Page:United States Statutes at Large Volume 60 Part 2.djvu/684

 60 STAT.] BRAZIL-VOCATIONAL INDUSTRIAL EDUCATION-Mar. 26 ,1946 Apr. 5, 1946 ances, travel and other expenses of such additional United States of America personnel as the Superintendent of the CBAI and the Special Representative of the Foundation may mutually agree upon. Such amounts 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 bank account at any time upon the mutual agreement of the Superintendent of the CBAI and the Special Representative of the Foundation. Clause XVI In the event that, upon the expiration of each twelve-month period of this agreement, calculated from the date of its execution, and again six months before its expiration, the Foundation deems that the funds, which it has set aside as "Administrative Funds of the Foundation", will be more than are needed for that purpose for the entire period of the program, the Foundation will thereupon advise the Superintendent of the CBAI of the surplus which it can accordingly make available for projects, and such additional sums shall be paid into the bank account of the CBAI or shall be otherwise disposed of pursuant to this Agreement. Clause XVII All the funds introduced into Brazil by the Foundation for the purposes of the cooperative educational program shall be exempt from all taxes, service charges, investment or deposit requirements and other currency controls, and shall be converted into Cruzeiros at the most favorable rate of exchange which the Government of the United States of Brazil or any of its Agencies or any Brazilian bank concedes to the Government or to any of its Departments or to any other Nation, organization, or individual. Similarly, where it may be necessary or advisable to convert Cruzeiros into Dollars for the financing of grants or for other expenditures in the United States of America, the conver- sion of Cruzeiros into Dollars shall be made at the official rate of exchange. Clause XVIII The Government of the United States of Brazil accepts and recog- nizes the Foundation as a corporate agency of the Government of the United States of America, having juridic personality, and, accordingly, the Foundation shall be exempt and immune from, among other things, any and all taxes, fees, charges, imposts, and custom duties, whether national, state, provincial or municipal, and from all requirements for licenses. The personnel of the Foundation who are citizens of the United States of America shall be exempt from all Brazilian income taxes and social security taxes with respect to the income on which they are obliged to pay income taxes or social security taxes in the United States of America. Such personnel shall also be exempt from the payment of customs or other duties on personal effects and on goods, equipment and supplies imported or exported for their own personal use or for the personal use of the members of their families. 1773 Surplus administra- tive funds. Tax exemption, etc. , of funds. Exemptions and im- munities of Founda- tion.

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