Third Protocol To The General Agreement On Privileges And Immunities Of The Council Of Europe

The execution of arbitration awards, if they are the result of an arbitration procedure within the meaning of Article 2, paragraph 3, is carried out on the territory of the members of the Fund by the legal channels prescribed in each Member State and after approval of execution in the State in whose territory the sentence is to be carried out; For the purposes of such approval, there is no other verification than verification of the authenticity of the award, that it complies with the rules of jurisdiction and procedure set out in the Fund`s loan settlements, and that it is not in contradiction with a final judgment of the country concerned. Each signatory informs the other signatories, after the application of its ratification instrument by the Secretary-General of the Council of Europe, of the authority which, under its legislation, is competent to carry out this formality. The privileges and immunities covered by Article 18 of the General Convention on Privileges and Immunities of the Council of Europe are granted to the Governor and officials of the Fund. Members of the governing body, the board of directors and the audit committee are immune from legal proceedings with respect to the words or writings and acts they take in their official duties and as part of their duties. They also enjoy this immunity after the end of their term of office. In addition, they enjoy the same immunity from immigration restrictions and registration for foreigners, as well as the opportunities for exchange and travel that members grant to representatives of other governments of the Fund of the same rank. The costs they have incurred for carrying out their duties are paid to them and are exempt from tax. This Protocol is ratified and ratification instruments tabled with the Secretary-General of the Council of Europe. It will enter into force as soon as three signatories representing at least one-third of the Fund`s assets have filed their ratification instruments. For other members of the Fund, it comes into effect on the date on which their respective ratification instruments are tabled. The Fund may enter into specific arrangements with each Member State for the detailed application of the provisions of this Protocol that complement these provisions or depart from the provisions of Article 13. It may also enter into agreements with any State that is not a member of the Fund that alters the application of the provisions of this protocol with respect to that state.