Section 12, The Diamond Corporations Agreement (1959) (Ratification) Ordinance

NoTWITHSTANDING the provisions of Clauses 8 and 11 (c) hereofshould the Corporation at any time hold unsold in its hands a stock of diamonds bought through the Government Diamond Office in terms of this Agreement of the value of £3,000,000 (Three million pounds) or more the Corporation shall be entitled to approach the Government to secure such changes in this Agreement as may seem desirable in the circumstances and failing Agreement between the Government and the Corporation in regard to such changes either party shall be at liberty to determine this Agreement but not before this Agreement has been in operation for three years. The Corporation however undertakes to procure that in each six-monthly period from January to June and from July to December of each year covered by this Agreement the sales of Sierra Leone gem diamonds purchased by it through the Government Diamond Office shall not be in lesser proportion to such purchases than the proportion of total sales of gem diamonds by the Corporation to total purchases of gem diamonds by the Corporation during each of the periods referred to and this shall apply likewise to industrial diamonds. The Corporation shall inform the Government when total stocks reach the figures of £1,000,000 (One million pounds), £2,000,000 (Two million pounds) and £2t million (Two and a half million pounds).