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Note: The present text incorporates amendments as at 15.11.1995.
(a) This Agreement may be terminated by Special Resolution adopted at a General Meeting of the Members of the Federation convened and conducted in accordance with the Articles of Association of the Federation upon a poll vote in which at least 75 per cent of the votes cast are in favour of said Resolution.
(b) A Party may withdraw from this Agreement on any date by giving at least six months prior written notice of withdrawal to the Federation, or in accordance with Clause X.
Parties: As at December 1989, the Federation had approx 3,200 members operating about 6,000 tankers
(c) The withdrawal of a Party from this Agreement under this Clause III, or under Clause X, or termination of this Agreement by the Parties shall not affect any rights and obligations of any Party then accrued under this Agreement.
(d) Upon termination of this Agreement the Federation shall continue in existence for such reasonable period as is necessary to wind up its affairs.
1 The 1987 Supplement entered into force on 20 February 1987. Amendments to clauses III and X of the Standing Agreement and Paragraph 2 of the Supplement came into effect from 20 February 1990.
2 Following sufficient ratifications and accessions to enable the 1992 CLC Protocol to enter into force in May 1996, ITOPF have decided not to renew both TOVALOP and the Standing Agreement when their terms end at 12.00 hours GMT on 20 February 1997 in order to encourage ratification of the 1992 CLC and Fund Protocols. TOVALOP and the Standing Agreement will continue to apply only to incidents which occurred prior to the termination date.
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