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International Finance Corporation Act

LAWS OF FIJI

Rev. 1985]

CHAPTER 11A

FINANCE CORPORATION

TALE OF PROVISIONS

SECTION
1. Short title
2. Interpretation
3. Authorisation for signing of and acceptance of the Agreement
4. Financial provisions
5. Certain provisions of agreement to have force of law
6. Power of Minister to make orders

SCHEDULE - Provisions of the Articles of Agreement of the International Finance Corporation which have the Force of Law

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Acts Nos. 10 of 1979, 8 of 1983

AN ACT TO ENABLE FIJI TO BECOME A MEMBER OF THE INTERNATIONAL FINANCE CORPORATION

[6 April 1979]

WHEREAS On 11 April 1955 the executive directors of the International Bank for Reconstruction and Development approved Articles of Agreement (hereinafter referred to as "the Agreement") providing for the establishment of an international body to be called the International Finance Corporation (hereinafter referred to as "the Corporation"):

And whereas it is expedient that Fiji should become a member of the Corporation and that provision should be made for acceptance by Fiji of the Agreement (as amended by resolutions of the Board of Governors of the Corporation effective 21 September 1961 and 1 September 1965) and for carrying out the obligations of Fiji thereunder:

Short title

1. This act may be cited as the International Finance Corporation Act.

Interpretation

2. In this Act "Minister" means the Minister responsible for finance.

Authorisation for signing of and acceptance of the Agreement

3. The Minister is hereby authorised on behalf of the Government of Fiji to sign the Agreement, as amended, and to deposit with the International Bank for Reconstruction and Development an instrument of acceptance of the Agreement, as amended, and of the terms and conditions prescribed thereunder relating to the admission of Fiji to membership of the Corporation, or by instruments under his hand to empower such person as may be named in such instruments to sign the said Agreement, as amended, and to deposit the said instrument of acceptance.

Financial provisions

4. There shall be debited to the Consolidated Fund on the warrant of the Minister all sums required for the purpose of making payments on behalf of the Government-

(a) under section 3 of Article I of the Agreement (which provides for the subscription of shares or stock of the Corporation); and

(b) under section 4 of Article V of the Agreement (which relates to cessation of membership of the Corporation).

Certain provisions of Agreement to have force of law

5. The provisions of the Agreement set out in the Schedule shall have the force of law in Fiji:

Provided that nothing in section of Article VI of the Agreement shall be construed as-

(a) entitling the Corporation to import into Fiji goods free of customs duty without any restriction n their subsequent sale therein; or

(b) conferring on the Corporation any exemption from duties or taxes which form part of the price of goods sold or which are in fact no more than charges for services rendered.

(Amended by Act 8 of 1983, s.2.)

Power of Minister to make orders

6. The Minister may by order make such provisions as are necessary for carrying into effect any of the provisions of the Agreement, as amended, and this Act.

SCHEDULE
(Section 5)
(Amended by Act 8 of 1983, s.3.)

PROVISIONS OF THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL FINANCE CORPORATION WHICH HAVE THE FORCE OF LAW

ARTICLE VI-STATUS, IMMUNITIES AND PRIVILEGES

Section 2. Status of the Corporation

The Corporation shall possess full juridical personality and, in particular, the capacity-

(i) to contract;

(ii) to acquire and dispose of immovable and movable property;

(iii) to institute legal proceedings.

Section 3. Position of the Corporation with regard to Judicial Process

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

Section 4. Immunity of Asset from Seizure

Property and assets of the Corporation, wherever located and by whomsoever held, shall be immune from search, requisitions, confiscation, expropriation or any other form of seizure by executive or legislative action.

Section 5. Immunity of Archives

The archives of the Corporation shall be inviolable.

Section 6. Freedom of Assets from Restrictions

To the extent necessary o carry out the operations provided for in this Agreement and subject to the provisions of Article III, section 5, and the other provisions of this Agreement, the property and assets of the Corporation shall be free from restrictions, regulations, controls and moratoria of any nature.

Section 7. Privilege for Com unications

The official communications of the Corporation shall be accorded by each member the same treatment that it accords to the official communications of other members.

Section 8. Immunities and Privileges of Officers and Employees

All Governors, Directors, alternates, officers and employees of the Corporation-

(i) shall be immune from legal process with respect to acts performed by them in their official capacity;

(ii) not being local nationals, shall be accorded the same immunities from immigration 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;

(iii) shall be granted the same treatment in respect of travelling facilities as is accorded by the same to representatives, officials and employees of comparable rank of other members.

Section 9. Immunities from Taxation

(a) The Corporation, its assets, property, income and its operations and transactions authorised by this Agreement, shall be immune from all taxation and from all customs duties. The Corporation 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 Corporation to Directors, Alternates, officials or employees of the Corporation who are of 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 Corporation (including any dividend or interest thereon) by whomsoever held-

(i) which discriminates against such obligation or security solely because it is issued b the Corporation; 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 r place of business maintained by the Corporation.

(d) No taxation of any kind shall be levied on any obligation or security guaranteed by the Corporation (including any dividend or interest thereon) by whomsoever held-

(i) which discriminates against such obligation or security solely because it is guaranteed by the Corporation; or

(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Corporation.

Section 11. Waiver

The Corporation 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.

Controlled by Ministry of Finance

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