CELEX: 21975A1110(01)
Language: en
Date: 1976-09-28 00:00:00
Title: International Cocoa Agreement 1975

Avis juridique important

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21975A1110(01)

International Cocoa Agreement 1975  

Official Journal L 321 , 20/11/1976 P. 0030 UNTS 1976 VOL 1023 P. 253 UN-01/10/1976-15033

 ANNEX I    Notification of provisional application of the   International Cocoa Agreement 1975    In accordance with Article 68 of the International Cocoa   Agreement 1975 , the European Economic Community hereby   deposits this notification of the provisional application   thereof . In giving this notification the Community will   consider itself provisionally an importing member of the said   Agreement , with all the rights and obligations arising   therefrom , when the Agreement enters into force in   accordance with Article 69 and until the date on which the   Decision concluding the Agreement is deposited by the Council   of the European Communities .    ANNEX II    INTERNATIONAL COCOA AGREEMENT 1975    CHAPTER I    OBJECTIVES    Article 1    Objectives    The objectives of this Agreement take into account the   recommendations as contained in the Final Act of the first   session of the United Nations Conference on Trade and   Development and are :    ( a ) To alleviate serious economic difficulties which   would persist if adjustment between the production and   consumption of cocoa cannot be effected by normal market   forces alone as rapidly as circumstances require ;    ( b ) To prevent excessive fluctuations in the price of   cocoa which affect adversely the long-term interests of both   producers and consumers ;    ( c ) To make arrangements which will help stabilize and   increase the earnings from the exports of cocoa of producing   member countries thereby helping to provide the necessary   incentive for a dynamic and rising rate of production and   provide such countries with resources for accelerated   economic growth and social development , while at the same   time taking into account the interests of consumers in   importing member countries , in particular the need to   increase consumption ;    ( d ) To assure adequate supplies at reasonable prices ,   equitable to producers and consumers ; and    ( e ) To facilitate expansion of consumption and , if   necessary and in so far as possible , an adjustment of   production , so as to secure an equilibrium in the long term   between supply and demand .    CHAPTER II    DEFINITIONS    Article 2    Definitions    For the purposes of this Agreement :    ( a ) Cocoa means cocoa beans and cocoa products ;    ( b ) Cocoa products means products made exlusively from   cocoa beans , such as cocoa paste , cocoa butter ,   unsweetened cocoa powder , cocoa cake and cocoa nibs as well   as such other products containing cocoa as the Council may   determine if necessary ;    ( c ) Fine or flavour cocoa means cocoa produced in the   countries listed in Annex C to the extent specified therein ;    ( d ) Tonne means the metric ton of 1 000 kilogrammes or   2204-6 pounds ; and pound means 453-597 grammes ;    ( e ) Crop year means the period of 12 months from 1   October to 30 September inclusive ;    ( f ) Quota year means the period of 12 months from 1   October to 30 September inclusive ;    ( g ) Basic quota means the quota determined in accordance   with Article 30 ;    ( h ) Annual export quota means the quota of each   exporting member as determined under Article 31 ;    ( i ) Export quota in effect means the quota of each   exporting member , at any given time , as determined under   Article 31 , or as adjusted under Article 34 , or as reduced   under paragraphs 4 , 5 and 6 of Article 35 , or as may be   affected under the provisions of Article 36 ;    ( j ) Export of cocoa means any cocoa which leaves the   customs territory of any country ; and import of cocoa means   any cocoa which enters the customs territory of any   country ; provided that , for the purposes of these   definitions customs territory shall , in the case of a member   which comprises more than one customs territory , be deemed   to refer the combined customs territories of that member ;    ( k ) Organization means the International Cocoa   Organization referred to in Article 5 ;    ( l ) Council means the international Cocoa Council   referred to in Article 6 ;    ( m ) Member means a contracting party to this Agreement ,   including a contracting party as referred to in Article 3   ( 2 ) , or a territory or a group of territories in respect   of which a notification has been made in accordance with   Article 71 ( 2 ) , or an intergovernmental organization as   provided for in Article 4 ;    ( n ) Exporting country or exporting member means a country   or a member respectively whose exports of cocoa expressed in   terms of beans exceed its imports ;    ( o ) Importing country or importing member means a country   or a member respectively whose imports of cocoa expressed in   terms of beans exceed its exports ;    ( p ) Producing country or producing member means a country   or member respectively which grows cocoa in commercially   significant quantities ;    ( q ) Simple distributed majority vote means a majority of   the votes cast by exporting by exporting members and a   majority of the votes cast by importing members , counted   separately ;    ( r ) Special vote means two-thirds of the votes cast by   exporting members and two-thirds of the votes cast by   importing members , counted separately , on condition that   the number of votes thus expressed represents at least half   the present and voting members ;    ( s ) Entry into force means , except when qualified , the   date on which this Agreement first enters into force ,   whether provisionally or definitively .    CHAPTER III    MEMBERSHIP    Article 3    Membership in the Organization    1 . Each contracting party shall constitue a single member   of the Organization , except as otherwise provided in   paragraph 2 .    2 . If any contracting party , including the territories   for whose international relations it is for the time being   ultimately responsible and to which this Agreement is   extended in accordance with paragraph 1 of Article 71 ,   consists of one or more units that would individually   constitute an exporting member and of one or more units that   would individually constitue an importing member , there may   be either a joint membership for the contracting party   together with these territories or , where the contracting   party has made a notification to that effect under Article71   ( 2 ) , separate membership, singly , all together or in   groups , for the territories that would individually   constitute an exporting member , and separate membership ,   singly , all together or in groups , for the territories that   would individually constitute an importing member .    3 . A member may change its category of membership on such   conditions as the Council may establish .    Article 4    Membership by intergovernmental organizations    1 . Any reference in this Agreement to a ' Government '   shall be construed as including a reference to any   intergovernmental organization having responsibilities in   respect of the negotiation , conclusion and application of   international agreements , in particular commodity   agreements . Accordingly , any reference in this Agreement to   signature or to deposit of instruments of ratification,   acceptance or approval or to notification of provisional   application or to accession by a Government shall , in the   case of such intergovernmental organizations , be construed   as including a reference to signature , or to deposit of   instruments of ratification , acceptance or aopproval , or to   notification of provisional application , or to accession ,   by such intergovernmental organizations .    2 . Such intergovernmental organizations shall not   themselves have any votes , but in the case of a vote on   matters within their competence , they shall be entitled to   cast the votes of their member States and shall cast them   collectively . In such cases , the member States of such   intergovernmental organizations shall not be entitled to   exercise their individual voting rights .    3 . The provisions of Article 15 ( 1 ) shall not apply to   such intergovernmental organizations ; but they may   participate in the discussions of the Executive Committee on   matters within their competence . In the case of a vote on   matters within their competence , the votes that their member   States are entitled to cast in the Executive Committee shall   be cast collectively by any one of those member States .    CHAPTER IV    ORGANIZATION AND ADMINISTRATION    Article 5    Establishment , headquarters and structure of the   International Cocoa Organization    1 . The International Cocoa Organization established by the   International Cocoa Agreement 1972 shall continue in being to   administer the provisions and supervise the operation of this   Agreement .    2 . The Organization shall function through :    ( a ) the International Cocoa Council and the Executive   Committee ;    ( b ) the Executive Director and the staff .    3 . The headquarters of the Organization shall be in London   unless the Council by special vote decides otherwise .    Article 6    Composition of the International Cocoa Council    1 . The highest authority of the Organization shall be the   International Cocoa Council , which shall consist of all the   members of the Organization .    2 . Each member shall be represented on the Council by a   representative and , if it so desires , by one or more   alternates . Each member may also appoint one or more   advisers to its representative or alternates .    Article 7    Powers and functions of the Council    1 . The Council shall exercise all such powers and perform   or arrange for the performance of all such functions as are   necessary to carry out the express provisions of this   Agreement .    2 . The Council shall adopt by special vote such rules and   regulations as are necessary to carry out the provisions of   this Agreement and are consistent therewith , including its   rules of procedure and those of its committees , the   financial and staff regulations of the Organization and rules   for the administration and operation of the buffer stock .   The Council may , in its rules of procedure , provide for a   procedure whereby it may , without meeting , decide specific   questions .    3 . The Council shall keep such records as are required to   perform its functions under this Agreement , and such other   records as it considers appropriate .    4 . The Council shall publish an annual report . This   report shall cover the annual review for which provision is   made in Article 59 . The Council shall also publish such   other information as it considers appropriate .    Article 8    Chairman and vice-chairmen of the Council    1 . The Council shall elect a chairman and a first and a   second vice-chairman for each quota year , who shall not be   paid by the Organization .    2 . Both the chairman and the first vice-chairman shall be   elected from among the representatives of the exporting   members or from among the representatives of the importing   members and the second vice-chairman from among the   representatives of the other category . These offices shall   alternate each quota year between the two categories of   members .    3 . In the temporary absence of both the chairman and the   two vice-chairmen or the permanent absence of one or more of   them , the Council may elect new officers from among the   representatives of the exporting members or from among the   representatives of the importing members , as appropriate ,   on a temporary or permanent basis as may be required .    4 . Neither the chairman nor any other officer presiding at   meetings of the Council shall vote . His alternate may   exercise the voting rights of the member which he   represents .    Article 9    Sessions of the Council    1 . As a general rule , the Council shall hold one regular   session in each half of the quota year .    2 . The Council , in addition to meeting in the other   circumstances specifically provided for in this Agreement ,   shall also meet in special session whenever it so decides or   at the request of :    ( a ) any five members ; or    ( b ) a member or members having at least 200 votes ;    or    ( c ) the Executive Committee .    3 . Notice of sessions shall be given at least 30 days in   advance , except in case of emergency or where the provisions   of this Agreement require otherwise .    4 . Sessions shall be held at the headquarters of the   Organization unless by special vote the Council decides   otherwise . If on the invitation of any member the Council   meets elsewhere than at the headquarters of the   Organization , that member shall pay the additional costs   involved    Article 10    Votes    1 . The exporting members shall together hold 1 000 votes   and the importing members shall together hold 1 000 votes ,   distributed within each category of members - that is ,   exporting and importing members , respectively - in   accordance with the following paragraphs of this Article .    2 . The votes of exporting members shall be distributed as   follows : 100 shall be divided equally among all exporting   members to the nearest whole vote for each member ; the   remaining votes shall be distributed in proportion to their   basic quotas .    3 . The votes of importing members shall be distributed as   follows : 100 shall be divided equally among all importing   members to the nearest whole vote for each member : the   remaining votes shall be distributed in proportion to their   imports as set out in Annex D .    4 . No member shall have more than 300 votes . Any votes   above this figure arising from the calculations in paragraphs   2 and 3 shall be redistributed among the other members on the   basis of paragraphs 2 and 3 respectively .    