5.—(1) The Fund shall have immunity from suit and legal process except:
(a)to the extent that the Board of Directors of the Fund shall have expressly waived such immunity in a particular case;
(b)in relation to a civil action arising out of an accident caused by a motor vehicle belonging to the Fund or operated on its behalf or to a traffic offence committed by the driver of such a vehicle; and
(c)if the Fund has appointed an agent for the purpose of accepting service or notice of process, in respect of any proceedings (other than proceedings brought against the Fund by any participant or by any agency or instrumentality of a participant, or by any entity or person directly or indirectly acting for or deriving claims from a participant or from any agency or instrumentality of a participant) arising out of or in connection with the exercise of its powers to receive loans.
(2) The provisions of paragraph (1) of this Article shall not prevent the taking of such measures as may be permitted by law in relation to the execution of judgment against the Fund.