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II SÉRIE — NÚMERO 29

Article 52 Judi ~ial proceedings

I — I tie Bank shall enjoy immunity from every form of legal process, except in cases arising out of the exercise of its borrowing powers when it may be sued only in a court of competent jurisdiction in the territory of a member in which the Bank has its principal office oi in the territory of a member or non-member State where it 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.

2—The property and assets of the Bank shall wherever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the deliver of final judgment against the Bank.

Article 53 lmmuni y of assets and archives

1 — 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 taking or foreclosure by executive or legislative action.

2 — The archives of the Bank and, in general, all documents belonging to it, or held by it, shall be inviolable, wherever located.

Article 54 Freedom of assets from restriction

To the extent necessary to carry out the purpose and functions of the Bank and subject to the provisions of this Agreement, all property and other assets of the Bank shall be exempt from restrictions, regulations, controls and moratoria of any nature.

Article 55

Privilege for communications

Official communications of the Bank shall be ac corded by each member the same treatment that it accords to the official communications of other mem bers.

Article 56

Personal immunities and privileges

AH governors, directors, alternates, officers and employees of the Bank and experts and consultants performing missions for the Bank:

t) Shall be immune from legal process with respect to acts performed by them in their official capacity;

ii) Where they are not local nationals, shall be accorded the same immunities from immigrations 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 Hi) 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 57 Exemption from taxation

1 —The Bank, its property, other assets, income and its operations and transactions shall be exempt from all taxation and from all custom duties. The Bank shall also be exempt from any obligation relating to the payment, withholding or collection of any tax or duty.

2 — No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to directors, alternates, officers and other professional staff of the Bank.

3 — No tax oí any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:

0 Which discriminates against such obligations 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.

4 — No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or enterest thereon, by whomsoever held:

0 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.

Article 58

Notification of Implementation

Each member shall promptly inform the Bank of the specific action which it has taken to make effective in its territory the provisions of this chapter.

Article 59

Application of immunities, exemptions and privileges

The immunities, exemptions and privileges provided in this chapter are granted in the interests of the Bank. The Board of Directors may waive, to such extent and upon such conditions as it may determine, the immunities and exemptions provided in articles 52. 54, 56 and 57 of this Agreement in cases where its action would in its opinion further the interests of the Bank. The President shall have the right and the duty to waive the immunity of any official in cases where.