Document ID: chunk:federal_register_of_legislation:F2004C00443:body:0:p2
Version: federal_register_of_legislation:F2004C00443
Segment Type: other
Provision Reference: 
Character Range: 2681–5242

in its corporate name; and
 (c) has the capacity, in its corporate name:
 (i) to contract; and
 (ii) to acquire, hold and dispose of real and personal property.

5 Privileges and immunities of the Bank

 (1) Subject to subregulations (2) and (3), the Bank has the privileges and immunities specified in paragraphs 1, 2, 3, 4, 5, 6, 7 and 11 of the First Schedule to the Act.

 (2) The immunity conferred by subregulation (1) only extends to immunity from a suit or other legal process begun or pursued by:
 (a) a member of the Bank; or
 (b) a person whose right to begin or pursue the suit or other legal process has passed to the person from a member of the Bank.

 (3) The Bank's privileges in relation to indirect tax are limited to:
 (a) the exemption conferred by section 11B of the Act; and
 (b) concessions under section 11C of the Act in relation to acquisitions mentioned in subregulation 9A (1).

6 Privileges and immunities of certain officeholders, officers and employees of the Bank

 (1) Subject to subregulations (2), (3) and (4), a person who:
 (a) holds the office of Governor, Director or Alternate in the Bank; or
 (b) is another officer or employee of the Bank;
  has the privileges and immunities specified in paragraphs 1, 2, 3, 4 5, and 6 of Part I of the Fourth Schedule to the Act.

 (2) A person does not have the immunity from suit and other legal process conferred by subregulation (1) in respect of recovery of damages for any damage, injury or death arising from a road traffic accident in which:
 (a) the person was involved; or
 (b) property of the person was involved.

 (3) The salary and emoluments received from the Bank by a person:
 (a) to whom subregulation (1) applies; and
 (b) who is a resident of Australia within the meaning of the Income Tax Assessment Act 1936;
  are not, to the extent to which they are for services rendered in Australia, exempt from taxation unless the person came to Australia only for the purpose of rendering those services.

 (4) The immunity conferred by subregulation (1) in respect of paragraphs 2, 3, 4 and 5 does not extend to a person who is an Australian citizen or a permanent resident of Australia.

7 Immunities of former officeholders, officers and employees of the Bank

  A person who has ceased to be a person to whom subregulation 6 (1) applies has the immunities specified in Part II of the Fourth Schedule to the Act.

8 Privileges and immunities of certain persons connected with the Bank

 (1) Subject to subregulation (2), a person who:
 (a) is serving on a committee