5 . When the membership in the Organization changes or when   the voting rights of a member are suspended or restored under   any provision of this Agreement , the Council shall provide   for the redistribution of votes in accordance with this   Article .    6 . There shall be no fractional votes .    Article 11    Voting procedure of the Council    1 . Each member shall be entitled to cast the number of   votes it holds and no member shall be entitled to divide its   votes . A member may , however , cast differently from such   votes any votes which it is authorized to cast under   paragraph 2 .    2 . By written notification to the Chairman of the   Council , any exporting member may authorize any other   exporting member , and any importing member may authorize any   other importing member , to represent its interests and to   cast its votes at any meeting of the Council . In this case   the limitation provided for in Article 10 ( 4 ) shall not   apply .    3 . Exporting members producing exclusively fine or flavour   cocoa shall not take part in voting on matters relating to   the establishment and adjustment of quotas and the   administration and operation of the buffer stock .    Article 12    Decisions of the Council    1 . All decisions of the Council shall be taken , and all   recommendations shall be made , by a simple distributed   majority vote unless this Agreement provides for a special   vote .    2 . In arriving at the number of votes necessary for any of   the decisions or recommendations of the Council , votes of   members abstaining shall not be reckoned .    3 . The following procedure shall apply with respect to any   action by the Council which under this Agreement requires a   special vote :    ( a ) if the required majority is not obtained because of   the negative vote of three or less exporting or three or less   importing members , the proposal shall , if the Council so   decides by a simple distributed majority vote , be put to a   vote again within 48 hours ;    ( b ) if the required majority is again not obtained   because of the negative vote of two or less exporting or two   or less importing members , the proposal shall , if the   Council so decides by a simple distributed majority vote , be   put to a vote again within 24 hours ;    ( c ) if the required majority is not obtained in the third   vote because of the negative vote cast by one exporting or   one importing member , the proposal shall be considered   adopted ;    ( d ) if the Council fails to put a proposal to a further   vote , it shall be considered rejected .    4 . Members undertake to accept as binding all decisions of   the Council under the provisions of this Agreement .    Article 13    Cooperation with other organizations    1 . The Council shall make whatever arrangements are   appropriate for consultation or cooperation with the United   Nations and its organs , in particular the United Nations   Conference on Trade and Development , and with the Food and   Agriculture Organization and such other specialized agencies   of the United Nations and intergovernmental organizations as   may be appropriate .    2 . The Council , bearing in mind the particular role of   the United Nations Conference on Trade and Development in   international commodity trade , shall , as appropriate , keep   that organization informed of its activities and programmes   of work .    3 . The Council may also make whatever arrangements are   appropriate for maintaining effective contact with   international organizations of cocoa producers , traders   and manufacturers .    Article 14    Admission of observers    1 . The Council may invite any non-member that is a member   of the United Nations , its specialized agencies or the   International Atomic Energy Agency to attend any of its   meetings as an observer .    2 . The Council may also invite any of the organizations   referred to in Article 13 to attend any of its meetings as an   observer .    Article 15    Composition of the Executive Committee    1 . The Executive Committee shall consist of eight   exporting members and eight importing members , provided that   if either the number of exporting members or the number of   importing members in the organization is 10 or less the   Council may , while maintaining parity between the two   categories of members , decide by special vote the total   number on the Executive Committee . Members of the Executive   Committee shall be elected for each quota year in accordance   with Article 16 and may be re-elected .    2 . Each elected member shall be represented on the   Executive Committee by a representative and , if it so   desires , by one or more akernates . Each such member may   also appoint one or more advisers to its representative or   alternates .    3 . The chairman and vice-chairman of the Executive   Committee , elected for each quota year by the Council ,   shall both be chosen from among the delegations of the   exporting members or from among the delegations of the   importing members . These offices shall alternate each quota   year between the two categories of members . In the temporary   or permanent absence of the chairman and the vice-chairman ,   the Executive Committee may elect new officers from among the   representatives of the exporting members or from among the   representatives of the importing members , as appropriate ,   on a temporary or permanent basis as may be required .   Neither the chairman nor any other officer presiding at   meetings of the Executive Committee may vote . His alternate   may exercise the voting rights of the member which he   represents .    4 . The Executive Committee shall meet at the headquarters   of the Organization unless by special vote it decides   otherwise . If on the invitation of any member the Executive   Committee meets elsewhere than at the headquarters of the   Organization , that member shall pay the additional costs   involved .    Article 16    Election of the Executive Committee    1 . The exporting and importing members of the Executive   Committee shall be elected in the Council by the exporting   and importing members of the Organization respectively . The   Election within each category shall be held in accordance   with the following paragraphs of this Article .    2 . Each member shall cast all the votes to which it is   entitled under Article 10 for a single candidate . A member   may cast for another candidate any votes which it is   authorized to cast under paragraph 2 of Article 11 .    3 . The candidates receiving the largest number of votes   shall be elected .    Article 17.    Competence of the Executive Committee    1 . The Executive Committee shall be responsible to , and   work under the general direction of , the Council .    2 . The Executive Committee shall keep the market under   continuous review and recommend to the Council such measures   as it may consider advisable .    3 . Without prejudice to the right of the Council to   exercise any of its powers , the Council may , by a simple   distributed majority vote or a special vote depending on   whether a decision by the Council on the subject requires a   simple distributed majority vote or a special vote , delegate   to the Executive Committee the exercise of any of its   powers , except the following :    ( a ) redistibution of votes under Article 10 ;    ( b ) approval of the administrative budget and assessment   of contributions under Article 23 ;    ( c ) revision of the minimum and maximum prices under   paragraph 2 or 3 of Article 29 ;    ( d ) revision of Annex C under Article 33 ( 3 ) ;    ( e ) determination of annual export quotas under   Article 31 and quarterly quotas under Article 35 ( 8 ) ;    ( f ) restriction or suspension of purchases by the buffer   stock under Article 40 ( 10 ) ( b ) ;    ( g ) action relating to diversion of cocoa to   non-traditional uses under Article 46 ;    ( h ) relief from obligations under Article 60 ;    ( i ) decision of disputes under Article 62 ;    ( j ) suspension of rights under Article 63 ( 3 ) ;    ( k ) establishment of conditions for accession under   Article 67 ;    ( l ) exclusion of a member under Article 73 ;    ( m ) extension or termination of this Agreement under   Article 75 ;    ( n ) recommendation of amendments to members under   Article 76 .    4 . The Council may at any time , by a simple distributed   majority vote , revoke any delegation of powers to the   Executive Committee .    Article 18    Voting procedure and decisions of the Executive Committee    1 . Each member of the Executive Committee shall be   entitled to cast the number of votes received by it under the   provisions of Article 16 , and no member of the Executive   Committee shall be entitled to divide its votes .    2 . Without prejudice to the provisions of paragraph 1 and   by written notification to the chairman , any exporting or   importing member which is not a member of the Executive   Committee and which has not cast its votes under Article 16   ( 2 ) for any of the members elected may authorize any   exporting or importing member of the Executive Committee , as   appropriate , to represent its interests and to cast its   votes in the Executive Committee .    3 . In the course of any quota year a member may , after   consultation with the member of the Executive Committee for   which it voted under Article 16 , withdraw its votes from   that member . The votes thus withdrawn may be reassigned to   another member of the Executive Committee but may not be   withdrawn from that member for the remainder of that quota   year . The member of the Executive Committee from which the   votes have been withdrawn shall nevertheless retain its seat   on the Executive Committee for the remainder of that quota   year . Any action taken pursuant to the provisions of this   paragraph shall become effective after the chairman has been   informed in writing thereof .    4 . Any decision taken by the Executive Committee shall   require the same majority as that decision would require if   taken by the Council .    5 . Any member shall have the right of appeal to the   Council , under such conditions as the Council shall   prescribe in its rules of procedure , against any decision of   the Executive Committee .    Article 19    Quorum for the Council and the Executive Committee    1 . The quorum for the opening meeting of any session of   the Council shall be constituted by the presence of a   majority of exporting members and a majority of importing   members , provided that such members together hold in each   category at least two-thirds of the total votes of the   members in that category .    2 . If there is no quorum in accordance with paragraph 1 on   the day appointed for the opening meeting of any session and   on the following day , the quorum on the third day and   throughout the remainder of the session shall be constituted   by the presence of a majority of exporting members and a   majority of importing members , provided that such members   together hold in each category a simple majority of the total   votes of the members in that category .    3 . The quorum for meetings subsequent to the opening   meeting of any session pursuant to paragraph 1 shall be that   prescribed in paragraph 2 .    4 . Representation in accordance with Article 11 ( 2 )   shall be considered as presence .    5 . The quorum for any meeting of the Executive Committee   shall be prescribed by the Council in the rules of procedure   of the Executive Committee .    Article 20    The staff of the Organization    1 . The Council , after consulting the Executive   Committee , shall appoint the Executive Director by   special vote . The terms of appointment of the Executive   Director shall be fixed by the Council in the light of   those applying to corresponding officials of similar   intergovernmental organizations .    2 . The Executive Director shall be the chief   administrative officer of the Organization and shall be   responsible to the Council for the administration and   operation of this Agreement in accordance with the decisions   of the Council .    3 . The Council , after consulting the Executive   Committee , shall appoint the Buffer Stock Manager by special   vote . The terms of appointment of the Manager shall be   fixed by the Council .    4 . The Manager shall be responsible to the Council for the   functions conferred upon him by this Agreement as well as for   such additional functions as the Council may determine . The   responsibility for these functions shall be exercised in   consultation with the Executive Director .    5 . Without prejudice to the provisions of paragraph 4 ,   the staff of the Organization shall be responsible to the   Executive Director , who in turn shall be responsible to the   Council .    6 . The Executive Director shall appoint the staff in   accordance with regulations established by the Council . In   drawing up such regulations the Council shall have regard to   those applying to officials of similar intergovernmental   organizations . Staff appointments shall be made in so far as   is practicable from nationals of exporting and importing   members .    7 . Neither the Executive Director nor the Manager , nor   any other member of the staff , shall have any financial   interest in the cocoa industry , the cocoa trade , cocoa   transportation or cocoa publicity .    8 . In the performance of their duties , the Executive   Director , the Manager and the other members of the staff   shall not seek or receive instructions from any member or   from any other authority external to the Organization . They   shall refrain from any action which might reflect on their   position as international officials responsible only to the   Organization . Each member undertakes to respect the   exclusively international character of the responsibilities   of the Executive Director , the Manager and the staff and not   to seek to influence them in the discharge of their   responsibilities .    CHAPTER V    PRIVILEGES AND IMMUNITIES    Article 21    Privileges and immunities    1 . The Organization shall have legal personality . It   shall in particular have the capacity to contract , to   acquire and dispose of movable and immovable property and to   institute legal proceedings .    