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Article Comparison - International Natural Rubber Agreement

CHAPTER II
DEFINITIONS

Article 2
Definitions

For the purposes of this Agreement:

1. 'natural rubber` means the unvulcanized elastomer, whether in solid or liquid forms, from Hevea brasiliensis and any other plant which the Council may decide for the purposes of this Agreement;

2. 'contracting party` means a Government, or an intergovernmental organization referred to in Article 5, which has consented to be bound by this Agreement provisionally or definitively;

3. 'Member` means a contracting party as defined in definition 2 above;

4. 'exporting member` means a member which exports natural rubber and has declared itself to be an exporting member, subject to the agreement of the Council;

5. 'importing member` means a member which imports natural rubber and has declared itself to be an importing member, subject to the agreement of the Council;

6. 'Organization` means the International Natural Rubber Organization referred to in Article 3;

7. 'Council` means the International Natural Rubber Council, referred to in Article 6;

8. 'special vote` means a vote requiring at least two-thirds of the votes cast by exporting members present and voting and at least two-thirds of the votes cast by importing members present and voting, counted separately, on condition that these votes are cast by at least half the members in each category present and voting;

9. 'exports of natural rubber` means any natural rubber which leaves the customs territory of any member, and 'imports of natural rubber` means any natural rubber which enters the domestic commerce in the customs territory of any member, provided that for the purposes of these definitions, customs territory shall, in the case of a member which comprises more than one customs territory, be deemed to refer to the combined customs territories of that member;

10. 'distributed simple majority vote` means a vote requiring more than half of the total votes of exporting members present and voting and more than half of the total votes of importing members present and voting, counted separately;

11. 'freely usable currencies` means the Deutsche mark, the French franc, the Japanese yen, the pound sterling, and the United States dollar;

12. 'financial year` means the period from 1 January to 31 December inclusive;

13. 'entry into force` means the date on which this Agreement enters into force provisionally or definitively in accordance with Article 61;

14. 'tonne` means a metric ton, i.e. 1 000 kilogrammes;

15. 'Malaysian/Singapore cent` means the average of the Malaysian sen and the Singapore cent at the prevailing rates of exchange;

16. 'time-weighted net contribution of a member` means its net cash contributions weighted by the number of days during which the constituent parts of the net cash contribution have stayed at the disposition of the Buffer Stock. In calculating the number of days, the day when the contribution was received by the Organization will not be taken into account, nor the day when the reimbursement was effected, nor the day when this Agreement terminates;

17. 'first quoted month` means the calendar month of shipment officially quoted to the Organization by a market for inclusion of the daily market indicator price;

18. 'established commercial market` means a natural rubber trading centre where a rubber trade association or regulatory body exists meeting the following criteria:

(a) a written constitution which includes sanctions that could be taken against erring members;

(b) qualification standards, including financial standards, that members must maintain;

(c) official written contracts that are legally binding;

(d) full and binding arbitration to all market participants;

(e) publishes official daily prices for physical rubber.