International Finance Corporation Regulations (Cth)
INTERNATIONAL FINANCE CORPORATION REGULATIONS In force under the International
Finance Corporation Act 1955
- Reprinted as at 30 June 1982 (HISTREG CHAP 120 #DATE 30:06:1982)
Finance Corporation Act 1955
- Reprinted as at 30 June 1982 (HISTREG CHAP 120 #DATE 30:06:1982)
*1* The International Finance Corporation Regulations (in force under the
Statutory Rules 1957 No. 72 amended as indicated in the Tables below.
Table of Statutory Rules
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Date of Application,
saving
Year and notification Date of or transitional
number in Gazette commencement provisions
----------------------------------------------------------------------------- 1957 No. 72 12 Dec 1957 12 Dec 1957
1962 No. 73 21 Aug 1962 21 Aug 1962 -
----------------------------------------------------------------------------- Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and
substituted
----------------------------------------------------------------------------- Provision affected How affected
----------------------------------------------------------------------------- R. 2 . . . . . . . . . am. 1962 No. 73
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INTERNATIONAL FINANCE CORPORATION REGULATIONS - TABLE OF PROVISIONS TABLE
TABLE OF PROVISIONS
Regulation
1. Citation
2. Interpretation
3. Incorporation
4. Actions against the Corporation
5. Immunity of property and assets of the Corporation
6. Immunity of Archives of the Corporation
7. Freedom of property and assets
8. Privilege for communications
9. Immunities and privileges of officers and employees
10. Immunity from taxation
11. Waiver by the Corporation
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INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 1.
Citation
1. These Regulations may be cited as the International Finance Corporation Regulations.*1*
See notes to first article of this CHAPTER.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 2.
Interpretation
2. In these Regulations, unless the contrary intention appears-
"Australian law" means the laws of the Commonwealth, the laws of the States and the laws of the Territories;
"Territory" means a Territory of the Commonwealth forming part of the Commonwealth;
"the Agreement" has the same meaning as in section 3 of the International Finance Corporation Act 1955-1961;
"the Corporation" means the International Finance Corporation established under the agreement.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 3.
Incorporation
3. (1) The Corporation-
(a) is a body corporate with perpetual succession;
(b) has the capacity to contract; and
(c) is capable, in its corporate name, of acquiring, holding and disposing of real and personal property and of instituting legal proceedings.
(2) All courts, judges, and persons acting judicially under Australian laws shall take judicial notice of the seal of the Corporation affixed to a document and shall presume that it was duly affixed.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 4.
Actions against the Corporation
4. (1) The Corporation may, in the Commonwealth, be sued only in a court of competent jurisdiction in a State or a Territory in which the Corporation has an office, has appointed an agent for the purpose of accepting service or notice of process or has issued or guaranteed securities.
(2) The property and assets of the Corporation, wherever located and by whomsoever held, are immune from all forms of seizure, attachment or execution in or in connexion with any judicial proceedings under Australian law before final judgment against the Corporation.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 5.
Immunity of property and assets of the Corporation
5. The property and assets of the Corporation, wherever located and by whomsoever held, are immune from search, requisition, confiscation, expropriation or any other form of seizure under Australian law otherwise than in or in connexion with any judicial proceedings.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 6.
Immunity of Archives of the Corporation
6. The archives of the Corporation are inviolable under Australian law.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 7.
Freedom of property and assets
7. All property and assets of the Corporation are, to the extent necessary to carry out the operations provided for in the Agreement, free from all restrictions, regulations, controls and moratoria of any nature under Australian law other than those that may, consistently with the agreement, be applied to, or in relation to, any such property or assets.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 8.
Privilege for communications
8. The official communicatons of the Corporation shall be accorded the same treatment as the Commonwealth accords to the official communications of members of the Corporation other than the Commonwealth.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 9.
Immunities and privileges of officers and employees
9. (1) A Governor, Director, Alternate, officer or employee of the Corporation is entitled, in respect of things done in his official capacity, to immunity from suit and legal process under Australian law.
(2) A Governor, Director, Alternate, officer or employee of the Corporation, not being an Australian Citizen, has the same immunity (if any) from the application of the laws of the Commonwealth relating to immigration, the registration of aliens and the obligation to perform national service, and has the same privileges (if any) as regards exchange restrictions, as the Commonwealth accords to a representative, official or employee of comparable rank of a member of the Corporation other than the Commonwealth.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 10.
Immunity from taxation
10. (1) The Corporation, its assets, property and income and its operations and transactions authorized by the Agreement are not subject to taxation under Australian law.
(2) Duties of Customs are not payable on goods imported by the Corporation.
(3) The Corporation is not liable to collect or pay a tax or a duty imposed by Australian law.
(4) An obligation or security issued by the Corporation and held by any person, and any dividend or interest on such an obligation or security, is not subject to taxation under a provision of Australian law which, but for this sub-regulation, would be applicable by reason only of the fact that the obligation or security or the dividend or interest was issued, made payable or paid in Australia or in Australian currency or the fact that an office or place of business maintained by the Corporation is located in Australia.
(5) The immunities as regards tax on, or in respect of, salaries and emoluments paid by the Corporation to Directors, Alternates, officials or employees of the Corporation are as provided by or under the Income Tax and Social Services Contribution Assessment Act 1936-1957.*2*
*2* R. 10 (5)-Now cited as the Income Tax Assessment Act 1936.
INTERNATIONAL FINANCE CORPORATION REGULATIONS - SECT. 11.
Waiver by the Corporation
11. The application of these Regulations is subject to the exercise, under section 11 of Article VI of the Agreement, by the Corporation of its discretion to waive any of the privileges and immunities conferred by these Regulations.
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