mission on the expiry of the present term of the Council. The decision of the Governments shall be taken at least six months before the date corresponding to the expiry of this period. ARTICLE 247. The Commission has authority to propose, at a later date, the substitution for the pledges at present granted to bondholders, in accordance with their contracts or existing decrees, of other adequate pledges, or of a charge on the general revenues of Turkey. The Allied Governments undertake to consider any proposals the Financial Commission might then have to make on this subject. ARTICLE 248. All property, movable and immovable, belonging to the Administration of the Ottoman Public Debt, wherever situate, shall remain integrally at the disposal of that body. The Council of the Debt shall have power to apply the value of any realised property for the purpose of extraordinary amortisation either of the Unified Debt or of the Lots Turcs. ARTICLE 249. The Turkish Government agrees to transfer to the Financial Commission all its rights in the Reserve Funds and the Tripoli Indemnity Fund. ARTICLE 250. A sum equal to the arrears of any revenues heretofore affected to the service of the Ottoman Public Debt within the territories remaining Turkish, which should have been but have not been paid to the Council of the Debt, shall (except where such territories have been in the military occupation of Allied forces and for the time of such occupation) be paid to the Council of the Debt by the Turkish Government as soon as in the opinion of the Financial Commission the financial condition of Turkey shall permit. ARTICLE 251. The Council of the Debt shall review all the transactions of the Council which have taken place during the war. Any disbursements made by the Council which were not in accordance with its powers and duties, as defined by the Decree of Mouharrem or otherwise before the war, shall be reimbursed to the Council of the Debt by the Turkish Government so soon as in the opinion of the Financial Commission such payment is possible. The Council shall have power to review any action on the part of the Council during the war, and to annul any obligation which in its opinion is prejudicial to the interests of the bondholders, and which was not in accordance with the powers of the Council of the Debt. ARTICLE 252. Any of the States which under the present Treaty are to contribute to the annual charge for the service of the Ottoman Public Debt may, upon giving six months' notice to the Council of the Debt, redeem such obligation by payment of a sum representing the value of such annuity capitalised at such rate of interest as may be agreed between the State concerned and the Council of the Debt. The Council of the Debt shall not have power to require such redemption. ARTICLE 253. The sums in gold to be transferred by Germany and Austria under the provisions of Article 259 (1), (2), (4) and (7) of the Treaty of Peace with Germany, and under Article 210 (1) of the Treaty of Peace with Austria, shall be placed at the disposal of the Financial Commission. ARTICLE 254. The sums to be transferred by Germany in accordance with Article 259 (3) of the Treaty of Peace with Germany shall be placed forthwith at the disposal of the Council of the Debt. ARTICLE 255. The Turkish Government undertakes to accept any decision that may be taken by the Allied Powers, in agreement when necessary with other Powers, regarding the funds of the Ottoman Sanitary Administration and the former Superior Council of Health, and in respect of the claim of the Superior Council of Health against the Turkish Government, as well as regarding the funds of the Lifeboat Service of the Black Sea and Bosphorus. The Allied Powers hereby give authority to the Financial Commission to represent them in this matter. ARTICLE 256. The Turkish Government, in agreement with the Allied Powers, hereby releases the German Government from the obligation incurred by it during the war to accept Turkish Government currency notes at a specified rate of exchange in payment for goods to be exported to Turkey from Germany after the war. ARTICLE 257. As soon as the claims of the Allied Powers against the Turkish Government as laid down in this Part have been satisfied, and the Ottoman pre-war Public Debt has been liquidated, the Financial Commission shall determine. The Turkish Government shall then consider in consultation with the Council of the League of Nations whether any further administrative advice and assistance should in the interests of Turkey be provided for the Turkish Government by the Powers, Members of the League of Nations, and, if so, in what form such advice and assistance shall be given. ARTICLE 258. (1) Turkey will deliver, in a seaworthy condition and in such ports of the Allied Powers as the Governments of the said Powers may determine all German ships transferred to the Turkish flag since August 1, 1914; these ships will be handed over to the Reparation Commission referred to in Article 233 of the Treaty of Peace with Germany, any transfer to a neutral flag during the war being regarded in this respect as void so far as concerns the Allied Powers. (2) The Turkish Government will hand over at the same time as the ships referred to in paragraph (1) all papers and documents which the Reparation Commission referred to in the said paragraph may think necessary in order to ensure the complete transfer of the property in the vessels, free and quit of all liens, mortgages, encumbrances, charges or claims, whatever their nature. The Turkish Government will effect any re-purchase or indemnization which may be necessary. It will be the party responsible in the event of any proceedings for the recovery of, or in any claims against, the vessel to be handed over whatever their nature, the Turkish Government being bound in every case to guarantee the Reparation Commission referred to in paragraph (1) against any ejectment or proceedings upon any ground whatever arising under this head. ARTICLE 259. Without prejudice to Article 277, Part IX (Economic Clauses) of the present Treaty, Turkey renounces so far as she is concerned the benefit of any provisions of the Treaties of Brest-Litovsk and Bucharest or of the Treaties supplementary thereto. Turkey undertakes to transfer either to Roumania or to the Principal Allied Powers, as the case may be, all monetary instruments, specie, securities and negotiable instruments or goods which she has received under the aforesaid Treaties. ARTICLE 260. The legislative measures required in order to give effect to the provisions of this Part will be enacted by the Turkish Government and by the Powers concerned within a period which must not exceed six months from the signature of the present Treaty. ANNEX I. The Ottoman pre-war public debt. (November 5, 1914.) 1 The figures of the capital outstanding on Nov. 5, 1914, will be replaced at the date of the coming into force of the present Treaty by the figures of the capital remaining outstanding at that date. 1,000, 010 1,000, 010 40, 988 71, 532 352, 440 2006 Banque fran 1992 1952 33, 000 26, 070 6,000 1 A sum of £ T. 833, 147 has been realised upon the security for these Bonds. NOTE EXPLANATORY OF ANNEX I. The figures in columns 5, 6 and 7 are £. T. gold. Deutsche Bank (Anatolian Railway Co.) At Turkey now possesses a paper currency in place of a pre-war gold currency. present rates of exchange the £. T. paper no longer represents the pre-war ratio of the £. T. gold to the currency in which the loans were subscribed, and in which the interest and the amortisation payments have to be paid in Europe according to the contract terms of the loans. (See Article 1 of the "Decret-Annexe" of September, 1903, and Loan Contracts, passim.) The definition of £ T. gold in these columns does not signify that the provisions for the coupons and sinking funds are to be made in gold, but that the figure in £. T. has to be calculated according to such rate of exchange as will enable the bondholder to be paid in the currency to which he is entitled. ANNEX II. 1. The Commission shall establish its own rules and procedure. The Chairmanship shall be held annually by the French, British and Italian Delegates in turn. Each member shall have the right to nominate a deputy to act for him in his absence. Decisions shall be taken by the vote of the majority. Abstention from voting will be treated as a vote against the proposal under discussion. The Commission shall appoint such agents and employees as it may deem necessary for its work, with such emoluments and conditions of service as it may think fit. The costs and expenses of the Commission shall be paid by Turkey, in conformity with the provisions of Article 236 (i.). The salaries of the members of the Commission, as well as those of its officials, shall be fixed on a reasonable scale by agreement from time to time between the Governments represented on the Commission. |