Page:United States Statutes at Large Volume 54 Part 2.djvu/345

 54STAT.] MULTILATERAL-TELECOMMUNICATION-APR. 8, 1938 [693] §18. (1) The balance of the quarterly account, in gold francs, shall be paid by the debtor administration to the creditor administra- tion in an amount equivalent to its value; this payment may be made: [694] (a) at the election of the debtor administration, either in gold or by means of checks or drafts conforming with the requirements stipulated in paragraphs (2) and (3) below [Nos. 697 and 698], and made payable on sight on the capital or on a commercial place of the creditor country, [695] (b) in accordance with an agreement between the two ad- ministrations, through a bank using the clearing of the Bank for International Settlements at Basel, [696] (c) by any other means agreed upon by the interested parties. [697] (2) In case payment is made by means of checks or drafts, these instruments shall be made out in the currency of a country where the central issuing bank or another official issuing institution buys and sells gold or gold currencies for the national currency, at fixed rates determined by law or pursuant to an arrangement with the government. [698] (3) If the currencies of several countries fulfil these require- ments, it shall devolve upon the creditor administration to indicate the currency which is suitable to it. Conversion shall be made at the par value of gold currencies. [699] (4) In the event that the currency of a creditor country does not conform with the requirements provided for in paragraph (2) [No. 697], and if both countries have agreed in this respect, the checks or drafts may also be made out in the currency of the creditor country. In that case, the balance shall be converted at par of the gold currencies in the currency of a country which fulfils the above-mentioned re- quirements. The result obtained shall then be converted into the cur- rency of the debtor country, and from the latter into the currency of the creditor country, at the rate of exchange of the capital or of a commercial place of the debtor country on the day of purchase of the check or draft. [700] (5) At the request of the creditor administration, when the balance is more than 5,000 gold francs, the date on which a check or a draft is sent, the date on which it is purchased, and the amount thereof, must be reported, by the debtor administration, by means of a service telegram. [701] §19. Remittance charges shall be borne by the debtor adminis- tration. C. PERIOD DURING WHICH RECORDS ARE TO BE PRESERVED [702] §20. The originals of radiotelegrams and the documents relat- reco rnHtogp ing thereto which are kept by the administrations shall be preserved sred. until the accounts covering them are settled and, in any case, for at least ten months, counting from the month following the month of filing of the radiotelegram, with all necessary precautions to maintain secrecy. 1565

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