Document ID: chunk:federal_register_of_legislation:F2004C00728:body:0:p2
Version: federal_register_of_legislation:F2004C00728
Segment Type: other
Provision Reference: 
Character Range: 2699–5256

duties of, the office of President of the Agency.
taxable supply has the meaning given by section 195-1 of the GST Act.
tax invoice has the meaning given by section 29-70 of the GST Act.

4 Act to apply to the Agency

  The Agency is declared to be an international organisation to which the Act applies.

5 Agency has legal personality and capacity

  The Agency:
 (a) is a body corporate with perpetual succession; and
 (b) is capable, in its corporate name:
 (i) of entering into contracts; and
 (ii) of acquiring, holding and disposing of real and personal property; and
 (iii) of suing and being sued.

6 Privileges and immunities of the Agency

 (1) Subject to this regulation, the Agency has all the privileges and immunities specified in the First Schedule to the Act.

 (2) For item 1 of the First Schedule to the Act, an action may be brought against the Agency in an Australian court of competent jurisdiction if:
 (a) the action:
 (i) is not a dispute to which Article 57 or Article 58 of the Convention refers; or
 (ii) does not concern personnel matters; or
 (iii) is not an action taken by a member of the Agency or a person acting for or deriving a claim from a member of the Agency; and
 (b) the Agency:
 (i) has an office established in Australia; or
 (ii) has appointed an agent in Australia for the purpose of accepting service or notice of process.

 (3) In any action against the Agency to which subregulation (2) applies, the property and assets of the Agency are immune from all forms of seizure, attachment or execution before delivery of the final judgment or award against the Agency.

 (4) Except as mentioned in subregulation (5), the privileges mentioned in items 3, 5, 6 and 9 of the First Schedule to the Act do not apply to the Agency for property or assets acquired by the Agency as successor to or by subrogation from:
 (a) a holder of a guarantee; or
 (b) a reinsured entity; or
 (c) an investor insured by a reinsured entity.

 (5) For property or assets mentioned in subregulation (4), the privileges referred to only apply to the Agency to the extent that they would have applied to the holder, entity or investor to whom the Agency is successor or is subrogated.

 (6) Item 8 of the First Schedule to the Act only applies to an investment guaranteed or reinsured by the Agency, or an insurance policy reinsured by the Agency, that is held by any person or organisation, if:
 (a) the levying of tax would discriminate against that investment or insurance only because it is guaranteed or reinsured by the Agency; or