any other form of seizure by executive or legislative action.
Bretton Woods Agreements Act CAP. 104 SCHEDULE III
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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 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, 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 representatives, 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 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.
SCHEDULE IV CAP. 104 Bretton Woods Agreements Act
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(c) No taxation of any kind shall be levied on any obligation or security
issued by the Corporation (including any dividend or interests 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.
SCHEDULE IV
Section 4(d))
INTERNATIONAL DEVELOPMENT ASSOCIATION
ARTICLE VIII
STATUS, IMMUNITIES AND PRIVILEGES
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.
Bretton Woods Agreements Act CAP. 104 SCHEDULE IV
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SECTION 3—Position of Association with regard to Judicial process
Actions 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 actions 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 judgement 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 executive or legislative action.
SECTION 5—Immunity of archives
The archives of the Association 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
assets of the Association 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, 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
SCHEDULE IV CAP. 104 Bretton Woods Agreements Act
1988 Revised Edition Page 20
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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 Association, 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 Association to Executive Directors, Alternates, officials or employees
of the Association 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 Association (including any dividend or interest thereon) by
whomsoever held:
(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 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 Association.
(d) No taxation of any kind shall be levied on any obligation or security
guaranteed by the Association (including any dividend or interest thereon)
by whomsoever held:
(i) which discriminates against such obligations or security solely
because it is 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.
Bretton Woods Agreements Act CAP. 104 SCHEDULE V
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SCHEDULE V
(Section 6(3))
INTERNATIONAL MONETARY FUND
ARTICLE III
SECTION 4—Substitution of Securities for Currency
The Fund shall accept from any member, in place of any part of the member's
currency in the General Resources Account which in the judgment of the Fund is
not needed for its operations and transactions, notes or similar obligations issued
by the member or the depository designated by the member under Article XIII,
Section 2, which shall be non-negotiable, non-interest bearing and payable at
their face value on demand by crediting the account of the Fund in the
designated depository. This Section shall apply not only to currency subscribed
by members but also to any currency otherwise due to, or acquired by, the Fund
and to be placed in the General Resources Account.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
ARTICLE V
SECTION 12—Form of holdings of currency
The Bank shall accept from any member, in place of any part of the member's
currency, paid in to the Bank under Article II, Section 7(I), or to meet
amortization payments on loans made with such currency, and not needed by the
Bank in its operations, notes or similar obligations issued by the Government of
the member or the depository designated by such member, which shall be non-
negotiable, non-interest-bearing and payable at their par value on demand by
credit to the amount of the Bank in the designated depository.
INTERNATIONAL DEVELOPMENT ASSOCIATION
SCHEDULE VI CAP. 104 Bretton Woods Agreements Act
1988 Revised Edition Page 22
to
ARTICLE II
SECTION 2(e)—Initial Subscriptions
The Association shall accept from any member, in place of any part of the
member's currency paid in or payable by the member under the preceding
subsection (d) or under Section 2 of Article IV and not needed by the
Association in its operations, notes or similar obligations issued by the
Government of the member or the depository designated by such member, which
shall be non-negotiable, non-interest bearing and payable at their par value on
demand to the account of the Association in the designated depository.
SCHEDULE VI
(Section 6(4))
INTERNATIONAL MONETARY FUND
ARTICLE V
SECTION 1—Agencies Dealing with the Fund
Each member shall deal with the Fund only through its Treasury, central bank,
stabilization fund, or other similar fiscal agency, and the Fund shall deal only
with or through the same agencies.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
ARTICLE III
SECTION 2—Dealings between members and the Bank
Each member shall deal with the Bank only through its Treasury, central bank,
stabilization fund or other similar fiscal agency, and the Bank shall deal with
members only by or through the same agencies.
INTERNATIONAL FINANCE CORPORATION
Bretton Woods Agreements Act CAP. 104 SCHEDULE VI
1988 Revised Edition
to
Page 23
ARTICLE IV
SECTION 10—Channel of Communication
Each member shall designate an appropriate authority with which the
Corporation may communicate in connection with any matter arising under this
Agreement.
INTERNATIONAL DEVELOPMENT ASSOCIATION
ARTICLE VI
SECTION 10—Channel of Communication
Each member shall designate-an appropriate authority with which the
Association may communicate in connection with any matter arising under this
Agreement. In the absence of any different designation, the channel of
communication designated for the Bank shall be the channel for the Association.
