1498

II SÉRIE — NÚMERO 80

b) Except in the case of local nationals, no tax shall be levied on or in respect of expense allowances paid by the Agency to governors and their alternates or on or in respect of salaries, expense allowances or other emoluments paid by the Agency to the chairman of the Board, directors, thcir altcmatcs, the president or staff of the Agency.

c) No taxation of any kind shall be levied on any investment guaranteed or reinsured by the Agency (including any earnings therefrom) or any insurance policies reinsured by the Agency (including any premiums and other revenues therefrom) by whomsoever held: 0 which discriminates against such investment or insurance policy solely because it is guaranteed or reinsured by the Agency; or it) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Agency.

Article 48 Officials of the Agency

All governors, directors, alternates, the president and staff of the Agency:

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

it) 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 the members concerned to the representatives, officials and employees of comparable rank of other members; and

iit) Shal be granted the same treatment in respect of travelling facilities as is accorded by the members concerned to representatives, officials and employees of comparable rank of other members.

Article 49

Application of this chapter

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 chapter, and shall inform the Agency of the detailed action which it has taken.

Article 50

Waiver

The immunities, exemptions and privileges provided in this chapter arc granted in the interests of the Agency and may be waived, to such extent and upon such conditions as the Agency may determine, in cases where such a waiver would not prejudice its interests. The Agency shall waive the immunity of any of its staff in cases where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the Agency.

CHAPTER VIII

Withdrawal, suspension of membership and cessation of operations

Article 51

Withdrawal

Any member may, after the expiration of three years following the date upon which this Convention has entered into force with respect to such member, withdraw from the

Agency at any time by giving notice in writing to Ihc Agency at its principal office. The Agency shall notify the Bank, as depository of this Convention, of the receipt of such notice. Any withdrawal shall become effective ninety days following the dale of the receipt of such notice by the Agency. A member may revoke such notice as long as it has not become effective.

Article 52

Suspension of membership

a) If a member fails to fulfill any of its obligations under this Convention, the Council may, by a majority of its members exercising a majority of the total voting power, suspend its membership.

b) While under suspension a member shall have no rights under this Convention, except for the right of withdrawal and other rights provided in this chapter and chapter rx, but shall remain subject to all its obligations.

c) For purposes of determining eligibility for a guarantee or reinsurance to be issued under chapter ra or annex I to this Convention, a suspended member shall not be treated as a member of the Agency.

d) The suspended member shall automatically cease to be a member one year from the date of its suspension unless the Council decides to extend the period of suspension or to restore the member to good standing.

Article 53

Rights and duties of States ceasing to be members

a) When a State ceases to be a member, it shall remain liable for all its obligations, including its contingent obligations, under this Convention which shall have been in effect before the cessation of its membership.

b) Without prejudice to section a) above, Ihc Agency shall enter into an arrangement with such Slate for the settlement of their respective claims and obligations. Any such arrangement shall be approved by the Board.

Article 54

Suspension of operations

a) The Board may, whenever it deems it justified, suspend the issuance of new guarantees for a specified period.

b) In an emergency, the Board may suspend all activities of the Agency for a period not exceeding the duration of such emergency, provided that necessary arrangements shall be made for the protection of the interests of the Agency and of third parties.

c) The decision to suspend operations shall have no effcel on the obligations of the members under this Convention or on the obligations of the Agency towards holders of a guarantee or reinsurance policy or towards third parties.

Article 55

Liquidation

a) The Council, by special majority, may decide to cease operations and to liquidate the Agency. Thereupon the Agency shall forthwith cease all activities, except those incident to the orderly realization, conservation and preservation of assets and settlement of obligations. Until final settlement and distribution of assets, the Agency shall remain in existence and all rights and obligations of members under this Convention shall continue unimpaired.