Article VII
If the Contracting Parties adhere to a multilateral monetary agreement before the expiration of the present Agreement, they shall review the terms of this Agreement with a view to making any amendments that may be required.
Article VIII
1. The present Agreement shall enter into force on the day of signature for an indefinite period and may be denounced at any moment by either Party on giving three months' notice.
2. On the termination of the Agreement the accounts shall be cleared at the existing rate of exchange; the final balance shall either be redeemed by the debtor country in a currency to be agreed on between the two Parties or converted into Treasury. Bills issued by the debtor country in the currency of the creditor country.
These Treasury Bills shall bear 3% interest and be amortized in five equal annuities.
The Parties may agree on any other method of settlement.
Done in duplicate in Copenhagen, this 31st day of January 1946.
| For the Netherlands:
(Signed) Van Lennep |
For Denmark: (Signed)
(Signed) Knud Kristensen |
ANNEX
I. With reference to Article III of the Payments Agreement signed this day, the Contracting Parties regard as credits in Netherlands florins all accounts in that currency held by residents of Denmark with banks and exchange brokers established in the Netherlands monetary area, and conversely, as credits in Danish crowns all accounts in that currency held by residents of the Netherlands monetary area with banks and exchange brokers established in Denmark.
II. Netherlands banknotes held by residents of Denmark and Danish banknotes held by residents of the Netherlands monetary area shall not, unless agreed to between the Nederlandsche Bank and the Danmarks Nationalbank as agents of their respective Governments, be valid within the terms of Article III of the Payments Agreement.
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