Africa Export-Import Bank (Membership of Zimbabwe and Branch Office Agreement) Act, 2005 4 Branch Office Agreement and Memorandum of Understanding to have force of law The provisions of the Branch Office Agreement and the Memorandum of Understanding set out in the Second and Third Schedules shall have the force of law in Zimbabwe. 5 Minister's powers The Minister may make such regulations and give such directions as he may deem necessary or convenient for the carrying out of the objects and purposes of this Act. FIRST SCHEDULE (Section 3) SELECTED PROVISIONS OF THE BANK AGREEMENT Article VIII Immunity of Property and Assets 1. The property and assets of the Bank wherever located and by whomsoever held shall be immune from: (a) search, requisition, expropriation, confiscation, nationalisation and all other forms of seizure, taking or foreclosure by executive or legislative action; and (b) seizure, attachment or execution before the delivery of final judgment or award against the Bank. 2. Without prejudice to the provisions of paragraph 1 of this Article, the property and assets of the Bank shall be subject to due legal processes and judicial action taken by ordinary courts of competent jurisdiction. 3. For the purpose of this Article and Article IX of this Agreement, the term "property and assets of the Bank" shall include property and assets owned or held by the Bank in the ordinary course of business. Article IX Freedom of Property, Assets and Operations from Restriction 1. To the extent necessary to implement the purpose of the Bank and carry out its functions, each Participating State shall waive, and refrain from imposing, any administrative, financial or other regulatory restrictions that are likely to hinder in any manner the smooth functioning of the Bank or impair its operations. 2. To this end, the Bank, its property, assets, operations and activities shall be free from restrictions, regulations, supervision or controls, moratoria and other legislative, executive, administrative, fiscal and monetary restrictions of any nature. Article X Immunity of Archives The archives of the Bank and, in general, all documents belonging to, or held by the Bank shall be inviolable wherever located, except that the immunity provided for in this Article shall not extend to documents required to be produced in the course of judicial or arbitral proceedings to which the Bank is a party or proceedings arising out of transactions concluded by the Bank. -3-