ARTICLE XIV
The expenses necessary for the functioning of the Organization shall be met:
(a) From the ordinary annual contributions of Member Governments in accordance with a scale based on the tonnage of their fleets;
(b) From donations, bequests, subventions and other sources, with the approval of the Finance Committee.
ARTICLE XV
Any Member Government which is two years in arrears in its contributions shall be denied all rights and benefits conferred on Member Governments by the Convention and the Regulations until such time as the outstanding contributions have been paid.
ARTICLE XVI
The budget of the Organization shall be drafted by the Directing Committee, studied by the Finance Committee and approved by the Conference.
ARTICLE XVII
Any dispute concerning the interpretation or application of this Convention which is not settled by negotiation or by the good offices of the Directing Committee shall, at the request of one of the parties to the dispute, be referred to an arbitrator designated by the President of the International Court of Justice.
ARTICLE XVIII
1. This Convention shall be open in Monaco on 3 May 1967, and subsequently at the Legation of the Principality of Monaco in Paris from 1 June until 31 December 1967, for signature by any Government which participates in the work of the Bureau on 3 May 1967.
2. The Governments referred to in paragraph 1 above may become Parties to the present Convention:
(a) By signature without reservation as to ratification or approval, or
(b) By signature subject to ratification or approval and the subsequent deposit of an instrument of ratification or approval.
3. Instruments of ratification or approval shall be handed to the Legation of the Principality of Monaco in Paris to be deposited in the Archives of the Government of the Principality of Monaco.
4. The Government of the Principality of Monaco shall inform the Governments referred to in paragraph 1 above, and the President of the Directing Committee, of each signature and of each deposit of an instrument of ratification of approval.
ARTICLE XIX
1. This Convention shall enter into force three months after the date on which twenty-eight Governments have become Parties in accordance with
the provisions of Article XVIII, paragraph 2.
2. The Government of the Principality of Monaco shall notify this date to all signatory Governments and the President of the Directing Committee.
ARTICLE XX
After it has entered into force this Convention shall be open for accession by the Government of any maritime state which applies to the Government of the Principality of Monaco specifying the tonnage of its fleets, and whose admission is approved by two thirds of the Member Governments. Such approval shall be notified by the Government of the Principality of Monaco to the Government concerned. The Convention shall enter into force for that Government on the date on which it has deposited its instrument of accession with the Government of the Principality of Monaco which shall inform the Member Governments and the President of the Directing Committee.
ARTICLE XXI
1. Any Contracting Party may propose amendments to this Convention.
2. Proposals of amendment shall be considered by the Conference and decided upon by a majority of two thirds of the Member Governments
represented at the Conference. When a proposed amendment has been approved by the Conference, the President of the Directing Committee shall request
the Government of the Principality of Monaco to submit it to all Contracting Parties.
3. The amendment shall enter into force for all Contracting Parties three months after notifications of approval by two thirds of the Contracting Parties have been received by the Government of the Principality of Monaco. The latter shall inform the Contracting Parties and the President of the Directing Committee of the fact, specifying the date of entry into force of the amendment.
ARTICLE XXII
1. Upon expiration of a period of five years after its entry into force, this Convention may be denounced by any Contracting Party by giving at least one year’s notice, in a notification addressed to the Government of the Principality of Monaco. The denunciation shall take effect upon 1 January next following the expiration of the notice and shall involve the abandonment by the Government concerned of all rights and benefits of membership in the Organization.
2. The Government of the Principality of Monaco shall inform the Contracting Parties and the President of the Directing Committee of any notification of denunciation it receives.
ARTICLE XXIII
After the present Convention enters into force it shall be registered by the Government of the Principality of Monaco with the Secretariat of the United Nations in accordance with Article 102 of its Charter.
IN WITNESS WHEREOF the undersigned*, duly authorized thereto, have
signed this Convention.
[* Signature Omitted.]
DONE at Monaco on the third day of May nineteen hundred and sixty-seven, in a single copy in the English and French languages, each text being equally authentic, which shall be deposited in the Archives of the Government of the Principality of Monaco, which shall transmit certified copies thereof to all signatories and acceding Governments and to the President of the Directing Committee.
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