Common use of Membership and Withdrawal Clause in Contracts

Membership and Withdrawal. Any ocean common carrier (as defined in the Shipping Act of 1984) which is regularly engaged as an ocean common carrier in the or any Conference or Discussion Agreement of ocean common carriers whose members offer a regular service in the directly or by transshipment, or which furnishes evidence of ability and an intention in good faith to institute and maintain a regular service in the may hereafter become a party to this Agreement by signing the Agreement or a counterpart copy thereof and furnishing the same to the other parties. Prompt notice of admission to membership shall be furnished to the Federal Maritime Commission and no admission shall be effective prior to the date a party's admission is effective in accordance with the regulations of the Federal Maritime Commission. Any signatory may terminate its membership in the Agreement without penalty by giving thirty days' written notice to the other signatories. Notice of withdrawal of a signatory shall be promptly furnished to ,. Federal Maritime Commission. .