Common use of Status, Immunities and Privileges Clause in Contracts

Status, Immunities and Privileges. SECTION 1. PURPOSES OF ARTICLE To enable the Bank to fulfill the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Bank in the territories of each member. 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, 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. 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.