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Art.12 |
Article 12 |
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Art.12.1 |
1. With a view to assessing for each person referred to in Article 10 the amount of annual contributions due, if any, and taking account of the necessity to maintain sufficient liquid funds, the Assembly shall for each calendar year make an estimate in the form of a budget of: |
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Art.12.1.i |
(i) Expenditure |
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Art.12.1.i.a |
(a) costs and expenses of the administration of the Fund in the relevant year and any deficit from operations in preceding years; |
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Art.12.1.i.b |
(b) payments to be made by the Fund in the relevant year for the satisfaction of claims against the Fund due under Article 4 or 5, including repayment on loans previously taken by the Fund for the satisfaction of such claims, to the extent that the aggregate amount of such claims in respect of any one incident does not exceed 15 million francs; |
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Art.12.1.i.c |
(c) payments to be made by the Fund in the relevant year for the satisfaction of claims against the Fund due under Article 4 or 5, including repayments on loans previously taken by the Fund for the satisfaction of such claims, to the extent that the aggregate amount of such claims in respect of any one incident is in excess of 15 million francs; |
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Art.12.1.ii |
(ii) Income |
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Art.12.1.ii.a |
(a) surplus funds from operations in preceding years, including any interest; |
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Art.12.1.ii.b |
(b) initial contributions to be paid in the course of the year; |
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Art.12.1.ii.c |
(c) annual contributions, if required to balance the budget; |
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Art.12.1.ii.d |
(d) any other income. |
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Art.12.2 |
2. For each person referred to in Article 10 the amount of his annual contribution shall be determined by the Assembly and shall be calculated in respect of each Contracting State: |
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Art.12.2.a |
(a) in so far as the contribution is for the satisfaction of payments referred to in paragraph 1(i)(a) and (b) on the basis of a fixed sum for each ton of contributing oil received in the relevant State by such persons during the preceding calendar year; and |
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Art.12.2.b |
(b) in so far as the contribution is for the satisfaction of payments referred to in paragraph 1(i)(c) of this Article on the basis of a fixed sum for each ton of contributing oil received by such person during the calendar year preceding that in which the incident in question occurred, provided that State was a party to this Convention at the date of the incident. |
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Art.12.3 |
3. The sums referred to in paragraph 2 above shall be arrived at by dividing the relevant total amount of contributions required by the total amount of contributing oil received in all Contracting States in the relevant year. |
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Art.12.4 |
4. The Assembly shall decide the portion of the annual contribution which shall be immediately paid in cash and decide on the date of payment. The remaining part of each annual contribution shall be paid upon notification by the Director. |
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Art.12.5 |
5. The Director may, in cases and in accordance with conditions to be laid down in the Internal Regulations of the Fund, require a contributor to provide financial security for the sums due from him. |
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Art.12.6 |
6. Any demand for payments made under paragraph 4 shall be called rateably from all individual contributors. |
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Art.19 |
Article 19 |
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Art.19.1 |
1. Regular sessions of the Assembly shall take place once every calendar year upon convocation by the Director; provided, however, that if the Assembly allocates to the Executive Committee the functions specified in Article 18, paragraph 5, regular sessions of the Assembly shall be held once every two years. |
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Art.19.2 |
2. Extraordinary sessions of the Assembly shall be convened by the Director at the request of the Executive Committee or of at least one-third of the members of the Assembly and may be convened on the Director's own initiative after consultation with the Chairman of the Assembly. The Director shall give members at least thirty days' notice of such sessions. |
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Art.29 |
Article 29 |
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Art.29.1 |
1. The Director shall be the chief administrative officer of the Fund and shall, subject to the instructions given to him by the Assembly and by the Executive Committee, perform those functions which are assigned to him by this Convention, the Internal Regulations, the Assembly and the Executive Committee. |
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Art.29.2 |
2. The Director shall in particular: |
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Art.29.2.a |
(a) appoint the personnel required for the administration of the Fund; |
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Art.29.2.b |
(b) take all appropriate measures with a view to the proper administration of the Fund's assets; |
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Art.29.2.c |
(c) collect the contributions due under this Convention while observing in particular the provisions of Article 13, paragraph 3; |
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Art.29.2.d |
(d) to the extent necessary to deal with claims against the Fund and carry out the other functions of the Fund, employ the services of legal, financial and other experts; |
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Art.29.2.e |
(e) take all appropriate measures for dealing with claims against the Fund within the limits and on conditions to be laid down in the Internal Regulations, including the final settlement of claims without the prior approval of the Assembly or the Executive Committee where these Regulations so provide; |
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Art.29.2.f |
(f) prepare and submit to the Assembly or to the Executive Committee, as the case may be, the financial statements and budget estimates for each calendar year; |
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Art.29.2.g |
(g) assist the Executive Committee in the preparation of the report referred to in Article 26, paragraph 2; |
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Art.29.2.h |
(h) prepare, collect and circulate the papers, documents, agenda, minutes and information that may be required for the work of the Assembly, the Executive Committee and subsidiary bodies. |
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Art.30 |
Article 30 |
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Art.30.1x |
In the performance of their duties the Director and the staff and experts appointed by him shall not seek or receive instructions from any Government or from any authority external to the Fund. They shall refrain from an action which might reflect on their position as international officials. Each Contracting State on its part undertakes to respect the exclusively international character of the responsibilities of the Director and the staff and experts appointed by him, and not to seek to influence them in the discharge of their duties. |
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Sect.7 |
FINANCES |
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Art.36 |
Article 36 |
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Art.36.1x |
The Secretary-General of the Organization shall convene the first session of the Assembly. This session shall take place as soon as possible after entry into force of this Convention and, in any case, not more than thirty days after such entry into force. |
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Sect.10 |
FINAL CLAUSES |
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Art.42 |
Article 42 |
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Art.42.1 |
1. Any Contracting State may, within ninety days after the deposit of an instrument of denunciation the result of which it considers will significantly increase the level of contributions for remaining Contracting States, request the Director to convene an extraordinary session of the Assembly. The Director shall convene the Assembly to meet not later than sixty days after receipt of the request. |
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Art.42.2 |
2. The Director may convene, on his own initiative, an extraordinary session of the Assembly to meet within sixty days after the deposit of any instrument of denunciation, if he considers that such denunciation will result in a significant increase in the level of contributions for the remaining Contracting States. |
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Art.42.3 |
3. If the Assembly at an extraordinary session convened in accordance with paragraph 1 or 2 decides that the denunciation will result in a significant increase in the level of contributions for the remaining Contracting States, any such State may, not later than one hundred and twenty days before the date on which that denunciation takes effect, denounce this Convention with effect from the same date. |
