The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted and subsequently amended.
Status, Immunities, and Privileges
Section 1. Purposes of Article
To enable the Fund to fulfill the functions with which it is entrusted, the status, immunities, and privileges set forth in this Article shall be accorded to the Fund in the territories of each member.
Section 2. Status of the Fund
The Fund shall possess full juridical personality, and in particular, the capacity:
|(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 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 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 traveling 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.
(c) No taxation of any kind shall be levied on any obligation or security issued by the Fund, including any dividend or interest thereon, 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.|
Section 10. Application of Article
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 Article and shall inform the Fund of the detailed action which it has taken.