62 STAT.] PARAGUAY-COOPERATIVE EDUCATION- Dec. 11, 1947 Mar. 3, 8. 10, 12, 1948 The Republic shall deposit in a special bank account, in a Para- guayan bank mutually agreed upon by the Minister and the Special Representative of the Institute, to the account of the Servicio, the equivalent in Guaranies of the sum of Twenty-two Thousand Dollars ($22,000) U.S . Cy converted at the best rate of exchange which the Bank of Paraguay concedes. The deposit required to be made by the Republic hereby shall be deposited during the month of March 1948, and the said deposit shall be in addition to the Republic's regu- lar budget for education and in addition to the total amount specified in Clause VIII of the Basic Agreement to be deposited by the Republic to the account of the Servicio. The deposits required by the Basic Agreement and by the preceding paragraph of this Extension Agreement to be made by the parties to such agreements shall be made as specified therein, provided that the dates of such payments may be accelerated or otherwise modified at any time by mutual written agreement of the Minister and the Special Representative. In the event, however, that any of the payments required to be made under the terms of the Basic Agreement or this Extension Agreement are made by either party and not matched by the other party within thirty (30) days of the corresponding due date of the payment required to be made by the other party the funds so deposited shall be forthwith returned to the contributor. CLAUSE VII All of the funds introduced into Paraguay by the Institute or the Foundation for the purpose of the cooperative education program shall be exempt from taxes, service charges, investment or deposit require- ments and other currency controls and shall be converted into Guar- anies at the best rate of exchange which the Bank of Paraguay con- cedes. Similarly where it is necessary to convert Guaranies into Dollars in connection with the cooperative education program in Paraguay including, but not limited to, the financing of grants or other expenditures in the United States of America, the Guaranies shall be converted into Dollars at the best rate of exchange which the Bank of Paraguay concedes and shall be exempt from Paraguayan taxes, service charges, investment or deposit requirements, and other currency controls. CLAUSE VIII Any funds heretofore withheld by the Foundation pursuant to agreements between the Minister and the Special Representative of the Foundation for the purchase of materials and supplies and other disbursements in the United States of America relating to the execu- tion of the cooperative educational program in Paraguay and not expended or obligated therefor shall be deposited in the Servicio bank account at any time upon the mutual agreement of the Minister and the Special Representative. CLAUSE IX All contracts necessary to carry out the terms of the projects mutually agreed to as herein provided shall be made in the name of 2829 Modification of dates of payments. Unmatched pay. ments. Exemption of funds from taxes, etc. Conversion of cur- rency. Deposit of withheld funds. General policies and procedures.
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