Section 1 Purpose of Articles

To enable the Agency to fulfil the functions with which it is entrusted, the status, immunities, and privileges set forth in this Article shall be accorded to the Agency in the territories of each member.

Section 2 Status

The Agency shall possess full juridical personality, and in particular, the capacity:

1. to contract;

2. to acquire and dispose of immovable and movable property; and

3. to institute legal proceedings.

Section 3 Position of the Agency with regard to Judicial Process

Actions may be brought against the Agency only in a court of competent jurisdiction in the territories of a member in which the Agency has an office, has appointed an agent for the purpose of accepting service of process, or has issued or guaranteed securities or digital assets.  No actions shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Agency 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 Agency.

Section 4 Immunity from Asset Seizure

Property and assets of the Agency, wheresoever 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 Agency shall be inviolable.

Section 6 Freedom of assets from restrictions

To the extent necessary to carry out the activities provided for in this Agreement and subject to the provisions of this Agreement, all property and assets of the Agency shall be free from restrictions, regulations, controls, and moratoria of any nature.

Section 7 Privilege for communications

The official communications of the Agency 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, Directors, officers and the appointed persons, staff and employees of the Agency:

1. shall be immune from legal process with respect to acts performed by them in their official capacity except when the Agency waives this immunity;
   
   

2. 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;
   
   

3. 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

1. The Agency, 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 Agency shall also be immune from liability for the collection or payment of any tax or duty.
   
   

2. No tax shall be levied on or in respect of salaries and emoluments paid by the Agency to Executive Directors, officers, employees, or appointed persons of the Agency who are not local citizens, local subjects, or other local nationals.
   
   

3. No taxation of any kind shall be levied on any obligation, guarantee, security or asset backed token issued by the Agency, including any dividend or interest thereon, by whomsoever held:

1. which discriminates against such obligation, security or asset backed token solely because of its origin or because it is guaranteed by the Agency; or
   
   

2. 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 Agency.

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 Agency of the detailed action which it has taken.

Section 11 Waiver

The Agency in its discretion may waive any of the privileges and immunities conferred under this Article to such extent and upon such conditions as it may determine.