INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. by the Government of the United States and the Government of the United Kingdom as an organisation created and established to facili- tate 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 relate to the use and expenditure of currencies and credits for currencies. ARTICLE 2 (a) Pursuant to the provisions of paragraph 6 of the Joint State- ment, the Government of the United Kingdom, within 30 days from the date of signature of the present Agreement, shall make funds avail- able 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 re- quired 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 ac- counts 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. ARTICLE 3 Subject to the provisions of the present Agreement, the funds shall be used by the Commission for the purposes of- (a) financing studies, research, instruction, and other educational activities of or for citizens of the United States in schools and institutions of higher learning located in the United Kingdom or the Colonial Dependencies or of the citizens of the United Kingdom and Colonies in United States schools and institutions of higher learning located outside the continental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico and the Virgin Islands, including payment for transportation, tuition, maintenance, and other expenses incidental to scholastic activities; or (b) furnishing transportation for citizens of the United Kingdom and Colonies who desire to attend United States schools and Deposits 00 Stat. 1565. Us of funds.
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