Page:United States Statutes at Large Volume 60 Part 2.djvu/326

 1414 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. Section 6. Freedom of assets from restrictions To the extent necessary to carry out the operations 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 mem- bers the same treatment as the official communications of other mem- bers. Section 8. Immunities and privileges of officers and employees All governors, executive directors, alternates, officers and employ- ees of the Fund (i) shall be immune from legal process with respect to acts per- formed by them in their official capacity except when the Fund waives this immunity. (ii) Not being local nationals, shall be granted the same immuni- ties from immigration restrictions, alien registration require- ments 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 traveling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members. Section 9. Immuunities 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 emolu- ments 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 terri- tories 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.

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