2 . The status , privileges and immunities of the   Organization , of its Executive Director , its staff and   experts and of representatives of members whilst in the   territory of the United Kingdom of Great Britain and Northern   Ireland ( hereinafter referred to as the host Government )   for the purpose of exercising their functions , shall   continue to be governed by the Headquarters Agreement   concluded between the Government of the United Kingdom of   Great Britain and Northern Ireland and the International   Cocoa Organization in London on 26 March 1975 .    3 . The Headquarters Agreement referred to in paragraph 2   shall be independent of this Agreement . It shall , however ,   terminate :    ( a ) by agreement between the host Government and the   Organization , or    ( b ) in the event of the headquarters of the Organization   being moved from the territory of the host Government , or    ( c ) in the event of the Organization ceasing to exist .    4 . The Organization may conclude with one or more other   members agreements to be approved by the Council relating to   such privileges and immunities as may be necessary for the   proper functioning of this Agreement .    CHAPTER VI    FINANCE    Article 22    Finance    1 . There shall be kept two accounts - the Administrative   Account and the Buffer Stock Account - for the administration   and operation of this Agreement .    2 . The expenses necessary for the administration and   operation of this Agreement , excluding those attributable to   the operation and maintenance of the buffer stock instituted   under Article 37 , shall be brought into the Administrative   Account and shall be met by annual contributions from members   assessed in accordance with Article 23 . If , however , a   member requests special services , the Council may require   that member to pay for them .    3 . Any expenditure which is attributable to the operation   and maintenance of the buffer stock under Article 37 ( 6 )   shall be brought into the Buffer Stock Account . The   liability of the Buffer Stock Account for any expenditure   other than that specified in Article 37 ( 6 ) shall be   decided by the Council .    4 . The financial year of the Organization shall be the   same as the quota year .    5 . The expenses of delegations to the Council , to the   Executive Committee and to any of the committees of the   Council or of the Executive Committee shall be met by the   members concerned .    Article 23    Approval of the Administrative Budget and assessment of   contributions    1 . During the second half of each financial year , the   Council shall approve the administrative budget of the   Organization for the following financial year , and shall   assess the contribution of each member to that budget .    2 . The contribution of each member to the administrative   budget for each financial year shall be in the proportion   which the number of its votes at the time the administrative   budget for that financial year is approved bears to the total   votes of all the members . In assessing contributions , the   votes of each member shall be calculated without regard to   the suspension of any member ' s voting rights or any   redistribution of votes resulting therefrom .    3 . The initial contribution of any member joining the   Organization after the entry into force of this Agreement   shall be assessed by the Council on the basis of the number   of votes to be held by it and the period remaining in the   current financial year , but the assessment made upon other   members for the current financial year shall not be altered .    Article 24    Payment of contributions to the administrative budget    1 . Contributions to the administrative budget for each   financial year shall be payable in freely convertible   currencies , shall be exempt from foreign exchange   restrictions and shall become due on the first day of that   financial year .    2 . If at the end of five months after the beginning of the   financial year a member has not paid its full contribution to   the administrative budget , the Executive Director shall   request the member to make payment as quickly as possible .   If at the expiration of two months after the request of the   Executive Director the member has still not paid its   contribution , the voting rights of that member in the   Council and the Executive Committee shall be suspended until   such time as it has made full payment of the contribution .    3 . A member whose voting rights have been suspended under   paragraph 2 shall not be deprived of any of its other rights   or relieved of any of its obligations under this Agreement   unless the Council so decides by special vote . It shall   remain liable to pay its contribution and to meet any other   financial obligations under this Agreement .    Article 25    Audit and publications of accounts    1 . As soon as possible , but not later than six months   after the close of each financial year , the statement of the   Organization ' s accounts for that financial year and the   balance sheet at the close of that financial year under each   of the accounts referred to in paragraph 1 of Article 22   shall be audited . The audit shall be carried out by an   independent auditor of recognized standing in cooperation   with two qualified auditors from member Governments , one   from exporting members and one from importing members , to be   elected by the Council for each financial year . The auditors   from member Governments shall not be paid by the   Organization .    2 . The terms of appointment of the independent auditor of   recognized standing , as well as the intentions and   objectives of the audit , shall be laid down in the financial   regulations of the Organization . The audited statement of   the Organization ' s accounts and the audited balance sheet   shall be presented to the Council at its next regular   session for approval .    3 . A summary of the audited accounts and balance sheet   shall be published .    CHAPTER VII    PRICE , QUOTAS , BUFFER STOCK AND DIVERSION TO   NON-TRADITIONAL USES    Article 26    Operation of this Agreement    1 . In furthering the objectives of this Agreement ,   members shall adopt measures for maintaining the price of   cocoa beans between agreed prices , and for that purpose and   under the control of the Council an export quota system shall   be established , a buffer stock arrangement shall be   instituted and arrangements shall be made for the diversion   non-traditional uses , under strict regulations , of cocoa   surplus to quotas and of cocoa beans surplus to the buffer   stock .    2 . Members shall conduct their trade policies so that the   objectives of this Agreement may be attained .    Article 27    Consultation and cooperation with the cocoa industry    1 . The Council shall encourage members to seek the views   of experts in cocoa matters .    2 . In fulfilling their obligations under this Agreement ,   members shall conduct their activities in a manner consonant   with the established channels of trade and shall take due   account of the legitimate interests of the cocoa industry .    3 . Members shall not interfere with the arbitration of   commercial disputes between cocoa buyers and sellers if   contracts cannot be fulfilled because of regulations   established in order to implement this Agreement , nor place   impediments in the way of the conclusion of arbitration   proceedings . The requirement that members comply with the   provisions of this Agreement shall not be accepted as grounds   for non-fulfilment of contract or as a defence in such   cases .    Article 28    Daily price and indicator price    1 . For the purposes of this Agreement , the price of cocoa   beans shall be determined by reference to a daily price and   an indicator price .    2 . The daily price shall , subject to paragraph 4 , be the   average taken daily of the quotations for cocoa beans of the   nearest three active future trading months on the New York   Cocoa Exchange at noon and on the London Cocoa Terminal   Market at closing time . The London prices shall be converted   to United States cents per pound by using the current six   months forward rate of exchange published in London at   closing time . The Council shall decide the method of   calculation to be used when the quotations on only one of   these two cocoa markets are available or when the London   Exchange Market is closed . The time for shift to the next   three months' period is the 15th of the month immediately   preceding the nearest active maturing month .    3 . The indicator price shall be the average of the daily   prices over a period of 15 consecutive market days or , for   the purposes of Article 34 , ( 2 ) ( c ) , over a period of   22 consecutive market days . Any reference in this Agreement   to the indicator price being at , below or above any figure   means that the average of the daily prices over the required   period of consecutive market days has been at , below or   above that figure . The Council shall adopt rules to   implement the provisions to this paragraph .    4 . The Council may , by special vote , decide on any other   methods of determining the daily price and the indicator   price if it considers such methods to be more satisfactory   than those set out in paragraphs 2 and 3 .    Article 29    Prices    1 . For the purpose of this Agreement , a minimum price of   cocoa beans shall be established at 39 US cents per pound and   a maximum price at 55 US cents per pound .    2 . Before the end of the first quota year , and again if   is decided to extend this Agreement for a further period of   two years under Article 75 , before the end of the third   quota year , the Council shall review the minimum price and   the maximum price and may , by special vote , revise them    3 . In exceptional circumstances resulting from upheavals   in the international economic or monetary situation , the   Council shall review the minimum price and maximum price and   may , by special vote , revise them .    4 . In conducting the review of prices referred to in   paragraphs 2 and 3 the Council shall take into consideration   the trend of cocoa prices , consumption , production ,   stocks , the influence on cocoa prices of changes in the   world economic situation or monetary system and any other   factors which might affect the achievement of the objectives   set out in this Agreement . The Executive Director shall   supply data necessary for the appropriate consideration of   the foregoing elements .    5 . The provisions of Article 76 shall not be applicable to   the revision of prices under this Article .    Article 30    Basic quotas    1 . For each quota year , the basic quota allocated to each   exporting member listed in Annex A shall be the percentage   which the average of its annual production in the preceding   five crop years for which final figures are available in the   Organization represents in the total of the averages for all   the exporting members listed in Annex A .    2 . There shall be no basic quotas for the exporting   members listed in Annex B producing less than 10 000 tonnes   of bulk cocoa .    3 . The Council shall revise the lists in Annexes A and B   if the development of production of an exporting member so   requires .    Article 31    Annual export quotas    1 . At least 40 days before the beginning of each quota   year , the Council shall adopt an estimate of the world net   import demand for cocoa . In so doing the Council shall take   into account all relevant factors affecting the demand for   and the supply of cocoa , which shall include , inter alia ,   the past trends of grindings , prospective stock variations   and current and anticipated price trends . In the light of   this estimate , and taking account of the expected volume of   exports not subject to quotas , and imports from   non-members , the Council shall forthwith determine annual   export quotas by special vote at a level such as would be   required to maintain the prices within the range specified in   Article 29 .    2 . If , at least 35 days before the beginning of the quota   year , the Council is unable to reach agreement on annual   export quotas , the Executive Director shall submit to the   Council his own proposal on the total of annual export   quotas . The Council shall immediately proceed to a decision   by special vote on the proposal . The Council shall in any   event , determine the annual export quotas at least 30 days   before the beginning of the quota year .   year .    3 . The estimate adopted under paragraph 1 , together with   the annual export quotas determined on that basis , shall be   reviewed and , if necessary , revised by the Council by   special vote at its regular session in the first half of the   quota year concerned , in the light of such updated   statistical information as it may have collected under   Article 57 .    4 . The annual export quota for each exporting member shall   be proportionate to the basic quota determined in accordance   with Article 30 .    5 . On the presentation of such evidence as it considers   satisfactory , the Council shall authorize an exporting   member producing less than 10 000 tonnes in any quota year to   export during that year a quantity not greater than its   effective production available for exports .    Article 32    Scope of export quotas    1 . Annual export quotas cover :    ( a ) exports of cocoa from exporting members ; and    ( b ) cocoa from the current crop year registered for   export within the limit of the export quota in effect at the   end of the quota year but shipped after the quota year ,   provided that such exports shall be made not later than the   end of the first quarter of the succeeding quota year and   shall be subject to conditions to be established by the   Council .   