Page:United States Statutes at Large Volume 62 Part 3.djvu/773

 62 STAT.] MULTILATERAL-UNIVERSAL POSTAL UNION-JULY 5, 1947 (c) According to the provisions of special monetary agreements which may exist between the countries to which the Adminis- trations in question belong. 3387 2. In case of payment by means of checks or drafts, according to Payment. Section 1 (a), such checks or drafts are issued in money of a country where the central bank of issue or other official issuing institution buys and sells gold or gold currency for national money at fixed rates determined by law or by virtue of an agreement with the Govern- ment. If the moneys of several countries fulfill those conditions, it is incumbent upon the creditor country to designate the money which is convenient for it. Any losses or profits arising from an unforeseen fall or rise in the gold parity of the currency in question occurring up to and including the date of receipt of the check or draft are shared equally by the two Administrations. However, in case of delay in sending the check or draft issued, the debtor Administration is re- sponsible for losses resulting from any unjustified lapse of time between the issue by the bank and the mailing of the check or draft; likewise half the actual profits realized shall be credited to that Administration. In all such cases, differences not exceeding 5 per cent are ignored, the conditions of payment fixed by the present Article apply to the settlement of differences, and the periods allowed for settlement begin with the date when the check or draft is received. 3. When two countries have come to an agreement on the subject, checks or drafts may also be issued in the money of the creditor country, even when such money does not meet the conditions set forth in Section 2. In that case, the balance is converted at the gold par rate into the money of a country which meets the conditions set forth in Section 2. The result thus obtained is then converted into the money of the debtor country and thence into the money of the creditor country according to the official buying and selling rates respectively prevailing in the debtor country on the day of purchase of the check or draft, or on the preceding day. The creditor country may also specify that the conversion of the balance expressed in gold shall be made in accordance with the gold value fixed for its currency by the International Monetary Fund. When an important variation occurs in the par or market prices which were used as basis for the conversion, the provisions set forth in Section 2, third and following sentences, shall apply, except in case of a rise or fall due to a revalua- tion or devaluation of the money of the creditor country. 4. When the amount of the balance exceeds 5000 francs, the date of sending of a check or draft, the date of its purchase and its amount shall, if the creditor Administration so requests, be communicated to it by telegram at its own expense. 5. The expenses of payment are borne by the debtor Administra- Expenses of pay- ment. tion, with the exception of extraordinary expenses, such as the clearing fees, imposed by the creditor country. 6. The payment above mentioned shall be made as soon as possible, Period of payment and at the latest before the expiration of a period of four months, counting from the date of transmission of the account by the Inter- 68706--2- -PT. -Ill-O

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