Page:United States Statutes at Large Volume 60 Part 2.djvu/648

 60 STAT.] DOMINICAN REPUBLIC-COOPERATIVE EDUCATION-OCT. 13, 1945 may incur in connection with the inauguration and administration of the program in a total amount not to exceed $37,500, U. S. C ., which it will retain in the United States and shall in addition deposit in a Bank of the Dominican Republic mutually agreed upon by the Secretary and the Special Representative of the Foundation, to the account of the Servicio an amount not to exceed $37,500, U. S. C. "The Republic shall deposit in the same Bank and to the account of the Servicio the sum of $75,000, U. S . C ., which deposit by the Republic shall be in addition to the Government's regular budget for education. The payments of the deposits shall be made by the Republic and the Foundation on the following dates and in the amounts specified: Foundation November 1, 1945 $12, 500 November 1, 1946 $12, 500 November 1, 1947 $12, 500 Total to be deposited $37, 500 Salaries, travel and administrative expenses to be paid in connection with the personnel from the United States $37, 500 Total $75, 000 Deposit by Domini- can Republic. Donincan Repunbic $25, 000 $25, 000 $25, 000 $75, 000 $75, 000 "The funds deposited by either party for any particular year are not to be drawn against until the funds for the same year are deposited by the other party. "6. Inasmuch as the program funds will be used entirely for the benefit of the Cooperative Educational Program, the funds introduced into the Dominican Republic by the Foundation for the purpose of the cooperative program shall be exempt from taxes, service charges, investment or deposit requirements, and other currency controls. "7. In view of the fact that many purchases of materials and supplies and other disbursements relating to the execution of the Program, must necessarily be made in the United States of America, the Secretary and the Special Representative of the Foundation may agree to withhold from the payments to be made by the Foundation into the said Servicio Bank account, as provided in the preceding articles of this agreement, an amount deemed necessary to pay for such purchases and disbursements in the United States of America. Said amount shall be considered as if deposited under the terms of this agreement. Any funds so withheld by the Foundation for such purposes and not expended or obligated therefor shall be deposited in the said Servicio bank account at any time upon the mutual agree- ment of the Secretary and the Special Representative of the Founda- tion. "8. All contracts necessary to carry out the terms of the projects mutually agreed to as herein provided shall be made in the name of the Servicio and shall be signed by the Secretary and the Director of the Servicio. Personnel to be paid out of the Program funds deposited in the Dominican Republic shall be selected by the Director of the Servicio, subject to the approval of the Secretary. The general Tax exemption, etc. Withholding of funds from account. Administration, etc., of Program. 1737

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