403 



Governments by the Convention and the Regulations until such time 

 as the outstanding contributions have been paid. 



Article 16 



The budget of the Organisation shall be drafted by the Directing 

 Committee, studied by the Finance Committee and approved by the 

 Conference. 



Article IT 



Any dispute concerning the interpretation or application of this 

 Convention which is not settled by negotiation or by the good offices 

 of the Directing Committee shall, at the request of one of the parties 

 to the dispute, be referred to an arbitrator designated by the President 

 of the International Court of Justice. 



Article 18 



1. This Convention shall be open in Monaco on 3 May 1967, and sub- 

 sequently at the legation of the Principality of Monaco in Paris from 

 1 June until 31 December 1967, for signature by any Government 

 which participates in the work of the Bureau on 3 May 1967. 



2. The Governments referred to in paragraph 1 above may become 

 Parties to the present Convention : 



(a) By signature without reservation as to ratification or 

 approval, or 



(b) By signature subject to ratification or approval and the 

 subsequent deposit of an instrument of ratification or approval. 



3. Instruments of ratification or approval shall be handed to the 

 Legation of the Principality of Monaco in Paris to be deposited in the 

 Archives of the Government of the Principality of Monaco. 



4. The Government of the Principality of Monaco shall inform the 

 Governments referred to in paragraph 1 above, and the President of 

 the Directing Committee, of each signature and of each deposit of 

 an instrument of ratification or approval. 



Article 19 



1. This Convention shall enter into force three months after the 

 date on which twenty-eight Governments have become Parties in 

 accordance with the provisions of Article XVIII, paragraph 2. 



2. The Government of the Principality of Monaco shall notify this 

 date to all signatory Governments and the President of the Directing 

 Committee. 



Article 20 



After it has entered into force this Convention shall be open for 

 accession by the Government of any maritime state which applies to 

 the Government of the Principality of Monaco specifying the tonnage 

 of its fleets, and whose admission is approved by two thirds of the 

 Member Governments. Such approval shall be notified by the Govern- 

 ment of the Principality of Monaco to the Government concerned. The 

 Convention shall enter into force for that Government on the date on 

 which it has deposited its instrument of accession with the Government 



