11
4.
3.
In addition to the Statutory Reserves, the Council, before proposing any dividend, shall set aside out of the annual profits such sums as it deems necessary for meeting contingencies.
4.
In no case shall the quantum of dividend distributed to members exceed 60 per cent of the net profit before deduction of Statutory and Contingency Reserves, and any residual amounts shall be transferred to the Statutory
Reserves.
5.-
The annual dividend shall be paid to the members in accordance with
modalities to be established by the Council.
Article XXI : Withdrawal of Members
1. A member may withdraw from the present Agreement and thereby from
the Corporation at any time after five years from the date of the entry into
force, of the present Agreement, by giving written notice to the Depositary
and to the Corporation at its headquarters. Withdrawal shall become effective
at the end of the financial year in which it is given, but such notice must
be received not less than five months prior to the end of that year. The member, at any time before the withdrawal becomes effective, may notify the
Depositary and the Corporation in writing of the cancellation of its notice of withdrawal. A member who has withdrawn from the Corporation may be re- admitted as a new member in accordance with the provisions of the present
Agreement concerning admittance of new members.
'
2.
On cessation of membership a former member shall remain liable to
the Corporation for its direct obligations and for its contingent
liabilities until such time as all the business contracted prior to the
date membership ceased, has been settled. In order to achieve an expeditious settlement, the Council may enter into an alternative arrangement with such
former member. Should a disagreement arise between the Corporation and a withdrawing member, the matter shall be submitted to arbitration in accordance
with the provisions of Article XXV of the present Agreement.
Article XXII : Repurchase of sheres
1. When the Corporation repurchases the shares of a withdrawing member,
pursuant to Article III, paragraph 5, the repurchase shall be governed by the following conditiono •