Notice of Termination
A. Without prejudice to Rule 5 Q and R, the 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 its 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 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 Save with the agreement of the Managers a ship may not be withdrawn from the Association or may any notice of termination be given by the Owner at any other time.
C. Without prejudice to paragraph A and B of this Rule, the Association may at any time and without giving any reason terminate the insurance on 30 days’ written notice, given not later than 30 days before the expiry of the period of insurance specified in Rule 16.