INTERNATIONAL ORGANIZATIONS (PRIVILEGES AND IMMUNITIES) (INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL FINANCE CORPORATION) ORDER
L.N. 118 of 2008
PROVISIONS OF ARTICLES OF AGREEMENT OF THE BANK HAVING FORCE OF LAW IN HONG KONG
Status, Immunities and Privileges
Section 1. Purposes of the Article
To enable the Bank to fulfill the functions with which it is entrusted, the ... immunities and privileges set forth in this Article shall be accorded to the Bank ... .
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 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;
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 (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.