S.I. No. 275/1977:

FINANCIAL SUPPORT FUND OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (DESIGNATION OF ORGANISATION) ORDER, 1977.

FINANCIAL SUPPORT FUND OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (DESIGNATION OF ORGANISATION) ORDER, 1977.

WHEREAS it is enacted by section 40 (1) of the Diplomatic Relations and Immunities Act, 1967 (No. 8 of 1967), that the Government may by order designate an international organisation of which the State or the Government is or intends to become a member to be an organisation to which Part VIII of that Act applies:

AND WHEREAS the Financial Support Fund of the Organisation for Economic Co-operation and Development is an organisation such as aforesaid:

NOW, the Government, in exercise of the powers conferred on them by section 40 of the said Diplomatic Relations and Immunities Act, 1967 , hereby orders as follows:

1. This Order may be cited as the Financial Support Fund of the Organisation for Economic Co-operation and Development (Designation of Organisation) Order, 1977.

2. The Financial Support Fund of the Organisation for Economic Co-operation and Development is hereby designated as an organisation to which Part VIII of the Diplomatic Relations and Immunities Act, 1967 (No. 8 of 1967), applies.

3. Article XVII (a copy of which is set out in the Schedule to this Order) of the Agreement Establishing a Financial Support Fund of the Organisation for Economic Co-operation and Development done at Paris on the 9th day of April, 1975, shall apply for the purposes of section 42 of the Diplomatic Relations and Immunities Act, 1967 .

SCHEDULE.

Article XVII.

CAPACITY, PRIVILEGES AND IMMUNITIES.

Section 1. Purpose of Article.

The capacity, privileges and immunities set out in this Article shall be accorded to the Fund in the territory of each member to such extent as is necessary to enable the Fund to fulfil the functions with which it is entrusted.

Section 2. Capacity of the Fund.

The Fund shall possess juridical personality and, in particular, the capacity to contract and to institute legal proceedings.

Section 3. Immunity from judicial proceedings.

( a ) The Fund shall enjoy immunity from every form of legal process, except in cases arising out of or in connection with the exercise of any of its powers to borrow money, or to buy and sell securities, in which cases actions may be brought against the Fund in a court of competent jurisidiction in the territory of a member in which the Fund has its headquarters, or has borrowed or issued securities. In such cases the Governing Committee shall, and in any other cases the Governing Committee may, appoint an agent for the purposes of accepting service or notice of process in accordance with the domestic law of the member,

( b ) Notwithstanding the provisions of paragraph (a) of this Section, no action shall be brought against the Fund by any member, or any agency of a member, or any person acting for or deriving claims from a member or agency of a member. Members shall have recourse to such special procedures for the settlement of controversies between the Fund and its members as may be set out in the contracts entered into with the Fund, or in the regulations of the Governing Committee established under Article XVI, Section 2 (g),

( c ) The assets of the Fund, wherever located and by whomsoever held, shall be immune from all forms of seizure, attachment or execution before the delivery of final judgement against the Fund.

Section 4.--Assets of the Fund.

Assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive, legislative or administrative action.

Section 5. Archives of the Fund.

The Archives of the Fund shall be inviolable.

Section 6. Exchange control.

To the extent necessary to carry out the operations of the Fund, its assets shall be free from financial restrictions, regulations, controls and moratoria of any nature.

Section 7. Taxation.

( a ) Within the scope of its official activities, the Fund and its assets and income shall be exempt from all direct taxes, but not from charges for public utility services.

( b ) 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 8. Representatives and officials.

With respect to privileges and immunities:

( a ) representatives of members to the Governing Committee and the members of the Advisory Board shall be regarded as representatives to an organ of the OECD; and

( b ) officials of the OECD shall, in respect of things done or omitted to be done by them on behalf of the Fund, be regarded as acting as officials of the OECD.

Section 9. Waiver of immunity.

The Governing Committee shall have the right and the duty to waive any immunity accorded by this Article in any case where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the Fund.

GIVEN under the Official Seal of the Government, this 23rd day of August, 1977.

SEÁN Ó LOINSIGH,

Taoiseach.

EXPLANATORY NOTE.

The purpose of this order is to confer the status of a body corporate on the Financial Support Fund of the Organiastion for Ecoonmic Co-operation and Development and to give effect to the provisions relating to privileges and immunities contained in the Agreement establishing a Financial Support Fund of the Organisation for Economic Co-operation and Development, signed in Paris on 9 April, 1975.