Page:UN Treaty Series - vol 3.pdf/75

1. Credits in francs (and the credits in local currencies referred to in Article 2 (1)) held by residents of the guilder area may freely be used either for transfers to other residents in the guilder area or for payments to residents in the franc area or for payments made in accordance with Article 9 (3).

2. Credits in guilders (and the credits in local currencies referred to in Article 2 (2)) held by residents of the franc area may freely be used either for transfers to other residents in that area or for payments to persons in the guilder area or for payments made in accordance with Article 9 (3).

The Contracting Parties shall co-operate with a view to assisting each other in keeping capital transactions between the franc area and the guilder area within the scope of their respective policies, and, in particular, with a view to preventing transfers between their areas which do not serve direct and useful economic or commercial purposes.

1. If during the currency of this agreement, the Contracting Governments adhere to a general international Monetary Agreement, they will review the terms of the present agreement with a view to making any amendments that may be required.

2. While the present agreement remains in force, the Contracting Governments shall co-operate to apply it with the necessary flexibility according to circumstances. The Banque de France and the Nederlansche Bank, as agents of their respective Governments, will maintain contact on all technical questions arising out of this agreement and will collaborate closely on exchange control matters affecting the franc area and the guilder area.

3. As opportunity offers, the French Government and the Netherlands Government shall seek with the consent of the other interested parties:

(a) to make francs at the disposal of residents of the guilder area and guilders at the disposal of residents of the franc area available for making payments to residents of other countries than those included in the guilder area and the franc area;

(b) to enable residents of other countries than those included in the guilder area and the franc area to use francs at their disposal to make payments to residents

No. 24