Agreement Establishing the Black Sea Trade and Development Bank

The Agreement establishes the Black Sea Trade and Development Bank, regulating its legal status, privileges and immunities.

The Bank shall be an independent international institution possessing full juridical personality (Article 44).

The Bank shall enjoy immunity from every legal process except in cases arising out of or in connection 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 the BSEC Participating State in which the Bank has its Headquarters or in any country where the Bank has appointed an agent for the purpose of accepting service or notice of process or has issued or guaranteed securities (Article 45).

Notwithstanding the provisions of Paragraph 1 of this Article, no action shall be brought against the Bank by any Member, or by any agency or instrumentality of a Establishing Agreement of BSTDB page 23 of 34 Member, or any entity or person directly or indirectly acting for or deriving claims from a Member, or from any agency or instrumentality of the Member. Members shall have recourse to such special procedures for the settlement of controversies between the Bank and its Members as may be prescribed in this Agreement, in the by-laws and regulations of the Bank, or in contracts entered into with the Bank (Article 45, par 2).

All Governors, Directors, Alternates, officers and employees of the Bank and experts performing missions for the Bank shall be immune from legal process with respect to acts performed by them in their official capacity, except when the Bank waives this immunity, and shall enjoy inviolability of all their official papers and documents. This immunity shall not apply, however, to civil liability in the case of damage arising from a road traffic accident caused by any such Governor, Director, Alternate, officer, employee or expert (Article 50).

The President shall have the right and the duty to waive any immunity, privilege or exemption in respect of any officer, employee or expert of the Bank, other than the President or a Vice President, where, in his or her opinion, the immunity, privilege or exemption would impede the course of justice and can be waived without prejudice to the interest of the Bank (Article 53).