Article 15 of the Convention, a provision whose complexity outweighs its likely practical significance, governs the immunity of a State in its capacity as a participant in a company or other collective body in respect of proceedings in a foreign court concerning the State’s relations with the body or with other participants in it. The provision addresses, in other words, dealings by a State which, by and large, could aptly be characterized as commercial in nature, although it must be considered separately from the rules on commercial transactions in Article 10.1...
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