2 . For the purpose of determining the beans equivalent of   the exports of cocoa products from exporting members and   exporting non-members , the following shall be the conversion   factors : cocoa butter 1.33 ; cocoa cake and powder 1.18 ;   cocoa paste and nibs 1.25 . The Council may determine if   necessary that other products containing cocoa are cocoa   products . The conversion factors for cocoa products other   than those for which conversion factors are set out in this   paragraph shall be fixed by the Council .    3 . The Council shall , on the basis of any document   referred to in article 49 , keep the exports of cocoa   products by exporting members and imports of cocoa products   from exporting non-members under continuous observation . If   the Council finds that , during the quota year , the   difference between exports of cocoa cake and/or cocoa powder   by an exporting country and its exports of cocoa butter has   considerably increased at the expense of cocoa cake and/or   cocoa powder because , for example , of increased   extraction-method processing , the conversion factors to be   used for the purpose of determining the beans equivalent of   its exports of cocoa products during that quota year ,   and/or , if the Council so decides , in a subsequent quota   year , will be as follows : cocoa butter 2.15 ; cocoa paste   and nibs 1.25 ; cocoa cake and powder 0.30 ; with   consequential adjustment in the contribution remaining to be   collected in accordance with Article 39 . However , this   provision shall not apply if the decrease in exports of   products other than cocoa butter is due to increased domestic   human consumption or to other reasons - to be provided by the   exporting country - considered as satisfactory and acceptable   to the Council .    4 . Deliveries to the Buffer Stock Manager by exporting   members under Articles 40 ( 2 ) and under Article 46 ( 1 ) ,   as well as diversion of cocoa under Article 46 ( 2 ) , shall   not be counted against the export quotas of those members .    5 . If the Council is satisfied that cocoa has been   exported by exporting members for humanitarian or other   non-commercial purposes , such cocoa shall not be counted   against the export quotas of those members .    Article 33    Fine or flavour cocoa    1 . Notwithstanding Articles 31 and 39 , the provisions of   this Agreement concerning export quotas and contributions for   financing the buffer stock shall not apply to fine or flavour   cocoa from any exporting member listed in paragraph 1 of   Annex C whose production is exclusively of fine or flavour   cocoa .    2 . Paragraph 1 shall also apply in the case of any   exporting member listed in paragraph 2 of Annex C , part of   whose production consists of fine or flavour cocoa , to the   extent of the proportion of their production stated in   paragraph 2 of Annex C . With regard to the remaining   proportion , the provisions of this Agreement concerning   export quotas and contributions for financing the buffer   stock and other limitations of this Agreement shall apply .    3 . The Council may , by special vote , revise Annex C .    4 . If the Council finds that the production of , or export   from , countries listed in Annex C has risen sharply , it   shall take appropriate steps to ensure that no abuse or   evasion of this Agreement is taking place .    5 . Each exporting member listed in Annex C under-takes to   require the presentation of an authorized Council control   document before permitting the export of fine or flavour   cocoa from its territory . Each importing member undertakes   to require the presentation of an authorized Council control   document before permitting the import of fine or flavour   cocoa into its territory .    Article 34    Operation and adjustment of annual export quotas    1 . The Council shall keep the market situation under   review and shall meet whenever circumstances so require .    2 . The following quotas shall have effect unless the   Council decides by special vote to increase or reduce them :    ( a ) when the indicator price is above the minimum price +   6 US cents per pound , and at or below the minimum price +   8 US cents per pound , the export quotas in effect shall be   100 % of the initial annual export quotas ;    ( b ) when the indicator price is above the minimum price +   3 US cents per pound and at or below the minimum price + 6 US   cents per pound , the export quotas in effect shall be 97 %   of the initial annual export quotas ;    ( c ) when the indicator price is above the minimum price +   8 US cents per pound the export quotas in effect shall be   suspended .    3 . When the indicator price is above the minimum price and   at or below the minimum price + 3 US cents per pound , the   manager shall purchase cocoa beans up to 4 % of the initial   annual export quotas under the terms provided for by Article   40 ( 3 ) and ( 6 ) .    4 . When the indicator price is below the minimum price ,   the manager shall purchase cocoa beans under the terms   provided for by Article 40 ( 4 ) and ( 6 ) .    5 . When the indicator price is above the minimum price +   14 US cents per pound and at or below the maximum price ,   sales from the buffer stock shall take place up to 7 % of the   initial annual export quotas under the terms provided for by   Article 41 ( 1 ) .    6 . When the indicator price is above the maximum price ,   sales from the buffer stock shall take place under the terms   provided for by Article 41 ( 1 ) .    Article 35    Compliance with export quotas    1 . Members shall adopt the measures required to ensure   full compliance with the obligations under-taken by them in   this Agreement in respect of export quotas . The Council may   call upon members to adopt additional measures , if   necessary , for the effective implementation of the export   quota system , including the making of regulations by   exporting members providing for the registration of all their   cocoa to be exported within the limit of the export quota   in effect .    2 . Exporting members undertake to regulate their sales in   such a manner as to make for orderly marketing and to be in a   position to comply at all times with their export quotas in   effect . In any case , no exporting member shall export more   than 85 % and 90 % of its annual export quota determined   under Article 31 during the first two and the first three   quarters respectively .    3 . Each exporting member undertakes that the volume of its   exports of cocoa shall not exceed its export quota in   effect .    4 . If an exporting member exceeds its export quota in   effect by less than 1 % of its annual export quota , this   shall not be considered a breach of paragraph 3 . However ,   any such excess shall be deducted from the export quota in   effect of the member concerned in the following quota year .    5 . If an exporting member exceeds for the first time its   export quota in effect beyond the margin of tolerance   referred to in paragraph 4 , that member shall sell to the   buffer stock , unless the Council decides otherwise , an   amount equal to the excess within three months of this   excess being discovered by the Council . This amount shall be   automatically deducted from its export quota in effect for   the quota year immediately following the one in which the   breach took place . Sales to the buffer stock under this   paragraph shall be made in accordance with Article 40 ( 6 )   and ( 7 ) .    6 . If an exporting member exceeds for a second or   subsequent time its export quota in effect beyond the margin   of tolerance referred to in paragraph 4 , that member shall   sell to the buffer stock , unless the Council decides   otherwise , an amount equal to twice the excess within three   months of this excess being discovered by the Council . This   amount shall be automatically deducted from its export quota   in effect for the quota year immediately following the one in   which the breach took place . Sales to the buffer stock under   this paragraph shall be made in accordance with Article 40   ( 6 ) and ( 7 ) .    7 . Any action taken under paragraphs 5 and 6 shall be   without prejudice to the provisions of Chapter XV .    8 . When the Council determines annual export quotas under   Article 31 , it may decide by special vote to establish   quarterly export quotas . It shall at the same time establish   the rules for operating and removing such quarterly export   quotas . In establishing such rules the Council shall take   into account the production pattern of each exporting   member .    9 . In the event that an introduction or a reduction of   export quotas cannot be fully respected during the current   quota year because of the existence of bona fide contracts   entered into when export quotas were suspended or within   export quotas in effect at the time the contracts were made ,   the adjustment shall be made in the export quotas in effect   for the succeeding quota year . The Council may require   evidence of such contracts .    10 . Members undertake to transmit immediately to the   Council any information which they may obtain in relation to   any breach of this Agreement or of any rules or regulations   established by the Council .    Article 36    Redistribution of shortfalls    1 . Each exporting member shall , as soon as possible and   in any case before the end of May in each quota year , notify   the Council of the extent to which and the reasons why it   expects either that it will not use all its quota in effect   or that it will have a surplus over that quota . In the light   of such notifications and explanations the Executive Director   shall , unless the Council decides otherwise by special vote   taking into account market conditions , redistribute   shortfalls among exporting members in accordance with rules   which the Council shall establish covering the conditions ,   timing and mode of such redistribution . Such rules shall   include provisions regulating the manner in which reductions   made under Article 35 ( 5 ) and ( 6 ) shall be dealt with .    2 . For exporting members not in a position to notify the   Council of their expected shortfalls or surpluses before the   end of May because of the timing of the harvest of their main   crop , the time limit for notification of shortfalls or   surpluses shall be extended up to the middle of July . The   exporting countries which qualify for this extension of time   are listed in Annex E .    Article 37    Institution and financing of the buffer stock    1 . A buffer stock arrangement is hereby instituted .    2 . The buffer stock shall purchase and hold only cocoa   beans ans its maximum capacity shall be 250 000 tonnes .    3 . The Buffer Stock Manager shall , in accordance with   rules adopted by the Council , be responsible for the   operation of the buffer stock and for buying cocoa beans ,   selling and maintaining in good condition stocks of cocoa   beans and , without incurring market risks , replacing lots   of cocoa beans in accordance with the relevant provisions of   this Agreement . The Council shall examine the feasibility   and desirability of the conversion into cocoa products of   cocoa beans purchased by the buffer stock and , in the light   of this examination , the Council may make recommendations to   be taken into account at the re-negotiation of this Agreement   under Article 75 .    4 . In order to finance its operations , the buffer stock   shall , from the start of the first quota year after the   entry into force of this Agreement , receive regular income   in the form of contributions charged on cocoa in accordance   with the provisions of Article 39 . If , however , the   Council has other sources of finance it may decide another   date on which to implement the contribution .    5 . Should the income of the buffer stock through   contributions at any time seem likely to be insufficient to   finance its operations , the Council may by special vote   borrow funds in freely convertible currency from appropriate   sources , including the Governments of member countries . Any   such loans shall be repaid out of the proceeds of   contributions , of the sale of cocoa beans by the buffer   stock and of miscellaneous income of the buffer stock , if   any . Individual members of the Organization shall not be   responsible for the repayment of such loans .    6 . The cost of operating and maintaining the buffer stock   including :    ( a ) the remuneration of the manager and the members of   the staff who operate and maintain the buffer stock , the   cost to the Organization of administering and controlling the   collection of contributions and interest or capital charges   due on sums borrowed by the Council , and    ( b ) other costs such as the cost of transportation and   insurance from the fob point into the buffer stock storage   point , storage including fumigation , handling charges ,   insurance , management and inspection and any expenditure   incurred in replacing lots of cocoa beans to maintain their   condition and value ,    shall be met out of the regular source of income from   contributions or loans under paragraph 5 or the preceeds of   resale under paragraph 6 of Article 40 .    Article 38    Investment of surplus stock funds    1 . Part of the funds of the buffer stock as are   temporarily surplus to that required to finance its   operations may be suitably deposited in importing and   exporting member countries in accordance with rules to be   established by the Council .    2 . These rules shall , among other things , take into   account the liquidity necessary for the full operation of the   buffer stock and the desirability of maintaining the real   value of the funds .    Article 39    Contributions for financing the buffer stock    1 . The contribution charged on cocoa either on first   export by a member or on first import by a member shall be 1   US cent per pound of cocoa beans and proportionately on cocoa   products in accordance with Article 32 ( 2 ) and ( 3 ) . In   any case the contribution shall only be charged once . For   this purpose , imports of cocoa by a member from a non-member   country shall be deemed to have originated from that   non-member unless satisfactory evidence is given that such   cocoa originated from a member . The Council shall review   annually the buffer stock contribution and , notwithstanding   the provisions of the first sentence of this paragraph may ,   by special vote , determine a lower rate of contribution or   decide to suspend the contribution in the light of the   financial resources and obligations of the Organization in   relation to the buffer stock .    