Central
Section 2 of The International Finance Corporation (Status, Immunities and Privileges) Act, 1958
In this Act, unless the context otherwise requires,--
- (a)"Agreement" means the Agreement for the establishment and operation of the international body known as the International Finance Corporation;
- (b)"Corporation" means the International Finance Corporation established under the Agreement.
Summary
- This section defines the term Agreement as the Agreement used to set up and run the International Finance Corporation.
- It defines the term Corporation as the International Finance Corporation that was set up under that Agreement.
- These definitions apply throughout the Act unless the context requires a different meaning.
Practical examples
1On October 20, 1960, a business owner named Anil Mehta is reading a contract that mentions the Corporation. To know exactly what that means, he looks at Section 2 and realizes the word refers specifically to the International Finance Corporation established under the Agreement, and not any other local company.
2A researcher named Sunita Rao wants to understand the scope of the word Agreement in a legal document on January 5, 1962. She checks Section 2 of this Act and learns that it refers to the international agreement that established and operates the International Finance Corporation.
FAQ
1. What does the term Agreement mean in this Act?
It means the Agreement for the establishment and operation of the international body known as the International Finance Corporation.
2. What does the term Corporation mean in this Act?
It means the International Finance Corporation established under the Agreement.
3. Are there any exceptions to these definitions in the Act?
These definitions apply unless the context otherwise requires.
Test yourself
Q1.Under Section 2, what does the term Agreement mean?
Q2.What does the term Corporation mean according to Section 2?
Q3.What must be true for the definitions in Section 2 to apply?
Q4.Which international body is mentioned in the definition of Agreement under Section 2?
Q5.Under which clause is the term Corporation defined in Section 2?