Page:UN Treaty Series - vol 3.pdf/89
Article 5
All payments between Switzerland and the Netherlands shall be effected either through the medium of the commercial account which each bank of issue shall open for the other in its books in its own currency, or through the medium of commercial accounts which approved Swiss and Netherlands banks shall be authorized to open.
Article 6
The balances of the commercial account opened in gulden by the Nederlandsche Bank with the Banque Nationale Suisse and of the commercial account opened in Swiss francs by the Banque Nationale Suisse with the Nederlandsche Bank shall be cleared at the official rate on the last day of each month.
So long as the credit balance resulting from this clearing does not exceed twenty-five millions of Swiss francs or fifteen millions of gulden the contracting parties shall not demand any special guarantee or the conversion of the balance into gold or a foreign currency.
If at any given moment the credit balance exceeds twenty-five millions of Swiss francs or fifteen millions of gulden the creditor bank may demand that the excess be converted into gold at a price agreed between the two banks.
Article 7
The two banks of issue may allocate to approved banks of their country, as a reserve, such currency of the other contracting country as they may need to ensure the payments specified in Article 4.
Approved banks may also use their assets in commercial accounts with approved banks of the other contracting country for similar payments and may transfer them to the commercial account of the bank of issue of their own country or to that of an approved bank of their own country.
The competent authorities of each country shall ensure that only payments of a commercial nature are transferred through the medium of commercial accounts.
Article 8
If the official rate of exchange is altered the commercial accounts of the two banks of issue shall be closed and the balances cleared at the official rate previously in force.
The amount of the credit balances on the day of clearing, if expressed in that of the two currencies which has been reduced in value in relation to the other, shall be readjusted by the debtor bank of issue in proportion to the variation.
No 25