1 DE AGOSTO DE 1997

1340-(185)

b) Funds received by the Authority pursuant to annex in, article 13, in connection with activities in the Area;

c) Funds transferred from the Enterprise in accordance with annex iv, article 10;

d) Funds borrowed pursuant to article 174;

e) Voluntary contributions made by members or other entities; and

f) Payments to a compensation fund, in accordance with article 151, paragraph 10, whose sources are to be recommended by the Economic Planning Commission.

Article 172 Annual budget of the Authority

The Secretary-General shall draft the proposed annual budget of the Authority and submit it to the Council. The Council shall consider the proposed annual budget and submit it to the Assembly, together with any recommendations thereon. The Assembly shall consider and approve the proposed annual budget in accordance with article 160, paragraph 2, h).

Article 173 Expenses of the Authority

1 —The contributions referred to in article 171, subparagraph a), shall be paid into a special account to meet the administrative expenses of the Authority until

* the Authority has sufficient funds from other sources to meet those expenses.

2 — The administrative expenses of the Authority shall be a first call upon the funds of the Authority. Except for the assessed contributions referred to in article 171, subparagraph a), the funds which remain after payment of administrative expenses may, inter alia:

a) Be shared in accordance with article 140 and article 160, paragraph 2, g);

b) Be used to provide the Enterprise with funds in accordance with article 170, paragraph 4;

c) Be used to compensate developing States in accordance.with article 151, paragraph 10, and article 160, paragraph, 2, /).

Article 174 Borrowing power of the Authority

1 — The Authority shall have the power to borrow funds.

2 — The Assembly shall prescribe the limits on the borrowing power of the Authority in the financial regulations adopted pursuant to article 160, paragraph 2,f).

3 — The Council shall exercise the borrowing power of the Authority.

4 — States Parties shall not be liable for the debts of the Authority.

Article 175 Annual audit

The records, books and accounts of the Authority, including its annual financial statements, shall be audited annually by an independent auditor appointed by the Assembly.

SUBSECTION G

Legal status, privileges and immunities Article 176

Legal status

The Authority shall have international legal personality and such legal capacity as may be necessary for the exercise of its functions and the fulfilment of its purposes.

Article 177 Privileges and immunities

To enable the Authority to exercise its functions, it shall enjoy in the territory of each State Party the privileges and immunities set forth in this subsection. The privileges and immunities relating to the enterprise shall be those set forth in annex iv, article 13.

Article 178

Immunity from legal process

The Authority, its property and assets, shall enjoy immunity from legal process except to the extent that the Authority expressly waives this immunity in a particular case.

Article 179 Immunity from search and any form of seizure

The property and assets of the Authority, 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.

Article 180

Exemption from restrictions, regulations, controls and moratoria

The property and assets of the Authority shall be exempt from restrictions, regulations, controls and moratoria of any nature.

Article 181

Archives and official communications of the Authority

1 — The archives of the Authority, wherever located, shall be inviolable.

2 — Proprietary data, industrial secrets or similar information and personnel records shall not be placed in archives which are open to public inspection.

3 — With regard to its official communications, the Authority shall be accorded by each State Party treatment no less favourable than that accorded by that State to other international organizations.

Article 182

Privileges and immunities of certain persons connected with the Authority

Representatives of States Parties attending meetings of the Assembly, the Council or organs of the Assembly or the Council, and the Secretary-General and staff of the Authority, shall enjoy in the territory of each State Party:

a) Immunity from legal process with respect to acts performed by them in the exercise of their func-