Article 29: Withdrawal
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(1)
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Any Party or
Signatory may be written notification to the Depositary withdraw voluntarily
from the Organization at any time. Once a decision has been made under
applicable domestic law that a Signatory may withdraw, notice of the
withdrawal shall be given in writing to the Depositary by the Party which has
designated the Signatory, and the notification shall signify the acceptance
by the Party of the withdrawal. Withdrawal of a Party, in its capacity as
such, shall entail the simultaneous withdrawal of any Signatory designated by
the Party or of the Party in its capacity as Signatory, as the case may be.
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(2)
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Upon receipt
by the Depositary of a notice to withdraw, the Party giving notice and any
Signatory which it has designated, or the Signatory in respect of which
notice has been given, as the case may be, shall cease to have any rights of
representation and any voting rights in any organ of the Organization and
shall incur no obligation after the date of such receipt. However, a
withdrawing Signatory shall remain responsible, unless otherwise decided by
the Council pursuant to Article XIII of the Operating Agreement, for
contributing its share of the capital contributions necessary to meet
contractual commitments specifically authorized by the Organization before
the receipt and liabilities arising from acts or omissions before the
receipt. Except with respect to such capital contributions and except with
respect to Article 31 of this Convention and Article XVI of the Operating
Agreement, withdrawal shall become effective and this Convention and/or the
Operating Agreement shall cease to be in force for the Party and/or Signatory
three months after the date of receipt by the Depositary of the written
notification referred to in paragraph (1).
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(3)
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If a Signatory
withdraws, the Party which designated it shall, before the effective date of
withdrawal and with effect from that date, designate a new Signatory, assume
the capacity of a Signatory in accordance with paragraph (4), or withdraw. If
the Party has not acted by the effective date, it shall be considered to have
withdrawn as from that date. Any new Signatory shall be responsible for all
the outstanding capital contributions of the previous Signatory and for the
proportionate share of any capital contributions necessary to meet
contractual commitments specifically authorized by the Organization, and
liabilities arising from acts or omissions, after the date of receipt of the
notice.
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(4)
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If for any
reason a Party desires to substitute itself for its designated Signatory or
to designate a new Signatory, it shall give written notice to the Depositary.
Upon assumption by the new Signatory of all the outstanding obligations, as
specified in the last sentence of paragraph (3), of the previously designated
Signatory and upon signature of the Operating Agreement, that Agreement shall
enter into force for the new Signatory and shall cease to be in force for the
previous Signatory.
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