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Article Comparison - International Natural Rubber Agreement

Article 25
Payment of contribution to the administrative budget

1. Contributions to the first administrative budget shall become due on a date to be decided by the Council at its first session. Contributions to subsequent administrative budgets shall become due by 28 February in each financial year. The initial contribution of a Government which becomes a member after the entry into force of this Agreement, assessed in accordance with paragraph 3 of Article 24, shall, for the financial year concerned, become due 60 days after the date on which it becomes a member.

2. If a member has not paid its full contribution to the administrative budget within two months after such contribution becomes due in accordance with paragraph 1 of this Article, the Executive Director shall request that member to make payment as quickly as possible. If a member has not paid its contribution within two months after such request by the Executive Director, its voting rights in the Organization shall be suspended unless the Council decides otherwise. If a member has still not paid its contribution within four months after such request by the Executive Director, all rights of that member under this Agreement shall be suspended by the Council, unless the Council, by special vote, decides otherwise.

3. For contributions received late, the Council shall levy a penalty charge at the prime interest rate in the host country from the date the contributions become due. The Council may waive such penalty charge up to 31 March of the same financial year on request from a member if, because of its internal laws and regulations, it is not able to pay the contributions to the administrative budget by the due date, in accordance with paragraph 1 of this Article.

4. A member whose rights have been suspended under paragraph 2 of this Article shall in particular remain liable to pay its contribution and to meet any other of its financial obligations under this Agreement.