Page:Asian Infrastructure Investment Bank Act 2015.pdf/6

Rh THE SCHEDULE Section 7(1) and (3) PROVISIONS OF THE AGREEMENT HAVING THE FORCE OF LAW CHAPTER IX STATUS, IMMUNITIES, PRIVILEGES AND EXEMPTIONS Article 44Purposes of Chapter

1. To enable the Bank to fulfill its purpose and carry out the functions entrusted to it, the status, immunities, privileges and exemptions set forth in this Chapter shall be accorded to the Bank in the territory of each member.

2. Each member shall promptly take such action as is necessary to make effective in its own territory the provisions set forth in this Chapter and shall inform the Bank of the action which it has taken.

Article 45Status of the Bank

The Bank shall possess full juridical personality and, in particular, the full legal capacity:
 * (i) to contract;
 * (ii) to acquire, and dispose of, immovable and movable property;
 * (iii) to institute and respond to legal proceedings; and
 * (iv) to take such other action as may be necessary or useful for its purpose and activities.

Article 46Immunity from Judicial Proceedings

1. The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or in connection with the exercise of its powers to raise funds, through borrowings or other means, to guarantee obligations, or to buy and sell or underwrite the sale of securities, in which cases actions may be brought against the Bank only in a court of competent jurisdiction in the territory of a country in which the Bank has an office, or has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities.

2. Notwithstanding the provisions of paragraph 1 of this Article, no action shall be brought against the Bank by any member, or by any agency or instrumentality of a member, or by any entity or person directly or indirectly acting for or deriving claims from a member or from any agency or instrumentality of a member. Members shall have recourse to such special procedures for the settlement of controversies between the Bank and its members as may be prescribed in this Agreement, in the by-laws and regulations of the Bank, or in the contracts entered into with the Bank.