Page:United States Statutes at Large Volume 61 Part 4.djvu/640

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. Italian property in U. S. 61 Stat., Pt. 2, p. 1406. 61 Stat., Pt. 2, p. 1406. MEMORANDUM OF UNDERSTANDING Between the Government of the United States of America and the Government of Italy regarding Italian assets in the United States of America and certain claims of United States nationals. Discussions have taken place with representatives of the Govern- ment of Italy on the question of disposition of Italian property in the United States of America. These discussions have grown out of the terms of the Treaty of Peace with Italy dated at Paris February 10, 1947, particularly Article 79 thereof; and out of the financial and other relations between the United States of America and Italy during the period since the Italian Armistice. As a further step toward the bettering of relations between Italy and the United States of America, the Government of the United States of America has felt it desirable, subject to appropriate governmental action, to renounce certain of the rights granted to it under the terms of the Treaty of Peace, and to return and unblock property in the United States of America which has been vested or blocked by the Government of the United States of America by reason of an interest of Italy or Italian nationals. The Government of Italy, on the other hand, has recognized that in justice it should provide funds to be utilized by the Government of the United States of America in application to claims of United States nationals arising out of the war with Italy. The Government of the United States of America and the Govern- ment of Italy have, therefore, reached an understanding, as follows: ARTICLE I 1. The Government of the United States of America, referring to Article 79 of the Treaty of Peace with Italy, dated at Paris February 10, 1947, nevertheless agrees, within the limits provided by law: (a) to take the necessary steps to effect the return of property and interests vested in or transferred to any officer or agency of the Government of the United States of America under the Trading 45U. S .tC.app. i- with the Enemy Act, as amended, which were owned by the Govern- s3. ment of Italy or Italian nationals immediately prior to such vesting or transfer, or the net proceeds of such property or interest; provided, however, that such return shall be subject to the conditions and Pot P.3991. exceptions set forth in Annex I, which constitutes an integral part of this Memorandum of Understanding; prope of blocked (b) to take the necessary steps to effect the release by the United States authorities of blocked property and interests in the United States of America of Italy or Italian nationals. Such release shall be effected in accordance with conditions stated in a letter of assurances, dated today, and addressed by the Italian authorities to 3988

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