Section 1. The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or in

CHAPTER VIII STATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES ARTICLE 48 PURPOSE OF CHAPTER To enable the Bank effectively to fulfil its purpose and carry out the functions entrusted to it, the status, immunities, exemptions and privileges set forth in this Chapter shall be accorded to the Bank in the territory of each member. ARTICLE 49 LEGAL STATUS The Bank shall posses full juridical personality and, in particular, full capacity: (i) to contract; (ii) to acquire, and dispose of, immovable and movable property; and - (iii) to institute legal proceedings. ARTICLE 50 IMMUNITY FROM JUDICIAL PROCEEDINGS 1. The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or in connexion with the exercise of its powers to borrow money, to guarantee obligations, or to buy and sell or underwrite the sale of securities, in which cases actions may be brought against the Bank in a court of competent jurisdiction in the territory of a country in which the Bank has its principal or a branch office, or has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. 1. 19th, December, 1966, vide notification No. S.O. 3803(E), dated 8th, December, 1966, see Gazette of India, Extraordinary, Part II, sec . 3(ii). (a) entitling the Bank to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or (b) conferring on the Bank any exemption from duties or taxes which from part of the price of goods sold; or (c) conferring on the Bank any exemption from duties or taxes which are in fact no more than charges for services rendered. (2) The Central Government may, by notification in the Official Gazette, amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of the Agreement set out therein.