Page:United States Statutes at Large Volume 62 Part 3.djvu/853

 3468 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. Article 2 Use of funds. The amounts thus made available to the Treasurer of the United States of America shall not be subject to the domestic and local laws of the United States of America as they relate to the use and expenditure of currencies and credits for currencies for the purposes set forth in the present agreement, and shall be considered as property constituted pursuant to a transaction entered into in accordance with the Memorandum and are therefore not subject in the Italian Republic to any tax, duty, or other assessment under paragraph 8 of the Memorandum. Such amounts shall be used for the purposes of: 1. Financing studies, research, instruction and other educational acti- vities of or for citizens of the United States of America in schools and institu- tions of higher learning located in the Italian Republic or of citizens of the Italian Republic in United States schools and institutions of higher learning located outside the continental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico and the Virgin Islands, including payment for transportation, maintenance, tuition and other expenses, incident to scholastic activities; or 2. Furnishing transportation for citizens of the Italian Republic who desire to attend United States schools and institutions of higher learning in the continental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico and the Virgin Islands, and whose attendance will not deprive citizens of the United States of America of an opportunity to attend such schools and institutions. Article 3 American commis- In order to promote the integrated development of the educational program, sion for Cultural Ex- change with Italy. there shall be established a joint Commission, to be known as the American Commission for Cultural Exchange with Italy (hereinafter designated a the Com- mission a) which will receive funds made available to the Government of the United States of America under the Memorandum. The funds so made avail- able shall be placed at the disposal of the Commission by deposit in the Italian Republic in the name of the Treasurer of the Commission. Article 4 Powers of the Com- The Commission shall exercise all powers necessary for carrying out the educational program, including the following: (a) authorize the disbursement of the funds and the making of grants and advances therefrom; (b) plan, adopt and carry out programs which, in the territory of the Italian Republic, shall be executed in collaboration with the Government of the Italian Republic; (c) recommend to the Board of Foreign Scholarships, provided for in e0 Stat. 75 the United States Surplus Property Act of 1944, as amended, students, teachers l .u1 (b).CP professors, research scholars, resident in the Italian Republic, and institutions situated in the Italian Republic, qualified in the opinion of the Commission to participate in the programs in accordance with the aforesaid Act;

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