FRONT MATTER.PMD - International Seabed Authority

Convention: arts. 175-178
87
2. The Assembly shall prescribe the limits on the borrowing power of
the Authority in the financial regulations adopted pursuant to article 160, paragraph
2(f).
3. The Council shall exercise the borrowing power of the Authority.
4. States Parties shall not be liable for the debts of the Authority.
AGREEMENT, ANNEX, SECTION 1, PARAGRAPH 14
14. The Authority shall not exercise the power referred to in article 174,
paragraph 1, of the Convention to borrow funds to finance its administrative
budget.
Article 175
Annual audit
The records, books and accounts of the Authority, including its annual financial
statements, shall be audited annually by an independent auditor appointed by
the Assembly.
SUBSECTION G. LEGAL STATUS, PRIVILEGES AND
IMMUNITIES
Article 176
Legal status
The Authority shall have international legal personality and such legal capacity
as may be necessary for the exercise of its functions and the fulfilment of
its purposes.
Article 177
Privileges and immunities
To enable the Authority to exercise its functions, it shall enjoy in the territory
of each State Party the privileges and immunities set forth in this subsection. The
privileges and immunities relating to the Enterprise shall be those set forth in
Annex IV, article 13.
Article 178
Immunity from legal process
The Authority, its property and assets, shall enjoy immunity from legal process
except to the extent that the Authority expressly waives this immunity in a
particular case.