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38.1

Upon an Entered Ship ceasing to be insured by the Association for any reason, whether or not the circumstances giving rise to such cesser of insurance shall be any of those specified in Rules 16 and 17 or in Rule 33, the Managers may:

38.1.1

Release the Insured Owner from further Contributions in respect of such ship, wholly or partly or upon such terms as the Managers in their discretion may deem to be appropriate in the circumstances;

3.8.1.2

Whether or not negotiations may have taken place with the view to the application of Rule 38.1.1, assess at the date of the cesser of insurance the amount which seems to the Managers in their discretion to represent the likely liability of the Insured Owner for further contributions in respect of such ship.

38.2

If the Managers shall exercise their powers under Rules 38.1.1 or 38.1.2, then:

38.2.1

Any terms imposed by the Managers or agreed between the Managers and the Insured Owner pursuant to Rule 38.1.1 shall be performed at such time or times as the Managers shall have specified;

38.2.2

The amount of any assessment made under Rule 38.1.2 shall be payable by the Insured Owner without deduction on demand;

38.2.3

The Insured Owner shall be under no liability for any Contributions which the Directors may decide to levy after the date of a release given under Rule 38.1.1 or after the date of an assessment made under Rule 38.1.2, as the case may be, and the Insured Owner shall have no right to share in any return of Contributions or other monies which the Directors may thereafter decide to make in accordance with Rule 31.

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