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Article Comparison - International Natural Rubber Agreement

Article 37
Penalties relating to contributions to the Buffer Stock Account

1. If a member does not fulfil its obligation to contribute to the Buffer Stock Account by the last day such contribution becomes due, it shall be considered to be in arrears. A member in arrears for 60 days or more shall not count as a member for the purpose of voting on matters covered in paragraph 2 of this Article.

2. The voting and other rights in the Council of a member in arrears for 60 days or more under paragraph 1 of this Article shall be suspended, unless the Council, by special vote, decides otherwise.

3. A member in arrears shall bear interest charges at the prime rate in the host country beginning on the last day such payments become due. Coverage of arrears by the remaining importing and exporting members shall be on a voluntary basis.

4. A member shall not be considered as in arrears if any shortfall in its contribution is only a result of fluctuations in currency exchange rates in the 60 days following the call for payments. In this case, no interest will be charged on the shortfall. However, any such shortfall should be covered by the member within the 60 days following the payment.

5. When the default has been remedied to the satisfaction of the Council, the voting and other rights of the member in arrears for 60 days or more shall be restored. If the arrears have been made good by other members, these members shall be fully reimbursed.