Decision ID: 002289

In October 1986 the 1971 Fund Assembly adopted a number of amendments to the Internal Regulations in respect of the levying and payment of contributions and reporting to the governing bodies on the 1971 Fund’s investments. The adopted amendments included, inter alia, changing the date of payments of contributions from 15 January to 1 February, unless decided otherwise by the Assembly (Regulation 3.8), the introduction of a new regulation (Regulation 3.12) explicitly stating that bank charges associated with the payment of contributions or the payment of interest on overdue contributions should be borne by the contributor and an amendment to Regulation 5.4 to reflect the practice of the Fund with regard to incorrectly reported oil receipts, whereby contributions were recalculated and revised invoices sent to contributors whose reported oil receipts were incorrect, but not to all other contributors. The Assembly instructed the Director to examine whether further amendments to Regulation 5.4 were necessary for the purpose of authorising the Director to recalculate the contributions of all contributors if corrections to the reports on contributing oil receipts were to affect significantly the total quantity reported in respect of all Member States. As regards reporting on the Fund’s investments, the Assembly adopted an amendment to Regulation 10.3 to the effect that such reports need only be made to the Assembly and not the Executive Committee.