PROGRESS, REVIEWS AND TERMINATION OF CREDIT GUARANTEE CORPORATION
ARTICLE 61
ASSESSMENT OF PROGRESS
The Board shall, every five years, conduct an independent review to —
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(a) assess the extent to which the Credit Guarantee Corporation has made progress towards achieving its overall objectives; and
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(b) decide whether the continuation of the Credit Guarantee Corporation's operations is appropriate given the objectives of the Credit Guarantee Corporation.
ARTICLE 62
DECISION TO TERMINATE ON ASSESSMENT
(1) If pursuant to Article 61, the review concludes that the Credit Guarantee Corporation's operations are not appropriate given its objectives, the Board —
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(a) may, by a special resolution of 75 per cent of the Directors, determine that the operations of the Credit Guarantee Corporation be terminated;
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(b) shall immediately notify the Central Bank of the passage of the special resolution.
(2) Upon the effective date of the special resolution passed under paragraph (1) the Credit Guarantee Corporation shall cease all activities, except those that are incidental to the orderly realisation, conservation and preservation of its assets and settlement of its obligations.
(3) The Credit Guarantee Corporation shall be wound up and liquidated in accordance with the provision of the Companies Act in so far as it does not conflict with the provisions of this Agreement.
ARTICLE 63
EFFECT OF TERMINATION
(1) Distribution of the assets of the Credit Guarantee Corporation shall not be made to Participating Governments and other investors, as the case may be, until all liabilities to creditors have been discharged or provided for and until the Board of Directors has decided to make such a distribution.
(2) Any net assets of the Credit Guarantee Corporation remaining, after the settlement under paragraph (1), shall be distributed to Participating Governments and other investors, as the case may be, in accordance with their equity interest in the Credit Guarantee Corporation.
(3) The Participating Governments and any other investors shall take the necessary steps to terminate this Agreement by the date mentioned in the special resolution under paragraph (1)(a) of Article 62 or any other date that the Board of Directors may determine.