The ASEAN Fund Sample Clauses

The ASEAN Fund. The ASEAN Fund (hereinafter referred to as "the Fund") shall initially consist of US$ 6.0 million in equal contributions of US$ 1.0 million from each Member Country. For purposes of this initial contribution, each Member Country shall transfer to the Fund, its contribution of US$ 1.0 million held in its National Funds as part of its commitment under the 1969 Agreement for the Establishment of a Fund for ASEAN. New members of ASEAN shall also initially contribute to the Fund, an amount equal to the contributions paid by each Member Country, upon deposit of their instrument of accession to this Agreement in accordance with Article 9. Contributions made by each Member Country to the Fund shall be paid into an account under the name of "The ASEAN Fund". The Fund shall be under the custody of and administered by the ASEAN Secretariat. The Fund shall have two accounts, namely, the Seed Fund Account and the Projects Fund Account. The Seed Fund Account shall initially consist of 80 percent (US$ 4.8 million) of the total contribution of US$6.0 million. The Projects Fund Account shall consist of the remaining 20 percent (US$ 1.2 million). The Seed Fund shall be invested to realize income for the Fund. The Projects Fund shall provide financing for approved projects. Unless otherwise agreed upon by Member Countries, at least half of the annual income from the Seed Fund shall be ploughed back to the Seed Fund; the balance shall accrue to the Projects Fund. Contributions to the Fund shall be made in United States (US) Dollars. The Fund may be increased from time to time as agreed upon by the ASEAN Foreign Ministers (hereinafter referred to as "the Foreign Ministers").
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The ASEAN Fund. 1. The ASEAN Fund (hereinafter referred to as "the Fund") shall initially consist of US$ 6.0 million in equal contributions of US$ 1.0 million from each Member Country. For purposes of this initial contribution, each Member Country shall transfer to the Fund, its contribution of US$ 1.0 million held in its National Funds as part of its commitment under the 1969 Agreement for the Establishment of a Fund for ASEAN.
Sample 1

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