Page:United States Statutes at Large Volume 62 Part 2.djvu/538

 1818 Decisions of Board. Deposits by Gov- ernment of Burma. Rate of exchange. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. found to be impracticable for the Board to secure an appointee accept- able to the Chairman, the Government of the United States of America may provide an Executive Officer and such assistants as may be deemed necessary to ensure the effective operation of the program. The Executive Officer shall be responsible for the direction and supervision of the Board's programs and activities in accordance with the Board's resolutions and directives. In his absence or disability, the Board may appoint a substitute for such time as it deems necessary or desirable. Article 10 The decisions of the Board in all matters may, in the discretion of the Secretary of State of the United States of America, be subject to his review. Any decision affecting the interests of Burmese students, professors, or research scholars shall be communicated to the Government of Burma before it is sent for review to the Secretary of State. Article 11 The Government of Burma shall, within 30 days of the date of the signature of the present agreement, deposit with the Treasurer of the United States of America an amount of currency of the Government of Burma equivalent to $200,000 (United States currency). On Janu- ary 1, 1949 and on each succeeding January 1 thereafter, the Govern- ment of Burma shall similarly deposit an amount of currency of the Government of Burma equivalent to $200,000 (United States cur- rency) until an aggregate amount of the currency of the Government of Burma equivalent to $3,000,000 (United States currency) shall have been deposited. The deposits specified above shall be made in partial fulfillment of the statement of intent of the Government of the United States of America in paragraph 9 of the Surplus Property Agreement signed at London on February 28, 1947, and the Govern- ment of the United States of America declares that it is its intention to request the Government of Burma to provide, by amendment to the present agreement, additional deposits which will increase the aggre- gate amounts deposited to a minimum of $4,000,000 (United States equivalent), provided that no additional deposit will be requested which is in excess of the unpaid portion of the total principal amount, plus interest, then due and payable under the terms of the credit agreement. The rate of exchange between currency of the Government of Burma and United States currency to be used in determining the amount of currency of the Government of Burma to be so deposited shall be at the par value between Burmese rupees and United States dollars estab- lished in conformity with procedures of the International Monetary Fund or if no such par value exists at the rate most favorable to the Government of the United States of America used by the Government of Burma for any official transactions at the time of the deposit. The Government of Burma shall guarantee the United States of America against exchange loss resulting from any alteration in the above rate of exchange or from any currency conversion with respect

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