2 . Certificates of contribution shall be issued by the   Council in accordance with the rules which it shall   establish . Such rules shall take into account the interests   of the cocoa trade and shall cover , inter alia , the   possible use of agents , the issuance of documents against   contributions , and the payment of contributions within a   given time limit .    3 . Contributions under this Article shall be payable in   freely convertible currencies and shall be exempt from   foreign exchange restrictions .    4 . Nothing contained in this Article shall affect the   right of any buyer or seller to regulate the terms of payment   for supplies of cocoa by agreement between them .    Article 40    Purchases by the buffer stock    1 . For the purposes of this Article , the maximum capacity   of the buffer stock shall be divided into individual   entitlements for each exporting member in the same proportion   as its basic quota determined in accordance with Article 30 .    2 . If annual export quotas are reduced under Article 34 ,   each exporting member shall forthwith offer to sell to the   Buffer Stock Manager , and the manager shall , within 10 days   of the quota reduction , enter into a contract to buy from   each exporting member , an amount of cocoa beans equal to the   reduction in its quota .    3 . When the manager makes purchases under Article 34   ( 3 ) , he shall continue to purchase cocoa beans up to 4 %   of the initial annual export quotas , or until the indicator   price rises above the minimum price + 3 US cents per pound ,   whichever is earlier .    4 . When the manager makes purchases under Article 34   ( 4 ) , he shall continue to purchase cocoa beans until the   indicator price rises above the minimum price or the maximum   capacity of the buffer stock is reached , whichever is   earlier .    5 . The Manager shall purchase only cocoa beans of   recognized standard marketable grades and in quantities of   not less than 100 tonnes . Such beans shall be the property   of the Organization and under its control .    6 . In purchasing cocoa beans under the provisions of   Article 34 ( 3 ) and ( 4 ) and paragraph 2 of this Article ,   the manager shall make :    ( a ) payment at current market prices in accordance with   rules to be determined by the Council ; or    ( b ) at the request of the exporting member concerned ,    ( i ) an initial payment of 25 US cents per pound fob on   delivery of the cocoa beans ; provided that at any time after   the end of the first quota year the Council , on the   recommendation of the manager , may decide , by special   vote , in the light of the current and prospective financial   position of the buffer stock , to increase the initial   payment .   ( ii ) a complementary payment on the sale of the cocoa   beans by the buffer stock representing the proceeds of the   sale less the payment made under ( i ) and the cost of   transportation and insurance from the fob point into the   buffer stock storage point , storage and handling charges ,   and costs , if any , of replacing lots of cocoa beans as   necessary to maintain the condition and value of such lots .    7 . Where a member has already sold to the manager a   quantity of cocoa beans equal to its individual entitlement   as defined in paragraph 1 , the manager shall for subsequent   purchases pay at the time of delivery only such a price as   would be realized by the disposal of the cocoa beans for   non-traditional uses . IF cocoa beans bought under the   provisions of this paragraph are subsequently resold under   the provisions of Article 41 , the manager shall make a   complementary payment to the exporting member concerned   representing the proceeds of the re-sale less the payment   already made under this paragraph and the cost of   transportation and insurance from the fob point into the   buffer stock storage point , storage and handling charges ,   and costs , if any , of replacing lots of cocoa beans as   necessary to maintain the condition and value of such lots .    8 . Where cocoa beans are sold to the manager under   paragraph 2 , the contract shall contain a clause allowing   the exporting member to cancel all or part of the contract   before the cocoa beans are delivered :    ( a ) if subsequently in the same quota year the reduction   in quota which gave rise to the sale is restored under the   provisions of Article 34 ; or    ( b ) to the extent that , after making such sales ,   production in the same quota year proves to be insufficient   to satisfy the member ' s export quota in effect .    9 . Purchase contracts under this Article shall provide for   delivery within a period to be stipulated in the contract but   at the latest within two months after the end of the quota   year .    10 . ( a ) The manager shall keep the Council informed of   the financial position of the buffer stock . If he considers   that funds will not be sufficient to pay for the cocoa beans   which he believes will be offered to him during the current   quota year , he shall request the Executive Director to   convene a special session of the Council .    ( b ) If the Council is unable to find any other   practicable solution , it may by special vote suspend or   restrict purchases under paragraphs 2 , 3 , 4 and 7 , until   such time as it is able to resolve the financial situation .    11 . The manager shall maintain appropriate records to   enable him to fulfil his functions under this Agreement .    Article 41    Buffer stock sales in defence of the maximum price    1 . The Buffer Stock Manager shall make sales from the   buffer stock pursuant to Article 34 ( 5 ) and ( 6 ) in   accordance with the provisions of this Article :    ( a ) sales shall be at current market prices .    ( b ) when sales from the buffer stock commence pursuant to   Article 34 ( 5 ) , the manager shall continue to offer to   sell until :    ( i ) the indicator price falls to the minimum price +   14 US cents per pound ; or    ( ii ) he has exhausted all the supplies at his disposal ;   or    ( iii ) he has sold up to 7 % of the initial export   quotas ; whichever is earliest .    ( c ) when the indicator price is above the maximum price ,   the manager shall continue to offer to sell until the   indicator price falls to the maximum price or until he has   exhausted all the supplies at his disposal , whichever is   earlier .    2 . In making sales in accordance with paragraph 1 , the   manager shall , in accordance with rules approved by the   Council , sell through normal channels to firms and   organizations in member countries , but mainly in   importing member countries , engaged in the trade in or   processing of cocoa for the purpose of future processing .    3 . In making sales in accordance with paragraph 1 , the   manager shall , subject to the acceptability of the price   bid , give first refusal to purchasers in member countries   before accepting bids from purchasers in non-member   countries .    4 . The buffer stock shall be stored in such locations as   will facilitate immediate ex-store delivery to buyers   referred to in paragraph 2 .    Article 42    Withdrawal of cocoa beans from the buffer stock    1 . Notwithstanding the provisions of Article 41 , an   exporting member which is unable to fulfil its quota during a   quota year owing to a shortfall in its crop may apply to the   Council for approval to withdraw all or part of its cocoa   beans purchased by the Buffer Stock Manager during the   preceding quota year and still held in stock unsold , to the   extent of the amount by which its export quota in effect   exceeds production for the quota year . The exporting member   concerned shall pay to the manager , on release of the cocoa   beans , the costs incurred in respect of the cocoa beans   covering the initial payment , the cost of transportation and   insurance from the fob point into the buffer stock storage   point , and storage and handling charges .    2 . The Council shall establish the rules for the   withdrawal of cocoa beans from the buffer stock under   paragraph 1 .    Article 43    Changes in the exchange rates of currencies    1 . A special session of the Council shall be called by the   Executive Director either on his own initiative or at the   request of members in accordance with Article 9 ( 2 ) , if   conditions on the foreign exchange markets are such as to   have important implications for the price provisions of this   Agreement . Special sessions of the Council under this   paragraph shall be convened within not more than four working   days .    2 . After calling such special session and pending its   outcome , the Executive Director and the Buffer Stock Manager   may take such minimum interim measures as they consider   necessary to avoid serious disruption of the effective   functioning of this Agreement on account of conditions on the   foreign exchange markets . In particular they may , after   consultation with the Chairman of the Council , temporarily   restrict or suspend operations of the buffer stock .    3 . After consideration of the circumstances , including a   review of the interim measures that may have been taken by   the Executive Director and the manager and the potential   effect that conditions on the foreign exchange markets   mentioned above may have on the effective operation of this   Agreement , the Council may , by special vote , take any   necessary corrective measures .    Article 44    Liquidation of the buffer stock    1 . If this Agreement is to be replaced by a new agreement   which includes provisions relating to the buffer stock , the   Council shall make such arrangements as it considers   appropriate regarding the continued functioning of the buffer   stock .    2 . If this Agreement terminates without being replaced by   a new agreement which includes provisions relating to the   buffer stock , the following provisions shall apply :    ( a ) No further contracts shall be made for the purchase   of cocoa beans for the buffer stock . The Buffer Stock   Manager shall , in the light of current market conditions ,   dispose of the buffer stock in accordance with the rules laid   down by the Council by special vote on the entry into force   of this Agreement , unless , prior to the termination of this   Agreement , the Council revises these rules by special vote .   The manager shall retain the right to sell cocoa beans at any   time during liquidation to meet the costs thereof .    ( b ) The proceeds of sales and monies standing to the   account of the buffer stock shall be used to pay , in the   following order :    ( i ) the costs of liquidation ,    ( ii ) any outstanding balance of , plus interest on , any   loan incurred by or on behalf of the Organization in respect   of the buffer stock ,    ( iii ) any outstanding complementary payments under   Article 40 .    ( c ) Any monies remaining after payments have been made   under ( b ) shall be paid to the exporting members concerned   in proportion to the contribution-paid exports of each such   exporting member .    Article 45    Assurance of supplies    1 . Exporting members undertake to pursue sales and export   policies in accordance with the provisions of this Agreement   which will not artificially restrict offer for sale of   available cocoa and which will ensure the regular supply of   cocoa to importers in importing member countries .    2 . In offering cocoa for sale when the price is above the   maximum price , exporting members shall give preference to   importers in importing member countries as against importers   in non-member countries . When the indicator price is above   the maximum price , exporting members shall , where   possible , endeavour to place a limitation on their exports   to non-member countries .   Article 46    Diversion to non-traditional uses    1 . If the quantity of cocoa beans held in store by the   Buffer Stock Manager under Article 40 exceeds the maximum   capacity of the buffer stock , the manager shall , under   terms and conditions laid down by the Council , dispose of   such excess cocoa beans for diversion to non-traditional   uses . Such terms and conditions shall , inter alia , be   designed to ensure that the cocoa does not re-enter the   normal cocoa market . Each member shall cooperate with the   Council in this respect to the fullest extent possible .    2 . Instead of selling cocoa beans to the manager when the   maximum capacity of the buffer stock has been reached , an   exporting member may , under the control of the Council ,   divert internally its surplus cocoa to non-traditional uses .    3 . Whenever any case of diversion inconsistent with this   Agreement is brought to the attention of the Council ,   including any case of re-entry into the market of cocoa   diverted to non-traditional uses , the Council shall decide   at the earliest opportunity what measures should be taken to   remedy the situation .    CHAPTER VIII    REPORTING OF IMPORTS AND EXPORTS , RECORDS OF QUOTA   PERFORMANCE AND CONTROL MEASURES    Article 47    Reporting of exports and record of quota performance    1 . In accordance with rules to be established by the   Council , the Executive Director shall maintain a record of   the annual export quota and its adjustments in the case of   each exporting member . Against the quota shall be recorded   the exports for quota purposes which are made by that member   so that the quota position of each exporting member is kept   up to date .    2 . For this purpose , each exporting member shall report   to the Executive Director at such intervals as the Council   may determine the total quantity of exports registered ,   together with such other data as the Council may prescribe .   This information shall be published at the end of each   month .    