Page:United States Statutes at Large Volume 61 Part 2.djvu/518

 MULTILATERAL-IPEACE WITH ITALY--FEB. 10, 1947 1475 whose diplomatic relations with Italy have been broken off during the war and which undertake to extend to Italy the benefits accorded to Italy under the said provisions. 8. Nothing in part A of this Annex shall be understood to conflict with Articles 78, 79 and 81 of the present Treaty. B. INSURANCE 1. No obstacles, other than any applicable to insurers generally, shall be placed in the way of the resumption by insurers who are United Nations nationals of their former portfolios of business. 2. Should an insurer, who is a national of any of the United Nations, wish to resume his professional activities in Italy, and should the value of the guarantee deposits or reserves required to be held as a condition of carrying on business in Italy be found to have decreased as a result of the loss or depreciation of the securities which constituted such deposits or reserves, the Italian Government undertakes to accept, for a period of eight- een months, such securities as still remain as fulfilling any legal requirements in respect of deposits and reserves. ANNEX XVI Contracts, Prescription and Negotiable Instruments A. CONTRACTS 1. Any contract which required for its execution intercourse between any of the parties thereto having become enemies as defined in part D of this Annex, shall, subject to the exceptions set out in paragraphs 2 and 3 below, be deemed to have been dissolved as from the time when any of the parties thereto became enemies. Such dissolution, however, is without preju- dice to the provisions of Article 81 of the present Treaty, nor shall it relieve any party to the contract from the obligation to repay amounts received as advances or as payments on account and in respect of which such party has not rendered performance in return. 61 STAT.]

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