Page:United States Statutes at Large Volume 62 Part 2.djvu/1000

 62 STAT.] GERMANY: US/UK AREAS-ECONOMIC COOPERATION-JULY 14, 1948 Article IV (Local Currency) 1. The provisions of this Article shall apply with respect to all assistance which may be furnished by the Government of the United States of America under this Agreement. 2. The Military Governors will establish a special account in the Bank Deutscher Laender in the name of the Military Governors (hereinafter called the Special Account) and will make deposits in Deutsche Marks to this account as follows: (a) The unencumbered balances of the deposits made by the Mili- tary Governors pursuant to the exchange of letters between the Government of the United States of America and the Bipartite Board dated May 1, 1948 and May 14, 1948, ['] respectively. (b) Amounts in Deutsche Marks commensurate with the indicated dollar cost to the Government of the United States of America of commodities, services, and technical information (including any costs of processing, storing, transporting, repairing, or other services incident thereto) made available to the United States/United Kingdom occupied areas by any means (other than by guaranties authorized under the Economic Cooperation Act of 1948), less, however, the amount of the deposits made pursuant to the exchange of letters referred to in sub paragraph (a). The Government of the United States of America shall from time to time notify the Military Gover- nors of the indicated dollar costs of any such commodities, services, and technical information, and the amounts in Deutsche Marks com- mensurate with such indicated dollar costs shall be determined in the following manner. Pending the establishment of an official commercial rate of exchange between the dollar and the Deutsche Mark the Military Governors will, upon receipt of such notification, deposit in the Special Account amounts of Deutsche Marks as agreed upon between the Government of the United States and the Military Governors. Deposits in the Special Account made, upon notification by the Government of the United States after an official commercial rate of exchange has been established, will be amounts of Deutsche Marks computed at the official rate. The Military Governors may at any time advance deposits in the Special Account which shall be credited against subsequent notifications pursuant to this paragraph. 3. The Government of the United States of America will from time to time notify the Military Governors of its requirements for admin- istrative expenditures in Deutsche Marks within the United States/ United Kingdom occupied areas incident to operations under the Eco- nomic Cooperation Act of 1948, and the Military Governors will whereupon make such sums available out of any balances in the Special Account in the manner requested by the Government of the United States of America in the notification. 4. Five percent of each deposit made pursuant to this Article in respect of assistance furnished under authority of the Foreign Aid I Department of State Bulletin, May 30, 1948, p. 709. 68706°-51 -PT. I- -63 Special account in Bank Deutscher Laender. 62Stat., Pt. 1, p.137. Availability of sums for U. S. expenditures in US/UK occupied areas. 2285

