ITF

32 (b) (b) (b) (b) If the Council shall resolve to amend any part of the Memorandum and Articles it may delegate the responsibility of approval of the final wording, of any such amendment, to the Board of Directors. (c) (c) (c) (c) Any alterations so made shall take effect as from the first day of January following unless the Council shall by the like majority decide otherwise. (d) (d) (d) (d) The Board may formulate, approve, issue, adopt, interpret and amend the Bye- laws, not being inconsistent with the Memorandum and Articles, as it deems necessary or expedient or convenient for the proper conduct and management of the Company. 33. 33. 33. 33. ARBITRATION ARBITRATION ARBITRATION ARBITRATION (a) (a) (a) (a) Any dispute or difference not bound by the relevant handbooks or regulations of the various circuits and competitions of the Company between a Member and the Company or between the Company and any other individual or organization shall be referred to the Court of Arbitration for Sport, Lausanne, Switzerland. The rules of the Court of Arbitration for Sport shall govern the arbitration and the decision of the Court of Arbitration for Sport shall be final and binding on all parties concerned. (b) (b) (b) (b) Any dispute or difference between two or more Members shall be referred by such Members to the Court of Arbitration for Sport, Lausanne, Switzerland. The rules of the Court of Arbitration for Sport shall govern the arbitration and the decision of the Court of Arbitration for Sport shall be final and binding on all parties concerned. (c) (c) (c) (c) Any such Arbitration shall be governed by English Law. 34. 34. 34. 34. DISSOLUTION DISSOLUTION DISSOLUTION DISSOLUTION The Company shall not be dissolved except at a General Meeting of the Members specifically convened for the purpose and carried by a four fifths majority Resolutions of the Council in respect of the same. 35. 35. 35. 35. APPLICA APPLICA APPLICA APPLICATION OF THE COMPANY'S FUNDS IN THE EVENT OF DISSOLUTION TION OF THE COMPANY'S FUNDS IN THE EVENT OF DISSOLUTION TION OF THE COMPANY'S FUNDS IN THE EVENT OF DISSOLUTION TION OF THE COMPANY'S FUNDS IN THE EVENT OF DISSOLUTION In the event of the dissolution of the Company, the surplus assets of the Company shall be paid to the Class A Members as Trustees of the ITF Trust upon the trusts declared therein SAVE that any funds held in any account designated "Grand Slam Development Fund" shall be transferred to such trustees as may be appointed by the Chairmen of the four Grand Slam Championships, who will continue to hold and administer the Fund for the designated purposes as determined from time to time.

• Cover