(d) In the event of bonds, obligations or other evidence of indebtedness issued by Hungary by way of security for or acknowledgment of her reparation debt being disposed of outright, not by way of pledge, to persons other than the several Governments in whose favour Hungary’s original indebtedness was created, an amount of such reparation indebtedness shall be deemed to be extinguished corresponding to the nominal value of the bonds, etc., so disposed of outright, and the obligation of Hungary in respect of such bonds shall be confined to her liabilities to the holders of the bonds, as expressed upon their face.
(e) The damage for repairing, reconstructing and rebuilding property situated in the invaded and devastated districts, including re-installation of furniture, machinery and other equipment, will be calculated according to the cost at the date when the work is done.
(f) Decisions of the Commission relating to the total or partial cancellation of the capital or interest of any of the verified debt of Hungary must be accompanied by a statement of its reasons.
13.
As to voting, the Commission will observe the following rules:
When a decision of the Commission is taken, the votes of all the Delegates entitled to vote, or, in the absence of any of them, of their assistant Delegates, shall be recorded. Abstention from voting is to be treated as a vote against the proposal under discussion. Assessors shall have no vote.
On the following questions unanimity is necessary:
(a) Questions involving the sovereignty of any of the Allied and Associated Powers, or the cancellation of the whole or any part of the debt or obligations of Hungary;
(b) Questions of determining the amount and conditions of bonds or other obligations to be issued by the Hungarian Government and of fixing the time and manner for selling, negotiating or distributing such bonds;
(c) Any postponement, total or partial, beyond the end of 1930, of the payment of instalments falling due between May 1, 1921, and the end of 1926 inclusive;
(d) Any postponement, total or partial, of any instalments falling due after 1926 for a period exceeding three years;
(e) Questions of applying in any particular case a method of measuring damages different from that which has been previously applied in a similar case;
(f) Questions of the interpretation of the provisions of this Part of the present Treaty.
All other questions shall be decided by the vote of the majority.
In the case of any difference of opinion among the Delegates, which cannot be solved by reference to their Governments, upon the question whether a given case is one which requires a unanimous vote for its decision or not, such difference shall be referred to the immediate arbitration of some impartial person to be agreed upon by their Governments, whose award the Allied and Associated Governments agree to accept.
14.
Decisions of the Commission, in accordance with the powers conferred upon it, shall forthwith become binding and may be put into immediate execution without further proceedings.
15.
The Commission shall issue to each of the interested Powers in such form as the Commission shall fix:
(1) a certificate stating that it holds for the account of the said Power bonds of the issues mentioned above, the said certificate on the demand of the Power concerned being divisible into a number of parts not exceeding five;
(2) from time to time certificates stating the goods delivered by Hungary on account of her reparation debt which it holds for the account of the said Power.
Such certificates shall be registered and, upon notice to the Commission, may be transferred by endorsement.
When bonds are issued for sale or negotiation, and when goods are delivered by the Commission, certificates to an equivalent value must be withdrawn.
16.
Interest shall be debited to Hungary as from May 1, 1921, in respect of her debt as determined by the Commission, after allowing for sums already covered by cash payments or their equivalent by bonds issued to the Commission or under Article 173.
