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(3) The Authority shall be deemed to cease to exist immediately upon the establishment of the Bank. (4) The East Caribbean Currency Agreement 1965 and all amendments thereto shall cease and terminate on the establishment of the Bank. (5) Each Participating Government shall take the necessary action to make effective the provisions of this Agreement and enact such legislation as may be necessary to give effect to the Agreement. An amendment to this Agreement may be proposed to the Council by the Bank or by any Participating Government and shall be effective when it is agreed to by the Participating Governments and each Participating Government deposits with the Bank an instrument stating that it has accepted the amendment in accordance with its law and has taken all steps necessary to make it effective in its territory. After the entry into force of this Agreement, a territory other than one listed in the Preamble may in the discretion of the Council be permitted to become a member of the Bank by accession to this Agreement on such terms as the Council shall determine by a two-thirds majority vote of the total number of its members. Any such territory shall deposit, on or before a date appointed by the Council an instrument of Accession with the Bank which shall notify such deposit and the date thereof to the parties of this Agreement.

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