Page:United States Statutes at Large Volume 61 Part 4.djvu/566

 3914 Exemption of funds from taxes, etc. Conversion of cur- rency. Deposit of withheld funds. meneral policies and procedures. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. The Republic shall deposit in the Banco Central del Ecuador in Quito (or in any other bank which shall be mutually agreed upon by the Minister and the Special Representative) to the account of the Servicio the sum of Ninety-six Thousand Fifty-one Sucres (S/.96,051), being the equivalent of not less than Seven Thousand Dollars ($7,000) U. S. currency, at the rate of exchange of 13.4 sucres per dollar. The deposit required to be made by the Republic hereby shall be made during the month of February 1948, and the said deposit shall be in addition to the Republic's regular budget for education and in ad- dition to the total amount specified in the Agreement to be deposited by the Republic to the account of the Servicio. CLAUSE VII Any of the funds introduced into Ecuador by the Institute for the purpose of the cooperative education 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 ex- change not less than 13.4 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 a rate of exchange of not more than 13.5 sucres per dollar. CLAUSE VIII Any funds heretofore withheld by the Foundation pursuant to agreement between the Minister and the Special Representative of the Foundation for the purchase of materials and supplies and other disbursements in the United States of America relating to the execu- tion of the cooperative education program and not expended or obligated therefor shall be deposited in the Servicio bank account at any time upon the mutual agreement of the Minister and the Special Representative. CLAUSE IX All contracts necessary to carry out the terms of the projects mutually agreed to as herein provided shall be made in the name of the Servicio and shall be signed by the Director of the Servicio. Personnel to be paid out of program funds deposited in Ecuador shall be selected by the Director of the Servicio, subject to the approval of the Minister. The general policies and procedures for the execu- tion of the program and for the disbursement and accounting of funds, for the purchase, use, inventory, control and disposition of property, and any other administrative matters, shall be determined or established by mutual agreement between the Minister and the Special Representative. No disbursement from the said Servicio bank account may be made without the signed authorization of the Director of the Servicio or his delegate and of the Minister or his delegate. Checks for an amount of more than Three Thousand Sucres (S/.3,000) also shall bear both signatures. The books and

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