3 . Exports for non-quota purposes shall be recorded   separately .    Article 48    Reporting of imports and exports    1 . In accordance with rules to be established by the   Council , the Executive Director shall maintain a record of   members' imports and of exports from importing members .   2 . For this purpose , each member shall report to the   Executive Director the total quantities of its imports , and   each importing member shall report to the Executive Director   the total quantities of its exports , at such intervals as   the Council may determine , together with such other data as   the Council may prescribe . This information shall be   published at the end of each month .    3 . Imports which , under this Agreement , do not count   against export quotas shall be recorded separately .    Article 49    Control measures    1 . Each member exporting cocoa shall require the   presentation of a valid certificate of contribution or other   authorized Council control document before permitting the   shipment of cocoa from its customs territory . Each member   importing cocoa shall require the presentation of a valid   certificate of contribution or other authorized Council   control document before permitting the import of any cocoa   into its customs territory whether from a member or a   non-member .    2 . Certificates of contribution will not be required for   cocoa exported under the provisions of Article 32 ( 4 ) and   ( 5 ) . The Council shall arrange to issue appropriate   control documents to cover such shipments .    3 . Certificates of contribution or other authorized   Council control documents shall not be issued to cover   shipments , in any period , of cocoa in excess of authorized   exports for that period .    4 . The Council shall by special vote adopt such rules as   it considers necessary in respect of certificates of   contribution and other authorized Council control documents .    5 . For fine or flavour cocoa the Council shall make such   rules as it considers necessary in respect of the   simplification of the procedure for authorized Council   control documents , taking into account all relevant   factors .    CHAPTER IX    PRODUCTION AND STOCKS    Article 50    Production and stocks    1 . Members recognize the necessity of keeping production   in reasonable balance with consumption , and shall cooperate   with the Council in the attainment of this objective .    2 . Each producing member may develop a programme to adjust   its production , in order that the objective set forth in   paragraph 1 may be attained . Each producing member concerned   shall be responsible for the policies and procedures it   applies to attain this objective .    3 . The Council shall review annually the level of stocks   held throughout the world and make any necessary   recommendations based on this review .    4 . At its first session , the Council shall take measures   to develop a programme for the collection of information   needed to establish , on a scientific basis , the world's   current and potential productive capacity , as well as the   world's current and potential consumption . Members shall   facilitate the carrying out of this programme .    CHAPTER X    EXPANSION OF CONSUMPTION    Article 51    Obstacles to the expansion of consumption    1 . Members recognize the importance of ensuring the   greatest possible expansion of the cocoa economy and   therefore of facilitating the expansion of cocoa consumption   in relation to production so as to secure the best   equilibrium in the long term between supply and demand , and   in this connection also recognize that it is important to   bring about the gradual removal of all possible obstacles to   such expansion .    2 . The Council shall identify the specific problems   related to the obstacles to the expansion of the trade in and   consumption of cocoa referred to in paragraph 1 , and shall   seek mutually acceptable practical measures designed to   remove progressively such obstacles .    3 . In view of the objectives stated above and the   provisions of paragraph 2 , members shall endeavour to apply   measures to reduce progressively the obstacles to the   expansion of consumption and as far as possible eliminate   them , or to diminish substantially their impact .    4 . The Council may , in order to further the purposes of   this Article , make any recommendations to members and shall   examine periodically , beginning at its first regular session   in the second quota year , the results achieved .    5 . Members shall inform the Council of all measures   adopted with a view to implementing the provisions of this   Article .    Article 52    Promotion of consumption    1 . The Council may establish a committee whose aim shall   be to stimulate the expansion of consumption of cocoa in both   exporting and importing countries . The Council shall   periodically review the work of the committee .    2 . The cost of the promotion programme shall be met by   contributions from exporting members . Importing members may   also contribute financially . Membership of the committee   shall be limited to members contributing to the promotion   programme .    3 . The committee shall seek the approval of a member   before conducting a campaign in the territory of that   member .    Article 53    Cocoa substitutes    1 . Members recognize that the use of substitutes may   prejudice the expansion of cocoa consumption . In this regard   they agree to establish regulations on cocoa products and   chocolate or to adapt existing regulations , if necessary ,   so that the said regulations shall prohibit materials of   non-cocoa origin from being used in place of cocoa to mislead   the consumer .    2 . In preparing or reviewing regulations based on the   principles in paragraph 1 , members shall take fully into   account the recommendations and decisions of competent   international bodies such as the Council and the Codex   Committee on Cocoa Products and Chocolate .    3 . The Council may recommend to a member that it take any   measures which the Council considers advisable for assuring   the observance of the provisions of this Article .    4 . The Executive Director shall present an annual report   to the Council on the manner in which the provisions of this   Article are being observed .    CHAPTER XI    PROCESSED COCOA    Article 54    Processed cocoa    1 . The needs of developing countries to broaden the base   of their economies through , inter alia , industrialization   and the export of manufactured products - including cocoa   processing and the export of cocoa products and chocolate -   are recognized . In this connection , the need to avoid   serious injury to the cocoa economy of importing and   exporting members is also recognized .    2 . If any member considers that there is a danger of   injury to its interest in any of the above respects , that   member may consult with the other member concerned with a   view to reaching an understanding satisfactory to the parties   concerned , failing which the member may report to the   Council , which shall use its good offices in the matter to   reach such understanding .    CHAPTER XII    RELATIONS BETWEEN MEMBERS AND NON-MEMBERS    Article 55    Limitation of imports from non-members    1 . Each member limit its annual imports of cocoa produced   in non-member countries , other than imports of fine or   flavour cocoa from exporting countries listed in Annex C , in   accordance with the provisions of this Article .    2 . Each member undertakes for each quota year :    ( a ) not to permit the import of a total quantity of cocoa   produced in non-member countries as a group which is in   excess of the average quantity imported from them as a group   in the three calendar years 1970 , 1971 and 1972 ;    ( b ) to reduce by half the quantity specified in ( a )   when the indicator price falls below the minimum price , and   to maintain this reduction until the level of quotas in   effect reaches that provided for in Article 34 ( 2 ) ( a ) .    3 . The Council may by special vote suspend in whole or in   part the limitations under paragraph 2 . The limitations in   paragraph 2 ( a ) shall not in any event apply when the   indicator price of cocoa is above the maximum price .    4 . The limitations under paragraph 2 ( a ) shall not apply   to cocoa purchased under bona fide contracts concluded when   the indicator price was above the maximum price , nor those   in 2 ( b ) to cocoa purchased under bona fide contracts   concluded before the indicator price fell below the minimum   price . In such cases the reductions shall , subject to the   provisions of paragraph 2 ( b ) , be applied in the following   quota year unless the Council decides to waive the reductions   or to apply them in a subsequent quota year .    5 . Members shall inform the Council regularly of the   quantities of cocoa imported by them from non-members or   exported by them to non-members .    6 . Any imports by a member from non-members in excess of   the quantity which it is permitted to import under this   Article shall be deducted from the quantity which such member   would otherwise be permitted to import in the next quota   year , unless the Council decides otherwise .    7 . If a member on more than one occasion fails to comply   with the provisions of this Article , the Council may by   special vote suspend both its voting rights in the Council   and its right to vote or to have its votes cast in the   Executive Committee .    8 . The obligations set out in this Article shall not   prejudice conflicting bilateral or multilateral obligations   assumed by members with respect to non-members before the   entry into force of this Agreement , provided that any member   which has assumed such conflicting obligations shall fulfil   them in such a way as to attenuate as much as possible the   conflict between those obligations and the obligations set   out in this Article , that it shall take steps as promptly as   possible to reconcile those obligations and the provisions of   this Article , and that it shall describe to the Council in   detail the nature of those obligations and the steps it has   taken to attenuate or eliminate the conflict .    Article 56    Commercial transactions with non-members    1 . Exporting members undertake not to sell cocoa to   non-members on terms commercially more favourable than those   which they are prepared to offer at the same time to   importing members , taking into account normal trade   practices .    2 . Importing members undertake not to buy cocoa from   non-members on terms commercially more favourable than those   which they are prepared to accept at the same time from   exporting members , taking into account normal trade   practices .    3 . The Council shall periodically review the operation of   paragraphs 1 and 2 may require members to supply appropriate   information in accordance with Article 57 .    4 . Without prejudice to the provisions of Article 55   ( 8 ) , any member which has reason to believe that another   member has not fulfilled the obligation under paragraph 1 or   2 may so inform the Executive Director and call for   consultations under Article 61 , or refer the matter to the   Council under Article 63 .    CHAPTER XIII    INFORMATION AND STUDIES    Article 57    Information    1 . The Organization shall act as a centre for the   collection , exchange and publication of :    ( a ) statistical information on world production , sales ,   prices , exports and imports , consumption and stocks of   cocoa ; and    ( b ) in so far as is considered appropriate , technical   information on the cultivation , processing and utilization   of cocoa .    2 . In addition to information which members are required   to furnish under other Articles of this Agreement , the   Council may require members to furnish such information as it   considers necessary for its operations , including regular   reports on policies for production and consumption , sales ,   prices , exports and imports , stocks and taxation .    3 . If a member fails to supply , or finds difficulty in   supplying , within a reasonable time , statistical and other   information required by the Council for the proper   functioning of the Organization , the Council may require the   member concerned to explain the reasons therefor . If it is   found that technical assistance is needed in the matter , the   Council may take any necessary measures .    4 . The Council shall at appropriate times but not less   than twice a year publish estimates of production of cocoa   beans and grindings for the current quota year .    Article 58    Studies    The Council shall , to the extent it considers necessary ,   promote studies of the economics of cocoa production and   distribution , including trends and projections , the impact   of governmental measures in exporting and importing countries   on the production and consumption of cocoa , the   opportunities for expansion of cocoa consumption for   traditional and possible new uses , and the effects of the   operation of this Agreement on exporters and importers of   cocoa , including their terms of trade , and may submit   recommendations to members on the subjects of these studies .   The council may also decide to promote scientific research in   specific areas of production , manufacture and consumption .   In the promotion of these studies and research , the Council   may cooperate with international organizations and research   institutions in member countries .    Article 59    Annual review    The Council shall , as soon as practicable after the end of   each quota year , review the operation of this Agreement and   the performance of members in conforming to the principles   and promoting the objectives thereof . It may then make   recommendations to members regarding ways and means of   improving the functioning of this Agreement .    CHAPTER XIV    RELIEF FROM OBLIGATIONS IN EXCEPTIONAL CIRCUMSTANCES    Article 60    Relief from obligations in exceptional circumstances    1 . The Council may , by special vote , relieve a member of   an obligation on account of exceptional or emergency   circumstances , force majeure , or international obligations   under the Charter of the United Nations for territories   administered under the trusteeship system .    