Revised Laws of Saint Lucia (2023)

PART XII
IMMUNITIES, PRIVILEGES AND ARBITRATION OF DISPUTES

50.   Immunities and privileges accorded to employees of the bank

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   (1)   To enable the Bank to fulfil the functions with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Bank in the territory of each Participating Government.

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   (2)   The Bank, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.

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   (3)   Property and assets of the Bank shall be immune from search, requisition, confiscation, expropriation or any other form of seizure.

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   (4)   The archives of the Bank shall be inviolable.

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   (5)   To the extent necessary to carry out the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.

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   (6)   The official communications of the Bank shall be accorded by Participating Governments the same treatment as the official communications of other Participating Governments.

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   (7)   The Governor, the Deputy Governor, the appointed Directors, officers and employees of the Bank—

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      (i)     shall be immune from legal process with respect to acts performed by them in their official capacity except when the Bank waives this immunity,

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      (ii)     not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by Participating Governments to the representatives, officials and employees of comparable rank of other Participating Governments,

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      (iii)     shall be granted the same treatment in respect of travelling facilities as is accorded by Participating Governments to representatives, officials and employees of comparable rank of other Participating Governments.

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   (8)

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      (a)     The Bank, its assets, property, income and its business, shall be immune from all taxation and from all customs duties in respect of goods acquired by, or services rendered to it for its own use. The Bank shall also be immune from liability for the collection or payment of any tax or duty in respect thereof except when it resells a good acquired by it to a member of the public. (Amended by S.I. 48/1991)

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      (b)     No tax shall be levied on or in respect of salaries and emoluments, including pensions and gratuities, paid by the Bank to the Governor, the Deputy Governor and the appointed Directors, officers and employees of the Bank.

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      (c)     No taxation of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held—

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         (i)     which discriminates against such obligations or security solely because of its origin, or

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         (ii)     if the sole jurisdictional basis for such taxation is the place in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.

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   (9)   The Bank shall indemnify and keep indemnified the Governor, the Deputy Governor, the appointed Directors, officers and employees of the Bank from and against any and all loss, damage or liability (whether criminal or civil) suffered including any legal fees and costs incurred, arising in connection with the performance of their duties or the exercise of their functions. (Inserted by S.I. 16/2017)

51.   Settlement of disputes by arbitration

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   (1)   Any dispute between the Participating Governments concerning this Agreement or between the Bank and a Participating Government, shall be submitted to arbitration by a tribunal of arbitrators appointed pursuant to paragraph (2) of this Article.

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   (2)

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      (a)     If the dispute is between only 2 parties, each party shall be entitled to appoint one arbitrator, and the 2 parties shall together appoint a third arbitrator, who shall be the Chairman of the tribunal.

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      (b)     If the dispute is between 3 or more parties, each party shall be entitled to appoint one arbitrator and all the parties shall together appoint an additional arbitrator, who shall be the Chairman of the tribunal.

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   (3)   If, within 30 days of receipt of the request for arbitration, any party has not appointed an arbitrator or if within 30 days of the appointment of the arbitrators the parties have not appointed the third arbitrator or, as the case may be, the additional arbitrator, any party to the dispute may request the Chief Justice of the East Caribbean States Supreme Court, or in the event of his non-acceptance for any reason, such other judicial authority as may be prescribed by the Council, to make the required appointment.

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   (4)   The procedure of the tribunal shall be fixed by the arbitrators, but the Chairman of the tribunal shall have full power to settle all questions of procedure in any case of disagreement with respect thereto. A majority vote of the arbitrators shall be sufficient to reach a decision which shall be final and binding upon the parties. The Chairman of the tribunal shall be entitled to vote, and in the event of a tie, shall have a casting vote.