Decision ID: 002203

In October 1981 the 1971 Fund Assembly generally endorsed the results of the fifth intersessional Working Group’s discussions and adopted a number of amendments to the 1971 Fund’s Internal Regulations. As regards contributions to the 1971 Fund, the Assembly decided that interest would be charged on unpaid annual contributions from the date on which payment was due at an annual rate of 2% higher than the lowest London clearing bank base rate, taking into account any changes in the rates while an annual contribution remained unpaid. The Assembly also decided that if, after all claims and expenses arising from a particular incident had been settled, there remained a substantial amount which had been reserved for that incident, the Assembly would decide whether such an amount should be reimbursed pro-rata to the persons who made contributions with respect to that incident or be credited pro rata to the accounts of these persons and that any amounts credited to a contributor’s account should bear interest at the rate of the lowest London clearing bank base rate taking into account any changes in the rates. It was also decided that if the Assembly were to consider that the reserved amount that remained was not substantial this amount would be transferred to the General Fund.