Actions of against government brought in the international Courts. Art. IV. The suits which the Treasury and its Directors, on its behalf, acting in the name and in the interests of the creditors, mostly of foreign nationality, may consider they have to bring against the financial administration represented by the Minister of Finance in so far as regards the guardianship of the guarantees of the debt which we have confided to the said Treasury, will be brought in the terms of their jurisdiction before the new tribunals which, in conformity with the agreement entered into with the Powers, have been instituted in Egypt[1].
The Commissioners. Art. V. The Commissioners selected as stated above will have the direction of the special Treasury of the Public Debt. They will be appointed by us for five years, and will sit in Cairo. Their functions may be continued after the five years have expired, and in case of the death or resignation of one of them the vacancy will be filled by us in the manner of the original appointment. They may intrust one of themselves with the functions of President, and the latter will notify his nomination to the Minister of Finance.
Art. VI. The cost of exchange, insurance, and conveyance of specie abroad, as well as the commission for the payment of the coupons will be borne by the Government. The Directors of the Treasury will come to a previous arrangement with the Ministers of Finance with regard to all these operations, but the Minister will decide whether the despatch of these sums is to be effected in specie or by letters of exchange.
Art. VII. The Treasury will not be allowed to employ any funds, disposable or not, in operations of credit, commerce, industry, &c.
Govenment not to diminish yield of hypothecated taxes. Art. VIII. The Government will not be able, without an agreement with the majority of the Commissioners directing the Treasury of the Public Debt, to effect in any of the taxes specially devoted to the Debt any changes which might result in a diminution of the revenue from these taxes. At the same time, the Government may farm out one or several of these taxes, provided that the contract entered into insure a revenue at least equal to that already existing, and may also
- ↑ Cf. the Law of Liquidation, Arts. 38, 57.
