Page:United States Statutes at Large Volume 62 Part 2.djvu/602

 1882 Review of Board decisions. Philippine deposits. Rate of exchange. Ante, p. 1880. Tax exemptions. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. 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. Article 11 The Government of the Republic of the Philippines shall within thirty (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 the currency of the Government of the Republic of the Philippines equivalent to Two Hundred Thousand Dollars ($200,000-United States currency). On January 1, 1948, and on each succeeding Jan- uary 1, the Government of the Republic of the Philippines shall sim- ilarly deposit an amount of the currency of the Government of the Republic of the Philippines equivalent to Two Hundred Thousand Dollars ($200,000 - United States currency) until an aggregate amount equivalent to Two Million Dollars ($2,000,000-United States cur- rency) shall have been so deposited. The aggregate amount of Two Million Dollars shall be increased by any unexpended portion of the sum set forth in Article 5 C (1) of the Sales Agreement which may become available for cultural, research, instruction, and other educa- tional activities. The rate of exchange to be used in determining the amount of currency of the Government of the Republic of the Philippines which shall be considered equivalent to Two Hundred Thousand Dollars ($200,000-United States currency) shall be the rate agreed upon from time to time by the Government of the United States of America and the Government of the Republic of the Philippines for transactions pursuant to Article 5 C of the Sales Agreement. The Secretary of State of the United States of America will make available to the Foundation currency of the Government of the Re- public of the Philippines in such amounts as may be required by the Foundation, but in no event in excess of the budgetary limita- tion established pursuant to Article 3 of the present agreement. Article 12 Furniture, equipment, supplies, and any other articles intended for the official use of the Foundation shall be exempt in the terri- tory of the Republic of the Philippines from customs duties, excises, and surtaxes, and every other form of taxation. All funds and other property used for the purposes of the Founda- tion, and all official acts of the Foundation within the scope of its purposes shall likewise be exempt from taxation of every kind in the territory of the Republic of the Philippines. Article 13 The Government of the Republic of the Philippines shall extend to citizens of the United States of America residing in the Philippines and engaged in educational activities under the auspices of the

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