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Note: The present text is that effective as of 21 June 2017.
This Contract may be amended by Resolution adopted at a General Meeting of the members of the Association convened and conducted in accordance with the Articles of Association of the Association upon a vote in which at least 75% of the votes cast are in favour of said Resolution, save that an amendment with respect to the denomination of a State as a Designated State may be adopted upon a vote in which a simple majority of the votes cast are in favour of such amendment. A Party who votes against any such Resolution shall thereupon have the option, to be exercised within sixty days of the said Resolution by written notice to the Association to withdraw from this Contract and thus terminate its status as a Party without, however, affecting its rights and liabilities accrued at the time of its withdrawal.
A. This Contract came into effect on 1st May 1975 (the “Effective Date”) and shall continue in effect subject to the following provisions:
1. The Parties shall have the right to terminate this Contract by Resolution adopted at a General Meeting of the Members of the Association convened and conducted in the same manner as provided in Clause X upon a vote in which at least 75% of the votes cast are in favour of the said Resolution, which termination shall take effect on such date as is specified in the Resolution, being a date not less than three years from the passing of the Resolution.
2. Any Party may, on giving to the Association not less than three months previous notice in writing, withdraw from this Contract and thus terminate its status as a Party:
3. A Party shall cease to be a Party to this Contract with immediate effect if the directors of the Association resolve that the fact that such Party is a party to this Contract, and/or the fact that such Party is a member of the Association, shall in any way howsoever expose the Association or any of its other members (in their capacity as members of the Association and/or as Parties to this Contract) to (a) being or becoming, or to the risk of being or becoming, subject to any sanction, prohibition or adverse action in any form whatsoever by any state or international organisation and/or (b) being (or at the risk of being) in breach of any applicable law or regulation.
B. All rights and obligations of a Party under this Contract shall cease as from the date of expiration of this Contract or withdrawal of the Party herefrom, or other termination of a Person’s status as a Party, or termination of its membership in the Association, provided that this shall not affect any rights or obligations accrued at the date of such event, arising out of an Incident which occurs while it was a Party.
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