2 . The Council , in granting relief to a member under   paragraph 1 , shall state explicitly the terms and conditions   on which and the period for which the member is relieved of   the obligation .    3 . Notwithstanding the foregoing provisions of this   Article , the Council shall not grant relief to a member in   respect of :    ( a ) the obligation under Article 24 to pay   contributions , or the consequences of a failure to pay   them ;    ( b ) any export quota or other limitation on exports , if   the quota or other limitation has already been exceeded ;    ( c ) the obligation to require payment of any contribution   charged under Article 39 .    CHAPTER XV    CONSULTATIONS , DISPUTES AND COMPLAINTS    Article 61    Consultations    Each member shall accord sympathetic consideration to any   representations made to it by another member concerning the   interpretation or application of this Agreement and shall   afford adequate opportunity for consultations . In the course   of such consultations , on the request of either party and   with the consent of the other , the Executive Director shall   establish an appropriate conciliation procedure . The costs   of such procedure shall not be chargeable to the   Organization . If such procedure leads to a solution , this   shall be reported to the Executive Director . If no solution   is reached , the matter may , at the request of either   party , be referred to the Council in accordance with Article   62 .    Article 62    Disputes    1 . Any dispute concerning the interpretation or   application of this Agreement which is not settled by the   parties to the dispute shall , at the request of either party   to the dispute , be referred to the Council for decision .    2 . When a dispute has been referred to the Council under   paragraph 1 , and has been discussed , a majority of   members , or members holding not less than one-third of the   total votes , may require the Council , before giving its   decision , to seek the opinion on the issues in dispute of an   ad hoc advisory panel to be constituted as described in   paragraph 3 .    3 . ( a ) Unless the Council unanimously decides   otherwise , the ad hoc advisory panel shall consist of :    ( i ) two persons , one having wide experience in matters   of the kind in dispute and the other having legal standing   and experience , nominated by the exporting members ,    ( ii ) two such persons nominated by the importing   members , and    ( iii ) a chairman selected unanimously by the four persons   nominated under ( i ) and ( ii ) or , if they fail to agree ,   by the Chairman of the Council .    ( b ) Nationals of members shall not be ineligible to serve   on the ad hoc advisory panel .    ( c ) Persons appointed to the ad hoc advisory panel shall   act in their personal capacities and without instructions   from any Government .    ( d ) The costs of the ad hoc advisory panel shall be paid   by the Organization .    4 . The opinion of the ad hoc advisory panel and the   reasons therefor shall be submitted to the Council which ,   after considering all the relevant information , shall decide   the dispute .    Article 63    Complaints and action by the Council    1 . Any complaint that any member has failed to fulfil its   obligations under this Agreement shall , at the request of   the member making the complaint , be referred to the   Council , which shall consider it and make a decision on the   matter .    2 . Any finding by the Council that a member is in breach   of its obligations under this Agreement shall be made by a   simple distributed majority vote and shall specify the nature   of the breach .    3 . Whenever the Council , whether as a result of a   complaint or otherwise , finds that a member is in breach of   its obligations under this Agreement it may , without   prejudice to such other measures as are specifically provided   for in other Articles of this Agreement , including Article   73 , by special vote :    ( a ) suspend that member' s voting rights in the Council   and in the Executive Committee ; and    ( b ) if it considers necessary , suspend additional rights   of such member , including that of being eligible for , or of   holding , office in the Council or in any of its committees   until it has fulfilled its obligations .    4 . A member whose voting rights are suspended under   paragraph 3 shall remain liable for its financial and other   obligations under this Agreement .    CHAPTER XVI    FAIR LABOUR STANDARDS    Article 64    Fair labour standards    Members declare that , in order to raise the levels of   living standards of populations and provide full employment ,   they will endeavour to maintain fair labour standards and   working conditions in the various branches of cocoa   production in the countries concerned , consistent with their   stage of development , as regards both agricultural and   industrial workers employed therein .    CHAPTER XVII    FINAL PROVISIONS    Article 65    Signature    This Agreement shall be open for signature at United   Nations Headquarters from 10 November 1975 until and   including 31 August 1976 by parties to the International   Cocoa Agreement 1972 and Governments invited to the UnitedNations Cocoa Conference 1975 .   Article 66    Ratification , acceptance , approval    1 . This Agreement shall be subject to ratification ,   acceptance or approval by the signatory Governments in   accordance with their respective constitutional procedures .    2 . Instruments of ratification , acceptance or approval   shall be deposited with the Secretary-General of the United   Nations not later than 30 September 1976 ; provided ,   however , that the Council may grant extensions of time to   signatory Governments which are unable to deposit their   instruments by that date .    3 . Each Government depositing an instrument of   ratification , acceptance or approval shall , at the time of   such deposit , indicate whether it is an exporting member or   an importing member .    Article 67    Accession    1 . This Agreement shall be open to accession by the   Governments of all States ( 1 ) upon conditions established   by the Council .    2 . The Council of the International Cocoa Agreement 1972   may , pending the entry into force of this Agreement ,   establish the conditions referred to in paragraph 1 , subject   to confirmation by the Council of this Agreement and the   Government concerned .    3 . If the Government is the Government of an exporting   country which is not listed in Annex A or Annex C , the   Council shall , as appropriate , determine in accordance with   Article 30 a basic quota for that country , which country   shall be deemed to be listed in Annex A .    4 . Accession shall be effected by deposit of an instrument   of accession with the Secretary-General of the United   Nations .    Article 68    Notification of provisional application    1 . A signatory Government which intends to ratify , accept   or approve this Agreement or a Government for which the   Council has established conditions for accession , but which   has not yet been able to deposit its instrument may , at any   time , notify the Secretary-General of the United Nations   that it will apply this Agreement provisionally either when   it enters into force in accordance with Article 69 or , if it   is already in force , at a specified date . Each Government   giving such notification shall at that time state whether it   will be an exporting member or an importing member .    2 . A Government which has notified under paragraph 1 that   it will apply this Agreement either when it enters into force   or at a specified date shall , from that time , be a   provisional member . It shall remain a provisional member   until the date of deposit of its instrument of ratification ,   acceptance , approval or accession .    Article 69    Entry into force    1 . This Agreement shall enter definitively into force on   1 October 1976 , if by that date Governments representing at   least five exporting countries having at least 80 per cent of   the basic quotas as set out in Annex F and Governments   representing importing countries having at least 70 % of   total imports as set out in Annex D have deposited their   instruments of ratification , acceptance , approval or   accession with the Secretary-General of the United Nations .   If this Agreement has not definitively entered into force in   accordance with the preceding sentence , it shall do so   whenever these percentage requirements are satisfied by the   deposit of instruments of ratification , acceptance ,   approval or accession .    2 . If this Agreement has not entered into force   definitively on 1 October 1976 in accordance with paragraph   1 it shall enter into force provisionally on 1 October 1976 ,   if by that date Governments representing at least five   exporting countries having at least 80 % of the basic quotas   as set out in Annex F and Governments representing importing   countries having at least 70 % of total imports as set out in   Annex D have deposited their instruments of ratification ,   acceptance , approval or accession , or have notified the   Secretary-General of the United Nations that they will apply   this Agreement provisionally when it enters into force .    3 . If the requirements for entry into force under   paragraph 1 or 2 have not been met on 1 October 1976 , the   Secretary-General of the United Nations shall invite , at the   earliest time he considers practicable after that date , the   Governments which have deposited instruments of   ratification , acceptance , approval or accession , or have   notified him that they will apply this Agreement   provisionally , to meet to decide whether to put this   Agreement provisionally or definitively into force among   themselves in whole or in part . If no decision is reached at   this meeting , the Secretary-General may convene such further   meetings as he considers appropriate .    4 . During any period in which this Agreement is in force   provisionally under paragraph 2 or 3 , Governments that have   deposited instruments of ratification , acceptance , approval   or accession , as well as those Governments that have   notified the Secretary-General of the United Nations that   they will apply this Agreement provisionally , shall be   provisional members .    5 . While this Agreement is in force provisionally , the   Governments participating shall make the necessary   arrangements to review the situation and decide whether this   Agreement shall definitively enter into force among   themselves , continue provisionally in force , or terminate .    Article 70    Reservations    Reservations may not be made with respect to any of the   provisions of this Agreement .    Article 71    Territorial application    1 . A Government may at the time of signature or deposit of   an instrument of ratification , acceptance , approval or   accession , or at any time thereafter , by notification to   the Secretary-General of the United Nations , declare that   this Agreement shall extend to any of the territories for   whose international relations it is for the time being   ultimately responsible , and this Agreement shall extend to   the territories named therein from the date of such   notification , or from the date on which this Agreement   enters into force for that Government , whichever is the   later .    2 . Any contracting party which desires to exercise its   rights under Article 3 in respect of any of the territories   for whose international relations it is for the time being   ultimately responsible may do so by making a notification to   that effect to the Secretary-General of the United Nations ,   either at the time of the deposit of its instrument of   ratification , acceptance , approval or accession , or at any   later time . If the territory which becomes a separate member   is an exporting member and is not listed in Annex A or   Annex C the Council shall , as appropriate , establish a   basic quota for that territory , which territory shall be   deemed to be listed in Annex A .    3 . Any contracting party which has made a declaration   under paragraph 1 may at any time thereafter , by   notification to the Secretary-General of the United Nations ,   declare that this Agreement shall cease to extend to the   territory named in the notification , and this Agreement   shall cease to extend to such territory from the date of such   notification .    4 . When a territory to which this Agreement has been   extended under paragraph 1 subsequently attains   independence , the Government of that territory may , within   90 days after the attainment of independence , declare by   notification to the Secretary-General of the United Nations   that it has assumed the rights and obligations of a   contracting party to this Agreement . If such party is an   exporting member and is not listed in Annex A or Annex C the   Council shall , as appropriate , establish a basic quota for   that party , which party shall be deemed to be listed in   Annex A .    5 . The Government of a new State which intends to make a   notification under paragraph 4 but which has not yet been   able to complete the procedure necessary to enable it to do   so may notify the Secretary-General of the United Nations   that it will apply this Agreement provisionally . Such a   Government shall be a provisional member until it makes its   notification under the preceding paragraph or until the   expiry of the 90-day period referred to therein , whichever   is earlier .    Article 72    Voluntary withdrawal    At any time after the entry into force of this Agreement ,   any member may withdraw from this Agreement by giving written   notice of withdrawal to the Secretary-General of the United   Nations . Withdrawal shall become effective 90 days after the   notice is received by the Secretary-General of the United   Nations .    