Power of Minister to make regulations

The Minister may by Order make such regulations as are necessary for carrying into effect the obligations under any of the provisions of the Fund Agreement, the Bank Agreement, International Financial 8 Organisations the Corporation Agreement, the Association Agreement and the Resolutions referred to in section 3 (1) above, and to give full force and effect to the provisions of this law. International Financial Organisations 9 SCHEDULE 1 INTERNATIONAL FINANCIAL ORGANISATIONS ACT Fund Agreement [Section 6] 1. First sentence of section 2 (b) of Article VIII of the Fund Agreement, “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.” 2. Sections 2 to 9 inclusive of Article IX of the Fund Agreement, “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 International Financial 10 Organisations immunity for the purpose of any proceedings or by the terms of any contract. Section 4. Immunity from other action Property and assets of the Fund, 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 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, controls 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 (j), 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 International Financial Organisations 11 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 authorized by this Agreement shall be immune from all taxation and from 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. International Financial 12 Organisations (c) No taxation of any kind shall be levied on any obligation or security issued by the Fund, including any dividend or interest 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.” 3. Article XXVII (b) of the Fund Agreement, “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.” International Financial Organisations 13 SCHEDULE 2 INTERNATIONAL FINANCIAL ORGANISATIONS ACT Bank Agreement [Section 6] Sections 2 to 9 inclusive of Article VII of the Bank Agreement: “Section 2. Status of the Bank The Bank 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 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, where so ever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank. International Financial 14 Organisations 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, (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; International Financial Organisations 15 (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 authorized 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 International Financial 16 Organisations (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 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.” International Financial Organisations 17 SCHEDULE 3 INTERNATIONAL FINANCIAL ORGANISATIONS ACT Corporation Agreement [Section 6] Sections 2 to 9 inclusive of Article VI of the Corporation Agreement, “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 actions shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Corporation shall, where so ever 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 International Financial 18 Organisations 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. 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 the operation provided for in this Agreement and subject to the provisions of Article III, Section 5, and the other provisions of this Agreement, all the 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, 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 International Financial Organisations 19 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 Corporation, its assets, property, income and its operations and transactions authorized 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. (c) No taxation of any kind shall be levied on any obligation or security issued by the Corporation (including any dividend or interest thereon) by whomsoever held, International Financial 20 Organisations (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.” International Financial Organisations 21 SCHEDULE 4 INTERNATIONAL FINANCIAL ORGANISATIONS ACT Association Agreement [Section 6] Sections 2 to 9 inclusive of Article VIII of the Association Agreement, “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. Section 3. Position of the 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, where so ever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Association. International Financial 22 Organisations 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 Association 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; International Financial Organisations 23 (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 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 Association 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 International Financial 24 Organisations 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 obligation 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.”