Section 140p. 140

PUBLIC INTERNATIONAL LAW COMPENDIUM VOLUME I

(f) payments to a compensation fund, in accordance with

article

151,

paragraph

10,

whose

sources

are

to

be

recommended by the Economic Planning Commission.

Article 172. Annual budget of the Authority

The Secretary-General shall draft the proposed annual

budget of the Authority and submit it to the Council. The

Council shall consider the proposed annual budget and

submit

it

to

the

Assembly,

together

with

any

recommendations thereon. The Assembly shall consider

and approve the proposed annual budget in accordance

with article 160, paragraph 2(h).

Article 173. Expenses of the Authority

1. The contributions referred to in article 171, subparagraph

(a), shall be paid into a special account to meet the

administrative

expenses

of

the

Authority

until

the

Authority has sufficient funds from other sources to meet

those expenses.

2. The administrative expenses of the Authority shall be a

first call upon the funds of the Authority. Except for the

assessed

contributions

referred

to

in

article

171,

subparagraph (a), the funds which remain after payment

of administrative expenses may, inter alia :

(a) be shared in accordance with article 140 and article

160, paragraph 2(g);

(b) be used to provide the Enterprise with funds in

accordance with article 170, paragraph 4;

(c)

be

used

to

compensate

developing

States

in

accordance with article 151, paragraph 10, and article 160,

paragraph 2(l).

Article 174. Borrowing power of the Authority

1. The Authority shall have the power to borrow funds.

2.

The

Assembly

shall

prescribe

the

limits

on

the

borrowing

power

of

the

Authority

in

the

financial

regulations adopted pursuant to article 160, paragraph

2(f).

3. The Council shall exercise the borrowing power of the

Authority.

4. States Parties shall not be liable for the debts of the

Authority.

Article 175. Annual audit

The

records,

books

and

accounts

of

the

Authority,

including its annual financial statements, shall be audited

annually by an independent auditor appointed by the

Assembly.

SUBSECTION G. LEGAL STATUS, PRIVILEGES AND

IMMUNITIES

Article 176. Legal status

The Authority shall have international legal personality

and such legal capacity as may be necessary for the

exercise of its functions and the fulfilment of its purposes.

Article 177. Privileges and immunities

To enable the Authority to exercise its functions, it shall

enjoy in the territory of each State Party the privileges

and immunities set forth in this subsection. The privileges

and immunities relating to the Enterprise shall be those

set forth in Annex IV, article 13.

Article 178. Immunity from legal process

The

Authority,

its

property

and

assets,

shall

enjoy

immunity from legal process except to the extent that

the

Authority

expressly

waives

this

immunity

in

a

particular case.

Article 179. Immunity from search and any form of

seizure

The

property

and

assets of the Authority, wherever

located and by whomsoever held, shall be immune from

search,

requisition,

confiscation, expropriation or any

other form of seizure by executive or legislative action.

Article

180.

Exemption

from

restrictions, regulations,

controls and moratoria

The property and assets of the Authority shall be exempt

from restrictions, regulations, controls and moratoria of

any nature.

Article 181. Archives and official communications of the

Authority

1. The archives of the Authority, wherever located, shall be

inviolable.

2.

Proprietary

data,

industrial

secrets

or

similar

information and personnel records shall not be placed in

archives which are open to public inspection.

3.

With

regard

to

its

official

communications,

the

Authority

shall

be

accorded

by

each

State

Party

treatment no less favourable than that accorded by that

State to other international organizations.

Article 182. Privileges and immunities of certain persons

connected with the Authority

Representatives of States Parties attending meetings of

the Assembly, the Council or organs of the Assembly or

the Council, and the Secretary-General and staff of the

Authority, shall enjoy in the territory of each State Party:

(a) immunity from legal process with respect to acts

performed by them in the exercise of their functions,

except to the extent that the State which they represent

or the Authority, as appropriate, expressly waives this

immunity in a particular case;

(b) if they are not nationals of that State Party, the same

exemptions

from

immigration

restrictions,

alien

registration

requirements

and

national

service

obligations,

the

same

facilities

as regards exchange

restrictions

and

the

same

treatment

in

respect

of

travelling facilities as are accorded by that State to the

representatives, officials and employees of comparable

rank of other States Parties.

Article 183. Exemption from taxes and customs duties

1. Within the scope of its official activities, the Authority,

its assets and property, its income, and its operations and

transactions, authorized by this Convention, shall be

exempt from all direct taxation and goods imported or

exported for its official use shall be exempt from all

customs duties. The Authority shall not claim exemption

from taxes which are no more than charges for services

rendered.

2. When purchases of goods or services of substantial

value necessary for the official activities of the Authority

are made by or on behalf of the Authority, and when the

price of such goods or services includes taxes or duties,

appropriate measures shall, to the extent practicable, be

taken by States Parties to grant exemption from such

taxes or duties or provide for their reimbursement. Goods

imported or purchased under an exemption provided for

in this article shall not be sold or otherwise disposed of in

the

territory

of

the

State

Party

which granted the

exemption, except under conditions agreed with that

State Party.

3. No tax shall be levied by States Parties on or in respect

of salaries and emoluments paid or any other form of

payment made by the Authority to the Secretary-General

and staff of the Authority, as well as experts performing

missions for the Authority, who are not their nationals.

SUBSECTION H. SUSPENSION OF THE EXERCISE OF

RIGHTS AND PRIVILEGES OF MEMBERS

Article 184. Suspension of the exercise of voting rights

A State Party which is in arrears in the payment of its

financial contributions to the Authority shall have no vote

if the amount of its arrears equals or exceeds the amount

of the contributions due from it for the preceding two full

years. The Assembly may, nevertheless, permit such a

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