Page:United States Statutes at Large Volume 47 Part 2.djvu/244

 185U CONVENTION-AMERICAN RIGHTS IN IRAQ. JAN. 9, 1930. Schedule U-Contd. of the IriLq Government, which shall not be unreasonably withheld, and the Iraq Government shall not within the same period lease the railways to anl private lessee without the concurrence of His Britannic Maiesty s Government. In the event of the Govern- ment of Iraq desiring within the said period to acquire the owner- ship of the railways, whether for the purpose of selling or leasing them to any private purchaser or lessee or otherwise, His Britannic Majesty's Government shall state the terms upon which they will be prepared to transfer such ownership, anci the transfer shall be msde upon terms to be mutually agreed. In default of agreement as to such terms, the matter shall be referred to three arbitrators, of whom one shall be appointed by His Britannic Majesty's Govern- ment and one by the Government of Iraq. The third arbitrator shall be chosen by the other two arbitrators by agreement, or failing such agreement, by the President of the Permanent Court of Interna- tional Justice. The arbitrators shall take into consideration the expenses incurred by His Britannic Majesty's Government in the construction, equipment and maintenance of the railways, and the past, actual and prospective value of the railways to the Government and people of Iraq, and shall decide what payment ou~ht to be made by the Government of Iraq to His Britannic Majesty s Government for the transfer of ownership, and in what manner and at what dates, having regard to the general financial resources and liabilities of Iraq, such paYIIlent ouglit to be made. His Britannic Majesty's Government and the Government of Iraq undertake to accept and to give effect to the decision of the arbitrators. His Britannic Majesty's Government and the Government of Iraq agree that on the expiry of the period of four years from the ratification of the Treaty of Alliance, the ownership of the railway system shall in default of prior sale or transfer be forthwith trans- ferred to the Iraq Government on terms to be mutually agreed or failing such agreement, to be decided by arbitration as hereinbefore provided. ARTICLE 9. The Government of Iraq agree not to dispose by sale or in any other manner of any of the works specified in articles ~ 6, 7 and 8 without the prior consent of His Britannic Majesty's liovernment, until such time as repayment of the value of all the said works has been completed. Should any of the said works be !:It' disposed of with the concurrence of His Britannic Majesty's Government, the outstanding debt to His Britannic Majesty's Government in respect of the work or works so disposed of shall simultaneously be liqui- dated by the Iraq Government. The negotiations for such dIS- posal shall be conducted by the High Commissioner, and shall be subject to the approval of His Britannic Majesty's Government. ARTICLE 10. His Britannic Majesty's Government and the Government of Iraq agree that the Port of Basrah shall be transferred to a Port Trust. and that the conditions of this transfer shall be dealt with separately, and shall include the following:- 1. Port receipts and expenditure shall be excluded from Iraq General Accounts, and a Port Trust shall be set up with the authority_ of the Iraq Government, and subject to the approval of His Britannic Majesty's Government, to admin- ister the port.