Page:United States Statutes at Large Volume 62 Part 2.djvu/1090

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. Port, p. 2396. Special account in Landsbanki Islands. 62 Stat., Pt. 1, p. 137. Availability of sums for U. S. expenditures in Iceland. ARTICLE IV ( Local Currency) I. The provisions of this Article shall apply only with respect to assistance which may be furnished by the Government of the United States of America on a grant basis. 2. The Government of Iceland will establish a special account'in the Landsbanki Islands (National Bank of Iceland) in the name of the Government of Iceland (hereinafter called the Special Account) and will make deposits in krdnur to this account In amounts 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 Iceland on a grant basis by any means authorized under the Economic Cooperation Act of 1948. The Government of the United States of America shall from time to time notify the Government of Iceland of the Indicated dollar cost of any such commodities, services and technical information, and the Government of Iceland will thereupon deposit In the Special Account a commensurate amount of krdnur computed at a rate of exchange which shall be the par value agreed at such time with the International Monetary Fund. The Government of Iceland may at any time make 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 Government of Iceland of its requirements for administrative expenditures In krdnur within Iceland incident to operations under the Economic Cooperation Act of 1948, and the Government of Iceland will thereupon make such 2376

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