Decision ID: 002714

In October 1999 the 1971 Fund Executive Committee considered various ways of accelerating the winding up of the 1971 Fund. The Committee concluded that the best option would be to amend Article 43.1 of the 1971 Fund Convention so as to allow for the termination of the Convention well before the number of Contracting States fell below three, and that there should be two possible criteria on which the Convention should cease to be in force, viz the number of Member States falling below a certain level or the total quantity of contributing oil received in the remaining Member States falling below a certain level, whichever was the earlier. The Committee instructed the Director to submit a request to the Secretary General of the International Maritime Organization (IMO) to convene urgently a Diplomatic Conference, in accordance with Article 45.1 of the 1971 Fund Convention, for the purpose of adopting a Protocol amending Article 43.1 of the Convention. The Committee also decided that the 1971 Fund should be prepared to pay the cost of a two-day Diplomatic Conference, which had been estimated at £22,000. The Committee decided that the draft text of the Protocol should be submitted to the Secretary-General of IMO with two options, one based on a tacit amendment procedure and the other requiring explicit acceptance by States.

Date: 31.03.2000
Category: Administrative matters
Subject: Revision of the Conventions and preparations for entry into force of amending Protocols