Articles of Association
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SUBSCRIPTIONS AND CONTRIBUTIONS
| 5. |
Every Member shall, in respect of each year ending 31st December
(each such year being
hereinafter referred to as "a financial year") during
any part of which it is a Member pay to the Association a subscription or subscriptions in accordance with the provisions of paragraph 2 of the Appendix to these Articles or such other amount as the Association in General Meeting
may at any time or from time to time decide. |
| 6. |
In the case of a Member which is
not a Member on the 1st January in a financial year the amount
of its subscription or subscriptions in respect of such financial year shall
be calculated by multiplying the subscription or subscriptions for such financial
year by the number of days from the date on which it becomes
a Member to the next succeeding 31st December (both dates inclusive)
and by dividing the result by the number of days in such financial
year. |
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| 7. |
Every Member and former Member which on any relevant
Incident Date (as defined in the Appendix to these Articles)
was a Member and had prior to that date made OPOL applicable
to any Accountable Unit (as so defined) shall pay to the Association
a contribution towards the amount required to enable payment
to be made to Claimants pursuant to Clause III of OPOL in relation
to the relevant Incident as calculated in accordance with the
provisions of paragraph 3 of the Appendix to these Articles provided
that Members shall have no obligation under this Article (a)
with respect to any Party who, at the time of the relevant Incident
had failed to establish or maintain financial responsibility
as provided in Clause II.C.2 of OPOL or (b) with respect to a
Person who had ceased to be a Member or a Party at the time of
the relevant Incident. |
| 8. |
Every subscription and contribution
due from a Member or former Member pursuant to the provisions
of these Articles shall be payable within thirty days of the
service by the Association on such Member or former Member of
a notice as to the amount of such subscription
or contribution. |
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