Notice of Termination
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Notice of Termination
A. Subject to Rule 5 Q&R, the period of insurance of any ship entered in the Association (otherwise than for a fixed period) may be terminated in the following manner:
i. The Directors in their discretion and without giving any reason may give a written notice of termination to any Owner not later than noon GMT on the 20th January in any policy year.
ii. An Owner in his discretion and without giving any reason may give a written notice of termination to the Association not later than noon GMT on the 20th January in any policy year.
B.If a notice shall have been given pursuant to paragraph (A) of this Rule the period of insurance shall terminate at noon GMT on 20th February immediately following such notice. Save with the agreement of the Managers a ship may not be withdrawn from the Association nor may any notice of termination be given at any other time.