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   Law of the People's Republic of China on Judicial Immunity from Compulsory Measures Concerning the Property of Foreign Central Banks
Law of the People's Republic of China on Judicial Immunity from Compulsory Measures Concerning the Property of Foreign Central Banks

Order of the President of the People’s Republic of China

No. 41

The Law of the People’s Republic of China on Judicial Immunity from Compulsory Measures Concerning the Property of Foreign Central Banks, adopted at the 18th Meeting of the Standing Committee of the Tenth National People’s Congress of the People’s Republic of China on October 25, 2005, is hereby promulgated and shall go into effect as of the date of promulgation.

Hu Jintao

President of the People’s Republic of China

October 25, 2005

Law of the People’s Republic of China on Judicial Immunity from Compulsory Measures Concerning the Property of Foreign Central Banks

(Adopted at the 18th Meeting of the Standing Committee of the Tenth National People's Congress on October 25, 2005)

Article 1 The People's Republic of China grants to foreign central banks’ property the judicial immunity from the compulsory measures of property preservation and execution, except where a foreign central bank, or a government to which a central bank is subordinate, gives up such immunity in writing, and where the property which is designated to be used for property preservation and execution.

Article 2 For the purposes of this Law, a foreign central bank means the central bank of a foreign country and of a regional economic integration organization, or the financial administration institution exercising the functions of a central bank. For the purposes of this Law, the property of foreign central banks includes the cash, notes, bank deposits, securities, foreign exchange reserve and gold reserve of the foreign central banks and the banks’ immovable property and other property.

Article 3 Where a foreign country grants no immunity to the property of the central bank of the People's Republic of China or to the property of the financial administration institutions of the special administrative regions of the People's Republic of China, or the immunity granted covers less items than what are provided for in this Law, the People's Republic of China shall apply the principle of reciprocity.

Article 4 This Law shall go into effect as of the date of promulgation.


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