Agreement establishing the Andean Development Corporation

The Agreement establishes the Andean Development Corporation, regulating its legal status, privileges and immunities.

The Corporation is a legal person of international public law (Article 1).

The goods and other assets of the Corporation, wherever they may be, shall enjoy immunity from expropriations, inquiries, requisition, confiscation, seizure, sequestration, attachment, retention or any other form of seizure by administrative or executive measures carried out by any of the Contracting States. Said goods and assets shall enjoy the same immunity from judicial actions as long as no final judgement is passed against the Corporation (Article 47).

The Directors, Executive President, Vice-Presidents and professional, technical and head officers of the Corporation shall enjoy Immunity from judicial and administrative procedures with respect to acts performed by them in the exercise of their functions, unless the Corporation expressly waives such immunity (Article 53).

Judicial actions against the Corporation may only be filed before a court of competent jurisdiction in the territories of a Contracting Party where the Corporation has an office, or where it has designated an agent or attorney-in-fact with power to accept service of process or notice of a judicial complaint, or where it may have issued or guarantied any securities (Article 54).