Article 73    Exclusion    If the Council finds , under article 63 ( 3 ) , that any   member is in breach of its obligations under this Agreement   and decides further that such breach significantly impairs   the operation of this Agreement , it may by special vote   exclude such member from the Organization . The Council shall   immediately notify the Secretary-General of the United   Nations of any such exclusion . Ninety days after the date of   the Council' s decision , that member shall cease to be a   member of the Organization and , if such member is a   contracting party , a party to this Agreement .    Article 74    Settlement of accounts with withdrawing or excluded members    1 . The Council shall determine any settlement of accounts   with a withdrawing or excluded member . The Organization   shall retain any amounts already paid by a withdrawing or   excluded member , and such member shall remain bound to pay   any amounts due from it to the Organization at the time the   withdrawal or the exclusion becomes effective ; provided ,   however , that in the case of a contracting party which is   unable to accept an amendment and consequently ceases to   participate in this Agreement under the provisions of Article   76 ( 2 ) , the Council may determine any settlement of   accounts which it finds equitable .    2 . A member which has withdrawn or been excluded from , or   has otherwise ceased to participate in , this Agreement shall   not be entitled to any share of the proceeds of liquidation   or the other assets of the Organization ; not shall it be   burdened with any part of the deficit , if any , of the   Organization upon termination of this Agreement .    Article 75    Duration and termination    1 . This Agreement shall remain in force until the end of   the third full quota year after its entry into force , unless   extended under paragraph 2 , 4 or 5 or terminated earlier   under paragraph 6 .    2 . Before the end of the third quota year referred to in   paragraph 1 , the Council may by special vote decide that   this Agreement be renegotiated or be extended for two further   quota years .    3 . If , in accordance with paragraph 2 , this Agreement   has been extended for two further quota years , the Council ,   before the end of the fifth quota year , may by special   vote , decide that this Agreement be renegotiated .    4 . If , before the end of the third quota year referred to   in paragraph 1 , negotiations for a new Agreement to replace   this Agreement have not yet been concluded , the Council   may , by special vote , extend this Agreement for a further   period not exceeding two quota years . The Council shall   notify the Secretary-General of the United Nations of any   such extension .    5 . If , before the end of the third quota year referred to   in paragraph 1 , a new Agreement to replace this Agreement   has been negotiated , and has been signed by sufficient   governments to bring it into force after ratification ,   acceptance or approval , but the new Agreement has not   provisionally or definitively entered into force , this   Agreement shall be extended until the provisional or   definitive entry into force of the new Agreement , provided   that this extension shall not exceed two quota years . The   Council shall notify the Secretary-General of the United   Nations of any such extension .    6 . The Council may at any time , by special vote , decide   to terminate this Agreement . Such termination shall take   effect on such date as the Council shall decide , provided   that the obligations of members under Article 39 shall   continue until the financial liabilities relating to the   buffer stock have been discharged or until the end of the   third quota year after the entry into force of this   Agreement , whichever is the earlier . The Council shall   notify the Secretary-General of the United Nations of any   such decision .    7 . Notwithstanding termination of this Agreement , the   Council shall remain in being for as long as necessary to   carry out the liquidation of the Organization , settlement of   its accounts , and disposal of its assets , and shall have   during that period such powers and functions as may be   necessary for these purposes .    Article 76    Amendments    1 . The Council may by special vote recommend an amendment   of this Agreement to the contracting parties . The Council   may fix a time after which each contracting party shall   notify the Secretary-General of the United Nations of its   acceptance of the amendment . The amendment shall become   effective 100 days after the Secretary-General of the United   Nations has received notifications of acceptance from   contracting parties representing at least 75 % of the   exporting members holding at least 85 % of the votes of the   exporting members , and from contracting parties representing   at least 75 % of the importing members holding at least 85 %   of the votes of the importing members , or on such later date   as the Council by special vote may have determined . The   Council may fix a time within which each Contracting Party   shall notify the Secretary-General of the United Nations of   its acceptance of the amendment , and , if the amendment has   not become effective by such time , it shall be considered   withdrawn . The Council shall provide the Secretary-General   with the information necessary to determine whether the   notifications of acceptance received are sufficient to make   the amendment effective .    2 . Any member on behalf of which notification of   acceptance of an amendment has not been made by the date on   which such amendment becomes effective shall as of that date   cease to participate in this Agreement , unless any such   member satisfies the Council at its first meeting following   the effective date of the amendment that acceptance could not   be secured in time owing to difficulties in completing its   constitutional procedures , and the Council decides to extend   for such member the period fixed for acceptance until these   difficulties have been overcome . Such member shall not be   bound by the amendment before it has notified its acceptance   thereof .    Article 77    Supplementary and transitional provisions    1 . This Agreement shall be considered as a continuation of   the International Cocoa Agreement 1972 .    2 . In order to facilitate the uninterrupted continuation   of the International Cocoa Agreement 1972 :    ( a ) all acts by or on behalf of the Organization or any   of its organs under the International Cocoa Agreement 1972   which are in effect on 30 September 1976 and the terms of   which do not provide for expiry on that date shall remain in   effect unless changed under the provisions of this   Agreement .    ( b ) All decisions required to be taken by the Council of   the International Cocoa Agreement 1972 during the 1975/76   quota year for application in the 1976/77 quota year shall be   taken during the last regular session of that Council in the   1975/76 quota year and applied on a provisional basis as if   this Agreement had already entered into force , provided that   if any member requests review of any such decision , that   decision must be confirmed by the Council , by special or   simple distributed majority vote in accordance with this   Agreement , within 90 days after the entry into force of this   Agreement .    Article 78    Authentic texts of this Agreement    The texts of this Agreement in the English , French ,   Russian and Spanish languages shall be equally authentic .   The originals shall be deposited in the archives of the   United Nations .    In witness whereof the undersigned , having been duly   authorized to this effect by their respective Governments ,   have signed this Agreement on the dates appearing opposite   their signatures .    ( 1 ) At its seventh plenary meeting on 20 October 1975 ,   the United Nations Cocoa Conference 1975 adopted the   following understanding recommended by its Administrative and   Legal Committee :    In accordance with its terms , this Agreement will be open   to accession by the Governments of all States , and the   Secretary-General of the United Nations will act as   depositary . It is the understanding of the Conference that   the Secretary-General , in discharging his functions as   depositary of an agreement with an ' All-States ' clause ,   will follow the practice of the General Assembly of the   United Nations in implementing such a clause and , whenever   advisable , will request the opinion of the General Assembly   before receiving an instrument of accession .    ANNEX A    Countries subject to basic quotas under Article 30 ( 1 )    Brazil    Dominican Republic    Equatorial Guinea    Ghana    Ivory Coast    Mexico    Nigeria    Togo    United Republic of Cameroon    ANNEX B    Countries producing less than 10 000 tonnes of bulk cocoa   annually    Country *   Production in thousands of tonnes *   1972/73 *   1973/74 *    Malaysia * 7.0 * 10.0 *    Sierra Leone * 6.6 * 7.7 *    Zaire * 5.0 * 5.0 *    Gabon * 5.0 * 5.0 *    Philippines * 3.5 * 4.0 *    Haiti * 3.5 * 3.5 *    Liberia * 3.0 * 3.1 *    Congo * 2.1 * 2.1 *    Cuba * 2.0 * 2.0 *    Peru * 2.0 * 2.0 *    Bolivia * 1.4 * 1.4 *    New Hebrides * 0.8 * 0.7 *    Angola * 0.6 * 0.7 *    Guatemala * 0.6 * 0.7 *    Nicaragua * 0.6 * 0.6 *    United Republic of Tanzania * 0.6 * 0.6 *    Uganda * 0.5 * 0.5 *    Honduras * 0.3 * 0.3 *     * 45.1 * 49.9 *    Source : Quarterly Bulletin of Cocoa Statistics ( Vol. I ,   No 4 ) .    ANNEX C    Fine or flavour cocoa producers    1 . Exporting countries producing exclusively fine or   flavour cocoa    Dominica    Ecuador    Grenada    Indonesia    Jamaica    Madagascar    Panama    Sri Lanka    St. Lucia    St. Vincent    Surinam    Trinidad and Tobago    Venezuela    Western Samoa    2 . Exporting countries producing fine or flavour cocoa ,   but not exclusively     *   Production in thousands of tonnes *   1972/73 *   1973/74 *    Costa Rica ( 25 % ) * 5.0 * 6.0 *    S o Tome and Principe ( 50 % ) * 11.3 * 10.4 *    Papua New Guinea ( 75 % ) * 23.1 * 30.0 *     * 39.4 * 46.4 *    Source : Quarterly Bulletin of Cocoa Statistics ( Vol. 1 ,   No 4 ) .    ANNEX D    Imports of cocoa calculated for the purposes of Article 10   ( 1 )    Country *   1972 *   1973 *   1974 *   Average *   ( in thousands of tonnes ) *   Percentage *    United States of America * 399.8 * 357.3 * 315.7 * 357.6 *   22.89 *    Federal Republic of Germany * 179.5 * 188.4 * 186.6 * 184.8   * 11.83 *    United Kingdom of Great Britain and Northern Ireland *   161.5 * 145.4 * 158.0 * 155.0 * 9.92 *    Kingdom of the Netherlands * 151.9 * 144.9 * 144.7 * 147.2   * 9.42 *    Union of Soviet Socialist Republics * 143.7 * 130.1 * 162.8   * 145.5 * 9.31 *    France * 77.6 * 78.4 * 81.9 * 79.3 * 5.08 *    Japan * 55.4 * 59.7 * 38.3 * 51.1 * 3.27 *    Italy * 44.3 * 47.0 * 45.0 * 45.4 * 2.91 *    Belgium/Luxembourg * 36.8 * 36.4 * 37.3 * 36.8 * 2.36 *    Spain * 38.7 * 35.8 * 34.9 * 36.5 * 2.34 *    Canada * 39.1 * 34.9 * 30.0 * 34.7 * 2.22 *    Poland * 32.1 * 30.6 * 31.9 * 31.5 * 2.02 *    Switzerland * 28.8 * 31.7 * 27.7 * 29.4 * 1.88 *    Australia * 24.7 * 19.8 * 28.0 * 24.2 * 1.55 *    German Democratic Republic * 24.4 * 21.1 * 22.2 * 22.6 *   1.45 *    Czechoslovakia * 20.8 * 19.3 * 21.2 * 20.4 * 1.31 *    Austria * 17.1 * 16.7 * 15.0 * 16.3 * 1.04 *    Ireland * 14.3 * 16.3 * 16.0 * 15.5 * 0.99 *    Yugoslavia * 14.5 * 12.1 * 19.1 * 15.2 * 0.97 *    Hungary * 14.2 * 12.1 * 14.6 * 13.6 * 0.87 *    Sweden * 13.8 * 11.5 * 11.9 * 12.4 * 0.79 *    Argentina * 11.2 * 11.1 * 13.3 * 11.9 * 0.76 *    Bulgaria * 11.8 * 8.4 * 8.5 * 9.6 * 0.61 *    South Africa * 9.7 * 8.2 * 8.5 * 8.8 * 0.56 *    Romania * 7.8 * 7.5 * 8.4 * 7.9 * 0.51 *    Norway * 9.4 * 7.6 * 6.8 * 7.9 * 0.51 *    Denmark * 8.7 * 7.3 * 6.1 * 7.4 * 0.47 *    Colombia * 7.7 * 6.0 * 6.2 * 6.6 * 0.42 *    New Zealand * 6.2 * 4.8 * 7.4 * 6.1 * 0.39 *    Finland * 6.0 * 5.8 * 6.5 * 6.1 * 0.39 *    Portugal * 3.7 * 3.7 * 2.9 * 3.4 * 0.22 *    Philippines * 4.9 * 2.8 * 2.6 * 3.4 * 0.22 *    Chile * 2.9 * 2.7 * 2.3 * 2.6 * 0.17 *    Peru * 3.6 * 2.4 * 1.3 * 2.4 * 0.15 *    Algeria * 1.1 * 1.1 * 1.1 * 1.1 * 0.07 *    India * 0.7 * 0.7 * 0.8 * 0.7 * 0.05 *    Tunisia * 0.8 * 0.4 * 0.7 * 0.6 * 0.04 *    Uruguay * 0.6 * 0.5 * 0.5 * 0.5 * 0.03 *    Honduras * 0.1 * 0.1 * 0.1 * 0.1 * 0.01 *    TOTAL * 1 629.9 * 1 530.6 * 1 526.8 * 1 562.1 * 100.00 *    Source : Quarterly Bulletin of Cocoa Statistics ( Vol. 1 ,   No 4 ) .    ( 1 ) Three-year average 1972 to 1974 , of net imports of   cocoa beans plus gross imports of cocoa products , converted   to beans equivalent by using the conversion factors in   Article 32 ( 2 ) .    ANNEX E    Exporting countries to which Article 36 ( 2 ) applies    Brazil    Dominican Republic    Mexico    ANNEX F    Basic quotas calculated for the purposes of Article 69   ( 1 ) and ( 2 ) ( 1 )    Exporting countries * Production ( in thousands of tonnes )   * Basic quotas ( percentages ) *    Ghana * 409.8 * 32.5 *    Nigeria * 247.7 * 19.6 *    Ivory Coast * 196.3 * 15.5 *    Brazil * 189.7 * 15.0 *    United Republic of Cameroon * 112.0 * 8.9 *    Dominican Republic * 37.1 * 2.9 *    Mexico * 27.3 * 2.2 *    Togo * 23.1 * 1.8 *    Equatorial Guinea * 19.6 * 1.6 *     * 1 262.6 * 100.0 *    Source : Quarterly Bulletin of Cocoa Statistics , Vol. 1 ,   No 4 ( with the exception of the figure for 1973/74 for   Dominican Republic which was provided by the delegation of   that country to the United Nations Cocoa Conference 1975 ) .    ( 1 ) Calculated on the basis of the average of production   in the years 1969/70 to 1973/74 .    Information on the entry into force of the International   Cocoa Agreement 1975    In accordance with the Council Decision of 28 September   1976 ( 1 ) , the European Economic Community deposited the   instrument of notification of the provisional implementation   of the International Cocoa Agreement 1975 with the United   Nations Secretary-General on 29 September 1976 .    This Agreement entered into force provisionally on 1   October 1976 .    ( 1 ) See page 29 of this Official Journal .