Status, Immunities, Exemptions And Privilegesby Asian Development Bank
This is to enable the Bank effectively to fulfill its purpose. The status, immunities, exemptions and privileges set forth in this Chapter shall be accorded to the Bank in the territory of each member.
Article 49: LEGAL STATUS
The Bank shall possess full juridical personality and, in particular, full capacity= (i) to contract; (ii) to acquire, and dispose of, immovable and movable property; and (iii) to institute legal proceedings.
Article 50: IMMUNITY FROM JUDICIAL PROCEEDINGS
The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or in connection with the exercise of its powers to borrow money, to guarantee obligations, or to buy and sell or underwrite the sale of securities, in which cases actions may be brought against the Bank in a court of competent jurisdiction in the territory of a country in which the Bank has its principal or a branch office, or has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities.
Notwithstanding the provisions of paragraph 1 of this Article, no action shall be brought against the Bank by any member, or by any agency or instrumentality of a member, or by any entity or person directly or indirectly acting for or deriving claims from a member or from any agency or instrumentality of a member. Members shall have recourse to such special procedures for the settlement of controversies between the Bank and its members as may be prescribed in this Agreement, in the by-laws and regulations of the Bank, or in contracts entered into with the Bank.
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.
Article 51: IMMUNITY OF ASSETS
Property and assets of the Bank, wheresoever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by executive or legislative action.
Article 52: IMMUNITY OF ARCHIVES
The archives of the Bank, and, in general, all documents belonging to it, or held by it, shall be inviolable, wherever located.
Article 53: FREEDOM OF ASSETS FROM RESTRICTIONS
To the extent necessary to carry out the purpose and functions of the Bank effectively, 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.
Article 54 PRIVILEGE FOR COMMUNICATIONS
Official communications of the Bank shall be accorded by each member treatment not less favourable than that it accords to the official communications of any other member.
Article 55 IMMUNITIES AND PRIVILEGES OF BANK PERSONNEL
All Governors, Directors, alternates, officers and employees of the Bank, including experts performing missions for 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 the immunity;
- ii) where they are not local citizens or nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations, and the same facilities as regards exchange regulations, 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.
Article 56: EXEMPTION FROM TAXATION
- The Bank, its assets, property, income and its operations and transactions, is exempt from all taxation and customs duties.
The Bank shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty.
No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to Directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, except where a member deposits with its instrument of ratification or acceptance a declaration that such member retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to citizens or nationals of such member.
No tax 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 (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.
No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held:
- which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
- if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Article 57: IMPLEMENTATION
Each member, in accordance with its juridical system, shall promptly take such action as is necessary to make effective in its own territory the provisions set forth in the Chapter and shall inform the Bank of the action which it has taken on the matter.
Article 58: WAIVER OF IMMUNITIES, EXEMPTIONS AND PRIVILEGES
The Bank at its discretion may waive any of the privileges, immunities and exemptions conferred under this Chapter in any case or instance, in such manner and upon such conditions as it may determine to be appropriate in the best interests of the Bank.