Page:United States Statutes at Large Volume 61 Part 3.djvu/971

 61 STAT.] ECUADOR-COOPERATIVE EDUCATION--JAN. 22, 1945 Representative of the Foundation, and shall be carried out by the Director of the Servicio in conformity with policies prescribed jointly by the Minister and the Special Representative of the Foundation. The Ecuadoran educators to be sent to the United States and the terms of their scholarships or grants shall be mutually agreed upon in writing by the Minister and the Special Representative. 5. The Foundation shall determine and pay the salary and other expenses payable directly to members of the Field Staff in an amount not to exceed Seventy Thousand Dollars ($70,000) U. S. currency, which it will retain in the United States, and shall in addition deposit in the Banco Central del Ecuador in Quito (or in any other bank which may be mutually agreed upon by the Minister and the Special Representative of the Foundation) to the account of the Servicio Cooperativo Interamericano de Educaci6n, the sum of Thirty Thou- sand Dollars ($30,000) U. S. currency, the total contribution of the United States Government to this program being therefore One Hundred Thousand Dollars ($100,000). The Republic shall deposit in the same bank and to the account of the Servicio Cooperative Interamericano de Educaci6n the sum of Six Hundred Seventy Thousand Sucres (S/.670.000), being the equiv- alent of Fifty Thousand Dollars, at the rate of exchange of 13.4 sucres per dollar. Said contribution shall be in addition to the Gov- ernment's regular budget for education. The payments shall be made by the parties on the dates and in the amounts specified: March 20, 1945 January 20, 1946 January 20, 1947 Total to be deposited Salaries and travel to be paid to person- nel from the United States Total United States of America $10, 000. 00 U. S. C. $10, 000. 00 U. S. C. $10, 000. 00 U. S. C. $30, 000. 00 U. S. C. $70, 000. 00 U. S. C. $100, 000. 00 U. S. C. Ecuador S/. 220, 000. 00 S/. 220, 000 . 00 S/. 230, 000. 00 S/. 670, 000 . 00 3263 Payment of salaries and expenses of Field Staff. Deposits. 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. Funds paid over by either party and not matched by the other party within thirty (30) days, shall be returned to the contributor. 6. Inasmuch as the program funds will be used entirely for the benefit of Ecuador, the funds introduced into Ecuador by the Foun- dation for the purpose of the cooperative program shall be exempt from taxes, service charges, investment or deposit requirements, and other currency controls, and shall be converted into sucres at a rate of exchange of not less than 13.4 sucres per dollar. Similarly where it is necessary to convert sucres into dollars for the financing of scholarships or grants or other expenditures in the United States, the sucres shall be converted into dollars at the rate of exchange of not more than 13.5 sucres per dollar. Exemption of funds from taxes, etc. Conversion of cur- rency.

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