Page:United States Statutes at Large Volume 62 Part 2.djvu/1142

 2430 62 Stat., Pt. 1, pp. 144, 1056. Post, ). 2444. Post, p. 2444 Special account in Bank of Italy. 81 Stat., Pt. 3, p.3135. Ante, p. 1807 . 62 Stat., Pt. 1, p. 150. 62 Stat., Pt. 1, p. 137. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. access to markets of foster monopolistic control whenever such practices or arrangements have the effect of interfering with the achievement of the Joint Program of European recovery; Article III Guaranties 1. The Governments of the United States of America and Italy will, upon the request of either Government, consult respecting projects in Italy proposed by nationals of the United States of America and with regard to which the Government of the United States of America may appropriately make guaranties of currency transfer under Section 111 (b) (3) of the Economic Cooperation Act of 1948. 2. The Government of Italy agrees that if the Government of the United States of America makes payment in United States dollars to any person under such a guaranty, any lire or credits in lire, assigned or transferred to the Govern- ment of the United States of America pursuant to that Section shall be recognized as property of the Government of the United States of America. Article IV Local Currency 1. 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 Italy will establish a special account in the Bank of Italy in the name of the Government of Italy (hereinafter called the Special Account) and will make deposits in lire to this account as follows: (a) The unencumbered balance at the close of business on the day of the signature of this Agreement in the special accounts in the Bank of Italy in name of the Government of Italy established pursuant to the Agreements between the Government of the United States of America and the Government of Italy made on July 4,1947 and on January 3,1948 and any further sums which may, from time to time, be required by such agreements to be deposited in the special accounts. It is understood that Subsection (e) of Section 114 of the Economic Cooperation Act of 1948 constitutes the approval and determination of the Government of the United States of America with respect to the disposi- tion of such balances, referred to in those Agreements. (b) The unencumbered balances of the deposits made by the Government of Italy pursuant to the exchange of notes between the two Governments dated April 20, 1948. (o) Amounts commensurate with the indicated dollar cost to the Govern- ment 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 Italy on a grant basis by . any means authorized under the Economic Cooperation Act of 1948, less, however,

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