Regulations by Directors
A. The Directors may make regulations prescribing the conditions or forms of contracts, such as contracts of carriage or other contracts, or risk management measures, either generally or for use in any particular trade or at any particular port or place, as the situation may require. Such regulation shall take effect forthwith upon issuance of the regulation unless otherwise advised by the Managers in writing and shall be deemed to be incorporated in the Rules from the beginning of the Policy Year next following the time and date of the taking effect of such regulation.
B. Notice of issuance of a regulation made pursuant to this Rule shall be sent to every Owner by post or by electronic transmission. If any Owner shall commit a breach of any regulation, the Directors may reject or reduce any claim made by the Owner to the extent to which it would not have arisen if it had complied with the regulation and may further impose such terms upon it as the Directors think fit as a condition of the continuance of the entry of the Owner’s ship or ships in the Association.