Section 5: Status and immunities of organisations.

(1)
The juridical personality of the Fund, the Bank, the Corporation and the Association is recognised by the Federation and in particular the capacity to contract to acquire and dispose of immovable and movable property, and to institute legal proceedings; the provision regarding judicial process contained in section 3 of Article IX of the Fund Agreement, in section 3 of Article VIII of the Bank Agreement, in section 3 of Article VI of the Corporation Agreement and in section 3 of Article VI of the Corporation Agreement and in section 3 of Article VIII of the Association Agreement respectively, shall have the force of law in Nigeria.
[1961 No. 7.]
(2)
Without prejudice to the powers conferred by section 3 of the Diplomatic Immunities and Privileges Act, the President shall by order make such provisions as are necessary for carrying into effect any of the provisions of the Fund Agreement, the Bank Agreement, the Corporation Agreement and the Association Agreement, relating to the status, immunities and privileges of the Fund, the Bank, the Corporation and the Association and their respective governors, executive directors, directors, alternates, officers and employees, or any of the provisions of the Fund Agreement as to the unenforceability of exchange contracts.
[Cap. D9]