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1. The Whangpu Conservancy Board of Administration, to be known shortly as the Conservancy Board, shall consist of the Shanghai Taotai, the Shanghai Customs Commissioner, and the Coast Inspector.

2. The authority with which the Conservancy Board is invested is delegated to it by the Chinese Government; and consequently the Board is in no way subordinate to the Provincial Authorities. The several members of the Board, have, as such, equal authority, and the opinion of the majority is to be determinative.

3. The Board shall have entire charge of the finances connected with conservancy matters. In this connection:

1. The original annual government grant of Tls. 460,000 shall periodically, on fixed dates, be paid to the Board's accounts, in whatever Bank or banks such accounts may be kept, and the Board will take charge of the existing conservancy loan account and will provide for the payment of the principal and interest as they fall due.

2. All conservancy funds, in whosoever's hands, shall, within 30 days of the promulgation of this Agreement, be paid to the Conservancy Board account.