Page:United States Statutes at Large Volume 62 Part 2.djvu/802

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. the request of the Representatives after deduction of the amounts pay- able to the Spanish Government as specified in Article XI of the Ac- Ante. p. 2064. cord for payment of Spanish claims. For this purpose, separate accounts in the names of each of the Governments concerned, in a Spanish bank of its choice, will be cred- ited with the sums corresponding to their respective percentages, calculated on the balances in the account in the name of the Repre- sentatives. Said accounts may be opened at sight or as time deposits upon prior agreement with the Spanish Foreign Exchange Institute, and the in- vestment or transfer of the normal interest earned thereon shall be subject to the same rules as are established by the Accord and by this Protocol with regard to the principal. Utilization of amounts credited to designated Govern- ments. Authorization of transfers, cessions, etc., charged to ac- counts. ARTICLE III The amounts credited in favor of the Governments referred to in Article I of this Protocol may be transferred abroad or used for in- vestment in Spain or ceded to third parties, subject to agreement with the Spanish Government and always within general regulations ap- plicable to trade and foreign exchange transactions between Spain and the country concerned in each case. In agreement with the Spanish Government such amounts may be freely used for investments such as the acquisition of official build- ings, payment of the personnel on official business or other similar purposes. Such sums may also be utilized by the country concerned for the purchase of foreign exchange for investment in foreign participa- tions in property expropriated for reasons of national security, sub- ject to prior agreement with the Spanish Government, it being fully understood that such transactions shall follow the regulations appli- cable in each case. ARTICLE IV The Spanish Government declares that transfers, cessions or in- vestments charged to the accounts referred to in the present Protocol will be authorized within the limits and possibilities of the Spanish economy. The Representatives accept this principle. As witness our hands this 10th day of May, 1948, in Madrid. E DE NAVASQiEiS Presidentof Delegation of Spain HAROLD M RANDALL Chief of Delegation of the United States of America F. DE PANAFIEU. Chief of Delegation of France FRANCIS W MCCoMBE Chief of Delegation of the United Kingdom of Great Britain and Northern Ireland 2084

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