Headquarters Agreement of the Black Sea Trade and Development Bank

The Agreement establishes the headquarters of the Black Sea Trade and Development Bank in Greece, defining the status, privileges and immunities of the organization in the host country.

The Bank is recognized as an international organization and shall possess full legal personality (Article 3).

Within the scope of its Official Activities the Bank shall enjoy immunity from jurisdiction, except that the immunity of the Bank shall not apply: a) to the extent that the Bank shall have expressly waived any such immunity in any particular case or in any written document; b) in respect of civil action arising out of the exercise of its powers to borrow money, to guarantee obligations and to buy or sell or underwrite the sale of any securities; c) in respect of a civil action by a third party for damage arising from a road traffic accident caused by a Person Connected with the Bank, acting on behalf of the Bank; d) in respect of a civil action relating to death or personal injury caused by
an act or omission, in the Hellenic Republic, of the Bank or a Person Connected with the Bank; e) in respect of the enforcement of an arbitration award made against the Bank as a result of an express submission to arbitration by the Bank; or f) in respect of any counter-claim directly connected with court proceedings initiated by the Bank (Article 4).

Persons Connected with the Bank shall be immune from jurisdiction and legal process including arrest and
detention even after termination of their mission or service, in respect of acts performed by them in their official capacity, including words written or spoken by them; this immunity shall not apply, however, to civil liability in the case of damage arising from a road traffic accident caused by any such person (Article 14).

The Board of Directors may waive to such extent and upon such conditions as it may determine any of the immunities, conferred under this Agreement, in cases where such action would, in its opinion, be appropriate in the best interests of the Bank. The President shall have the right and duty to waive any immunity, exemption or privilege in respect of any Officer or Employee of the Bank or expert performing missions for the Bank, other than the President or a Vice-President or the Secretary General, where, in his or her opinion, the immunity, exemption or privilege would impede the course of justice and can be waived without prejudice to the interests of the Bank (Article 17).

The Bank shall co-operate at all times with the appropriate authorities of the Hellenic Republic in order to prevent any abuse of the immunities, privileges, exemptions and facilities provided for in this Agreement (Article 20).

The President shall make provisions for appropriate methods of settlement of: a) disputes arising out of contracts and disputes of a private law character to which the Bank is a party and, in consultation with the Government; b) disputes involving a Person Connected with the Bank who, by reason of his or her official position, enjoys immunity, if such immunity has not been waived (Article 22).