Page:United States Statutes at Large Volume 61 Part 4.djvu/242

 Reports. Principal office, etc. Executive Officer. Decisions of the Board. Deposits. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. Article 7 Reports as directed by the Secretary of State of the United States of America shall be made annually on the activities of the Founda- tion to the Secretary of State of the United States of America and the Government of the Republic of China. Article 8 The principal office of the Foundation shall be in the capital city of China, but meetings of the Board and any of its committees may be held in such other places as the Board may from time to time determine, and the activities of any of the Foundation's officers or staff may be carried on at such places as may be approved by the Board. Article 9 The Board may appoint an Executive Officer and determine his salary and term of service, provided, however, that in the event it is found to be impracticable for the Board to secure an appointee acceptable to the Chairman, the Government of the United States of America may provide an Executive Officer and such assistants as may be deemed necessary to ensure the effective operation of the program. The Executive Officer shall be responsible for the direc- tion and supervision of the Board's programs and activities in accord- ance with the Board's resolutions and directives. In his absence or disability, the Board may appoint a substitute for such time as it deems necessary or desirable. Article 10 The decisions of the Board in all matters may, in the discretion of the Secretary of State of the United States of America, be subject to his review. Article 11 The Government of the Republic of China shall, within 30 days of the date of the signature of the present agreement, deposit with the Treasurer of the United States of America an amount of Chinese national currency equivalent to $250,000 (United States currency). Thereafter commencing with January 1, 1948, the Government of the Republic of China shall during each calendar year, deposit with the Treasurer of the United States of America, upon demand of the United States Government, amounts of Chinese national currency not to exceed the equivalent of one million dollars (United States currency) and in aggregate totalling the equivalent of $20,000,000 (United States currency). The first deposit of Chinese national currency equivalent to $250,000 (United States currency) shall be considered as part of the deposit for the calendar year 1948. The rate of exchange between currency of the Government of the Republic of China and United States currency to be used in determining the amount of cur- rency of the Government of the Republic of China to be deposited from time to time hereafter, shall be at the par value between Chinese

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