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> Article 38
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III. The Reserve Bank |
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| 3.2 Power and Authority of Bank | ||
| Article 38- Immunity | ||
| 38.1 | Immunity from Judicial Process | |
| In accordance with Article 63.4 of the Charter of the Americas Union (Cartae Sacrorum De Congregatio Americas), The Bank, 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 agreement. |
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| 38.2 | Immunity from Other Action | |
| Property and assets of the Bank, 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. |
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| 38.3 | Immunity of Records and Archives | |
| Whilst it is a requirement of the Bank to keep its records public, the archives of the Bank shall be inviolable. | ||
| 38.4 | Freedom of assets from restrictions | |
| To the extent necessary to carry out the activities provided for in this Charter, all property and assets of the Bank shall be free from restrictions, regulations, controls, and moratoria of any nature. |
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| 38.5 | Privileged communications | |
| The official communications of the Bank shall be accorded by members the same treatment as the official communications of other members. |
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| 38.6 | Immunity and privileges of officers and employees | |
| All Governors, Executive Directors, Alternates, members of committees, representatives and Officers appointed under Chapter V of this Charter: |
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| (i) shall be immune from legal process with respect to acts performed by them in their official capacity except when the Bank waives this immunity; and |
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| (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 |
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| (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. |
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| 38.7 | Immunity from Taxation | |
| The Bank, 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 Bank shall also be immune from liability for the collection or payment of any tax or duty. |
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| No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to Executive Directors, Alternates, officers, or employees of the Bank who are not local citizens, local subjects, or other local nationals. |
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| No taxation of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held: |
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| (i) which discriminates against such obligation or security solely because of its origin; or |
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| (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 Bank. |
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| 38.8 | Application of Article by Members | |
| 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 Bank of the detailed action which it has taken. |
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