Page:United States Statutes at Large Volume 61 Part 4.djvu/224

 3568 Payments not ef- fected. Duplieates ofmoney orders. Quarterly accounts. Credit balanoes. Sight drafts. Ante, pp. 3658-351. Unilateral settle- ments. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAr. currency of the country of destination, of the amounts which appear in the list in that currency or any other agreed upon according to the regulations in effect in each country for the payments of international money orders. 2. The Administration of destination will endeavor to effect pay- ment in all cases to payees without delay. If, one month after the mailing of the notice to the payee, the payment has not been effected, the fact will be communicated to the Administration of origin in order that the remitter may be notified. 3. Duplicates of money orders will be issued only by the Adminis- tration of the reissuing country in accordance with its domestic legis- lation and upon the previous proof that the money order has not been paid to the payee or repaid to the remitter. ARTICLE 18 Rendering and settlement of accounts 1. In the absence of agreement to the contrary, the creditor Ad- ministration at the end of every quarter will prepare the relative account for the corresponding Administration which will contain in detail the following: (a) The totals of the lists which give in detail the money orders issued in both countries during the quarter. (b) The totals of the money orders which have been repaid to the remitters. (c) The totals of the money orders which have become invalid during the quarter. 2. The credit balance of each Administration will be expressed in its own currency. The smaller amount will be converted into the currency of the creditor country on the basis of the average rate of exchange which has prevailed during the quarter covered by the account. 3. This account, will be sent by the Administration which has made it up, in duplicate to the corresponding Administration. If the balance is in favor of the latter Administration, it will be paid by transmitting with the account of a sight draft on the creditor country. If the balance is in favor of the country which has rendered the account, the payment will be made by the debtor Administration in the manner indicated in the preceding paragraph when the account is returned accepted. These quarterly accounts will be prepared in accordance with Forms B, C, D and E, attached to the present Agreement. 4. Administrations may also agree not to make conversions, but to make unilateral settlements; that is for each Administration to credit the other with the total money orders it has paid on its account. In this case each Administration will render a quarterly account.

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