Termination of Operations. (a) The Parties, by mutual agreement, may terminate the operations of the Bank. A Party may withdraw from the Bank by delivering to the Bank at its principal office a written notice of its intention to do so. Such withdrawal shall become finally effective on the date specified in the notice but in no event less than six months after the notice is delivered to the Bank. However, at any time before the withdrawal becomes finally effective, the Party may notify the Bank in writing of the cancellation of its notice of intention to withdraw. The Bank shall terminate its operations on the effective date of any notice of withdrawal from the Bank. (b) After such termination of operations the Bank shall forthwith cease all activities, except those incident to the conservation, preservation, and realization of its assets and settlement of its obligations.
Appears in 4 contracts
Samples: Agreement Concerning the Establishment of a North American Development Bank, Agreement Concerning the Establishment of a North American Development Bank, Protocol of Amendment
