Agreement establishing the Caribbean Development Bank
Type of Document: Treaties
International Organization: Caribbean Development Bank
Year: 1969
Country: Antigua and Barbuda, Bahamas, Barbados, Belize, Brazil, Canada, China, Colombia, Dominica, France, Germany, Grenada, Guyana, Haiti, Italy, Jamaica, Mexico, Saint Kitts and Nevis, Saint Lucia, Saint Vincent, Suriname, Trinidad and Tobago, United Kingdom, Venezuela
The Agreement institutes the Caribbean Development Bank and defines its legal status and legal personality.
To enable the Bank effectively to fulfill its purpose and carry out the functions entrusted to it, the Agreement provides that the Bank shall enjoy in the territory of each member State 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 member in which the Bank has its principal or a branch office, or in the territory of a member or non-member State where it has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities.
No action shall be brought against the Bank by any member, or by any agency of a member, or by any entity or person
directly or indirectly acting for or deriving claims from a member. Members shall have recourse to such special procedures for the settlement of disputes between the Bank and its members as may be provided for in this Agreement, in by-laws and regulations of the Bank, or in contracts entered into with the Bank.
The Agreement also grants to Bank’s Officials immunity from legal process with respect to acts performed by them in
their official capacity.
The Agreement also establishes the obligation of the Bank to make provision for appropriate modes of settlement of disputes