CHAPTER V

FINAL PROVISIONS

ARTICLE XVI-SIGNATURE AND CUSTODY


    (a) The Executive Secretary of ESCAP shall be the depository of this Agreement and shall send certified copies of this Agreement and any amendments to it, to all regional members and associate members of ESCAP. Any amendments to this Agreement, as certified by the Chairman of the Board of Directors under the provisions of Article XIV(c), shall be appended to its text.

(b) This Agreement shall be open for acceptance by signature by duly authorized representatives of central banks or monetary authorities of regional members or associate members of ESCAP at the United Nations Economic and Social Commission for Asia and the Pacific. Each Central Bank or monetary authority on whose behalf this Agreement is signed shall deposit with the Executive Secretary, before signature, an instrument setting forth that it has full legal authority to accept this Agreement and to carry out all its obligations under it.


ARTICLE XVII-ENTRY INTO FORCE


     This Agreement shall enter into force when it has been signed and the instruments provided in article XVI(b) have been deposited by duly authorized representatives of at least five central banks or monetary authorities of regional members or associate members of ESCAP, but not before the date determined by article III, section 2.


ARTICLE XVIII-COMMENCEMENT
OF OPERATIONS


     (a) As soon as this Agreement enters into force, each participant shall appoint a Director and Alternate Director, and the Executive Secretary of ESCAP shall call the inaugural meeting of the Board of Directors.

     (b) At its inaugural meeting, the Board shall:

          (i) elect the Chairman and Vice-Chairman; and

          (ii) make arrangements to proceed with the preparatory work necessary to commence operations of 
          the clearing facility.

     (c) The Chairman of the Board shall notify the participants of the date of the commencement of the operation of the clearing facility.


ARTICLE XIX-NOTIFICATION

 

     The Executive Secretary of ESCAP shall notify signatories and all regional members and associate members of ESCAP of:

          (i) all signatures to this Agreement, and

          (ii) the date on which this Agreement enters into force.

          DONE in a single copy in the English language.

 

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