PART VII
PROGRESS, REVIEWS AND TERMINATION OF CORPORATION
ARTICLE 89
ASSESSMENT OF PROGRESS
(1) The Monetary Council shall cause an independent review to be conducted annually to —
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(a) assess the extent to which the Corporation has made progress towards achieving its overall objectives; and
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(b) decide whether continuation of the Corporation's operations is necessary having regard to the purposes of the Corporation.
(2) For the purposes of this review, the Monetary Council shall appoint a team of independent evaluators.
ARTICLE 90
DECISION TO TERMINATE ON ASSESSMENT
(1) Where the Monetary Council makes a decision to terminate under paragraph (1)(b) of Article 89, the Monetary Council shall direct a meeting of the Participating Governments to pass a resolution to terminate the Corporation and the Agreement.
(2) Upon passage of the resolution under paragraph (1), the Corporation shall forthwith cease all activities, except those, incident to the orderly realisation, conservation and preservation of its assets and settlement of its obligations.
ARTICLE 91
FINAL REVIEW
(1) On the eighth anniversary of the Corporation, the Monetary Council shall undertake a review to determine whether the Corporation has fulfilled its purposes and —
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(a) terminate the Corporation; or
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(b) extend the Corporation for a term not exceeding five years.
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(Amended by S.I. 114/2021)
(2) Where a decision is taken under paragraph 1(a) to terminate, Article 90 shall apply.
(3) Where a decision is taken under paragraph 1(b) to extend, a final review shall be undertaken in the penultimate year of the extended period and the Corporation shall terminate in the final year and Article 90 shall apply.
ARTICLE 92
EFFECT OF TERMINATION
(1) No distribution of the assets of the Corporation shall be made to Participating Governments until all liabilities to creditors have been discharged or provided for and until the Monetary Council has made provision for the distribution of the assets.
(2) Any net assets of the Corporation remaining, after the settlement under paragraph (1), shall be distributed to Participating Governments in accordance with their equity interest in the Corporation.