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Note: The present text incorporates the original text as modified by the following amendment:
2. The Operating Agreement shall be concluded in conformity with the provisions of this Convention and shall be opened for signature at the same time as this Convention.
3. Each Party shall sign the Operating Agreement or shall designate a competent entity, public or private, subject to the jurisdiction of that Party, which shall sign the Operating Agreement.
36 1. This Agreement shall enter into force for a Signatory on the date on which the Convention enters into force for the respective Party in accordance with article XXXIII of the Convention.
2. This Agreement shall continue in force for as long as the Convention is in force.
(1) Amendments to this Agreement may be proposed by any Party or Signatory. Proposed amendments shall be submitted to the Directorate, which shall inform the other Parties and Signatories. Three months’ notice is required before consideration of an amendment by the Council. During this period the Directorate shall solicit and circulate the views of all Signatories. The Council shall consider amendments within six months from circulation. The Assembly shall consider the amendment not earlier than six months after the approval by the Council. This period may in any particular case be reduced by the Assembly by a substantive decision.
(2) If confirmed by the Assembly after approval by the Council, the amendment shall enter into force one hundred and twenty days after the Depositary has received notice of its approval by two-thirds of those Signatories which at the time of confirmation by the Assembly were Signatories and then held at least two-thirds of the total investment shares. Notification of approval of an amendment shall be transmitted to the Depositary only by the Party concerned and the transmission shall signify the acceptance by the Party of the amendment. Upon entry into force, the amendment shall become binding upon all Signatories, including those which have not accepted it.
The following statement was inscribed on the Operating Agreement at the time of signature:
“In the Name of God, the Compassionate, the Merciful, Ratification of the Convention and the signing of the Operating Agreement by the Islamic Republic of Iran shall not be interpreted as recognition of the State ‘so-called’ Israel if she becomes a Member in the future.”
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