BWBV0004695
Geldig vanaf 29-08-1966
Artikel IX
Overeenkomst inzake het Nam Ngoem Ontwikkelingsfonds 1966
Section 9.01. The following are hereby specified as Events for the purposes of Section 9.02 of this Agreement:
(a) a situation shall exist which shall make it improbable that the Project can be completed;
(b) the Administrator shall have determined that the resources of the Fund are insufficient to meet the estimated cost of the Project; or
(c) a default shall have occurred in the performance of any undertaking on the part of Laos under this Agreement.
Section 9.02.
(a) If any of the Events specified in Section 9.01 shall have happened and, in the judgment of the Administrator is likely to continue, the Administrator shall promptly notify the other Parties hereto and may by notice to said Parties suspend disbursements from the Fund in whole or in part.
(b) The Parties hereto shall forthwith consult with one another concerning the measures to be taken to correct the Event or Events. A majority of the contributing Parties, whose contributions also constitute more than half of the aggregate contributions to the Fund, shall have the power to decide that any suspension imposed by the Administrator pursuant to sub-section (a) of this Section 9.02 shall be removed. The Administrator shall act in accordance with such decision; pending such decision the suspension shall continue.
(c) If any such Event shall continue and a similar majority of the contributing Parties shall decide that it is not likely to be corrected and that the purposes of this Agreement are not likely to be substantially fulfilled, the obligations of the Parties to make contributions to the Fund and the obligations of the Administrator under this Agreement shall cease and this Agreement shall terminate.
Section 9.03.
(a) If the Administrator shall have determined that circumstances have arisen which make it impossible, or impracticable, for it to carry on its duties hereunder in an efficient manner, the Administrator shall promptly notify the other Parties and may by notice to said Parties suspend disbursements from the Fund in whole or in part.
(b) The Parties hereto shall forthwith consult with one another concerning measures to be taken to correct the situation. A majority of the Contributing Parties, whose contributions also constitute more than half of the aggregate contributions to the Fund, shall have the power to decide that any suspension imposed by the Administrator pursuant to subsection (a) of this Section 9.03 shall be removed. The Administrator shall act in accordance with such decision; pending such decision the suspension shall continue.
(c) If the Administrator, after consultation with the other Parties, shall decide that the circumstances referred to in subsection (a) of this Section 9.03 are not likely to be corrected and shall so notify the other Parties, the obligations of the Administrator under this Agreement shall cease, subject to subsection (d) of this Section.
(d) The Administrator, promptly after termination of its obligations pursuant to subsection (c) of this Section, shall transfer all monies and other assets then remaining in the Fund to such person or entity as the other Parties shall designate to the Administrator for the purpose of this Section or, failing such designation within six months after the date of the Administrator's notice, to the contributing Parties in the manner prescribed in Section 9.05 of this Agreement.
Section 9.04. Subject to Section 9.05 hereof, this Agreement, unless sooner terminated pursuant to Section 9.02 (c) hereof, shall terminate upon completion of the Project or upon disbursement from the Fund of all amounts required to meet the cost of the goods, whichever is earlier.
Section 9.05. If at termination any amounts shall remain in the Fund not required to meet the cost of goods such amounts shall be paid to the contributing Parties in the proportion of their total respective contributions to the Fund. The Administrator shall, after consultation with the contributing Parties, determine the amounts, times, methods and currencies of payment.
(a) a situation shall exist which shall make it improbable that the Project can be completed;
(b) the Administrator shall have determined that the resources of the Fund are insufficient to meet the estimated cost of the Project; or
(c) a default shall have occurred in the performance of any undertaking on the part of Laos under this Agreement.
Section 9.02.
(a) If any of the Events specified in Section 9.01 shall have happened and, in the judgment of the Administrator is likely to continue, the Administrator shall promptly notify the other Parties hereto and may by notice to said Parties suspend disbursements from the Fund in whole or in part.
(b) The Parties hereto shall forthwith consult with one another concerning the measures to be taken to correct the Event or Events. A majority of the contributing Parties, whose contributions also constitute more than half of the aggregate contributions to the Fund, shall have the power to decide that any suspension imposed by the Administrator pursuant to sub-section (a) of this Section 9.02 shall be removed. The Administrator shall act in accordance with such decision; pending such decision the suspension shall continue.
(c) If any such Event shall continue and a similar majority of the contributing Parties shall decide that it is not likely to be corrected and that the purposes of this Agreement are not likely to be substantially fulfilled, the obligations of the Parties to make contributions to the Fund and the obligations of the Administrator under this Agreement shall cease and this Agreement shall terminate.
Section 9.03.
(a) If the Administrator shall have determined that circumstances have arisen which make it impossible, or impracticable, for it to carry on its duties hereunder in an efficient manner, the Administrator shall promptly notify the other Parties and may by notice to said Parties suspend disbursements from the Fund in whole or in part.
(b) The Parties hereto shall forthwith consult with one another concerning measures to be taken to correct the situation. A majority of the Contributing Parties, whose contributions also constitute more than half of the aggregate contributions to the Fund, shall have the power to decide that any suspension imposed by the Administrator pursuant to subsection (a) of this Section 9.03 shall be removed. The Administrator shall act in accordance with such decision; pending such decision the suspension shall continue.
(c) If the Administrator, after consultation with the other Parties, shall decide that the circumstances referred to in subsection (a) of this Section 9.03 are not likely to be corrected and shall so notify the other Parties, the obligations of the Administrator under this Agreement shall cease, subject to subsection (d) of this Section.
(d) The Administrator, promptly after termination of its obligations pursuant to subsection (c) of this Section, shall transfer all monies and other assets then remaining in the Fund to such person or entity as the other Parties shall designate to the Administrator for the purpose of this Section or, failing such designation within six months after the date of the Administrator's notice, to the contributing Parties in the manner prescribed in Section 9.05 of this Agreement.
Section 9.04. Subject to Section 9.05 hereof, this Agreement, unless sooner terminated pursuant to Section 9.02 (c) hereof, shall terminate upon completion of the Project or upon disbursement from the Fund of all amounts required to meet the cost of the goods, whichever is earlier.
Section 9.05. If at termination any amounts shall remain in the Fund not required to meet the cost of goods such amounts shall be paid to the contributing Parties in the proportion of their total respective contributions to the Fund. The Administrator shall, after consultation with the contributing Parties, determine the amounts, times, methods and currencies of payment.
- Citeren als
- Art. IX
- Geldig vanaf
- Status
- Geldend recht
- Identificatie
- BWBV0004695
- Officiële bron
- wetten.overheid.nl