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12Immunities and privileges of international financial institutions

(1)    Her Majesty may by Order in Council make such provision as She considers reasonably necessary for giving effect to any relevant provision of the agreement establishing an international financial institution.

(2)    For this purpose a provision is “relevant” if it relates to the status, immunities or privileges of—

(a)    the international financial institution,

(b)    its governors, directors or executive-directors or alternates, or

(c)    its officers or employees.

(3)    For the purposes of this section the following are “international financial institutions”—

(a)    the International Bank for Reconstruction and Development;

(b)    the International Finance Corporation;

(c)    the International Development Association.

(4)    No recommendation may be made to Her Majesty in Council to make an Order under this section unless a draft of the Order has been laid before Parliament and approved by resolution of each House of Parliament.

(5)    The Secretary of State may by order amend subsection (3) by making additions to or deletions from the institutions that are for the time being listed there.

(6)    This section is without prejudice to the powers conferred by the International Organisations Act 1968 (c 48) or any other Act.

NOTES
Initial Commencement
To be appointed

To be appointed: see s 20(2).
Financial Institutions95 International Law91 International Institutions & Organisations91 Banking & Finance Law95

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