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United Nations -

68

Treaty Series

1950

Having accordingly agreed as follows: Article 1(a) There shall be established a joint Commission to be known as the United States Educational Commission in the United Kingdom (hereinafter designated " the Commission "), which shall be recognised bythe Government of the United States and the Government of the United Kingdom as an organisation created and established to facilitate the administration of the educational programme to be financed by funds made available by the Government of the United Kingdom in accordance with the terms of the present Agreement. (b) Except as provided in Article 5 hereof, the Commission in the exercise of its powers under the present Agreement shall be exempt from the domestic and local laws of the United States so far as they relatetc the use and expenditure of currencies and credits for currencies.

Article 2 (a) Pursuant to the provisions of paragraph 6 of the Joint Statement, the Government of the United Kingdom, within 30 days from the date ol signature of the present Agreement, shall make funds available for the purposes of the present Agreement by deposit in the United Kingdom in the name of the Treasurer of the United States a sum in pounds sterling equivalent to the sum of $1,000,000 in United States currency. (b) The rate of exchange to be used in determining the sum in pounds sterling to be so deposited shall be the rate which, on the day of deposit, is available to the Government of the United States for its diplomatic and other similar official expenditures in the United Kingdom. (c) The funds made available by the Government of the United Kingdom under paragraph (a) of this Article (hereinafter designated " the funds ") shall be placed at the disposal of the Commission as required for the purposes of the present Agreement by deposit in the United Kingdom in the name of the Treasurer of the Commission, or of such other employee of the Commission as it shall designate, in accounts with one or more banks to be selected by the Secretary of State of the United States. (d) The funds shall be regarded in the United Kingdom as the property of a foreign government. No. 910

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