S.I. No. 454/2006 - Asian Development Bank (Designation and Immunities) Order 2006

1. The Bank, its assets, property, income and its operations and transactions, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty.

2. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to Directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, except where a member deposits with its instrument of ratification or acceptance a declaration that such member retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to citizens or nationals of such member.

3. No tax of any kind shall be levied on any obligation or security issued by the Bank including any dividend or interest thereon, by whomsoever held

(i) which discriminates against such obligation or security solely because it is issued by the Bank; 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 Bank.

4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held

(i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or

(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

Article 57

IMPLEMENTATION

Each member, in accordance with its juridical system, shall promptly take such action as is necessary to make effective in its own territory the provisions set forth in the Chapter and shall inform the Bank of the action which it has taken on the matter.

Article 58

WAIVER OF IMMUNITIES, EXEMPTIONS AND PRIVILEGES

The Bank at its discretion may waive any of the privileges, immunities and exemptions conferred under this Chapter in any case or instance, in such manner and upon such conditions as it may determine to be appropriate in the best interests of the Bank.

GIVEN UNDER THE OFFICIAL

SEAL OF THE GOVERNMENT,

THIS 20th day of June, 2006.

BERTIE AHERN,

Taoiseach.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The effect of this order is to enable Chapter VIII of the Agreement Establishing the Asian Development Bank to be implemented pursuant to the Diplomatic Relations and Immunities Acts 1967-2006.

STATUTORY INSTRUMENTS

S.I. No 454 of 2006

Asian Development Bank (Designation and Immunities) Order 2006

WHEREAS it is enacted by section 40(1) (as amended by the

Diplomatic Relations and Immunities (Amendment) Act 2006

(No. 10 of 2006)) of the

Diplomatic Relations and Immunities Act 1967

(No. 8 of 1967) that the Government may by order designate an international organisation, community or body 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 it is further enacted by section 42A (as amended by the

Diplomatic Relations and Immunities (Amendment) Act 2006

(No. 10 of 2006)) of the

Diplomatic Relations and Immunities Act 1967

that the Government may by order make provision to enable-

(a) international organisations, communities or bodies, their institutions or organs and their property, and

(b) persons,

to have and enjoy in the State any inviolability, exemptions, facilities, immunities, privileges or rights provided for in relation to them by an international agreement to which the State or the Government is or intends to become a party

AND WHEREAS the Asian Development Bank and the Articles of Agreement made on 4 December 1965 establishing the Asian Development Bank are, respectively, an organisation and an agreement as aforesaid

NOW, the Government, in exercise of the powers conferred on them by sections 40 and 42A of the

Diplomatic Relations and Immunities Act 1967

, hereby order as follows