Decision ID: 000053

In October 1980 the 1971 Fund Executive Committee decided that the method of conversion of gold francs into Japanese Yen should follow the same method as that used by the competent court in establishing the limitation fund. Concern was expressed about the possible use in national legislation or jurisprudence of methods other than those adopted by a resolution of the Assembly and laid down in Regulation 2 of the Fund’s Internal Regulations. The Assembly was requested to urge Member States (through another resolution or otherwise) to adopt a method in accordance with Regulation 2 and also to adopt the 1976 Protocol to the Fund Convention.

Date: 30.09.1980
Category: Financial limits, limitation proceedings and indemnification
Subject: Indemnification of the shipowner under Article 5.1 of the 1971 Fund Convention