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Article Comparison - International Natural Rubber Agreement

Article 28
Payment of contributions to the Buffer Stock Account

1. There shall be an initial contribution in cash to the Buffer Stock Account equivalent to 70 million Malaysian ringgit. This amount, which represents a working capital reserve for Buffer Stock operations, shall be apportioned among all members according to their percentage shares of votes, taking into consideration paragraph 3 of Article 27, and shall be due within 60 days after the first Council session after the entry into force of this Agreement. The initial contribution of a member due in accordance with this paragraph shall, with the consent af that member, be made wholly or in part by transfer of that member's share in the cash held in the Buffer Stock Account under the International Natural Rubber Agreement, 1987.

2. The Executive Director may at any time, and independently of the arrangements in paragraph 1 of this Article, call for contributions provided that the Buffer Stock Manager has certified that the Buffer Stock Account may require such funds in the next four months.

3. When a contribution is called, it shall be due from members within 60 days of the date of notification. If requested by any member or members accounting for 200 votes in the Council, the Council shall meet in special session and may modify or disapprove the call up based on an assessment of the need for funds to support Buffer Stock operations in the next four months. If the Council cannot reach a decision, contributions shall be due from members in accordance with the Executive Director's notification.

4. Contributions called up for the normal and the contingency Buffer Stock shall be valued at the lower trigger action price in effect at the time such contributions are called.

5. The call up of contributions to the contingency Buffer Stock shall be handled as follows:

(a) at the 300 000-tonne review provided for in Article 31, the Council shall make all financial and other arrangements which may be necessary for the prompt implementation of the contingency Buffer Stock including call up of funds if necessary;

(b) if the Council by special vote under Article 30, paragraph 2 decides to bring the contingency Buffer Stock into operation, then the Council shall ensure that:

(i) all members have made all necessary arrangements for financing their respective shares of the contingency Buffer Stock; and

(ii) the contingency Buffer Stock has been invoked and is fully primed for action in accordance with the terms of Article 30.